Document:

Form of Common Stock Purchase Warrant

 Exhibit 10.4 
 THIS WARRANT AND THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE OFFERED, SOLD, ASSIGNED OR TRANSFERRED, IN THE ABSENCE OF AN EFFECTIVE
REGISTRATION STATEMENT UNDER SAID ACT OR AN OPINION OF THE COMPANY’S COUNSEL THAT REGISTRATION UNDER SAID ACT IS NOT REQUIRED. 
 Warrant No.              
 FORM OF COMMON STOCK PURCHASE
WARRANT 
 To Purchase Up To
                     Shares of the Common Stock of 
 Quantum Fuel Systems Technologies Worldwide, Inc. 
 THIS IS TO CERTIFY THAT
                                , or registered assigns (the “Holder”),
is entitled, during the Exercise Period (as hereinafter defined), to purchase from Quantum Fuel Systems Technologies Worldwide, Inc, a Delaware corporation (the “Company”), the Warrant Stock (as hereinafter defined), in whole or in part,
at a purchase price of $             per share, all on and subject to the terms and conditions hereinafter set forth. 
 1. Definitions. As used in this Warrant, the following terms have the respective meanings set forth below: 
 “Affiliate” means any person or entity that, directly or indirectly through one or more intermediaries, controls or is
controlled by or is under common control with a person or entity, as such terms are used in and construed under Rule 144 under the Securities Act. With respect to a Holder of Warrants, any investment fund or managed account that is managed on a
discretionary basis by the same investment manager as such Holder will be deemed to be an Affiliate of such Holder. 
 “Appraised Value” means, in respect of any share of Common Stock on any date herein specified, the fair saleable value of such share of Common Stock (determined with giving effect to the discount for (i) a minority
interest or (ii) any lack of liquidity of the Common Stock or to the fact that the Company may have no class of equity registered under the Exchange Act) as of the last day of the most recent fiscal month ending prior to such date specified,
based on the value of the Company on a fully-diluted basis, as determined by a nationally recognized investment banking firm selected by the Company’s Board of Directors and having no prior relationship with the Company. 
 “Business Day” means any day except Saturday, Sunday and any day which shall be a legal holiday or a day on which
banking institutions in the State of Michigan generally are authorized or required by law or other government actions to close. 
  

 Page 1 of 17 

 “Change of Control” means the (i) acquisition by an individual or
legal entity or group (as set forth in Section 13(d) of the Exchange Act) of more than one-half of the voting rights or equity interests in the Company; or (ii) sale, conveyance, or other disposition of all or substantially all of the
assets, property or business of the Company or the merger into or consolidation with any other corporation (other than a wholly owned subsidiary corporation) or effectuation of any transaction or series of related transactions where holders of the
Company’s voting securities prior to such transaction or series of transactions fail to continue to hold at least 50% of the voting power of the Company (or, if other than the Company, the successor or acquiring entity) immediately following
such transaction. 
 “Closing Date” means June 30, 2006. 
 “Commission” means the Securities and Exchange Commission or any other federal agency then administering the Securities
Act and other federal securities laws. 
 “Common Stock” means (except where the context otherwise
indicates) the Common Stock, $0.001 par value per share, of the Company as constituted on the Closing Date, and any capital stock into which such Common Stock may thereafter be changed or converted, and shall also include (i) capital stock of
the Company of any other class (regardless of how denominated) issued to the holders of shares of Common Stock upon any reclassification thereof which is also not preferred as to dividends or assets on liquidation over any other class of stock of
the Company and which is not subject to redemption and (ii) shares of common stock of any successor or acquiring corporation received by or distributed to the holders of Common Stock of the Company in the circumstances contemplated by
Section 4. 
 “Current Market Price” means, in respect of any share of Common Stock on any date herein
specified, 
 (1) if there shall not then be a public market for the Common Stock, the higher of 
 (a) the book value per share of Common Stock at such date, and 
 (b) the Appraised Value per share of Common Stock at such date, 
 or 
 (2) if
there shall then be a public market for the Common Stock, the average of the daily market prices for the five (5) consecutive trading days immediately before such date. The daily market price for each such trading day shall be (i) the
closing bid price on such day on the OTC Bulletin Board or principal stock exchange (including Nasdaq) on which such Common Stock is then listed or admitted to trading, or quoted, as applicable, (ii) if no sale takes place on such day on the
OTC Bulletin Board or any such exchange, the last reported closing bid price on such day as officially quoted on the OTC Bulletin Board or any such exchange (including Nasdaq), (iii) if the Common Stock is not then listed or admitted to trading
on the OTC Bulletin Board or any stock exchange, the last reported closing bid price on such day in the over-the-counter 

  

 Page 2 of 17 

 
market, as furnished by the National Association of Securities Dealers Automatic Quotation System or the National Quotation Bureau, Inc., (iv) if
neither such corporation at the time is engaged in the business of reporting such prices, as furnished by any similar firm then engaged in such business, or (v) if there is no such firm, as furnished by any member of the NASD selected mutually
by the holder of this Warrant and the Company or, if they cannot agree upon such selection, as selected by two such members of the NASD, one of which shall be selected by holder of this Warrant and one of which shall be selected by the Company.

 “Current Warrant Price” means, in respect of a share of Common Stock at any date herein specified, the
price at which a share of Common Stock may be purchased pursuant to this Warrant on such date. Unless and until the Current Warrant Price is adjusted pursuant to the terms herein, the initial Current Warrant Price shall be
$             per share of Common Stock. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, or any similar federal statute, and the rules and regulations of the Commission thereunder, all as the same shall be in effect from time to time.

 “Exercise Period” means the period during which this Warrant is exercisable pursuant to Section 2.1.

 “Expiration Date” means June 28, 2011, subject to modification as provided herein. 
 “NASD” means the National Association of Securities Dealers, Inc., or any successor corporation thereto. 
 “Other Property” has the meaning set forth in Section 4. 
 “Person” means any individual, sole proprietorship, partnership, joint venture, trust, incorporated organization,
association, corporation, limited liability company, institution, public benefit corporation, entity or government (whether federal, state, county, city, municipal or otherwise, including, without limitation, any instrumentality, division, agency,
body or department thereof). 
 “Purchase Agreement” means that certain Warrant Purchase and Registration
Rights Agreement dated as of the Closing Date among the Company and the other parties named therein, pursuant to which this Warrant was originally issued. 
 “Restricted Common Stock” means shares of Common Stock which are, or which upon their issuance upon the exercise of any Warrant would be required to be, evidenced by a certificate bearing the
restrictive legend set forth in Section 3.2. 
 “Securities Act” means the Securities Act of 1933, as
amended, or any similar federal statute, and the rules and regulations of the Commission thereunder, all as the same shall be in effect at the time. 
  

