Document:

Seventh Amended and Restated Registration Rights Agreement

 Exhibit 10.17 
 ZIPCAR, INC. 
 SEVENTH AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT

 November 17, 2010 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
		
	 1. Certain Definitions
	  	 	1	  
	 2. Registration Rights
	  	 	5	  
	 2.1 Required Registrations
	  	 	5	  
	 2.2 Incidental Registration
	  	 	7	  
	 2.3 Registration Procedures
	  	 	8	  
	 2.4 Allocation of Expenses
	  	 	9	  
	 2.5 Indemnification and Contribution
	  	 	9	  
	 2.6 Other Matters with Respect to Underwritten Offerings
	  	 	12	  
	 2.7 Information by Holder
	  	 	12	  
	 2.8 “Lock-Up” Agreement; Confidentiality of Notices
	  	 	12	  
	 2.9 Limitations on Subsequent Registration Rights
	  	 	13	  
	 2.10 Rule 144 Requirements
	  	 	13	  
	 2.11 Termination
	  	 	13	  
	 3. Right of First Refusal
	  	 	14	  
	 3.1 Rights of Investors to Acquire Offered Securities
	  	 	14	  
	 3.2 Hart-Scott-Rodino Act
	  	 	16	  
	 3.3 Termination
	  	 	16	  
	 4. Covenants
	  	 	16	  
	 4.1 Maintenance of Insurance
	  	 	16	  
	 4.2 Inspection and Observation
	  	 	16	  
	 4.3 Financial Statements and Other Information
	  	 	16	  
	 4.4 Agreements with Employees; Options
	  	 	17	  
	 4.5 Board of Directors
	  	 	17	  
	 4.6 Qualified Small Business Stock
	  	 	17	  
	 4.7 Subsequent Financings
	  	 	18	  
	 4.8 Termination of Covenants
	  	 	18	  
	 5. Confidentiality
	  	 	18	  
	 6. Transfers of Rights; Calculation of Share Numbers
	  	 	18	  
	 6.1 Transfer of Rights
	  	 	18	  
	 6.2 Calculation of Share Numbers
	  	 	19	  
	 7. General
	  	 	19	  
	 7.1 Severability
	  	 	19	  
	 7.2 Specific Performance
	  	 	19	  
	 7.3 Governing Law
	  	 	19	  
	 7.4 Notices
	  	 	19	  
	 7.5 Amendment of and Waiver Under the Old Rights Agreement; Complete Agreement
	  	 	20	  
	 7.6 Amendments and Waivers
	  	 	20	  
	 7.7 Pronouns
	  	 	21	  
	 7.8 Counterparts; Facsimile Signatures
	  	 	21	  
	 7.9 Section Headings and References
	  	 	21	  
	 7.10 Other Investments
	  	 	21	  

  
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 ZIPCAR, INC. 
 SEVENTH AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT 
 This Agreement
dated as of November 17, 2010 is entered into by and among Zipcar, Inc., a Delaware corporation (the “Company”), and the individuals and entities listed as “Investors” on the signature pages attached hereto. 

Recitals 

WHEREAS, the Company and certain of the Investors (as defined below) are parties to a certain Sixth Amended and Restated Registration
Rights Agreement dated as of April 20, 2010 (the “Old Rights Agreement”), pursuant to which the Company granted such Investors certain rights with respect to their shares of capital stock of the Company; 

WHEREAS, concurrently with the execution of this Agreement, the Company and certain of the Investors (the “Series G
Purchasers”) are acquiring an aggregate of up to 3,942,182 shares of Series G Convertible Preferred Stock, par value $0.001 per share, of the Company (the “Series G Preferred”) pursuant to the terms of a Series G Convertible
Preferred Stock Purchase Agreement dated as of the date hereof by and among the Company and the Series G Purchasers (the “Series G Purchase Agreement”); 
 WHEREAS, the parties to the Old Rights Agreement desire that the Old Rights Agreement be amended and restated in its entirety to provide for the terms and conditions included herein and to include each of
the Series G Purchasers as a party; 
 WHEREAS, the undersigned represent holders of Shares (as defined in the Old Rights
Agreement) representing a majority of the voting power of the outstanding Shares (as defined in the Old Rights Agreement) held by the Investors (as defined in the Old Rights Agreement), as required for amendment of the Old Rights Agreement;

 WHEREAS, the Series G Purchasers’ obligations in the Series G Purchase Agreement are conditioned upon the Company’s
execution and delivery of this Agreement; and 
 WHEREAS, the Company and the Investors desire to provide for certain
arrangements with respect to (i) the registration of shares of capital stock of the Company under the Securities Act of 1933, as amended, (ii) the Investors’ right of first refusal with respect to certain issuances of securities of
the Company and (iii) certain covenants of the Company. 
 NOW, THEREFORE, in consideration of the mutual promises and
covenants contained in this Agreement, the parties hereto agree as follows: 
 1. Certain Definitions. 

As used in this Agreement, the following terms shall have the following respective meanings: 

“Affiliated Party” means, with respect to any Investor, any person or entity which, directly or indirectly, controls, is
controlled by or is under common control with such Investor, including, without limitation, any general partner, officer, manager or director of such Investor and any venture capital fund (or similar entity) now or hereafter existing which is
controlled by one or more general partners or managing members of, or shares the same management company as, such Investor. 

  
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 “Available Undersubscription Amount” means the difference between the total
of all of the Basic Amounts available for purchase by Qualified Purchasers pursuant to Section 3.1 and the Basic Amounts subscribed for pursuant to Section 3.1. 
 “Basic Amount” means, with respect to a Qualified Purchaser, its pro rata portion of the Offered Securities determined by multiplying the number of Offered Securities by a fraction, the
numerator of which is the aggregate number of shares of Common Stock issued or issuable upon conversion of all Shares then held by such Qualified Purchaser and the denominator of which is the total number of shares of Common Stock then outstanding
(giving effect to the conversion into Common Stock of all outstanding shares of convertible preferred stock and the exercise of all outstanding options and warrants). 
 “Benchmark Capital” shall mean Benchmark Capital Partners V, L.P., Benchmark Founders’ Fund V, L.P., Benchmark Founders’ Fund V-A, L.P., Benchmark Founders’ Fund V-B, L.P.,
Benchmark Capital Management Co. V, L.L.C. and related individuals. 
 “Code” means the Internal Revenue Code
of 1986, as amended. 
 “Commission” means the Securities and Exchange Commission, or any other federal agency
at the time administering the Securities Act. 
 “Common Stock” means the common stock, $0.001 par value per
share, of the Company. 
 “Company” has the meaning ascribed to it in the introductory paragraph hereto.

 “Company Sale” means: (a) a merger or consolidation in which (i) the Company is a constituent
party, or (ii) a Company Subsidiary is a constituent party and the Company issues shares of its capital stock pursuant to such merger or consolidation, except in the case of either clause (i) or (ii) any such merger or consolidation
involving the Company or a Company Subsidiary in which the shares of capital stock of the Company outstanding immediately prior to such merger or consolidation continue to represent, or are converted into or exchanged for shares of capital stock
which represent, immediately following such merger or consolidation, at least 51%, by voting power and economic interest, of the capital stock of (A) the surviving or resulting corporation or (B) if the surviving or resulting corporation
is a wholly owned subsidiary of another corporation immediately following such merger or consolidation, the parent corporation of such surviving or resulting corporation; (b) the sale, lease, transfer or exclusive license or other disposition,
in a single transaction or series of related transactions, by the Company or any Company Subsidiary of all or substantially all the assets or intellectual property of the Company and all Company Subsidiaries taken as a whole, or the sale or
disposition (whether by merger or otherwise) of one or more Company Subsidiaries if substantially all of the assets or intellectual property of the Company and the Company Subsidiaries taken as a whole are held by such Company Subsidiary or Company
Subsidiaries (except where such sale, lease, transfer, exclusive license or other disposition is to a wholly owned subsidiary of the Corporation); or (c) a liquidation, dissolution or a winding up of the Company. 

“Company Subsidiary” means any corporation, partnership, trust, limited liability company or other non-corporate
business enterprise in which the Company (or another Company Subsidiary) holds stock or other ownership interests representing (a) more than 50% of the voting power of all outstanding stock or ownership interests of such entity or (b) the
right to receive more than 50% of the net assets of such entity available for distribution to the holders of outstanding stock or ownership interests upon a liquidation or dissolution of such entity. 

  
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 “Confidential Information” means any information that is labeled as
confidential, proprietary or secret which an Investor obtains from the Company pursuant to financial statements, reports and other materials provided by the Company to such Investor pursuant to this Agreement or pursuant to visitation or inspection
rights granted hereunder. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, or any
successor federal statute, and the rules and regulations of the Commission issued under such Act, as they each may, from time to time, be in effect. 
 “Flexcar Merger Agreement” means the Agreement and Plan of Merger, dated as of September 26, 2007, by and among the Company, Zulu Acquisition Corp., Mobility, Inc. and Alps
Communications LLC (solely in its capacity as Equityholders’ Representative (as defined therein)). 
 “Greylock
Capital” shall mean Greylock XII Limited Partnership, Greylock XII-A Limited Partnership and Greylock XII Principals LLC and related individuals or funds. 
 “Indemnified Party” means a party entitled to indemnification pursuant to Section 2.5. 
 “Indemnifying Party” means a party obligated to provide indemnification pursuant to Section 2.5. 
 “Initial Public Offering” means the initial underwritten public offering of shares of Common Stock pursuant to an effective Registration Statement. 

“Initiating Holders” means the Investors initiating a request for registration pursuant to Section 2.1(a) or
2.1(b), as the case may be. 
 “Investor” means (i) the holders of Shares, (ii) for purposes of
Sections 2, 5, 6 and 7, of the Agreement, Pinnacle and Lighthouse and (iii) for purposes of Sections 2, 3, 5, 6 and 7, of the Agreement, the Streetcar Stockholders. 
 “Lighthouse” means Lighthouse Capital Partners VI, L.P. 

“Major Investor” means (i) any Investor owning at least 250,000 Shares and (ii) for purposes of
Section 4.3, Pinnacle, Lighthouse and the Streetcar Stockholders. 
 “Meritech Capital” means Meritech
Capital Partners III L.P., together with Meritech Capital Affiliates III L.P. and related individuals or entities. 

“Notice of Acceptance” means a written notice from an Investor to the Company containing the information specified in
Section 3.1(b). 
 “Offer” means a written notice of any proposed or intended issuance, sale or exchange
of Offered Securities containing the information specified in Section 3.1(a). 
 “Offered Securities”
means (a) any shares of its Common Stock, (b) any other equity securities of the Company, including, without limitation, shares of preferred stock, (c) any option, warrant or other right to subscribe for, purchase or otherwise acquire
any equity securities of the Company, or (d) any debt securities convertible into capital stock of the Company. 

“Old Rights Agreement” has the meaning ascribed to it in the recitals hereto. 

  
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 “Pinnacle” means Pinnacle Ventures II Equity Holdings L.L.C. and Pinnacle
Ventures III Equity Holdings L.L.C. 
 “Prospectus” means the prospectus included in any Registration
Statement, as amended or supplemented by an amendment or prospectus supplement, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such Prospectus. 

“Qualified Public Offering” means the consummation of a firm-commitment underwritten public offering of shares of Common
Stock pursuant to an effective registration statement under the Securities Act with aggregate proceeds to the Company greater than $40,000,000 and the Common Stock being listed for trading on either the New York Stock Exchange or the NASDAQ National
Market or another comparable exchange or marketplace approved by the Board of Directors. 
 “Qualified
Purchaser” means an Investor that is an “accredited investor” within the meaning of Rule 501(a) under the Securities Act. 
 “Refused Securities” means those Offered Securities as to which a Notice of Acceptance has not been given by the Qualified Purchasers pursuant to Section 3.1. 

“Registrable Shares” means (a) the shares of Common Stock issued or issuable upon conversion of the Shares,
(b) the Streetcar Shares, (c) any other shares of Common Stock, and any shares of Common Stock issued or issuable upon the conversion, exchange or exercise of any other securities, acquired by the Investors, (d) the shares of Common
Stock issued or issuable upon exercise of those certain warrants to purchase Common Stock issued by the Company to Lighthouse on May 29, 2008 and March 12, 2010, (e) the shares of Common Stock issued or issuable upon exercise of those
certain warrants to purchase Common Stock issued by the Company to Pinnacle on June 15, 2009 and March 12, 2010, and (f) any other shares of Common Stock issued in respect of such shares (because of stock splits, stock dividends,
reclassifications, recapitalizations or similar events); provided, however, that shares of Common Stock which are Registrable Shares shall cease to be Registrable Shares (i) upon the sale of such shares pursuant to a Registration
Statement or Rule 144 under the Securities Act or (ii) upon any sale in any manner to a person or entity which is not entitled, pursuant to Section 6, to the rights under this Agreement. Wherever reference is made in this Agreement to
a request or consent of holders of a certain percentage of Registrable Shares, the determination of such percentage shall include shares of Common Stock issuable upon conversion of the Shares even if such conversion has not been effected.

 “Registration Expenses” means all expenses incurred by the Company in complying with the provisions of
Section 2, including, without limitation, all registration and filing fees, exchange listing fees, printing expenses, fees and expenses of counsel for the Company and the fees and expenses of one counsel selected by the Selling Stockholders to
represent the Selling Stockholders, state Blue Sky fees and expenses, and the expense of any special audits incident to or required by any such registration, but excluding underwriting discounts, selling commissions, stock transfer taxes and the
fees and expenses of Selling Stockholders’ own counsel (other than the counsel selected to represent all Selling Stockholders). 
 “Registration Statement” means a registration statement filed by the Company with the Commission for a public offering and sale of securities of the Company (other than a registration
statement on Form S-8 or Form S-4, or their successors, or any other form for a similar limited purpose, or any registration statement covering only securities proposed to be issued in exchange for securities or assets of another corporation).

  
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 “Securities Act” means the Securities Act of 1933, as amended, or any
successor federal statute, and the rules and regulations of the Commission issued under such Act, as they each may, from time to time, be in effect. 
 “Selling Stockholder” means any Investor owning Registrable Shares included in a Registration Statement. 
 “Series F Purchasers” means the Investors who hold shares of the Company’s Series F Convertible Preferred Stock. 

“Shares” means shares of the Company’s Series A Convertible Preferred Stock, $0.001 par value per share, Series B
Convertible Preferred Stock, $0.001 par value per share, Series C Convertible Preferred Stock, $0.001 par value per share, Series D Convertible Preferred Stock, $0.001 par value per share, Series E Convertible Preferred Stock, $0.001 par value per
share, Series F Convertible Preferred Stock, $0.001 par value per share, and the Series G Preferred. 
 “Streetcar
Shares” means the 8,158,561 shares of Common Stock issued to the Streetcar Stockholders pursuant to the Share Purchase Agreement, dated April 13, 2010, as amended and restated on April 20, 2010, between the Company and the parties
named therein. 
 “Streetcar Stockholders” means the former shareholders of Streetcar Limited. 

“Undersubscription Amount” means, with respect to a Qualified Purchaser, any additional portion of the Offered
Securities attributable to the Basic Amounts of other Qualified Purchasers as such Qualified Purchaser indicates it will purchase or acquire should the other Qualified Purchasers subscribe for less than their Basic Amounts. 

2. Registration Rights. 
 2.1 Required Registrations. 
 (a) At any time after the earlier of
(i) November 17, 2014 or (ii) six months after the closing of the Initial Public Offering, an Investor or Investors holding in the aggregate a majority of the Registrable Shares then outstanding may request, in writing, that the
Company effect the registration on Form S-1 (or any successor form) of Registrable Shares owned by such Investor or Investors having an aggregate value of at least $20,000,000 (based on the market price or fair value on the date of such
request). 
 (b) At any time after the Company becomes eligible to file a Registration Statement on Form S-3 (or any
successor form relating to secondary offerings), an Investor or Investors holding in the aggregate a majority of the Registrable Shares then outstanding may request, in writing, that the Company effect the registration on Form S-3 (or such
successor form), of Registrable Shares owned by such Investor or Investors having an aggregate value of at least $10,000,000 (based on the public market price on the date of such request). 

(c) Upon receipt of any request for registration pursuant to this Section 2, the Company shall promptly give written notice of such
proposed registration to all other Investors. Such Investors shall have the right, by giving written notice to the Company within 30 days after the Company provides its notice, to elect to have included in such registration such of their Registrable
Shares as such Investors may request in such notice of election, subject in the case of an underwritten 

  
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offering to the terms of Section 2.1(d). Thereupon, the Company shall, as expeditiously as possible (but in no event later than (i) 90 days in the case of a request under
Section 2.1(a) and (ii) 60 days in the case of a request under Section 2.1(b)), use its best efforts to effect the registration on an appropriate registration form of all Registrable Shares which the Company has been requested to so
register; provided, however, that in the case of a registration requested under Section 2.1(b), the Company will only be obligated to effect such registration on Form S-3 (or any successor form). 

