Document:

2010 Employee Stock Purchase Plan and Form of Offering Document

 Exhibit 10.5 

TRIUS THERAPEUTICS, INC. 

2010 EMPLOYEE STOCK PURCHASE PLAN 

ADOPTED BY THE BOARD OF DIRECTORS:
FEBRUARY 9, 2010 
 APPROVED BY THE
STOCKHOLDERS: FEBRUARY 9, 2010 
 1. GENERAL. 

(a) The purpose of the Plan is to provide a means by which Eligible Employees of the Company and certain designated Related
Corporations may be given an opportunity to purchase shares of Common Stock. The Plan is intended to permit the Company to grant a series of Purchase Rights to Eligible Employees under an Employee Stock Purchase Plan. 

(b) The Company, by means of the Plan, seeks to retain the services of such Employees, to secure and retain the services of new
Employees and to provide incentives for such persons to exert maximum efforts for the success of the Company and its Related Corporations. 

2. ADMINISTRATION. 

(a) The Board shall administer the Plan unless and until the Board delegates administration of the Plan to a Committee or
Committees, as provided in Section 2(c). 
 (b) The Board shall have the power, subject to, and within the
limitations of, the express provisions of the Plan: 
 (i) To determine how and when Purchase Rights to purchase shares
of Common Stock shall be granted and the provisions of each Offering of such Purchase Rights (which need not be identical). 

(ii) To designate from time to time which Related Corporations of the Company shall be eligible to participate in the Plan.

 (iii) To construe and interpret the Plan and Purchase Rights, and to establish, amend and revoke rules and regulations
for its administration. The Board, in the exercise of this power, may correct any defect, omission or inconsistency in the Plan, in a manner and to the extent it shall deem necessary or expedient to make the Plan fully effective. 

(iv) To settle all controversies regarding the Plan and Purchase Rights granted under it. 

(v) To suspend or terminate the Plan at any time as provided in Section 12. 

(vi) To amend the Plan at any time as provided in Section 12. 

(vii) Generally, to exercise such powers and to perform such acts as it deems necessary or expedient to promote the best interests
of the Company and its Related Corporations and to carry out the intent that the Plan be treated as an Employee Stock Purchase Plan. 
  

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 (viii) To adopt such procedures and sub-plans as are necessary or appropriate to
permit participation in the Plan by Employees who are foreign nationals or employed outside the United States. 
 (c) The
Board may delegate some or all of the administration of the Plan to a Committee or Committees. If administration is delegated to a Committee, the Committee shall have, in connection with the administration of the Plan, the powers theretofore
possessed by the Board that have been delegated to the Committee, including the power to delegate to a subcommittee any of the administrative powers the Committee is authorized to exercise (and references in this Plan to the Board shall thereafter
be to the Committee or subcommittee), subject, however, to such resolutions, not inconsistent with the provisions of the Plan, as may be adopted from time to time by the Board. The Board may retain the authority to concurrently administer the Plan
with the Committee and may, at any time, revest in the Board some or all of the powers previously delegated. Whether or not the Board has delegated administration of the Plan to a Committee, the Board shall have the final power to determine all
questions of policy and expediency that may arise in the administration of the Plan. 
 (d) All determinations,
interpretations and constructions made by the Board in good faith shall not be subject to review by any person and shall be final, binding and conclusive on all persons. 

3. SHARES OF COMMON STOCK SUBJECT TO THE
PLAN. 
 (a) Subject to the provisions of Section 11(a) relating to
Capitalization Adjustments, the shares of Common Stock that may be sold pursuant to Purchase Rights shall not exceed in the aggregate 500,000 shares of Common Stock. In addition, the number of shares of Common Stock available for issuance under the
Plan shall automatically increase on January 1st of each year, commencing in 2011 and ending on (and including) January 1, 2020, in an amount equal to the lesser of
(i) 1% of the total number of shares of Common Stock outstanding on December 31st of the preceding calendar year, or (ii) 250,000 shares of Common Stock. Notwithstanding the foregoing, the Board may act prior to the first day of any
calendar year, to provide that there shall be no increase in the share reserve for such calendar year or that the increase in the share reserve for such calendar year shall be a lesser number of shares of Common Stock than would otherwise occur
pursuant to the preceding sentence. 
 (b) If any Purchase Right granted under the Plan shall for any reason terminate
without having been exercised, the shares of Common Stock not purchased under such Purchase Right shall again become available for issuance under the Plan. 

(c) The stock purchasable under the Plan shall be shares of authorized but unissued or reacquired Common Stock, including shares
repurchased by the Company on the open market. 
 4. GRANT OF PURCHASE RIGHTS;
OFFERING. 
 (a) The Board may from time to time grant or provide for the grant of Purchase Rights to
purchase shares of Common Stock under the Plan to Eligible Employees in an Offering 
  

 2. 

 
(consisting of one or more Purchase Periods) on an Offering Date or Offering Dates selected by the Board. Each Offering shall be in such form and shall contain such terms and conditions as the
Board shall deem appropriate, which shall comply with the requirement of Section 423(b)(5) of the Code that all Employees granted Purchase Rights shall have the same rights and privileges. The terms and conditions of an Offering shall be
incorporated by reference into the Plan and treated as part of the Plan. The provisions of separate Offerings need not be identical, but each Offering shall include (through incorporation of the provisions of this Plan by reference in the document
comprising the Offering or otherwise) the period during which the Offering shall be effective, which period shall not exceed twenty-seven (27) months beginning with the Offering Date, and the substance of the provisions contained in Sections 5
through 8, inclusive. 
 (b) If a Participant has more than one Purchase Right outstanding under the Plan, unless he or
she otherwise indicates in agreements or notices delivered hereunder: (i) each agreement or notice delivered by that Participant shall be deemed to apply to all of his or her Purchase Rights under the Plan, and (ii) a Purchase Right with a
lower exercise price (or an earlier-granted Purchase Right, if different Purchase Rights have identical exercise prices) shall be exercised to the fullest possible extent before a Purchase Right with a higher exercise price (or a later-granted
Purchase Right if different Purchase Rights have identical exercise prices) shall be exercised. 
 (c) The Board shall
have the discretion to structure an Offering so that if the Fair Market Value of the shares of Common Stock on the first day of a new Purchase Period within that Offering is less than or equal to the Fair Market Value of the shares of Common Stock
on the Offering Date, then (i) that Offering shall terminate immediately, and (ii) the Participants in such terminated Offering shall be automatically enrolled in a new Offering beginning on the first day of such new Purchase Period.

 5. ELIGIBILITY. 

(a) Purchase Rights may be granted only to Employees of the Company or, as the Board may designate as provided in
Section 2(b), to Employees of a Related Corporation. Except as provided in Section 5(b), an Employee shall not be eligible to be granted Purchase Rights under the Plan unless, on the Offering Date, such Employee has been in the employ of
the Company or the Related Corporation, as the case may be, for such continuous period preceding such Offering Date as the Board may require, but in no event shall the required period of continuous employment be greater than two (2) years. In
addition, the Board may provide that no Employee shall be eligible to be granted Purchase Rights under the Plan unless, on the Offering Date, such Employee’s customary employment with the Company or the Related Corporation is more than twenty
(20) hours per week and more than five (5) months per calendar year or such other criteria as the Board may determine consistent with Section 423 of the Code. 

(b) The Board may provide that each person who, during the course of an Offering, first becomes an Eligible Employee shall, on a
date or dates specified in the Offering which coincides with the day on which such person becomes an Eligible Employee or which occurs thereafter, receive a Purchase Right under that Offering, which Purchase Right shall thereafter be deemed to be a
part of that Offering. Such Purchase Right shall have the same characteristics as any Purchase Rights originally granted under that Offering, as described herein, except that: 

(i) the date on which such Purchase Right is granted shall be the “Offering Date” of such Purchase Right for all
purposes, including determination of the exercise price of such Purchase Right; 
  

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 (ii) the period of the Offering with respect to such Purchase Right shall begin on
its Offering Date and end coincident with the end of such Offering; and 
 (iii) the Board may provide that if such
person first becomes an Eligible Employee within a specified period of time before the end of the Offering, he or she shall not receive any Purchase Right under that Offering. 

(c) No Employee shall be eligible for the grant of any Purchase Rights under the Plan if, immediately after any such Purchase
Rights are granted, such Employee owns stock possessing five percent (5%) or more of the total combined voting power or value of all classes of stock of the Company or of any Related Corporation. For purposes of this Section 5(c), the
rules of Section 424(d) of the Code shall apply in determining the stock ownership of any Employee, and stock which such Employee may purchase under all outstanding Purchase Rights and options shall be treated as stock owned by such Employee.

