Document:

Form of Warrant to purchase Common Stock

 Exhibit 10.25 

THIS WARRANT HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”), OR ANY APPLICABLE STATE SECURITIES
LAWS, AND MAY NOT BE SOLD OR TRANSFERRED UNLESS SUCH SALE OR TRANSFER IS IN ACCORDANCE WITH THE REGISTRATION REQUIREMENTS OF SUCH ACT AND APPLICABLE LAWS OR SOME OTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH ACT AND APPLICABLE LAWS IS
AVAILABLE WITH RESPECT THERETO. 
 COMMON STOCK PURCHASE WARRANT 

 

			
	 Warrant No.[—]
	  	Number of Shares: [—] shares
		  	Common Stock

ZIPCAR, INC. 

Effective as of April 20, 2010 

Void after April 20, 2017 

1. Issuance. This Common Stock Purchase Warrant (the “Warrant”) is issued to [NAME] by
ZIPCAR, INC., a Delaware corporation (hereinafter with its successors called the “Company”). 

2. Purchase Price; Number of Shares. The registered holder of this Warrant (the “Holder”), is entitled upon
surrender of this Warrant with the subscription form annexed hereto duly executed, at the principal office of the Company, to purchase from the Company, at a price per share of $[EXERCISE PRICE] (the “Purchase Price”),
up to a maximum of [NUMBER OF SHARES] fully paid and nonassessable shares of the Company’s Common Stock, $0.001 par value (the “Common Stock”). Until such time as this Warrant is exercised in full or expires, the
Purchase Price and the securities issuable upon exercise of this Warrant are subject to adjustment as hereinafter provided. The person or persons in whose name or names any certificate representing shares of Common Stock is issued hereunder shall be
deemed to have become the holder of record of the shares represented thereby as at the close of business on the date this Warrant is exercised with respect to such shares, whether or not the transfer books of the Company shall be closed. 

3. Payment of Purchase Price. The Purchase Price may be paid (a) in cash or by check, (b) by the surrender by the Holder
to the Company of any promissory notes or other obligations issued by the Company, with all such notes and obligations so surrendered being credited against the Purchase Price in an amount equal to the principal amount thereof plus accrued interest
to the date of surrender, or (c) by any combination of the foregoing. 
 4. Net Issue Election. The Holder may elect
to receive, without the payment by the Holder of any additional consideration, shares of Common Stock equal to the value of this Warrant or any portion hereof by the surrender of this Warrant or such portion to the Company, with the net issue
election notice annexed hereto duly executed, at the principal office of the Company. Thereupon, the Company shall issue to the Holder such number of fully paid and nonassessable shares of Common Stock as is computed using the following formula:

  

							
		 	
X=

	 	 Y (A-B)
	  	
		 	 	A	  	

  

					
	 where:
	 	X =	  	the number of shares of Common Stock to be issued to the Holder pursuant to this Section 4.
			
		 	Y =	  	the number of shares of Common Stock covered by this Warrant in respect of which the net issue election is made pursuant to this Section 4.
			
		 	A =	  	the Fair Market Value (defined below) of one share of Common Stock as determined at the time the net issue election is made pursuant to this Section 4.
			
		 	B =	  	the Purchase Price in effect under this Warrant at the time the net issue election is made pursuant to this Section 4.

 

 1. 

 “Fair Market Value” of a share of Common Stock as of the date that the net issue election is made
(the “Determination Date”) shall mean: 
 (i) If the net issue election is made in connection with and
contingent upon the closing of the sale of the Company’s Common Stock to the public in a public offering pursuant to a Registration Statement under the 1933 Act (a “Public Offering”), and if the Company’s Registration
Statement relating to such Public Offering (“Registration Statement”) has been declared effective by the Securities and Exchange Commission, then the initial “Price to Public” specified in the final prospectus with respect
to such offering. 
 (ii) If the net issue election is not made in connection with and contingent upon a Public Offering,
then as follows: 
 (a) If traded on a securities exchange or the Nasdaq National Market, the fair market value of the
Common Stock shall be deemed to be the average of the closing or last reported sale prices of the Common Stock on such exchange or market over the five day period ending two trading days prior to the Determination Date; 

