Document:

Loan and Security Agreement, dated May 7, 2012

 Exhibit 10.3 
 QUANTUM FUEL SYSTEMS TECHNOLOGIES WORLDWIDE, INC. 
 BRIDGE BANK, NATIONAL
ASSOCIATION 
 LOAN AND SECURITY AGREEMENT 

 This LOAN AND SECURITY
AGREEMENT is entered into as of May 7, 2012, by and between BRIDGE BANK, NATIONAL ASSOCIATION (“Bank”) and QUANTUM
FUEL SYSTEMS TECHNOLOGIES WORLDWIDE, INC. (“Borrower”). 
 RECITALS 
 Borrower wishes to obtain credit from time to
time from Bank, and Bank desires to extend credit to Borrower. This Agreement sets forth the terms on which Bank will advance credit to Borrower, and Borrower will repay the amounts owing to Bank. 

AGREEMENT 
 The parties agree as follows: 
 1. DEFINITIONS
AND CONSTRUCTION. 
 1.1 Definitions. As used in this Agreement, the
following terms shall have the following definitions: 
 “Accounts” means all presently existing and hereafter arising
accounts, contract rights, payment intangibles, and all other forms of obligations owing to Borrower arising out of the sale or lease of goods (including, without limitation, the licensing of software and other technology) or the rendering of
services by Borrower, whether or not earned by performance, and any and all credit insurance, guaranties, and other security therefor, as well as all merchandise returned to or reclaimed by Borrower and Borrower’s Books relating to any of the
foregoing. 
 “Advance” or “Advances” means a cash advance or cash advances under the Revolving Facility.

 “Affiliate” means, with respect to any Person, any Person that owns or controls directly or indirectly such Person,
any Person that controls or is controlled by or is under common control with such Person, and each of such Person’s senior executive officers, directors, and partners. 
 “Bank Expenses” means all: reasonable costs or expenses (including reasonable attorneys’ fees and expenses) incurred in connection with the preparation, negotiation, administration, and
enforcement of the Loan Documents; reasonable Collateral audit fees; and Bank’s reasonable attorneys’ fees and expenses incurred in amending, enforcing or defending the Loan Documents (including fees and expenses of appeal), incurred
before, during and after an Insolvency Proceeding, whether or not suit is brought. 
 “Borrower’s Books” means
all of Borrower’s books and records including: ledgers; records concerning Borrower’s assets or liabilities, the Collateral, business operations or financial condition; and all computer programs, or tape files, and the equipment,
containing such information. 
 “Borrowing Base” means an amount equal to eighty percent (80%) of Eligible
Accounts, as determined by Bank with reference to the most recent Borrowing Base Certificate delivered by Borrower; provided however, as long as the Asset Coverage Ratio is at least 1.50 to 1.00, the “Borrowing Base” shall also include an
amount equal to fifty percent (50%) of Eligible Inventory (which shall not exceed forty percent (40%) of the outstanding Advances at any time), as determined by Bank with reference to the most recent Borrowing Base Certificate delivered by
Borrower. 
 “Business Day” means any day that is not a Saturday, Sunday, or other day on which banks in the State of
California are authorized or required to close. 
 “Cash Management Sublimit” means a sublimit for cash management
transactions under the Revolving Line not to exceed $100,000 less any amounts outstanding under the International Sublimit, subject to availability under the Borrowing Base. 

 “Change in Control” shall mean a transaction in which any “person” or
“group” (within the meaning of Section 13(d) and 14(d)(2) of the Securities Exchange Act of 1934) becomes the “beneficial owner” (as defined in Rule 13d-3 under the Securities Exchange Act of 1934), directly or indirectly,
of a sufficient number of shares of all classes of stock then outstanding of Borrower ordinarily entitled to vote in the election of directors, empowering such “person” or “group” to elect a majority of the Board of Directors of
Borrower, who did not have such power before such transaction. 
 “Closing Date” means the date of this Agreement.

 “Code” means the California Uniform Commercial Code. 

“Collateral” means the property described on Exhibit A attached hereto. 

“Collections” means all payments from or on behalf of an account debtor with respect to any Accounts. 

“Contingent Obligation” means, as applied to any Person, any direct or indirect liability, contingent or otherwise, of that
Person with respect to (i) any indebtedness, lease, dividend, letter of credit or other obligation of another; (ii) any obligations with respect to undrawn letters of credit, corporate credit cards, or merchant services issued or provided
for the account of that Person; and (iii) all obligations arising under any agreement or arrangement designed to protect such Person against fluctuation in interest rates, currency exchange rates or commodity prices; provided, however, that the
term “Contingent Obligation” shall not include endorsements for collection or deposit in the ordinary course of business. The amount of any Contingent Obligation shall be deemed to be an amount equal to the stated or determined amount of
the primary obligation in respect of which such Contingent Obligation is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by Bank in good faith; provided, however, that such amount
shall not in any event exceed the maximum amount of the obligations under the guarantee or other support arrangement. 

“Copyrights” means any and all copyright rights, copyright applications, copyright registrations and like protections in each
work or authorship and derivative work thereof. 
 “Credit Extension” means each Advance, Letter of Credit, use of
foreign exchange services, use of Cash Management Services, or any other extension of credit by Bank for the benefit of Borrower hereunder. 
 “Daily Balance” means the amount of the Obligations owed at the end of a given day. 
 “Eligible Accounts” means those Accounts that arise in the ordinary course of Borrower’s business that comply with all of Borrower’s representations and warranties to Bank set forth in
Section 5.4; provided, that standards of eligibility may be fixed and revised from time to time by Bank in Bank’s reasonable judgment and upon notification thereof to Borrower in accordance with the provisions hereof. Notwithstanding the
following, the specific account receivable owing from Fisker Automotive that is, as of the Closing Date, on a payment plan as previously disclosed to Bank shall constitute an “Eligible Account”. Unless otherwise agreed to by Bank, Eligible
Accounts shall not include the following: 
 (a) Accounts that the account debtor has failed to pay within ninety
(90) days of invoice date; 
 (b) Accounts with respect to an account debtor, thirty-five percent (35%) of
whose Accounts the account debtor has failed to pay within ninety (90) days of invoice date; 
 (c) Accounts with
respect to which the account debtor is an officer, employee, or agent of Borrower; 
 (d) Accounts with respect to which
goods are placed on consignment, guaranteed sale, sale or return, sale on approval, bill and hold, or other terms by reason of which the payment by the account debtor may be conditional; 

  
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 (e) Prebillings, prepaid deposits, retention billings, or progress billings;

 (f) Accounts with respect to which the account debtor is an Affiliate of Borrower; 

(g) Accounts with respect to which the account debtor does not have its principal place of business in the United States or
Canada, except for Eligible Foreign Accounts; 
 (h) Accounts with respect to which the account debtor is the United
States or any department, agency, or instrumentality of the United States; 
 (i) Accounts with respect to which
Borrower is liable to the account debtor for goods sold or services rendered by the account debtor to Borrower or for deposits or other property of the account debtor held by Borrower, but only to the extent of any amounts owing to the account
debtor against amounts owed to Borrower; 
 (j) Accounts with respect to an account debtor, including Subsidiaries and
Affiliates, whose total obligations to Borrower exceed forty percent (40%) of all Accounts (the “Concentration Limit”), to the extent such obligations exceed the aforementioned percentage, except as approved in writing by Bank and
except that the Concentration Limit for Accounts with respect to which the account debtor is Fisker Automotive shall be sixty percent (60%); provided that Bank may, in its sole discretion, reduce the foregoing Concentration Limit at any time, with
30 days prior notice to Borrower; 
 (k) Accounts with respect to which the account debtor disputes liability or makes
any claim with respect thereto as to which Bank believes, in its sole, but reasonable, discretion, that there may be a basis for dispute (but only to the extent of the amount subject to such dispute or claim), or is subject to any Insolvency
Proceeding, or becomes insolvent, or goes out of business; and 
 (l) Accounts the collection of which Bank reasonably
determines to be doubtful. 
 “Eligible Foreign Accounts” means Accounts with respect to which the account debtor does
not have its principal place of business in the United States or Canada and that (i) are supported by one or more letters of credit in an amount and of a tenor, and issued by a financial institution, acceptable to Bank, (ii) the account
debtor is Daimler AG, BMW Group or Adam Opel (a subsidiary of General Motors, Inc.), or (iii) that Bank approves on a case-by-case basis. 
 “Eligible Inventory” means finished goods Inventory that meets the requirements set forth in Borrower’s representations and warranties in Section 5.5 and nonobsolete raw materials,
measured at Borrower’s cost, as each shall be acceptable to Bank in all respects. Unless otherwise agreed to by Bank, the following shall not be Eligible Inventory: 
 (a) Consigned Inventory; 
 (b) Perishable goods; 

(c) Returned, obsolete and defective goods; 
 (d) Any Inventory subject to non-compliance with the Fair Labor Standards Act; Supplies, shipping material, packaging, custom packaging, customized Inventory with narrow distribution channels;

 (e) Work in progress; and 
 (f) Other Inventory that Bank reasonably determines from time to time to be ineligible based on age, type, category, quality or quantity, or based on its relation to undesirable industries.

 “Equipment” means all present and future machinery, equipment, tenant improvements, furniture, fixtures, vehicles,
tools, parts and attachments in which Borrower has any interest. 

  
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 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and
the regulations thereunder. 
 “Excluded Subsidiary” means Tecstar Automotive Group, Inc., f/k/a Starcraft
Corporation, an Indiana corporation. 
 “Event of Default” has the meaning assigned in Article 8. 

“Fisker Automotive” means Fisker Automotive Holdings, Inc., a Delaware corporation, and its successors and assigns. 

“GAAP” means generally accepted accounting principles as in effect from time to time. 

“Indebtedness” means (a) all indebtedness for borrowed money or the deferred purchase price of property or services,
including without limitation reimbursement and other obligations with respect to surety bonds and letters of credit, (b) all obligations evidenced by notes, bonds, debentures or similar instruments, (c) all capital lease obligations and
(d) all Contingent Obligations. 
 “Insolvency Proceeding” means any proceeding commenced by or against any
person or entity under any provision of the United States Bankruptcy Code, as amended, or under any other bankruptcy or insolvency law, including assignments for the benefit of creditors, formal or informal moratoria, compositions, extension
generally with its creditors, or proceedings seeking reorganization, arrangement, or other relief. 
 “Intellectual
Property” means all of Borrower’s right, title, and interest in and to the following: Copyrights, Trademarks and Patents; all trade secrets, all design rights, claims for damages by way of past, present and future infringement of any of
the rights included above, all licenses or other rights to use any of the Copyrights, Patents or Trademarks, and all license fees and royalties arising from such use to the extent permitted by such license or rights; all amendments, renewals and
extensions of any of the Copyrights, Trademarks or Patents; and all proceeds and products of the foregoing, including without limitation all payments under insurance or any indemnity or warranty payable in respect of any of the foregoing.

 “Inventory” means all inventory in which Borrower has or acquires any interest, including work in process and
finished products intended for sale or lease or to be furnished under a contract of service, of every kind and description now or at any time hereafter owned by or in the custody or possession, actual or constructive, of Borrower, including such
inventory as is temporarily out of its custody or possession or in transit and including any returns upon any accounts or other proceeds, including insurance proceeds, resulting from the sale or disposition of any of the foregoing and any documents
of title representing any of the above, and Borrower’s Books relating to any of the foregoing. 
 “Investment”
means any beneficial ownership of (including stock, partnership interest or other securities) any Person, or any loan, advance or capital contribution to any Person. 
 “IRC” means the Internal Revenue Code of 1986, as amended, and the regulations thereunder. 
 “Lien” means any mortgage, lien, deed of trust, charge, pledge, security interest or other encumbrance. 
 “Loan Documents” means, collectively, this Agreement, any note or notes executed by Borrower, and any other agreement entered into in connection with this Agreement, all as amended or extended
from time to time. 
 “Material Adverse Effect” means a material adverse effect on (i) the business operations,
condition (financial or otherwise) of Borrower and its Subsidiaries taken as a whole or (ii) the ability of Borrower to repay the Obligations or otherwise perform its obligations under the Loan Documents or (iii) the value or priority of
Bank’s security interests in the Collateral. 
 “Negotiable Collateral” means all letters of credit of which
Borrower is a beneficiary, notes, drafts, instruments, securities, documents of title, and chattel paper, and Borrower’s Books relating to any of the foregoing. 