 (d) As specified by Section 423(b)(8) of the Code, an Eligible Employee may be granted Purchase Rights under the
Plan only if such Purchase Rights, together with any other rights granted under all Employee Stock Purchase Plans of the Company and any Related Corporations, do not permit such Eligible Employee’s rights to purchase stock of the Company or any
Related Corporation to accrue at a rate which exceeds twenty five thousand dollars ($25,000) of Fair Market Value of such stock (determined at the time such rights are granted, and which, with respect to the Plan, shall be determined as of their
respective Offering Dates) for each calendar year in which such rights are outstanding at any time. 
 (e) Officers of
the Company and any designated Related Corporation, if they are otherwise Eligible Employees, shall be eligible to participate in Offerings under the Plan. Notwithstanding the foregoing, the Board may provide in an Offering that Employees who are
highly compensated Employees within the meaning of Section 423(b)(4)(D) of the Code shall not be eligible to participate. 
 6.
PURCHASE RIGHTS; PURCHASE PRICE. 
 (a) On each Offering
Date, each Eligible Employee, pursuant to an Offering made under the Plan, shall be granted a Purchase Right to purchase up to that number of shares of Common Stock purchasable either with a percentage or with a maximum dollar amount, as designated
by the Board, but in either case not exceeding fifteen percent (15%) of such Employee’s earnings (as defined by the Board in each Offering) during the period that begins on the Offering Date (or such later date as the Board determines for
a particular Offering) and ends on the date stated in the Offering, which date shall be no later than the end of the Offering. 

(b) The Board shall establish one (1) or more Purchase Dates during an Offering as of which Purchase Rights granted pursuant
to that Offering shall be exercised and purchases of shares of Common Stock shall be carried out in accordance with such Offering. 
  

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 (c) In connection with each Offering made under the Plan, the Board may specify a
maximum number of shares of Common Stock that may be purchased by any Participant on any Purchase Date during such Offering. In connection with each Offering made under the Plan, the Board may specify a maximum aggregate number of shares of Common
Stock that may be purchased by all Participants pursuant to such Offering. In addition, in connection with each Offering that contains more than one Purchase Date, the Board may specify a maximum aggregate number of shares of Common Stock that may
be purchased by all Participants on any Purchase Date under the Offering. If the aggregate purchase of shares of Common Stock issuable upon exercise of Purchase Rights granted under the Offering would exceed any such maximum aggregate number, then,
in the absence of any Board action otherwise, a pro rata allocation of the shares of Common Stock available shall be made in as nearly a uniform manner as shall be practicable and equitable. 

(d) The purchase price of shares of Common Stock acquired pursuant to Purchase Rights shall be not less than the lesser of:

 (i) an amount equal to eighty-five percent (85%) of the Fair Market Value of the shares of Common Stock on the
Offering Date; or 
 (ii) an amount equal to eighty-five percent (85%) of the Fair Market Value of the shares of
Common Stock on the applicable Purchase Date. 
 7. PARTICIPATION; WITHDRAWAL; TERMINATION. 

 (a) A Participant may elect to authorize payroll deductions pursuant to an Offering under the Plan by completing and
delivering to the Company, within the time specified in the Offering, an enrollment form (in such form as the Company may provide). Each such enrollment form shall authorize an amount of Contributions expressed as a percentage of the submitting
Participant’s earnings (as defined in each Offering) during the Offering (not to exceed the maximum percentage specified by the Board). Each Participant’s Contributions shall be credited to a bookkeeping account for such Participant under
the Plan and shall be deposited with the general funds of the Company except where applicable law requires that Contributions be deposited with a third party. To the extent provided in the Offering, a Participant may begin such Contributions after
the beginning of the Offering. To the extent provided in the Offering, a Participant may thereafter reduce (including to zero) or increase his or her Contributions. To the extent specifically provided in the Offering, in addition to making
Contributions by payroll deductions, a Participant may make Contributions through the payment by cash or check prior to each Purchase Date of the Offering. 

(b) During an Offering, a Participant may cease making Contributions and withdraw from the Offering by delivering to the Company a
notice of withdrawal in such form as the Company may provide. Such withdrawal may be elected at any time prior to the end of the Offering, except as provided otherwise in the Offering. Upon such withdrawal from the Offering by a Participant, the
Company shall distribute to such Participant all of his or her accumulated Contributions (reduced to the extent, if any, such Contributions have been used to acquire shares of Common Stock for the Participant) under the Offering, and such
Participant’s Purchase Right in that Offering shall thereupon terminate. A Participant’s withdrawal from an Offering shall 

 

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have no effect upon such Participant’s eligibility to participate in any other Offerings under the Plan, but such Participant shall be required to deliver a new enrollment form in order to
participate in subsequent Offerings. 
 (c) Purchase Rights granted pursuant to any Offering under the Plan shall
terminate immediately upon a Participant ceasing to be an Employee for any reason or for no reason (subject to any post-employment participation period required by law) or other lack of eligibility. The Company shall distribute to such terminated or
otherwise ineligible Employee all of his or her accumulated Contributions (reduced to the extent, if any, such Contributions have been used to acquire shares of Common Stock for the terminated or otherwise ineligible Employee) under the Offering.

 (d) Purchase Rights shall not be transferable by a Participant except by will, the laws of descent and distribution,
or by a beneficiary designation as provided in Section 10. During a Participant’s lifetime, Purchase Rights shall be exercisable only by such Participant. 

(e) Unless otherwise specified in an Offering, the Company shall have no obligation to pay interest on Contributions. 

8. EXERCISE OF PURCHASE RIGHTS. 

(a) On each Purchase Date during an Offering, each Participant’s accumulated Contributions shall be applied to the purchase of
shares of Common Stock up to the maximum number of shares of Common Stock permitted pursuant to the terms of the Plan and the applicable Offering, at the purchase price specified in the Offering. No fractional shares shall be issued upon the
exercise of Purchase Rights unless specifically provided for in the Offering. 
 (b) If any amount of accumulated
Contributions remains in a Participant’s account after the purchase of shares of Common Stock and such remaining amount is less than the amount required to purchase one share of Common Stock on the final Purchase Date of an Offering, then such
remaining amount shall be held in such Participant’s account for the purchase of shares of Common Stock under the next Offering under the Plan, unless such Participant withdraws from such next Offering, as provided in Section 7(b), or is
not eligible to participate in such Offering, as provided in Section 5, in which case such amount shall be distributed to such Participant after the final Purchase Date, without interest. If the amount of Contributions remaining in a
Participant’s account after the purchase of shares of Common Stock is at least equal to the amount required to purchase one (1) whole share of Common Stock on the final Purchase Date of the Offering, then such remaining amount shall be
distributed in full to such Participant at the end of the Offering without interest. 
 (c) No Purchase Rights may be
exercised to any extent unless the shares of Common Stock to be issued upon such exercise under the Plan are covered by an effective registration statement pursuant to the Securities Act and the Plan is in material compliance with all applicable
federal, state, foreign and other securities and other laws applicable to the Plan. If on a Purchase Date during any Offering hereunder the shares of Common Stock are not so registered or the Plan is not in such compliance, no Purchase Rights or any
Offering shall be exercised on such Purchase Date, and the Purchase Date shall be delayed until the shares of 
  

 6. 

 
Common Stock are subject to such an effective registration statement and the Plan is in such compliance, except that the Purchase Date shall not be delayed more than twelve (12) months and
the Purchase Date shall in no event be more than twenty-seven (27) months from the Offering Date. If, on the Purchase Date under any Offering hereunder, as delayed to the maximum extent permissible, the shares of Common Stock are not registered
and the Plan is not in such compliance, no Purchase Rights or any Offering shall be exercised and all Contributions accumulated during the Offering (reduced to the extent, if any, such Contributions have been used to acquire shares of Common Stock)
shall be distributed to the Participants without interest. 
 9. COVENANTS OF THE
COMPANY. 
 The Company shall seek to obtain from each federal, state, foreign or other regulatory commission
or agency having jurisdiction over the Plan such authority as may be required to issue and sell shares of Common Stock upon exercise of the Purchase Rights. If, after commercially reasonable efforts, the Company is unable to obtain from any such
regulatory commission or agency the authority that counsel for the Company deems necessary for the lawful issuance and sale of Common Stock under the Plan, the Company shall be relieved from any liability for failure to issue and sell Common Stock
upon exercise of such Purchase Rights unless and until such authority is obtained. 
 10. DESIGNATION OF
BENEFICIARY. 
 (a) A Participant may file a written designation of a beneficiary who is to receive any
shares of Common Stock and/or cash, if any, from the Participant’s account under the Plan in the event of such Participant’s death subsequent to the end of an Offering but prior to delivery to the Participant of such shares of Common Stock
or cash. In addition, a Participant may file a written designation of a beneficiary who is to receive any cash from the Participant’s account under the Plan in the event of such Participant’s death during an Offering. Any such designation
shall be on a form provided by or otherwise acceptable to the Company. 
 (b) The Participant may change such designation
of beneficiary at any time by written notice to the Company. In the event of the death of a Participant and in the absence of a beneficiary validly designated under the Plan who is living at the time of such Participant’s death, the Company
shall deliver such shares of Common Stock and/or cash to the executor or administrator of the estate of the Participant, or if no such executor or administrator has been appointed (to the knowledge of the Company), the Company, in its sole
discretion, may deliver such shares of Common Stock and/or cash to the spouse or to any one or more dependents or relatives of the Participant, or if no spouse, dependent or relative is known to the Company, then to such other person as the Company
may designate. 
 11. ADJUSTMENTS UPON CHANGES IN COMMON
STOCK; CORPORATE TRANSACTIONS. 
 (a) In the event of a Capitalization
Adjustment, the Board shall appropriately and proportionately adjust: (i) the class(es) and maximum number of securities subject to the Plan pursuant to Section 3(a), (ii) the class(es) and maximum number of securities by which the
share reserve is to increase automatically each year pursuant to Section 3(a), (iii) the class(es) and number of securities subject to, and the purchase price applicable to outstanding Offerings and

  

 7. 