(b) If otherwise traded in an over-the-counter market, the fair market value of the Common Stock shall be deemed to be the
average of the closing ask prices of the Common Stock over the five day period ending two trading days prior to the Determination Date; and 

(c) If there is no public market for the Common Stock, then fair market value shall be determined in good faith by the
Company’s Board of Directors. 
 5. Partial Exercise. This Warrant may be exercised in part, and the Holder shall be
entitled to receive a new warrant, which shall be dated as of the date of this Warrant, covering the number of shares in respect of which this Warrant shall not have been exercised. 

6. Fractional Shares. In no event shall any fractional share of Common Stock be issued upon any exercise of this Warrant. If, upon
exercise of this Warrant in its entirety, the Holder would, except as provided in this Section 6, be entitled to receive a fractional share of Common Stock, then the Company shall issue the next higher number of full shares of Common
Stock, issuing a full share with respect to such fractional share. 
 7. Expiration Date; Automatic Exercise. This
Warrant shall expire at the earlier to occur of (the “Expiration Date”) (i) at the close of business on April 20, 2017; or (ii) the date that is two years following the closing of an initial public offering of the
Company’s Common Stock on the NASDAQ or other stock exchange in the United States, and shall be void thereafter. 

Notwithstanding the term of this Warrant fixed pursuant to this Section 7, and provided Holder has received advance written
notice of at least twenty (20) days and has not earlier exercised this Warrant, and provided this Warrant has not been assumed by the successor entity (or parent thereof), upon the consummation of a Merger (as defined below), this Warrant shall
automatically be exercised pursuant to Section 4 hereof, without any action by Holder. “Merger” means: (i) a sale of all or substantially all of the Company’s assets to an Unaffiliated Entity (as defined
below), or (ii) the merger, consolidation or acquisition of the Company with, into or by an Unaffiliated Entity (other than a merger or consolidation for the principle purpose of changing the domicile of the Company or a bona fide round of
preferred stock equity financing), that results in the transfer of fifty percent (50%) or more of the outstanding voting power of the Company. “Unaffiliated Entity” means any entity that is owned or controlled by parties who
own less than twenty percent (20%) of the combined voting power of the voting securities of the Company immediately prior to such merger, consolidation or acquisition. Notwithstanding the foregoing, in the event that any outstanding warrants to
purchase equity securities of the Company are assumed by the successor entity of a Merger (or parent thereof), this Warrant shall also be similarly assumed. The Company agrees to promptly give the Holder written notice of any proposed Merger and
written notice of termination of any proposed Merger. Notwithstanding anything to the contrary in this Warrant, the Holder may rescind any exercise of its purchase rights after a notice of termination of the proposed

  

 2. 

 
Merger if the exercise of this Warrant occurred after the Company notified the Holder that the Merger was proposed or if the exercise was otherwise precipitated by such proposed Merger, provided,
however that such rescission right must be exercised within thirty (30) days of receipt of such written notice of termination of the proposed Merger. In the event of such rescission, this Warrant will continue to be exercisable on the same
terms and conditions. 
 8. Reserved Shares; Valid Issuance. The Company covenants that it will at all times from and
after the date hereof reserve and keep available such number of its authorized shares of Common Stock, free from all preemptive or similar rights therein, as will be sufficient to permit the exercise of this Warrant in full. The Company further
covenants that such shares as may be issued pursuant to such exercise will, upon issuance, be duly and validly issued, fully paid and nonassessable and free from all taxes, liens and charges with respect to the issuance thereof. 

