Document:

Filed by sedaredgar.com - EV Transportation, Inc. - Exhibit 10.4

THIS WARRANT AND THE SECURITIES REPRESENTED HEREBY HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“ACT”). THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR
HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THE
SECURITIES UNDER THE ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE
CORPORATION THAT SUCH REGISTRATION IS NOT REQUIRED.

	Warrant No. SPN - 1 	October 9, 2008 

EV TRANSPORTATION, INC.

WARRANT TO PURCHASE COMMON STOCK

**** 30,227,500 Shares of Common Stock ****

          THIS
WARRANT CERTIFIES THAT, for value received, PLETHORA PARTNERS LLC, or
registered assigns (the “Holder”), is entitled to subscribe for and
purchase from EV Transportation, Inc., a Nevada corporation (the
“Company”), with its principal offices located at 5500 West Century
Boulevard, Los Angeles, California 90045, up to and including the number of
fully paid and nonassessable shares of common stock, par value $0.001 per share
(the “Common Stock”) of the Company set forth above (the “Warrant
Shares”), at the exercise price of $1.30 per share (the “Warrant
Exercise Price”) (and as adjusted from time to time pursuant to Section 3
hereof), in accordance with the exercise procedure set forth in Section 1 hereof
and prior to or upon October 9, 2013 (the “Expiration Date”), subject to
the provisions and upon the terms and conditions hereinafter set forth.

          This
Warrant is issued in connection with a certain Secured Promissory Note and
Warrant Purchase Agreement, dated as of the date hereof (as amended, modified or
supplemented, the “Note Purchase Agreement”), between Company,
Holder and EV Rental Cars, LLC, a California limited liability company and
wholly owned subsidiary of Company (the “Subsidiary”). Pursuant to the
Note Purchase Agreement, Subsidiary executed a Secured Promissory Note, dated as
of the date hereof (as amended, modified or supplemented, the “Note”), in
favor of Holder in the principal amount of $300,000, bearing interest at 10% per
annum. Also, pursuant to the Note Purchase Agreement, Subsidiary executed a
Security Agreement, dated as of the date hereof (as amended, modified or
supplemented, the “Security Agreement”), pursuant to which Subsidiary
granted Holder a security interest in certain Collateral (as such term is
defined in the Security Agreement) to secure its obligations under the Note.
Terms used but not defined in this Warrant shall have the meanings given in the
Note Purchase Agreement, the Note, the Security Agreement or the Guaranty
(together with this Warrant, the “Loan Documents”).

          1.
Exercise Procedure; Method of Exercise; Cash Payment; Issuance of New
Warrant. 

                   
(a) Permissible Exercise Period. The Warrant shall not be exercisable by
Holder, under any circumstances whatsoever, at any time prior to December 3,
2008, the Maturity Date of the Note; provided, however, that if the
Maturity Date of the Note is extended, the Warrant shall not be exercisable by
Holder at any time prior to January 5, 2009, the Extended Maturity Date of the
Note; and provided, further, that if the Extended Maturity Date is
extended, the Warrant shall not be exercisable by Holder at any time prior to
such further extended maturity date. Subject to the provisions of this Warrant,
the purchase right represented by this Warrant may be exercised by the Holder
hereof, in whole or in part and from time to time, after the 

Maturity Date (or, if applicable, the Extended Maturity Date or
any further extended maturity date) of the Note, at the election of the Holder
hereof, if and only if all of the following conditions have been
satisfied: 

		(i) 	
      Holder shall have declared the Company and Subsidiary in
      default of its obligations under the Note, the Note Purchase Agreement or
      any other Loan Document; 

	 	  	
       

		(ii) 	
      Holder shall have sent Subsidiary (and provided Company
      with a copy of) a written notice of default declaring Subsidiary in
      default of the Note and specifying in reasonable detail the reasons
      claimed for such default (the “Notice of Default”), subject
      to any notice and cure period under the Note; 

	 	  	
       

		(iii) 	
      Subsidiary shall have been given a maximum of sixty (60)
      calendar days from the date of its receipt of the Notice of Default to pay
      Holder all amounts due and owing under the Note or liquidate the
      Collateral in order to satisfy its obligations to Holder under the Note
      (the “Cure Period”); 

	 	  	
       

	 	(iv) 	
      Upon the earlier to occur of: 

	 	  	  
	 	  	         
      (1)      the expiration of the Cure Period; or
  
	 	  	  
			         
      (2)      the actual date that the all of the
      Collateral has been liquidated by Subsidiary; 
	 	  	  
			
      Holder shall have sent Subsidiary (and provided Company
      with a copy of) a written demand (the “Demand Letter”) for all
      amounts still owing to Holder under the Note (any such amount, the
      “Deficiency”); AND 

	 	  	
       

		(v) 	
      Subsidiary shall have been given a maximum of thirty (30)
      calendar days from the date of its receipt of the Demand Letter to pay any
      claimed Deficiency (the “Final Cure Period”).

                   
Notwithstanding the requirements of Sections (1)(a)(i) through (1)(a)(v) above,
if Subsidiary or Company voluntarily files for bankruptcy protection, then, at
any time after such filing, Holder may immediately exercise the Warrant without
regard to such requirements. Further, notwithstanding the requirements of
Sections (1)(a)(i) through (1)(a)(v) above, if Company redeems the Redeemable
Warrants in accordance with Section 6 hereof, then, at any time after the
Redemption Date, Holder may exercise the Remaining Warrants without regard to
such requirements. 

                   
(b) Subject to the provisions of this Warrant, if Holder elects to exercise this
Warrant, Holder shall surrender this Warrant (with the notice of exercise
substantially in the form attached hereto as Exhibit A duly
completed and executed) at the principal executive offices of Company,
accompanied by (i) payment to Company, by: (a) certified or bank check
acceptable to Company; (b) cancellation by Holder of bona fide indebtedness of
Company to Holder, if agreed to in advance in writing by Company in the
Company’s sole and absolute discretion; (c) by wire transfer to an account
designated by Company; or (d) any combination of (a), (b) and (c), of an amount
equal to the then applicable Warrant Exercise Price multiplied by the number of
Warrant Shares then being purchased, or (ii) notice to the Company that this
Warrant is being exercised pursuant to a Cashless Exercise (as defined in
Section 5(a)).

2

                   
(c) The person or persons in whose name(s) any certificate(s) representing the
Warrant Shares shall be deemed to have become the holder(s) of record of, and
shall be treated for all purposes as the record holder(s) of, the shares
represented thereby (and such shares shall be deemed to have been issued)
immediately prior to the close of business on the date or dates upon which this
Warrant is exercised. In the event of any exercise of the rights represented by
this Warrant, certificates for the Warrant Shares so purchased shall be
delivered to the Holder hereof as soon as possible and in any event within five
(5) Business Days after such exercise and, unless this Warrant has been fully
exercised or expired, a new warrant having the same terms as this Warrant and
representing the remaining portion of such shares, if any, with respect to which
this Warrant shall not then have been exercised shall also be issued to the
Holder hereof as soon as possible and in any event within such five (5) Business
Day period. For purposes of this Warrant, the term “Business Day” means
any day other than Saturday, Sunday or other day on which commercial banks in
Los Angeles, California are authorized or required by law to remain closed.

          2.
Reservation of Shares. During the period within which the rights
represented by this Warrant may be exercised, the Company will at all times have
authorized, and reserved for the purpose of the issuance upon exercise of the
purchase rights evidenced by this Warrant a sufficient number of shares of its
capital stock to provide for the exercise of the rights represented by this
Warrant.

          3.
Adjustment of Warrant Exercise Price and Number of Shares. The number and
kind of securities purchasable upon the exercise of this Warrant and the Warrant
Exercise Price (and the number of shares subject to this Warrant pursuant to
Section 6) shall be subject to adjustment to the nearest whole share (one-half
and greater being rounded upward) and nearest cent (one-half cent and greater
being rounded upward) from time to time upon the occurrence of certain events,
as follows. Each of the adjustments provided by the subsections below shall be
deemed separate adjustments and any adjustment of this Warrant pursuant to one
subsection of this Section 3 shall preclude additional adjustments for the same
event or transaction by the remaining subsections.

                   
(a) Reclassification. In case of any reclassification or change of
securities of the class issuable upon exercise of this Warrant (other than a
change in par value, or from par value to no par value, or from no par value to
par value, or as a result of a subdivision or combination) into the same or a
different number or class of securities, the Company shall duly execute and
deliver to the Holder of this Warrant a new warrant (in form and substance
reasonably satisfactory to the Holder of this Warrant), so that the Holder of
this Warrant shall thereafter be entitled to receive upon exercise of this
Warrant, at a total purchase price not to exceed that payable upon the exercise
of the unexercised portion of this Warrant, and in lieu of the shares of Common
Stock theretofore issuable upon exercise of this Warrant, the kind and amount of
shares of stock, other securities, money and property receivable upon such
reclassification or change by a holder of the number of shares then purchasable
under this Warrant. The Company shall deliver such new warrant as soon as
possible and in any event within five (5) Business Days after such
reclassification or change. Such new warrant shall provide for adjustments that
shall be as nearly equivalent as may be practicable to the adjustments provided
for in this Section 3. The provisions of this subparagraph (a) shall similarly
apply to successive reclassifications or changes.