  
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 “Obligations” means all debt, principal, interest, Bank Expenses and other amounts
owed to Bank by Borrower pursuant to this Agreement or any other agreement, whether absolute or contingent, due or to become due, now existing or hereafter arising, including any interest that accrues after the commencement of an Insolvency
Proceeding and including any debt, liability, or obligation owing from Borrower to others that Bank may have obtained by assignment or otherwise. 
 “Patents” means all patents, patent applications and like protections including without limitation improvements, divisions, continuations, renewals, reissues, extensions and
continuations-in-part of the same. 
 “Periodic Payments” means all installments or similar recurring payments that
Borrower may now or hereafter become obligated to pay to Bank pursuant to the terms and provisions of any instrument, or agreement now or hereafter in existence between Borrower and Bank. 

“Permitted Indebtedness” means: 
 (a) Indebtedness of Borrower in favor of Bank arising under this Agreement or any other Loan Document; 
 (b) Indebtedness to trade creditors incurred in the ordinary course of business; 
 (c) Indebtedness existing on the Closing Date and disclosed in the Schedule; 
 (d) Indebtedness secured by a lien described in clause (o) of the defined term “Permitted Liens,” provided (i) such Indebtedness does not exceed the lesser of the cost or fair
market value of the equipment financed with such Indebtedness and (ii) such Indebtedness does not exceed $1,000,000 in the aggregate at any given time; and 
 (e) Subordinated Debt. 
 “Permitted Investment” means:

 (a) Investments existing on the Closing Date disclosed in the Schedule; 

(b) Investments consisting of cash-in-advance payments and other deposits or credit obligations required by and to suppliers,
vendors and service providers who are not Affiliates of Borrower, in the ordinary course of business, provided that this clause (b) shall not apply to Investments of Borrower in any Subsidiary; and 

(c) (i) marketable direct obligations issued or unconditionally guaranteed by the United States of America or any agency or
any State thereof maturing within one (1) year from the date of acquisition thereof, (ii) commercial paper maturing no more than one (1) year from the date of creation thereof and currently having rating of at least A-2 or P-2
from either Standard & Poor’s Corporation or Moody’s Investors Service, (iii) certificates of deposit maturing no more than one (1) year from the date of investment therein issued by Bank and (iv) Bank’s money
market accounts. 
 “Permitted Liens” means the following: 

(a) Any Liens existing on the Closing Date and disclosed in the Schedule or arising under this Agreement or the other Loan
Documents; 
 (b) Liens for taxes, fees, assessments or other governmental charges or levies, either not delinquent or
being contested in good faith by appropriate proceedings, provided the same have no priority over any of Bank’s security interests; 
 (c) (i) Liens (a) upon or in any equipment which was not financed by Bank acquired or held by Borrower or any of its Subsidiaries to secure the purchase price of such equipment or indebtedness

  
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incurred solely for the purpose of financing the acquisition of such equipment, or (b) existing on such equipment at the time of its acquisition, provided that the Lien is confined solely to
the property so acquired and improvements thereon, and the proceeds of such equipment, or (ii) liens or rights of a lessor under a capital lease; and 
 (d) Liens incurred in connection with the extension, renewal or refinancing of the indebtedness secured by Liens of the type described in clauses (a) through (c) above, provided that any
extension, renewal or replacement Lien shall be limited to the property encumbered by the existing Lien and the principal amount of the indebtedness being extended, renewed or refinanced does not increase. 

“Person” means any individual, sole proprietorship, partnership, limited liability company, joint venture, trust,
unincorporated organization, association, corporation, institution, public benefit corporation, firm, joint stock company, estate, entity or governmental agency. 
 “Prime Rate” means the greater of three and one quarter percent (3.25%) per year, or the variable rate of interest, per annum, most recently announced by Bank, as its “prime
rate”, whether or not such announced rate is the lowest rate available from Bank. 
 “Responsible Officer” means
each of the Chief Executive Officer, the Chief Operating Officer, the Chief Financial Officer and the Controller of Borrower. 

“Revolving Facility” means the facility under which Borrower may request Bank to issue Advances, as specified in
Section 2.1(a) hereof. 
 “Revolving Line” means a credit extension of up to Ten Million Dollars ($10,000,000).

 “Revolving Maturity Date” means the second anniversary of the Closing Date. 

“Schedule” means the schedule of exceptions attached hereto and approved by Bank, if any. 

“Shares” means (i) one hundred percent (100%) of the issued and outstanding capital stock, membership units or other
securities owned or held of record by Borrower or any Subsidiary of Borrower, in any direct or indirect Subsidiary, and (ii) all of the capital stock of Fisker Automotive owned or held of record by Borrower. 

“Subordinated Debt” means any debt incurred by Borrower that is subordinated to the debt owing by Borrower to Bank on terms
acceptable to Bank (and identified as being such by Borrower and Bank). 
 “Subsidiary” means any corporation, company
or partnership in which (i) any general partnership interest or (ii) more than 50% of the stock or other units of ownership which by the terms thereof has the ordinary voting power to elect the Board of Directors, managers or trustees of
the entity, at the time as of which any determination is being made, is owned by Borrower, either directly or through an Affiliate. 
 “Trademarks” means any trademark and servicemark rights, whether registered or not, applications to register and registrations of the same and like protections, and the entire goodwill of the
business of Borrower connected with and symbolized by such trademarks. 
 1.2 Accounting Terms. All accounting terms not
specifically defined herein shall be construed in accordance with GAAP and all calculations made hereunder shall be made in accordance with GAAP. When used herein, the terms “financial statements” shall include the notes and schedules
thereto. 
 2. LOAN AND TERMS OF
PAYMENT. 
 2.1 Credit Extensions. 

Borrower promises to pay to the order of Bank, in lawful money of the United States of America, the aggregate unpaid principal amount of
all Credit Extensions made by Bank to Borrower hereunder. Borrower shall also pay interest on the unpaid principal amount of such Credit Extensions at rates in accordance with the terms hereof. 

  
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 (a) Revolving Advances. 

(i) Subject to and upon the terms and conditions of this Agreement, Borrower may request Advances and Bank will make Advances in
an aggregate outstanding amount not to exceed the lesser of (i) the Revolving Line or (ii) the Borrowing Base, minus, in each case, the amount reserved under the Cash Management Sublimit and the aggregate amounts outstanding under the
International Sublimit. Subject to the terms and conditions of this Agreement, amounts borrowed pursuant to this Section 2.1(a) may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this
Section 2.1(a) shall be immediately due and payable. Borrower may prepay any Advances without penalty or premium. 

(ii) Whenever Borrower desires an Advance, Borrower will notify Bank by facsimile transmission or telephone no later than
3:00 p.m. Pacific time, on the Business Day that the Advance is to be made. Each such notification shall be promptly confirmed by a Revolving Advance Request Form in substantially the form of Exhibit B hereto, and accompanied by a
completed Borrowing Base Certificate. For any Advance request based on a Borrowing Base that includes Eligible Inventory, Borrower shall also provide Bank with an inventory report with copies of purchase orders or executed agreements with
Borrower’s customers or contract manufacturers, if requested by Bank, in form and substance satisfactory to Bank. Documents received by 11:00 a.m. California time on accounts or inventory acceptable to Bank will be processed on the following
Business Day. Bank is authorized to make Advances under this Agreement, based upon instructions received from a Responsible Officer or a designee of a Responsible Officer, or without instructions if in Bank’s discretion such Advances are
necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any telephonic notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereof, and Borrower shall
indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance. Bank will credit the amount of Advances made under this Section 2.1(a) to Borrower’s deposit account. 

(b) International Sublimit. 
 (i) Letters of Credit. Subject to the terms and conditions of this Agreement, at any time prior to the Revolving Maturity Date, Bank agrees to issue letters of credit for the account of Borrower
(each, a “Letter of Credit” and collectively, the “Letters of Credit”) in an aggregate outstanding face amount not to exceed the International Sublimit less any FX Amount outstanding. All Letters of Credit shall be, in form and
substance, acceptable to Bank in its sole discretion and shall be subject to the terms and conditions of Bank’s form of standard application and letter of credit agreement (the “Application”), which Borrower hereby agrees to execute.
On any drawn but unreimbursed Letter of Credit, the unreimbursed amount shall be deemed an Advance under Section 2.1(a). The obligation of Borrower to reimburse Bank for drawings made under Letters of Credit shall be absolute, unconditional and
irrevocable, and shall be performed strictly in accordance with the terms of this Agreement, the Application, and such Letters of Credit, under all circumstances whatsoever. Borrower shall indemnify, defend, protect, and hold Bank harmless from any
loss, cost, expense or liability, including, without limitation, reasonable attorneys’ fees, arising out of or in connection with any Letters of Credit, except for expenses caused by Bank’s gross negligence or willful misconduct.

 (ii) Foreign Exchange. Subject to and upon the terms and conditions of this Agreement and any other agreement that
Borrower may enter into with the Bank in connection with foreign exchange transactions (“FX Contracts”), Borrower may request Bank to enter into FX Contracts with Borrower due not later than the Revolving Maturity Date. Borrower shall pay
any standard issuance and other fees that Bank notifies Borrower will be charged for issuing and processing FX Contracts for Borrower. The FX Amount shall at all times be equal to or less than the amount of the International Sublimit less the face
amount of all outstanding Letters of Credit. The “FX Amount” shall equal the amount determined by multiplying (A) the aggregate amount, in United States Dollars, of FX Contracts between Borrower and Bank remaining outstanding as of
any date of determination by (B) the applicable Foreign Exchange Reserve Percentage as of such date. The “Foreign Exchange Reserve Percentage” shall be a percentage as determined by Bank, in its sole discretion from time to time The
initial Foreign Exchange Reserve Percentage shall be ten percent (10%). 

  
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 (iii) The International Sublimit shall not in the aggregate exceed the lesser of
(i) the Revolving Line or the Borrowing Base minus, in each case, the aggregate amount of the outstanding Advances, or (ii) $1,000,000. 
 (c) Cash Management Sublimit. Subject to the terms and conditions of this Agreement, Borrowers may request cash management services (“Cash Management Services”), including, without
limitation, Automated Clearing House transactions, corporate credit card services in an aggregate amount not to exceed $100,000 outstanding at any one time, or other cash management services, by delivering to Bank a duly executed application on
Bank’s standard form; provided, however, that the total amount of the processing reserves, including without limitation the aggregate limit of any corporate credit cards issued by Bank on behalf of Borrowers, shall not exceed the lesser of
(i) the Revolving Line or the Borrowing Base minus the aggregate amount of the outstanding Advances or (ii) $100,000, and provided further, that availability under the Revolving Line shall be reduced by the amount reserved under the
Cash Management Sublimit. In addition, Bank may, in its sole discretion, charge as Advances any amounts that become due or owing to Bank in connection with the Cash Management Services. 

(d) Collateralization of Obligations Extending Beyond Maturity. If Borrower has not secured to Bank’s satisfaction its
obligations with respect to any ongoing Cash Management Services, Letters of Credit, and the FX Amount by the Revolving Maturity Date or earlier termination of the Revolving Line, then, effective as of such date, the balance in any deposit accounts
held by Bank and the certificates of deposit or time deposit accounts issued by Bank in Borrower’s name (and any interest paid thereon or proceeds thereof, including any amounts payable upon the maturity or liquidation of such certificates or
accounts), shall automatically secure such obligations to the extent of the then continuing or outstanding Cash Management Services, Letters of Credit, and the FX Amount. If at such time there are insufficient balances in Borrower’s accounts
held with Bank, Borrower shall immediately deposit funds with Bank to equal at least 100% of the Cash Management Services, Letters of Credit, and the FX Amount then outstanding. Borrower grants Bank a security interest in and authorizes Bank to hold
such balances in pledge and to decline to honor any drafts thereon or any requests by Borrower or any other Person to pay or otherwise transfer any part of such balances for so long as Cash Management Services, Letters of Credit, and the FX Amounts
are outstanding or continue. 
 2.2 Overadvances. If (i) the aggregate amount of the outstanding Advances plus the
amount reserved under the Cash Management Sublimit plus the aggregate amounts outstanding under the International Sublimit exceeds the lesser of the Revolving Line or the Borrowing Base at any time, (ii) the aggregate amount outstanding under
the Cash Management Sublimit exceeds $100,000, or (iii) the aggregate amount outstanding under the International Sublimit exceeds $1,000,000, Borrower shall immediately pay to Bank, in cash, the amount of such excess. 