9. Stock Splits and Dividends. If after the date hereof the Company shall subdivide the Common Stock, by split-up or otherwise, or
combine the Common Stock, or issue additional shares of Common Stock in payment of a stock dividend on the Common Stock, the number of shares of Common Stock issuable on the exercise of this Warrant shall forthwith be proportionately increased in
the case of a subdivision or stock dividend, or proportionately decreased in the case of a combination, and the Purchase Price shall forthwith be proportionately decreased in the case of a subdivision or stock dividend, or proportionately increased
in the case of a combination. 
 10. Antidilution Rights. The other antidilution rights applicable to the Common Stock of
the Company are set forth in the Sixth Amended and Restated Certificate of Incorporation, as amended from time to time (the “Articles”). Such rights shall not be restated, amended or modified in any manner without such Holder’s
prior written consent if the effect of such action would be more adverse to the Holder, and substantially dissimilar to, its effect on the other holders of the Company’s Common Stock with respect to the Common Stock. 

11. Mergers and Reclassifications. If after the date hereof the Company shall enter into any Reorganization (as hereinafter
defined), then, as a condition of such Reorganization, lawful provisions shall be made, and duly executed documents evidencing the same from the Company or its successor shall be delivered to the Holder, so that the Holder shall thereafter have the
right to purchase, at a total price not to exceed that payable upon the exercise of this Warrant in full, the kind and amount of shares of stock and other securities and property receivable upon such Reorganization by a holder of the number of
shares of Common Stock which might have been purchased by the Holder immediately prior to such Reorganization, and in any such case appropriate provisions shall be made with respect to the rights and interest of the Holder to the end that the
provisions hereof (including without limitation, provisions for the adjustment of the Purchase Price and the number of shares issuable hereunder and the provisions relating to the net issue election) shall thereafter be applicable in relation to any
shares of stock or other securities and property thereafter deliverable upon exercise hereof. For the purposes of this Section 11, the term “Reorganization” shall include without limitation any reclassification, capital
reorganization or change of the Common Stock (other than as a result of a subdivision, combination or stock dividend provided for in Section 9 hereof), or any consolidation of the Company with, or merger of the Company into, another
corporation or other business organization (other than a merger in which the Company is the surviving corporation and which does not result in any reclassification or change of the outstanding Common Stock), or any sale or conveyance to another
corporation or other business organization of all or substantially all of the assets of the Company. 
 12. Certificate of
Adjustment. Whenever the Purchase Price is adjusted, as herein provided, the Company shall promptly deliver to the Holder a certificate of the Company’s chief financial officer setting forth the Purchase Price after such adjustment and
setting forth a brief statement of the facts requiring such adjustment. 
 13. Notices of Record Date, Etc. In the event
of: 
 (a) any taking by the Company of a record of the holders of any class of securities for the purpose of determining
the holders thereof who are entitled to receive any dividend or other distribution, or any right to subscribe for, purchase, sell or otherwise acquire or dispose of any shares of stock of any class or any other securities or property, or to receive
any other right; 
 (b) any reclassification of the capital stock of the Company, capital reorganization of the Company,
consolidation or merger involving the Company, or sale or conveyance of all or substantially all of its assets; or 
 (c)
any voluntary or involuntary dissolution, liquidation or winding-up of the Company, 
  

 3. 

 then in each such event the Company will provide or cause to be provided to the Holder a written notice
thereof. Such notice shall be provided at least twenty (20) days prior to the date specified in such notice on which any such action is to be taken. 

14. Representations, Warranties and Covenants. This Warrant is issued and delivered by the Company and accepted by each Holder on
the basis of the following representations, warranties and covenants made by the Company: 
 (a) The Company has all
necessary authority to issue, execute and deliver this Warrant and to perform its obligations hereunder. This Warrant has been duly authorized issued, executed and delivered by the Company and is the valid and binding obligation of the Company,
enforceable in accordance with its terms. 
 (b) The shares of Common Stock issuable upon the exercise of this Warrant
have been duly authorized and reserved for issuance by the Company and, when issued in accordance with the terms hereof, will be validly issued, fully paid and nonassessable. 