                   
(b) Stock Splits or Combination of Shares. If the Company at any time
while this Warrant remains outstanding and unexpired shall subdivide (by stock
split) or combine (by reverse stock split) its outstanding shares of capital
stock of the class into which this Warrant is exercisable, the Warrant Exercise
Price shall be proportionately decreased in the case of a subdivision or
increased in the case of a combination, effective at the close of business on
the date the subdivision or combination becomes effective and the number of
shares of Common Stock issuable upon exercise of this Warrant shall be
proportionately 

3

increased in the case of a subdivision or decreased in the case
of a combination, and in each case to the nearest whole share, effective at the
close of business on the date the subdivision or combination becomes effective.
The provisions of this subparagraph (b) shall similarly apply to successive
subdivisions or combinations of outstanding shares of capital stock into which
this Warrant is exercisable.

                   
(c) Common Stock Dividends. If the Company at any time while this Warrant
is outstanding and unexpired shall pay a dividend with respect to Common Stock
payable in Common Stock, then: (i) the Warrant Exercise Price shall be adjusted,
from and after the date of determination of stockholders entitled to receive
such dividend or distribution (the “Record Date”), to that price
determined by multiplying the Warrant Exercise Price in effect immediately prior
to such date of determination by a fraction (A) the numerator of which shall be
the total number of shares of Common Stock outstanding immediately prior to such
dividend or distribution, and (B) the denominator of which shall be the total
number of shares of Common Stock outstanding immediately after such dividend or
distribution and (ii) the number of shares of Common Stock issuable upon
exercise of this Warrant shall be proportionately adjusted, to the nearest whole
share, from and after the Record Date by multiplying the number of shares of
Common Stock purchasable hereunder immediately prior to such Record Date by a
fraction (A) the numerator of which shall be the total number of shares of
Common Stock outstanding immediately after such dividend or distribution, and
(B) the denominator of which shall be the total number of shares of Common Stock
outstanding immediately prior to such dividend or distribution. The provisions
of this subparagraph (c) shall similarly apply to successive Common Stock
dividends by the Company.

                   
(d) Certain Issuance of Securities. If the Company shall at any time or
from time to time while this Warrant is outstanding (A) issue shares of Common
Stock, stock or securities (other than Options) directly or indirectly
convertible into or exchangeable or exercisable for Common Stock
(“Convertible Securities”), or rights, warrants or options to
subscribe for or purchase shares of Common Stock or Convertible Securities
(“Options”) entitling the recipient thereof to subscribe for or purchase shares
of Common Stock, at a price per share or (B) amend or otherwise modify the terms
of any Convertible Securities or Options to a price per share (such issuance,
subscription or purchase price or amended or modified price being referred to as
the “New Issue Price”), in either case, less than the Warrant Exercise
Price then in effect, then the Warrant Exercise Price in effect at the opening
of business on the day next following such issuance shall be adjusted to equal
the New Issue Price. Such adjustment shall become effective immediately upon the
opening of business on the day next following such issuance. In determining
whether any shares of Common Stock are issued or issuable, or Convertible
Securities or Options entitle the holders of Warrants to subscribe for or
purchase shares of Common Stock at less than such Warrant Exercise Price, there
shall be taken into account any consideration received by the Company upon
issuance of any such securities, the conversion of any such Convertible
Securities and upon exercise of such Options the value of such consideration, if
other than cash, to be determined in good faith by the Board of Directors of the
Company in the exercise of their fiduciary duty, with the concurrence of the
holders of at least a majority of the Warrants then outstanding. Notwithstanding
the foregoing or any other provision herein to the contrary, no adjustment to
the Warrant Exercise Price will be required as a result of any (i) shares of
Common Stock issued or deemed to have been issued by the Company pursuant to an
employee benefit plan that has been approved by the Board of Directors and
stockholders of the Company prior to or on the date of the Note Purchase
Agreement, pursuant to which the Company’s securities may be issued to any
consultant, employee, officer or director for services provided to the Company
(an “Approved Stock Plan”); (ii) shares issued or deemed to have been
issued upon the conversion, exchange or exercise of any Option or Convertible
Security outstanding on the date prior to or on the date of the Note Purchase
Agreement, provided that the terms of such Option or Convertible Security
are not amended or otherwise modified on or after the date of the Note Purchase
Agreement, and provided that the conversion price, exchange price, 

4

exercise price or other purchase price is not reduced, adjusted
or otherwise modified and the number of shares of Common Stock issued or
issuable is not increased (whether by operation of, or in accordance with, the
relevant governing documents or otherwise) on or after the date of the Note
Purchase Agreement; and (ii) shares of the Common Stock issued or deemed to have
been issued by the Company upon exercise of this Warrant (each such issuance, an
“Exempted Issuance”). 

                   
(e) Certain Distributions. In case the Company shall at any time or from
time to time while this Warrant is outstanding distribute to all holders of
shares of Common Stock (including any such distribution made in connection with
a merger or consolidation in which the Company is the resulting or surviving
person and the Common Stock is not changed or exchanged) cash, evidences of
indebtedness of the Company, any subsidiary or another issuer, securities of the
Company (including Convertible Securities), any subsidiary or another issuer or
other assets (excluding dividends payable in shares of Common Stock for which
adjustment is made under another paragraph of this Section 3 and any
distribution in connection with an Exempted Issuance) or Options to subscribe
for or purchase of any of the foregoing, then, and in each such case, the
Warrant Exercise Price then in effect shall be adjusted (and any other
appropriate actions shall be taken by the Company) by multiplying the Warrant
Exercise Price in effect immediately prior to the date of such distribution by a
fraction (x) the numerator of which shall be the Weighted Average Price of the
Common Stock for the five (5) consecutive Trading Days immediately prior to the
date of distribution less the then fair market value (as determined by the Board
of Directors in the exercise of their fiduciary duties with the concurrence of
the holders of at least a majority of the Warrants then outstanding) of the
portion of the cash, evidences of indebtedness, securities or other assets so
distributed or of such Options to subscribe applicable to one share of Common
Stock and (y) the denominator of which shall be the Weighted Average Price of
the Common Stock for the five (5) consecutive Trading Days immediately prior to
the date of distribution (but such fraction shall not be greater than one). Such
adjustment shall be made whenever any such distribution is made and shall become
effective retroactively to a date immediately following the close of business on
the record date for the determination of stockholders entitled to receive such
distribution.

                   
(f) Tender Offer. In the event that the Company shall at any time or from
time to time while this Warrant is outstanding make a payment of cash or other
consideration to the holders of shares of Common Stock in respect of a tender
offer or exchange offer, other than an odd-lot offer, and the value of the sum
of (i) the aggregate cash and other consideration paid for such shares of Common
Stock, and (ii) any other consent or other fees paid to holders of shares of
Common Stock in respect of such tender offer or exchange offer, expressed as an
amount per share of Common Stock validly tendered or exchanged pursuant to such
tender offer or exchange offer, exceeds the Weighted Average Price of the Common
Stock on the Trading Day immediately prior to the date any such tender offer or
exchange offer is first publicly announced (the “Announcement Date”),
then the Warrant Exercise Price shall be adjusted in accordance with the
formula:

	                   
      R’ = R (O’ x P) 
	                           
      F + (P x O) 
	 
	                   
      For purposes of the foregoing formula: 
	 
	                   
      R = the Warrant Exercise Price in effect at the expiration time of the
      tender offer or exchange offer that is the subject of this Section
      4(e)(iv) (the “Expiration Time”); 
	 
	                   
      R’ = the Warrant Exercise Price in effect immediately after the expiration
      time; 

5

                   
F = the fair market value (as determined by the Board of Directors in the
exercise of their fiduciary duties with the concurrence of the Holder) of the
aggregate value of all cash and any other consideration paid or payable for
shares of Common Stock validly tendered or exchanged and not withdrawn prior to
the Expiration Time (the “Purchased Shares”);

                   
O = the number of shares of Common Stock outstanding immediately after the
Expiration Time less any Purchased Shares;

                   
O’ = the number of shares of Common Stock outstanding immediately after the
Expiration Time, plus any Purchased Shares; and

                   
P = the Weighted Average Price of the Common Stock on the Trading Day next
succeeding the Announcement Date.