 Page 3 of 17 

 “Trading Day” means any day on which the primary market on which shares
of Common Stock are listed is open for trading. 
 “Transfer” means any disposition of any Warrant or
Warrant Stock or of any interest in either thereof, which would constitute a sale thereof within the meaning of the Securities Act. 
 “Warrants” means this Warrant and all warrants issued upon transfer, division or combination of, or in substitution for, any thereof. All Warrants shall at all times be identical as to terms and conditions and date, except
as to the number of shares of Common Stock for which they may be exercised. 
 “Warrant Price” means an
amount equal to (i) the number of shares of Common Stock being purchased upon exercise of this Warrant pursuant to Section 2.1, multiplied by (ii) the Current Warrant Price. 
 “Warrant Stock” means up to
                     shares of Common Stock to be purchased upon the exercise hereof, subject to adjustment as provided herein. 
 2. Exercise of Warrant. 
 2.1 Manner of Exercise. From and after the Closing Date, and until 5:00 P.M., New York time, on the Expiration Date (the “Exercise Period”), the Holder may exercise this Warrant,
on any Business Day, for all or any part of the number of shares of Warrant Stock purchasable hereunder, subject to the terms and conditions of this Warrant. 
 In order to exercise this Warrant, in whole or in part, the Holder shall deliver to the Company at its principal office or at the office or agency designated by the Company as provided herein,
(i) a written notice of Holder’s election to exercise this Warrant, which notice shall specify the number of shares of Warrant Stock to be purchased, (ii) payment of the Warrant Price as provided herein, and (iii) this Warrant.
Such notice shall be irrevocable and substantially in the form of the subscription form appearing at the end of this Warrant as Exhibit A, duly executed by the Holder or its agent or attorney. Upon receipt thereof, the Company shall, as promptly as
reasonably practicable, execute or cause to be executed and deliver or cause to be delivered to the Holder a certificate or certificates representing the aggregate number of full shares of Warrant Stock issuable upon such exercise, together with
cash in lieu of any fraction of a share, as hereinafter provided. The stock certificate or certificates so delivered shall be, to the extent possible, in such denomination or denominations as the Holder shall reasonably request in the notice and
shall be registered in the name of the Holder or if permitted pursuant to the terms of this Warrant such other name as shall be designated in the notice. This Warrant shall be deemed to have been exercised and such certificate or certificates shall
be deemed to have been issued, and the Holder or any other Person so designated to be named therein shall be deemed to have become a Holder of record of such shares for all purposes, as of the date when the notice, together with the payment of the
Warrant Price and this Warrant, is received by the Company as described above. If this Warrant shall 

  

 Page 4 of 17 

 
have been exercised in part, the Company shall, at the time of delivery of the certificate or certificates representing Warrant Stock, deliver to the Holder
a new Warrant evidencing the rights of the Holder to purchase the unpurchased shares of Common Stock called for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant, or at the request of the Holder,
appropriate notation may be made on this Warrant and the same returned to the Holder. 
 Payment of the
Warrant Price may be made at the option of the Holder by: (i) certified or official bank check payable to the order of the Company, or (ii) wire transfer of immediately available funds to the account of the Company. All shares of Common
Stock issuable upon the exercise of this Warrant pursuant to the terms hereof shall be validly issued and, upon payment of the Warrant Price, shall be fully paid and nonassessable and not subject to any preemptive rights. 
 2.2 Fractional Shares. The Company shall not be required to issue a fractional share of Common Stock upon exercise
of any Warrant. As to any fraction of a share which the Holder of one or more Warrants, the rights under which are exercised in the same transaction, would otherwise be entitled to purchase upon such exercise, the Company shall pay an amount in cash
equal to the Current Market Price per share of Common Stock on the date of exercise multiplied by such fraction. 
 2.3 Restrictions on Exercise Amount. Notwithstanding anything herein to the contrary, in no event shall the Holder be entitled to exercise any portion of this Warrant in excess of that portion of this Warrant upon exercise of which
the sum of (1) the number of shares of Common Stock beneficially owned by the Holder and its Affiliates (other than shares of Common Stock which may be deemed beneficially owned through the ownership of the unexercised portion of the Warrant or
the unexercised or unconverted portion of any other security of the Holder subject to a limitation on conversion analogous to the limitations contained herein) and (2) the number of shares of Common Stock issuable upon the exercise of the
portion of this Warrant with respect to which the determination of this proviso is being made, would result in beneficial ownership by the Holder and its Affiliates of more than 4.99% of the then outstanding shares of Common Stock. For purposes of
the proviso to the immediately preceding sentence, beneficial ownership shall be determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended, and Regulations 13D-G thereunder, except as otherwise provided in
clause (1) of such proviso. The Holder may waive the limitations set forth herein by sixty-one (61) days written notice to the Corporation. 
 3. Transfer, Division and Combination. 
 3.1 Transfer. The
Warrants and the Warrant Stock shall be freely transferable, subject to compliance with this Section 3.1 and all applicable laws, including, but not limited to the Securities Act. If, at the time of the surrender of this Warrant in connection
with any transfer of this Warrant or the resale of the Warrant Stock, this Warrant or the Warrant Stock, as applicable, shall not be registered for resale under the Securities Act, the Company may require, as a condition of allowing such transfer
(i) that the Holder or 

  

 Page 5 of 17 

 
transferee of this Warrant or the Warrant Stock as the case may be, at the cost of Holder or transferee, furnish to the Company a written opinion of counsel
that is reasonably acceptable to the Company to the effect that such transfer may be made without registration under the Securities Act and any applicable state law, (ii) that the Holder or transferee execute and deliver to the Company an
investment representation letter in form and substance acceptable to the Company and substantially in the form attached as Exhibit C hereto and (iii) that the transferee be an “accredited investor” as defined in Rule 501
(a) promulgated under the Securities Act. Transfer of this Warrant and all rights hereunder, in whole or in part, in accordance with the foregoing provisions, shall be registered on the books of the Company to be maintained for such purpose,
upon surrender of this Warrant at the principal office of the Company referred to in Section 2.1 or the office or agency designated by the Company as provided herein, together with a written assignment of this Warrant substantially in the form
of Exhibit B hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute
and deliver a new Warrant or Warrants in the name of the assignee or assignees and in the denomination specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned,
and this Warrant shall promptly be cancelled. Following a transfer that complies with the requirements of this Section 3.1, the Warrant may be exercised by a new Holder for the purchase of shares of Common Stock regardless of whether the
Company issued or registered a new Warrant on the books of the Company. In connection with any transfer of this Warrant or the resale of the Warrant Stock pursuant to Rule 144 or other than pursuant to an effective registration statement, the Holder
or transferee shall compensate the Company for its reasonable expenses incurred in connection with effectuating such transfer or resale. 
 3.2 Restrictive Legends. Each certificate for Warrant Stock initially issued upon the exercise of this Warrant, and each certificate for Warrant Stock issued to any subsequent transferee of any such
certificate, unless, in each case, such Warrant Stock is eligible for resale without registration pursuant to Rule 144(k) or an effective registration statement under the Securities Act, shall bear the following legend: 
 “THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 AS AMENDED, AND MAY NOT BE
OFFERED OR SOLD IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER SAID ACT OR AN OPINION OF THE COMPANY’S COUNSEL THAT SUCH REGISTRATION IS NOT REQUIRED.” 
 The legend set forth above shall be removed and the Company shall issue a certificate without such legend to the holder of the Shares upon which it is stamped or issue to such holder by
electronic delivery at the applicable balance account at DTC, if (i) such Shares are registered for resale under the Securities Act, (ii) such Shares are sold or transferred pursuant to Rule 144 (assuming the transferor is not an Affiliate
of the Company), (iii) such Shares are eligible for sale under Rule 144(k), or (iv) if such legend is not required under applicable requirements of the Securities Act (including controlling judicial 

  