(c) The issuance, execution and delivery of this Warrant do not, and the issuance of the shares of Common Stock upon the exercise
of this Warrant in accordance with the terms hereof will not, (i) violate or contravene the Company’s Articles or by-laws, or any law, statute, regulation, rule, judgment or order applicable to the Company, (ii) violate, contravene or
result in a breach or default under any contract, agreement or instrument to which the Company is a party or by which the Company or any of its assets are bound or (iii) require the consent or approval of or the filing of any notice or
registration with any person or entity. 
 (d) As of the date hereof, the authorized capital stock of the Company
consists of (i) 90,000,000 shares of Common Stock, of which 4,575,993 shares are issued and outstanding, (ii) 545,046 shares of Series A Preferred Stock, all of which are issued and outstanding, (iii) 9,408,742 shares of Series B
Preferred Stock, all of which are issued and outstanding; (iv) 5,714,998 shares of Series C Convertible Preferred Stock, all of which are issued and outstanding; (v) 10,117,134 shares of Series D Convertible Preferred Stock, all of which
are issued and outstanding; (vi) 6,497,389 shares of Series E Convertible Preferred Stock, all of which are issued and outstanding; and (vii) 16,285,000 shares of Series F Convertible Preferred Stock, of which 14,297,694 are issued and
outstanding. 
 15. Amendment. This is one of a series of warrants being issued to former shareholders of [LeftLane]
(collectively the “LeftLane Warrants”). The terms and provisions of this Warrant may be amended, modified or waived only by a written instrument duly executed by the Company and the holders of at least 50% of the shares of Common Stock
subject to the LeftLane Warrants, which expressly refers to the LeftLane Warrants and modifies or amends all Leftlane Warrants in the same manner. 

16. Representations and Covenants of the Holder. This Common Stock Purchase Warrant has been entered into by the Company in
reliance upon the following representations and covenants of the Holder, which by its execution hereof the Holder hereby confirms: 

(a) Investment Purpose. The right to acquire Common Stock contained herein will be acquired for investment and not with a view to
the sale or distribution of any part thereof, and the Holder has no present intention of selling or engaging in any public distribution of the same except pursuant to a registration or exemption. 

(b) Accredited Investor. Holder is an “accredited investor” within the meaning of Rule 501 of Regulation D promulgated
under the Securities Act of 1933, as amended (the “Act”), and /or is not a “US Person” within the meaning of Regulation S promulgated under the Act. 

(c) Private Issue. The Holder understands (i) that the Common Stock issuable upon exercise of the Holder’s rights
contained herein is not registered under the 1933 Act or qualified under applicable state securities laws on the ground that the issuance contemplated by this Warrant will be exempt from the registration and qualifications requirements thereof, and
(ii) that the Company’s reliance on such exemption is predicated on the representations set forth in this Section 16. 
  

 4. 

 (d) Financial Risk. The Holder has such knowledge and experience in financial and
business affairs as to be capable of evaluating the merits and risks of its investment. The Holder has not relied upon any representations, warranties or agreements by the Company or any of its affiliates, other than those expressly set forth in
this Common Stock Purchase Warrant. The Holder acknowledges that an investment in the Company is speculative and involves a high degree of risk. The Holder is able to bear the economic risk of holding its investment for an indefinite period of time
and can afford to suffer a complete loss of its investment. The Holder is not relying on the Company or any of its representatives for legal, investment, tax or other advice. 

(e) Stockholder Rights. Unless otherwise specified herein or in another agreement between the Company and Holder, until exercise
of this Warrant, the Holder shall not have or exercise any rights by virtue hereof as a stockholder of the Company. 
  

	 	17.	Notices, Transfers, Etc. 

(a) Any notice or written communication required or permitted to be given to the Holder may be given by certified mail or
delivered to the Holder at the address most recently provided by the Holder to the Company. 
 (b) Subject to compliance
with Section 18 below and the applicable federal and state securities laws, this Warrant may be transferred by the Holder with respect to any or all of the shares purchasable hereunder. Upon surrender of this Warrant to the Company,
together with the assignment notice annexed hereto duly executed, for transfer of this Warrant as an entirety by the Holder, the Company shall issue a new warrant of the same denomination to the assignee. Upon surrender of this Warrant to the
Company, together with the assignment hereof properly endorsed, by the Holder for transfer with respect to a portion of the shares of Common Stock purchasable hereunder, the Company shall issue a new warrant to the assignee, in such denomination as
shall be requested by the Holder hereof, and shall issue to such Holder a new warrant covering the number of shares in respect of which this Warrant shall not have been transferred. 