 
Purchase Rights, and (iv) the class(es) and number of securities imposed by purchase limits under each ongoing Offering. The Board shall make such adjustments, and its determination shall be
final, binding and conclusive. 
 (b) In the event of a Corporate Transaction, then: (i) any surviving corporation
or acquiring corporation (or the surviving or acquiring corporation’s parent company) may assume or continue Purchase Rights outstanding under the Plan or may substitute similar rights (including a right to acquire the same consideration paid
to the stockholders in the Corporate Transaction) for those outstanding under the Plan, or (ii) if any surviving or acquiring corporation (or its parent company) does not assume or continue such Purchase Rights or does not substitute similar
rights for Purchase Rights outstanding under the Plan, then the Participants’ accumulated Contributions shall be used to purchase shares of Common Stock within ten (10) business days prior to the Corporate Transaction under any ongoing
Offerings, and the Participants’ Purchase Rights under the ongoing Offerings shall terminate immediately after such purchase. 
 12.
AMENDMENT, TERMINATION OR SUSPENSION OF THE PLAN. 

(a) The Board may amend the Plan at any time in any respect the Board deems necessary or advisable. However, except as provided in
Section 11(a) relating to Capitalization Adjustments, stockholder approval shall be required for any amendment of the Plan for which stockholder approval is required by applicable law or listing requirements, including any amendment that either
(i) materially increases the number of shares of Common Stock available for issuance under the Plan, (ii) materially expands the class of individuals eligible to become Participants and receive Purchase Rights under the Plan,
(iii) materially increases the benefits accruing to Participants under the Plan or materially reduces the price at which shares of Common Stock may be purchased under the Plan, (iv) materially extends the term of the Plan, or
(v) expands the types of awards available for issuance under the Plan, but in each of (i) through (v) above only to the extent stockholder approval is required by applicable law or listing requirements. 

(b) The Board may suspend or terminate the Plan at any time. No Purchase Rights may be granted under the Plan while the Plan is
suspended or after it is terminated. 
 (c) Any benefits, privileges, entitlements and obligations under any outstanding
Purchase Rights granted before an amendment, suspension or termination of the Plan shall not be impaired by any such amendment, suspension or termination except (i) with the consent of the person to whom such Purchase Rights were granted,
(ii) as necessary to comply with any laws, listing requirements, or governmental regulations (including, without limitation, the provisions of Section 423 of the Code and the regulations and other interpretive guidance issued thereunder
relating to Employee Stock Purchase Plans) including without limitation any such regulations or other guidance that may be issued or amended after the Effective Date, or (iii) as necessary to obtain or maintain favorable tax, listing, or
regulatory treatment. 
  

 8. 

 13. EFFECTIVE DATE OF PLAN. 

The Plan shall become effective on the IPO Date, but no Purchase Rights shall be exercised unless and until the Plan has been approved by
the stockholders of the Company, which approval shall be within twelve (12) months before or after the date the Plan is adopted by the Board. 

14. MISCELLANEOUS PROVISIONS. 

(a) Proceeds from the sale of shares of Common Stock pursuant to Purchase Rights shall constitute general funds of the Company.

 (b) A Participant shall not be deemed to be the holder of, or to have any of the rights of a holder with respect to,
shares of Common Stock subject to Purchase Rights unless and until the Participant’s shares of Common Stock acquired upon exercise of Purchase Rights are recorded in the books of the Company (or its transfer agent). 

(c) The Plan and Offering do not constitute an employment contract. Nothing in the Plan or in the Offering shall in any way alter
the at will nature of a Participant’s employment or be deemed to create in any way whatsoever any obligation on the part of any Participant to continue in the employ of the Company or a Related Corporation, or on the part of the Company or a
Related Corporation to continue the employment of a Participant. 
 (d) The provisions of the Plan shall be governed by
the laws of the state of California without resort to that state’s conflicts of laws rules. 
 15. DEFINITIONS.

 As used in the Plan, the following definitions shall apply to the capitalized terms indicated below: 

(a) “Board” means the Board of Directors of the Company. 

(b) “Capitalization Adjustment” means any change that is made in, or other events that occur with respect
to, the Common Stock subject to the Plan or subject to any Purchase Right after the Effective Date without the receipt of consideration by the Company (through merger, consolidation, reorganization, recapitalization, reincorporation, stock dividend,
dividend in property other than cash, stock split, liquidating dividend, combination of shares, exchange of shares, change in corporate structure or other similar transaction). Notwithstanding the foregoing, the conversion of any convertible
securities of the Company shall not be treated as a Capitalization Adjustment. 
 (c) “Code”
means the Internal Revenue Code of 1986, as amended, including any applicable regulations and guidance thereunder. 

(d) “Committee” means a committee of one (1) or more members of the Board to whom authority has been
delegated by the Board in accordance with Section 2(c). 
  

 9. 

 (e) “Common Stock” means the common stock of the Company.

 (f) “Company” means Trius Therapeutics, Inc., a Delaware corporation. 

(g) “Contributions” means the payroll deductions and other additional payments specifically provided for
in the Offering, that a Participant contributes to fund the exercise of a Purchase Right. A Participant may make additional payments into his or her account, if specifically provided for in the Offering, and then only if the Participant has not
already had the maximum permitted amount withheld during the Offering through payroll deductions. 
 (h)
“Corporate Transaction” means the occurrence, in a single transaction or in a series of related transactions, of any one or more of the following events: 

(i) the consummation of a sale or other disposition of all or substantially all, as determined by the Board in its sole
discretion, of the consolidated assets of the Company and its Subsidiaries; 
 (ii) the consummation of a sale or other
disposition of at least ninety percent (90%) of the outstanding securities of the Company; 
 (iii) the consummation
of a merger, consolidation or similar transaction following which the Company is not the surviving corporation; or 
 (iv)
the consummation of a merger, consolidation or similar transaction following which the Company is the surviving corporation but the shares of Common Stock outstanding immediately preceding the merger, consolidation or similar transaction are
converted or exchanged by virtue of the merger, consolidation or similar transaction into other property, whether in the form of securities, cash or otherwise. 

(i) “Director” means a member of the Board. 

(j) “Eligible Employee” means an Employee who meets the requirements set forth in the Offering for
eligibility to participate in the Offering, provided that such Employee also meets the requirements for eligibility to participate set forth in the Plan. 

(k) “Employee” means any person, including Officers and Directors, who is employed for purposes of
Section 423(b)(4) of the Code by the Company or a Related Corporation. However, service solely as a Director, or payment of a fee for such services, shall not cause a Director to be considered an “Employee” for purposes of the Plan.

 (l) “Employee Stock Purchase Plan” means a plan that grants Purchase Rights intended to be
options issued under an “employee stock purchase plan,” as that term is defined in Section 423(b) of the Code. 

(m) “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations
promulgated thereunder. 
  

 10. 

 (n) “Fair Market Value” means, as of any date, the value of
the Common Stock determined as follows: 
 (i) If the Common Stock is listed on any established stock exchange or traded
on any established market, the Fair Market Value of a share of Common Stock shall be the closing sales price for such stock as quoted on such exchange or market (or the exchange or market with the greatest volume of trading in the Common Stock) on
the-date of determination, as reported in a source the Board deems reliable. Unless otherwise provided by the Board, if there is no closing sales price for the Common Stock on the date of determination, then the Fair Market Value shall be the
closing selling price on the last preceding date for which such quotation exists. 
 (ii) In the absence of such markets
for the Common Stock, the Fair Market Value shall be determined by the Board in good faith and in a manner that complies with Sections 409A of the Code. 

(iii) Notwithstanding the foregoing, for any Offering that commences on the IPO Date, the Fair Market Value of the shares of
Common Stock at the time when the Offering commences shall be the price per share at which shares are first sold to the public in the Company’s initial public offering as specified in the final prospectus for that initial public offering.