 Page 6 of 17 

 
interpretations and pronouncements issued by the Commission). The Company shall cause its counsel to issue the legal opinion referred to in the Irrevocable
Transfer Agent Instructions to the Company’s transfer agent on the Effective Date. Any fees (with respect to the Transfer Agent, counsel to the Company or otherwise) associated with the issuance of such opinion or the removal of such legend
shall be borne by the Company. Following the Effective Date or at such earlier time as a legend is no longer required for certain Shares, the Company will no later than three (3) Trading Days following the delivery by a Purchaser to the Company
or the Transfer Agent (with notice to the Company) of a legended certificate representing such Shares (endorsed or with stock powers attached, signatures guaranteed, and otherwise in form necessary to affect the reissuance and/or transfer and an
opinion of counsel to the extent required by Section 4.1(a)), deliver or cause to be delivered to such Purchaser a certificate representing such Shares that is free from all restrictive and other legends. The Company may not make any notation
on its records or give instructions to the Transfer Agent that enlarge the restrictions on transfer set forth in this Section. 
 The Company shall facilitate the timely preparation and delivery of certificates representing the Warrant Stock to be sold pursuant to an effective Registration Statement, which certificates shall be free, to the extent permitted by
applicable law and this Warrant, of all restrictive legends, and to enable such Warrant Stock to be in such denominations and registered in such names as the Holder may request at least five (5) business days prior to any sale of the Warrant
Stock. In connection therewith, the Company shall promptly after the effectiveness of the Registration Statement cause an opinion of counsel to be delivered to and maintained with its transfer agent, together with any other authorizations,
certificates and directions required by the transfer agent, which authorize and direct the transfer agent to issue such Warrant Stock without legend upon sale by the holder of such Warrant Stock under the Registration Statement, for such time as the
Registration Statement is effective. 
 3.3 Division and Combination; Expenses; Books. This Warrant may
be divided or combined with other Warrants upon presentation hereof at the aforesaid office or agency of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder
or its agent or attorney. Subject to compliance with Section 3.1 as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants
to be divided or combined in accordance with such notice. The Company shall prepare, issue and deliver at Holder’s expense the new Warrant or Warrants under this Section 3. The Company agrees to maintain, at its aforesaid office or agency,
books for the registration and the registration of transfer of the Warrants. 
 4. Adjustments. The number of shares
of Common Stock for which this Warrant is exercisable, and the price at which such shares may be purchased upon exercise of this Warrant, shall be subject to adjustment from time to time as set forth in this Section 4. 
  

 Page 7 of 17 

 4.1 Stock Dividends, Subdivisions and Combinations. If at any time
while this Warrant is outstanding the Company shall: 
 (i) declare a dividend or make a distribution on its
outstanding shares of Common Stock in shares of Common Stock; 
 (ii) subdivide its outstanding shares of
Common Stock into a larger number of shares of Common Stock; or 
 (iii) combine its outstanding shares of
Common Stock into a smaller number of shares of Common Stock, then: 
 (1) the number of shares of Common
Stock acquirable upon exercise of this Warrant immediately after the occurrence of any such event shall be adjusted to equal the number of shares of Common Stock which a record holder of the same number of shares of Common Stock that would have been
acquirable under this Warrant immediately prior to the record date for such dividend or distribution or the effective date of such subdivision or combination would own or be entitled to receive after such record date or the effective date of such
subdivision or combination, as applicable, and 
 (2) the Current Warrant Price shall be adjusted to equal:

 (A) the Current Warrant Price in effect at the time of the record date for such dividend or distribution
or of the effective date of such subdivision or combination, multiplied by the number of shares of Common Stock into which this Warrant is exercisable immediately prior to the adjustment, divided by 
 (B) the number of shares of Common Stock into which this Warrant is exercisable immediately after such adjustment.

 Any adjustment made pursuant to clause (i) of this paragraph shall become effective immediately after
the record date for the determination of stockholders entitled to receive such dividend or distribution, and any adjustment pursuant to clauses (ii) or (iii) of this paragraph shall become effective immediately after the effective date of
such subdivision or combination. 
 4.2 Certain Other Distributions. If at any time while this Warrant
is outstanding the Company shall cause all of the holders of its Common Stock to be entitled to receive any dividend or other distribution of: 
 (i) cash, 
 (ii) any evidences of its indebtedness, any
shares of stock of any class or any other securities or property or assets of any nature whatsoever (other than cash or additional shares of Common Stock as provided in Section 4.1 hereof), or 
  

 Page 8 of 17 

 (iii) any warrants or other rights to subscribe for or purchase any
evidences of its indebtedness, any shares of stock of any class or any other securities or property or assets of any nature whatsoever (in each case set forth in subparagraphs 4.2(i), 4.2(ii) and 4.2(iii) hereof, the “Distributed
Property”), 
 then upon any exercise of this Warrant that occurs after the record date for such dividend or other distribution, the
holder of this Warrant shall be entitled to receive, in addition to the shares of Warrant Stock, the Distributed Property that such holder would have been entitled to receive in respect of such number of Warrant Shares had the holder been the record
holder of such Warrant Shares as of such record date. Such distribution shall be made whenever any such exercise is made. A reclassification of the Common Stock (other than a change in par value, or from par value to no par value or from no par
value to par value) into shares of Common Stock and shares of any other class of stock shall be deemed a distribution by the Corporation to the holders of its Common Stock of such shares of such other class of stock within the meaning of this
Section 4.2 and, if the outstanding shares of Common Stock shall be changed into a larger or smaller number of shares of Common Stock as a part of such reclassification, such change shall be deemed a subdivision or combination, as the case may
be, of the outstanding shares of Common Stock within the meaning of Section 4.1. 
 4.3 Other
Provisions Applicable to Adjustments. The following provisions shall be applicable to the making of adjustments of the number of shares of Common Stock into which this Warrant is exercisable and the Current Warrant Price provided for in
Section 4: 
 (a) When Adjustments to Be Made. The adjustments required by Section 4 shall be
made whenever and as often as any specified event requiring an adjustment shall occur, except that any that would otherwise be required may be postponed (except in the case of a subdivision or combination of shares of the Common Stock, as provided
for in Section 4.1) up to, but not beyond the date of exercise if such adjustment either by itself or with other adjustments not previously made adds or subtracts less than 1% of the shares of Common Stock into which this Warrant is exercisable
immediately prior to the making of such adjustment. Any adjustment representing a change of less than such minimum amount (except as aforesaid) which is postponed shall be carried forward and made as soon as such adjustment, together with other
adjustments required by this Section 4 and not previously made, would result in a minimum adjustment or on the date of exercise. For the purpose of any adjustment, any specified event shall be deemed to have occurred at the close of business on
the date of its occurrence. 
 (b) Fractional Interests. In computing adjustments under this
Section 4, fractional interests in Common Stock shall be taken into account to the nearest 1/100th of a share. 
 (c) When Adjustment Not Required. If the Company undertakes a transaction contemplated under this Section 4 and as a result takes a record of the holders of its Common Stock for the purpose of entitling them to receive a 

  