(d) If the Initiating Holders intend to distribute the Registrable Shares covered by their request by means of an underwriting, they
shall so advise the Company as a part of their request made pursuant to Section 2.1(a) or (b), as the case may be, and the Company shall include such information in its written notice referred to in Section 2.1(c). In such event,
(i) the right of any other Investor to include its Registrable Shares in such registration pursuant to Section 2.1(a) or (b), as the case may be, shall be conditioned upon such other Investor’s participation in such underwriting on
the terms set forth herein, and (ii) all Investors including Registrable Shares in such registration shall enter into an underwriting agreement upon customary terms with the underwriter or underwriters managing the offering; provided that such
underwriting agreement shall not provide for indemnification or contribution obligations on the part of the Investors materially greater than the obligations of the Investors pursuant to Section 2.5. The Initiating Holders shall have the right
to select the managing underwriter(s) for any underwritten offering requested pursuant to Section 2.1(a) or (b), subject to the approval of the Company, which approval will not be unreasonably withheld, conditioned or delayed. If any Investor
who has requested inclusion of its Registrable Shares in such registration as provided above disapproves of the terms of the underwriting, such Investor may elect, by written notice to the Company, to withdraw its Registrable Shares from such
Registration Statement and underwriting. If the managing underwriter advises the Company in writing that marketing factors require a limitation on the number of shares to be underwritten, the number of Registrable Shares to be included in the
Registration Statement and underwriting shall be allocated among all Investors requesting registration in proportion, as nearly as practicable, to the respective number of Registrable Shares held by them on the date of the request for registration
made by the Initiating Holders pursuant to Section 2.1(a) or (b), as the case may be. If any Investor would thus be entitled to include more Registrable Shares than such Investor requested to be registered, the excess shall be allocated among
other requesting Investors pro rata in the manner described in the preceding sentence. 
 (e) The Company shall not be required
to effect more than two registrations pursuant to Section 2.1(a) or more than two registrations in any 12-month period pursuant to Section 2.1(b). In addition, the Company shall not be required to effect any registration within six months
after the effective date of the Registration Statement relating to the Initial Public Offering. For purposes of this Section 2.1(e), a Registration Statement shall not be counted until such time as such Registration Statement has been declared
effective by the Commission (unless the Initiating Holders withdraw their request for such registration (other than as a result of information concerning the business or financial condition of the Company which is made known to the Investors after
the date on which such registration was requested) and elect not to pay the Registration Expenses therefor pursuant to Section 2.4). For purposes of this Section 2.1(e), a Registration Statement shall not be counted if, as a result of an
exercise of the underwriter’s cut-back provisions, less than 30% of the total number of Registrable Shares that Investors have requested to be included in such Registration Statement are so included. 

(f) If at the time of any request to register Registrable Shares by Initiating Holders pursuant to this Section 2.1, the Company is
engaged or has plans to engage in a registered public offering or is engaged in any other activity which, in the good faith determination of the Company’s Board of Directors, would be adversely affected by the requested registration, then the

  
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Company may at its option direct that such request be delayed for a period not in excess of 60 days from the date of such request, such right to delay a request to be exercised by the Company not
more than once in any 12-month period. 
 2.2 Incidental Registration. 

(a) Whenever the Company proposes to file a Registration Statement covering shares of Common Stock (other than a Registration Statement
filed pursuant to Section 2.1), at any time and from time to time, it will, prior to such filing, give prompt written notice to all Investors of its intention to do so; provided, that no such notice need be given if no Registrable Shares are to
be included therein as a result of a written notice from the managing underwriter pursuant to Section 2.2(b). The parties to this Agreement hereby acknowledge that the Company filed a certain registration statement (Registration
No. 333-167220) with the Commission on June 1, 2010 (the “2010 Registration Statement”) and have waived the Company’s obligation to give prompt written notice of such filing pursuant to this Section 2.2(a). Upon the
written request of an Investor or Investors given within 20 days after the Company provides such notice (which request shall state the intended method of disposition of such Registrable Shares), the Company shall use its best efforts to cause all
Registrable Shares which the Company has been requested by such Investor or Investors to register to be registered under the Securities Act to the extent necessary to permit their sale or other disposition in accordance with the intended methods of
distribution specified in the request of such Investor or Investors; provided that the Company shall have the right to postpone or withdraw any registration effected pursuant to this Section 2.2 without obligation to any Investor. 

(b) If the registration for which the Company gives notice pursuant to Section 2.2(a) is a registered public offering involving an
underwriting, the Company shall so advise the Investors as a part of the written notice given pursuant to Section 2.2(a). In such event, (i) the right of any Investor to include its Registrable Shares in such registration pursuant to this
Section 2.2 shall be conditioned upon such Investor’s participation in such underwriting on the terms set forth herein and (ii) all Investors including Registrable Shares in such registration shall enter into an underwriting agreement
upon customary terms with the underwriter or underwriters selected for the underwriting by the Company. If any Investor who has requested inclusion of its Registrable Shares in such registration as provided above disapproves of the terms of the
underwriting, such person may elect, by written notice to the Company, to withdraw its shares from such Registration Statement and underwriting. If the managing underwriter with respect to the Initial Public Offering advises the Company in writing
that marketing factors require a limitation on the number of shares to be underwritten, then Registrable Shares shall be included, to the extent allowed, in the following order of priority: (i) up to 50% of the Streetcar Shares held by
Streetcar Stockholders shall be included in such Registration Statement before any Registrable Shares held by any other Investor are included; (ii) the Registrable Shares held by Series F Purchasers shall be included in such Registration
Statement before any Registrable Shares held by any other Investor are included; (iii) the Registrable Shares held by entities and individuals affiliated with Benchmark Capital, Greylock Capital and Meritech Capital shall be included in such
Registration Statement before any Registrable Shares held by any other Investor are included, (iv) the Registrable Shares held by any other Investors shall be included in such Registration Statement before any Registrable Shares held by holders
of securities of the Company other than the Company are included in such Registration Statement and (v) shares held by holders of securities of the Company other than Investors may then be included in such Registration Statement. If the
managing underwriter with respect to an offering other than the Initial Public Offering advises the Company in writing that marketing factors require a limitation on the number of shares to be underwritten, then Registrable Shares shall be included,
to the extent allowed, as in the following order of priority: (i) the Registrable Shares held by Series F Purchasers and Streetcar Stockholders shall be included, pro rata, in such

  
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Registration Statement before any Registrable Shares held by any other Investor are included; (ii) the Registrable Shares held by entities and individuals affiliated with Benchmark Capital,
Greylock Capital and Meritech Capital shall be included in such Registration Statement before any Registrable Shares held by holders of securities other than the Company are included in such Registration Statement, (iii) the Registrable Shares
held by any other Investors shall be included in such Registration Statement before any Registrable Shares held by holders of securities other than the Company are included in such Registration Statement and (iv) shares held by holders of
securities of the Company other than Investors may then be included in such Registration Statement; provided that, in no event shall the amount of securities of entities and individuals affiliated with Benchmark Capital, Greylock
Capital, Meritech Capital, the Streetcar Stockholders and/or the Series F Purchasers included in such Registration Statement be reduced below 30% of the total amount of securities included in such Registration Statement. 

2.3 Registration Procedures. 
 (a) If and whenever the Company is required by the provisions of this Agreement to use its best efforts to effect the registration of any Registrable Shares under the Securities Act, the Company shall:

 (i) file with the Commission a Registration Statement with respect to such Registrable Shares and use its best efforts to
cause that Registration Statement to become effective as soon as possible; 
 (ii) as expeditiously as possible prepare and
file with the Commission any amendments and supplements to the Registration Statement and the prospectus included in the Registration Statement as may be necessary to comply with the provisions of the Securities Act (including the anti-fraud
provisions thereof) and to keep the Registration Statement effective for 12 months from the effective date or such lesser period until all such Registrable Shares are sold; 
 (iii) as expeditiously as possible furnish to each Selling Stockholder such reasonable numbers of copies of the Prospectus, including any preliminary Prospectus, in conformity with the requirements of the
Securities Act, and such other documents as such Selling Stockholder may reasonably request in order to facilitate the public sale or other disposition of the Registrable Shares owned by such Selling Stockholder; 

(iv) as expeditiously as possible use its best efforts to register or qualify the Registrable Shares covered by the Registration
Statement under the securities or Blue Sky laws of such states as the Selling Stockholders shall reasonably request, and do any and all other acts and things that may be necessary or desirable to enable the Selling Stockholders to consummate the
public sale or other disposition in such states of the Registrable Shares owned by the Selling Stockholders; provided, however, that the Company shall not be required in connection with this paragraph (iv) to qualify as a foreign corporation or
to execute a general consent to service of process in any jurisdiction; 
 (v) as expeditiously as possible, cause all such
Registrable Shares to be listed on each securities exchange or automated quotation system on which similar securities issued by the Company are then listed; 
 (vi) promptly provide a transfer agent and registrar for all such Registrable Shares not later than the effective date of such Registration Statement; 

  
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 (vii) promptly make available for inspection by the Selling Stockholders, any managing
underwriter participating in any disposition pursuant to such Registration Statement, and any attorney or accountant or other agent retained by any such underwriter or selected by the Selling Stockholders, all financial and other records, pertinent
corporate documents and properties of the Company and cause the Company’s officers, directors, employees and independent accountants to supply all information reasonably requested by any such seller, underwriter, attorney, accountant or agent
in connection with such Registration Statement; 
 (viii) notify each Selling Stockholder, promptly after it shall receive
notice thereof, of the time when such Registration Statement has become effective or a supplement to any Prospectus forming a part of such Registration Statement has been filed; and 

(ix) as expeditiously as possible following the effectiveness of such Registration Statement, notify each seller of such Registrable
Shares of any request by the Commission for the amending or supplementing of such Registration Statement or Prospectus. 
 (b)
If the Company has delivered a Prospectus to the Selling Stockholders and after having done so the Prospectus is amended to comply with the requirements of the Securities Act, the Company shall promptly notify the Selling Stockholders and, if
requested, the Selling Stockholders shall immediately cease making offers of Registrable Shares and return all Prospectuses to the Company. The Company shall promptly provide the Selling Stockholders with revised Prospectuses and, following receipt
of the revised Prospectuses, the Selling Stockholders shall be free to resume making offers of the Registrable Shares. 
 (c)
In the event that, in the judgment of the Company, it is advisable to suspend use of a Prospectus included in a Registration Statement due to pending material developments or other events that have not yet been publicly disclosed and as to which the
Company believes public disclosure would be materially detrimental to the Company, the Company shall notify all Selling Stockholders to such effect, and, upon receipt of such notice, each such Selling Stockholder shall immediately discontinue any
sales of Registrable Shares pursuant to such Registration Statement until such Selling Stockholder has received copies of a supplemented or amended Prospectus or until such Selling Stockholder is advised in writing by the Company that the then
current Prospectus may be used and has received copies of any additional or supplemental filings that are incorporated or deemed incorporated by reference in such Prospectus. Notwithstanding anything to the contrary herein, the Company shall not
exercise its rights under this Section 2.3(c) to suspend sales of Registrable Shares for a period in excess of 30 days consecutively or 60 days in any 365-day period. 
 2.4 Allocation of Expenses. The Company will pay all Registration Expenses for all registrations under this Agreement; provided, however, that if a registration under Section 2.1
is withdrawn at the request of the Initiating Holders (other than as a result of information concerning the business or financial condition of the Company which is made known to the Selling Stockholders after the date on which such registration was
requested) and if the Initiating Holders elect not to have such registration counted as a registration requested under Section 2.1, the Selling Stockholders shall pay the Registration Expenses of such registration pro rata in accordance with
the number of their Registrable Shares included in such registration. 
 2.5 Indemnification and Contribution.

 (a) In the event of any registration of any of the Registrable Shares under the Securities Act pursuant to this Agreement,
the Company will indemnify and hold harmless each Selling 

  
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Stockholder, the partners, members, officers, directors and stockholders of each Selling Stockholder, each underwriter of such Registrable Shares, and each other person, if any, who controls such
Selling Stockholder or underwriter within the meaning of the Securities Act or the Exchange Act against any losses, claims, damages or liabilities, joint or several, to which such Selling Stockholder, underwriter, controlling person or other
aforementioned person may become subject under the Securities Act, the Exchange Act, state securities or Blue Sky laws or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based
upon (i) any untrue statement or alleged untrue statement of any material fact contained in any Registration Statement under which such Registrable Shares were registered under the Securities Act, any preliminary prospectus or final prospectus
contained in the Registration Statement, or any amendment or supplement to such Registration Statement, (ii) the omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein not
misleading, or (iii) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any state securities law or any rule or regulation promulgated under the Securities Act, the Exchange Act or any state securities
law in connection with the Registration Statement or the offering contemplated thereby; and the Company will reimburse such Selling Stockholder, underwriter, controlling person or other aforementioned person for any legal or any other expenses
reasonably incurred by such Selling Stockholder, underwriter or controlling person in connection with investigating or defending any such loss, claim, damage, liability or action as such expenses are incurred; provided, however, that
the Company will not be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon any untrue statement or omission made in such Registration Statement, preliminary prospectus or prospectus,
or any such amendment or supplement, in reliance upon and in conformity with information furnished to the Company, in writing, by or on behalf of such Selling Stockholder, underwriter or controlling person specifically for use in the preparation
thereof. 
 (b) In the event of any registration of any of the Registrable Shares under the Securities Act pursuant to this
Agreement, each Selling Stockholder, severally and not jointly, will indemnify and hold harmless the Company, each of its directors and officers and each underwriter (if any) and each person, if any, who controls the Company or any such underwriter
within the meaning of the Securities Act or the Exchange Act, against any losses, claims, damages or liabilities, joint or several, to which the Company, such directors and officers, underwriter or controlling person may become subject under the
Securities Act, Exchange Act, state securities or Blue Sky laws or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon (i) any untrue statement or alleged untrue
statement of a material fact contained in any Registration Statement under which such Registrable Shares were registered under the Securities Act, any preliminary prospectus or final prospectus contained in the Registration Statement, or any
amendment or supplement to the Registration Statement, or (ii) any omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading, if and to the extent (and only to
the extent) that the statement or omission was made in reliance upon and in conformity with information relating to such Selling Stockholder furnished in writing to the Company by such Selling Stockholder specifically for use in connection with the
preparation of such Registration Statement, prospectus, amendment or supplement; provided, however, that the obligations of a Selling Stockholder hereunder shall be limited to an amount equal to the net proceeds to such Selling
Stockholder of Registrable Shares sold in connection with such registration. 
 (c) Each Indemnified Party shall give notice to
the Indemnifying Party promptly after such Indemnified Party has actual knowledge of any claim as to which indemnity may be sought, and shall permit the Indemnifying Party to assume the defense of any such claim or any litigation resulting
therefrom; provided, that counsel for the Indemnifying Party, who shall conduct the defense of such claim or litigation, shall be approved by the Indemnified Party (whose approval shall not

  
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be unreasonably withheld, conditioned or delayed); and, provided, further, that the failure of any Indemnified Party to give notice as provided herein shall not relieve the
Indemnifying Party of its obligations under this Section 2.5 except to the extent that the Indemnifying Party is adversely affected by such failure. The Indemnified Party may participate in such defense at such party’s expense;
provided, however, that the Indemnifying Party shall pay such expense if the Indemnified Party reasonably concludes that representation of such Indemnified Party by the counsel retained by the Indemnifying Party would be inappropriate
due to actual or potential differing interests between the Indemnified Party and any other party represented by such counsel in such proceeding; provided further that in no event shall the Indemnifying Party be required to pay the
expenses of more than one law firm per jurisdiction as counsel for the Indemnified Party. The Indemnifying Party also shall be responsible for the expenses of such defense if the Indemnifying Party does not elect to assume such defense. No
Indemnifying Party, in the defense of any such claim or litigation shall, except with the consent of each Indemnified Party, consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the
giving by the claimant or plaintiff to such Indemnified Party of a release from all liability in respect of such claim or litigation, and no Indemnified Party shall consent to entry of any judgment or settle such claim or litigation without the
prior written consent of the Indemnifying Party, which consent shall not be unreasonably withheld, conditioned or delayed. 