2.3 Interest Rates, Payments, and Calculations. 
 (a) Interest Rates. 
 (i) Advances. Except as set forth in
Section 2.3(b), the Advances shall bear interest, on the outstanding Daily Balance thereof, at a rate equal to two percent (2.0%) above the Prime Rate. 
 (b) Late Fee; Default Rate. If any payment is not made within ten (10) days after the date such payment is due, Borrower shall pay Bank a late fee equal to the lesser of (i) five percent
(5%) of the amount of such unpaid amount or (ii) the maximum amount permitted to be charged under applicable law, not in any case to be less than $25.00. All Obligations shall bear interest, from and after the occurrence and during the
continuance of an Event of Default, at a rate equal to five (5) percentage points above the interest rate applicable immediately prior to the occurrence of the Event of Default. 

(c) Payments. Interest hereunder shall be due and payable on the tenth calendar day of each month during the term hereof. Bank
shall, at its option, charge such interest, all Bank Expenses, and all Periodic Payments against any of Borrower’s deposit accounts or against the Revolving Line, in which case those amounts shall thereafter accrue interest at the rate then
applicable hereunder. Any interest not paid when due shall be compounded by becoming a part of the Obligations, and such interest shall thereafter accrue interest at the rate 

  
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then applicable hereunder. All payments shall be free and clear of any taxes, withholdings, duties, impositions or other charges, to the end that Bank will receive the entire amount of any
Obligations payable hereunder, regardless of source of payment. 
 (d) Computation. In the event the Prime Rate is
changed from time to time hereafter, the applicable rate of interest hereunder shall be increased or decreased, effective as of the day the Prime Rate is changed, by an amount equal to such change in the Prime Rate. All interest chargeable under the
Loan Documents shall be computed on the basis of a three hundred sixty (360) day year for the actual number of days elapsed. 
 2.4 Crediting Payments. Prior to the occurrence of an Event of Default, Bank shall credit a wire transfer of funds, check or other item of payment to such deposit account or Obligation as Borrower
specifies. After the occurrence of an Event of Default, the receipt by Bank of any wire transfer of funds, check, or other item of payment shall be immediately applied to conditionally reduce Obligations, but shall not be considered a payment on
account unless such payment is of immediately available federal funds or unless and until such check or other item of payment is honored when presented for payment. Notwithstanding anything to the contrary contained herein, any wire transfer or
payment received by Bank after 12:00 noon Pacific time shall be deemed to have been received by Bank as of the opening of business on the immediately following Business Day. Whenever any payment to Bank under the Loan Documents would otherwise
be due (except by reason of acceleration) on a date that is not a Business Day, such payment shall instead be due on the next Business Day, and additional fees or interest, as the case may be, shall accrue and be payable for the period of such
extension. 
 2.5 Fees. Borrower shall pay to Bank the following: 

(a) Facility Fee. On each of the Closing Date and the first anniversary of the Closing Date, a facility fee equal to $100,000,
each of which shall be fully earned and nonrefundable; and 
 (b) Bank Expenses. On the Closing Date, all Bank Expenses
incurred through the Closing Date, including reasonable attorneys’ fees and expenses and, after the Closing Date, all Bank Expenses, including reasonable attorneys’ fees and expenses, as and when they are incurred by Bank. Bank
acknowledges receipt of a $15,000 deposit previously paid by Borrower that will be applied against the Bank Expenses. 
 2.6
Term. This Agreement shall become effective on the Closing Date and, subject to Section 13.7, shall continue in full force and effect for so long as any Obligations remain outstanding or Bank has any obligation to make Credit Extensions
under this Agreement. Notwithstanding the foregoing, Bank shall have the right to terminate its obligation to make Credit Extensions under this Agreement immediately and without notice upon the occurrence and during the continuance of an Event of
Default. Notwithstanding termination, Bank’s Lien on the Collateral shall remain in effect for so long as any Obligations are outstanding. 
 3. CONDITIONS OF LOANs. 

3.1 Conditions Precedent to Initial Credit Extension. The obligation of Bank to make the initial Credit Extension is subject to
the condition precedent that Bank shall have received, in form and substance satisfactory to Bank, the following: 
 (a)
this Agreement; 
 (b) a certificate of the Secretary of Borrower with respect to incumbency and resolutions
authorizing the execution and delivery of this Agreement; 
 (c) UCC National Form Financing Statement; 

(d) Borrower’s delivery of a warrant to purchase up to 917,839 shares of Borrower’s common stock at $2.124 per share
with an expiration date of the first anniversary of the Closing Date; 
 (e) Borrower’s delivery of a seven year
warrant to purchase up to 555,556 shares of Borrower’s common stock at an exercise price of $0.90 per share; 

  
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 (f) agreement to provide insurance and insurance certificates; 

(g) execution of the Lockbox Agreements; 
 (h) delivery of the share certificates representing the Shares held by Borrower, together with and stock powers executed in blank; 

(i) subordination agreements with Borrower’s noteholders; 

(j) fully executed documents with General Motors Holdings LLC with respect to certain subordination matters; 

(k) consents duly executed by the landlords/owners of Borrower’s locations in Lake Forest, California and Irvine,
California; 
 (l) evidence of full payment of all obligations owing to, and termination of lien in favor of, WB QT,
LLC; 
 (m) side letter executed by Fisker Automotive; 

(n) payment of the fees and Bank Expenses then due specified in Section 2.5 hereof; 

(o) current financial statements of Borrower; and 
 (p) such other documents, and completion of such other matters, as Bank may reasonably deem necessary or appropriate. 
 3.2 Conditions Precedent to all Credit Extensions. The obligation of Bank to make each Credit Extension, including the initial Credit Extension, is further subject to the following conditions:

 (a) timely receipt by Bank of the Revolving Advance Request Form as provided in Section 2.1; and 

(b) the representations and warranties contained in Section 5 shall be true and correct in all material respects on and as
of the date of such Revolving Advance Request Form and on the effective date of each Credit Extension as though made at and as of each such date, and no Event of Default shall have occurred and be continuing, or would exist after giving effect to
such Credit Extension. The making of each Credit Extension shall be deemed to be a representation and warranty by Borrower on the date of such Credit Extension as to the accuracy of the facts referred to in this Section 3.2. 

4. CREATION OF SECURITY INTEREST. 

4.1 Grant of Security Interest. Borrower grants and pledges to Bank a continuing security interest in all presently existing and
hereafter acquired or arising Collateral in order to secure prompt repayment of any and all Obligations and in order to secure prompt performance by Borrower of each of its covenants and duties under the Loan Documents. Except as set forth in the
Schedule, such security interest constitutes a valid, first priority security interest in the presently existing Collateral, and will constitute a valid, first priority security interest in Collateral acquired after the date hereof. 

4.2 Delivery of Additional Documentation Required. Borrower shall from time to time execute and deliver to Bank, at the request of
Bank, all Negotiable Collateral, all financing statements and other documents that Bank may reasonably request, in form satisfactory to Bank, to perfect and continue the perfection of Bank’s security interests in the Collateral and in order to
fully consummate all of the transactions contemplated under the Loan Documents. Borrower from time to time may deposit with Bank specific time deposit accounts to 

  
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secure specific Obligations. Borrower authorizes Bank to hold such balances in pledge and to decline to honor any drafts thereon or any request by Borrower or any other Person to pay or otherwise
transfer any part of such balances for so long as the Obligations are outstanding. 
 4.3 Right to Inspect. Bank (through
any of its officers, employees, or agents) shall have the right, upon reasonable prior notice, from time to time during Borrower’s usual business hours but no more than once a year (unless an Event of Default has occurred and is continuing), to
inspect Borrower’s Books and to make copies thereof and to check, test, and appraise the Collateral in order to verify Borrower’s financial condition or the amount, condition of, or any other matter relating to, the Collateral. Absent an
Event of Default having occurred and continuing, in no event will Borrower be obligated to reimburse the bank audit or inspection fees exceeding the lesser of the Bank’s actual out-of-pocket costs or $1,250 per day. 

4.4 Pledge of Shares. Borrower hereby pledges, assigns and grants to Bank, a security interest in all the Shares, together with
all proceeds and substitutions thereof, all cash, stock and other moneys and property paid thereon, all rights to subscribe for securities declared or granted in connection therewith, and all other cash and noncash proceeds of the foregoing, as
security for the performance of the Obligations. On the Closing Date, or, to the extent not certificated as of the Closing Date, within ten (10) days of the certification of any Shares, the certificate or certificates for the Shares will be
delivered to Bank, accompanied by an instrument of assignment duly executed in blank by Borrower. To the extent required by the terms and conditions governing the Shares, Borrower shall cause the books of each entity whose Shares are part of the
Collateral and any transfer agent to reflect the pledge of the Shares. Upon the occurrence of an Event of Default hereunder, Bank may effect the transfer of any securities included in the Collateral (including but not limited to the Shares) into the
name of Bank and cause new (as applicable) certificates representing such securities to be issued in the name of Bank or its transferee. Borrower will execute and deliver such documents, and take or cause to be taken such actions, as Bank may
reasonably request to perfect or continue the perfection of Bank’s security interest in the Shares. Unless an Event of Default shall have occurred and be continuing, Borrower shall be entitled to exercise any voting rights with respect to the
Shares and to give consents, waivers and ratifications in respect thereof, provided that no vote shall be cast or consent, waiver or ratification given or action taken which would be inconsistent with any of the terms of this Agreement or which
would constitute or create any violation of any of such terms. All such rights to vote and give consents, waivers and ratifications shall terminate upon the occurrence and continuance of an Event of Default. Notwithstanding anything contained herein
or elsewhere in this Agreement to the contrary or the Borrower’s delivery of the certificate for the Shares of Fisker Automotive’s capital stock owned by Borrower, Bank acknowledges that the Shares of Fisker Automotive’s capital stock
owned by Borrower are subject to a Stockholders’ Agreement by and among the Borrower, Fisker Automotive and the other stockholders of Fisker Automotive (the “Fisker Automotive Stockholders’ Agreement”) and Bank agrees that the
pledge of the Shares of Fisker Automotive’s capital stock owned by Borrower shall automatically be effective on the earlier to occur of (a) Borrower obtaining the requisite consent to the pledge from the other parties to the Fisker
Automotive Stockholder Agreement (it being expressly understood that Borrower is under no obligation to obtain such consent), (b) the prohibition on the pledge of the Shares of Fisker Automotive owned by Borrower that is contained in the Fisker
Automotive Stockholders’ Agreement is eliminated pursuant to a duly executed and valid amendment to the Fisker Automotive Stockholders’ Agreement or other instrument, (c) the termination of the Fisker Automotive Stockholders’
Agreement, or (d) a Qualified IPO (as defined in the Fisker Automotive Stockholders’ Agreement (in the event that such Qualified IPO does not result in the termination of the Fisker Automotive Stockholders’ Agreement). 

5. REPRESENTATIONS AND WARRANTIES. 

Borrower represents and warrants as follows: 
 5.1 Due Organization and Qualification. Borrower and each Subsidiary is a corporation duly existing under the laws of its jurisdiction of incorporation and qualified and licensed to do business in
any jurisdiction in which the conduct of its business or its ownership of property requires that it be so qualified, except for the Excluded Subsidiary. 
 5.2 Due Authorization; No Conflict. The execution, delivery, and performance of the Loan Documents are within Borrower’s powers, have been duly authorized, and are not in conflict with nor
constitute a 

  
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breach of any provision contained in Borrower’s Articles of Incorporation or Bylaws, nor will they constitute an event of default under any material agreement to which Borrower is a party or
by which Borrower is bound. Borrower is not in default under any material agreement to which it is a party or by which it is bound. 
 5.3 No Prior Encumbrances. Borrower has good and marketable title to its property, free and clear of Liens, except for Permitted Liens. 