 Page 9 of 17 

 
dividend or distribution or subscription or purchase rights or other benefits contemplated under this Section 4 and shall, thereafter and before the
distribution to stockholders thereof, legally abandon its plan to pay or deliver such dividend, distribution, subscription or purchase rights or other benefits contemplated under this Section 4, then thereafter no adjustment shall be required
by reason of the taking of such record and any such adjustment previously made in respect thereof shall be rescinded and annulled. 
 (d) Escrow of Stock. If after any property becomes distributable pursuant to Section 4 by reason of the taking of any record of the holders of Common Stock, but prior to the occurrence of the event for
which such record is taken, a holder of this Warrant exercises the Warrant during such time, then such holder shall continue to be entitled to receive any shares of Common Stock issuable upon exercise hereunder by reason of such adjustment and such
shares or other property shall be held in escrow for the holder of this Warrant by the Company to be issued to holder of this Warrant upon and to the extent that the event actually takes place. Notwithstanding any other provision to the contrary
herein, if the event for which such record was taken fails to occur or is rescinded, then such escrowed shares shall be canceled by the Company and escrowed property returned to the Company. 
 4.4 Reorganization, Reclassification, Merger, Consolidation or Disposition of Assets. 
 (a) If there shall occur a Change of Control and, pursuant to the terms of such Change of Control, shares of common stock
of the successor or acquiring corporation, or any cash, shares of stock or other securities or property of any nature whatsoever (including warrants or other subscription or purchase rights) in addition to or in lieu of common stock of the successor
or acquiring corporation (“Other Property”), are to be received by or distributed to the holders of Common Stock of the Company, then the Holder of this Warrant shall have the right thereafter for the Balance of the Exercise Period to
receive, upon the exercise of the Warrant, the number of shares of common stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and the Other Property receivable upon or as a result of such Change of
Control by a holder of the number of shares of Common Stock into which this Warrant is exercisable immediately prior to such event. 
 (b) In case of any such Change of Control described above, the resulting, successor or acquiring entity (if not the Company) and, if an entity different from the successor or acquiring entity, the entity whose capital
stock or assets the holders of the Common Stock are entitled to receive as a result of such Change of Control, shall assume by written instrument all of the obligations of this Warrant and the Transaction Documents (as defined in the Purchase
Agreement), subject to such modifications as may be deemed appropriate (as determined by resolution of the Board of Directors of the Company) in order to 

  

 Page 10 of 17 

 
provide for adjustments of shares of the Common Stock into which this Warrant is exercisable which shall be as nearly equivalent as practicable to the
adjustments provided for in Section 4. For purposes of Section 4, common stock of the successor or acquiring corporation shall include stock of such corporation of any class which is not preferred as to dividends or assets on liquidation
over any other class of stock of such corporation and which is not subject to redemption and shall also include any evidences of indebtedness, shares of stock or other securities which are convertible into or exchangeable for any such stock, either
immediately or upon the arrival of a specified date or the happening of a specified event and any warrants or other rights to subscribe for or purchase any such stock. The foregoing provisions of this Section 4 shall similarly apply to
successive Change of Control transactions. 
 4.5 Stock Transfer Taxes. The issue of stock certificates
upon exercise of this Warrant shall be made without charge to the holder for any tax in respect of such issue. The Company shall not, however, be required to pay any tax which may be payable in respect of any transfer involved in the issue and
delivery of shares in any name other than that of the holder of this Warrant, and the Company shall not be required to issue or deliver any such stock certificate unless and until the person or persons requesting the issue 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. 
 5. No Rights as Stockholder. This Warrant does not entitle the Holder to any voting or other rights as a stockholder of the Company prior to exercise and payment for the Warrant Price in accordance with the terms hereof. 

6. Reservation and Authorization of Common Stock. From and after the Closing Date, the Company shall at all times reserve and
keep available for issue upon the exercise of Warrants such number of its authorized but unissued shares of Common Stock as will be sufficient to permit the exercise in full of all outstanding Warrants 
 7. Taking of Record; Stock and Warrant Transfer Books. In the case of all dividends or other distributions by the Company to the
holders of its Common Stock with respect to which any provision of Section 4 refers to the taking of a record of such holders, the Company will in each such case take such a record and will take such record as of the close of business on a
Business Day. The Company will not at any time, except upon dissolution, liquidation or winding up of the Company, close its stock transfer books or Warrant transfer books so as to result in preventing or delaying the exercise or transfer of any
Warrant. 
 8. Registration Rights. The resale of the Warrant Stock shall be registered in accordance with and subject
to the terms and conditions contained in the Purchase Agreement. The Holder acknowledges that pursuant to the Purchase Agreement, the Company has the right to request that the Holder furnish information regarding such Holder and the distribution of
the Warrant Stock as is required by law or the Commission to be disclosed in the Registration Statement (as such term is defined in the Purchase Agreement), and the Company may exclude from such registration the shares of Warrant Stock acquirable
hereunder if Holder fails to furnish 

  

 Page 11 of 17 

 
such information within a reasonable time prior to the filing of each Registration Statement, supplemented prospectus included therein and/or amended
Registration Statement. 
 9. Loss or Mutilation. Upon receipt by the Company from the Holder of evidence reasonably
satisfactory to it of the ownership of and the loss, theft, destruction or mutilation of this Warrant and indemnity or security reasonably satisfactory to it and reimbursement to the Company of all reasonable expenses incidental thereto and in case
of mutilation upon surrender and cancellation hereof, the Company, at Holder’s cost, will execute and deliver in lieu hereof a new Warrant of like tenor to the Holder; provided, however, that in the case of mutilation, no indemnity shall be
required if this Warrant in identifiable form is surrendered to the Company for cancellation. 
 10. Office of the
Company. As long as any of the Warrants remain outstanding, the Company shall maintain an office or agency (which may be the principal executive offices of the Company) where the Warrants may be presented for exercise, registration of transfer,
division or combination as provided in this Warrant. 
 11. [Reserved] 
 12. Miscellaneous. 
 12.1 Nonwaiver. No course of dealing or any delay or failure to exercise any right or obligation hereunder on the part of the Holder or the Company shall operate as a waiver of such right or obligation, unless
the same shall be in writing signed by the Holder or the Company. 
 12.2 Notice Generally. All
notices, requests, demands or other communications provided for herein shall be in writing and shall be given in the manner and to the addresses set forth in the Purchase Agreement. 
 12.3 Successors and Assigns. Subject to compliance with the provisions of Section 3.1, this Warrant and the
rights evidenced hereby shall inure to the benefit of and be binding upon the successors of the Company and the successors and assigns of the Holder. The provisions of this Warrant are intended to be for the benefit of all Holders from time to time
of this Warrant, and shall be enforceable by any such Holder. 
 12.4 Amendment. This Warrant may be
modified or amended or the provisions of this Warrant waived with the written consent of both the Company and the Holder. 
  

 Page 12 of 17 

 12.5 Severability. Wherever possible, each provision of this
Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be modified to the extent of such
prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Warrant. 
 12.6 Headings. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant. 
 12.7 Governing Law. This Warrant and the transactions contemplated hereby shall be deemed to be consummated in the
State of Delaware and shall be governed by and interpreted in accordance with the local laws of the State of Delaware without regard to the provisions thereof relating to conflicts of laws. 
 12.8 Entire Agreement. This Warrant, together with the Purchase Agreement which this Warrant is subject to and
pursuant to which it is given, constitute the entire agreement between the Company and Holder with respect to the subject matter hereof and supersedes any and all other prior or contemporaneous agreements, either oral or written, between the Company
and Holder with respect to the subject matter hereof. Headings herein are for convenience only and shall not be deemed to limit or affect any of the provisions hereof. 
 IN WITNESS WHEREOF, Quantum Fuel Systems Technologies Worldwide, Inc. has caused this Warrant to be executed by its duly authorized officer and attested by its Secretary or other designated
officer. 
 Dated: June             , 2006 
  

			
	 Quantum Fuel Systems Technologies Worldwide, Inc.

		
	 By:
	 	  
	 Name:
	 	
	 Title:
	 	

  

 Page 13 of 17 

 EXHIBIT A 
 SUBSCRIPTION FORM 
 [To be executed only upon exercise of Warrant] 
 1. The undersigned hereby elects to purchase
                     shares of the Common Stock of Quantum Fuel Systems Technologies Worldwide, Inc. pursuant to the terms of the attached
Warrant, and tenders herewith payment of the purchase price of such shares in full. 
 2. Please issue a certificate or
certificates representing said shares in the name of the undersigned or in such other name as is specified below: 

	
	
	  
	(Name)
	
	  
	
	  
	
	  
	(Address)

 [and, if such shares of Common Stock shall not include all of the shares of
Common Stock issuable as provided in this Warrant, that a new Warrant of like tenor and date for the balance of the shares of Common Stock issuable hereunder be delivered to the undersigned.] 

