Document:

Second Amendment to Credit Agreement

 EXHIBIT 10.3 
 SECOND AMENDMENT TO CREDIT AGREEMENT 
 This SECOND AMENDMENT TO CREDIT AGREEMENT (this
“Amendment”), made and entered into as of November 6, 2007, is by and between Quantum Fuel Systems Technologies Worldwide, Inc., a Delaware corporation (the “Borrower”), the Lenders party to the Credit
Agreement (as defined below), and WB QT, LLC, a Delaware limited liability company, a Lender and as agent for the Lenders (in such capacity, the “Agent”). 
 RECITALS 
 1. The Lenders, the Agent and the Borrower entered into a Credit Agreement dated as of
January 31, 2007, as amended by a First Amendment to Credit Agreement dated as of September 13, 2007 (as so amended, the “Credit Agreement”); and 
 2. The Borrower desires to amend certain provisions of the Credit Agreement, and the Lenders have agreed to make such amendments, subject to the terms
and conditions set forth in this Amendment. 
 AGREEMENT 
 NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto hereby covenant and agree to be bound as follows: 
 Section 1. Capitalized Terms. Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to
them in the Credit Agreement, unless the context shall otherwise require. 
 Section 2. Amendments. The Credit Agreement
is hereby amended as follows: 
 2.1 Limitation on Debt. Section 6.1 of the Credit Agreement is
amended by deleting the period at the end of clause (m) and by substituting in lieu thereof the clause “; and” and by inserting the following new clause (n) at the end thereof to read in its entirety as follows: 
 (n) all indebtedness, liabilities and obligations of TecStar Automotive Group to WB QT, LLC of every kind, nature or description,
including without limitation any amounts owing by Tecstar Automotive Group, Inc. to WB QT, LLC pursuant to that certain promissory note dated as of November 6, 2007 in the original principal amount of $5,000,000. 
 2.2 Limitation on Guarantee Obligations. Section 6.3 of the Credit Agreement is amended by deleting the period
at the end of clause (c) and by substituting 

 
in lieu thereof the clause “, and” and by inserting the following new clause (d) at the end thereof to read in its entirety as follows:

 (e) Guarantee Obligations arising under that certain Guaranty dated as of November 6, 2007 executed by the Borrower in
favor of WB QT, LLC. 
 Section 3. Effectiveness of Amendments. The amendments contained in this Amendment shall become
effective upon delivery by the Borrower of, and compliance by the Borrower with, the following: 
 3.1 This Amendment,
duly executed by the Borrower. 
 3.2 A copy of the resolutions of the Board of Directors of the Borrower authorizing
the execution, delivery and performance of this Amendment (with a copy of the final resolutions provided promptly upon the Board of Director’s approval of the minutes) certified as true and accurate by its Secretary or Assistant Secretary,
along with a certification by such Secretary or Assistant Secretary (i) certifying that there has been no amendment to the Certificate of Incorporation or Bylaws of the Borrower since true and accurate copies of the same were delivered to the
Agent with a certificate of the Secretary of the Borrower dated January 31, 2007, except for the amendment to the Certificate of Incorporation previously provided to the Agent and (ii) identifying each officer of the Borrower authorized to
execute this Amendment and any other instrument or agreement executed by the Borrower in connection with this Amendment (collectively, the “Amendment Documents”), and certifying as to specimens of such officer’s signature and
such officer’s incumbency in such offices as such officer holds. 
 3.3 A Reaffirmation of Security Documents in
the form of Exhibit A attached to this Amendment, duly executed by the Guarantors. 
 3.4 Certified copies of
all documents evidencing any necessary corporate action, consent or governmental or regulatory approval (if any) with respect to this Amendment. 
 3.5 The Borrower shall have satisfied such other conditions as specified by the Agent, including payment of all unpaid legal fees and expenses incurred by the Agent through the date of this Amendment in
connection with the Credit Agreement and the Amendment Documents. 
 Section 4. Representations, Warranties, Authority, No
Adverse Claim. 
 4.1 Reassertion of Representations and Warranties, No Default. The
Borrower hereby represents that on and as of the date hereof and after giving effect to this Amendment (a) all of the representations and warranties contained in the Credit Agreement are true, correct and complete in all respects as of the date
hereof as though made on and as of such date, except for those representatives and warranties that were expressly made only as of a specific date and changes permitted by the terms of the 

  