(d) In order to provide for just and equitable contribution in circumstances in which the indemnification provided for in this
Section 2.5 is due in accordance with its terms but for any reason is held to be unavailable to an Indemnified Party in respect to any losses, claims, damages and liabilities referred to herein, then the Indemnifying Party shall, in lieu of
indemnifying such Indemnified Party, contribute to the amount paid or payable by such Indemnified Party as a result of such losses, claims, damages or liabilities to which such party may be subject in such proportion as is appropriate to reflect the
relative fault of the Company on the one hand and the Selling Stockholders on the other in connection with the statements or omissions which resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable
considerations. The relative fault of the Company and the Selling Stockholders shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of material fact related to information supplied by the Company or
the Selling Stockholders and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The Company and the Selling Stockholders agree that it would not be just and equitable
if contribution pursuant to this Section 2.5(d) were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to above. Notwithstanding the provisions of this
Section 2.5(d), (i) in no case shall any one Selling Stockholder, when combined with any amounts paid by such Selling Stockholder pursuant to Section 2.5(b), be liable or responsible for any amount in excess of the net proceeds
received by such Selling Stockholder from the offering of Registrable Shares and (ii) the Company shall be liable and responsible for any amount in excess of such proceeds; provided, however, that no person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. Any party entitled to contribution will, promptly after
receipt of notice of commencement of any action, suit or proceeding against such party in respect of which a claim for contribution may be made against another party or parties under this Section 2.5(d), notify such party or parties from whom
contribution may be sought, but the omission so to notify such party or parties from whom contribution may be sought shall not relieve such party from any other obligation it or they may have thereunder or otherwise under this Section 2.5(d).
No party shall be liable for contribution with respect to any action, suit, proceeding or claim settled without its prior written consent, which consent shall not be unreasonably withheld, conditioned or delayed. 

  
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 (e) The rights and obligations of the Company and the Selling Stockholders under this
Section 2.5 shall survive the termination of this Agreement. 
 2.6 Other Matters with Respect to Underwritten
Offerings. In the event that Registrable Shares are sold pursuant to a Registration Statement in an underwritten offering pursuant to Section 2.1, the Company agrees to (a) enter into an underwriting agreement containing customary
representations and warranties with respect to the business and operations of the Company and customary covenants and agreements to be performed by the Company, including without limitation customary provisions with respect to indemnification by the
Company of the underwriters of such offering; (b) use its best efforts to cause its legal counsel to render customary opinions to the underwriters with respect to the Registration Statement; and (c) use its best efforts to cause its
independent public accounting firm to issue customary “cold comfort letters” to the underwriters with respect to the Registration Statement. 
 2.7 Information by Holder. Each holder of Registrable Shares included in any registration shall furnish to the Company such information regarding such holder and the distribution proposed by such
holder as the Company may reasonably request in writing and as shall be required in connection with any registration, qualification or compliance referred to in this Agreement. 

2.8 “Lock-Up” Agreement; Confidentiality of Notices. Each Investor hereby agrees that it will not, without the prior
written consent of the managing underwriter, during the period commencing on the date of the final prospectus relating to the registration by the Company for its own behalf of shares of its Common Stock or any other equity securities under the
Securities Act on a registration statement on Form S-1, including without limitation the 2010 Registration Statement, and ending on the date specified by the Company and the managing underwriter (such period not to exceed one hundred eighty
(180) days, which period may be extended upon the request of the managing underwriter, to the extent required by any FINRA or NYSE rules, for an additional period of up to fifteen (15) days if the Company issues or proposes to issue an
earnings or other public release within fifteen (15) days of the expiration of the 180-day lockup period), (i) lend; offer; pledge; sell; contract to sell; sell any option or contract to purchase; purchase any option or contract to sell;
grant any option, right, or warrant to purchase; or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or any securities convertible into or exercisable or exchangeable (directly or indirectly) for Common Stock held
immediately before the effective date of the registration statement for such offering or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of such
securities, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Common Stock or other securities, in cash, or otherwise. The foregoing provisions of this Section 2.8 shall apply only to
the Initial Public Offering, shall not apply to the sale of any shares to an underwriter pursuant to an underwriting agreement, and shall be applicable to the Investors only if all officers and directors are subject to the same restrictions and the
Company obtains a similar agreement from all Investors owning more than one percent (1%) of the Company’s outstanding Common Stock (after giving effect to conversion into Common Stock of all outstanding Shares). The underwriters in
connection with such registration are intended third party beneficiaries of this Section 2.8 and shall have the right, power, and authority to enforce the provisions hereof as though they were a party hereto. Each Investor further agrees to
execute such agreements as may be reasonably requested by the underwriters in connection with such registration that are consistent with this Section 2.8 or that are necessary to give further effect thereto. 

Any Investor receiving any written notice from the Company regarding the Company’s plans to file a Registration Statement shall
treat such notice confidentially and shall not disclose such information to any person other than as necessary to exercise its rights under this Agreement. 

  
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 2.9 Limitations on Subsequent Registration Rights. The Company shall not, prior to
the Initial Public Offering, without the prior written consent of Investors holding a majority of the Registrable Shares then held by all Investors, enter into any agreement (other than this Agreement) with any holder or prospective holder of any
securities of the Company which grants such holder or prospective holder rights to include securities of the Company in any Registration Statement unless such rights to include securities in a registration are pari passu with, or subordinate to, the
rights granted to Investors pursuant to this Agreement. 
 2.10 Rule 144 Requirements. After the earliest of (i) the
closing of the sale of securities of the Company pursuant to a Registration Statement, (ii) the registration by the Company of a class of securities under Section 12 of the Exchange Act, or (iii) the issuance by the Company of an
offering circular pursuant to Regulation A under the Securities Act, the Company agrees to: 
 (a) make and keep current public
information about the Company available, as those terms are understood and defined in Rule 144; 
 (b) use its best efforts to
file with the Commission in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements); and 

(c) furnish to any holder of Registrable Shares upon request (i) a written statement by the Company as to its compliance with the
reporting requirements of Rule 144 and of the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements), (ii) a copy of the most recent annual or quarterly report of the Company, and
(iii) such other reports and documents of the Company as such holder may reasonably request to avail itself of any similar rule or regulation of the Commission allowing it to sell any such securities without registration. 

2.11 Termination. The right of any holder of Registrable Shares to request registration or inclusion of Registrable Securities in
any registration pursuant to Section 2.1 or Section 2.2 shall terminate upon the earliest to occur of: 

(a) the closing of a Company Sale; 
 (b) the earliest time after the Initial Public Offering at which such holder of Registrable Shares (i) can sell all shares held by it in compliance with Rule 144(b)(1)(i) or (ii) holds one
percent (1%) or less of the Company’s outstanding Common Stock and all Registrable Securities held by such holder (together with any Affiliate of the holder with whom such holder must aggregate its sales under Rule 144) can be sold in
any three (3) month period without registration in compliance with Rule 144; and 
 (c) the fifth anniversary of the
Initial Public Offering. 
 2.12 Registration of Certain Streetcar Shares. The Company shall use its commercially
reasonable best efforts to include at least 25% of the Streetcar Shares held by each of Andrew Valentine and Brett Akker in the registration statement with respect to the Initial Public Offering. In the event that the underwriters with respect to
the Initial Public Offering exercise their over-allotment option, the Company shall use its commercially reasonable best efforts to include additional Streetcar Shares held by such stockholders in the over-allotment closing. 

  
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 3. Right of First Refusal. 

3.1 Rights of Investors to Acquire Offered Securities. 
 (a) The Company shall not issue, sell or exchange, agree to issue, sell or exchange, or reserve or set aside for issuance, sale or exchange, any Offered Securities, unless in each such case the Company
shall have first complied with this Section 3.1. The Company shall deliver to each Investor an Offer, which shall (i) identify and describe the Offered Securities, (ii) describe the price and other terms upon which they are to be
issued, sold or exchanged, and the number or amount of the Offered Securities to be issued, sold or exchanged, (iii) identify the persons or entities (if known) to which or with which the Offered Securities are to be offered, issued, sold or
exchanged, and (iv) offer to issue and sell to or exchange with such Investor that is a Qualified Purchaser (A) such Qualified Purchaser’s Basic Amount and (B) such Qualified Purchaser’s Undersubscription Amount. 

(b) To accept an Offer, in whole or in part, a Qualified Purchaser must deliver to the Company, on or prior to the date 30 days after
the date of delivery of the Offer, a Notice of Acceptance providing a representation letter certifying that such Qualified Purchaser is an accredited Investor within the meaning of Rule 501 under the Securities Act and indicating the portion of the
Qualified Purchaser’s Basic Amount that such Qualified Purchaser elects to purchase and, if such Qualified Purchaser shall elect to purchase all of its Basic Amount, the Undersubscription Amount (if any) that such Qualified Purchaser elects to
purchase. If the Basic Amounts subscribed for by all Qualified Purchasers are less than the total of all of the Basic Amounts available for purchase, then each Qualified Purchaser who has set forth an Undersubscription Amount in its Notice of
Acceptance shall be entitled to purchase, in addition to the Basic Amounts subscribed for, the Undersubscription Amount it has subscribed for (such Qualified Purchaser, an “Oversubscribing Qualified Purchaser”); provided,
however, that if the Undersubscription Amounts subscribed for exceed the Available Undersubscription Amount, each Qualified Purchaser who has subscribed for any Undersubscription Amount shall be entitled to purchase only that portion of the
Available Undersubscription Amount as the aggregate number of shares of Common Stock issued or issuable upon conversion of all Registrable Shares then held by such Qualified Purchaser bears to the aggregate number of shares of Common Stock issued or
issuable upon conversion of all Registrable Shares then held by all Oversubscribing Qualified Purchasers, subject to rounding by the Board of Directors to the extent it deems reasonably necessary. 

(c) The Company shall have 90 days from the expiration of the period set forth in Section 3.1(b) to issue, sell or exchange all or
any part of the Refused Securities, but only to the offerees or purchasers described in the Offer (if so described therein) and only upon terms and conditions (including, without limitation, unit prices and interest rates) which are not more
favorable, in the aggregate, to the acquiring person or persons or less favorable to the Company than those set forth in the Offer. 
 (d) In the event the Company shall propose to sell less than all the Refused Securities, then each Qualified Purchaser may, at its sole option and in its sole discretion, reduce the number or amount of
the Offered Securities specified in its Notice of Acceptance to an amount that shall be not less than the number or amount of the Offered Securities that the Qualified Purchaser elected to purchase pursuant to Section 3.1(b) multiplied by a
fraction, (i) the numerator of which shall be the number or amount of Offered Securities the Company actually proposes to issue, sell or exchange (including Offered Securities to be issued or sold to Qualified Purchasers pursuant to
Section 3.1(b) prior to such reduction) and (ii) the denominator of which shall be the original amount of the Offered Securities. In the event that any Qualified Purchaser so elects to reduce the number or amount of Offered Securities
specified in its Notice of Acceptance, the Company may not issue, sell or exchange more than the reduced number or amount of the Offered Securities unless and until such securities have again been offered to the Qualified Purchasers in accordance
with Section 3.1(a). 

  
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 (e) Upon (i) the closing of the issuance, sale or exchange of all or less than all of
the Refused Securities or (ii) such other date agreed to by the Company and Qualified Purchasers who have subscribed for a majority of the Offered Securities subscribed for by the Qualified Purchasers, such Qualified Purchaser or Purchasers
shall acquire from the Company and the Company shall issue to such Qualified Purchaser or Purchasers, the number or amount of Offered Securities specified in the Notices of Acceptance, as reduced pursuant to Section 3.1(d) if any of the
Qualified Purchasers has so elected, upon the terms and conditions specified in the Offer. 
 (f) The purchase by the Qualified
Purchasers of any Offered Securities is subject in all cases to the preparation, execution and delivery by the Company and the Qualified Purchasers of a purchase agreement relating to such Offered Securities reasonably satisfactory in form and
substance to the Qualified Purchasers and their respective counsel. 
 (g) Any Offered Securities not acquired by the Qualified
Purchasers or other persons in accordance with Section 3.1(c) may not be issued, sold or exchanged until they are again offered to the Qualified Purchasers under the procedures specified in this Agreement. 

(h) The rights of the Qualified Purchasers under this Section 3.1 shall not apply to: 

(i) the issuance of any shares of Common Stock as a stock dividend to holders of Common Stock or upon any subdivision or combination of
shares of Common Stock; 
 (ii) the issuance of any shares of Common Stock upon conversion of shares of convertible preferred
stock; 
 (iii) the issuance of shares of Common Stock, or options with respect thereto (subject in either case to appropriate
adjustment for stock splits, stock dividends, recapitalizations and similar events occurring after the date of this Agreement), issued or issuable to employees, directors or officers of, or consultants to, the Company or any Company Subsidiary
pursuant to any plan, agreement or arrangement approved by the Board of Directors of the Company and a majority of the Board of Directors who are not employees of the Company or any of its Subsidiaries; 

(iv) the issuance of securities solely in consideration for a bona fide acquisition (whether by merger or otherwise) by the Company or
any Company Subsidiary of all or substantially all of the stock or assets of any other entity approved by the Board of Directors of the Company; 
 (v) the issuance of shares of Common Stock by the Company in a firm-commitment underwritten public offering pursuant to an effective registration statement under the Securities Act; 

(vi) the issuance of shares of capital stock, or the grant of options or warrants therefor, in connection with any present or future
borrowing, line of credit, leasing or similar financing arrangement approved by the Board of Directors of the Company; 

  
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 (vii) shares of capital stock, or the grant of options or warrants therefor, in connection
with any strategic transaction entered into for primarily non-equity financing purposes and approved by the Board of Directors of the Company; 
 (viii) shares of capital stock issuable upon the exercise or conversion of any warrants outstanding on the date of this Agreement; and 

(ix) the Series G Preferred issued by the Company pursuant to the Series G Purchase Agreement. 

3.2 Hart-Scott-Rodino Act. If a Qualified Purchaser’s exercise of the option to purchase Offered Securities would require the
filing of Notification and Report Forms and related materials with the Federal Trade Commission and the Antitrust Division of the United States Department of Justice under the Hart-Scott-Rodino Act, the Company shall cooperate with the Qualified
Purchaser in the making of such filing and shall make any further filings or information submissions pursuant thereto as may be reasonably necessary, proper or advisable, and the requirement that the Qualified Purchaser make such filing shall not
limit the Qualified Purchaser’s right to exercise its option to purchase Offered Securities. 
 3.3 Termination.
This Section 3 shall terminate upon the earlier of the closing of a Company Sale or the closing of a Qualified Public Offering. 
 4. Covenants. 
 4.1 Maintenance of Insurance. The Company covenants
and agrees that it will maintain with responsible and reputable insurance companies or associations, insurance in such amounts and covering such risks as the Company reasonably deems advisable, including without limitation Directors and Officers
Errors and Omissions insurance. 
 4.2 Inspection and Observation. The Company shall permit each Investor, or any
authorized representative thereof, to visit and inspect the properties of the Company, including its corporate and financial records, and to discuss its business and finances with officers of the Company, during normal business hours following
reasonable notice and as often as may be reasonably requested; provided, however, that the Company shall not be obligated pursuant to this Section 4.2 to provide access to any information which it reasonably considers to be a
trade secret. 
 4.3 Financial Statements and Other Information. 

(a) The Company shall deliver to each Major Investor: 
 (i) within 150 days after the end of each fiscal year of the Company (or such other period as the Board of Directors may reasonably approve), an audited balance sheet of the Company as at the end of
such year and audited statements of income and of cash flows of the Company for such year, certified by certified public accountants of established national reputation selected by the Company, and prepared in accordance with generally accepted
accounting principles consistently applied; and 
 (ii) within 45 days after the end of each fiscal quarter of the Company
(other than the fourth quarter), an unaudited balance sheet of the Company as at the end of such quarter, and unaudited statements of income and of cash flows of the Company for such fiscal quarter and for the current fiscal year to the end of such
fiscal quarter. 