	
	
	   
	 (Name of Registered Owner)

	
	   
	 (Signature of Registered Owner)

	
	   
	 (Street Address)

	
	   
	 (State) (Zip Code)

 NOTICE: The signature on this subscription must correspond with the name as written upon the face
of the Warrant in every particular, without alteration or enlargement or any change whatsoever. 
  

 Page 14 of 17 

 EXHIBIT B 
 ASSIGNMENT FORM 
 FOR VALUE RECEIVED the undersigned registered owner of this Warrant for the purchase of
shares of common stock of Quantum Fuel Systems Technologies Worldwide, Inc. hereby sells, assigns and transfers unto the Assignee named below all of the rights of the undersigned under this Warrant, with respect to the number of shares of common
stock set forth below: 
  

	
	
	   
	
	   
	
	   
	
	   
	 (Name and Address of Assignee)

	
	   
	 (Number of Shares of Common Stock)

 and does hereby irrevocably constitute and appoint
                     attorney-in-fact to register such transfer on the books of the Company, maintained for the purpose, with full power of
substitution in the premises. 
  

	
	 Dated:
                                        
                                

	
	   
	 (Print Name and Title)

	
	   
	 (Signature)

	
	   
	 (Witness)

 NOTICE: The signature on this assignment must correspond with the name as written upon the face of
the Warrant in every particular, without alteration or enlargement or any change whatsoever. 
  

 Page 15 of 17 

 EXHIBIT C 
 FORM OF INVESTMENT REPRESENTATION LETTER 
 In connection with the acquisition of [warrants (the
“Warrants”) to purchase                  shares of common stock of Quantum Fuel Systems Technologies Worldwide, Inc. (the “Company”), par
value $0.001 per share (the “Common Stock”)] [                 shares of common stock of Quantum Fuel Systems Technologies Worldwide, Inc. (the
“Company”), par value $0.001 per share (the “Common Stock”) upon the exercise of warrants by                 ], by
                 (the “Holder”) from                 , the Holder
hereby represents and warrants to the Company as follows: 
 The Holder (i) is an “Accredited Investor” as that term is
defined in Rule 501 of Regulation D promulgated under the Securities Act of 1933, as amended (the “Act”); and (ii) has the ability to bear the economic risks of such Holder’s prospective investment, including a complete loss of
Holder’s investment in the Warrants and the shares of Common Stock issuable upon the exercise thereof (collectively, the “Securities”). 
 The Holder, by acceptance of the Warrants, represents and warrants to the Company that the Warrants and all securities acquired upon any and all exercises of the Warrants are purchased for the Holder’s own
account, and not with view to distribution of either the Warrants or any securities purchasable upon exercise thereof in violation of applicable securities laws. 
 [The Holder acknowledges that (i) the Securities have not been registered under the Act, (ii) the Securities are “restricted securities” and the certificate(s) representing the Securities shall
bear the following legend, or a similar legend to the same effect, until (i) in the case of the shares of Common Stock underlying the Warrants, such shares shall have been registered for resale by the Holder under the Act and effectively been
disposed of in accordance with a registration statement that has been declared effective; or (ii) in the opinion of counsel for the Company such Securities may be sold without registration under the Act: 
 “[NEITHER] THE SECURITIES REPRESENTED BY THIS CERTIFICATE [NOR THE SECURITIES INTO WHICH THEY ARE EXERCISABLE] HAVE [NOT] BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), AND ALL SUCH SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AS SET FORTH IN THIS CERTIFICATE. [NEITHER] THE SECURITIES REPRESENTED HEREBY [NOR THE SECURITIES INTO WHICH THEY ARE
EXERCISABLE] MAY [NOT] BE SOLD, TRANSFERRED, OR OTHERWISE DISPOSED OF IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR AN OF THE COMPANY’S COUNSEL TO THE EFFECT THAT THE PROPOSED SALE, TRANSFER, OR DISPOSITION MAY BE
EFFECTUATED WITHOUT REGISTRATION UNDER THE ACT.”]1 

	 1
	 Bracketed language to be inserted if applicable. 

  

 Page 16 of 17 

 IN WITNESS WHEREOF, the Holder has caused this Investment Representation Letter to be executed this
             day of                     , 200  .

  

			
	 [Name]

		
	 By:
	 	  
	 Name:
	 	
	 Title:
	 	

  

 Page 17 of 17Registration Rights Agreement

 Exhibit 10.5 
 REGISTRATION RIGHTS AGREEMENT 
 This Registration Rights
Agreement (the “Agreement”) is made as of the date set forth below between Quantum Fuel Systems Technologies Worldwide, Inc., a Delaware corporation (the “Company”), and the purchasers of its Common Stock (as defined
below) pursuant to a Securities Purchase Agreement dated as of the date hereof (each in “Investor” and, collectively, the “Investors”). Capitalized terms used and not defined herein shall have the respective meanings ascribed to
them in the Securities Purchase Agreement. 
 RECITALS 
 WHEREAS, the Company has sold to up to [            ] shares (the “Shares”) of its common stock, $0.001 par
value per share, (the “Common Stock”), to certain investors in a private placement (the “Offering”); and 
 WHEREAS, the execution and delivery of this Agreement by the Company is a condition to the completion of the Offering. 
 NOW, THEREFORE, the parties hereto agree as follows: 
 1. Registration Procedures and
Expenses. The Company shall: 
 (a) subject to receipt of necessary information from the Investors, prepare and
file with the Securities and Exchange Commission (“SEC”), within thirty (30) Calendar Days after the Closing Date (the “Required Filing Date”), a Registration Statement on Form S-3 to enable the resale of the
Shares by the Investors from time to time; 
 (b) use its best efforts, subject to receipt of necessary information
from the Investors, to cause the Registration Statement to become effective as soon as practicable, but in no event later than ninety (90) days unless such Registration statement is reviewed by the SEC, in which case the number of days shall be
increased to one hundred twenty (120) days after the Closing Date (the “Required Effective Date”). If the Registration Statement (i) has not been filed by the Required Filing Date or (ii) has not been declared
effective by the SEC on or before the Required Effective Date, then the Company shall, immediately following the Required Filing Date (if not then so filed) and the Required Effective Date (if not then so effective), and on each 30th day anniversary thereafter, make a payment to the Investor as compensation for such delay (the “Late Registration
Payments”) an amount equal to one half of one percent (0.5%) of the Purchase Price paid for the Shares purchased by the Investor, until the Registration Statement is filed or declared effective by the SEC. Notwithstanding the foregoing, in no
event shall the total of all Late Registration Payments exceed in the aggregate ten percent (10%) of such Purchase Price. Late Registration Payments, if any, will be prorated on a daily basis and will be paid to Investor by wire transfer or
check within five (5) Business Days after the date that each payment is due; 
 (c) use its commercially
reasonable best efforts to prepare and file with the SEC such amendments and supplements to the Registration Statement and the Prospectus as may be necessary to keep the Registration Statement current and effective for a period ending on the earlier
of (i) the date on which the Investor may sell Shares pursuant to paragraph (k) of Rule 144 under the Securities Act or any successor rule (“Rule 144”) or (ii) such time as all Shares purchased by such Investor in
this Offering have been sold pursuant to a registration statement or Rule 144, and to notify each Investor promptly upon the Registration Statement and each post-effective amendment thereto, being declared effective by the SEC; 
  