 - 2 - 

 
Credit Agreement, and (b) there will exist no Default or Event of Default under the Credit Agreement as amended by this Amendment on such date which has
not been waived by the Lenders. 
 4.2 Authority, No Conflict, No Consent Required. The Borrower
represents and warrants that the Borrower has the power and legal right and authority to enter into the Amendment Documents and has duly authorized as appropriate the execution and delivery of the Amendment Documents and other agreements and
documents executed and delivered by the Borrower in connection herewith or therewith by proper corporate action, and none of the Amendment Documents nor the agreements contained herein or therein contravenes or constitutes a default under any
agreement, instrument or indenture to which the Borrower is a party or a signatory or a provision of the Borrower’s Certificate of Incorporation, Bylaws or any other agreement or requirement of law, or result in the imposition of any Lien on
any of its property under any agreement binding on or applicable to the Borrower or any of its property except, if any, in favor of the Lenders. The Borrower represents and warrants that no consent, approval or authorization of or registration or
declaration with any Person, including but not limited to any governmental authority, is required in connection with the execution and delivery by the Borrower of the Amendment Documents or other agreements and documents executed and delivered by
the Borrower in connection therewith or the performance of obligations of the Borrower therein described, except for those which the Borrower has obtained or provided and as to which the Borrower has delivered certified copies of documents
evidencing each such action to the Lenders. 
 4.3 No Adverse Claim. The Borrower warrants,
acknowledges and agrees that no events have taken place and no circumstances exist at the date hereof which would give the Borrower a basis to assert a defense, offset or counterclaim to any claim of the Lenders with respect to the Obligations.

 Section 5. Affirmation of Credit Agreement, Further References, Affirmation of Security Interest. Each Lender and the
Borrower each acknowledge and affirm that the Credit Agreement, as hereby amended, is hereby ratified and confirmed in all respects and all terms, conditions and provisions of the Credit Agreement, except as amended by this Amendment, shall remain
unmodified and in full force and effect. All references in any document or instrument to the Credit Agreement are hereby amended and shall refer to the Credit Agreement as amended by this Amendment. The Borrower confirms to the Lenders that the
Obligations are and continue to be secured by the security interest granted by the Borrower in favor of the Lenders under the Security Agreement, the Pledge Agreement and the Mortgage, and all of the terms, conditions, provisions, agreements,
requirements, promises, obligations, duties, covenants and representations of the Borrower under such documents and any and all other documents and agreements entered into with respect to the obligations under the Credit Agreement are incorporated
herein by reference and are hereby ratified and affirmed in all respects by the Borrower. 
  

 - 3 - 

 Section 6. Merger and Integration, Superseding Effect. This Amendment, from and
after the date hereof, embodies the entire agreement and understanding between the parties hereto and supersedes and has merged into this Amendment all prior oral and written agreements on the same subjects by and between the parties hereto with the
effect that this Amendment, shall control with respect to the specific subjects hereof and thereof. 
 Section 7.
Severability. Whenever possible, each provision of this Amendment and the other Amendment Documents and any other statement, instrument or transaction contemplated hereby or thereby or relating hereto or thereto shall be interpreted in
such manner as to be effective, valid and enforceable under the applicable law of any jurisdiction, but, if any provision of this Amendment, the other Amendment Documents or any other statement, instrument or transaction contemplated hereby or
thereby or relating hereto or thereto shall be held to be prohibited, invalid or unenforceable under the applicable law, such provision shall be ineffective in such jurisdiction only to the extent of such prohibition, invalidity or unenforceability,
without invalidating or rendering unenforceable the remainder of such provision or the remaining provisions of this Amendment, the other Amendment Documents or any other statement, instrument or transaction contemplated hereby or thereby or relating
hereto or thereto in such jurisdiction, or affecting the effectiveness, validity or enforceability of such provision in any other jurisdiction. 
 Section 8. Successors. The Amendment Documents shall be binding upon the Borrower and the Lenders and their respective successors and assigns, and shall inure to the benefit of the Borrower and the Lenders and
the successors and assigns of the Lenders. 
 Section 9. Legal Expenses. As provided in Section 11.5 of the Credit
Agreement, the Borrower agrees to reimburse the Agent, upon execution of this Amendment, for all reasonable out-of-pocket expenses (including attorney fees and legal expenses of Dorsey & Whitney LLP, counsel for the Agent) incurred in
connection with the Credit Agreement, including in connection with the negotiation, preparation and execution of the Amendment Documents and all other documents negotiated, prepared and executed in connection with the Amendment Documents, and in
enforcing the obligations of the Borrower under the Amendment Documents, and to pay and save the Lenders harmless from all liability for, any stamp or other taxes which may be payable with respect to the execution or delivery of the Amendment
Documents, which obligations of the Borrower shall survive any termination of the Credit Agreement. 
 Section 10.
Headings. The headings of various sections of this Amendment have been inserted for reference only and shall not be deemed to be a part of this Amendment. 
 Section 11. Counterparts. The Amendment Documents may be executed in several counterparts as deemed necessary or convenient, each of which, when so executed, shall be deemed an original, provided
that all such counterparts shall be regarded as one and the same document, and either party to the Amendment Documents may execute any such agreement by executing a counterpart of such agreement. 
  