5.4 Bona Fide Eligible Accounts. The Eligible Accounts are bona fide existing obligations. The property and services giving rise
to such Eligible Accounts has been delivered or rendered to the account debtor or to the account debtor’s agent for immediate and unconditional acceptance by the account debtor. Borrower has not received notice of actual or imminent Insolvency
Proceeding of any account debtor that is included in any Borrowing Base Certificate as an Eligible Account. 
 5.5
Merchantable Inventory. All Inventory is in all material respects of good and marketable quality, free from all material defects, except for Inventory for which adequate reserves have been made. For any item of Inventory consisting of
“Eligible Inventory” to be considered as part of the Borrowing Base, such Inventory (a) consists of finished goods, in good, new, and salable condition, which is not perishable, returned, consigned, obsolete, not sellable, damaged, or
defective, and is not comprised of demonstrative or custom inventory, works in progress, packaging or shipping materials, or supplies; (b) has been manufactured in compliance with the Fair Labor Standards Act and meets all applicable
governmental standards; (c) is not subject to any Liens, except the first priority Liens granted in favor of Bank under this Agreement; and (d) is located at Borrower’s headquarters or such other Borrower operated facility as to which
Bank has received a landlord waiver, inventory holder’s acknowledgment or other waiver or written acknowledgment in form satisfactory to Bank. 
 5.6 Intellectual Property. Borrower is the sole owner of the Intellectual Property, except for non-exclusive licenses granted by Borrower to its customers in the ordinary course of business. Each
of the Patents is valid and enforceable, and no part of the Intellectual Property has been judged invalid or unenforceable, in whole or in part, and no claim has been made that any part of the Intellectual Property violates the rights of any third
party. Except as set forth in the Schedule, Borrower’s rights as a licensee of intellectual property do not give rise to more than five percent (5%) of its gross revenue in any given month, including without limitation revenue derived from
the sale, licensing, rendering or disposition of any product or service. Except as set forth in the Schedule, Borrower is not a party to, or bound by, any agreement that restricts the grant by Borrower of a security interest in Borrower’s
rights under such agreement. 
 5.7 Name; Location of Chief Executive Office. Except as disclosed in the Schedule,
Borrower has not done business under any name other than that specified on the signature page hereof. The chief executive office of Borrower is located at the address indicated in Section 10 hereof. All Borrower’s Inventory and Equipment
is located only at the location set forth in Section 10 hereof and any location set forth on the Schedule. 
 5.8
Litigation. Except as set forth in the Schedule, there are no actions or proceedings pending by or against Borrower or any Subsidiary before any court or administrative agency in which an adverse decision could have a Material Adverse Effect, or
a material adverse effect on Borrower’s interest or Bank’s security interest in the Collateral. 
 5.9 No Material
Adverse Change in Financial Statements. All consolidated and consolidating financial statements related to Borrower and any Subsidiary that Bank has received from Borrower fairly present in all material respects Borrower’s financial
condition as of the date thereof and Borrower’s consolidated and consolidating results of operations for the period then ended. There has not been a material adverse change in the consolidated or the consolidating financial condition of
Borrower since the date of the most recent of such financial statements submitted to Bank. 
 5.10 Solvency, Payment of
Debts. Borrower is solvent and able to pay its debts (including trade debts) as they mature. 
 5.11 Regulatory
Compliance. Borrower and each Subsidiary have met the minimum funding requirements of ERISA with respect to any employee benefit plans subject to ERISA, and no event has occurred 

  
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resulting from Borrower’s failure to comply with ERISA that could result in Borrower’s incurring any material liability. Borrower is not an “investment company” or a company
“controlled” by an “investment company” within the meaning of the Investment Company Act of 1940. Borrower is not engaged principally, or as one of the important activities, in the business of extending credit for the purpose of
purchasing or carrying margin stock (within the meaning of Regulations T and U of the Board of Governors of the Federal Reserve System). Borrower has complied with all the provisions of the Federal Fair Labor Standards Act. Borrower has not
violated any statutes, laws, ordinances or rules applicable to it, violation of which could have a Material Adverse Effect. 

5.12 Environmental Condition. Except as disclosed in the Schedule, none of Borrower’s or any Subsidiary’s properties or
assets has ever been used by Borrower or any Subsidiary or, to the best of Borrower’s knowledge, by previous owners or operators, in the disposal of, or to produce, store, handle, treat, release, or transport, any hazardous waste or hazardous
substance other than in accordance with applicable law; to the best of Borrower’s knowledge, none of Borrower’s properties or assets has ever been designated or identified in any manner pursuant to any environmental protection statute as a
hazardous waste or hazardous substance disposal site, or a candidate for closure pursuant to any environmental protection statute; no lien arising under any environmental protection statute has attached to any revenues or to any real or personal
property owned by Borrower or any Subsidiary; and neither Borrower nor any Subsidiary has received a summons, citation, notice, or directive from the Environmental Protection Agency or any other federal, state or other governmental agency concerning
any action or omission by Borrower or any Subsidiary resulting in the releasing, or otherwise disposing of hazardous waste or hazardous substances into the environment. 
 5.13 Taxes. Borrower and each Subsidiary have filed or caused to be filed all tax returns required to be filed, and have paid, or have made adequate provision for the payment of, all taxes
reflected therein, except where the failure to file, failure to pay or failure to make an adequate provision for payment would not reasonably be expected to have Materially Adverse Effect on the Borrower. 

5.14 Subsidiaries. Borrower does not own any stock, partnership interest or other equity securities of any Person, except as set
forth on the Schedule and Permitted Investments. 
 5.15 Government Consents. Borrower and each Subsidiary have obtained
all material consents, approvals and authorizations of, made all declarations or filings with, and given all notices to, all governmental authorities that are necessary for the continued operation of Borrower’s business as currently conducted.

 5.16 Accounts. As of the Closing Date, none of Borrower’s nor any Subsidiary’s property
is maintained or invested with a Person other than Bank, except as set forth on the Schedule. On and after the thirtieth
(30th) day following the Closing Date, all accounts
set forth on the Schedule will have been closed and none of Borrower’s nor any Subsidiary’s property is maintained or invested with a Person other than Bank. 
 5.17 Shares. Except for the restrictions set forth in the Fisker Automotive Stockholders’ Agreement, Borrower has full power and authority to create a first lien on the Shares and no
disability or contractual obligation exists that would prohibit such Borrower from pledging the Shares pursuant to this Agreement. To Borrowers’ knowledge, there are no subscriptions, warrants, rights of first refusal or other restrictions on
transfer relative to, or options exercisable with respect to the Shares. The Shares have been and will be duly authorized and validly issued, and are fully paid and non-assessable. To Borrowers’ knowledge, the Shares are not the subject of any
present or threatened suit, action, arbitration, administrative or other proceeding, and Borrower knows of no reasonable grounds for the institution of any such proceedings. 
 5.18 Full Disclosure. No representation, warranty or other statement made by Borrower in any certificate or written statement furnished to Bank contains any untrue statement of a material fact or
omits to state a material fact necessary in order to make the statements contained in such certificates or statements not misleading. 

  
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 6. AFFIRMATIVE COVENANTS. 

Borrower shall do all of the following: 
 6.1 Good Standing. Borrower shall maintain its and each of its Subsidiaries’ corporate existence and good standing in its jurisdiction of incorporation and maintain qualification in each
jurisdiction in which it is required under applicable law, except for the Excluded Subsidiary and except for the failure to so qualify would not reasonably be expected to have a Material Adverse Effect. Borrower shall maintain, and shall cause each
of its Subsidiaries to maintain (except for the Excluded Subsidiary), in force all licenses, approvals and agreements, the loss of which could have a Material Adverse Effect. 
 6.2 Government Compliance. Borrower shall meet, and shall cause each Subsidiary to meet, the minimum funding requirements of ERISA with respect to any employee benefit plans subject to ERISA.
Borrower shall comply, and shall cause each Subsidiary to comply, with all statutes, laws, ordinances and government rules and regulations to which it is subject, noncompliance with which could have a Material Adverse Effect. 

6.3 Financial Statements, Reports, Certificates. Borrower shall deliver the following to Bank: (a) as soon as available,
within thirty (30) days after the last day of each month, a Borrowing Base Certificate signed by a Responsible Officer in substantially the form of Exhibit C hereto, together with aged listings of accounts receivable and accounts
payable, and an Inventory listing; (b) as soon as available but in any event within thirty (30) days after the end of the first two calendar months of each calendar quarter, a company prepared consolidated balance sheet, income statement,
and cash flow statement covering Borrower’s consolidated operations during such period, prepared in accordance with GAAP (other than the lack of footnotes and the fact that such company prepared financial statements will be subject to normal
year end adjustments), consistently applied, in a form acceptable to Bank and certified by a Responsible Officer, together with a Compliance Certificate signed by a Responsible Officer in substantially the form of Exhibit D hereto;
(c) as soon as available but in any event within forty five (45) days after the end of the third calendar month of each calendar quarter, a company prepared consolidated balance sheet, income statement, and cash flow statement covering
Borrower’s consolidated operations during such period, prepared in accordance with GAAP (other than the lack of footnotes and the fact that such company prepared financial statements will be subject to normal year end adjustments), consistently
applied, in a form acceptable to Bank and certified by a Responsible Officer, together with a Compliance Certificate signed by a Responsible Officer in substantially the form of Exhibit D hereto; (d) as soon as available, but in any
event within ninety five (95) days after the end of Borrower’s fiscal year (beginning with fiscal year ended December 31, 2012), audited consolidated financial statements of Borrower prepared in accordance with GAAP, consistently
applied, together with an unqualified opinion on such financial statements of the Borrower’s current certified public accounting firm or of an independent certified public accounting firm reasonably acceptable to Bank; (d) as soon as
available but no later than within 30 days of filing, copies of Borrower’s federal tax returns prepared by the Borrower’s current certified public accounting firm or of an independent certified public accounting firm reasonably acceptable
to Bank; (e) as soon as available, but in any event no later than thirty (30) days prior to the beginning of Borrower’s next fiscal year, annual operating projections (including income statements, balance sheets and cash flow
statements presented in a monthly format) for the upcoming fiscal year, in form and substance reasonably satisfactory to Bank; (f) copies of all statements, reports and notices sent or made available generally by Borrower to its security
holders or to any holders of Subordinated Debt and, if applicable, all reports on Forms 10-K and 10-Q filed with the Securities and Exchange Commission, provided, that a statement, report or notice filed by the Borrower with the U.S. Securities
and Exchange Commission EDGAR filing system will be deemed to have been delivered to the Bank for the purposes of this Agreement; (g) promptly upon receipt of notice thereof, a report of any legal actions pending or threatened against Borrower
or any Subsidiary that could reasonably be expected to result in damages or costs to Borrower or any Subsidiary of One Hundred Thousand Dollars ($100,000) or more; and (h) such budgets, sales projections, operating plans or other financial
information as Bank may reasonably request from time to time. 
 6.4 Audits. Bank shall have a right from time to time
hereafter to audit Borrower’s Accounts and appraise Collateral at Borrower’s expense provided, however, that such audits or appraisals shall be conducted only once every six (6) months and in no event will the Borrower be required to
reimburse the Bank in an amount exceeding the Bank’s actual out-of-pocket costs or an audit fee in excess of $1,250 per day unless an Event of Default has occurred that is continuing. 

6.5 Inventory; Returns. Borrower shall keep all Inventory in good and marketable condition, free from all material defects except
for Inventory for which adequate reserves have been made. Returns 

  
 14 

 
and allowances, if any, as between Borrower and its account debtors shall be on the same basis and in accordance with the usual customary practices of Borrower, as they exist at the time of the
execution and delivery of this Agreement. Borrower shall promptly notify Bank of all returns and recoveries and of all disputes and claims, where the return, recovery, dispute or claim involves more than One Hundred Thousand Dollars ($100,000).