			
	 Registration Rights Agreement
	 	Page 1 of 10

 (d) furnish to the Investor such number of copies (in paper or electronic
version) of the Registration Statement and the Prospectus (including supplemental prospectuses), as the Investor may reasonably request, in order to facilitate the public sale or other disposition of all or any of the Shares by the Investor;

 (e) file documents required of the Company for normal blue sky clearance in states specified in writing by the
Investor; provided, however, that the Company shall not be required to qualify to do business or consent to service of process in any jurisdiction in which it is not now so qualified or has not so consented; 
 (f) bear all expenses (other than underwriting discounts and commissions, if any) in connection with the procedures in paragraph
(a) through (e) of this Section 1 and the registration of the Shares pursuant to the Registration Statement; 
 (g) advise the Investors, promptly after it shall receive notice or obtain knowledge of the issuance of any stop order by the SEC delaying or suspending the effectiveness of the Registration Statement or of the initiation of any
proceeding for that purpose; and it will promptly use its commercially reasonable efforts to prevent the issuance of any stop order or to obtain its withdrawal at the earliest possible moment if such stop order should be issued; and 
 (h) with a view to making available to the Investor the benefits of Rule 144 or other rule that may permit the Investor to sell
Shares without registration, the Company agrees to use its commercially reasonable efforts to: (i) make and keep public information available, as those terms are understood and defined in Rule 144, until the earlier of (A) such date as all
of the Investor’s Shares may be resold pursuant to Rule 144(k) or (B) such date as all of the Investor’s Shares shall have been sold; (ii) file with the SEC in a timely manner all reports and other documents required of the
Company under the Securities Act and under the Exchange Act; and (iii) furnish to the Investor upon request a written statement that the Company has complied with the reporting requirements of the Securities Act and the Exchange Act, a copy (in
paper or electronic version) of the Company’s most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q, and (C) such other information as may be reasonably requested that permits the selling of any such Shares without
registration. 
 It shall be a condition precedent to the obligations of the Company to take any action pursuant to this
Section 1 that the Investor shall furnish to the Company such information and representations regarding Investor, the Shares to be sold by Investor, and the intended method of disposition of such securities as shall be required to effect the
registration of the Shares and/or sale under Rule 144. 
 The Company understands that the Investor disclaims being an
underwriter, but acknowledges that a determination by the SEC that the Investor is deemed an underwriter shall not relieve the Company of any obligations it has hereunder. 
 2. Transfer of Shares After Registration; Suspension. 
 (a)
The Investor agrees that it will not effect any disposition or other transfer of the Shares or its right to purchase the Shares that would constitute a sale within the meaning of the Securities Act other than transactions exempt from the
registration requirements of the Securities Act, as contemplated in the Registration Statement and as described below, and that it will promptly notify the Company of any material changes in the information set forth in the Registration Statement
regarding the Investor or its plan of distribution. 
  

			
	 Registration Rights Agreement
	 	Page 2 of 10

 (b) Except in the event that paragraph (c) below applies, the Company shall:
(i) if deemed necessary by the Company, prepare and file from time to time with the SEC a post-effective amendment to the Registration Statement or a supplement to the related Prospectus or a supplement or amendment to any document incorporated
therein by reference or file any other required document so that such Registration Statement will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements
therein not misleading, and so that, as thereafter delivered to purchasers of the Shares being sold thereunder, such Prospectus will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; (ii) provide the Investor with either copies of any documents filed pursuant to Section 2(b)(i) or access to such documents
electronically; and (iii) upon request, inform each Investor who so requests that the Company has complied with its obligations in Section 2(b)(i) (or that, if the Company has filed a post-effective amendment to the Registration Statement
which has not yet been declared effective, the Company will notify the Investor to that effect, will use its best efforts to secure the effectiveness of such post-effective amendment as promptly as possible and will promptly notify the Investor
pursuant to Section 2(b)(i) hereof when the amendment has become effective). 
 (c) Subject to paragraph
(d) below, in the event: (i) of any request by the SEC or any other federal or state governmental authority during the period of effectiveness of the Registration Statement for amendments or supplements to the Registration Statement or
related Prospectus or for additional information; (ii) of the issuance by the SEC or any other federal or state governmental authority of any stop order suspending the effectiveness of the Registration Statement or the initiation of any
proceedings for that purpose; (iii) of the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Shares for sale in any jurisdiction or the initiation of any
proceeding for such purpose; or (iv) of any event or circumstance which necessitates the making of any material changes in the Registration Statement or Prospectus, or any document incorporated or deemed to be incorporated therein by reference,
so that, in the case of the Registration Statement, it will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading, and that in
the case of the Prospectus, it will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they
were made, not misleading; then the Company shall promptly deliver a certificate in writing or electronically to the Investor (the “Suspension Notice”) to the effect of the foregoing and, upon receipt of such Suspension Notice, the
Investor will refrain from selling any Shares pursuant to the Registration Statement (a “Suspension”) until the Investors are advised in writing by the Company that the current Prospectus may be used, and has received copies of any
additional or supplemental filings that are incorporated or deemed incorporated by reference in any such Prospectus. Notwithstanding the foregoing, the right of the Company to implement a Suspension shall be limited to two such Suspensions in any
twelve-month period, each of which may not exceed 30 days. In the event of any Suspension, the Company will use its reasonable best efforts to cause the use of the Prospectus so suspended to be resumed as soon as reasonably practicable after
delivery of a Suspension Notice to the Investors. In addition to and without limiting any other remedies (including, without limitation, at law or at equity) available to the Investor, the Investor shall be entitled to specific performance in the
event that the Company fails to comply with the provisions of this Section 2(c). The Investor covenants that from the date hereof it will maintain in confidence the receipt and content of any Suspension Notice provided in accordance with this
paragraph (c) in accordance with and subject to Section 4.6 of Annex I to the Securities Purchase Agreement. 
  

			
	 Registration Rights Agreement
	 	Page 3 of 10

 (d) If a Suspension is not then in effect, the Investor may sell Shares under the
Registration Statement, provided that it complies with any applicable prospectus delivery requirements. Upon receipt of a request therefor, the Company will provide an adequate number of current Prospectuses to the Investor and to any other parties
requiring such Prospectuses. 
 (e) In the event of a sale of Shares by the Investor, unless such requirement is
waived by the Company in writing, the Investor must also deliver to the Company’s transfer agent, with a copy to the Company, a Certificate of Subsequent Sale substantially in the form attached hereto as Exhibit A, so that the Shares may be
properly transferred. 
 (f) The Company agrees that it shall, immediately prior to the Registration Statement being
declared effective, deliver to its transfer agent an opinion letter of counsel, opining that at any time the Registration Statement is effective, the transfer agent shall issue, in connection with the sale of the Shares, certificates representing
such Shares without restrictive legend, provided the Shares are to be sold pursuant to the Prospectus contained in the Registration Statement and the transfer agent receives a Certificate of Subsequent Sale in the form attached hereto as Exhibit
“A.” Upon receipt of such opinion, the Company shall cause the transfer agent to confirm, for the benefit of the Investor, that no further opinion of counsel is required at the time of transfer in order to issue such Shares without
restrictive legend. 
 The Company shall cause its transfer agent to issue a certificate without any restrictive legend to a purchaser of any
Shares from the Investor at Investor’s expense and upon request of Investor, if (a) the sale of such Shares is registered under the Registration Statement (including registration pursuant to Rule 415 under the Securities Act) and the
Investor has delivered a Certificate of Subsequent Sale to the Transfer Agent; (b) the holder has provided the Company with an opinion of counsel, in form, substance and scope customary for opinions of counsel in comparable transactions, to the
effect that a public sale or transfer of such Shares may be made without registration under the Securities Act; or (c) such Shares are sold in compliance with Rule 144 under the Securities Act. In addition, the Company shall, at the Investors
expense and upon request of the Investor, remove the restrictive legend from any Shares held by the Investor following the expiration of the holding period required by Rule 144(k) under the Securities Act (or any successor rule). 
 3. Indemnification. For the purpose of this Section 3: 
 (a) the term “Selling Shareholder” shall mean the Investor and each person, if any, who controls the Investor
within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act; 
 (b) the term
“Registration Statement” shall mean the final Prospectus, supplement or amendment thereto (or deemed to be a part thereof) referred to in Section 1; and 
 (c) the term “untrue statement” shall mean any material untrue statement, or any material omission of a statement of a material fact required to be made therein or
necessary to make the statements therein, in the light of the circumstances under which they were made, not materially misleading. 
 (d) (i) The Company agrees to indemnify and hold harmless each Selling Shareholder from and against any losses, or damages to which such Selling Shareholder may incur (under the Securities Act or otherwise) insofar as such
losses or damages arise out of (i) any untrue statement of a material fact contained in the Registration Statement, or (ii) any inaccuracy in the 
  