 - 4 - 

 Section 12. Governing Law. THE AMENDMENT DOCUMENTS SHALL BE GOVERNED BY THE INTERNAL LAWS OF
THE STATE OF MINNESOTA, WITHOUT GIVING EFFECT TO CONFLICT OF LAW PRINCIPLES THEREOF. 
 [The remainder of this page is intentionally left
blank.] 
  

 - 5 - 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed as of the date
and year first above written. 
 BORROWER: 
  

			
	QUANTUM FUEL SYSTEMS TECHNOLOGIES WORLDWIDE, INC.
		
	By:	 	/s/ W. Brian Olson
	Name:	 	W. Brian Olson
	Title:	 	CFO

 LENDER: 
  

			
	WB QT, LLC
		
	By:	 	/s/ Andrew J. Redleaf
	Name:	 	Andrew J. Redleaf
	Title:	 	Director - CEO

 [Signature Page to Second Amendment to Credit Agreement] 

 EXHIBIT A TO 
 SECOND AMENDMENT 
 TO CREDIT AGREEMENT 
 REAFFIRMATION OF SECURITY DOCUMENTS 
 THIS REAFFIRMATION OF SECURITY DOCUMENTS
dated as of November 6, 2007 (the “Reaffirmation”) is made by CLASSIC DESIGN CONCEPTS, LLC, an Indiana limited liability company, PERFORMANCE CONCEPTS, LLC, a Michigan limited liability company (“Performance
Concepts”), POWERTRAIN INTEGRATION, LLC, an Indiana limited liability company, REGENCY CONVERSIONS, LLC, a Michigan limited liability company, STARCRAFT AUTOMOTIVE GROUP, INC., an Indiana corporation, TECSTAR, L.P., an Indiana limited
partnership (“Tecstar”), TECSTAR AUTOMOTIVE GROUP, INC., an Indiana corporation (“Tecstar Automotive Group”), TECSTAR PARTNERS, LLC, an Indiana limited liability company (“Tecstar Partners”), TROY
TOOLING, LLC, a Michigan limited liability company, UNIQUE PERFORMANCE CONCEPTS, LLC, a Michigan limited liability company, WHEEL TO WHEEL, LLC, an Indiana limited liability company (“Wheel to Wheel”) and WHEEL TO WHEEL POWERTRAIN,
LLC, an Indiana limited liability company (each, a “Grantor” and collectively, the “Grantors”) in favor of WB QT, LLC, a Delaware limited liability company, as agent (in such capacity, the “Agent”)
to the lenders (the “Lenders”) from time to time party to the Credit Agreement defined below. 
 RECITALS 

A. Quantum Fuel Systems Technologies Worldwide, Inc. (the “Borrower”), the Agent and the Lenders have entered into a Credit Agreement
dated as January 31, 2007, as amended by a First Amendment to Credit Agreement dated as of September 13, 2007 (as so amended, the “Credit Agreement”) pursuant to which the Lenders have agreed to extend credit to the
Borrower. 
 B. In connection with the Credit Agreement, the Grantors executed a Guaranty dated as of January 31, 2007, in favor of the
Agent (the “Guaranty”). 
 C. In connection with the Credit Agreement, the Grantors executed a Security Agreement dated as
of January 31, 2007, in favor of the Agent (as amended, the “Security Agreement”). 
 D. In connection with the Credit
Agreement, each of Tecstar Automotive Group, Wheel to Wheel, Tecstar Partners, Tecstar and Performance Concepts executed a Pledge Agreement dated as of January 31, 2007, in favor of the Agent (as amended, the “Pledge
Agreement”). 
 E. In connection with the Credit Agreement, Wheel to Wheel executed a Mortgage dated as of January 31, 2007, in
favor of the Agent (the “Mortgage” and collectively with the Guaranty, the Security Agreement and the Pledge Agreement, the “Security Documents”, each, a “Security Document”). 