  
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 (iii) as soon as available, but in any event prior to the commencement of each new fiscal
year, a business plan and projected financial statements for such fiscal year; 
 (iv) such other notices, information and data
with respect to the Company as the Company delivers to the holders of its capital stock at the same time it delivers such items to such holders; and 
 (v) with reasonable promptness, such other information and data as such Investor may from time to time reasonably request. 
 (b) The foregoing financial statements shall be prepared on a consolidated basis if the Company then has any subsidiaries. The financial statements delivered pursuant to clause (ii) of paragraph
(a) above shall be accompanied by a certificate of the chief financial officer of the Company stating that such statements have been prepared in accordance with generally accepted accounting principles consistently applied (except as noted) and
fairly present the financial condition and results of operations of the Company at the date thereof and for the periods covered thereby. 
 4.4 Agreements with Employees; Options. 
 (a) The Company shall
(i) require (A) all persons now or hereafter employed by the Company and (B) all independent contractors utilized by the Company who have access to confidential or proprietary information of the Company to enter into a standard
non-disclosure and assignment of inventions agreement and, in the case of employees, a standard non-competition and non-solicitation agreement and (ii) use its commercially reasonable best efforts to ensure that all former employees who have
not already done so enter in to a standard non-disclosure and assignment of inventions agreement. 
 (b) Unless otherwise
approved by the Board of Directors of the Company, including a majority of the members of the Board of Directors who are not employees of the Corporation or any of its subsidiaries, all options or restricted stock granted or issued by the Company
(i) shall become exercisable at the rate of 25% on the first anniversary of grant or issue and 2.0833% per month thereafter over the subsequent three years so long as the holder continues to be an employee or consultant of the Company and
(ii) and have a lock-up provision substantially similar to that in Section 8(k) of the Seventh Amended and Restated Stockholders’ Voting Agreement. In addition, unless otherwise approved by the Board of Directors of the Company,
including a majority of the members of the Board of Directors who are not employees of the Corporation or any of its subsidiaries, the Company shall retain the right to repurchase unvested shares at cost upon termination of employment of a holder of
restricted stock. 
 4.5 Board of Directors. The Company shall promptly reimburse in full each director of the Company
who is not an employee of the Company for all of his or her reasonable out-of-pocket expenses incurred in attending each meeting of the Board of Directors of the Company or any committee thereof. 

4.6 Qualified Small Business Stock. The Company shall submit to the Internal Revenue Service any reports that may be required
under Section 1202(d)(1)(C) of the Code and the related Treasury Regulations. In addition, within a commercially reasonable time after any investor has 

  
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delivered to the Company a written request therefor, the Company shall deliver to such Investor a written statement indicating whether, to the knowledge of the Company, such Investor’s
interest in the Company constitutes “qualified small business stock” as defined in Section 1202(c) of the Code, or, at the election of the Company, a written statement containing such factual information available to the Company as
may be reasonably required by the Investor to permit the Investor or the Investor’s advisors to determine whether the Investor’s interest in the Company constitutes “qualified small business stock” as defined in
Section 1202(c) of the Code. 
 4.7 Subsequent Financings. In the event the Company issues shares of preferred stock
which carry rights, preferences or privileges regarding dividends, liquidation, redemption, anti-dilution or voting that are senior to the rights of the Series G Convertible Preferred Stock, the Company shall use its best efforts to amend the
rights, preferences and privileges of the Series D Convertible Preferred Stock, Series E Convertible Preferred Stock, Series F Convertible Preferred Stock and/or the Series G Preferred to be consistent with those of the new series of preferred
stock. 
 4.8 Termination of Covenants. All covenants of the Company contained in this Section 4 shall terminate
upon the earlier of the closing of a Company Sale or the closing of an Initial Public Offering. 
 5. Confidentiality.
Each Investor agrees that he, she or it will keep confidential and will not disclose, divulge or use for any purpose, other than to monitor its investment in the Company, any Confidential Information, unless such Confidential Information (a) is
known or becomes known to the public in general (other than as a result of a breach of this Section 5 by such Investor), (b) is or has been independently developed or conceived by the Investor without use of the Company’s Confidential
Information or (c) is or has been made known or disclosed to the Investor by a third party without a breach of any obligation of confidentiality such third party may have to the Company; provided, however, that an Investor may
disclose Confidential Information (i) to its attorneys, accountants, consultants, and other professionals to the extent necessary to obtain their services in connection with monitoring its investment in the Company, (ii) to any prospective
purchaser of any Shares from such Investor as long as such prospective purchaser agrees to be bound by the provisions of this Section 5, (iii) to any Affiliated Party of such Investor, provided that such party is obligated not to disclose,
divulge or use any Confidential Information to the same extent as the Investors, (iv) as may otherwise be required by law, provided that the Investor takes reasonable steps to minimize the extent of any such required disclosure, or (v) as
necessary to enforce such Investor’s rights, including through the Equityholders’ Representative, pursuant to the Flexcar Merger Agreement, including, without limitation, in connection with the assertion or defense of any claim pursuant to
the Flexcar Merger Agreement, provided that the Investor takes reasonable steps to minimize the extent of any such disclosure. Notwithstanding the foregoing, (i) such information shall not be deemed confidential for the purpose of enforcing
this Agreement and (ii) the provisions of this Section 5 shall not apply to any Investor who is represented on the Board of Directors of the Company, but only for as long as such Investor is so represented, it being understood that the
director elected by holders of a majority of the Series F Convertible Preferred Stock represents such holders. 
 6.
Transfers of Rights; Calculation of Share Numbers. 
 6.1 Transfer of Rights. This Agreement, and the rights and
obligations of each Investor hereunder, may be assigned by such Investor to (a) any person or entity to which Shares at least 250,000 Shares (subject to appropriate adjustment for stock splits, stock dividends, recapitalizations and similar
events occurring after the date of this Agreement) are transferred by such Investor, (b) to any Affiliated Party of such Investor, or (c) any Immediate Family Member (as defined below) of such

  
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Investor or trust established solely for the benefit of such Investor and/or Immediate Family Members of such Investor, and, in each case, such transferee shall be deemed an “Investor”
for purposes of this Agreement; provided that such assignment of rights shall be contingent upon the transferee providing a written instrument to the Company notifying the Company of such transfer and assignment and agreeing in writing to be bound
by the terms of this Agreement. Notwithstanding the foregoing, any person or entity to which any Shares or Registrable Shares are transferred by an Investor, whether voluntarily or by operation of law, shall be bound by the obligations under
Section 2.8 to the same extent as if such transferee were an Investor hereunder and no Investor shall transfer any Shares or Registrable Shares unless the transferee provides a written instrument to the Company notifying the Company of such
transfer and agreeing in writing to be bound by the terms of Section 2.8. “Immediate Family Member” shall mean the spouse, children, parents, siblings, grandchildren and any other relatives approved by the Board of Directors of the
Company 
 6.2 Calculation of Share Numbers. In determining the number of Shares owned by an Investor for purposes of
exercising rights under this Agreement, (a) Shares owned by an Investor shall be deemed to include Shares which have been converted into Common Stock so long as such Common Stock is owned by such Investor and (b) all Shares held by
affiliated entities or persons shall be aggregated together (provided that no shares shall be attributed to more than one entity or person within any such group of affiliated entities or persons). 

7. General. 
 7.1 Severability. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement. 

7.2 Specific Performance. In addition to any and all other remedies that may be available at law in the event of any breach of
this Agreement, each Investor shall be entitled to specific performance of the agreements and obligations of the Company hereunder and to such other injunctive or other equitable relief as may be granted by a court of competent jurisdiction.

 7.3 Governing Law. This Agreement shall be governed by and construed in accordance with the General Corporation Law of
the State of Delaware, as to matters within the scope thereof, and the internal laws of the Commonwealth of Massachusetts (without reference to the conflicts of law provisions thereof), as to all other matters. 

7.4 Notices. All notices, requests, consents and other communications under this Agreement shall be in writing and shall be deemed
delivered (i) three business days after being sent by registered or certified mail, return receipt requested, postage prepaid or (ii) one business day after being sent via a reputable nationwide overnight courier service guaranteeing next
business day delivery, in each case to the intended recipient as set forth below: 
 If to the Company, at Zipcar, Inc., 25
First Street, Fourth Floor, Cambridge, MA 02141, Attention: President, or at such other address as may have been furnished in writing by the Company to the other parties hereto, with a copy, which shall not constitute notice, to Wilmer Cutler
Pickering Hale and Dorr LLP, Attention: John H. Chory, Esq., 1100 Winter Street, Suite 4650, Waltham, MA 02451; 
 If to an
Investor (other than Meritech Capital, a holder of Series F Convertible Preferred Stock or a Streetcar Stockholder), at its address set forth on Exhibit A, or at such other address as may have been furnished in writing by such Investor
to the other parties hereto, with a copy, which shall not constitute notice, to Goodwin Procter, Exchange Place, 53 State Street, Boston, MA 02109, Attention: William J. Schnoor, Esq.; 

  
 -19-

 If to Meritech Capital, at its address set forth on Exhibit A, or at such other
address as may have been furnished in writing by such Investor to the other parties hereto, with a copy, which shall not constitute notice, to Latham & Watkins LLP, 140 Scott Drive, Menlo Park CA 94025, Attention: Mark V. Roeder, Esq.;

 If to an Investor that is a holder of Series F Convertible Preferred Stock, at its address set forth on Exhibit A, or
at such other address as may have been furnished in writing by such Investor to the other parties hereto, with a copy, which shall not constitute notice, to Arnold & Porter LLP, 555 Twelfth Street, NW, Washington, DC 20004-1206, Attention:
Andrew J. Varner, Esq.; or 
 If to an Investor that is a Streetcar Stockholder, at its address set forth on Exhibit A, or at
such other address as may have been furnished in writing by such Investor to the other parties hereto, with a copy, which shall not constitute notice, to DLA Piper UK LLP, 3 Noble Street, London, United Kingdom, EC2V 7EE, Attention: Will Rosen.

 Any party may give any notice, request, consent or other communication under this Agreement using any other means (including,
without limitation, personal delivery, messenger service, telecopy, first class mail or electronic mail), but no such notice, request, consent or other communication shall be deemed to have been duly given unless and until it is actually received by
the party for whom it is intended. Any party may change the address to which notices, requests, consents or other communications hereunder are to be delivered by giving the other parties notice in the manner set forth in this Section 7.4.

 7.5 Amendment of and Waiver Under the Old Rights Agreement; Complete Agreement. The Company and Investors (as defined
in the Old Rights Agreement) holding Shares representing a majority of the voting power of all Shares now held by Investors (as defined in the Old Rights Agreement) hereby (A) agree that, as of the date of this Agreement, (i) the Old
Rights Agreement is hereby amended in its entirety by this Agreement and (ii) the provisions of the Old Rights Agreement shall no longer be of any force or effect and (B) waive their rights under Section 3 of the Old Right’s
Agreement, with respect to the issuance of the Series G Preferred. This Agreement constitutes the only agreement, contract or understanding among the Investors and the Company relating to all or part of the subject matter of this Agreement.

 7.6 Amendments and Waivers. This Agreement may be amended or terminated and the observance of any term of this
Agreement may be waived with respect to all parties to this Agreement (either generally or in a particular instance and either retroactively or prospectively), with the written consent of the Company and Investors holding Shares representing a
majority of the voting power of all Shares then held by Investors. Notwithstanding the foregoing, this Agreement may not be amended or terminated and the observance of any term hereunder may not be waived with respect to any Investor without the
written consent of such Investor unless such amendment, termination or waiver applies to all Investors in the same fashion (it being agreed that a waiver of the provisions of Section 3 with respect to a particular transaction shall be deemed to
apply to all Qualified Purchasers in the same fashion if such waiver does so by its terms, provided, however, if the Company offers to issue and sell shares to, or exchange shares with, any Qualified Purchaser, it shall offer to issue, or exchange
shares with, all Qualified Purchasers each Qualified Purchaser’s Basic Amount in such transaction) and (b) Exhibit A hereto may be amended by the Company from time to time upon issuance of certificates representing shares of Series
F Preferred Stock issued in connection with the Flexcar Merger Agreement. Any 

  
 -20-

 
amendment, termination or waiver effected in accordance with this Section 7.6 shall be binding on all parties hereto, even if they do not execute such consent. No waivers of or exceptions to
any term, condition or provision of this Agreement, in any one or more instances, shall be deemed to be, or construed as, a further or continuing waiver of any such term, condition or provision. 

7.7 Pronouns. Whenever the context may require, any pronouns used in this Agreement shall include the corresponding masculine,
feminine or neuter forms, and the singular form of nouns and pronouns shall include the plural, and vice versa. 
 7.8
Counterparts; Facsimile Signatures. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, and all of which together shall constitute one and the same document. This Agreement may be
executed by facsimile signatures. This Agreement may be executed by facsimile signatures. 
 7.9 Section Headings and
References. The section headings are for the convenience of the parties and in no way alter, modify, amend, limit or restrict the contractual obligations of the parties. Any reference in this agreement to a particular section or subsection shall
refer to a section or subsection of this Agreement, unless specified otherwise. 
 7.10 Other Investments. The Company
acknowledges that certain of the Investors are in the business of venture capital (or similar) investing and therefore review the business plans and related proprietary information of many enterprises, including enterprises which may have products
or services which compete directly or indirectly with those of the Company. Subject to any confidentiality obligations, nothing in this Agreement shall preclude or in any way restrict the Investors from investing or participating in any particular
enterprise whether or not such enterprise has products or services which compete with those of the Company. 
 [Remainder of
Page Intentionally Left Blank] 

  
 -21-

 IN WITNESS WHEREOF, this Agreement has been executed by the parties hereto as of the day and
year first above written. 
  

			
	COMPANY:
	
	ZIPCAR, INC.
		
	By:	 	 /s/ Scott W. Griffith

		 	Scott W. Griffith
		 	Chief Executive Officer
	
	INVESTORS:
	
	Meritech Capital Partners III L.P.
		
	By:	 	Meritech Capital Associates III L.L.C.
		 	its General Partner
		
	By:	 	Meritech Management Associates III L.L.C.
		 	a managing member
		
	By:	 	 /s/ Robert D. Ward

		 	Robert D. Ward, a managing member
	
	Meritech Capital Affiliates III L.P.
		
	By:	 	Meritech Capital Associates III L.L.C.
		 	its General Partner
		
	By:	 	Meritech Management Associates III L.L.C.
		 	a managing member
		
	By:	 	 /s/ Robert D. Ward

		 	Robert D. Ward, a managing member
	
	The Shin-Sherman Trust
		
	By:	 	 /s/ Craig Douglas Sherman

	Name:	 	 Craig Douglas Sherman

	Title:	 	 Trustee

 [SIGNATURE PAGE TO SEVENTH AMENDED AND RESTATED REGISTRATION RIGHTS
AGREEMENT] 

  

			
	CRON HOLDING AS
		
	By	 	  

	Name:	 	  

	Title:	 	  

	
	SMEDVIG CAPITAL AS
		
	By	 	 /s/ Robert Toms

	Name:	 	 Robert Toms

	Title:	 	 Managing Director

	
	  

	Brett Akker
	
	  

	Sir Trevor Chinn
	
	  

	Andrew Edgar
	
	  

	Michael Fogelberg
	
	  

	Jonathan Hampson
	
	  

	Simon Healey
	
	  

	Henry Imber
	
	  

	Philip Marland
	
	  

	Patrick Metdepenninghen
	
	  

	Jonathan Thomson
	
	 /s/ Andrew Valentine

	Andrew Valentine
	
	  

	Mark Walker

[SIGNATURE PAGE TO SEVENTH AMENDED AND
RESTATED REGISTRATION RIGHTS AGREEMENT] 

  

			
	APPLEBY TRUST (JERSEY) LTD
		
	By	 	  

	Name:	 	  

	Title:	 	  

	
	  

	Adebo Abayomi
	
	  

	John Brunton
	
	  

	Harriet Clark
	
	  

	Philip Day
	
	  

	Suyin Dubois
	
	  

	Paul Garratt
	
	  

	Oliver Harvey
	
	  

	Kate Humphreys
	
	  

	Jiri Kobalicek
	
	  

	Carla Orchard
	
	  

	Amanda Robinson
	
	  

	Shawn Rosewarne
	
	  

	Holly Ruddin
	
	  

	Laura Turner

[SIGNATURE PAGE TO SEVENTH AMENDED AND
RESTATED REGISTRATION RIGHTS AGREEMENT] 

  

			
	  

	Angela Wright
	
	  

	William Adams
	
	Aldrich Descendants 2002 Trust Dated 9/23/02
		
	By:	 	 /s/ Richard H. Aldrich

	Name:	 	 Richard H. Aldrich

	Title:	 	Trustee
	
	American Honda Motor Company
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	  

	Charles Andonian
	
	  

	Cameron Pande
	
	  

	Carlos Autrey
	
	  

	Arthur D. Ayrault, IV
	
	  

	Carlos Azocor
	
	  

	Juan Balbontin

[SIGNATURE PAGE TO SEVENTH AMENDED AND
RESTATED REGISTRATION RIGHTS AGREEMENT] 

  

			
	BCLF VENTURES I, LLC
		
	By:	 	Boston Community Venture Fund
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	BCLF VENTURES II, LLC
		
	By:	 	Boston Community Venture Fund
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	BENCHMARK CAPITAL PARTNERS V, L.P.
		
		 	as nominee for
		 	Benchmark Capital Partners V, L.P.
		 	Benchmark Founders’ Fund V, L.P.
		 	Benchmark Founders’ Fund V-A, L.P.
		 	 Benchmark Founders’ Fund V-B, L.P.
 and related individuals

		
	By:	 	Benchmark Capital Management Co. V, L.L.C.
		 	its general partner
		
	By:	 	 /s/ [illegible]

		 	Managing Member
	
	  

	Ros Bond
	
	  

	Gillian Marsden
	
	  

	Lee Brettman
	
	Bristol Bay Native Corporation
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	  

	David Brook

[SIGNATURE PAGE TO SEVENTH AMENDED AND
RESTATED REGISTRATION RIGHTS AGREEMENT] 

  

			
	Campbell Living Trust, dated January 16, 1997
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	Career Specialists
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	  

	Tracy J. Carroll
	
	  

	Timothy Barry Casey
	
	  

	Glenn N. Chinn
	
	City National Bank as Trustee for Nossaman, Guthner, Knox & Elliot PSP FBO Henry Weinstock
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	City National Bank as Trustee for Nossaman, Guthner, Knox & Elliot PSP FBO Karen J. Hedlund
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	City National Bank as Trustee for Nossaman, Guthner, Knox & Elliot PSP FBO Geoffrey S. Yarema
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	  

	Michael Crill
	
	  

	Catherine Nobis

[SIGNATURE PAGE TO SEVENTH AMENDED AND
RESTATED REGISTRATION RIGHTS AGREEMENT] 

  

			
	  

	Ron Danz
	
	  

	Marjorie Danz
	
	  

	Jean-Jacques Degroof
	
	Diamond Parking
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	  

	Connie Duckworth
	
	  

	Kathy Elliott
	
	  

	David Ellis
	
	  

	Juan Enriquez
	
	Evercel, Inc.
		