 (o) “IPO Date” means the date of the underwriting agreement between the Company and the
underwriter(s) managing the initial public offering of the Common Stock, pursuant to which the Common Stock is priced for the initial public offering. 

(p) “Offering” means the grant of Purchase Rights to purchase shares of Common Stock under the Plan to
Eligible Employees. 
 (q) “Offering Date” means a date selected by the Board for an Offering to
commence. 
 (r) “Officer” means a person who is an officer of the Company within
the meaning of Section 16 of the Exchange Act. 
 (s) “Participant” means an
Eligible Employee who holds an outstanding Purchase Right granted pursuant to the Plan. 
 (t) “Plan”
means this Trius Therapeutics, Inc. 2010 Employee Stock Purchase Plan. 
 (u) “Purchase Date”
means one or more dates during an Offering established by the Board on which Purchase Rights shall be exercised and as of which purchases of shares of Common Stock shall be carried out in accordance with such Offering. 

(v) “Purchase Period” means a period of time specified within an Offering beginning on the Offering Date
or on the next day following a Purchase Date within an Offering and ending on a Purchase Date. An Offering may consist of one or more Purchase Periods. 

(w) “Purchase Right” means an option to purchase shares of Common Stock granted pursuant to the Plan.

  

 11. 

 (x) “Related Corporation” means any “parent
corporation” or “subsidiary corporation” of the Company whether now or subsequently established, as those terms are defined in Sections 424(e) and (f), respectively, of the Code. 

(y) “Securities Act” means the Securities Act of 1933, as amended. 

(z) “Trading Day” means any day on which the exchange(s) or market(s) on which
shares of Common Stock are listed, including the Nasdaq Global Select Market, the Nasdaq Global Market, or the Nasdaq Capital Market, is open for trading. 
  

 12. 

 TRIUS THERAPEUTICS, INC. 

2010 EMPLOYEE STOCK PURCHASE PLAN 

OFFERING DOCUMENT

ADOPTED BY THE BOARD OF DIRECTORS:
FEBRUARY 9, 2010
 AMENDED AND RESTATED BY
THE BOARD OF DIRECTORS: JUNE 11, 2010 
 In this
document, capitalized terms not otherwise defined shall have the same definitions of such terms as in the Trius Therapeutics, Inc. 2010 Employee Stock Purchase Plan. 

1. GRANT; OFFERING DATE. 

(a) The Board hereby authorizes a series of Offerings pursuant to the terms of this Offering document. 

(b) The first Offering hereunder (the “Initial Offering”) shall begin on the IPO Date and shall end
approximately 24 months following the commencement of the Initial Offering, unless terminated earlier as provided below. The Initial Offering shall consist of four (4) Purchase Periods, approximately six (6) months in length ending on or about May
20 and November 20 each year with the first Purchase Period ending on November 20, 2010, the second Purchase Period ending on May 20, 2011, the third Purchase Period ending on November 20, 2011, and the fourth Purchase Period ending on May 20, 2012.

 (c) After the Initial Offering ends, a new Offering shall automatically begin over the term of the Plan on the day
after the last Purchase Date of the immediately preceding Offering, and each new Offering shall be approximately twenty-four (24) months in duration. Each Offering shall consist of four (4) Purchase Periods approximately six (6) months in length
ending on or about May 20 and November 20 each year. Except as provided below, a Purchase Date is the last day of a Purchase Period or of an Offering, as the case may be. 

(d) Notwithstanding the foregoing: (i) if any Offering Date falls on a day that is not a Trading Day, then such Offering Date
shall instead fall on the next subsequent Trading Day, and (ii) if any Purchase Date falls on a day that is not a Trading Day, then such Purchase Date shall instead fall on the immediately preceding Trading Day. 

(e) Prior to the commencement of any Offering, the Board may change any or all terms of such Offering and any subsequent
Offerings. The granting of Purchase Rights pursuant to each Offering hereunder shall occur on each respective Offering Date unless prior to such date (i) the Board determines that such Offering shall not occur, or (ii) no shares of Common
Stock remain available for issuance under the Plan in connection with the Offering. 
 (f) Notwithstanding anything in
this Section 1 to the contrary, if the Fair Market Value of a share of Common Stock on any Purchase Date during an Offering is less than or equal to the Fair Market Value of a share of Common Stock on the Offering Date for that Offering, then that
Offering shall terminate immediately following the purchase of shares of Common 
  

 1. 

 
Stock on such Purchase Date. Participants in the terminated Offering automatically shall be enrolled in the Offering that commences immediately after such Purchase Date. Thereafter,
notwithstanding the provisions of Section 1(c) above, instead of a new Offering commencing pursuant to Section 1(c), a new Offering shall begin on the 24-month anniversary of the new Offering that commences pursuant to this Section 1(f) and every 24
months thereafter, and each such Offering shall end on the day prior to the 24-month anniversary of its Offering Date. It is intended that Sections 1(c) and 1(f) shall operate so that only one Offering shall be outstanding at any time under the
Plan, and that at all times one Offering shall be outstanding under the Plan. 
 2. ELIGIBLE EMPLOYEES. 

 (a) Each Eligible Employee, who is either (i) an employee of the Company or (ii) an employee of a Related Corporation
incorporated in the United States, provided that the Board or Committee has designated the employees of such Related Corporation as eligible to participate in the Offering, shall be granted a Purchase Right on the Offering Date of such Offering.

 (b) Each person who, during the course of an Offering, first becomes an Eligible Employee prior to the commencement of
the last Purchase Period under the Offering shall, on the first Trading Day of the first Purchase Period that commences after such person becomes an Eligible Employee, receive a Purchase Right under that Offering, which Purchase Right shall
thereafter be deemed to be a part of that Offering; provided, however, that such Eligible Employee submits the necessary enrollment paperwork required by the Company on or before such date. Such Purchase Right shall have the same
characteristics as any Purchase Rights originally granted under that Offering, as described herein, except that: 
 (i)
the date on which such Purchase Right is granted shall be the “Offering Date” of such Purchase Right for all purposes, including determination of the exercise price of such Purchase Right except for the application of the provision of
Section 1(f) above (the application of which shall be determined only by using the Offering Date of the ongoing Offering that is the first day of the Offering), including determination of the exercise price of such Purchase Right; and 

(ii) the period of the Offering with respect to such Purchase Right shall begin on its Offering Date and end coincident with the
end of such Offering. 
 (c) Notwithstanding the foregoing, the following Employees shall not be Eligible Employees or be
granted Purchase Rights under an Offering: 
 (i) five percent (5%) stockholders (including ownership through unexercised
and/or unvested stock options) as described in Section 5(c) of the Plan; or 
 (ii) Employees in jurisdictions outside of the
United States. 
 3. PURCHASE RIGHTS. 

(a) Subject to the limitations herein and in the Plan, a Participant’s Purchase Right shall permit the purchase of the number
of shares of Common Stock purchasable with up to fifteen percent (15%) of such Participant’s Earnings paid during the period of such Offering 

 

 2. 

 
beginning immediately after such Participant first commences participation; provided, however, that no Participant may have more than fifteen percent (15%) of such Participant’s
Earnings applied to purchase shares of Common Stock under all ongoing Offerings under the Plan and all other plans of the Company and Related Corporations that are intended to qualify as Employee Stock Purchase Plans. 

(b) For Offerings hereunder, “Earnings” means the base compensation paid to a Participant, including all
salary, wages (including amounts elected to be deferred by such Participant, that would otherwise have been paid, under any cash or deferred arrangement or other deferred compensation program established by the Company or a Related Corporation), but
excluding all of the following: all overtime pay, commissions, bonuses, and other remuneration paid directly to such Participant, profit sharing, the cost of employee benefits paid for by the Company or a Related Corporation, education or tuition
reimbursements, imputed income arising under any Company or Related Corporation group insurance or benefit program, traveling expenses, business and moving expense reimbursements, income received in connection with stock options and other equity
awards, contributions made by the Company or a Related Corporation under any employee benefit plan, and other similar items of compensation. 

(c) Notwithstanding the foregoing, the maximum number of shares of Common Stock that a Participant may purchase on any Purchase
Date in an Offering shall be such number of shares as has a Fair Market Value (determined as of the Offering Date for such Offering) equal to (x) $25,000 multiplied by the number of calendar years in which the Purchase Right under such Offering has
been outstanding at any time, minus (y) the Fair Market Value of any other shares of Common Stock (determined as of the relevant Offering Date with respect to such shares) that, for purposes of the limitation of Section 423(b)(8) of the Code, are
attributed to any of such calendar years in which the Purchase Right is outstanding. The amount in clause (y) of the previous sentence shall be determined in accordance with regulations applicable under Section 423(b)(8) of the Code based on (i) the
number of shares previously purchased with respect to such calendar years pursuant to such Offering or any other Offering under the Plan, or pursuant to any other Company or Related Corporation plans intended to qualify as Employee Stock Purchase
Plans, and (ii) the number of shares subject to other Purchase Rights outstanding on the Offering Date for such Offering pursuant to the Plan or any other such Company or Related Corporation Employee Stock Purchase Plan. 