 6.6 Taxes. Borrower shall make, and shall cause each Subsidiary to make, due and timely payment or deposit of all
material federal, state, and local taxes, assessments, or contributions required of it by law, and will execute and deliver to Bank, on demand, appropriate certificates attesting to the payment or deposit thereof; and Borrower will make, and will
cause each Subsidiary to make, timely payment or deposit of all material tax payments and withholding taxes required of it by applicable laws, including, but not limited to, those laws concerning F.I.C.A., F.U.T.A., state disability, and local,
state, and federal income taxes, and will, upon request, furnish Bank with proof satisfactory to Bank indicating that Borrower or a Subsidiary has made such payments or deposits; provided that Borrower or a Subsidiary need not make any payment if
the amount or validity of such payment is contested in good faith by appropriate proceedings and is reserved against (to the extent required by GAAP) by Borrower. 
 6.7 Insurance. 
 (a) Borrower, at its expense, shall keep the
Collateral insured against loss or damage by fire, theft, explosion, sprinklers, and all other hazards and risks, and in such amounts, as ordinarily insured against by other owners in similar businesses conducted in the locations where
Borrower’s business is conducted on the date hereof. Borrower shall also maintain insurance relating to Borrower’s business, ownership and use of the Collateral in amounts and of a type that are customary to businesses similar to
Borrower’s. 
 (b) All such policies of insurance shall be in such form, with such companies, and in such amounts
as are reasonably satisfactory to Bank. All such policies of property insurance shall contain a lender’s loss payable endorsement, in a form satisfactory to Bank, showing Bank as an additional loss payee thereof, and all liability insurance
policies shall show the Bank as an additional insured and shall specify that the insurer must give at least twenty (20) days notice to Bank before canceling its policy for any reason. Upon Bank’s request, Borrower shall deliver to Bank
certified copies of such policies of insurance and evidence of the payments of all premiums therefor. All proceeds payable under any such policy shall, at the option of Bank, be payable to Bank to be applied on account of the Obligations.

 6.8 Accounts. On and after the thirtieth (30th) day following the Closing Date, Borrower shall maintain and
shall cause each of its Subsidiaries to maintain its depository, operating, and investment accounts with Bank. Borrower shall utilize Bank and Bank’s international services group for all of its foreign exchange, hedging and letter of credit
needs. 
 6.9 Financial Covenants. 
 (a) Asset Coverage Ratio. Borrower shall maintain at all times a ratio of unrestricted cash and cash equivalents maintained at Bank plus Eligible Accounts to all Obligations owing to Bank (the
“Asset Coverage Ratio”) of at least 1.25 to 1.00, measured on a monthly basis. 
 (b) Performance to Plan.
Each of Borrower’s quarterly revenue and operating loss shall not negatively deviate more than 20% from Borrower’s operating projections for 2012 and beyond, as such projections are approved by Borrower’s Board of Directors,
reasonably acceptable to Bank, and delivered to Bank in accordance with Section 6.3(e). 
 6.10 Intellectual Property
Rights. 
 (a) Borrower shall promptly give Bank written notice of any applications or registrations of intellectual
property rights filed with the United States Patent and Trademark Office, including the date of such filing and the registration or application numbers, if any. Borrower shall (i) give Bank not less than 30 days prior written notice of the
filing of any applications or registrations with the United States Copyright Office, including the title of such intellectual property rights to be registered, as such title will appear on such applications

  
 15 

 
or registrations, and the date such applications or registrations will be filed, and (ii) prior to the filing of any such applications or registrations, shall execute such documents as Bank
may reasonably request for Bank to maintain its perfection in such intellectual property rights to be registered by Borrower, and upon the request of Bank, shall file such documents simultaneously with the filing of any such applications or
registrations. Upon filing any such applications or registrations with the United States Copyright Office, Borrower shall promptly provide Bank with (i) a copy of such applications or registrations, without the exhibits, if any, thereto,
(ii) evidence of the filing of any documents requested by Bank to be filed for Bank to maintain the perfection and priority of its security interest in such intellectual property rights, and (iii) the date of such filing. 

(b) Bank may audit Borrower’s Intellectual Property to confirm compliance with this Section, provided such audit may not
occur more often than once per year, unless an Event of Default has occurred and is continuing. Bank shall have the right, but not the obligation, to take, at Borrower’s sole expense, any actions that Borrower is required under this Section to
take but which Borrower fails to take, after 15 days’ notice to Borrower. Borrower shall reimburse and indemnify Bank for all reasonable costs and reasonable expenses incurred in the reasonable exercise of its rights under this Section.

 6.11 Lockbox and Cash Collateral Account. On or prior to the Closing Date, Borrower shall enter
into a collection services agreement acceptable to Bank along with such other agreements and documents as Bank may reasonably request from time to time (the “Lockbox Agreements”). As soon as possible, but no later than the sixtieth
(60th) day following the Closing Date, all proceeds
of Accounts shall be deposited into a lockbox or dominion account (the “Cash Collateral Account”) with Bank. Bank shall have the exclusive right to receive all Collections on all Accounts. Borrower shall (i) immediately notify,
transfer and deliver to Bank all Collections that Borrower receives, and (ii) deliver to Bank a detailed cash receipts journal on Friday of each week until the lockbox and Cash Collateral Account are operational. Borrower shall use the lockbox
address as the remit to and payment address for all proceeds of Accounts. If Borrower receives any amount despite such instructions, Borrower shall immediately deliver such payment to Bank in the form received, except for an endorsement to the order
of Bank and, pending such delivery, shall hold such payment in trust for Bank. Within three business days of the date received, Bank shall credit all amounts paid into the Cash Collateral Account to Borrower’s operating account maintained at
Bank; provided that upon the occurrence and during the continuance of any Event of Default, Bank may apply all Collections to the Obligations in such order and manner as Bank may determine. Bank may, in its sole discretion, send requests for
verification of Accounts or notify Borrower’s account debtors of the assignment of such Accounts to Bank, and take such other actions as set forth in the Lockbox Agreements. 

6.12 Shares. In the event that Fisker Automotive conducts a Qualified IPO (as defined in the Fisker Automotive Stockholders’
Agreement), then Borrower shall use commercially reasonable efforts to cause the Shares of the capital stock of Fisker Automotive owned or held of record by Borrower to be registered and unrestricted promptly following such Qualified IPO and the
expiration of any applicable lock-up period. 
 6.13 Further Assurances. At any time and from time to time
Borrower shall execute and deliver such further instruments and take such further action as may reasonably be requested by Bank to effect the purposes of this Agreement. 
 7. NEGATIVE COVENANTS. 

Borrower will not do any of the following: 
 7.1 Dispositions. Convey, sell, lease, transfer or otherwise dispose of (collectively, a “Transfer”), or permit any of its Subsidiaries to Transfer, all or any part of its business or
property, other than: (i) Transfers of Inventory in the ordinary course of business; (ii) Transfers of non-exclusive licenses and similar arrangements for the use of the property of Borrower or its Subsidiaries in the ordinary course of
business; (iii) Transfers of worn-out or obsolete Equipment which was not financed by Bank, (iv) Transfer of Equipment no longer used in Borrower’s business with a value of not more than $100,000 in the aggregate during the term of
this Agreement; or (v) Transfers of the assets of Excluded Subsidiary to Borrower. 
 7.2 Change in Business; Change in
Control or Executive Office. Engage in any business, or permit any of its Subsidiaries to engage in any business, other than the businesses currently engaged in by 

  
 16 

 
Borrower and any business substantially similar or related thereto (or incidental thereto); or cease to conduct business in the manner conducted by Borrower as of the Closing Date; or suffer or
permit a Change in Control; or without thirty (30) days prior written notification to Bank, relocate its chief executive office or state of incorporation or change its legal name; or without Bank’s prior written consent, change the date on
which its fiscal year ends. 
 7.3 Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to
merge or consolidate, with or into any other business organization, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person. 

7.4 Indebtedness. Create, incur, assume or be or remain liable with respect to any Indebtedness, or permit any Subsidiary so to
do, other than Permitted Indebtedness. 
 7.5 Encumbrances. Create, incur, assume or suffer to exist any Lien with
respect to any of its property, (including without limitation, its Intellectual Property) or assign or otherwise convey any right to receive income, including the sale of any Accounts, or permit any of its Subsidiaries so to do, except for Permitted
Liens, or agree with any Person other than Bank not to grant a security interest in, or otherwise encumber, any of its property, (including without limitation, its Intellectual Property) or permit any Subsidiary to do so. 

7.6 Distributions. Pay any dividends or make any other distribution or payment on account of or in redemption, retirement or
purchase of any capital stock, or permit any of its Subsidiaries to do so, except that (a) Borrower may (i) make redemptions not to exceed two hundred thousand dollars ($200,000) in the aggregate of certain common stock purchase warrant(s)
as described in the Schedule, or (ii) repurchase the stock of former employees pursuant to stock repurchase agreements as long as an Event of Default does not exist prior to such repurchase or would not exist after giving effect to such
repurchase and (b) a Subsidiary may pay a dividend or make a distribution to Borrower or another Subsidiary of Borrower. 

7.7 Investments. Directly or indirectly acquire or own, or make any Investment in or to any Person, or permit any of its
Subsidiaries so to do, other than Permitted Investments; or maintain or invest any of its property with a Person other than Bank (other than as permitted under Section 6.8) or permit any of its Subsidiaries to do so unless such Person has
entered into an account control agreement with Bank in form and substance satisfactory to Bank; or suffer or permit any Subsidiary to be a party to, or be bound by, an agreement that restricts such Subsidiary from paying dividends or otherwise
distributing property to Borrower. 
 7.8 Transactions with Affiliates. Directly or indirectly enter into or permit to
exist any material transaction with any Affiliate of Borrower except for transactions that are in the ordinary course of Borrower’s business, upon fair and reasonable terms that are no less favorable to Borrower than would be obtained in an
arm’s length transaction with a non-affiliated Person. 
 7.9 Subordinated Debt. Make any payment in respect of any
Subordinated Debt, or permit any of its Subsidiaries to make any such payment, except in compliance with the terms of such Subordinated Debt, or amend any provision contained in any documentation relating to the Subordinated Debt without Bank’s
prior written consent. 
 7.10 Inventory and Equipment. Store the Inventory or the Equipment with a bailee, warehouseman,
or other third party unless the third party has been notified of Bank’s security interest and Bank (a) has received an acknowledgment from the third party that it is holding or will hold the Inventory or Equipment for Bank’s benefit
or (b) is in pledge possession of the warehouse receipt, where negotiable, covering such Inventory or Equipment. Store or maintain any Equipment or Inventory at a location other than the location set forth in Section 10 of this Agreement.

 7.11 Compliance. Become an “investment company” or be controlled by an “investment company,”
within the meaning of the Investment Company Act of 1940, or become principally engaged in, or undertake as one of its important activities, the business of extending credit for the purpose of purchasing or carrying margin stock, or use the proceeds
of any Credit Extension for such purpose. Fail to meet the minimum funding requirements of ERISA, permit a Reportable Event or Prohibited Transaction, as defined in ERISA, to occur, fail to comply with the Federal Fair Labor Standards Act or violate
any law or regulation, which violation could have a Material Adverse Effect, or a material adverse effect on the Collateral or the priority of Bank’s Lien on the Collateral, or permit any of its Subsidiaries to do any of the foregoing.