	By:	 	 /s/ James Gerson

	Name:	 	 James Gerson

	Title:	 	 Chairman

	
	  

	Rich Feldman
	
	  

	Ruth Fleischmann
	
	  

	Gretchen Garth
	
	Gerson Family Foundation
		
	By:	 	 /s/ James Gerson

	Name:	 	 James Gerson

	Title:	 	 President

[SIGNATURE PAGE TO SEVENTH AMENDED AND
RESTATED REGISTRATION RIGHTS AGREEMENT] 

  

			
	 /s/ Jim Gerson

	Jim Gerson
	
	Globespan Capital Partners V, L.P.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	Gravestar Investments, LLC
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	  

	Frederick E. Gerson
	
	  

	Simon Gerson
	
	  

	Thomas C. Graham
	
	Greylock XII Limited Partnership
		
	By:	 	Greylock XII GP LLC, its General Partner
		
	By:	 	 /s/ Donald A. Sullivan

	Name:	 	 Donald A. Sullivan

	Title:	 	 Administrative Partner

	
	Greylock XII-A Limited Partnership
		
	By:	 	Greylock XII GP LLC, its General Partner
		
	By:	 	 /s/ Donald A. Sullivan

	Name:	 	 Donald A. Sullivan

	Title:	 	 Administrative Partner

	
	Greylock XII Principals LLC
		
	By:	 	Greylock Management Corporation, Sole Member
		
	By:	 	 /s/ Donald A. Sullivan

	Name:	 	 Donald A. Sullivan

	Title:	 	 Vice President and Treasurer

[SIGNATURE PAGE TO SEVENTH AMENDED AND
RESTATED REGISTRATION RIGHTS AGREEMENT] 

  

			
	  

	Jean Hammond
	
	  

	Montgomery R. Hester
	
	  

	Chris Hill
	
	  

	Miguel Garcia-Huidobro
	
	  

	Lee Iacocca
	
	  

	Livia Jackson
	
	  

	Donald Jefferson
	
	  

	Beverly Jefferson
	
	  

	Timothy B. Jenkins
	
	K3 LLC
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	  

	Christopher P. Kaneb
	
	Kanter Trust
		
	By:	 	  

	Name:	 	Michael Kanter
	Title:	 	Trustee
		
	By:	 	  

	Name:	 	Sandra Kanter
	Title:	 	Trustee
	
	  

	Peter Kennard

[SIGNATURE PAGE TO SEVENTH AMENDED AND
RESTATED REGISTRATION RIGHTS AGREEMENT] 

  

			
	  

	Michael Klein
	
	Carol and Fred Konz 2006 Trust dated August 3, 2006
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	  

	Joel Lamstein
	
	LaSalle Investment Fund
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	  

	David Leonhardt
	
	  

	Philip Livingston
	
	  

	Robert S. Lowenthal
	
	  

	Alexa Grace Lowenthal
	
	  

	Zoe Sarah Lowenthal
	
	  

	Robert J. McCabe
	
	  

	Pamela McCabe
	
	  

	Jamie McCourt
	
	  

	Patrick McGeehin
	
	Andrew McKee Revocable Trust 2000
		
	By:	 	  

		 	Andrew McKee, Trustee

[SIGNATURE PAGE TO SEVENTH AMENDED AND
RESTATED REGISTRATION RIGHTS AGREEMENT] 

  

			
	  

	Ann C. Miller
	
	  

	Jose Moreno
	
	  

	Mason Myers
	
	  

	Mark Nassutti
	
	
	Elana Nemerson
		
	By:	 	  

		 	Marian Chertow, as Co-Guardian
		
	By:	 	  

		 	Matthew Nerson, as Co-Guardian
	
	  

	Bryce Nesbitt
	
	  

	Donald P. Nielsen
	
	Nossaman, Guthner, Knox & Elliot, LLP
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	  

	John Ogden
	
	  

	Andrea Ogden
	
	  

	Carol F. Padelford
	
	Parsons Transportation Group
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 [SIGNATURE PAGE TO SEVENTH AMENDED AND RESTATED REGISTRATION RIGHTS
AGREEMENT] 

  

			
	  

	William F. Peare
	
	  

	Peter Nessen
	
	Perrin Investments, LLC
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	Peter C. Aldrich Trust
		
	By:	 	 /s/ Peter C. Aldrich

	Name:	 	 Peter C. Aldrich

	Title:	 	 Trustee

	
	  

	Neil Peterson
	
	  

	Eric Pollak
	
	  

	W. Thomas Porter
	
	  

	Dixie Jo Porter
	
	Prentice Family Partnership
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	 /s/ Jill Preotle

	Jill Preotle
	
	  

	Timothy J. Preotle
	
	  

	Matthew Preotle
	
	  

	Elly Preotle

[SIGNATURE PAGE TO SEVENTH AMENDED AND
RESTATED REGISTRATION RIGHTS AGREEMENT] 

  

			
	Preston Gates & Ellis Investments, L.L.C.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	RA Capital Associates
		
	By:	 	 /s/ Richard H. Aldrich

	Name:	 	 Richard H. Aldrich

	Title:	 	 President

	
	Richard H. Aldrich 2009 GRAT #2
		
	By:	 	 /s/ Richard H. Aldrich

	Name:	 	 Richard H. Aldrich

	Title:	 	 Trustee

	
	  

	Robert Reuben
	
	Richard E. Teller Revocable Trust, u/d/t 1/16/2004
		
	By:	 	  

		 	Richard E. Teller, Trustee
		
	By:	 	  

		 	Kathleen A. Rogers, Trustee
	
	Kathleen A. Rogers Revocable Trust
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	Revolution Living LLC
		
	By:	 	 /s/ John Richardson

	Name:	 	 John Richardson

	Title:	 	 EVP

	
	  

	Jonathan F.P. Rose
	
	  

	Eric Rosenfeld
	
	 /s/ Andrew Ross

	Andrew Ross

  

[SIGNATURE PAGE TO SEVENTH AMENDED AND
RESTATED REGISTRATION RIGHTS AGREEMENT] 

  

			
	  

	R. Patterson Russell
	
	  

	John Richmond Russell
	
	  

	Philip Christian Russell
	
	  

	Charlotte Allen Russell
	
	  

	Erica Meyer Russell
	
	  

	Roy Patterson Russell
	
	  

	Stephen P. Sander
	
	  

	Aviva Sapers
	
	  

	Fred Schapelhouman
	
	  

	Drew Schembre
	
	  

	William Scott
	
	Seed Partners LLC
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	  

	Jonathan Seelig
	
	  

	Asher Perlman Seelig

  

[SIGNATURE PAGE TO SEVENTH AMENDED AND
RESTATED REGISTRATION RIGHTS AGREEMENT] 

  

			
	Harvey Sorkin Revocable Trust
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	  

	Orin Smith
	
	  

	Charles Stonecipher
	
	The Craig Douglas Sherman Trust
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	Thomas G. Stemberg Revocable Trust dated May 1, 1991
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	  

	John Titcomb, Jr.
	
	  

	Tom Unger
	
	United Investors International Company
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	  

	Conrad Wagner
	
	  

	Jacqueline Witter
	
	  

	Malcolm Witter

  

[SIGNATURE PAGE TO SEVENTH AMENDED AND
RESTATED REGISTRATION RIGHTS AGREEMENT] 

  

			
	Lighthouse Capital Partners VI, L.P., As Agent
	
	By: Lighthouse Management Partners VI, L.L.C., its general partner
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	Pinnacle Ventures II Equity Holdings, L.L.C., a Delaware limited liability company
		
	By:	 	  

	Name:	 	Robert N. Savoie
	Title:	 	Chief Financial Officer
	
	Pinnacle Ventures III Equity Holdings, L.L.C., a Delaware limited liability company
		
	By:	 	  

	Name:	 	Robert N. Savoie
	Title:	 	Chief Financial Officer

  

[SIGNATURE PAGE TO SEVENTH AMENDED AND
RESTATED REGISTRATION RIGHTS AGREEMENT] 

 ZIPCAR, INC. 
 SIGNATURE PAGE TO SEVENTH AMENDED AND RESTATED REGISTRATION RIGHTS 

AGREEMENT 
 Each of the
undersigned hereby agrees to be a party to, and be bound by, that certain Seventh Amended and Restated Registration Rights Agreement, dated as of November 17, 2010, by and among Zipcar, Inc., a Delaware corporation, and the other parties named
therein (the “Registration Rights Agreement”). By executing this signature page, each of the undersigned joins in the execution of, and agrees to be bound by, and is hereby deemed an “Investor” under and as defined in, the
Registration Rights Agreement for all purposes thereof and in accordance with the terms and conditions set forth therein. Each of the undersigned authorizes this signature page to be attached to the Registration Rights Agreement or counterparts
thereof, each of which shall be deemed an original and all of which, taken together, shall be deemed one and the same document. This signature page may be executed by facsimile signatures. 
 Executed, in counterpart, as of the date set forth below. 
  

							
	Date: November 30, 2010	 		 	PINNACLE VENTURES DEBT FUND III-A, L.P.
		 		 	PINNACLE VENTURES DEBT FUND III, L.P.
				
		 		 	By:	 	 Pinnacle Ventures Management III, L.L.C.,
 their general partner

				
		 		 	By:	 	 /s/ Robert N. Savoie

		 		 		 	Name: Robert N. Savoie
		 		 		 	Title: Chief Financial Officer
			
	Date: November 30, 2010	 		 	PINNACLE VENTURES II-A, L.P.
		 		 	PINNACLE VENTURES II-B, L.P.
		 		 	PINNACLE VENTURES II-C, L.P.
		 		 	PINNACLE VENTURES II-R, L.P.
				
		 		 	By:	 	 Pinnacle Ventures Management II, L.L.C.,
 their general partner

				
		 		 	By:	 	 /s/ Robert N. Savoie

		 		 		 	Name: Robert N. Savoie
		 		 		 	Title: Chief Financial Officer

 ACCEPTED AND AGREED TO:

  

			
	Zipcar, Inc.
		
	By:	 	 /s/ Edward G. Goldfinger

	Name:	 	Edward G. Goldfinger
	Title:	 	CFO

 Exhibit A 
 List of Investors 
 William Adams 
 3828 Cathedral Avenue, NW 
 Washington, DC 20016 

Aldrich Descendants 2002 Trust Dated 9/23/02 

c/o Richard Aldrich 
 986 Memorial Drive #504

 Cambridge, MA 02138 
 American Honda
Motor Company 
 Attn: Paul Honda 
 1919
Torrance Blvd 
 Torrance, CA 90509 

Charles Andonian/Cameron Pande 
 4231 Sunnybrae
Dr 
 Yarrow Pt, WA 98004 
 Carlos
Autrey 
 Grupo Casa Autrey, S. A. de C. V. 
 Campo Eliseos 29 
 Colonia Polanco 
 11580 Mexico, D.F 
 Arthur D. Ayrault, IV 
 307 3rd Ave S 
 Suite 220 
 Seattle, WA 98104 
 Carlos Azocor 
 Malaga 115, of 502 
 Las Condes, Santiago 
 Chile 
 Juan Balbontin 
 Guardia Vieja 255, of 104 
 Providencia, Santiago 

Chile 
 BCLF Ventures I, LLC 

c/o Boston Community Venture Fund 
 56 Warren
Street, Suite #300 
 Boston, MA 02119 

 BCLF Ventures II, LLC 
 c/o Boston Community Venture Fund 
 56 Warren Street, Suite #300 

Boston, MA 02119 
 Benchmark Capital Partners V,
L.P. 
 2840 Sand Hill Road 
 Suite 302

 Menlo Park, CA 94025 
 Ros Bond and
Gillian Marsden 
 1626 39th Ave 

Seattle, WA 98122 
 Lee Brettman 

183 Greystone Lane 
 Sudbury, MA 01776

 Bristol Bay Native Corporation 
 c/o
Steve Tolton 
 Petrocard Systems 
 730
Central So. 
 Kent, WA 98038 
 David
Brook 
 1905 NE Clackamas 
 Portland,
OR 97232 
 Campbell Living Trust, dated January 16, 1997 
 3222 Sierra Drive South 
 Seattle, WA 98144 

Career Specialists 
 Attn: Pamela Rolfe

 155 - 108th Plaza 
 Suite 200

 Bellevue, WA 98004 
 Tracy J.
Carroll 
 7355 - 19th Ave NW 
 Seattle,
WA 98117 
 Timothy Barry Casey 
 18
Ellsworth Park 
 Cambridge, MA 02139 

Glenn N. Chinn 
 6036 Upland Terrace South

 Seattle, WA 98118 

 City National Bank as Trustee for Nossaman, Guthner, 

Knox & Elliot PSP FBO Henry Weinstock 
 225 Broadway, 5th Fl 
 San Diego, CA 92101 

City National Bank as Trustee for Nossaman, Guthner, 
 Knox & Elliot PSP FBO Karen J. Hedlund 
 225 Broadway, 5th Fl 

San Diego, CA 92101 
 City National Bank as
Trustee for Nossaman, Guthner, 
 Knox & Elliot PSP FBO Geoffrey S. Yarema 

225 Broadway, 5th Fl 
 San Diego, CA 92101

 Malcolm Witter 
 Compass Capital

 Island Corporate Center 
 7525 SE
24th St., Suite 450 
 Mercer Island, WA 98040 
 Michael Crill and Catherine Nobis 
 3344 - 99th Avenue 

Bellevue, WA 98004 
 Ron and Marjorie Danz

 10001 NE 8th Street 
 #201

 Bellevue, WA 98004 
 Jean-Jacques
Degroof 
 Rue Theresienne 19 Apt. 7 

1000 Brussels, Belgium 
 Diamond Parking

 Attn: Bob Turley 

605
1st Avenue 

Suite 600 
 Seattle, WA 98121 

Juan Enriquez 
 102 Highland Street 

West Newton, MA 02165 
 K3 LLC 

2625 W Galer 
 Seattle, WA 98199 

Robert Lowenthal 
 1035 Park Avenue, #6B

 New York, NY 10028 

 Alexa Grace Lowenthal 
 1035 Park Avenue, #6B 
 New York, NY 10028 

Zoe Sarah Lowenthal 
 1035 Park Avenue, #6B

 New York, NY 10028 
 Globespan
Capital Partners V, L.P. 
 One Boston Place, Suite 2810 
 Boston, MA 02108 
 Connie Duckworth 
 77 Stone Gate Lane 
 Lake Forest, IL 60045 

Kathy Elliott 
 197 8th Street #410 

Charlestown, MA 02129 
 David Ellis 

6 Canal Park #710 
 Cambridge, MA 02141

 Evercel, Inc. 
 20 Pond Park Road

 Hingham, MA 02043 
 Rich Feldman

 27 Middle Patent Road 
 Bedford, NY
10506 
 Ruth Fleischmann 
 320 E 72nd
St, Apt. 13A 
 New York, NY 10021 

Gretchen Garth 
 16347 Inglewood Pl NE

 Kenmore, WA 98028 
 Gerson Family
Foundation 
 39-01 Main Street 

Flushing, NY 11354 
 Jim Gerson 

19 W. 95th Street 
 New York, NY 10017

 Gravestar Investments, LLC 
 c/o Anne M. Oppenheim 
 160 Second Street 
 Cambridge, MA 02142 
 Frederick E. Gerson 
 Gerson Properties 
 39-01 Main Street 
 Flushing, NY 11354 
 Simon Gerson 
 Gerson Properties 
 39-01 Main Street 
 Flushing, NY 11354 
 Thomas C. Graham 
 11403 SE 65th St. 
 Bellevue, WA 98006 
 Greylock XII Limited Partnership 
 One Brattle Square, 4th Floor 
 Cambridge, MA 02138 
 Greylock XII-A Limited Partnership 

One Brattle Square, 4th Floor 

Cambridge, MA 02138 
 Greylock XII Principals
LLC 
 One Brattle Square, 4th Floor 

Cambridge, MA 02138 
 Jean Hammond 

104 Spruce Street 
 Watertown, MA 02472

 Montgomery R. Hester 
 5414 Rincon
Beach Park Dr. 
 Ventura, CA 93001 

Chris Hill 
 163 Chestnut Hill 

Chestnut Hill, MA 02467 
 Miguel Garcia-Huidobro

 Alcantara 200, or 306 
 Los Condes,
Santiago 
 Chile 

 Lee Iacocca 
 Iacocca Foundation 
 11150 Santa Monica Blvd. 