(c) In case this Warrant shall be mutilated, lost, stolen or destroyed, the Company shall issue a new warrant of like tenor and
denomination and deliver the same (i) in exchange and substitution for and upon surrender and cancellation of any mutilated Warrant, or (ii) in lieu of any Warrant lost, stolen or destroyed, upon receipt of an affidavit of the Holder or
other evidence reasonably satisfactory to the Company of the loss, theft or destruction of such Warrant. 
  

	 	18.	Transfer of Shares. 

(a) “Restricted Shares” means (a) this Warrant, (b) the shares of Common Stock issued or issuable upon
exercise of this Warrant, and (c) any other shares of capital stock of the Company issued in respect of such shares (as a result of stock splits, stock dividends, reclassifications, recapitalizations or similar events); provided,
however, that shares of Common Stock which are Restricted Shares shall cease to be Restricted Shares (x) upon any sale pursuant to a registration statement under the 1933 Act, Section 4(1) of the 1933 Act or Rule 144 under the
1933 Act or (y) at such time as they become eligible for sale under Rule 144 under the 1933 Act. 
 (b) Restricted
Shares shall not be sold or transferred unless either (i) they first shall have been registered under the 1933 Act, or (ii) the Company first shall have been furnished with an opinion of legal counsel, reasonably satisfactory to the
Company if requested by the Company or its transfer agent, to the effect that such sale or transfer is exempt from the registration requirements of the 1933 Act. 

(c) Notwithstanding the foregoing, no registration or opinion of counsel shall be required for (i) a transfer by the Holder
to an Affiliated Party (as such term is defined below) of the Holder, (ii) a transfer by the Holder which is a partnership to a partner of such partnership; provided that the transferee in each case agrees in writing to be

  

 5. 

 
subject to the terms of this Section 19 to the same extent as if it were the original Holder hereunder, or (iii) a transfer made in accordance with Rule 144 under the 1933 Act. For
purposes of this Agreement “Affiliated Party” shall mean, with respect to Holder, any person or entity which, directly or indirectly, controls, is controlled by or is under common control with Holder, including, without limitation, any
general partner, officer, manager or director of Holder and any venture capital fund now or hereafter existing which is controlled by one or more general partners or managing members of, or shares the same management company as, Holder. 

(d) Each certificate representing Restricted Shares shall bear a legend substantially in the following form: 

“The shares represented by this certificate have not been registered under the Securities Act of 1933, as amended, and may not be
offered, sold or otherwise transferred, pledged or hypothecated unless and until such shares are registered under such Act or an opinion of counsel satisfactory to the Company is obtained to the effect that such registration is not required.”

 The foregoing legend shall be removed from the certificates representing any Restricted Shares, at the request of the holder
thereof, at such time as they become eligible for resale pursuant to Rule 144 under the 1933 Act. 
 19. No
Impairment. The Company will not, without the prior written consent of the Holder by amendment of its Articles or through any reclassification, capital reorganization, consolidation, merger, sale or conveyance of assets, dissolution,
liquidation, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance of performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in
the taking of all such action as may be necessary or appropriate in order to protect the rights of the Holder. 
 20.
Governing Law. The provisions and terms of this Warrant shall be governed by and construed in accordance with the internal laws of the State of Delaware. 