  
 17 

 8. EVENTS OF
DEFAULT. 
 Any one or more of the following events shall constitute an Event of Default by
Borrower under this Agreement: 
 8.1 Payment Default. If Borrower fails to pay, when due, any of the Obligations;

 8.2 Covenant Default. 
 (a) If Borrower fails to perform any obligation under Article 6 or violates any of the covenants contained in Article 7 of this Agreement; or 

(b) If Borrower fails or neglects to perform or observe any other material term, provision, condition, covenant contained in this
Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Bank and as to any default under such other term, provision, condition or covenant that can be cured, has failed to cure such default within
ten days after Borrower receives notice thereof or any officer of Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten day period or cannot after diligent attempts by Borrower be cured
within such ten day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed 30 days) to attempt to cure such default, and within such
reasonable time period the failure to have cured such default shall not be deemed an Event of Default but no Credit Extensions will be made. 
 8.3 Material Adverse Effect. If there occurs any circumstance or circumstances that could reasonably be expected to have a Material Adverse Effect; 

8.4 Attachment. If any portion of Borrower’s assets is attached, seized, subjected to a writ or distress warrant, or is
levied upon, or comes into the possession of any trustee, receiver or person acting in a similar capacity and such attachment, seizure, writ or distress warrant or levy has not been removed, discharged or rescinded within ten (10) days, or if
Borrower is enjoined, restrained, or in any way prevented by court order from continuing to conduct all or any material part of its business affairs, or if a judgment or other claim becomes a lien or encumbrance upon any material portion of
Borrower’s assets, or if a notice of lien, levy, or assessment is filed of record with respect to any of Borrower’s assets by the United States Government, or any department, agency, or instrumentality thereof, or by any state, county,
municipal, or governmental agency, and the same is not paid within ten (10) days after Borrower receives notice thereof, provided that none of the foregoing shall constitute an Event of Default where such action or event is stayed or an
adequate bond has been posted pending a good faith contest by Borrower (provided that no Credit Extensions will be required to be made during such cure period); 
 8.5 Insolvency. If Borrower becomes insolvent, or if an Insolvency Proceeding is commenced by Borrower, or if an Insolvency Proceeding is commenced against Borrower and is not dismissed or stayed
within thirty (30) days (provided that no Credit Extensions will be made prior to the dismissal of such Insolvency Proceeding); 
 8.6 Other Agreements. If there is a default or other failure to perform in any agreement to which Borrower is a party or by which it is bound resulting in a right by a third party or parties,
whether or not exercised, to accelerate the maturity of any Indebtedness in an amount in excess of One Hundred Thousand Dollars ($100,000) or which could have a Material Adverse Effect; 

8.7 Judgments. If a judgment or judgments for the payment of money in an amount, individually or in the aggregate, of at least One
Hundred Thousand Dollars ($100,000) shall be rendered against Borrower and shall remain unsatisfied and unstayed for a period of ten (10) days (provided that no Credit Extensions will be made prior to the satisfaction or stay of such judgment);
or 

  
 18 

 8.8 Misrepresentations. If any material misrepresentation or material misstatement
exists now or hereafter in any warranty or representation set forth herein or in any certificate delivered to Bank by any Responsible Officer pursuant to this Agreement or to induce Bank to enter into this Agreement or any other Loan Document.

 9. BANK’S RIGHTS AND
REMEDIES. 
 9.1 Rights and Remedies. Upon the occurrence and during the continuance of
an Event of Default, Bank may, at its election, without notice of its election and without demand, do any one or more of the following, all of which are authorized by Borrower: 

(a) Declare all Obligations, whether evidenced by this Agreement, by any of the other Loan Documents, or otherwise, immediately
due and payable (provided that upon the occurrence of an Event of Default described in Section 8.5, all Obligations shall become immediately due and payable without any action by Bank); 

(b) Cease advancing money or extending credit to or for the benefit of Borrower under this Agreement or under any other agreement
between Borrower and Bank; 
 (c) Settle or adjust disputes and claims directly with account debtors for amounts, upon
terms and in whatever order that Bank reasonably considers advisable; 
 (d) Make such payments and do such acts as Bank
considers necessary or reasonable to protect its security interest in the Collateral. Borrower agrees to assemble the Collateral if Bank so requires, and to make the Collateral available to Bank as Bank may designate. Borrower authorizes Bank to
enter the premises where the Collateral is located, to take and maintain possession of the Collateral, or any part of it, and to pay, purchase, contest, or compromise any encumbrance, charge, or lien which in Bank’s determination appears to be
prior or superior to its security interest and to pay all expenses incurred in connection therewith. With respect to any of Borrower’s owned premises, Borrower hereby grants Bank a license to enter into possession of such premises and to occupy
the same, without charge, in order to exercise any of Bank’s rights or remedies provided herein, at law, in equity, or otherwise; 
 (e) Set off and apply to the Obligations any and all (i) balances and deposits of Borrower held by Bank, or (ii) indebtedness at any time owing to or for the credit or the account of
Borrower held by Bank; 
 (f) Ship, reclaim, recover, store, finish, maintain, repair, prepare for sale, advertise for
sale, and sell (in the manner provided for herein) the Collateral. Bank is hereby granted a license or other right, solely pursuant to the provisions of this Section 9.1, to use, without charge, Borrower’s labels, patents, copyrights,
rights of use of any name, trade secrets, trade names, trademarks, service marks, and advertising matter, or any property of a similar nature, as it pertains to the Collateral, in completing production of, advertising for sale, and selling any
Collateral and, in connection with Bank’s exercise of its rights under this Section 9.1, Borrower’s rights under all licenses and all franchise agreements shall inure to Bank’s benefit; 

(g) Dispose of the Collateral by way of one or more contracts or transactions, for cash or on terms, in such manner and at such
places (including Borrower’s premises) as Bank determines is commercially reasonable, and apply any proceeds to the Obligations in whatever manner or order Bank deems appropriate; 

(h) Bank may credit bid and purchase at any public sale; and 

(i) Any deficiency that exists after disposition of the Collateral as provided above will be paid immediately by Borrower.

 9.2 Power of Attorney. Effective only upon the occurrence and during the continuance of an Event of Default, Borrower
hereby irrevocably appoints Bank (and any of Bank’s designated officers, or 

  
 19 

 
employees) as Borrower’s true and lawful attorney to: (a) send requests for verification of Accounts or notify account debtors of Bank’s security interest in the Accounts;
(b) endorse Borrower’s name on any checks or other forms of payment or security that may come into Bank’s possession; (c) sign Borrower’s name on any invoice or bill of lading relating to any Account, drafts against account
debtors, schedules and assignments of Accounts, verifications of Accounts, and notices to account debtors; (d) dispose of any Collateral; (e) make, settle, and adjust all claims under and decisions with respect to Borrower’s policies
of insurance; (f) settle and adjust disputes and claims respecting the accounts directly with account debtors, for amounts and upon terms which Bank determines to be reasonable; and (g) to file, in its sole discretion, one or more
financing or continuation statements and amendments thereto, relative to any of the Collateral. The appointment of Bank as Borrower’s attorney in fact, and each and every one of Bank’s rights and powers, being coupled with an interest, is
irrevocable until all of the Obligations have been fully repaid and performed and Bank’s obligation to provide Credit Extensions hereunder is terminated. 
 9.3 Accounts Collection. At any time after the occurrence and during the continuation of an Event of Default, Bank may notify any Person owing funds to Borrower of Bank’s security interest in
such funds and verify the amount of such Account. Borrower shall collect all amounts owing to Borrower for Bank, receive in trust all payments as Bank’s trustee, and immediately deliver such payments to Bank in their original form as received
from the account debtor, with proper endorsements for deposit. 
 9.4 Bank Expenses. If Borrower fails to pay any amounts
or furnish any required proof of payment due to third persons or entities, as required under the terms of this Agreement, then Bank may do any or all of the following after reasonable notice to Borrower: (a) make payment of the same or any part
thereof; (b) set up such reserves under a loan facility in Section 2.1 as Bank deems necessary to protect Bank from the exposure created by such failure; or (c) obtain and maintain insurance policies of the type discussed in
Section 6.7 of this Agreement, and take any action with respect to such policies as Bank deems prudent. Any amounts so paid or deposited by Bank shall constitute Bank Expenses, shall be immediately due and payable, and shall bear interest at
the then applicable rate hereinabove provided, and shall be secured by the Collateral. Any payments made by Bank shall not constitute an agreement by Bank to make similar payments in the future or a waiver by Bank of any Event of Default under this
Agreement. 
 9.5 Bank’s Liability for Collateral. So long as Bank complies with reasonable banking practices, Bank
shall not in any way or manner be liable or responsible for: (a) the safekeeping of the Collateral; (b) any loss or damage thereto occurring or arising in any manner or fashion from any cause; (c) any diminution in the value thereof;
or (d) any act or default of any carrier, warehouseman, bailee, forwarding agency, or other person whomsoever. All risk of loss, damage or destruction of the Collateral shall be borne by Borrower. 

9.6 Shares. Borrowers recognize that Bank may be unable to effect a public sale of any or all the Shares, by reason of certain
prohibitions contained in federal securities laws and applicable state securities laws or otherwise, and may be compelled to resort to one or more private sales thereof to a restricted group of purchasers which will be obliged to agree, among other
things, to acquire such securities for their own account for investment and not with a view to the distribution or resale thereof. Borrowers acknowledge and agree that any such private sale may result in prices and other terms less favorable than if
such sale were a public sale and, notwithstanding such circumstances, agrees that any such private sale shall be deemed to have been made in a commercially reasonable manner. Bank shall be under no obligation to delay a sale of any of the Shares for
the period of time necessary to permit the issuer thereof to register such securities for public sale under federal securities laws or under applicable state securities laws, even if such issuer would agree to do so. Upon the occurrence of an Event
of Default which continues, Bank shall have the right to exercise all such rights as a secured party under the California Uniform Commercial Code as it, in its sole judgment, shall deem necessary or appropriate, including without limitation the
right to liquidate the Shares and apply the proceeds thereof to reduce the Obligations. Effective only upon the occurrence and during the continuance of an Event of Default, each Borrower hereby irrevocably appoints Bank (and any of Bank’s
designated officers, or employees) as such Borrower’s true and lawful attorney to enforce such Borrower’s rights against any Subsidiary, including the right to compel any Subsidiary to make payments or distributions owing to such Borrower.

 9.7 Remedies Cumulative. Bank’s rights and remedies under this Agreement, the Loan Documents, and all other
agreements shall be cumulative. Bank shall have all other rights and remedies not 

  
 20 

 
inconsistent herewith as provided under the Code, by law, or in equity. No exercise by Bank of one right or remedy shall be deemed an election, and no waiver by Bank of any Event of Default on
Borrower’s part shall be deemed a continuing waiver. No delay by Bank shall constitute a waiver, election, or acquiescence by it. No waiver by Bank shall be effective unless made in a written document signed on behalf of Bank and then shall be
effective only in the specific instance and for the specific purpose for which it was given. 
 9.8 Demand; Protest.
Borrower waives demand, protest, notice of protest, notice of default or dishonor, notice of payment and nonpayment, notice of any default, nonpayment at maturity, release, compromise, settlement, extension, or renewal of accounts, documents,
instruments, chattel paper, and guarantees at any time held by Bank on which Borrower may in any way be liable. 
 10.
NOTICES. 
 Unless otherwise provided in this Agreement, all notices or demands by any
party relating to this Agreement or any other agreement entered into in connection herewith shall be in writing and (except for financial statements and other informational documents which may be sent by first-class mail, postage prepaid) shall be
personally delivered or sent by a recognized overnight delivery service, certified mail, postage prepaid, return receipt requested, or by telefacsimile to Borrower or to Bank, as the case may be, at its addresses set forth below: 

 

			
	If to Borrower:	  	Quantum Fuel Systems Technologies Worldwide, Inc.
		  	17872 Cartwright Road
		  	Irvine, CA 92614
		  	Attn: William B. Olson, Chief Financial Officer
		  	FAX: (949) 399-4600
		
	If to Bank:	  	Bridge Bank, National Association
		  	55 Almaden Blvd.
		  	San Jose, CA 95113
		  	Attn: Kevin McBride and Note Department
		  	FAX: (408) 282-1681

 The parties hereto may change the address at which they are to receive notices hereunder, by notice in
writing in the foregoing manner given to the other. 
 11. CHOICE OF LAW AND VENUE; JURY TRIAL WAIVER. 