Suite 400 
 Los Angeles, CA 90025 

Livia Jackson 
 4305 NE 60th Street 

Seattle, WA 98115 
 Donald and Beverly Jefferson
JTWROS 
 2025 77th Ave. NE 
 Medina, WA
98039 
 Timothy B. Jenkins 
 19918
Maplewood Cr 
 Edmonds, WA 98026 

Christopher P. Kaneb 
 90 Everett Avenue

 PO Box 9151 
 Chelsea, MA 02150

 Kanter Trust 
 Michael &
Sandra Kanter 
 17540 Palora St 

Encino, CA 91316 
 Kathleen A. Rogers Revocable
Trust 
 545 Boylston Street 

Brookline, MA 02445 
 Attn: Richard E. Teller

 Peter L. Kennard 
 40 West 77th
Street 
 New York, NY 10024 
 Michael
Klein 
 Klein Investments 
 9595
Wilshire Blvd. 
 Penthouse 1001 

Beverly Hills, CA 90212 
 Carol and Fred Konz
2006 Trust dated August 3, 2006 
 c/o Mary Lee Aldrich 
 64-A Swamp Road 
 Little Compton, RI 02837 

Joel Lamstein 
 45 Pinecrest Road 

Newton, MA 02159 

 LaSalle Investment Fund 
 Edward P. Schneider, Managing General Partner 
 96 LaSalle Avenue 

Piedmont, CA 94611 
 David Leonhardt 

13607 SE 224th St 
 Vashon, WA 98070 

Philip Livingston 
 c/o Donna Colon 

Edgewood Management Company 
 350 Park Ave, Fl 18

 New York, NY 10022 
 Robert J. and
Pamela McCabe 
 2221 Federal Ave E 

Seattle, WA 98102 
 Jamie McCourt 

McCourt Company 
 600 Atlantic Avenue 

Boston, MA 02210 
 Patrick McGeehin 

9906 Riverview Court 
 Potomac, MD 20854

 Andrew McKee Revocable Trust 2000 

Andrew McKee, Trustee 
 30 Academy Street

 Arlington, MA 02476 
 Meritech
Capital Partners III L.P. 
 245 Lytton Avenue, Suite 350 
 Palo Alto, CA 94301 
 Meritech Capital Affiliates III L.P. 

245 Lytton Avenue, Suite 350 
 Palo Alto, CA
94301 
 Ann C. Miller 
 99 Timberwood
Rd 
 West Hartford, CT 06117 
 Jose
Moreno 
 Pasaje Camino La Vina 
 Depto
402 
 Las Condes 
 Santiago 11641

 Chile 

 Mason Myers 
 1215 Greenwich Place #3A 
 San Francisco, CA 94109 

Mark Nassutti 
 218 Main Street, #252

 Kirkland, WA 98033 
 Marian Chertow
and Matthew Nerson 
 Co-Guardians for Elana Nemerson 
 35 Huntington Street 
 New Haven, CT 06511 

Bryce Nesbitt 
 99  1/2 Ardmore Road 

Kensington, CA 94707 
 Peter Nessen 

19 Charles River Square 
 Boston, MA 02114

 Donald P. Nielsen 
 2625 W. Galer

 Seattle, WA 98199 
 Nossaman,
Guthner, Knox & Elliot, LLP 
 445 Figueroa St 
 31st Fl 
 Los Angeles, CA 90771 
 John and Andrea Ogden 
 69 Landgrove Rd 
 Landgrove, VT 05148 
 Carol F. Padelford 
 1421 39th Ave E 
 Seattle, WA 98112 
 Parsons Transportation Group 
 Richard Reddy 

1133 15th St NW 
 Washington, DC 20005

 William F. Peare 
 1031 Wood Duck Dr

 Cle Elum, WA 98922 
 Perrin
Investments LLC 
 c/o DonPerrin 
 315
Dedham Street 
 Newton, MA 02459 

 PETER C. ALDRICH TRUST 
 986 Memorial Drive, #504 
 Cambridge, MA 02138 

Neil Peterson 
 2017 Fairview Ave E 

Suite 1 
 Seattle, WA 98102 

Pinnacle Ventures II-A, L.P. 
 130 Lytton
Avenue, Suite 220 
 Palo Alto, CA 94301 
 Pinnacle Ventures II-B, L.P. 
 130 Lytton Avenue, Suite 220 

Palo Alto, CA 94301 
 Pinnacle Ventures II-C,
L.P. 
 130 Lytton Avenue, Suite 220 

Palo Alto, CA 94301 
 Pinnacle Ventures II-R,
L.P. 
 130 Lytton Avenue, Suite 220 

Palo Alto, CA 94301 
 Pinnacle Ventures Debt
Fund III, L.P. 
 130 Lytton Avenue, Suite 220 
 Palo Alto, CA 94301 
 Pinnacle Ventures Debt Fund III-A, L.P. 

130 Lytton Avenue, Suite 220 
 Palo Alto, CA
94301 
 Eric Pollak 
 18 Ridge Road

 Concord, NH 03301 
 W. Thomas Porter
and Dixie Jo Porter 
 5183 Laurelcrest Lane 
 Seattle, WA 98105 
 Prentice Family Partnership 

2 Union Square 
 601 Union Street 

Suite 1000 
 Seattle, WA 98101-4064 

 Jill Preotle 
 27 Commonwealth Avenue 
 Boston, MA 02116 
 Preston Gates & Ellis Investments, L.L.C. 
 Robert S. Jaffe 

925 Fourth Avenue 
 Suite 2900 

Seattle, WA 98104-1158 
 Timothy J. Preotle

 2601 Woodley Place N.W., Apt 202 

Washington, DC 20008 
 Matthew Preotle and Elly
Preotle, JTWRS 
 35 West Street, Apt. 1 

Cambridge, MA 02139 
 RA CAPITAL ASSOCIATES

 c/o Richard Aldrich 
 986 Memorial
Drive, #504 
 Cambridge, MA 02138 

Richard H. Aldrich 2009 GRAT #2 
 c/o JDJ
Resources 
 31 Milk Street, Suite 401 

Boston, MA 02109 
 Robert Reuben 

650 First Avenue 
 Apartment 32L 

New York, NY 10016 
 Revolution Living LLC

 1717 Rhode Island Ave, 10th Floor 

Washington, DC 20036 
 Richard E Teller
Revocable Trust, u/d/t 1/16/2004 
 Richard E. Teller & Kathleen A Rogers Trustees 

545 Boylston Street 
 Brookline, MA 02445

 Attn: Richard E. Teller 
 Jonathan
F.P. Rose 
 22 Katonah Avenue 

Katonah, NY 10536 
 Eric Rosenfeld 

217 Hommocks Road 
 Larchmont, NY 10538

 Andrew Ross 
 75 Myles Standish Road 
 Weston, MA 02493 
 R. Patterson Russell 
 111 Mt. Israel Road 
 Center Sandwich, NH 03227 
 John Richmond Russell 

638 Franklin Street 
 Denver, CO 80218

 Philip Christian Russell 
 12
Woodbury Street 
 Providence, RI 02906 

Charlotte Allen Russell 
 6 Powersbridge Road

 Peterborough, NH 10013 
 Erica Meyer
Russell 
 317 Pleasant Street 

Laconia, NH 03246 
 Roy Patterson Russell

 90 quai de Jemmapes 
 4eme dr

 Paris 75010 FRANCE 
 Stephen P.
Sander 
 1129 Parkside Drive E. 

Seattle, WA 98112 
 Aviva Sapers 

101 Rogers Street 
 Cambridge, MA 02142

 Fred Schapelhouman 
 22312 NE 114th
St 
 Redmond, WA 98053 
 Drew Schembre

 2446 First Ave N 
 Seattle, WA 98109

 William Scott 
 2013 SW Sixth Avenue

 Portland, OR 97201 
 Seed Partners
LLC 
 c/o Mike Simches 
 372 Washington
Street 
 Wellesley, MA 02181 

 Jonathan Seelig 
 19 Ash Street 
 Cambridge, MA 02138 
 Asher Perlman Seelig 
 19 Ash Street 
 Cambridge, MA 02138 
 Harvey Sorkin Revocable Trust 

228 Grand Pointe Drive 
 Palm Beach Gardens, FL
33418 
 Orin Smith 
 Starbucks
Headquarters 
 Mail Stop EX2 
 2401
Utah Ave S. #800 
 Seattle, WA 98134 

Charles Stonecipher 
 916 16th Ave E 

Seattle, WA 98112 
 The Craig Douglas Sherman
Trust 
 c/o Benchmark Partners 
 2480
Sand Hill Road, Suite 200 
 Menlo Park, CA 94025 
 The Shin-Sherman Trust 
 186 Burns Avenue 
 Atherton, CA 94027 
 Thomas G. Stemberg Revocable Trust dated May 1, 1991 

C/o Eric Riak 
 Atlantic Trust Pell Rudman

 100 Federal Street 
 Boston, MA 02110

 John Titcomb, Jr. 
 629 East Lake
Sammamish Shr Ln NE 
 Sammamish, WA 98074-6906 
 Tom Unger 
 8412 Charles Valley Court 
 Baltimore, MD 21204 
 United Investors International Company 

Attn: John Vogel 
 2550 M Street, NW 

Washington, DC 20037 

 Conrad Wagner 
 Stansstaderstrasse 26 
 Stans 6370 
 Switzerland 
 Jacqueline Witter 
 8449 S.E. 69th Place 
 Mercer Island, WA 98040 

Cron Holding AS 
 Drammensveien 97 

0273 Oslo 
 0301 Oslo 

Norway 
 Smedvig Capital AS 

Løkkeveien 103 
 P.O. Box 900 

4004 Stavanger 
 Norway 

Brett Akker 
 Foxwell Cottage 

Hunts Hill 
 Normandy 

Guildford 
 Surrey GU3 2AH 

U.K. 
 Sir Trevor Chinn 

Flat 29 
 7-11 Princes Gate 

London SW7 1QL 
 U.K. 

Andrew Edgar 
 21 Wycliffe Road 

London SW19 1ES 
 U.K. 

Michael Fogelberg 
 Bifroststigen 6 

182 64 Djursholm 
 Sweden 

 Jonathan Hampson 
 20 Whitelands House 
 Cheltenham Terrace 
 Chelsea 
 London SW3 4QX 
 U.K. 
 Simon Healey 
 82 Kingfisher House 
 Juniper Drive 
 Wandsworth 
 London SW18 1TY 
 U.K. 
 Henry Imber 
 372 Merton Road 
 London SW18 5AD 
 U.K. 
 Philip Marland 
 215A Earlsfield Road 
 London SW18 3DE 
 U.K. 
 Patrick Metdepenninghen 
 Rue Coppens 0014 
 1000 Brussel 1 
 Belgium 
 Jonathan Thomson 
 Ground Floor 
 18 Colless Road 
 South Tottenham 
 London N15 4NR 
 U.K. 
 Andrew Valentine 
 Mercury Lodge 
 Cobbett Hill 
 Normandy 
 Guildford 
 Surrey GU3 2AA 
 U.K. 
 Mark Walker 
 47 Brynmaer Road 
 London SW11 4EN 
 U.K. 
 Appleby Trust (Jersey) Ltd 
 13-14 Esplanade 

St. Helier 
 Jersey JE1 1BD 

 Adebo Abayomi 
 Holly House 
 26a Nightingale Road 
 Hampton 
 Middlesex TW12 3HX 
 U.K. 
 John Brunton 
 8B Harberton Mead 
 Headington 
 Oxford OX3 0DB 
 U.K. 
 Harriet Clark 
 Flat B 
 61-63 Kennington Road 
 London SE1 7PZ 
 U.K. 
 Philip Day 
 48 Sutton Court 
 London W4 3JE 
 U.K. 
 Suyin Dubois 
 Lyle Park 
 57 Putney Hill 
 London SW15 6RT 
 U.K. 
 Paul Garratt 
 11 Wood Close 
 Biddenham 
 Bedfordshire MK40 4QG 
 U.K. 
 Oliver Harvey 
 12 Cranworth Gardens 
 London SW9 0NS 
 U.K. 
 Kate Humphrey 
 14 Putney Park Lane 
 Putney 
 London SW15 5HD 
 U.K. 

 Jiri Kobalicek 
 1 Chagford Court 
 57 Devonshire Road 
 London SW19 2EJ 
 U.K. 
 Carla Orchard 
 60 Durnsford Road 
 Wimbledon 
 London SW19 8HQ 
 U.K. 
 Amanda Robinson 
 1 Gray Street 
 Pukerua Bay 
 5026 
 New Zealand 
 Shawn Rosewarne 
 26 Sutherland Drive 
 Colliers Wood 
 London SW19 2UJ 
 U.K. 
 Holly Ruddin 
 76 St. Mary’s Grove 
 Chiswick 
 London W4 3LW 
 U.K. 
 Laura Turner 
 32 Grant Road 
 Croydon CR0 6PG 
 U.K. 
 Angela Wright 
 9 Walham Grove 
 London SW6 1QP 
 U.K.Master Agreement for Lease and or Lease Purchase

 Exhibit 10.36 

 

 

 MASTER AGREEMENT FOR LEASE AND OR LEASE PURCHASE 
 Date: 12-02-08 
 You are: 
 Name: Streetcar Ltd. 

			
	Address:	  	Park House, 8 Lombard Road
		  	Wimbledon, London
	Postcode:	  	SW19 3TZ
	Registered no.	  	04525217

 We are: 

Barclays Mercantile Business Finance Limited of Churchill Plaza, Churchill Way, Basingstoke, Hampshire, RG21 7GL. Registered in England no. 898129.
Our VAT registration no. is 243 8522 62. 
 In this agreement and any schedule, plus any supplement or appendix to either: 

Equipment, place, rent, and term, are defined in each schedule and references to any equipment include all that equipment’s
instruction books, registration documents, user documents and service records. 
 Euro LIBOR means the rate we conclusively certify as
the rate the British Bankers’ Association fixes one month Euro LIBOR at about 11.00 am (London Time) on the first day of each month in which a sum is due under this agreement or any lease but unpaid. 

Include and Including are used to highlight or illustrate; not to restrict the meaning of words they follow. 

Increased Cost is defined in Clause 8.1. 

Lease means this agreement and a schedule, plus any supplement or appendix to either and all of these documents shall form a single contract.

 Lessee means you. 

Lessor means us (though we may sometimes also be referred to as the owner). 
 Reference to a statutory provision is a reference to that provision as from time to time amended or replaced. 
 Schedule is any agreement by which we lease equipment to you as described in Clause 1.1. 

Your Information is defined in Clause 17. 
  

	1	General 

  

	1.1	This is a master agreement. It does not commit either us or you to enter into a lease. You may ask us to enter into leases with you by giving us details of the
equipment, its seller and any other information we require. We will only lease you equipment if you sign a schedule on terms we agree and then sign. 