21. Successors and Assigns. This Warrant shall be binding upon the Company’s successors and assigns and shall inure to the
benefit of the Holder’s successors, legal representatives and permitted assigns. 
 22. Business Days. If the last
or appointed day for the taking of any action required of the expiration of any rights granted herein shall be a Saturday or Sunday or a legal holiday in California, then such action may be taken or right may be exercised on the next succeeding day
which is not a Saturday or Sunday or such a legal holiday. 
 23. Value. The Company and the Holder agree that the value
of this Warrant on the date of grant is $100. 
 24. Lock-Up Agreement. The Holder agrees, in connection with the initial
underwritten public offering of the Company’s securities pursuant to a registration statement under the Securities Act of 1933, as amended, (i) not to sell, make short sale of, loan, grant any options for the purchase of, or otherwise
dispose of any shares of Common Stock held by the Holder (other than any shares included in the offering) without the prior written consent of the Company or the underwriters managing such initial underwritten public offering of the Company’s
securities for a period of 180 days from the effective date of such registration statement, and (ii) to execute any agreement reflecting clause (i) above as may be requested by the Company or the managing underwriters at the time of such
offering; provided, that all stockholders of the Company then holding at least 1% of the outstanding Common Stock (on an as-converted basis) and all officers and directors of the Company enter into similar agreements. 

 

									
	ZIPCAR, INC.	 		 	[NAME]
					
	By:	 	  
	 		 	By:	 	  

  

 6. 

									
	Name:	 	Scott W. Griffith	 		 	Name:	 	  

					
	Title:	 	Chief Executive Officer	 		 	Title:	 	  

  

 7. 

 Subscription 

 

									
	To:	 	  
	 		 	Date:	 	  

The undersigned hereby subscribes for
                     shares of Common Stock covered by this Warrant. The certificate(s) for such shares shall be issued in the name of the
undersigned or as otherwise indicated below: 
  

	
	  

	Signature
	  

	Name for Registration
	  

	Mailing Address

  

 1. 

 Net Issue Election Notice 

 

									
	To:	 	  
	 		 	Date:	 	  

The undersigned hereby elects under Section 4 to surrender the right to purchase
                     shares of Common Stock pursuant to this Warrant. The certificate(s) for such shares issuable upon such net issue election
shall be issued in the name of the undersigned or as otherwise indicated below: 
  

	
	  

	Signature
	  

	Name for Registration
	  

	Mailing Address

  

 1. 

 Assignment 

For value received
                                         
                                         
                               hereby sells, assigns and 

transfers unto
                                         
                                         
                                         
                                  

			
	  
	 	

 [Please print or typewrite name and address of Assignee] 

the within Warrant, and does hereby irrevocably constitute and appoint
                                         
                                         
   
 its attorney to transfer the within Warrant on the books of the within named Company with full power of substitution on the
premises. 
 Dated:
                                     

In the Presence of: 
  

	
	  

  

 1.Form of Promissory Note

 Exhibit 10.26 

THE PAYMENT AND PERFORMANCE OBLIGATIONS OF BORROWERS AND THE RIGHTS AND REMEDIES OF THE LENDERS UNDER THIS NOTE ARE SUBJECT TO THE TERMS AND CONDITIONS
OF (1) THAT CERTAIN SUBORDINATION AGREEMENT DATED THE DATE HEREOF BY AND AMONG LIGHTHOUSE CAPITAL PARTNERS VI, L.P. AND THE LENDER DEFINED BELOW, (2) THAT CERTAIN SUBORDINATION AGREEMENT DATED THE DATE HEREOF BY AND AMONG PINNACLE VENTURES
LLC AS AGENT AND THE LENDER DEFINED BELOW, AND (3) THAT CERTAIN SUBORDINATION AGREEMENT DATED THE DATE HEREOF BY AND AMONG LIGHTHOUSE CAPITAL PARTNERS VI, L.P. AS AGENT AND THE LENDER DEFINED BELOW 

$[AMOUNT] 

PROMISSORY NOTE 

This PROMISSORY NOTE (this “Note”) is made as of [DATE], 2010, by ZIPCAR,
INC. (“Zipcar”) in favor of [NOTEHOLDER] (“Lender”). 
 FOR
VALUE RECEIVED, Zipcar promises to pay in lawful money of the United States, to the order of Lender, at [ADDRESS], or such other place as Lender may from time to time designate in writing, in United States
dollars in immediately available funds, the principal sum of $[AMOUNT] (the “Loan”), plus interest on the unpaid balance of the Loan, according to the terms of this Note. 