(d) The maximum aggregate number of shares of Common Stock available to be purchased by all Participants under an Offering shall
be the number of shares of Common Stock remaining available under the Plan on the Offering Date, rounded down to the nearest whole share. If the aggregate purchase of shares of Common Stock upon exercise of Purchase Rights granted under the Offering
would exceed the maximum aggregate number of shares available, the Board shall make a pro rata allocation of the shares available in a uniform and equitable manner. Any Contributions not applied to the purchase of available shares of Common Stock
shall be refunded to the Participants without interest. 
 (e) Notwithstanding the foregoing, the maximum number of
shares of Common Stock that may be purchased on any single Purchase Date by all Eligible Employees during any Offering shall not exceed 90,000 shares. 
  

 3. 

 (f) If the aggregate number of shares of Common Stock to be purchased upon the
exercise of all outstanding Purchase Rights on a single Purchase Date would exceed any of the foregoing limits, the Board shall make a uniform and equitable allocation of the shares available. Any Contributions not applied to the purchase of
available shares of Common Stock shall be refunded to the Participants without interest. 
 4. PURCHASE PRICE.

 The purchase price of shares of Common Stock under an Offering shall be the lesser of: (i) eighty-five percent (85%) of
the Fair Market Value of such shares of Common Stock on the Offering Date, or (ii) eighty-five percent (85%) of the Fair Market Value of such shares of Common Stock on the applicable Purchase Date, in each case rounded up to the nearest whole cent
per share. For the Initial Offering, the Fair Market Value of the shares of Common Stock at the time when the Offering commences shall be the price per share at which shares are first sold to the public in the Company’s initial public offering
as specified in the final prospectus for that initial public offering. 
 5. PARTICIPATION. 

(a) An Eligible Employee may elect to participate in an Offering to be effective on the Offering Date. An Eligible Employee shall
elect his or her payroll deduction percentage on such enrollment form as the Company provides. The completed enrollment form must be delivered to the Company at least ten (10) days prior to the date participation is to be effective, unless a later
time for filing the enrollment form is set by the Company for all Eligible Employees with respect to a given Offering. Payroll deduction percentages must be expressed in whole percentages of Earnings, with a minimum percentage of one percent (1%)
and a maximum percentage of fifteen percent (15%). Except as provided in Section 5(g), a Participant may participate only by way of payroll deductions. 

(b) A Participant may increase or decrease his or her participation level at any time with such change to be effective commencing
as of the next Offering. Any such increase or decrease in participation level shall be made by delivering a notice to the Company or a designated Related Corporation in such form as the Company provides prior to the ten (10) day period (or such
shorter period of time as determined by the Company and communicated to Participants) immediately preceding the next Offering Date for which it is to be effective. A Participant may also increase or decrease his or her participation level to be
effective in a subsequent Purchase Period of an ongoing Offering in accordance with procedures established by the Company. 

(c) A Participant may increase his or her participation level once during a Purchase Period. In addition, a Participant may
decrease (including a decrease to zero percent (0%)) his or her participation level no more than once during a Purchase Period. Any such change in participation level shall be made by delivering a notice to the Company or a designated Related
Corporation in such form as the Company provides prior to the ten (10) day period (or such shorter period of time as determined by the Company and communicated to Participants) immediately preceding the payroll date for which it is to be effective
and such change will become effective as soon as administratively practicable following the Company’s receipt of the 
  

 4. 

 
notice. Any Participant who has not increased his or her payroll deduction level from zero percent (0%) to at least one percent (1%) by the time proscribed before the start of a new Offering
shall be deemed to have withdrawn from the Plan effective as of, respectively, the first day of that new Offering. 
 (d)
A Participant may withdraw from an Offering and receive a refund of his or her Contributions (reduced to the extent, if any, such Contributions have been used to acquire shares of Common Stock for the Participant on any prior Purchase Date) without
interest, at any time prior to the end of the Offering, excluding only each ten (10) day period immediately preceding a Purchase Date (or such shorter period of time determined by the Company and communicated to Participants), by delivering a
withdrawal notice to the Company or a designated Related Corporation in such form as the Company provides. A Participant who has withdrawn from an Offering shall not again participate in such Offering, but may participate in subsequent Offerings
under the Plan in accordance with the terms of the Plan and the terms of such subsequent Offerings. 
 (e)
Notwithstanding the foregoing or any other provision of this Offering document or of the Plan to the contrary, neither the enrollment of any Eligible Employee in the Plan nor any forms relating to participation in the Plan shall be given effect
until such time as a registration statement covering the shares reserved under the Plan that are subject to the Offering has been filed by the Company and has become effective. If the provisions of this Section are applicable, the Company shall
establish such procedures as will enable the purposes of the Plan to be satisfied while complying with applicable securities laws. Such procedures may include, for example, allowing Participants to participate other than by means of payroll
deduction and/or allowing Participants to increase their level of participation during a Purchase Period. 
 (f)
Notwithstanding the foregoing or any other provision of this Offering document or of the Plan to the contrary, the Company may determine in its sole discretion at any time, including at any time following the commencement of an Offering or Purchase
Period, that it will no longer accept Participant requests to increase participation levels during such Offering or Purchase Period, as applicable. 

(g) Notwithstanding the foregoing or any other provision of this Offering document or of the Plan to the contrary, with respect to
the Initial Offering only, each Eligible Employee who is employed on the Offering Date for the Initial Offering automatically shall be enrolled in the Initial Offering, with a Purchase Right to purchase up to the number of shares of Common Stock
that are purchasable with fifteen percent (15%) of the Eligible Employee’s Earnings, subject to the limitations set forth in Section 3(c) - 3(f) above. Following the filing of an effective registration statement pursuant to a Form S-8, such
Eligible Employee shall be provided a certain period of time, as determined by the Company in its sole discretion, within which to elect to authorize payroll deductions for the purchase of shares during the Initial Offering (which may be for a
percentage that is less than fifteen percent (15%) of the Eligible Employee’s Earnings, and will have a limited opportunity to make all or part of the contributions in a single lump sum cash payment for the purchase of such shares to the
Company or a designated Related Corporation prior to the ten (10) day period (or such shorter period of time as determined by the Company and communicated to Participants) immediately preceding the first Purchase Date under the Initial Offering. To
the extent that the Eligible Employee’s payroll 
  

 5. 

 
deductions for such initial Purchase Period are less than fifteen percent (15%) of the Eligible Employee’s Earnings paid to the Eligible Employee during the initial Purchase Period of the
Offering, the Eligible Employee may make an additional cash payment at any time or prior to the ten (10) day period (or such shorter period of time as determined by the Company and communicated to Participants) immediately preceding the Purchase
Date under the Initial Offering. If an Eligible Employee neither elects to authorize payroll deductions nor chooses to make a cash payment in accordance with the foregoing sentence, then the Eligible Employee shall not purchase any shares of Common
Stock during the Initial Offering. In order to participate in any Offerings that follow the Initial Offering, an Eligible Employee must affirmatively enroll and authorize payroll deductions prior to the commencement of the Offering, in accordance
with paragraph (a) above. 
 (h) Once an Eligible Employee affirmatively enrolls in an Offering and authorizes payroll
deductions (including in connection with the Initial Offering), the Eligible Employee automatically shall be enrolled for all subsequent Offerings until he or she elects to withdraw from an Offering pursuant to paragraph (d) above or terminates his
or her participation in the Plan. 
 6. PURCHASES. 

Subject to the limitations contained herein, on each Purchase Date, each Participant’s Contributions (without any increase for
interest) shall be applied to the purchase of whole shares of Common Stock, up to the maximum number of shares permitted under the Plan and the Offering. 

7. NOTICES AND AGREEMENTS. 

Any notices or agreements provided for in an Offering or the Plan shall be given in writing, in a form provided by the Company (including
documents delivered in electronic form, if authorized by the Committee), and unless specifically provided for in the Plan or this Offering, shall be deemed effectively given upon receipt or, in the case of notices and agreements delivered by the
Company, five (5) days after deposit in the United States mail, postage prepaid. 
 8. EXERCISE CONTINGENT
ON STOCKHOLDER APPROVAL. 
 The Purchase Rights granted under an Offering are
subject to the approval of the Plan by the stockholders of the Company as required for the Plan to obtain treatment as an Employee Stock Purchase Plan. 

9. CAPITALIZATION ADJUSTMENTS. 

The limitation set forth in Section 3(e) shall be adjusted, as appropriate, to reflect Capitalization Adjustments. 