  

	1.2	Multiple lessees are jointly and severally liable. If we do not own the equipment, we may enforce this agreement and any lease on behalf of its owner, but nobody else
may enforce this agreement or any lease under the Contracts (Rights of Third Parties) Act 1999. 

  

	1.3	We may require you to arrange a change to any purchase contract you have entered so title to the equipment passes direct to us with full title guarantee. We will pay
for the equipment on the terms agreed with you, or when we receive the supplier’s invoice. 

  

	1.4	This agreement and the leases contain all agreed terms. We do not agree to deliver, service or maintain any equipment; or, other than leasing you equipment, to provide
any service or thing. 

  

	1.5	No concession or extra time we grant you will change our rights under this agreement. Changes to this agreement must be in writing and signed by us.

  

	1.6	All notices about a lease shall be by letter or fax. Your address or fax number for notices will be your usual or last known address or fax number. You will be treated
as receiving any letter 48 hours after posting, and any fax, on transmission and receipt by us of a good transmission report. All notices to us should be sent to our registered office as set out above. We may alter any of these arrangements by
notice to you. 

  

	1.7	Any agreement by you in a lease to compensate the owner (which may be us or another party) will continue after the lease ends. It shall cover all costs, losses and
expenses (including legal fees) plus VAT and work as follows. On our written demand you must pay us: (i) a sum that fully compensates the owner; or (ii) an extra rental (plus VAT) intended to provide the owner with its full anticipated
after-tax return on the lease. In either case, our calculations will be final. Legal costs are payable on a full indemnity basis as between solicitor and own client. 

 

	1.8	You must provide us with any financial information about you that we may from time to time request to evidence your ability to meet your ongoing obligations under this
agreement. 

  

	2	Term 

 The leasing lasts
for the term shown in the schedule. It will then continue during any renewal period for which you have paid a renewal rental. So long as you are not in default (see Clauses 3.1 and 9.1) you are entitled to possession of the equipment for this
period. 
  

	3	Payments 

  

	3.1	You must make all payments due under this agreement without set-off, counterclaim, deduction or withholding. If a law requires deduction or withholding you must
increase your payment so we receive the amount we are entitled to absent that deduction or withholding. 

  

	3.2	It is an essential condition that we receive full payment in cleared funds (a) of the rentals on the dates shown in the schedules (or any other date we notify to
you after your request) and (b) any other sum payable under this agreement within 5 days of our demand. We may treat any breach of this condition as a repudiation triggering Clause 9.2. Any cheques sent are at your risk. Any type of late
payment will bear daily interest. This interest will accrue before and after judgment from its due date until we receive the unpaid amount for value. The interest rate will be: (i) for sums payable in sterling, at the Finance House Base Rate
plus 5% per year (using a 365 day year); and (ii) for sums payable in euro, at Euro LIBOR plus 5 % per year (using a 360 day year). We may compound this interest as we see fit. 

 

	3.3	Any sum payable to us on a non-business day (i.e. any day, other than Saturday or Sunday, when most clearing banks in London are closed) shall be payable on the next
business day. 

  

	3.4	We may apply any sum received under a lease (other than a rental received for value on its due date and not received under Clause 10.1), as between any of your
liabilities under that lease or any other lease as we see fit. 

  

	3.5	If we need to allot rentals to individual items of equipment, we will do so by reference to the prices we paid for them. 

 

	4	Equipment 

  

	4.1	You must only use the equipment in the normal course of your business. 

  

	4.2	You must hold, maintain and comply with any licenses or permits that are necessary for you lawfully to possess and use the equipment. 

 

	4.3	You must ensure the equipment is safe, correctly used and kept in good condition and arrange any maintenance it needs. Any replacement parts become our property.

  

	4.4	You may only alter the equipment with our written permission, unless the law says it must be altered. All alterations are at your expense. 

 

	4.5	Until you return the equipment to us and we have accepted it, any damage, loss or injury to anything or anyone caused to or by the equipment or by its use is your risk.
Until then, any liabilities arising or penalties imposed in respect of its use (including to carry people or goods) or possession; and any costs or expenses incurred in relation to its detention and/or disposal by law are your responsibility. You
shall indemnify us if any claim is made on us or we suffer any loss because of any of these matters. 

  

	4.6	You must keep the equipment in your possession. You may not sub-let it unless you first have our written permission. If the equipment is plant or machinery, you must
keep it at the place shown in the schedule or, if none, in the United Kingdom, unless we have first agreed in writing where else it may be located. If the equipment is a commercial vehicle, you may take it anywhere in the European Union for up to 28
days per trip. If the equipment is a motor car, you may take it anywhere in the European Union for up to 28 days per year. In any case, you must tell us where the equipment is whenever we ask. 

  

	4.7	You must allow us or our agents to inspect the equipment and to mark it with our name if we choose to do so. Identification or registration marks must not be removed or
changed. 

  

	4.8	You must not allow the equipment or our rights in it to be jeopardised. You must not agree to sell or otherwise dispose of the equipment in any way, or use it or allow
it to be used as security, unless you have validly exercised a purchase option or are validly exercising a right to sell that equipment in a lease (see Clause 13). 

 

	4.9	We will license to you at your request any software in relation to the equipment in which we have validly acquired an interest. Any such licence to you shall not exceed
the duration of the leasing, will be non-transferable, non-exclusive and subject to Clause 5 (as if that clause read “software” wherever it refers to “equipment”). You hereby indemnify us if any third party makes a claim in
respect of the software. 

  

	5	Limit to our liability 

  

	5.1	You have selected the equipment and its supplier and established its suitability. We have not examined it or considered its suitability. You are responsible for taking
delivery of the equipment. On delivery you must make sure it is as described in the schedule. You must arrange for any extras needed to start or use it. Once you have accepted delivery of the equipment you cannot return it without paying the sums
listed in Clause 10. 

  

	5.2	You should arrange any equipment or service guarantee or warranty you require direct from the supplier. If asked, we will (if able) let you have the benefit of any that
the supplier gives us. 

  

	5.3	The only statement we make about the equipment is that we have the right to lease it. We have not authorised its supplier or anyone else to make any statement about it.

  

	5.4	Any implied term is excluded to the full extent the law allows. 

  

	5.5	We are not liable for lost business, revenue, profits or expected savings. 

 

	5.6	You must make all payments expressed to be due under any lease whether or not the equipment is satisfactory, correctly installed, works as you expected or at all, needs
repair or is damaged. 

  

	5.7	How you account for each lease is a matter for you and your auditors. 

  

	6	Insurance 

  

	6.1	Until you return it to us and we have accepted it, you must insure the equipment. This insurance must be for the equipment’s full replacement value, against all or
any loss or damage and third party risks howsoever arising; or with comprehensive cover for vehicles. 

  

	6.2	We may insist on approving your insurers and the insurance policy and having our ownership noted. If we are not satisfied with your insurance, we may take out our own
at your expense. You will reimburse us for this on demand. No shortfall in any insurance proceeds will discharge your liabilities under this agreement. 

  

	6.3	You must immediately tell us if the equipment is a total loss or stolen. We may then require you either to replace the equipment; or to pay us the amounts set out in
Clause 10 in full. 

  

	6.4	We may contact your insurers. If the equipment is a total loss or stolen, we may tell them the amount needed to discharge your outstanding liabilities to us. We may
also act as your agent to settle any insurance claim concerning the equipment and receive any insurance proceeds. 

  

	7	Your warranties 

  

	7.1	When you sign this agreement you warrant to us that nothing restricts you from entering into this agreement, that you will only use the equipment in the ordinary course
of your business and that no uncured event of default (see Clause 9.1(b)) has happened. For companies, trusts or corporations and limited liability partnerships, you also warrant you have full constitutional power and authority to execute this
agreement so that it fully binds you. 

  

	7.2	Whenever you execute a schedule under Clause 1.1, you make the same warranties to us in relation to that schedule as you do in Clause 7.1 in relation to this agreement.

  

	8	Change of circumstances 

  

	8.1	We shall notify you if, after the date of this agreement: 

  

	 	(a)	the introduction of, or change in (or in the interpretation, administration or application of), any law or regulation; or 

 

	 	(b)	compliance with any law or regulation; 

 causes an Increased Cost to any company in the Barclays PLC group, that is attributable to any lease. You must pay us the amount we conclusively certify is necessary to compensate the affected company for
that Increased Cost within 7 days of that notice. An Increased Cost is an extra or increased cost; or the cost of placing mandatory deposits with, or paying fees to, any central bank or financial regulatory authority; or a reduction of any sum
payable under any lease, or a reduction in the return any company in the Barclays PLC group achieves on its economic or regulatory capital. 
  

	8.2	All of our obligations under this agreement and any affected lease shall immediately cease, and you must immediately pay us all sums listed in Clause 10 if:
(a) performing this agreement or any lease, or funding or maintaining a lease to you, becomes contrary to any law or regulation imposed by any government, or any quasi-governmental or intra-governmental entity having jurisdiction over any
company in the Barclays PLC group; or (b) anything happens which does, or could, in our reasonable opinion, damage the reputation of any part of the Barclays PLC group. 

 

	9	Default 

  

	9.1	The following events are events of default and repudiations by you of all leases: 

 

	 	(a)	we do not receive any rental within 5 days of its due date; or 

  

	 	(b)	you do not cure a remediable breach of another term within 10 days of that breach; or 

 

	 	(c)	you dispose of a material part of your business assets or cease to carry on business; or 

 

	 	(d)	any circumstances arise which in our opinion do or may materially adversely affect your ability to perform your duties under this agreement; or

  

	 	(e)	(for individuals) an application for an interim order is made against you or a petition for a bankruptcy order (in Scotland, for sequestration) is presented against
you; or 

  

	 	(f)	(for companies, trusts or limited liability partnerships); 

  

	 	(i)	you pass or call a meeting to pass a resolution for your winding up or a winding up petition is presented against you; or 

 

	 	(ii)	any step is taken with a view to the appointment of a liquidator, receiver or administrator in relation to you or a liquidator, receiver or administrator is appointed
in relation to you or any of your assets, or for a moratorium under Insolvency Act 2000; or 

  

	 	(iii)	your centre of main interests under Council Regulation (EC) No. 1346/2000 of 29 May 2000 is no longer located in the United Kingdom; or 

 

	 	(g)	distress (in Scotland diligence) or execution or enforcement is threatened or made against you; or 

 

	 	(h)	a meeting of your creditors is called or you propose a voluntary arrangement or you cease to trade or a petition for the appointment to you of an administrator is
presented; or 

  

	 	(i)	you have become insolvent or (in Scotland) you are apparently insolvent; or 

 

	 	(j)	any company in the Barclays PLC group cancels any facility or demands payment as a result of a default by you; or 

 

	 	(k)	anything analogous to the events set out in (e) to (j) above occurs in a jurisdiction to which you are subject; or 

 

	 	(l)	(for companies) you cease to be “controlled” (as defined in Section 416 Income and Corporation Taxes Act 1988) by the person(s) controlling you at the
date of this agreement or (for limited liability partnerships) there is a material change in your membership; or 

  

	 	(m)	any fact stated in a schedule (other than the rental and other finance details) is materially inaccurate, misleading or incomplete. 

 

	9.2	If anything described in Clause 9.1 occurs, our consent to your possession of the equipment ends. We may then end the leasing and take back the equipment from any
premises on which it is situated. We will not lose these rights by any delay on our part. If we end the leasing, you must immediately pay us the sums set out in Clause 10 in full. Payment will not affect our rights (including, damages and the cost
of recovering the equipment). 

  

	10	Sums payable on total loss, change of circumstance or default 

  

	10.1	The sums you must pay under Clauses 6.3, 8.2 and 9.2 are: (i) any due but unpaid rentals; (ii) (as agreed compensation) a sum calculated by adding together all
rentals (that would have fallen due during the rest of the lease had it run the full term set out in its schedule) and deducting any applicable discount for early payment; (iii) fees due but unpaid; (iv) all interest payable under Clause
3.2; (v) all costs and losses incurred by redeploying funds used to lease you the equipment; (vi) any amount to be added under Clause 10.2; (vii) all our costs, losses and expenses incurred: (a) in exercising any of our powers
under this agreement; and (b) in any legal proceedings we bring under this agreement; and (viii) any other amounts due and payable under this agreement, including under Clause 11. You must pay VAT on all sums listed in this Clause 10.1 to
which it applies. 

  

	10.2	We may have calculated a lease’s rentals expecting to receive an amount as net sales proceeds of the equipment at the end of the lease. If we do not receive those
expected proceeds, because we cannot or do not recover the equipment, or if it becomes a total loss, then an amount equal to those expected proceeds (less any applicable discount for early payment) will be added under item (vi) of Clause 10.1.

  

	11	Additional sums payable in an administration 

 If an administrator appointed in respect of you obtains a court order (the “order”), under paragraph 72 of Schedule B1 of the Enterprise Act 2002, authorising the disposal of the equipment then,
in addition and without prejudice to any other amounts payable to us under this agreement, you must (immediately upon the order being made or upon receipt of such net amounts, whichever is the later) pay us the net proceeds (within the meaning of
paragraph 72 of Schedule B1 of the Enterprise Act 2002) of the disposal of the equipment plus any sum the court determines may be required to make good the deficiency referred to in Paragraph 72(3)(b) of Schedule B1 of the Enterprise Act 2002.

  

	12	Return of equipment 

  

	12.1	Unless you have validly purchased it under a lease (see Clause 13.1) or have the right to sell it under a lease (see Clause 13.2), you must return the equipment to us,
at an address we specify, at your own expense when its leasing ends. This includes all instruction books, registration documents and service records. 

  

	12.2	On its return (including under Clause 9.2) the equipment must be in good working order and condition (fair wear and tear excepted) and comply with any other conditions
set out in the relevant schedule. 

  

	13	Purchase option / Right of sale 

  

	13.1	A lease may grant you a purchase option in a schedule. That schedule may also decide whether you must return the equipment if you do not exercise that purchase option.
If it does compel you to return the equipment, it may impose further conditions on how you return it. 

  

	13.2	A lease may grant you a right to sell the equipment in a schedule. That schedule may also decide whether you must return the equipment if you are not authorised to sell
the equipment on our behalf. If it does compel you to return the equipment, it may impose further conditions on how you return it. 

  

	14	Law and jurisdiction 

This agreement shall be governed by English law. You submit to the exclusive jurisdiction of the English courts. 

 

	15	Assignments and transfers 

  

	15.1	You must not assign, novate or otherwise transfer, or create or allow to exist any mortgage, charge or other arrangement creating, or analogous to, security over any of
your rights or duties under this agreement or any lease. 

  

	15.2	We may freely assign, sell, securitize, sub-participate, mortgage, charge or otherwise transfer any of our rights or interests or risks under, or novate all or part of,
this agreement or any lease. You hereby agree promptly to execute all documents we reasonably request to give effect to this clause. We will pay your reasonable legal costs in complying with this clause. 

 

	16	Set-off 

 We may set off
any sum we or any affiliate owes under this agreement against any sum you owe us or any affiliate, whether or not due. We may estimate any sum’s amount if it is unknown. Any difference between the estimated and actual amount will be payable
when the latter is known. 
  

	17	Use of your information 

  

	17.1	We may sometimes collect, use, share and store personal and financial information about you and, where applicable, your directors, trustees, officers, shareholders,
members, partners, guarantors and other company or business officials (your information). Your information includes information we: 

  

	 	(a)	obtain from you or from third parties (such as employers, joint account holders, credit reference agencies (who may search the Electoral Register), fraud prevention
agencies or other organisations), and from public information such as County Court judgments (CCJs), when you apply for any product or service, or which you or they give us at any other time; or 

 

	 	(b)	learn from your dealings, such as dates, amounts, currencies and name and type of supplier. 

 

	17.2	We may share your information with other companies in the Barclays PLC group and any group company may use the information for the same purposes as we use it.

  

	17.3	You warrant that, where you provide information about directors, trustees, officers, shareholders, members, partners, guarantors and other company or business officials
and others (e.g. dependants or joint account holders), you have: 

  

	 	(a)	notified such individual of the purposes for which we may use their data, as set out in this clause; 

 

	 	(b)	obtained the consent of such individuals or are otherwise entitled to provide this information for us to use pursuant to this agreement. 