 F. Pursuant to a Second Amendment to Credit Agreement dated concurrently herewith between the Borrower
and the Lenders (the “Second Amendment”), the Borrower has requested that the Lenders agree to amend the Credit Agreement. 
 G. It is a condition to the Lenders entering into the Second Amendment that the Grantors execute this Reaffirmation. 
 NOW,
THEREFORE, in consideration of the foregoing Recitals and for other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged by the Grantors, it is agreed as follows: 
 TERMS 
 1. Consent: Reaffirmation:
Acknowledgement. Each Grantor hereby consents to the execution and delivery by the Borrower, the Agent and the Lenders of the Second Amendment and acknowledges receipt of a copy of the Second Amendment. Each Grantor agrees, confirms and
acknowledges that its liability under the Security Documents to which it is a party is in no way affected or impaired by reason of the execution and delivery of the Second Amendment and that all of the terms, conditions, provisions, agreements,
requirements, promises, obligations, duties, covenants and representations in such Security Documents, as amended hereby, are hereby ratified and reaffirmed by the Grantor. Further, each Grantor acknowledges and agrees that (i) the Security
Documents to which it is a party remain in full force and effect and are valid, binding and fully enforceable in accordance with their terms, and (ii) each reference in such Security Documents to the Credit Agreement refers to the Credit
Agreement as amended by the Second Amendment. 
 2. Representation and Warranty of the Grantors. Each Grantor represents and warrants
to the Agent and the Lenders that the above Recitals are true and correct. 
 3. Counterparts. This Reaffirmation may be executed in
any number of counterparts, and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one of the same instrument. This
Reaffirmation shall be binding upon each Grantor signatory hereto, irrespective of whether this Reaffirmation is signed by any other Grantor. 
 [the remainder of this page intentionally left blank] 
  

 2 

 IN WITNESS WHEREOF, each Grantor has duly executed this Reaffirmation as of the day and year first above
written. 
  

			
	CLASSIC DESIGN CONCEPTS, LLC
		
	By:	 	 
	Name:	 	 
	Title:	 	 
	
	PERFORMANCE CONCEPTS, LLC
		
	By:	 	 
	Name:	 	 
	Title:	 	 
	
	POWERTRAIN INTEGRATION, LLC
		
	By:	 	 
	Name:	 	 
	Title:	 	 
	
	REGENCY CONVERSIONS, LLC
		
	By:	 	 
	Name:	 	 
	Title:	 	 
	
	STARCRAFT AUTOMOTIVE GROUP, INC.
		
	By:	 	 
	Name:	 	 
	Title:	 	 

 [Signature Page 1 to Reaffirmation of Security Documents] 

			
	TECSTAR, L.P.
		
	By:	 	 
	Name:	 	 
	Title:	 	 
	
	TECSTAR AUTOMOTIVE GROUP, INC.
		
	By:	 	 
	Name:	 	 
	Title:	 	 
	
	TECSTAR PARTNERS, LLC
		
	By:	 	 
	Name:	 	 
	Title:	 	 
	
	TROY TOOLING, LLC
		
	By:	 	 
	Name:	 	 
	Title:	 	 
	
	UNIQUE PERFORMANCE CONCEPTS, LLC
		
	By:	 	 
	Name:	 	 
	Title:	 	 

 [Signature Page 2 to Reaffirmation of Security Documents] 

			
	
	WHEEL TO WHEEL, LLC
		
	By:	 	 
	Name:	 	 
	Title:	 	 
	
	WHEEL TO WHEEL POWERTRAIN, LLC
		
	By:	 	 
	Name:	 	 
	Title:	 	 

 [Signature Page 3 to Reaffirmation of Security Documents]First Amendment to Pledge Agreement

 EXHIBIT 10.4 
 FIRST AMENDMENT TO PLEDGE AGREEMENT 
 This FIRST AMENDMENT TO PLEDGE AGREEMENT (this
“Amendment”), dated as of November 6, 2007, is made and given by each of the undersigned (collectively, the “Pledgors” and individually, each a “Pledgor”), in favor of WB QT, LLC, a Delaware
limited liability company, as agent for the lenders (the “Lenders”) from time to time party to the Credit Agreement defined below (in such capacity, the “Secured Party”). 
 RECITALS 
 A. Each Pledgor executed in
favor of the Secured Party, for the benefit of the Lenders, the Pledge Agreement dated as of January 31, 2007 (the “Pledge Agreement”) pursuant to which each Pledgor pledged and granted to the Secured Party, for the benefit of
the Lenders, a security interest in the shares of stock, ownership interests and assignable partnership interests described in and appearing opposite the applicable Pledgor’s name in Part I of Schedule I to the Pledge Agreement. 
 B. The Pledge Agreement relates to certain indebtedness incurred by Quantum Fuel Systems Technologies Worldwide, Inc., a Delaware corporation (the
“Borrower”) pursuant to that certain Credit Agreement, dated as of January 31, 2007, among the Borrower, the Lenders, and the Secured Party, as amended by a First Amendment to Credit Agreement dated as of September 13,
2007, and as amended by a Second Amendment to Credit Agreement dated concurrently herewith (as so amended, the “Credit Agreement”). 
 C. Tecstar Automotive Group, Inc. (“Tecstar”) will execute a promissory note in favor of Whitebox Advisors, L.P. in the original principal amount of $5,000,000 (the “Note”), and the
Secured Party and the Pledgors desire to amend the Pledge Agreement to secure the obligations of Tecstar under the Note. 
 AGREEMENT 