10. OFFERING SUBJECT TO PLAN. 

Each Offering is subject to all the provisions of the Plan, and the provisions of the Plan are hereby made a part of the Offering. The
Offering is further subject to all interpretations, 
  

 6. 

 
amendments, rules and regulations which may from time to time be promulgated and adopted pursuant to the Plan. In the event of any conflict between the provisions of an Offering and those of the
Plan (including interpretations, amendments, rules and regulations which may from time to time be promulgated and adopted pursuant to the Plan), the provisions of the Plan shall control. 

 

 7.Fourth Amended and Restated Convertible Promissory Note (Convertible Note I)

 EXHIBIT 10.25 

THE SECURITY REPRESENTED BY THIS INSTRUMENT HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”). ACCORDINGLY, THIS SECURITY MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS, AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. THIS
SECURITY AND THE SECURITIES ISSUABLE UPON CONVERSION OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES. THE TRANSFER OF THIS SECURITY IS ALSO SUBJECT TO THE CONDITIONS SPECIFIED IN
THE NOTE PURCHASE AGREEMENT, DATED AS OF JANUARY 16, 2008, AS AMENDED AND MODIFIED FROM TIME TO TIME, BETWEEN QUANTUM FUEL SYSTEMS TECHNOLOGIES WORLDWIDE, INC. (THE “COMPANY”) AND THE PURCHASER PARTY THERETO. THE COMPANY RESERVES THE RIGHT
TO REFUSE THE TRANSFER OF SUCH SECURITY UNTIL SUCH CONDITIONS HAVE BEEN FULFILLED WITH RESPECT TO SUCH TRANSFER. UPON WRITTEN REQUEST, A COPY OF SUCH CONDITIONS SHALL BE FURNISHED BY THE COMPANY TO THE HOLDER HEREOF WITHOUT CHARGE. 

THE SECURITIES REPRESENTED HEREBY ARE SUBJECT TO A CONVERTIBLE NOTE PURCHASE AGREEMENT, DATED AS OF JANUARY 16, 2008, AS AMENDED, BY
AND BETWEEN THE COMPANY AND THE INVESTOR REFERRED TO THEREIN (THE “PURCHASE AGREEMENT”), AND THE HOLDER OF THE NOTE, BY ACCEPTANCE OF THIS NOTE, AGREES TO BE BOUND BY ALL APPLICABLE PROVISIONS OF THE PURCHASE AGREEMENT. 

THIS NOTE AMENDS AND RESTATES THAT CERTAIN CONVERTIBLE PROMISSORY NOTE DATED AUGUST 3, 2009, IN THE ORIGINAL PRINCIPAL AMOUNT OF
$7,171,441 (THE “PRIOR NOTE”) ISSUED BY THE UNDERSIGNED TO THE ORDER OF WB QT, LLC (THE “HOLDER”). THE PRINCIPAL AMOUNT OF THIS NOTE IS NET OF ANY CONVERSIONS AND PAYMENTS OF PRINCIPAL SINCE THE DATE OF THE ISSUANCE OF THE PRIOR
NOTE. IT IS EXPRESSLY INTENDED, UNDERSTOOD AND AGREED THAT THIS NOTE SHALL REPLACE THE PRIOR NOTE AS EVIDENCE OF SUCH INDEBTEDNESS OF THE UNDERSIGNED TO THE HOLDER, AND SUCH INDEBTEDNESS OF THE UNDERSIGNED TO THE HOLDER HERETOFORE REPRESENTED BY THE
PRIOR NOTE, AS OF THE DATE HEREOF, SHALL, TO THE EXTENT NOT ALREADY PAID, BE CONSIDERED OUTSTANDING HEREUNDER FROM AND AFTER THE DATE HEREOF AND SHALL NOT BE CONSIDERED PAID (NOR SHALL THE UNDERSIGNED’S OBLIGATION TO PAY THE SAME BE CONSIDERED
DISCHARGED OR SATISFIED) AS A RESULT OF THE ISSUANCE OF THIS NOTE. 

 QUANTUM FUEL SYSTEMS TECHNOLOGIES WORLDWIDE, INC. 

FOURTH AMENDED AND RESTATED 

CONVERTIBLE PROMISSORY NOTE 
  

			
	April 30, 2010	  	$4,588,924

 QUANTUM FUEL
SYSTEMS TECHNOLOGIES WORLDWIDE, INC., a Delaware corporation (the “Company”), hereby promises to pay to the order of WB QT, LLC, a Delaware limited liability company (the “Purchaser”), the principal amount of Four
Million Five Hundred Eighty Eight Thousand Nine Hundred Twenty Four Dollars ($4,588,924) plus the portion of the Accreted Principal Amount (as defined below) in excess thereof together with interest on the Accreted Principal Amount calculated from
the date hereof in accordance with the provisions of this Note. This Note is deemed to be issued pursuant to the Note Purchase Agreement, dated as of January 16, 2008, as amended (the “Purchase Agreement”), between the Company
and the Purchaser. The Purchase Agreement contains terms governing the rights of the holder of this Note, and all provisions of the Purchase Agreement are hereby incorporated herein in full by reference, provided that to the extent that the terms
and conditions of this Note are different from or in addition to the terms and conditions of the Purchase Agreement, the Purchase Agreement shall be deemed amended hereby to conform to the terms and conditions of this Note. Unless otherwise
indicated herein, capitalized terms used in this Note have the same meanings set forth in the Purchase Agreement. 
 ARTICLE I

 PAYMENT OF INTEREST; CONTINGENT INTEREST 

Interest shall accrue on the Accreted Principal Amount (in each case computed on the basis of a 365/366-day year and the actual number of
days elapsed in any year) at an annual rate equal to 11.50% (or, from and after any extension of the maturity date of this Note under Section 2.1 below, 9.5%) per annum or (if less) at the highest rate then permitted under applicable law,
all of which shall be payable by adding such interest to the Accreted Principal Amount on each Interest Payment Date (as defined below), and on the final maturity hereof (the “PIK Amounts”). At any time, the outstanding principal
amount of this Note, including all PIK Amounts and Default PIK Amounts (as defined below) added thereto through such time, is referred to in this Note as the “Accreted Principal Amount.” All accrued interest (including PIK Amounts,
Default PIK Amounts and interest on the Accreted Principal Amount) shall be added to the Accreted Principal Amount on the first day of each July and January (each, an “Interest Payment Date”) and on the final maturity date of this
Note. Any Accreted Principal Amount (including PIK Amounts and Default PIK Amounts) which for any reason has not theretofore been paid shall increase the principal of the Note and be paid in full on the date on which the final principal payment on
this Note is made (the “Default PIK Amounts”); provided, however, that any such reason shall not affect or waive any Event of Default that arises due to the failure to make such payment in cash. Interest shall accrue on any
principal payment due under this Note (including as to accrued interest added to the principal) until such time as payment therefor is actually delivered to the holder of this Note; provided further, that the Company has the option to
elect by 
  

 2 

 
written notice to Lender at least five (5) business days prior to each Interest Payment Date to pay a total of 6.5% of the PIK Amounts in cash. 

ARTICLE II 

PAYMENT OF PRINCIPAL ON NOTE 

Section 2.1 Scheduled Payment. The Company shall pay the Accreted Principal Amount or, if less, the outstanding principal amount
of this Note to the holder of this Note on March 31, 2011, together with all accrued and unpaid interest on the principal amount being repaid. At the election of the Purchaser in its sole discretion and upon written notice to the Company no
later than March 15, 2011, such maturity date shall be extended until August 31, 2013 (either such date, the “Maturity Date”). 

Section 2.2 Conversion. Notwithstanding any provision contained in this Article 2, the holder of this Note may convert all or
any portion of the outstanding principal amount of this Note into shares of common stock, $.001 par value per share, of the Company (the “Common Shares”) in accordance with Article 6 until such time as such principal amount has
been paid. 
 ARTICLE III 

[Reserved]. 

ARTICLE IV 

[Reserved]. 