                   
Such decrease, if any, shall become effective immediately upon the opening of
business on the day next following the Expiration Time. In the event that
Company is obligated to purchase shares pursuant to any tender offer, but the
Company is prevented by applicable law from effecting any such purchases or all
such purchases are rescinded, the Warrant Exercise Price shall again be adjusted
to the Warrant Exercise Price that would then be in effect if such tender or
exchange offer had not been made. If the application of this Section 3(f) to any
tender or exchange offer would result in an increase in the Warrant Exercise
Price, no adjustment shall be made for such tender or exchange offer under this
Section 3(f)

                   
(g) No adjustment in the Warrant Exercise Price shall be required unless such
adjustment would require a cumulative decrease of at least $0.01 in such price;
provided, however, that any adjustments that by reason of this
Section 3 are not required to be made shall be carried forward and taken into
account in any subsequent adjustment until made. All calculations under this
Section 3(g) shall be made to the nearest cent (with $.005 being rounded upward)
or to the nearest one-tenth of a share (with .05 of a share being rounded
upward), as the case may be.

                   
(h) In any case in which Section 3 provides that an adjustment shall become
effective on the day next following the record date for an event, the Company
may without penalty defer until the occurrence of such event issuing to the
Holder with respect to any part of this Warrant exercised after such record date
and before the occurrence of such event the additional shares of Common Stock
issuable upon such exercise by reason of the adjustment required by such event
over and above the shares of Common Stock issuable upon such conversion before
giving effect to such adjustment.

                   
(i) If, at any time or from time to time while this Warrant is outstanding any
event occurs of the type contemplated by the provisions of this Section 3 but
not expressly provided for by such provisions (including the granting of stock
appreciation rights, phantom stock rights or other rights with equity features),
then the Company’s Board of Directors will make an appropriate adjustment in the
Warrant Exercise Price so as to protect the rights of the holder; provided that
no such adjustment will increase the Warrant Exercise Price as otherwise
determined pursuant to this Section 3.

                   
(j) Exercise of Redemption Option by Company. If Company elects to redeem
the Redeemable Warrants pursuant to Section 6 hereof, the Warrant Exercise Price
with respect to the Remaining Warrants shall automatically be adjusted to the
lower of $1.10 per share or the Closing Price per share (as defined in Section 5
below) on the Redemption Date.

6

                   
(k) Event of Default under the Note. Upon Subsidiary and Company’s
receipt of a Notice of Default from Holder, the Warrant Exercise Price shall be
adjusted to the higher of the book value per share of Company’s Common Stock or
$0.01 per share. 

          4.
Notice of Adjustments. Whenever the Warrant Exercise Price or the number
of shares of Common Stock purchasable hereunder shall be adjusted pursuant to
Section 3 above, the Company shall deliver a written notice, setting forth, in
reasonable detail, the event requiring the adjustment, the amount of the
adjustment, the method by which such adjustment was calculated, and the Warrant
Exercise Price and the number of shares of Common Stock purchasable hereunder
after giving effect to such adjustment, and shall use commercially reasonable
efforts to cause copies of such notice to be delivered to the Holder of this
Warrant within three (3) Business Days after the occurrence of the event
resulting in such adjustment at such Holder’s last known address in accordance
with Section 10 hereof.

          5.
Cashless Exercise.

                   
(a) If the Closing Price (as defined below) of one share of Common Stock is
greater than the Warrant Exercise Price, in lieu of exercising this Warrant for
cash, the Holder may elect to receive shares of Common Stock equal to the value
(as determined below) of this Warrant (or the portion thereof being canceled) by
surrender of this Warrant at the principal office of the Company together with a
duly completed and endorsed Notice of Exercise attached to this Warrant and a
written notice of the Holder’s intention to effect a cashless exercise pursuant
to this Section 5, in which event the Company shall issue to the Holder a number
of shares of Common Stock computed using the following formula (a “Cashless
Exercise”):

	                                                           
      X = Y (A-B) 
	                                                                       
      A 

	Where 	X = 	
      the number of shares of Common Stock to be issued to the
      Holder 

	  	  	
      

		Y = 	
      the number of shares of Common Stock exercisable under
      the Warrant or, if only a portion of the Warrant is being exercised, the
      portion of the Warrant being canceled. 

	  	  	
      

		A = 	
      the Closing Price of one share of Common Stock on the
      date immediately preceding the date of the Exercise Notice. 

	  	  	
      

		B = 	
      the Warrant Exercise Price then in effect for the
      applicable Warrant Shares at the time of such exercise.

          For
example, if the Holder is exercising 10,000 Warrants with a per Warrant Exercise
Price of $1.50 per share through a cashless exercise when the current Closing
Price per share of the Common Stock is $3.00 per share, then upon such cashless
exercise, the Holder will receive 5,000 Warrant Shares.

                   
(b) For purposes of this Warrant, the term “Closing Price” as of any
date, means:

                   
(i) if at the time of exercise the shares of Common Stock shall be listed for
trading on the National Association of Securities Dealers, Inc. Over -The -
Counter Bulletin Board (“OTCBB”) or on a national securities exchange,
the dollar volume-weighted average price for the Common Stock on the OTCBB or
any national securities exchange on which the Common Stock shall then trade
(whichever of them shall be the principal trading market on which the Common
Stock shall then trade) as reported by Bloomberg Financial Markets (or any
successor thereto, “Bloomberg”) 

7

through its “Volume at Price”
functions, for the five (5) Trading Days immediately preceding such date (or all
such Trading Days if the Common Stock has been traded fewer than five (5)
Trading Days), or, if no dollar volume-weighted average price is reported for
such security by Bloomberg for such time period, the average of the highest
closing bid price and the lowest closing ask price of any of the market makers
for such security as reported in the “pink sheets” by the Pink OTC Market; or

                   
(ii) if at the time of exercise the Common Stock is not listed for trading on
the OTCBB, on a national securities exchange or in the Pink OTC Market, the
price per share shall be determined in good faith by the Company’s Board of
Directors.

                   
(c) Shares issued pursuant to the foregoing cashless exercise right shall be
treated as if they were issued upon the exercise of this Warrant. The manner of
determining the Closing Price of the Warrant Shares set forth in the foregoing
definition shall apply with respect to any other security in respect of which a
determination as to market value must be made hereunder.

                   
(d) For purposes of this Warrant, the term “Trading Day” shall mean any
day on which the Common Stock is traded for any period on the OTCBB, any
national securities exchange on which the Common Stock shall then trade or the
Pink OTC Market (whichever of them shall be the principal trading market on
which the Common Stock shall then trade).

          6.
Redemption Option.

                   
(a) At any time (i) prior to the exercise of the Warrant and (ii) after the
payment in full by Subsidiary (or Company on behalf of Subsidiary) of all
amounts owing to Holder under the Note and Loan Documents, Company shall have
the right, but not the obligation, to redeem, in whole, that portion of this
Warrant representing the right to purchase 29,018,400 shares of Company’s Common
Stock (the “Redeemable Warrants”) for an aggregate redemption price of
$10,000 (the “Redemption Price”). If Company elects to redeem the
Redeemable Warrants, Company shall send Holder prior written notice (the
“Redemption Notice”) of Company’s election to do so. Within three (3)
Business Days of its receipt of the Redemption Notice, Holder shall surrender
this Warrant at the principal executive office of Company. Within twenty (20)
Business Days of Company’s receipt of this Warrant, Company shall pay and
deliver to Holder the Redemption Price, in immediately available funds, and
shall issue and deliver to Holder a new warrant representing the right to
purchase 1,209,100 shares of Company’s Common Stock (the “Remaining
Warrants”) (the date of payment of the Redemption Price and delivery of
the Remaining Warrants, the “Redemption Date”). The exercise price of the
Remaining Warrants shall be adjusted according to the provisions of Section 3(j)
above.

          7.
Fractional Shares. No fractional shares will be issued in connection with
any exercise hereunder, but in lieu of such fractional shares, the number of
shares of Common Stock to be issued shall be rounded up to the nearest whole
number.

          8.
Compliance with Securities Act of 1933; Transfer of Warrant or
Shares.

                   
(a) Compliance with Securities Act of 1933. The Holder of this Warrant,
by acceptance hereof, agrees that this Warrant, the Warrant Shares and the
capital stock issuable upon conversion of the Warrant Shares (collectively, the
“Securities”) are being acquired for investment and that such holder will
not offer, sell, transfer or otherwise dispose of the Securities except under
circumstances which will not result in a violation of the Securities Act of
1933, as amended (the “Securities Act”) and any applicable state
securities laws. Upon exercise of this Warrant, unless the Warrant Shares being
acquired are registered 

8

under the Securities Act and any applicable state securities
laws or an exemption from such registration is available, the Holder hereof
shall confirm in writing that the Warrant Shares so purchased are being acquired
for investment and not with a view toward distribution or resale in violation of
the Securities Act and shall confirm such other matters related thereto as may
be reasonably requested by the Company. The Warrant Shares (unless registered
under the Securities Act and any applicable state securities laws) shall be
stamped or imprinted with a legend in substantially the following form:

	
      THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN
      REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
      “ACT”). THEY MAY NOT BE SOLD, OFFERED FOR
      SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE
      REGISTRATION STATEMENT AS TO THE SECURITIES UNDER THE ACT OR AN
      OPINION OF COUNSEL SATISFACTORY TO THE CORPORATION THAT SUCH
      REGISTRATION IS NOT REQUIRED. 