			
	 Registration Rights Agreement
	 	Page 4 of 10

 representations of the Company contained in this Agreement. The Company will reimburse such Selling
Shareholder for any reasonable legal expense incurred or any out of pocket expenses reasonably incurred in defending any such claim or action; provided, however, that the Company shall not be liable in any such case to the extent that such loss or
damage arises out of, or is based upon, an untrue statement made in such Registration Statement in reliance upon and in conformity with written information furnished to the Company by or on behalf of such Selling Shareholder for use in preparation
of the Registration Statement, or any inaccuracy in representations made by such Selling Shareholder in the Investor Questionnaire or the failure of such Selling Shareholder to comply with its covenants and agreements contained in Sections in this
Agreement or contained in the Securities Purchase Agreement or any statement or omission in any Prospectus that is corrected in any subsequent Prospectus that was delivered to the Selling Shareholder prior to the pertinent sale or sales by the
Selling Shareholder. The obligation to indemnify shall be limited to the net amount of the proceeds received by the Company from the Investor as a result of the Offering. 
 (ii) The Investor agrees to indemnify and hold harmless the Company (and each person, if any, who controls the Company within the meaning of Section 15 of the Securities Act, each
officer of the Company who signs the Registration Statement and each director of the Company) from and against any losses or damage to which the Company (or any such officer, director or controlling person) may become subject (under the Securities
Act or otherwise), insofar as such loss or damage (or actions or proceedings in respect thereof) arise out of, or are based upon, (i) any failure to comply with the covenants and agreements contained in this Agreement or of the Securities
Purchase Agreement or (ii) any untrue statement of a material fact contained in the Registration Statement if, and only if, such untrue statement was made in reliance upon and in conformity with written information furnished by or on behalf of
the Investor specifically for use in preparation of the Registration Statement. The Investor will reimburse the Company (or such officer, director or controlling person), as the case may be, for any reasonable legal expense or other actual
accountable out-of-pocket expenses reasonably incurred in defending any such claim, action or proceeding. The obligation to indemnify shall be limited to the net amount of the proceeds received by the Investor from the sale of the Shares pursuant to
the Registration Statement. 
 (iii) Promptly after receipt by any indemnified person of a notice of a claim or the
beginning of any action in respect of which indemnity is to be sought against an indemnifying person pursuant to this Section 3, such indemnified person shall notify the indemnifying person in writing of such claim or of the commencement of
such action, but the omission to so notify the indemnifying party will not relieve it from any liability which it may have to any indemnified party under this Section 3 (except to the extent that such omission materially and adversely affects
the indemnifying party’s ability to defend such action) or from any liability otherwise than under this Section 3. Subject to the provisions hereinafter stated, in case any such action shall be brought against an indemnified person, the
indemnifying person shall be entitled to participate therein, and, to the extent that it shall elect by written notice delivered to the indemnified party promptly after receiving the aforesaid notice from such indemnified party, shall be entitled to
assume the defense thereof, with counsel reasonably satisfactory to such indemnified person. After notice from the indemnifying person to such indemnified person of its election to assume the defense thereof (unless it has failed to assume the
defense thereof and appoint counsel reasonably satisfactory to the indemnified party), such indemnifying person shall not be liable to such indemnified person for any legal expenses subsequently incurred by such indemnified person in connection with
the defense thereof; provided, however, that if there exists or shall exist a conflict of interest that would make it inappropriate, in the reasonable opinion of counsel to the indemnified person, for the same counsel to represent both the
indemnified person and such indemnifying person or any affiliate or associate thereof, the indemnified person shall be entitled to retain its own counsel at the expense of such indemnifying person; provided, however, that no indemnifying person
shall be responsible for the fees and expenses of more than one separate counsel (together with appropriate local 
  

			
	 Registration Rights Agreement
	 	Page 5 of 10

 counsel) for all indemnified parties. In no event shall any indemnifying person be liable in respect of
any amounts paid in settlement of any action unless the indemnifying person shall have approved the terms of such settlement; provided that such consent shall not be unreasonably withheld. No indemnifying person shall, without the prior written
consent of the indemnified person, effect any settlement of any pending or threatened proceeding in respect of which any indemnified person is or could reasonably have been a party and indemnification could have been sought hereunder by such
indemnified person, unless such settlement includes an unconditional release of such indemnified person from all liability on claims that are the subject matter of such proceeding. 
 (iv) If the indemnification provided for in this Section 3 is unavailable to or insufficient to hold harmless an indemnified
party under paragraphs 3(d)(i) or 3(d)(ii) above in respect of any loss or damage (or actions or proceedings in respect thereof) referred to therein, then each indemnifying party shall contribute to the amount paid or payable by such indemnified
party as a result of such loss or damage (or actions in respect thereof) in such proportion as is appropriate to reflect the relative fault of the Company on the one hand and the Investor on the other in connection with the statements or omissions
or other matters which resulted in such loss or damage (or actions in respect thereof), as well as any other relevant equitable considerations. The relative fault shall be determined by reference to, among other things, in the case of an untrue
statement, whether the untrue statement relates to information supplied by the Company on the one hand or the Investor on the other and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such
untrue statement. The Company and the Investor agree that it would not be just and equitable if contribution pursuant to this subsection (d) were determined by pro rata allocation (even if the Investors were treated as one entity for such
purpose) or by any other method of allocation which does not take into account the equitable considerations referred to above in this subsection (d). The amount paid or payable by an indemnified party as a result of the loss or damage (or actions in
respect thereof) referred to above in this subsection (d) shall be deemed to include any reasonable legal fees incurred by such indemnified party in connection with defending any such action or claim. Notwithstanding the provisions of this
subsection (d), the Investor shall not be required to contribute any amount in excess of the amount by which the gross amount received by the Investor from the sale of the Shares to which such loss relates exceeds the amount of any damages which the
Investor has otherwise been required to pay by reason of such untrue statement. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who
was not guilty of such fraudulent misrepresentation. The Investors’ obligations in this subsection to contribute are several in proportion to their sales of Shares to which such loss relates and not joint. 
 (e) The parties to this Agreement hereby acknowledge that they are sophisticated business persons who were represented by counsel
during the negotiations regarding the provisions hereof including, without limitation, the provisions of this Section 3, and are fully informed regarding said provisions. They further acknowledge that the provisions of this Section 3
fairly allocate the risks in light of the ability of the parties to investigate the Company and its business in order to assure that adequate disclosure is made in the Registration Statement as required by the Securities Act and the Exchange Act.