ARTICLE V 

EVENTS OF DEFAULT; REMEDIES ON DEFAULT 

Section 5.1 Event of Default. An “Event of Default” shall exist if any of the following conditions or events
shall occur and be continuing: 
 (a) the Company defaults in the payment of principal on the Note when the same
becomes due and payable, whether at maturity or at a date fixed for prepayment or by declaration or otherwise, or fails to deliver the Common Shares to the Purchaser in the manner and at the times set forth in Article 6 hereof, and such failure to
pay is not cured within three (3) business days after the occurrence thereof; or 
 (b) the Company defaults
in the payment of any interest on the Note for more than five (5) business days after the same becomes due and payable; or 

(c) the Company defaults with respect to Section 6.1 of the Purchase Agreement; or 

(d) the Company defaults in the performance of, or compliance with, any other term contained in the Purchase Agreement or
the Note (other than those referred to 
  

 3 

 
in Section 5.1(a), (b) or (c) above) and the default is not remedied within thirty (30) days after the earlier of (i) the Chief Executive Officer or the Chief Financial
Officer obtaining actual knowledge of the default and (ii) the Company receiving written notice of the default from the holder of this Note (any such written notice to be identified as a “notice of default” and to refer specifically
to this Section 5.1(d)); or 
 (e) any representation or warranty made by the Company in Article IV of
the Purchase Agreement proves to have been false in any material respect on the Closing Date; or 
 (f) the
Company (i) is generally not paying, or admits in writing its inability to pay its debts as they become due (ii) files, or consents by answer or otherwise to the filing against it of, a petition for relief or reorganization or arrangement
or any other petition in bankruptcy, for liquidation or to take advantage of any bankruptcy, insolvency, reorganization, moratorium or other similar law of any jurisdiction, (iii) makes an assignment for the benefit of its creditors,
(iv) consents to the appointment of a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property or (v) is adjudicated as insolvent or to be liquidated; or

 (g) a court or Governmental Authority of competent jurisdiction enters an order appointing, without consent by
the Company, a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property, or constituting an order for relief or approving a petition for relief or reorganization or
any other petition in bankruptcy or for liquidation or to take advantage of any bankruptcy or insolvency law of any jurisdiction, or ordering the dissolution, winding-up or liquidation of the Company, or any such petition shall be filed against the
Company and such petition shall not be dismissed within thirty (30) days; or 
 (h) an Event of Default (as
defined in the Credit Agreement) shall have occurred and be continuing and shall not have been waived by the requisite holders of Indebtedness under the Credit Agreement or cured. 

Section 5.2 Acceleration. 

(a) If an Event of Default with respect to the Company described in subsection (f) of Section 5.1 has occurred,
the Note shall automatically become immediately due and payable. 
 (b) If any other Event of Default has
occurred and is continuing, the holder of the Note may at any time at his, her or its option, by notice to the Company, declare the Note to be immediately due and payable. 

(c) Upon the Note becoming due and payable under this Section 5.2, whether automatically or by declaration, the Note
will forthwith mature and the entire unpaid principal amount of the Note, plus all accrued and unpaid interest thereon, shall all be 

 

 4 

 
immediately due and payable, in each and every case without presentment, demand, protest or further notice, all of which are hereby waived. 

Section 5.3 Other Remedies. Subject to Section 5.6, if any Event of Default has occurred and is continuing, and irrespective
of whether the Note has become or has been declared immediately due and payable under Section 5.1, the holder of the Note may proceed to protect and enforce the rights of such holder by an action at law, suit in equity or other appropriate
proceeding, whether for the specific performance of any agreement contained herein, or for an injunction against a violation of any of the terms hereof or thereof, or in aid of the exercise of any power granted hereby or thereby or by law or
otherwise. 
 Section 5.4 No Waivers or Election of Remedies; Expenses. No course of dealing and no delay on the part of
the holder of the Note in exercising any right, power or remedy shall operate as a waiver thereof or otherwise prejudice such holder’s rights, powers or remedies. The Company shall pay the principal and interest of the Note without any
deduction for any setoff or counterclaim. No right, power or remedy conferred by the Purchase Agreement or by the Note upon the holder thereof shall be exclusive of any other right, power or remedy referred to herein or therein or now or hereafter
available at law, in equity, by statute or otherwise. The Company will pay to the holder of the Note on demand such further amount as shall be sufficient to cover all reasonable costs and expenses of such holder incurred in any enforcement or
collection under this Article 5, including, without limitation, reasonable attorneys’ fees, expenses and disbursements. 

Section 5.5 Waiver of Demand. The Company hereby waives diligence, presentment, protest and demand and notice of protest and
demand, dishonor and nonpayment of this Note, and expressly agrees that this Note, or any payment hereunder, may be extended from time to time and that the holder hereof may accept security for this Note or release security for this Note, all
without in any way affecting the liability of the Company hereunder. 
 Section 5.6 Impact of Event of Default on
Holder’s Conversion Rights. The holder of this Note expressly acknowledges that the Company has no obligation to settle all or any portion of the asserted or appraised value of the holder’s conversion rights under the Note with cash,
property, or other assets whether or not an Event of Default has occurred, including Events of Default that continue to exist; and further acknowledges that if said holder exercises its conversion rights, the issuance of unregistered shares of the
Company’s common stock to the holder, regardless of the nature of and/or characteristics of the common stock issued to the holder will be considered to have fully settled the conversion rights exercised. 

ARTICLE VI 

CONVERSION 

Section 6.1 Conversion Procedure. 

(a) At any time prior to the payment of this Note in full, the holder of this Note may convert all or any portion of the
outstanding principal and/or accrued interest amount of this Note (including any Accreted Principal Amount, PIK Amounts and Default PIK Amounts) into a number of Common Shares (excluding any fractional share)

  

 5 

 
determined by dividing the principal and/or Accreted Principal Amount (including PIK Amounts and Default PIK Amounts) designated by such holder to be converted, by the Conversion Price (as
specified in Section 6.2 below) then in effect. 
 For the avoidance of doubt, the holder of this Note shall
be entitled to receive, upon conversion of this Note, Common Shares equal to the sum of (x) the principal amount being converted (including any PIK Amounts and Default PIK Amounts) divided by the Conversion Price then in effect (as adjusted for
any stock dividends, stock splits or Organic Change described in Section 6.5 below). 
 (b) Except as
otherwise expressly provided herein, each conversion of this Note shall be deemed to have been effected as follows: (i) if the holder provides the Company written notice of the conversion prior to 12:01 pm EST, then the conversion shall be
effective on the day on which the notice was received by the Company or (ii) if the holder provides the Company written notice of the conversion after 12:01 pm EST, then the conversion shall be effective on the first business day following the
day on which the notice was received by the Company (such date, the “Conversion Date”). At such time as such conversion has been effected, the rights of the holder of this Note to the extent of the conversion shall cease, and the
Person or Persons in whose name or names any certificate or certificates for Common Shares are to be issued upon such conversion shall be deemed to have become the holder or holders of record of the Common Shares represented thereby. 

(c) Notwithstanding anything herein to the contrary, the Company may not issue, upon conversion of this Note, a number of
Common Shares which, when aggregated with any Common Shares issued to the Purchaser on or after the date hereof and prior to such Conversion Date in connection with (i) any notes issued by the Company pursuant to the Credit Agreement,
(ii) that certain Second Amended and Restated Convertible Promissory Note dated April 30, 2010, in the principal amount of $4,248,595, or (iii) that certain Second Amended and Restated Convertible Promissory Note dated April 30,
2010, in the principal amount of $1,919,818, would exceed 19.99% of the Company’s issued and outstanding Common Shares as of the date of issuance of such Common Shares (such number of shares, the “Issuable Maximum”), if such
issuance would be in violation of applicable Nasdaq Marketplace Rules (or any other exchange on which the Common Shares are then listed). 

(d) As soon as possible after a conversion has been effected (but in any event within five (5) business days of the
Conversion Date), the Company shall deliver to the converting holder: 
 (i) a certificate or certificates
representing the number of Common Shares (excluding any fractional share) issuable by reason of such conversion (including any Accreted Principal Amount, PIK Amounts and Default PIK Amounts) in such name or names and such denomination or
denominations as the converting holder has specified; 
  

 6 

 (ii) such number of Common Shares as shall be determined by dividing
(x) the Accreted Principal Amount (plus any PIK Amount and Default PIK Amounts) with respect to the principal amount converted, plus the amount payable under subsection (e) below, by (y) the Conversion Price; and 

(iii) if requested by the holder in the notice of conversion, a new Note representing any portion of the principal amount
which was represented by the Note surrendered to the Company in connection with such conversion but which was not converted or which could not be converted because it would have required the issuance of a fractional share of Common Shares;

 provided, however, that for purposes of this Section 6.1(d), the Company shall only be entitled to deliver
Common Shares to the converting holder if such Common Shares would not be in excess of the Issuable Maximum or otherwise cause the converting holder to exceed the Beneficial Ownership Limitation. 

(e) If any fractional share of Common Shares would, except for the provisions hereof, be deliverable upon conversion of
this Note, the Company, in lieu of delivering such fractional share, shall in the event the conversion is being consummated in connection with repayment in full of the Note, pay in cash an amount equal to the Market Price of such fractional share as
of the date of such conversion. 
 (f) The issuance of certificates for Common Shares upon conversion of this
Note shall be made without charge to the holder hereof for any issuance tax in respect thereof or other cost incurred by the Company in connection with such conversion and the related issuance of Common Shares. Upon conversion of this Note, the
Company shall take all such actions as are necessary in order to insure that the Common Shares issuable with respect to such conversion shall be validly issued, fully paid and nonassessable. 