 NOW, THEREFORE, in consideration of the premises and of the mutual covenants and agreements herein contained, it is agreed as follows:

 1. Defined Terms. Capitalized terms used in this Amendment which are defined in the Pledge Agreement shall have the same meanings
as defined therein, unless otherwise defined herein. 
 2. Amendment of Obligations. The definition of “Obligations”
contained in Section 1(a) of the Pledge Agreement is hereby amended in its entirety to read as follows: 
 “Obligations” shall mean (a) all indebtedness, liabilities and obligations of each Pledgor to the Secured Party or any Lender of every kind, nature or description under the 

 
Credit Agreement, including the Borrower’s obligations on any promissory note or notes under the Credit Agreement and any note or notes hereafter issued
in substitution or replacement thereof, and any other Loan Document (as defined in the Credit Agreement), (b) any and all indebtedness, liabilities and obligations of any Pledgor to the Secured Party or any Lender of every kind, nature and
description under any Guaranty and any other guaranty or guaranties executed and delivered by such Pledgor in favor of the Secured Party, (c) all liabilities of each Pledgor under this Agreement, and (d) solely with respect to Tecstar
Automotive Group, Inc. (“Tecstar”), all indebtedness, liabilities and obligations of Tecstar to WB QT, LLC of every kind, nature or description including without limitation under the promissory note executed by Tecstar in favor of
the Secured Party dated as of November 6, 2007 in the original principal amount of $5,000,000, including Tecstar’s obligations on any promissory note or notes issued in substitution or replacement thereof, in all of the foregoing cases
whether due or to become due, and whether now existing or hereafter arising or incurred. 
 3. Effectiveness. This Amendment shall be
effective as of the date first above written upon the complete execution and delivery (whether by facsimile or otherwise) thereof. 
 4.
Affirmation of Pledge Agreement. The Secured Party and each Pledgor each acknowledge and affirm that the Pledge Agreement, as amended hereby, is hereby ratified and confirmed in all respects and all terms, conditions and provisions of the
Pledge Agreement, except as amended by this Amendment, shall remain unmodified and in full force and effect. All references in any document or instrument to the Pledge Agreement are hereby amended and shall refer to the Pledge Agreement as amended
hereby. 
 5. Successors. This Amendment shall be binding upon each Pledgor, the Secured Party and their respective successors
and assigns, and shall inure to the benefit of each Pledgor, the Secured Party and the successors and assigns of the Secured Party. 
 6.
Counterparts. This Amendment may be executed in several counterparts as deemed necessary or convenient, each of which, when so executed, shall be deemed an original, provided that all such counterparts shall be regarded as one and the same
document, and any party to this Amendment may execute any such agreement by executing a counterpart of such agreement. 
 7. Governing
Law. THIS AMENDMENT SHALL BE GOVERNED BY THE INTERNAL LAWS OF THE STATE OF MINNESOTA, WITHOUT GIVING EFFECT TO CONFLICT OF LAW PRINCIPLES THEREOF. 
 [Remainder of page intentionally left blank.] 
  

 2 

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

			
	WB QT, LLC, as Agent
		
	By:	 	/s/ Andrew J. Redleaf
	Name:	 	Andrew J. Redleaf
	Its:	 	Director - CEO

  

			
	TECSTAR AUTOMOTIVE GROUP, INC.
		
	By:	 	/s/ Kenneth R. Lombardo
	Name:	 	Kenneth R. Lombardo
	Title:	 	Secretary

  

			
	WHEEL TO WHEEL, LLC
		
	By:	 	/s/ Kenneth R. Lombardo
	Name:	 	Kenneth R. Lombardo
	Title:	 	Secretary

  

 S-1 
 [Signature Page to First Amendment to Pledge Agreement] 

			
	TECSTAR PARTNERS, LLC
		
	By:	 	/s/ Kenneth R. Lombardo
	Name:	 	Kenneth R. Lombardo
	Title:	 	Secretary

  

 S-2 
 [Signature Page to First Amendment to Pledge Agreement]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00138-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00138-of-00352.parquet"}]]