This Agreement shall be governed by, and construed in accordance with, the internal laws of the State of California, without regard to
principles of conflicts of law. Each of Borrower and Bank hereby submits to the exclusive jurisdiction of the state and Federal courts located in the County of Santa Clara, State of California. BORROWER AND BANK EACH HEREBY WAIVE THEIR RESPECTIVE
RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF ANY OF THE LOAN DOCUMENTS OR ANY OF THE TRANSACTIONS CONTEMPLATED THEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR
STATUTORY CLAIMS. EACH PARTY RECOGNIZES AND AGREES THAT THE FOREGOING WAIVER CONSTITUTES A MATERIAL INDUCEMENT FOR IT TO ENTER INTO THIS AGREEMENT. EACH PARTY REPRESENTS AND WARRANTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND THAT
IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. 
 12. JUDICIAL
REFERENCE PROVISION. 
 12.1 In the event the jury trial waiver set forth above is not enforceable, the parties elect
to proceed under this Judicial Reference Provision. 
 12.2 With the exception of the items specified in
Section 12.3, below, any controversy, dispute or claim (each, a “Claim”) between the parties arising out of or relating to this Agreement or any other Loan Document, will

  
 21 

 
be resolved by a reference proceeding in California in accordance with the provisions of Sections 638 et seq. of the California Code of Civil Procedure (“CCP”), or their
successor sections, which shall constitute the exclusive remedy for the resolution of any Claim, including whether the Claim is subject to the reference proceeding. Except as otherwise provided in the Loan Documents, venue for the reference
proceeding will be in the state or federal court in the county or district where the real property involved in the action, if any, is located or in the state or federal court in the county or district where venue is otherwise appropriate under
applicable law (the “Court”). 
 12.3 The matters that shall not be subject to a reference are
the following: (i) nonjudicial foreclosure of any security interests in real or personal property, (ii) exercise of self-help remedies (including, without limitation, set-off), (iii) appointment of a receiver and (iv) temporary,
provisional or ancillary remedies (including, without limitation, writs of attachment, writs of possession, temporary restraining orders or preliminary injunctions). This reference provision does not limit the right of any party to exercise or
oppose any of the rights and remedies described in clauses (i) and (ii) or to seek or oppose from a court of competent jurisdiction any of the items described in clauses (iii) and (iv). The exercise of, or opposition to, any of those
items does not waive the right of any party to a reference pursuant to this reference provision as provided herein. 
 12.4
The referee shall be a retired judge or justice selected by mutual written agreement of the parties. If the parties do not agree within ten (10) days of a written request to do so by any party, then, upon request of any party, the referee
shall be selected by the Presiding Judge of the Court (or his or her representative). A request for appointment of a referee may be heard on an ex parte or expedited basis, and the parties agree that irreparable harm would result if ex parte relief
is not granted. Pursuant to CCP § 170.6, each party shall have one peremptory challenge to the referee selected by the Presiding Judge of the Court (or his or her representative). 

12.5 The parties agree that time is of the essence in conducting the reference proceedings. Accordingly, the referee shall be
requested, subject to change in the time periods specified herein for good cause shown, to (i) set the matter for a status and trial-setting conference within fifteen (15) days after the date of selection of the referee, (ii) if
practicable, try all issues of law or fact within one hundred twenty (120) days after the date of the conference and (iii) report a statement of decision within twenty (20) days after the matter has been submitted for decision.

 12.6 The referee will have power to expand or limit the amount and duration of discovery. The referee may set or
extend discovery deadlines or cutoffs for good cause, including a party’s failure to provide requested discovery for any reason whatsoever. Unless otherwise ordered based upon good cause shown, no party shall be entitled to “priority”
in conducting discovery, depositions may be taken by either party upon seven (7) days written notice, and all other discovery shall be responded to within fifteen (15) days after service. All disputes relating to discovery which cannot be
resolved by the parties shall be submitted to the referee whose decision shall be final and binding. 
 12.7 Except as
expressly set forth herein, the referee shall determine the manner in which the reference proceeding is conducted including the time and place of hearings, the order of presentation of evidence, and all other questions that arise with respect to the
course of the reference proceeding. All proceedings and hearings conducted before the referee, except for trial, shall be conducted without a court reporter, except that when any party so requests, a court reporter will be used at any hearing
conducted before the referee, and the referee will be provided a courtesy copy of the transcript. The party making such a request shall have the obligation to arrange for and pay the court reporter. Subject to the referee’s power to award costs
to the prevailing party, the parties will equally share the cost of the referee and the court reporter at trial. 
 12.8
The referee shall be required to determine all issues in accordance with existing case law and the statutory laws of the State of California. The rules of evidence applicable to proceedings at law in the State of California will be applicable to
the reference proceeding. The referee shall be empowered to enter equitable as well as legal relief, enter equitable orders that will be binding on the parties and rule on any motion which would be authorized in a court proceeding, including without
limitation motions for summary judgment or summary adjudication. The referee shall issue a decision at the close of the reference proceeding which disposes of all claims of the parties that are the subject of the reference. Pursuant to CCP §
644, such decision shall be entered by the Court as a judgment or an order in the same manner as if the action had been tried by the Court and any such decision will be final, binding and conclusive. The parties reserve the right to appeal from the
final judgment or order or from any appealable decision or order entered by the referee. The parties reserve the right to findings of fact, conclusions of laws, a written statement of decision, and the right to move for a new trial or a different
judgment, which new trial, if granted, is also to be a reference proceeding under this provision. 

  
 22 

 12.9 If the enabling legislation which provides for appointment of a referee is
repealed (and no successor statute is enacted), any dispute between the parties that would otherwise be determined by reference procedure will be resolved and determined by arbitration. The arbitration will be conducted by a retired judge or
justice, in accordance with the California Arbitration Act §1280 through §1294.2 of the CCP as amended from time to time. The limitations with respect to discovery set forth above shall apply to any such arbitration proceeding. 

12.10 THE PARTIES RECOGNIZE AND AGREE THAT ALL CONTROVERSIES, DISPUTES AND CLAIMS RESOLVED UNDER THIS REFERENCE PROVISION WILL BE
DECIDED BY A REFEREE AND NOT BY A JURY. AFTER CONSULTING (OR HAVING HAD THE OPPORTUNITY TO CONSULT) WITH COUNSEL OF ITS, HIS OR HER OWN CHOICE, EACH PARTY KNOWINGLY AND VOLUNTARILY, AND FOR THE MUTUAL BENEFIT OF ALL PARTIES, AGREES THAT THIS
REFERENCE PROVISION WILL APPLY TO ANY CONTROVERSY, DISPUTE OR CLAIM BETWEEN OR AMONG THEM ARISING OUT OF OR IN ANY WAY RELATED TO, THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS. 
 13. GENERAL PROVISIONS. 

13.1 Successors and Assigns. This Agreement shall bind and inure to the benefit of the respective successors and permitted assigns
of each of the parties; provided, however, that neither this Agreement nor any rights hereunder may be assigned by Borrower without Bank’s prior written consent, which consent may be granted or withheld in Bank’s sole discretion. Bank
shall have the right without the consent of or notice to Borrower to sell, transfer, negotiate, or grant participation in all or any part of, or any interest in, Bank’s obligations, rights and benefits hereunder. 

13.2 Indemnification. Borrower shall defend, indemnify and hold harmless Bank and its officers, employees, and agents against:
(a) all obligations, demands, claims, and liabilities claimed or asserted by any other party in connection with the transactions contemplated by this Agreement; and (b) all losses or Bank Expenses in any way suffered, incurred, or paid by
Bank as a result of or in any way arising out of, following, or consequential to transactions between Bank and Borrower whether under this Agreement, or otherwise (including without limitation reasonable attorneys’ fees and expenses), except
for losses caused by Bank’s gross negligence or willful misconduct. 
 13.3 Time of Essence. Time is of the essence
for the performance of all obligations set forth in this Agreement. 
 13.4 Severability of Provisions. Each provision of
this Agreement shall be severable from every other provision of this Agreement for the purpose of determining the legal enforceability of any specific provision. 
 13.5 Amendments in Writing, Integration. Neither this Agreement nor the Loan Documents can be amended or terminated orally. All prior agreements, understandings, representations, warranties, and
negotiations between the parties hereto with respect to the subject matter of this Agreement and the Loan Documents, if any, are merged into this Agreement and the Loan Documents. 

13.6 Counterparts. This Agreement may be executed in any number of counterparts and by different parties on separate counterparts,
each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one and the same Agreement. 
 13.7 Survival. All covenants, representations and warranties made in this Agreement shall continue in full force and effect so long as any Obligations remain outstanding or Bank has any obligation
to make Credit Extensions to Borrower. The obligations of Borrower to indemnify Bank with respect to the expenses, damages, losses, costs and liabilities described in Section 13.2 shall survive until all applicable statute of limitations
periods with respect to actions that may be brought against Bank have run. 
 13.8 Confidentiality. In handling any
confidential information Bank and all employees and agents of Bank, including but not limited to accountants, shall exercise the same degree of care that it exercises with respect to 

  
 23 

 
its own proprietary information of the same types to maintain the confidentiality of any non-public information thereby received or received pursuant to this Agreement except that disclosure of
such information may be made (i) to the subsidiaries or affiliates of Bank in connection with their present or prospective business relations with Borrower, (ii) to prospective transferees or purchasers of any interest in the Credit
Extensions, provided that they have entered into a comparable confidentiality agreement in favor of Borrower and have delivered a copy to Borrower, (iii) as required by law, regulations, rule or order, subpoena, judicial order or similar order,
(iv) as may be required in connection with the examination, audit or similar investigation of Bank and (v) as Bank may determine in connection with the enforcement of any remedies hereunder. Confidential information hereunder shall not
include information that either: (a) is in the public domain or in the knowledge or possession of Bank when disclosed to Bank, or becomes part of the public domain after disclosure to Bank through no fault of Bank; or (b) is disclosed to
Bank by a third party, provided Bank does not have actual knowledge that such third party is prohibited from disclosing such information. 
 13.9 Patriot Act. To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information
that identifies each person who opens an account. WHAT THIS MEANS FOR YOU: when you open an account, we will ask your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s
license or other identifying documents. 
 [REMAINDER OF THIS PAGE
INTENTIONALLY LEFT BLANK] 

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

			
	BORROWER:
	
	QUANTUM FUEL SYSTEMS TECHNOLOGIES WORLDWIDE, INC.
		
	By:	 	 /s/ W. Brian Olson

		
	Title:	 	 Chief Financial Officer

	
	BANK:
	
	BRIDGE BANK, NATIONAL ASSOCIATION
		
	By: 	 	 /s/ Kevin McBride

		
	Title:	 	 Vice President

 EXHIBIT A 

 

			
	DEBTOR:	  	QUANTUM FUEL SYSTEMS TECHNOLOGIES WORLDWIDE, INC.
		
	SECURED PARTY:	  	BRIDGE BANK, NATIONAL ASSOCIATION

 COLLATERAL DESCRIPTION ATTACHMENT 

TO LOAN AND SECURITY AGREEMENT 
 All personal property of Borrower (herein referred to as “Borrower” or “Debtor”) whether presently existing or hereafter created or acquired, and wherever located, including, but not
limited to: 
 (a) all accounts (including health-care-insurance receivables), chattel paper (including tangible and electronic
chattel paper), commercial tort claims, deposit accounts, documents (including negotiable documents), equipment (including all accessions and additions thereto), general intangibles (including payment intangibles and software), goods (including
fixtures), instruments (including promissory notes), inventory (including all goods held for sale or lease or to be furnished under a contract of service, and including returns and repossessions), investment property, securities and securities
entitlements (including without limitation, the shares of Fisker Automotive Holdings, Inc. owned by Borrower), letter of credit rights, money, and all of Debtor’s books and records with respect to any of the foregoing, and the computers and
equipment containing said books and records; 
 (b) any and all cash proceeds and/or noncash proceeds of any of the foregoing,
including, without limitation, insurance proceeds, and all supporting obligations and the security therefor or for any right to payment. All terms above have the meanings given to them in the California Uniform Commercial Code, as amended or
supplemented from time to time. 
 Notwithstanding the foregoing, the Collateral shall not include any copyrights, patents,
trademarks, servicemarks and applications therefor, now owned or hereafter acquired, or any claims for damages by way of any past, present and future infringement of any of the foregoing (collectively, the “Intellectual Property”);
provided, however, that the Collateral shall include all accounts and general intangibles that consist of rights to payment and proceeds from the sale, licensing or disposition of all or any part, or rights in, the foregoing (the “Rights to
Payment”). Notwithstanding the foregoing, if a judicial authority (including a U.S. Bankruptcy Court) holds that a security interest in the underlying Intellectual Property is necessary to have a security interest in the Rights to Payment, then
the Collateral shall automatically, and effective as of the Closing Date, include the Intellectual Property to the extent necessary to permit perfection of Bank’s security interest in the Rights to Payment. 