 4. Termination of Conditions and Obligations. The conditions precedent imposed by Section 4 of the Securities
Purchase Agreement or this Agreement upon the transferability of the Shares shall cease and terminate as to any particular number of the Shares when such Shares shall have been effectively registered under the Securities Act and sold or otherwise
disposed of in accordance with the intended method of disposition set forth in the Registration Statement covering such Shares or at such time as an opinion of counsel satisfactory to the Company shall have been rendered to the effect that such
conditions are not necessary in order to comply with the Securities Act. 
  

			
	 Registration Rights Agreement
	 	Page 6 of 10

 5. Information Available. So long as the Registration Statement is effective
covering the resale of Shares owned by the Investor, the Company will furnish (or, to the extent such information is available electronically through the Company’s filings with the SEC, the Company will make available) to the Investor:

 (a) as soon as practicable after it is available, one copy of (i) its Annual Report to Shareholders (which Annual
Report shall contain financial statements audited in accordance with generally accepted accounting principles by a national firm of certified public accountants) and (ii) if not included in substance in the Annual Report to Shareholders, its Annual
Report on Form 10-K (the foregoing, in each case, excluding exhibits); and, 
 (b) upon the reasonable request of the
Investor, an adequate number of copies of the Prospectuses to supply to any other party requiring such Prospectuses either in printed or electronic form. 
 6. Limits on Additional Issuances. Except for the issuance of stock options under the Company’s stock option plan, the issuance of warrants to purchase the Company’s common stock, or the issuance of
common stock under the Company’s employee stock purchase plan or upon exercise of outstanding options and warrants and the offering contemplated hereby, the Company will not, for a period of three (3) months following the Closing Date, offer
for sale or sell any securities unless, in the opinion of the Company’s counsel, such offer or sale does not jeopardize the availability of exemptions from the registration and qualification requirements under applicable securities laws with
respect to the Offering. The foregoing shall not apply to securities issued in connection with any acquisition, including by way of merger, or purchase of stock or all or substantially all of the assets of any third party. The foregoing provisions
shall not prevent the Company from filing a “shelf” registration statement pursuant to Rule 415 under the Securities Act, but the foregoing provisions shall apply to any sale of securities thereunder. 
 7. Notices. All notices, requests, consents and other communications hereunder shall be in writing, shall be delivered (A) if
within the United States, by first-class registered or certified airmail, or nationally recognized overnight express courier, postage prepaid, or by facsimile, or (B) if from outside the United States, by International Federal Express (or comparable
service) or facsimile, and shall be deemed given (i) if delivered by first-class registered or certified mail domestic, upon the Business Day received, (ii) if delivered by nationally recognized overnight carrier, one (1) Business Day after timely
delivery to such carrier, (iii) if delivered by International Federal Express (or comparable service), two (2) Business Days after timely delivery to such carrier, (iv) if delivered by facsimile, upon electric confirmation of receipt and shall be
addressed as follows, or to such other address or addresses as may have been furnished in writing by a party to another party pursuant to this paragraph: 
  

	 	 (a)
	 if to the Company, to: 

 Quantum Fuel Systems Technologies Worldwide, Inc. 
 178 72 Cartwright Road

 Irvine, CA 92614 
 Attention: Brian Olson 
 Telephone:
(949) 399-4500 
 Fax: (949) 474-3086 
  

			
	 Registration Rights Agreement
	 	Page 7 of 10

 with a copy to: 
 Kerr, Russell and Weber, PLC 
 Attention: Patrick Haddad 
 500 Woodward Ave., Suite
2500 
 Detroit, MI 48226-3427 
 Telephone: (313) 961-0200 
 Fax: (313) 961-0388 
  

	 	 (b)
	 if to the Investor, at its address on the signature page to the Stock Purchase Agreement. 

 8. Amendments; Waiver. This Agreement may not be modified or amended except pursuant to an instrument in writing signed by the
Company and the Investor. Any waiver of a provision of this Agreement must be in writing and executed by the party against whom enforcement of such waiver is sought. 
 9. Headings. The headings of the various sections of this Agreement have been inserted for convenience of reference only and shall not be deemed to be part of this Agreement. 

10. Entire Agreement; Severability. This Agreement sets forth the entire agreement and understanding of the parties relating to
the subject matter hereof and supersedes all prior and contemporaneous agreements, negotiations and understandings between the parties, both oral and written relating to the subject matter hereof. If any provision contained in this Agreement is
determined to be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby. 
 11. Governing Law. This Agreement shall be governed by, and construed in accordance with, the internal laws of the State of New
York, without giving effect to the principles of conflicts of law. 
 12. Counterparts. This Agreement may be executed
in two or more counterparts, each of which shall constitute an original, but all of which, when taken together, shall constitute but one instrument, and shall become effective when one or more counterparts have been signed by each party hereto and
delivered to the other parties. 
 [Remainder of Page Intentionally Left Blank] 
  

			
	 Registration Rights Agreement
	 	Page 8 of 10

 Please confirm that the foregoing correctly sets forth the agreement between us by signing in the space
provided below for that purpose. 
  

			
	 Dated as of: June 29, 2006

	
	 WINSLOW GREEN GROWTH FUND

	                         [Investor
Name]

		
	 By:
	 	 /s/ Matthew W. Patsky

	 Name:
	 	 Matthew W. Patsky

	 Title:
	 	 Partner and Portfolio Manager

  

			
	 Address:
	 	 99 High Street, 12th
Floor

		 	 Boston, MA 02110

 AGREED AND ACCEPTED: 
 Quantum Fuel Systems Technologies Worldwide, Inc. 
  

			
	 By:
	 	 /s/ W. Brian Olson

	 Name:
	 	 W. Brian Olson

	 Title:
	 	 CFO

  

			
	 Registration Rights Agreement
	 	Page 9 of 10

 EXHIBIT A 
 QUANTUM FUEL SYSTEMS TECHNOLOGIES WORLDWIDE, INC. 
 CERTIFICATE OF SUBSEQUENT SALE 
 [Transfer Agent] 
 _______________________ 
 _______________________ 
  

	 	 RE:
	 Sale of Shares of Common Stock of Quantum Fuel Systems Technologies Worldwide, Inc. (the “Company”) pursuant to the Company’s Prospectus dated
                    , 2006 (the “Prospectus”) 

 Dear Sir/Madam: 
 The undersigned hereby certifies, in connection with the sale of shares of Common Stock of the Company included in the table of Selling Shareholders in the Prospectus, that the undersigned has sold the Shares pursuant
to the Prospectus and in a manner described under the caption “Plan of Distribution” in the Prospectus and that such sale complies with all applicable securities laws, including, without limitation, the Prospectus delivery requirements of
the Securities Act of 1933, as amended. 
 Selling Shareholder (the beneficial owner):
___________________________________________________________________ 
 Record Holder (e.g., if held in name of nominee):
______________________________________________________________ 
 Restricted Stock Certificate No.(s):
__________________________________________________________________________ 
 Number of Shares Sold:
___________________________________________________________________________________ 
 Date of Sale:
____________________________________________________________________________________________ 
 In the event that you receive
a stock certificate(s) representing more shares of Common Stock than have been sold by the undersigned, then you should return to the undersigned a newly issued certificate for such excess shares in the name of the Record Holder and BEARING A
RESTRICTIVE LEGEND. Further, you should place a stop transfer on your records with regard to such certificate. 
  

					
	 Dated: _________________
	 	 Very truly yours,

			
		 	 By:
	 	  

			
		 	 Print Name:
	 	  

			
		 	 Title:
	 	  

  

 A-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00107-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00107-of-00352.parquet"}]]