1. Definitions. As used herein, the following terms shall have the following definitions: 

“Amortization Commencement Date” means July 1, 2011. 

“Basic Rate” means a per annum rate of interest equal to (i) 11.75% during the Interest Only Period and
(ii) 7.2% on and after the Amortization Commencement Date. 
 “Default Rate” means a per annum rate of
interest equal to 2% above the otherwise applicable Basic Rate. 
 “Existing Debt” means the liabilities and obligations of
Zipcar under the Lighthouse Senior Loan Agreement, the Lighthouse Junior Loan Agreement and the Pinnacle Loan Agreement and the documents, instruments and agreements executed in connection therewith, and extensions, refinancing, modifications,
amendments and restatements thereof. 
 “Final Payment” means 9.55% of the principal amount of the Loan being paid or prepaid;
provided, however, if the Loan is prepaid during 2010, the Final Payment shall be 1% of the principal amount of the Loan paid or prepaid; and if the Loan is prepaid during 2011, the Final Payment shall be 6% of the principal amount of the
Loan paid or prepaid. 

 “Interest Only Period” means the period commencing on the date hereof and continuing until
the Amortization Commencement Date. 
 “IPO Event” means the closing of a firm commitment underwritten registered public
offering of Zipcar’s capital stock. 
 “Lighthouse Senior Loan Agreement” means that certain Loan and Security Agreement
dated May 29, 2008, as amended, supplemented, modified or restated from time to time, by and between Lighthouse Capital Partners VI, L.P. (together with its successors and assigns), Zipcar and the other parties thereto. 

“Lighthouse Junior Loan Agreement” means that certain Loan and Security Agreement dated March 12, 2010, as amended, supplemented,
modified or restated from time to time, by and among Lighthouse Capital Partners VI, L.P. (together with its successors and assigns) as agent, the lenders party thereto, Zipcar and the other parties thereto. 

“Maturity Date” means the last day of the Repayment Period, or if earlier, the date of prepayment in full of the Note. 

“Notes” means the Notes issued on or about the date hereof, in substantially the form of this Note, in the aggregate principal amount of
$5,000,000. 
 “Payment Date” means the first day of each calendar month. 

“Pinnacle Loan Agreement” means that certain Loan and Security Agreement dated June 15, 2009, as amended, supplemented, modified or
restated from time to time, by and among Pinnacle Ventures LLC, as agent (together with its successors and assigns), the lenders party thereto, Zipcar and the other parties thereto. 

“Repayment Period” means the period beginning on the Amortization Commencement Date and continuing for 27 calendar months. 

“Required Lenders” means the holders of more than 50% of the outstanding principal amount of the Notes. 

“Subordinated Debt” means indebtedness of Zipcar which is subordinated to the Notes on terms reasonably acceptable to the Required
Lenders. 
 “Vehicle Financing Credit Support Debt” means indebtedness of Zipcar or its subsidiary for the purpose financing of
vehicles and related property. 
  

 - 2 - 

 2. Repayment. Zipcar shall pay in immediately available funds principal and interest due hereunder
from date of this Note, until this Note is paid in full, on each Payment Date pursuant to the terms of this Note. Prior to the Amortization Commencement Date, Zipcar shall pay to Lender, monthly in advance on each Payment Date, interest on the
principal amount of the Loan calculated using the Basic Rate. Beginning on the Amortization Commencement Date and on each Payment Date thereafter during the Repayment Period, Zipcar shall make equal installments of principal and interest in advance,
calculated at the Basic Rate. On the Maturity Date, Zipcar shall pay, in addition to all unpaid principal and interest outstanding hereunder, the Final Payment. 

3. Interest. Interest not paid when due will, to the maximum extent permitted under applicable law, become part of principal, at Lender’s
option, and thereafter bear like interest as principal. All interest computation shall be based on a 365-day year and actual days elapsed. The Loan, if not paid when due, shall bear interest at the Default Rate unless waived by the Lender.