 EXHIBIT B 
 REVOLVING ADVANCE REQUEST 

  
 2 

 EXHIBIT C 
 BORROWING BASE CERTIFICATE 

 Exhibit D 
 COMPLIANCE CERTIFICATE 

  
 2Letter Agreement dated May 8, 2012

 Exhibit 10.4 
 [AEI Letterhead] 
 Dated as of May 8, 2012 

Quantum Fuel Systems Technologies Worldwide, Inc. 
 17872 Cartwright Road 
 Irvine, California 92614 

Attention: W. Brian Olson, Chief Financial Officer 
 Gentlemen: 
 This letter (this “Letter Agreement”) sets forth our prior
understanding related to investment banking services rendered by Advanced Equities to Quantum Technologies, Inc. (the “Company”) in connection with a $10.0 million senior secured revolving line of credit financing transaction between the
Company and Bridge Bank, National Association that was completed on May 7, 2012 (the “Bridge Bank Line of Credit”). 
 In connection with the Bridge Bank Line of Credit, the Company agrees to pay Advanced Equities the following: (i) a seven-year common stock purchase warrant entitling Advanced Equities to purchase up
to 200,000 shares of the Company’s common stock at an exercise price of $0.90 per share and (ii) a cash fee not to exceed $800,000, payable as follows: (a) $150,000, due and payable on or before May 11, 2012, and (b) an
amount equal to 8% of each “Incremental Drawdown Amount” (defined below), due and payable within five days following the Company’s receipt of the Incremental Drawdown Amount from Bridge Bank. The term Incremental Drawdown Amount means
with respect to each Advance (as defined in the Bridge Bank Loan and Security Agreement) an amount equal to (x) the aggregate amount of all Advances received by the Company under the Bridge Bank Line of Credit in excess of $1,875,000, minus
(y) the sum of (i) the aggregate amount of all prior Advances received by the Company for which the 8% fee has been paid and (ii) the aggregate amount of principal payments made by the Company under the Bridge Bank Line of Credit. It
is acknowledged and agreed that the $150,000 fee in (a) above represents 8% of the first $1,875,000 of Advances. In addition, the Company agrees to reimburse Advance Equities for $17,650 of out-of-pocket expenses (including the fees and
expenses of legal counsel). 
 The Company and Advanced Equities have entered into a separate letter agreement dated the date
hereof and attached hereto as Annex A, which provides, among other things, for the indemnification of Advanced Equities and specified other parties by the Company in connection with the engagement. The indemnification letter agreement is an
integral part of this Letter Agreement and the terms thereof are incorporated by reference into this Letter Agreement in their entirety and shall survive the completion of the engagement. 

The Company acknowledges that Advanced Equities was retained solely to provide investment banking services for the Company, and not in
any other capacity or as an advisor to or agent of any other person, and that the Company’s engagement of Advanced Equities was as an independent contractor and not in any fiduciary or other capacity. Neither this Letter Agreement, the
engagement of Advanced Equities, nor the delivery of any advice in connection with the engagement, confers rights upon any persons not a party hereto (including security holders, employees and creditors of the Company) as against Advanced Equities
or its affiliates or their respective directors, officers, agents and employees. 

 This Letter Agreement and all aspects of the engagement shall be governed by the laws of the
State of Delaware, without regard to conflicts of law principles thereof, and will be binding upon and inure to the benefit of the Company and Advanced Equities and their respective successors and assigns. The Company and Advanced Equities agree to
waive trial by jury in any action, proceeding or counterclaim brought by or on behalf of either party with respect to any matter whatsoever relating to or arising out of any actual or proposed Transaction or the engagement of or performance by
Advanced Equities hereunder. The Company also hereby submits to the exclusive jurisdiction of the courts of the State of Delaware or in the United States District Court in the District of Delaware, and each of the parties hereto submits to the
jurisdiction of such courts in any proceeding arising out of or relating to this Agreement, agrees not to commence any suit, action or proceeding relating thereto except in such courts, and waives, to the fullest extent permitted by law, the right
to move to dismiss or transfer any action brought in such court on the basis of any objection to personal jurisdiction, venue or inconvenient forum. 
 We are delighted to have had the opportunity to act as your agent in connection with the Bridge Bank Line of Credit. Please confirm that the foregoing is in accordance with your understanding by signing
and returning to us the enclosed duplicate of this Letter Agreement. 
 Very truly yours, 

ADVANCED EQUITIES SECURITIES LLC 
  

			
		
	By:	 	

		 	 Shannon Soqui
 Head of
Investment Banking – West Coast

 Accepted and agreed to as of the date set forth above: 
 Quantum Fuel Systems Technologies Worldwide, Inc. 
  

			
		
	By:	 	/s/ W. Brian Olson
		 	 W. Brian Olson
 Chief
Financial Officer

 ANNEX A – INDEMNIFICATION AGREEMENT 

Dated as of May 8, 2012 
 Quantum Fuel
Systems Technologies Worldwide, Inc. 
 17872 Cartwright Road 
 Irvine, California 92614 
 Attention: W. Brian Olson, Chief Financial Officer 

Gentlemen: 
 In connection with your request
that we assist you, Quantum Fuel Systems Technologies Worldwide, Inc., with the matters you have identified to us, you and we are entering into this indemnification letter agreement (“Indemnification Agreement”). It is understood and
agreed that in the event that Advanced Equities, Inc. (“Advanced Equities”) or any of our officers, directors, employees, agents, affiliates, partners or controlling persons (Advanced Equities and each of the foregoing being an
“Indemnified Person”), become involved in any capacity in any action, claim, suit, proceeding or investigation (collectively referred to herein as a “Dispute”) brought or threatened by or against any person, including your
stockholders, related to, arising out of or in connection with our engagement or any matter referred to in our engagement, you will promptly reimburse, upon demand, each such Indemnified Person for its legal and other expenses, including without
limitation the cost of any investigation, preparation for or response, as and when they are incurred in connection therewith, except to the extent that any such Disputes are found by a court of competent jurisdiction in a judgment which has become
final in that it is no longer subject to appeal or review to have resulted solely from such Indemnified Person’s gross negligence, willful misconduct or fraud. You will indemnify and hold harmless each Indemnified Person from and against, and
you agree that no Indemnified Person shall have any liability, whether direct or indirect, in contract or tort or otherwise, to you, your affiliates, security holders or creditors, for any losses, claims, damages, liabilities or expense
(collectively, “Losses”) to which any Indemnified Person may become subject under any applicable federal or state law, or otherwise, related to, arising out of or in connection with our engagement, whether or not any Dispute giving rise to
such Losses is initiated or brought by you or on your behalf and whether or not in connection with any Dispute in which you or such Indemnified Persons are a party, except to the extent that any such Losses are found by a court of competent
jurisdiction in a judgment which has become final in that it is no longer subject to appeal or review to have resulted solely from such Indemnified Person’s gross negligence, willful misconduct or fraud. In no event shall any Indemnified Person
be responsible for any special, indirect or consequential damages. If multiple claims are brought against us in an arbitration related to, arising out of or in connection with our engagement, with respect to at least one of which such claims
indemnification is permitted under applicable law, you agree that any arbitration award shall be conclusively deemed to be based on claims as to which indemnification is permitted and provided for hereunder, except to the extent the arbitration
award expressly states that the award, or any portion thereof, is based solely on a claim as to which indemnification is not available. 
 If
for any reason the foregoing indemnification is held unenforceable or is insufficient to hold an Indemnified Person harmless, then you shall contribute to the Losses for which such indemnification is held unenforceable or is insufficient in such
proportion as is appropriate to reflect the relative benefits received, or that would be received if a Transaction were consummated, by you and your security holders on the one hand and the party entitled to contribution on the other hand in the
matters contemplated by our engagement as well as the relative fault of yourselves 

 
and such party with respect to such Losses and any other relevant equitable considerations. You agree that for the purposes hereof the relative benefits received, or that would be received if a
Transaction were consummated, by you and your security holders and ourselves shall be deemed to be in the same proportion as (i) the total value paid or proposed to be paid or received by you or your security holders, as the case may be,
pursuant to the transaction (whether or not consummated) for which we have been engaged to perform services bears to (ii) the fees actually received by us in connection with such engagement; provided, however, that, to the extent permitted by
applicable law, in no event shall we or any other Indemnified Person be required to contribute an aggregate amount in excess of the aggregate fees actually paid to us for such services. Your reimbursement, indemnity and contribution obligations
under this Indemnification Agreement shall be in addition to any liability which you may otherwise have, shall not be limited by any rights we or any other Indemnified Person may otherwise have and shall be binding upon and inure to the benefit of
any successors, assigns, heirs and personal representatives of yourselves, ourselves, and any other Indemnified Persons. 
 You agree that,
without our prior written consent, you will not settle, compromise or consent to the entry of any judgment in or otherwise seek to terminate any Dispute in respect of which indemnification or contribution could be sought hereunder (whether or not we
or any other Indemnified Persons are an actual or potential party to such claim, action or proceeding or investigation), unless such settlement, compromise or consent includes an unconditional release of each Indemnified Person from all liability
arising out of such Dispute. You will not permit any such settlement, compromise, consent or termination to include a statement as to, or an admission of, fault, culpability or a failure to act by or on behalf of an Indemnified Person, without such
Indemnified Person’s prior written consent. Except as otherwise provided in the immediately succeeding sentence, you further agree that the Indemnified Persons are entitled to retain separate counsel of their choice in connection with any of
the matters in respect of which indemnification, reimbursement or contribution may be sought under this Indemnification Agreement. You will have the right, at your option, to assume the defense of any litigation or proceeding in respect of which
indemnity may be sought hereunder, provided that you employ counsel satisfactory to us, notify us of such employment and assume the payment of all fees and expenses of such counsel, in which event, except as provided below, you shall not be liable
for the fees and expenses of any other counsel retained by any Indemnified Person in connection with such litigation or proceeding. In any such litigation or proceeding the defense of which you shall have so assumed, any Indemnified Person shall
have the right to participate in such litigation or proceeding and to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Person unless (i) you and such Indemnified Person shall have
mutually agreed in writing to the retention of such counsel, or (ii) the named parties to any such litigation or proceeding (including any impleaded parties) include you and such Indemnified Person and representation of both parties by the same
counsel would, in the opinion of independent counsel to such Indemnified Person be inappropriate due to actual or potential differing interests between you and such Indemnified Person. Your obligations hereunder shall be in addition to any rights
that any Indemnified Person may have at common law or otherwise. No waiver, amendment or other modification of this Indemnification Agreement shall be effective unless in writing and signed by each party to be bound thereby. 

If the Company enters into any agreement or arrangement with respect to, or effects, any proposed sale, exchange, dividend or other distribution or
liquidation of all or a significant portion of its assets in one or a series of transactions or any significant recapitalization or reclassification of its outstanding securities, the Company shall provide for the assumption of its obligations under
this Indemnification Agreement by another party reasonably satisfactory to Advanced Equities. 

 This Indemnification Agreement and any claim related directly or indirectly to this Indemnification
Agreement shall be governed and construed in accordance with the laws of the State of Delaware, without regard to the conflicts of law provisions thereof. No such claim shall be commenced, prosecuted or continued in any forum other than the courts
of the State of Delaware or in the United States District Court in the District of Delaware, and each of the parties hereto submits to the jurisdiction of such courts. We and you (on your own behalf and, to the extent permitted by applicable law, on
behalf of your security holders and creditors) waive all right to trial by jury in any action, proceeding or counterclaim, whether based upon contract, tort or otherwise, related to or arising out of or in connection with our engagement. The
provisions of this Indemnification Agreement shall apply to the engagement (including related activities prior to the date hereof) and any modification thereof and shall remain in full force and effect indefinitely, regardless of the completion or
termination of the engagement. If any provision, covenant or restriction herein is held by a court of competent jurisdiction to be invalid, void, unenforceable or against public policy, then the court so holding shall at our or your request, reform
such provision to give the maximum permissible intent to the intentions of the parties as set forth herein, and the court shall enforce such provision as so reformed. If, notwithstanding the foregoing, any provision, covenant or restriction is held
by a court of competent jurisdiction to be invalid, void, unenforceable or against public policy, the remainder of the provisions contained herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated.

 Very truly yours, 
 ADVANCED
EQUITIES SECURITIES LLC 
  

			
		
	By:	 	

		 	 Shannon Soqui
 Head of
Investment Banking – West Coast

 Accepted and agreed to as of the date set forth above: 
 Quantum Fuel Systems Technologies Worldwide, Inc. 
  

			
		
	By:	 	/s/ W. Brian Olson
		 	 W. Brian Olson
 Chief
Financial Officer

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