          Such
legend shall be removed by the Company, upon the request of a Holder, at such
time as the restrictions on the transfer of the applicable security shall have
terminated.

                   
(b) Transferability of the Warrant. Subject to compliance with Section
8(c) below, which provisions are intended to ensure compliance with applicable
federal and states securities laws, the Securities may be transferred by the
Holder hereof, in whole or in part and from time to time.

                   
(c) Method of Transfer. With respect to any offer, sale, transfer or
other disposition of the Securities, the Holder hereof shall prior to such
offer, sale, transfer or other disposition:

          (i)
surrender this Warrant or certificate representing Warrant Shares at the
principal executive offices of the Company or provide evidence reasonably
satisfactory to the Company of the loss, theft or destruction of this Warrant or
certificate representing Warrant Shares and an indemnity agreement reasonable
satisfactory to the Company,

          (ii) pay
any applicable transfer taxes or establish to the satisfaction of the Company
that such taxes have been paid,

          (iii)
deliver a written assignment to the Company in substantially the form attached
hereto as Exhibit B or appropriate stock power duly completed and
executed prior to transfer, describing briefly the manner thereof, and

          (iv)
deliver a written opinion of such Holder’s counsel, or other evidence, if
reasonably requested by the Company, to the effect that such offer, sale,
transfer or other disposition may be effected without registration or
qualification (under the Securities Act as then in effect and any applicable
state securities law then in effect) of the Securities.

          As soon
as reasonably practicable after receiving the items set forth above, the Company
shall notify the Holder that it may sell, transfer or otherwise dispose of the
Securities, all in accordance with the terms of the notice delivered to the
Company. If a determination has been made pursuant to this Section 8(c) that the
opinion of counsel for the Holder or other evidence is not reasonably
satisfactory to the Company, the Company shall so notify the Holder promptly
with details of such determination. Notwithstanding the foregoing, the
Securities may, as to such federal laws, be offered, sold or otherwise disposed
of in accordance with Rule 144 under the Securities Act if the Company satisfied
the provisions thereof and provided that the Holder shall furnish such
information as the Company may reasonably request to provide a reasonable 

9

assurance that the provisions of Rule 144 have been satisfied.
Each certificate representing this Warrant or Warrant Shares thus transferred
(except a transfer pursuant to Rule 144 or an effective registration statement)
shall bear a legend as to the applicable restrictions on transferability in
order to ensure compliance with applicable federal and state securities laws,
unless in the aforesaid opinion of counsel to the Holder and to the reasonable
satisfaction of the Company, such legend is not required in order to ensure
compliance with such laws. Upon any partial transfer of this Warrant, the
Company will issue and deliver to such new holder a new warrant (in form and
substance similar to this Warrant) with respect to the portion transferred and
will issue and deliver to the Holder a new warrant (in form and substance
similar to this Warrant) with respect to the portion not transferred as soon as
possible and in any event within five (5) Business Days after such transfer.

          9. No
Rights as Shareholders; Information. Prior to exercise of this Warrant, the
Holder of this Warrant, as such, shall not be entitled to vote the Warrant
Shares or receive dividends on or be deemed the holder of such shares, nor shall
anything contained herein be construed to confer upon the Holder of this
Warrant, as such, any of the rights of a shareholder of the Company or any right
to vote for the election of directors or upon any matter submitted to
shareholders at any meeting thereof, or to receive notice of meetings, or to
receive dividends or subscription rights or otherwise until this Warrant shall
have been exercised and the shares of Common Stock purchasable upon the exercise
hereof shall have become deliverable, as provided herein.

          10.
Modification and Waiver; Effect of Amendment or Waiver. This Warrant and
any provision hereof may be modified, amended, waived, discharged or terminated
only by an instrument in writing, designated as an amendment to this Warrant and
executed by a duly authorized officer of the Company and the Holder of this
Warrant. Any waiver or amendment effected in accordance with this Section 10
shall be binding upon the Holder, each future holder of this Warrant or of any
shares purchased under this Warrant (including securities into which such shares
have been converted) and the Company.

          11.
Notices. Any notice, request, communication or other document required or
permitted to be given or delivered to the Holder hereof or the Company shall be
delivered by personal delivery, or shall be sent by certified United States
mail, first-class postage prepaid or by overnight delivery using a nationally
recognized courier service, to each such holder at its address as shown on the
books of the Company or to the Company at the address first set forth above in
this Warrant. All such notices, requests, communications or other documents
shall be deemed to have been received by the recipient: (i) in the case of
personal delivery, on the date of such delivery, (ii) in the case of delivery by
a nationally recognized courier service, on the next Business Day subsequent to
deposit with the courier and (iii) in the case of mailing, on the fourth
Business Day following the date of deposit in the United States mails,
first-class postage prepaid. The Company will give written notice to the holder
of this Warrant at least ten (10) Business Days prior to the date on which the
Company closes its books or takes a record (A) with respect to any dividend or
distribution upon the Common Stock, (B) with respect to any pro rata
subscription offer to holders of Common Stock or (C) for determining rights to
vote with respect to any recapitalization, reorganization, reclassification,
consolidation, merger, self tender offer for all or substantially all shares of
Common Stock, sale of all or substantially all of the Company’s assets to
another Person or other transaction that is effected in such a way that holders
of Common Stock are entitled to receive (either directly or upon subsequent
liquidation) stock, securities or assets with respect to or in exchange for
Common Stock (an “Organic Change”), dissolution or liquidation,
provided that such information shall be made known to the public prior to
or in conjunction with such notice being provided to such holder to the extent
it is material non-public information. The Company will also give written notice
to the holder of this Warrant at least ten (10) Business Days prior to the date
on which any Organic Change, dissolution or liquidation will take place,
provided that such information shall be made 

10

known to the public prior to or in conjunction with such notice
being provided to such holder to the extent it is material non-public
information.

          12.
Successors. The obligations of the Company relating to the Warrant Shares
shall inure to the benefit of the successors and assigns of the Holder hereof
and shall be binding upon any successor entity. Upon such event, the successor
entity shall assume the obligations of this Warrant, and this Warrant (or any
substitute warrant as provided hereinbefore) shall be exercisable for the
securities, cash and property of the successor entity on the terms provided
herein.

          13.
Lost Warrants or Stock Certificates. Upon receipt of evidence reasonably
satisfactory to the Company of the loss, theft, destruction or mutilation of
this Warrant or any stock certificate and, in the case of any such loss, theft
or destruction, upon receipt of an indemnity agreement reasonably satisfactory
to the Company, or in the case of any such mutilation upon surrender and
cancellation of such mutilated Warrant or stock certificate, the Company will
issue and deliver a new warrant (containing the same terms as this Warrant) or
stock certificate, in lieu of the lost, stolen, destroyed or mutilated Warrant
or stock certificate.

          14.
Descriptive Headings. The descriptive headings of the several paragraphs
of this Warrant are inserted for convenience only and do not constitute a part
of this Warrant. The language in this Warrant shall be construed as to its fair
meaning without regard to which party drafted this Warrant.

          15.
Governing Law; Jurisdiction. This Warrant shall be construed and enforced
in accordance with, and the rights of the parties shall be governed by, the laws
of the State of Nevada, without reference to principles governing choice or
conflicts of laws. Each party hereby irrevocably submits to the exclusive
jurisdiction of the state and federal courts sitting in the City and County of
Los Angeles, California for the adjudication of any dispute hereunder or in
connection herewith or with any transaction contemplated hereby or discussed
herein, and hereby irrevocably waives, and agrees not to assert in any suit,
action or proceeding, any claim that it is not personally subject to the
jurisdiction of any such court, that such suit, action or proceeding is brought
in an inconvenient forum or that the venue of such suit, action or proceeding is
improper. Nothing contained herein shall be deemed to limit in any way any right
to serve process in any manner permitted by law.

          16.
WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY
IRREVOCABLY WAIVES ANY AND ALL RIGHT TO A JURY IN ANY LEGAL PROCEEDING ARISING
OUT OR A RELATED TO THIS AGREEMENT, THE NOTE, AND THE SECURITY AGREEMENT OR THE
TRANSACTIONS CONTEMPLATED THEREBY.