(g) The Company shall not close its books against the transfer of Common Shares issued or issuable upon conversion of this
Note in any manner which interferes with the timely conversion of this Note. 
 (h) The Company shall not effect
any conversion of this Note, and the holder shall not have the right to convert any portion of this Note, to the extent that after giving effect to the conversion set forth on the applicable Notice of Conversion, the holder (together with such
holder’s affiliates, and any other person or entity acting as a group together with the holder or any of its affiliates) would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of the
foregoing sentence, the number of shares of Common Stock beneficially owned by the holder and its affiliates shall include the number of shares of Common Stock issuable upon conversion of this Note with respect to which such determination is being
made, but shall exclude the number of shares of Common Stock which are issuable upon (A) conversion of the remaining, unconverted principal amount of this Note beneficially owned by the holder or any of its affiliates and (B) exercise or
conversion of the unexercised or 
  

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unconverted portion of any other securities of the Company subject to a limitation on conversion or exercise analogous to the limitation contained herein (including, without limitation, any other
Notes) beneficially owned by the holder or any of its affiliates. Except as set forth in the preceding sentence, for purposes of this Section 6.1(h), beneficial ownership shall be calculated in accordance with Section 13(d) of the
Securities Exchange Act of 1934 and the rules and regulations promulgated thereunder. To the extent that the limitation contained in this Section 6.1(h) applies, the determination of whether this Note is convertible (in relation to other
securities owned by the holder together with any affiliates) and of which principal amount of this Note is convertible shall be in the sole discretion of the holder, and the submission of a Notice of Conversion shall be deemed to be the
holder’s determination of whether this Note may be converted (in relation to other securities owned by the holder together with its affiliates) and which principal amount of this Note is convertible, in each case subject to such aggregate
percentage limitations. To ensure compliance with this restriction, the holder will be deemed to represent to the Company each time it delivers a Notice of Conversion that such Notice of Conversion has not violated the restrictions set forth in this
paragraph, and the Company shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any “group” status as contemplated above shall be determined in accordance with
Section 13(d) of the Securities Exchange Act of 1934 and the rules and regulations promulgated thereunder. For purposes of this Section 6.1(h), in determining the number of outstanding shares of Common Stock, the holder may rely on the
number of outstanding shares of Common Stock as stated in the most recent of the following: (A) the Company’s most recent Quarterly Report on Form 10-Q or Annual Report on Form 10-K, as the case may be; (B) a more recent public
announcement by the Company; or (C) a more recent notice by the Company or the Company’s transfer agent setting forth the number of shares of Common Stock outstanding. Upon the written or oral request of the holder, the Company shall
within two Trading Days confirm orally and in writing to the holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion
or exercise of securities of the Company, including this Note, by the holder or its affiliates since the date as of which such number of outstanding shares of Common Stock was reported. The “Beneficial Ownership Limitation” shall be
9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon conversion of this Note held by the holder. The limitations contained in this paragraph shall apply
to a successor holder of this Note. 
 Section 6.2 Conversion Price. The initial Conversion Price shall be equal to
$0.71. To address dilution of the conversion rights granted under the Notes, the Conversion Price shall be subject to adjustment from time to time pursuant to Sections 6.3, 6.4 and 6.5. 

Section 6.3 [Reserved]. 

Section 6.4 Subdivision or Combination of Common Stock. If the Company at any time subdivides (by any share split, share dividend
or otherwise) one or more classes of its outstanding Common Shares into a greater number of shares, the Conversion Price in effect 

 

 8 

 
immediately prior to such subdivision shall be proportionately reduced, and if the Company at any time combines (by reverse share split or otherwise) one or more classes of its outstanding Common
Shares into a smaller number of shares, the Conversion Price in effect immediately prior to such combination shall be proportionately increased. 

Section 6.5 Reorganization, Reclassification, Consolidation, Merger or Sale. Any recapitalization, reorganization,
reclassification, consolidation, merger, sale of all or substantially all of the Company’s assets or other transaction, which in each case is effected in such a manner that holders of Common Shares are entitled to receive (either directly or
upon subsequent liquidation) stock, securities or assets with respect to or in exchange for Common Shares is referred to herein as an “Organic Change.” Prior to the consummation of any Organic Change, the Company shall make lawful
and adequate provision (in form and substance satisfactory to the holder of the Note) to insure that the holder of the Note shall thereafter have the right to acquire and receive, in lieu of or addition to (as the case may be) Common Shares
immediately theretofore acquirable and receivable upon the conversion of the holder’s Note, such shares of stock, securities or assets as may be issued or payable with respect to or in exchange for the number of Common Shares immediately
theretofore acquirable and receivable upon conversion of the holder’s Note had such Organic Change not taken place. In any such case, appropriate provision (in form and substance satisfactory to the holder of the Note) shall be made with
respect to the holder’s rights and interests to insure that the provisions of this Article 6 shall thereafter be applicable in relation to any shares of stock, securities or assets thereafter deliverable upon the conversion of the Note.
The Company shall not effect any such consolidation, merger or sale, unless prior to the consummation thereof, the holder gives it written consent thereto and the successor entity (if other than the Company) resulting from consolidation or merger or
the entity purchasing such assets assumes by written instrument (in form reasonably satisfactory to the holder of the Note), the obligation to deliver to each the holder such shares of stock, securities or assets as, in accordance with the foregoing
provisions, the holder may be entitled to acquire. 
 Section 6.6 Notices. 

(a) Immediately upon any adjustment of the Conversion Price, the Company shall send written notice thereof to the holder
of this Note, setting forth in reasonable detail and certifying the calculation of such adjustment. 
 (b) The
Company shall send written notice to the holder of this Note at least twenty (20) days prior to the date on which the Company closes its books or takes a record (i) with respect to any dividend or distribution upon the Common Shares,
(ii) with respect to any pro rata subscription offer to holders of Common Shares or (iii) for determining rights to vote with respect to any Organic Change, dissolution or liquidation. 

(c) The Company shall also give at least twenty (20) days prior written notice to the holder of this Note of the date
on which any Organic Change, dissolution or liquidation shall take place. 
  

 9 

 ARTICLE VII 

AMENDMENT AND WAIVER 

The provisions of the Note may be amended with the holder’s consent and the Company may take any action herein prohibited, or omit
to perform any act herein required to be performed by it, in the manner provided in the Purchase Agreement. 
 ARTICLE VIII

 CANCELLATION 

After all principal and accrued interest at any time owed on this Note has been paid in full or this Note has been converted in full to
Common Shares or other property, this Note shall be surrendered to the Company for cancellation and shall not be reissued. 

ARTICLE IX 

PAYMENTS 

This Note is payable without relief from valuation or appraisement laws. All payments to be made to the holder of the Note shall
be made in (i) the lawful money of the United States of America in immediately available funds or (ii) upon conversion by holder, Common Shares; provided, that with respect to any Common Shares issuable hereunder, such Common Shares
must be registered with the Commission and applicable state securities authorities, or be exempt from such federal and state registration requirements; and provided further, that the Company shall not have the right to pre-pay
outstanding principal of the Note without the consent of the holder of the Note. 
 ARTICLE X 

PLACE OF PAYMENT 

Payments of principal and interest shall be delivered to the Purchaser in care of Whitebox Advisors, LLC (attention: Jonathan Wood, Chief
Financial Officer) at the following address: 3033 Excelsior Boulevard, Suite 300, Minneapolis, Minnesota 55416 or to such other address or to the attention of such other person as specified by prior written notice to the Company. 

ARTICLE XI 

GOVERNING LAW 

(a) THIS NOTE AND ALL ISSUES HEREUNDER AND THEREUNDER SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL
LAWS OF THE STATE OF MINNESOTA (WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW), EXCEPT TO THE EXTENT THE AUTHORIZATION AND ISSUANCE OF THE COMPANY’S COMMON SHARES ARE GOVERNED BY DELAWARE LAW. 

(b) The parties agree that the federal and state courts in Minneapolis, Minnesota shall have exclusive personal
jurisdiction (and are deemed to be a convenient 
  

 10 

 
forum for each party) as to resolution of any dispute; except that either party may enforce an order issued by any such court in other jurisdictions. 

(c) EACH PARTY HERETO IRREVOCABLY WAIVES ALL RIGHT OF TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT
OF OR IN CONNECTION WITH THIS AGREEMENT OR ANY MATTER ARISING HEREUNDER INCLUDING ANY DISPUTE BETWEEN THE HOLDER HEREOF AND THE HOLDER OF ANY SENIOR INDEBTEDNESS. 

 

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 IN WITNESS WHEREOF, the Company has executed and delivered this Note on this 30th day of
April, 2010. 
  

			
	 QUANTUM FUEL SYSTEMS

TECHNOLOGIES WORLDWIDE, INC.

		
	By:	 	/s/ Kenneth R. Lombardo 
	Name:	 	Kenneth R. Lombardo
	Title:	 	Vice President

  

 12

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