 4. Prepayment. 

a. Mandatory Prepayment Upon an IPO Event. If an IPO Event shall occur, then Zipcar shall within 30 days of such IPO Event pay to
the Lender (i) the outstanding principal amount of the Note and any unpaid accrued interest, and (ii) the Final Payment. 

b. Voluntary Prepayment. Zipcar may prepay all or any portion of the Note at its option if and only if Zipcar pays to Lender
(i) the applicable principal amount of the Note being prepaid and any unpaid accrued interest thereon, and (ii) and the Final Payment. 

5. No Other Indebtedness; No Distributions. Zipcar shall not incur any indebtedness for borrowed money, other than the indebtedness in connection
with the Notes, Existing Debt (and additional indebtedness permitted by the terms thereof), Subordinated Debt and the Vehicle Financing Credit Support Debt, without the consent of the Required Lenders. Without the consent of the Required Lenders,
Zipcar shall not pay any cash dividends or distributions on, or redeem or repurchase, any capital stock issued by Zipcar, except for repurchases of capital stock from departing employees or directors under repurchase agreements approved by
Zipcar’s board of directors. 
 6. Events of Default. The occurrence of any of the following will constitute an event of default
(“Event of Default”) under this Note: 
 a. nonpayment of any principal, interest or Final Payment under this
Note within 3 business days after it is due; 
 b. Zipcar fails to observe or comply with the requirements of
Section 5 of this Note and such failure continues for a period of ten (10) business days; 
 c. an “Event
of Default” (as defined therein) shall occur and continue under the Lighthouse Senior Loan Agreement, the Lighthouse Junior Loan Agreement or the Pinnacle Loan Agreement (provided that any amendment, consent or waiver under the

  

 - 3 - 

 
applicable agreement that constitutes a cure or waiver of such Event of Default under such agreement shall automatically and immediately constitute a cure of any Event of Default under this
clause (c)); 
 d. an involuntary bankruptcy case is filed against Zipcar that remains undismissed or unstayed for 60 days
or, if earlier, an order granting the relief sought is entered; or 
 e. Zipcar commences a voluntary case under
applicable bankruptcy or insolvency law, consents to the entry of an order for relief in an involuntary case under any such law, or consents or is subject to the appointment of or taking possession by a receiver, liquidator, assignee, trustee,
custodian or other similar official of Zipcar or all or substantially all of its property, or makes an assignment for the benefit of creditors, or fails generally or admits in writing to its inability to pay its debts as they become due; 

then and in each such event described in clauses (a) through (c) of this Section 6, the Required Lenders may, by written notice to Zipcar,
declare this Note to be forthwith due and payable, and in each such event described in clauses (d) and (e) of this Section 6, this Note shall automatically be due and payable, whereupon the outstanding principal hereunder and all
accrued and unpaid interest thereon (including the Final Payment) shall become forthwith due and payable. Upon such acceleration of this Note, the Lender shall have all the rights and remedies under applicable law. 

7. Costs. Zipcar hereby agrees to pay on demand all reasonable costs and expenses, including, without limitation, reasonable attorneys’ fees
and legal expenses, incurred or paid by the holder of this Note in enforcing this Note after an Event of Default; provided that the Company shall only be required to pay the reasonable attorneys fees and legal expenses of one counsel to the Required
Lenders in each applicable jurisdiction. 
 8. Waivers. Zipcar hereby waives demand, presentment, protest and (except as provided herein)
notices of every kind. 
 9. Choice of Law. This Note shall be governed by, and construed in accordance with the internal laws of the
State of New York, without regard to principles of conflicts of law. 
 10. Miscellaneous. The terms and provisions of this Note may be
modified or amended, and consents to any departure to the terms hereof may be granted, only by a written instrument duly executed by Zipcar and the Required Lenders, which amendment shall be binding on and effective against all holders of the Notes
then outstanding. The terms and conditions hereof inure to the benefit of and are binding upon the parties’ respective permitted successors and assigns. 
  

 - 4 - 

 IN WITNESS WHEREOF, Zipcar has caused this Note
to be executed by a duly authorized officer as of the day and year first above written. 
  

			
	ZIPCAR, INC.
		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

  

 - 5 -

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