          17.
Entire Agreement. This Warrant constitutes the full and entire
understanding and agreement between the parties with regard to the subject
matter hereof and supersedes all prior and contemporaneous agreements,
representations, and undertakings of the parties, whether oral or written, with
respect to such subject matter.

          18.
No Impairment. The Company will not, by an 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 will at all times in good
faith assist in carrying out all the provisions of this Warrant and in the
taking of all such actions as may be necessary or appropriate in order to
protect the rights of the Holder of this Warrant against impairment.

          19.
Issue Taxes. The Company shall pay any and all issue and other taxes
payable in respect of any issue or delivery of Common Stock upon the exercise of
this Warrant that may be imposed under the laws of

 11

the United States of America or by any state, political
subdivision or taxing authority of the United States of America; provided,
however, that the Company shall not be required to pay any tax or taxes that
may be payable in respect of any transfer involved in the issue or delivery of
any Warrant or certificates for Common Stock in a name other than that of the
registered holder of such Warrant (which shall be treated as a transfer under
Section 8 above), and no such issue or delivery shall be made unless and until
the person or entity requesting the issuance thereof shall have paid to the
Company the amount of such tax or shall have established to the satisfaction of
the Company that such tax has been paid.

          20.
Severability. In the event that any one or more of the provisions
contained in this Warrant shall for any reason be held to be invalid, illegal or
unenforceable in any respect, such provision(s) shall be ineffective only to the
extent of such invalidity, illegality or unenforceability, without invalidating
the remainder of such provision or the remaining provisions of this Warrant and
such invalidity, illegality or unenforceability shall not affect any other
provision of this Warrant, which shall remain in full force and effect.

          21.
Counterparts. This Warrant may be executed in two or more counterparts,
each of which shall be an original, and all of which together shall constitute
one instrument.

          IN
WITNESS WHEREOF, the parties hereto have caused this Warrant to be duly
executed as of the date first written above by its duly authorized officers.

	 	EV TRANSPORTATION, INC. 
	 	a Nevada corporation 
	 	  	  
	 	  	  
	 	By: 	 
    
	 	Name: 	William N. Plamondon 
	 	Title: 	Chief Executive Officer/President

12

EXHIBIT A

NOTICE OF EXERCISE

To: EV TRANSPORTATION, INC. (the
“Company”)

The undersigned hereby exercises the right to purchase
___________________ of the shares of Common Stock (“Warrant Shares”) of
the Company, evidenced by the attached Warrant (the “Warrant”).
Capitalized terms used herein and not otherwise defined shall have the
respective meanings set forth in the Warrant.

          1.
Form of Warrant Exercise Price. The holder intends that payment of the
Warrant Exercise Price shall be made as:

a “Cash Exercise”
with respect to ______________Warrant Shares; and/or

a “Cashless
Exercise” with respect to ______________ Warrant Shares.

          2.
Payment of Warrant Exercise Price. In the event that the holder has
elected a Cash Exercise with respect to some or all of the Warrant Shares to be
issued pursuant hereto, the holder shall pay the aggregate Exercise Price in the
sum of $_______________ to the Company in accordance with the terms of the
Warrant.

          3.
Please issue a certificate or certificates representing said shares in the name
of the undersigned or in such other name or names as are specified below:

	 
	(Name) 
	 
	 
	(Address) 
	 
	 
	(City, State) 

          4. The
undersigned represents that the aforesaid shares being acquired for the account
of the undersigned for investment and not with a view to, or for resale in
connection with, the distribution thereof and that the undersigned has no
present intention of distributing or reselling such shares, all except as in
compliance with applicable securities laws, and that the undersigned is an
“accredited investor” within the meaning of Rule 501 of Regulation D promulgated
under the Securities Act of 1933, as amended.

	 	 	 
	(Date) 	 	(Signature)

		
      NOTICE: Signature must be guaranteed by a
      commercial bank or trust company or a member firm of a major stock
      exchange if shares of capital stock are to be issued, or securities are to
      be delivered, other than to or in the name of the registered holder of
      this Warrant. In addition, signature must correspond in all respects with
      the name as written upon the face of the Warrant in every particular
      without alteration or any change whatever. 

	 	 

EXHIBIT B

FORM OF ASSIGNMENT

          FOR
VALUE RECEIVED, the undersigned holder of the attached Warrant hereby
sells, assigns and transfers unto _______________________ whose address is 
_______________________________________ and whose taxpayer identification number
is  _________________ the undersigned’s right, title and interest in and to
the Warrant issued by EV Transportation, Inc., a Nevada corporation (the
“Company”) to purchase _______ shares of the Company’s Common
Stock, and does hereby irrevocably constitute and appoint
__________________________ attorney to transfer said Warrant on the books of the
Company with full power of substitution in the premises.

          In
connection with such sale, assignment, transfer or other disposition of this
Warrant, the undersigned hereby confirms that:

		[     ]	
      such sale, transfer or other disposition may be effected
      without registration or qualification (under the Securities Act as then in
      effect and any applicable state securities law then in effect) of this
      Warrant or the shares of capital stock of the Company issuable thereunder
      and has attached hereto a written opinion of the undersigned’s counsel to
      that effect; or 

	 	 	
       

		[     ]	
      such sale, transfer or other disposition has been
      registered under the Securities Act of 1933, as amended, and registered
      and/or qualified under all applicable state securities laws.
  

	 	 	 
	(Date) 	 	
	 	 	 
	 	 	(Signature)

		
      NOTICE: Signature must correspond in all
      respects with the name as written upon the face of the Warrant in every
      particular without alteration or any change whatever.Filed by sedaredgar.com - EV Transportation, Inc. - Exhibit 10.5

SECURITY AGREEMENT

          THIS
SECURITY AGREEMENT (this “Agreement”) is made and entered into as of
October 9, 2008 by and among EV RENTAL CARS, LLC, a California limited
liability company, with an address of 5500 West Century Boulevard, Los Angeles,
California, 90045 (the “Debtor”), in favor of PLETHORA PARTNERS
LLC, a California limited liability company with an address of 2049 Century
Park East, Suite 3670, Los Angeles, California 90067 (the “Secured
Party”) (Debtor and Secured Party, collectively the “Parties”). 

RECITALS

          A.
Secured Party has agreed to make a $300,000 loan to Debtor as evidenced by the
Secured Promissory Note attached hereto as Exhibit A (the
“Note”).

          B. To
further secure the performance of Debtor’s obligations under the Note, Debtor
has agreed to execute, deliver and perform this Agreement and to grant to
Secured Party, for the benefit of Secured Party, the security interest in the
collateral described below.

         
NOW, THEREFORE, for and in consideration of the mutual
covenants and promises set forth herein and for good and other valuable
consideration, the receipt and sufficiency of which is hereby acknowledged,
including, without limitation, enabling Debtor to obtain the loan evidenced by
the Note, the Parties hereby agrees as follows:

         
Section 1. Definitions. All capitalized terms used
herein shall have the meanings assigned to them below. Except as otherwise
defined, terms defined in the Uniform Commercial Code shall have the meanings
set forth therein.

                   
1.1 Collateral. See Section 2.

                   
1.2 Contracts. All rights and benefits under all
contracts and agreements.

                   
1.3 Encumbrance. Any mortgage, pledge, security
interest, lien or other charge or encumbrance of any kind or nature upon or with
respect to any property.

                   
1.4 Event of Default. Has the meaning set forth in the
Note.

                   
1.5 Guaranty. That certain Guaranty Agreement, dated as
of the date hereof, executed by Parent in favor of Secured Party and pursuant to
which Parent agreed to guarantee the Obligations of Debtor under the Note and
the other Loan Documents.

                   
1.6 Loan Documents. The Note together with the Note
Purchase Agreement, the Security Agreement, the Guaranty and the Warrant and any
other instrument or agreement securing payment of the Note or related
thereto.

                   
1.7 Note. As defined in the Recitals hereto.

                   
1.8 Note Purchase Agreement. That certain Secured
Promissory Note and Warrant Purchase Agreement dated as of the date hereof
between Debtor, Parent and Secured Party. 

                   
1.9 Obligations. All obligations of Debtor under the
Note, this Agreement, or any of the other Loan Documents.

                   
1.10 Parent. EV Transportation, Inc., a Nevada
corporation.

                   
1.11 Proceeds. Includes (a) whatever is acquired upon
the ultimate sale or disposition of the Collateral, (b) to the extent of the
value of the Collateral, claims arising out of the loss or damage to the
Collateral, and (c) to the extent of the value of the Collateral and to the
extent payable to Debtor or Secured Party, insurance payable by reason of the
loss or damage to the Collateral.

                   
1.12 Uniform Commercial Code or UCC. The Uniform
Commercial Code as in effect in the State of California.

                   
1.13 Warrant. That certain Common Stock Purchase
Warrant, dated as of the date hereof, issued by Parent to Secured Party.

         
Section 2. Grant of Security Interest. To secure the
payment and performance of the Obligations, Debtor hereby assigns and pledges to
Secured Party a security interest in all of Debtor’s rights, title and interest
in, and grants to Secured Party a continuing security interest in (collectively,
the “Security Interest”), any Toyota hybrid vehicles that are purchased
by the Debtor, in whole or in part, using all or any portion of the amount
loaned by Secured Party to Debtor under the Note, together with all Proceeds of
such Toyota hybrid vehicles (the “Collateral”). The Toyota hybrid
vehicles comprising the Collateral shall be listed on Schedule I (as such
Schedule may be amended or supplemented from time to time by the Parties).

THIS AGREEMENT CONSTITUTES AN AUTHENTICATED RECORD WHICH
AUTHORIZES SECURED PARTY TO FILE SUCH FINANCING STATEMENTS AS SECURED PARTY
DETERMINES AS APPROPRIATE TO PERFECT OR PROTECT THE SECURITY INTEREST IN THE
COLLATERAL CREATED BY THIS AGREEMENT, SUBJECT TO THE PROVISIONS OF SECTION 4
BELOW.

         
Section 3. Termination and Release of Security Interest.
Upon Debtor’s performance and fulfillment of the Obligations, this Agreement
shall automatically terminate and Secured Party shall immediately and without
notice or demand from Debtor execute such documentation and take such other acts
and steps as are necessary to immediately release its Security Interest in the
Collateral. 

         
Section 4. Second Position Security Interest. The
Security Interest granted under this Agreement shall be junior and subject to
the purchase money security interest (such security interest, a “First
Priority Security Interest”) assigned, pledged or granted by Debtor
in any of the Toyota hybrid vehicles comprising the Collateral to Toyota, (any
such holder of a First Priority Security Interest, a “First Priority
Holder”), until such time as any such First Priority Security Interest is
released. Secured Party shall not file a financing statement or a copy of this
Agreement in lieu of any such financing statement or otherwise perfect the
Security Interest granted under this Agreement until after any First Priority
Holder shall have filed a financing statement or otherwise perfected its First
Priority Security Interest. Debtor will use its best efforts to ensure that (a)
the First Priority Holder’s First Priority Security Interest in the Collateral
does not exceed $700,000 and (b) the First Priority Holder perfects its security
interest in the Collateral on or before October ___, 2008. If the Security
Interest granted under this Agreement is perfected prior to the perfection of
any First Priority Security Interest or otherwise becomes senior to any such
First Priority Security Interest prior to the date that such First Priority
Security Interest is released, Secured Party shall immediately and without
notice or demand from Debtor execute such documentation and take such other acts
and steps as are necessary to immediately subordinate the Security Interest to
the First Priority Security Interest or to otherwise cause the Security Interest
to be junior and subject to any First Priority Security Interest.

         
Section 5. Authorized Action by Secured Party.

                   
5.1 Debtor hereby irrevocably appoints Secured Party as its
attorney-in-fact to do (but Secured Party shall not be obligated to and shall
not incur any liability to Debtor or any third party for failure so to do), upon
an Event of Default and while such Event of Default is continuing, any act which
Debtor is obligated by this Agreement to do, and to exercise such rights and
powers as Debtor might exercise with respect to the Collateral, including,
without limitation, the right to:

                   
(a) collect by legal proceedings or otherwise and endorse, receive and receipt
for all payments, proceeds and other sums and property now or hereafter payable
on or in respect of proceeds and other sums and property now or hereafter
payable on or in respect of the Collateral, including dividends, profits and
interest payments;

2

                   
(b) enter into any extension, reorganization, deposit, merger or consolidation
agreement or other agreement pertaining to the Collateral, and in connection
therewith may deposit or surrender control of the Collateral thereunder, accept
other property in exchange therefor, and do and perform such acts and things as
it may deem proper, and any money or property secured in exchange therefor shall
be applied to the Obligations or held by Secured Party pursuant to the
provisions of the Loan Documents;

                   
(c) protect and preserve the Collateral;

                   
(d) transfer the Collateral to its own or its nominee’s name; and

                   
(e) take such action, as shall be authorized in the Loan Documents.

                   
5.2 All the foregoing powers authorized herein, being coupled
with an interest, are irrevocable so long as any Obligations are
outstanding.

         
Section 6. Representations, Warranties and Covenants.
Debtor makes the following representations and warranties, and agrees to the
following covenants, each of which representations, warranties and covenants
shall be continuing and in force so long as this Agreement is in effect:

                   
6.1 Name; Debtor/Collateral Location. Debtor’s state of
organization or incorporation, state organizational identification number, chief
executive office, principal place of business, offices, all warehouses and
premises where Collateral is stored or located, and the locations of all of its
books and records concerning the Collateral are set forth on Exhibit B
hereto.

                   
6.2 Vehicles: Maintenance and Use, Payment of Taxes.
Debtor will keep the Collateral in good order and repair, will not use
the same in violation of law or any policy of insurance thereon, and will pay
promptly when due all taxes and assessments on the Collateral or on its use or
operation.

                   
6.3 Representations in Note Purchase Agreement. The
representations and warranties set forth in Section 2 of the Note Purchase
Agreement as they relate to Debtor or to the Loan Documents to which Debtor is a
party, each of which is hereby incorporated herein by reference, are true and
correct, and shall be incorporated by reference herein as if they were fully set
forth herein, provided that each reference in each such representation
and warranty to the Company’s knowledge shall, for the purposes of this Section
6.3, be deemed to be a reference to Debtor’s knowledge.

                   
6.4 Title; No Other Encumbrances. Except for the First
Priority Security Interest granted to the First Priority Holder and the Security
Interest granted to Secured Party pursuant to this Agreement, Debtor owns each
item of the Collateral free and clear of any and all Encumbrances or claims,
options or rights of others. No financing statement or other public notice with
respect to all or any part of the Collateral is on file or of record in any
public office, except such as have been filed in favor of Secured Party pursuant
to this Agreement or as are permitted by this Agreement in favor of the First
Priority Holder.

                   
6.5 Perfected First Priority Encumbrances. This
Agreement is effective to create in favor of Secured Party a legal, valid and
enforceable security interest in the Collateral. Upon completion of the filings
specified herein, the Security Interest created by this Agreement together with
such filings shall constitute a fully perfected security interest in all right,
title and interest of Secured Party in the Collateral as security for the
Obligations, in each case prior and superior in right to any other Person except
for the First Priority Holder as permitted by this Agreement and the Loan
Documents.

                   
6.6 Performance of Contracts. Debtor will: (i) fulfill,
perform and observe each and every condition, covenant and obligation of Debtor
contained in the Contracts, and owed with respect to all other Collateral and
keep all licenses, permits, operating permits, and related Contracts, effective,
current, valid and in good standing; (ii) give prompt (but in no event later
than ten (10) days after Debtor's receipt of same) notice to Secured Party of
any notice, claim or demand under or with respect to any of the Collateral by or
from any party or 

3

other person or entity including any governmental agency; (iii)
enforce the performance and observance of each and every material covenant and
condition of the Contracts to be performed and/or observed; (iv) appear in and
defend any action claim, proceeding, hearing, investigation or procedure which
will or may impair or adversely affect any part or all of the Collateral or the
rights, title, benefits, uses, or availability thereof or thereunder or the
ownership, obligations or liabilities of Debtor thereunder; and (v) not modify,
amend or terminate any Contract in any manner or form which would impair or
adversely affect the Security Interest of Secured Party in any of the
Collateral.

                   
6.7 Payment of Obligations. Debtor will pay and
discharge or otherwise satisfy at or before maturity or before they become
delinquent, as the case may be, all taxes, assessments and governmental charges
or levies imposed upon the Collateral or in respect of income or profits
therefrom, as well as all claims of any kind (including claims for labor,
materials and supplies) against or with respect to the Collateral, except that
no such charge need be paid if the amount or validity thereof is currently being
contested in good faith by appropriate proceedings, reserves in conformity with
GAAP with respect thereto have been provided on the books of Debtor (to the
extent such reserves are required by GAAP) and such proceedings could not
reasonably be expected to result in the sale, forfeiture or loss of any material
portion of the Collateral or any material interest therein

                   
6.8 Maintenance of Perfected Security Interest; Further
Documentation. Debtor shall maintain the Security Interest created
by this Agreement as a perfected security interest having at least the priority
described in Section 6.5 and shall defend such Security Interest against the
claims and demands of all Persons whomsoever. Debtor will furnish to Secured
Party from time to time statements and schedules further identifying and
describing the Collateral and such other reports in connection with the
Collateral as Secured Party may reasonably request, all in reasonable detail. At
any time and from time to time, upon the written request of Secured Party, and
at the sole expense of Debtor, Debtor will promptly and duly execute and
deliver, and, if applicable, have recorded, such further instruments and
documents and take such further actions as Secured Party may reasonably request
for the purpose of obtaining or preserving the full benefits of this Agreement
and of the rights and powers herein granted, including (i) the filing of any
financing or continuation statements under the UCC (or other similar laws) in
effect in any jurisdiction with respect to the security interests created hereby
and (ii) in the case of Investment Property, Deposit Accounts, Letter-of-Credit
Rights and any other relevant Collateral, taking any actions necessary to enable
Secured Party to obtain “control” (within the meaning of the applicable UCC)
with respect thereto.

                   
6.9 Changes in Locations, Name, etc.
Debtor will not, except upon 30 days’ prior written notice to Secured Party and
delivery to Secured Party of all additional financing statements and other
documents reasonably requested by Secured Party to maintain the validity,
perfection and priority of the security interests provided for herein:

                   
(a) change its jurisdiction of organization or, in the case it is not is not a
registered organization (as defined in the UCC), the location of its chief
executive office or sole place of business from that referred to in Section 6.1;
or

                   
(b) change its name, identity or corporate structure.

                   
6.10 Proceeds to be Turned Over to Secured Party. In
addition to the rights of Secured Party specified in Section 8, all Proceeds
received by Debtor consisting of cash, checks and other near-cash items shall be
held by Debtor in trust for the First Priority Holder and Secured Party,
segregated from other funds of Debtor, and shall, as soon as possible (but in
any event within five Business Days) following receipt by Debtor, be turned over
to the First Priority Holder and Secured Party in the exact form received by
Debtor (duly indorsed by Debtor to the First Priority Holder or Secured Party,
if required). All Proceeds received by the First Priority Holder or Secured
Party hereunder shall be held by the First Priority Holder and Secured Party in
a collateral account maintained under its sole dominion and control. All
Proceeds while held by the First Priority Holder or Secured Party in a
collateral account (or by Debtor in trust for the First Priority Holder and
Secured Party) shall continue to be held as collateral security for all the
Obligations and shall not constitute payment thereof until applied as provided
in the Note.

4

                   
6.11 Application of Proceeds. At such intervals as may
be agreed upon by Debtor and Secured Party, or, if an Event of Default shall
have occurred and be continuing, at any time at Secured Party’s election,
Secured Party may apply all or any part of Proceeds constituting Collateral,
whether or not held in any collateral account, and any proceeds of the Guaranty,
in payment of the Obligations in such order as Secured Party may elect, and any
part of such funds which Secured Party elects not so to apply shall continue to
be held as collateral security for the Obligations. Any balance of such Proceeds
remaining after all Events of Default have been cured or waived shall be paid
over to Debtor or to whomsoever may be lawfully entitled to receive the
same.

                   
6.12 Further Assurances.

                   
(a) Upon the written request of Secured Party, and at the sole expense of
Debtor, Debtor will promptly execute and deliver such further instruments and
documents and take such further actions as Secured Party may deem desirable to
obtain the full benefits of this Agreement and of the rights and powers herein
granted, including, without limitation, filing of any financing statement under
the UCC and transfer of Collateral to Secured Party’s possession. Subject to the
provisions of Section 4 of this Agreement, Debtor authorizes Secured Party to
file any such financing statement without the signature of Debtor to the extent
permitted by applicable law, and to file a copy of this Agreement in lieu of a
financing statement. The Debtor shall furnish to the Secured Party from time to
time statements and schedules, in reasonable detail, further identifying and
describing the Collateral, and other such reports in connection with the
Collateral as the Secured Party may reasonably request, such that the Secured
Party may describe the Collateral in any applicable financing statements. The
Debtor hereby authorizes the Secured Party to modify this Agreement after
obtaining the Debtor’s approval of or signature to such modification, by
amending Schedule I hereto (as such Schedule may be amended or
supplemented from time to time) to describe any Collateral hereinafter
acquired.

                   
(b) If any amount payable under or in connection with any of the Collateral
shall be or become evidenced by any promissory note or other instrument, such
note or instrument shall be immediately delivered to Secured Party, duly
endorsed in a manner satisfactory to it.

         
Section 7. Secured Party’s Rights with respect to Collateral.
Secured Party may, at its option and at any time, upon the occurrence
of an Event of Default, without notice or demand on Debtor, take the following
actions with respect to the Collateral:

                   
(a) make, adjust and settle claims under any insurance policy related thereto
and place and pay for appropriate insurance thereon; 

                   
(b) discharge taxes and other Encumbrances at any time levied or placed thereon;

                   
(c) make repairs or provide maintenance with respect thereto; and 

                   
(d) pay any necessary filing fees and any taxes arising as a consequence of any
such filing.

                   
Secured Party shall have no obligation to make any such expenditures nor shall
the making thereof relieve Debtor of its obligation to make such
expenditures.

          Except
as otherwise provided herein, the Secured Party and Secured Party shall have no
duty as to the collection or protection of the Collateral nor as to the
preservation of any rights pertaining thereto, beyond the safe custody of any
Collateral in its possession.

         
Section 8. Rights and Remedies.

                   
(a) Upon the occurrence of an Event of Default:

                             
(i) The Secured Party may, at its option, without notice or demand, cause all of
the Obligations to become immediately due and payable and take immediate
possession of the Collateral, and for that 

5

purpose the Secured Party may, so far as Debtor can give
authority therefor, enter upon any premises on which any of the Collateral is
situated and remove the same therefrom or remain on such premises and in
possession of such Collateral for purposes of conducting a sale or enforcing the
rights of the Secured Parties;

                             
(ii) Debtor will, upon demand, assemble the Collateral and make it available to
Secured Party at a place and time designated by the Secured Party that is
reasonably convenient to both parties;

                             
(iii) Secured Party may collect and receive all income and proceeds in respect
of the Collateral and exercise all rights of Debtor with respect thereto;

                             
(iv) Secured Party may sell, lease or otherwise dispose of the Collateral at a
public or private sale, with or without having the Collateral at the place of
sale, and upon such terms and in such manner as Secured Party may determine, and
Secured Party may purchase any Collateral at any such sale. Unless the
Collateral threatens to decline rapidly in value or is of the type customarily
sold on a recognized market, Secured Party shall send to Debtor prior written
notice (which, if given within five (5) days of any sale, shall be deemed to be
reasonable) of the time and place of any public sale of the Collateral or of the
time after which any private sale or other disposition thereof is to be made.
Debtor agrees that upon any such sale the Collateral shall be held by the
purchaser free from all claims or rights of every kind and nature, including any
equity of redemption or similar rights, and all such equity of redemption and
similar rights are hereby expressly waived and released by Debtor. In the event
any consent, approval or authorization of any governmental agency is necessary
to effectuate any such sale, Debtor shall execute all applications or other
instruments as may be required; and 

                             
(v) in any jurisdiction where the enforcement of its rights hereunder is sought,
Secured Party shall have, in addition to all other rights and remedies allowed
by law or by any agreement with Debtor, all of the rights and remedies of a
secured party under the Uniform Commercial Code.

                   
(b) Application of Sale Proceeds. Proceeds from the sale of the
Collateral or any part thereof and all sums received or collected by Secured
Party from or on account of any Collateral shall be applied by Secured Party in
the following order:

                             
(i) To the payment of the costs and expenses incurred by Secured Party in
connection with the collection, sale, transfer, preservation or delivery of the
Collateral, including, without limitation, reasonable attorneys’ fees, costs,
charges, taxes, liens, and assessments;

                             
(ii) To the payment to Secured Party of the whole amount then owing and unpaid
for principal, interest, and other sums and charges under the Note; 

                             
(iii) To the payment to Secured Party of the other amounts then owing and unpaid
under the other Loan Documents; and

                             
(iv) To the payment of the surplus, if any, to Debtor, its successors and
assigns, or to whomsoever may be lawfully entitled to receive the same.

                   
(c) Prior to any disposition of Collateral pursuant to this Agreement Secured
Party may, at its option, cause any of the Collateral to be repaired or
reconditioned (but not upgraded unless mutually agreed) in such manner and to
such extent as to make it saleable.

                   
(d) Secured Party is hereby granted a license or other right to use, without
charge, Debtor's labels, patents, copyrights, rights of use of any Project name,
trade secrets, Project trade names, trademarks and advertising matter, or any
property of a similar nature, relating to the Collateral, in completing
production of, advertising for sale and selling any Collateral; and Debtor's
rights under all licenses and all franchise agreements shall inure to Secured
Party’s benefit.

6

                   
(e) Secured Party shall be entitled to retain and to apply the proceeds of any
disposition of the Collateral, first, to its reasonable expenses of retaking,
holding, protecting and maintaining, and preparing for disposition and disposing
of, the Collateral, including attorneys' fees and other legal expenses incurred
by it in connection therewith; and second, to the payment of the Obligations in
such order of priority as Secured Party shall determine. Any surplus remaining
after such application shall be paid to Debtor or to whomever may be legally
entitled thereto, provided that in no event shall Debtor be credited with any
part of the proceeds of the disposition of the Collateral until such proceeds
shall have been received in cash by Secured Party. 

         
Section 9. Waivers. Debtor waives presentment, demand,
notice, protest, notice of acceptance of this Agreement, notice of any loans
made, credit or other extensions granted, collateral received or delivered or
any other action taken in reliance hereon and all other demands and notices of
any description, except for such demands and notices as are expressly required
to be provided to Debtor under this Agreement or any other document evidencing
the Obligations. With respect to both the Obligations and the Collateral, Debtor
assents to any extension or postponement of the time of payment or any other
forgiveness or indulgence, to any substitution, exchange or release of
Collateral, to the addition or release of any party or person primarily or
secondarily liable, to the acceptance of partial payment thereon and the
settlement, compromise or adjustment of any thereof, all in such manner and at
such time or times as Secured Party may deem advisable. Secured Party may
exercise its rights with respect to the Collateral without resorting, or regard,
to other collateral or sources of reimbursement for Obligations. Secured Party
shall not be deemed to have waived any of its rights with respect to the
Obligations or the Collateral unless such waiver is in writing and signed by
Secured Party. No delay or omission on the part of Secured Party in exercising
any right shall operate as a waiver of such right or any other right. A waiver
on any one occasion shall not bar or waive the exercise of any right on any
future occasion. All rights and remedies of Secured Party in the Obligations or
the Collateral, whether evidenced hereby or by any other instrument or papers,
are cumulative and not exclusive of any remedies provided by law or any other
agreement, and may be exercised separately or concurrently. 

         
Section 10. Notices. All notices, demands, requests, and
other communications required or permitted hereunder shall be in writing and
shall be deemed to have been properly given if mailed by United States
registered or certified mail, with return receipt requested, postage prepaid, or
by United States Express Mail or other comparable overnight courier service to
the parties at the addresses set forth at the beginning of this Agreement (or at
such other addresses as shall be given in writing by any party to the others)
and shall be deemed complete upon receipt or refusal to accept delivery as
indicated in the return receipt or in the receipt of such United States Express
Mail or courier service.

         
Section 11. Successors and Assigns. This Agreement shall
be binding upon Debtor, its successors and assigns, and shall inure to the
benefit of and be enforceable by the Secured Party and its successors and
assigns.

         
Section 12. General. This Agreement may not be amended
or modified except by a writing signed by Debtor and Secured Party. This
Agreement and the terms, covenants and conditions hereof shall be construed in
accordance with, and governed by, the laws of the State of California (without
giving effect to any conflicts of law provisions contained therein). In the
event that any Collateral or any deposit or other sum due from or credited by
Secured Party are held or stands in the name of Debtor and another or others
jointly, Secured Party may deal with the same for all purposes as if it belonged
to or stood in the name of Debtor alone.

         
Section 13. Governing Law; Jurisdiction. 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 California, without
regard to the conflicts of law provisions of the State of California, or of any
other state. Each party hereby irrevocably submits to the exclusive jurisdiction
of the state and federal courts sitting in the City and County of Los Angeles,
California for the adjudication of any dispute hereunder or in connection
herewith or with any transaction contemplated hereby or discussed herein, and
hereby irrevocably waives, and agrees not to assert in any suit, action or
proceeding, any claim that it is not personally subject to the jurisdiction of
any such court, that such suit, action or proceeding is brought in an
inconvenient forum or that the venue of such suit, action or proceeding is
improper. Nothing contained herein shall be deemed to limit in any way any right
to serve process in any manner permitted by law.

7

         
Section 14. WAIVER OF JURY TRIAL. EACH OF THE PARTIES
HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO A JURY IN ANY LEGAL
PROCEEDING ARISING OUT OR A RELATED TO THIS AGREEMENT, THE NOTE, AND THE
SECURITY AGREEMENT OR THE TRANSACTIONS CONTEMPLATED THEREBY.

         
Section 15. Section Headings. Section headings are for
convenience of reference only and are not a part of this Agreement.

IN WITNESS WHEREOF, Debtor has caused this Agreement to be duly
executed as of the date first written above.

	“DEBTOR” 	 	“SECURED
      PARTY” 
	 	 	 
	EV RENTAL CARS, LLC 	 	PLETHORA PARTNERS
      LLC 
	a California limited liability
      company 	 	a California limited
      liability company 
	 	  	 	 	  
	 	  	 	 	  
	By:		 	By:	
	Name: 	William N. Plamondon 	 	Name: 	Nikolas Konstant 
	Title: 	CEO of EV Transportation, Inc., the sole 	 	Title: 	Manager 
	 	managing member of EV Rental Cars, LLC 	 	 	  

8

SCHEDULE I

COLLATERAL

The table below sets forth all of the Collateral under the
Security Agreement, dated October 9, 2008, by and among EV Rental Cars, LLC and
Plethora Partners LLC.

	Year 	Toyota Model 	Unit No. 	VIN 
	2009 	CAMRY 	ER59001 	4T1BB46K396085680 
	2009 	CAMRY 	ER59002 	4T1BB46K89U085688 
	2009 	CAMRY 	ER59003 	4T1BB46K09U085765 
	2009 	CAMRY 	ER59004 	4T1BB46K09U085751 
	2009 	CAMRY 	ER59005 	4T1BB46K79U083494 
	2009 	CAMRY 	ER59006 	4T1BB46K99U083416 
	2008 	PRIUS 	ER38002 	JTDKB2OUX83423177 
	2008 	PRIUS 	ER38004 	JTDKB2OU287788316 
	2008 	PRIUS 	ER38010 	JTDKB2OU183424797 
	2008 	PRIUS 	ER38013 	JTDKB2OU783422603 
	2008 	PRIUS 	ER38015 	JTDKB2OU987787941 
	2008 	PRIUS 	ER38017 	JTDKB2OU487789242 
	2008 	PRIUS 	ER38019 	JTDKB2OU883440365 
	2008 	PRIUS 	ER38021 	JTDKB2OU487801230 
	2008 	PRIUS 	ER38034 	JTDKB2OU987788877 
	2008 	PRIUS 	ER38006 	JTDKB2OU187787898 
	2008 	PRIUS 	ER38008 	JTDKB2OU283425487 
	2008 	PRIUS 	ER38009 	JTDKB2OU887787395 
	2008 	PRIUS 	ER38025 	JTDKB2OU087789724 
	2008 	PRIUS 	ER38026 	JTDKB2OUX83440884 
	2008 	PRIUS 	ER38028 	JTDKB2OU587787838 
	2008 	PRIUS 	ER38030 	JTDKB2OU787788294 
	2008 	PRIUS 	ER38032 	JTDKB2OU087787374 
	2008 	PRIUS 	ER38036 	JTDKB2OU483423238 
	2008 	PRIUS 	ER38003 	JTDKB2OU187787822 
	2008 	PRIUS 	ER38005 	JTDKB2OU383424221 
	2008 	PRIUS 	ER38012 	JTDKB2OU287788607 
	2008 	PRIUS 	ER38014 	JTDKB2OU183424122 
	2008 	PRIUS 	ER38016 	JTDKB2OU887788918 
	2008 	PRIUS 	ER38018 	JTDKB2OU787789848 
	2008 	PRIUS 	ER38020 	JTDKB2OU283439096 
	2008 	PRIUS 	ER38023 	JTDKB2OU483439598 
	2008 	PRIUS 	ER38031 	JTDKB2OU187787349 
	2008 	PRIUS 	ER38001 	JTDKB2OU187800567 
	2008 	PRIUS 	ER38007 	JTDKB2OU487788365 
	2008 	PRIUS 	ER38011 	JTDKB2OU687787850 
	2008 	PRIUS 	ER38022 	JTDKB2OU187788727 
	2008 	PRIUS 	ER38024 	JTDKB2OU187789294 
	2008 	PRIUS 	ER38026 	JTDKB2OU387787370 
	2008 	PRIUS 	ER38029 	JTDKB2OU183423889 
	2008 	PRIUS 	ER38033 	JTDKB2OU687787394 
	2008 	PRIUS 	ER38035 	JTDKB2OU687788335 

EXHIBIT A

SECURED PROMISSORY NOTE

EXHIBIT B

NAME; DEBTOR/COLLATERAL LOCATION

	1. 	
      State of Organization: California

	 	 
	2. 	
      State of Organization Identification number:
      199720210037

	 	 
	3. 	
      Chief Executive Office, Principal Place of Business,
      Warehouses and Premises where Collateral is Stored or Located and Location
      of Books and Records concerning the Collateral: 5500 W. Century Boulevard,
      Los Angeles, California 90045.

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