 

	17.4	We may use your information to assess and identify applicants. We may also use it to provide you with services, for assessment and analysis (including credit or
behaviour scoring) and to prevent or detect crime. Making regulatory checks and performing duties to regulatory authorities, developing and improving services and protecting their interests are other uses to which we may put your information. In
doing these things we may supply parties’ current and previous names, addresses and dates of birth. If you give us false or inaccurate information and we suspect fraud, we will record this. Declined applications based on automated credit
scoring can be reviewed manually on request. 

  

	17.5	Without prejudice to Clause 1.6, we may use your information to contact you by letter, phone, fax or any electronic means about our and other people’s products or
services which may be of interest to you. You may tell us at any time if you no longer wish to be receive marketing communications from us or any third party by writing to us, (quoting your full name, address and account details (if any)).

  

	17.6	Any search at a credit reference agency will leave a search “footprint” on your file. If the search was for a credit application that footprint (but not the
searcher’s name) may be seen by other organisations to whom you apply for credit in future. Agencies link applicants’ previous and later names and addresses. 

 

	17.7	We and credit reference and fraud prevention agencies will share your information. We and other organisations may use your information to make credit decisions and
prevent or detect fraud, money laundering and other crime. 

  

	17.8	Potential uses of your information (see Clause 17.1) or information about your partner or other members of your household include: 

 

	 	(a)	managing credit and credit-related accounts or facilities; 

  

	 	(b)	checking insurance proposals and claims; 

  

	 	(c)	recovering debt; 

  

	 	(d)	checking details of job applicants and employees; and 

  

	 	(e)	checking public information such as CCJs and Electoral Register Information. 

 

	17.9	Information credit reference agencies hold about you may be “associated” with records about your partner or members of your household. Any enquiry to a credit
reference agency may be assessed against “associated” records. Someone’s record will be “associated” with yours if: 

  

	 	(a)	you make a joint application; or 

  

	 	(b)	you advise us of a financial association with another person; or 

  

	 	(c)	the credit reference agencies have existing, linked or “associated” records. This “association” will be considered in all future applications by
either or both of you and continue until one of you files a successful “disassociation” to the credit reference agencies. 

  

	17.10	Credit reference agencies record our enquiries. They may record, use and supply information we give them to lenders, insurers and other organisations. Details of false
or inaccurate information or suspected fraud may be passed to fraud prevention and credit reference agencies. Law enforcement agencies may use this information. Organisations in and outside the UK may use information recorded by fraud prevention
agencies. 

  

	17.11	We may give your information to: 

  

	 	(a)	other Barclays PLC group companies; 

  

	 	(b)	our agents or people who provide us with services (provided that they keep the information confidential); 

 

	 	(c)	anyone to whom we may or do assign, sell, securitize, sub-participate, mortgage, charge or otherwise transfer any of our rights or duties or interests or risks under,
or novate all or part of, this agreement or any lease (see Clause 15.2); 

  

	 	(d)	any third party following any restructure, sale or acquisition of a Barclays PLC group company (provided the recipient uses your information for the same purposes as it
was originally supplied to, and/or used by, us); and 

  

	 	(e)	any authorities, regulatory and similar bodies to identify fraud, money laundering and other crime, make regulatory checks, perform our duties to regulatory
authorities, help collect parking and speeding fines, unpaid congestion charges and other road traffic penalties. 

  

	17.12	We may reveal your information (see Clause 17.1) if we have a duty, or the law allows us, to do so. Otherwise we will keep your information confidential.

  

	17.13	Information that we, other organisations and fraud prevention agencies provide about you, your directors, trustees, officers, shareholders, members, partners,
guarantors and other company or business officials and your “associate(s)” and any business you have to credit reference and fraud prevention agencies may be supplied to other organisations. We and those organisation may use that
information to: (i) check your identity if you and/or your “associate” apply/applies for other facilities or make insurance applications and claims); (ii) help other organisations to make decisions on credit, credit-related
services and on motor, household, life and other insurance proposals and insurance claims; (iii) trace your whereabouts and recover payment if you do not make payments that you owe; (iv) carry out checks to prevent or detect fraud, money
laundering and other crime; (v) do statistical analyses and system testing; and (vi) do other things to which you specifically agree or, in very limited circumstances, when the law requires or the Data Protection Act 1998 allows.

  

	17.14	We will not transfer your information to anyone in another country unless they agree to apply the same level of protection as we are required to apply to that
information and to use your information strictly as we instruct them. 

  

	17.15	A Barclays PLC group database will store your information. Any Barclays PLC group company may use it for (i) training; (ii) credit assessment;
(iii) decisions under this Clause 17; (iv) market or product analyses; and (v) preparing statistics. 

  

	17.16	We will hold your information after your account closes, or, if your application is declined or abandoned, for as long as legal, regulatory, fraud prevention and lawful
business purposes allow. 

  

	17.17	You, or any of the individuals whose information you provide to us, can write to us for a copy of the information we hold about that individual. We will charge for this
service. Please write to us at our address given above if you require details of the credit reference and fraud prevention agencies with whom we deal. 

 By signing a schedule: 
 You: (i) ask us to accept your offer to lease the
equipment from us for use in your business subject to the terms of the lease; (ii) ask us on our acceptance to date the schedule and forward your payment instructions to your bankers; and (iii) accept that we have had no part in selecting
the equipment and exclude liability for its condition and suitability. 
 Signature of Lessee 

Signed for and on behalf of the lessee. 
  

			
	 /s/ Andrew Valentine

	Name and title of signatory	 	Andrew Valentine, Director
		 	Authorised to sign
	  
 Signature of Lessor

Signed for and on behalf of Barclays Mercantile Business
 Finance Limited.

	
	 /s/ [Illegible]

		 	Authorised to sign

 This agreement in relation to operational and financial covenants is made 31 MARCH 2010 between
(1) Streetcar Limited (Co No 4525217) of Melbury House 51 Wimbledon Hill Road London SW19 7QW (“Customer”) and Barclays Mercantile Business Finance Limited of Churchill Plaza, Churchill Way, Basingstoke RG21 7GP (“BMBF”)
(the “Agreement”). 
 It is agreed as follows: 
  

							
	1.	  	Definitions and Interpretations
			
		  	“EBITDA”:	  	Total Operating Profit before the deduction of any amount attributable to the amortisation of intangible assets and the depreciation of tangible assets;
			
		  	“Event of Default”:	  	an event of default under the Vehicle Finance Facility;
			
		  	“Expiry Date”:	  	12 months from the date of this Agreement;
			
		  	“Finance Document”:	  	a master lease purchase agreement made
12th February 2008 between BMBF and the Customer and any
schedule thereto and any other documents which are entered into in connection therewith, as each of the same may be amended from time to time;
			
		  	“Financing Facility”:	  	any other financing facility provided to the Customer;
			
		  	“Gross Debt”:	  	all indebtedness incurred in respect of borrowed money (together with any fixed premium or repayment) of the Customer and shall be deemed to include (without
limitation):
				
		  		  	(i)	  	the capitalised value of obligations under any hire purchase agreements and finance leasing agreements (as determined in accordance with applicable accounting
standards);
				
		  		  	(ii)	  	indebtedness evidenced by bonds, debentures, loan, loan stock, notes, commercial paper or similar instruments;
				
		  		  	(iii)	  	the nominal amount of any share capital expressed to be redeemable;
				
		  		  	(iv)	  	indebtedness (including contingent liabilities) arising under or by virtue of (A) acceptance credits, (B) debt factoring, invoice or bill discounting or note purchase facilities,
(C) deferred payment for assets or services (other than normal trade credit), (D) guarantees, indemnities or other assurances against financial loss in respect of any indebtedness specified in this definition of any other person, (E)
counter-indemnities in respect of letters of credit, bonds, guarantees, indemnities or similar obligations issued or created in favour of third

  
 1 

							
		  		  		  	parties and (F) any other transaction having substantially the same commercial effect as any of the foregoing, including (without limitation) those where liabilities are not shown
as borrowings on a balance sheet by reason of being contingent, conditional or otherwise,
				
		  		  		  	(but so that no amount shall be included or excluded more than once);
				
		  	 “Interest Cover

Ratio”:
	  		  	the ratio of EBITDA to Total Interest Expense;
				
		  	“Net Debt”:	  		  	Gross Debt less Total Cash;
				
		  	“Quarter Day”:	  		  	the last day of March, June, September and December in each year;
				
		  	“Relevant Period”:	  		  	each period of 12 months ending on each Quarter Day;
				
		  	“Smedvig”:	  		  	Smedvig Capital AS;
				
		  	“Total Cash”:	  		  	credit balances on any account with any bank, building society or other financial institution and whether on current, deposit or term deposit account (provided such credit balance
is payable on demand or not later than twelve months following demand) which are freely available to the Customer;
				
		  	 “Total Interest

Expense”:
	  		  	all interest expenses and other finance costs (whether paid, payable or added to principal) incurred by the Customer during the Relevant Period calculated on a consolidated basis
but taking no account of dividends on preference shares;
				
		  	 “Total Operating

Profit”:
	  		  	total operating profit for continuing operations, acquisitions (as a component of continuing operations) and discontinued operations (as set out in Financial Reporting Standard
No.3) of the Customer but ignoring any exceptional items; and
				
		  	 “Vehicle Finance

Facility”:
	  		  	A lease purchase facility provided by BMBF to the Customer under a Finance Document for the provision of motor vehicles and related IT equipment.
		
	2.	  	Purpose and Understanding
		
	2.1	  	The purpose of this Agreement is to record the covenants and undertakings of the Customer to BMBF upon which the future availability of the Vehicle Finance Facility is
conditional.
		
	2.2	  	It is understood and acknowledged that Events of Default are deemed to be events of default under a Finance Document and shall have the same effect as if they were set
out as events of default in a Finance Document.

  
 2 

							
	2.3	  	This Agreement and the terms herein are in substitution for and not in addition to any previous agreement, deed or correspondence between BMBF and the Customer
containing covenants and undertakings to be satisfied by the Customer in relation to the Vehicle Finance Facility.
		
	2.4	  	The parties agree that at least 60 days prior to the Expiry Date they will confirm the terms of a new agreement in and with similar form and content to this Agreement
which shall be entered into prior to, but effective upon the Expiry Date. If the parties have failed to satisfy this Clause 2.4 by the Expiry Date, no further facilities will be available to the Customer by BMBF under the Vehicle Finance Facility;
all sums outstanding pursuant to the Vehicle Finance Facility shall become immediately due and owing; and BMBF may terminate the Vehicle Finance Facility.
		
	3.	  	Cash Headroom
		
	3.1	  	If Total Cash at the end of any month falls below £500,000 to further facilities will be available to the Customer by BMBF under the Vehicle Finance
Facility.
		
	3.2	  	If Total Cash at the end of any month falls below £250,000 this will constitute an Event of Default.
		
	4.	  	Debt Restrictions
		
		  	No further facilities will be made available to the Customer by BMBF under the Vehicle Finance Facility if Gross Debt exceeds the Gross Debt Limit during the relevant
Debt Restriction Test Period as set cut in the table below.

  

					
	 Debt Restriction Test Period
	  	Gross Debt Limit	 
	 1 January 2010 to 31 March 2010
	  	£	19,800,000	  
	 1 April 2010 to 30 June 2010
	  	£	25,700,000	  
	 1 July 2010 to 30 September 2010
	  	£	31,200,000	  
	 1 October 2010 to 31 December 2010
	  	£	31,500,000	  

 All Gross Debt Limits
shall be reduced by a sum equal to the value of any indebtedness howsoever arising due and owing to Smedvig or any other party at any time which is subsequently converted into equity prior to the Expiry Date. 

BMBF may notify the Customer in writing of the reduced Gross Debt Limit as soon as practical upon BMBF receiving written notice of any
such conversion from the Customer. Notwithstanding such notice, the reduced Gross Debt Limit shall apply from the date of any such conversion. 

  
 3 

 Net Debt to EBITDA 

 

	5.1	If the ratio of Net Debt to EBITDA for the Relevant Period for each Quarter Day exceeds the relevant ratio set out in the table below alongside each Quarter Day as
tested at each Quarter Day, no further facilities will be available to the Customer by BMBF under the Vehicle Finance Facility. 

  

					
	 Quarter Day
	  	Ratio	 
	
31st March 2010
	  	 	4.62	  
	
30th June 2010
	  	 	5.98	  
	
30th September 2010
	  	 	5.49	  
	
31st December 2010
	  	 	3.81	  

  

	5.2	If the ratio of Net Debt to EBITDA for the Relevant Period for each Quarter Day exceeds the relevant ratio set out in the table below alongside each Quarter Day as
tested at each Quarter Day, an Event of Default will arise. 

  

					
	 Quarter Day
	  	Ratio	 
	
31st March 2010
	  	 	4.83	  
	
30th June 2010
	  	 	6.29	  
	
30th September 2010
	  	 	5.71	  
	
31st December 2010
	  	 	3.97	  

 Interest Cover Ratio

  

	6.1	An Event of Default will arise if the Interest Cover Ratio for the Relevant Period for each Quarter Day falls below the relevant ratio set out in the table below
alongside each Quarter Day as tested at each Quarter Day. 

  

					
	 Quarter Day
	  	Ratio	 
	
31st March 2010
	  	 	3.0	  
	
30th June 2010
	  	 	3.0	  
	
30th September 2010
	  	 	3.0	  
	
31st December 2010
	  	 	3.0	  

 Cross Default

  

	7.1	In addition to clauses 3.2, 5.2 and 6.1 above, and the events listed in clause 9.1 to the Finance Document, the following will constitute Events of Default:

  

	 	(a)	any indebtedness of the Customer under a Financing Facility howsoever due and owing is not paid when due nor within any originally applicable grace period;

  

	 	(b)	any indebtedness of the Customer under a Financing Facility is declared to be or otherwise becomes due and payable prior to its specified maturity as a result of an
event of default (howsoever described); 

  
 4 

  

	 	(c)	any commitment for any Indebtedness of the Customer under a Financing Facility is cancelled or suspended by a creditor of the Customer as a result of an event of
default (howsoever described); and/or 

  

	 	(d)	if any creditor of the Customer under a Financing Facility becomes entitled to declare any of the Customer’s Indebtedness due and payable prior to its specified
maturity as a result of an event of default (howsoever described). 

  

	8.	Provision of Financial Information and Operational and Financial Covenants Test 

 

	8.1	The Customer hereby covenants to provide to BMBF the financial statements described in clause 8.1(a), (b) and (c) below (“Financial Statements”):

  

	 	(a)	no later than 30 days from the end of the period to which they relate, its monthly management accounts (incorporating profit and loss (month and year to date, with
variance to budget and prior year), balance sheet and cash flow (detailing liquidity headroom in line with forecasts) and details of monthly and rolling 12 month average hire rates and utilization); and estimated stock valuation for Barclay’s
financed car and van fleet; 

  

	 	(b)	no later than 270 days from the end of the period to which they relate, its annual audited financial statements, including balance sheets, income statements and
statements of cash flow for the financial year then ended, on a consolidated basis, as appropriate, which have been prepared by its independent accountants; and 

 

	 	(c)	no later than 30 days after the beginning of any of its financial years its annual budget (prepared on a monthly basis and incorporating a projected consolidated profit
and loss, balance sheet, cashflow statement, projected capital expenditure and details of the projected monthly and rolling 12 month average hire rates. The budget shall relate to the forthcoming 12 month period of the Customer’s financial
year. 

  

	8.2	The Customer undertakes to submit with each set of Financial Statements delivered pursuant to Clause 8.1 (a) and Clause 8.1 (b) a covenant compliance
certificate (in the form set out in Schedule 1) signed by two directors of the Customer (one of whom must be the finance director): (a) certifying that the Customer is in compliance with such operational and financial covenants as at the expiry
of the relevant period referable to each such operational and financial covenant; and (b) that no Event of Default has occurred or if there is a continuing Event of Default providing details of the same and of any actual and proposed remedial
action. 

  

	8.3	The Customer undertakes to provide with each covenant compliance certificate described in Clause 8.2 above, detailed calculations of the figures used to demonstrate
compliance with the operational and financial covenants set out in Clauses 3, 4, 5 and 6, and in the case of the covenant compliance certificate delivered with the annual audited accounts in accordance with Clause 8.1(b), written confirmation from
the Customer’s Independent accountants that the Customer has used accurate and applicable data and calculations to complete such certificate. 

  

	9.	Law and Jurisdiction 

 This
agreement shall be governed by English law, The Customer submits to the exclusive jurisdiction of the English courts. 

  
 5 

 IN WITNESS of which this Deed was executed and is delivered on and takes effect from the day and year first
before written. 
  

					
	 Signed as a deed under a power of attorney dated [Illegible] for and on behalf of Barclays Mercantile Business Finance
Limited by, [Illegible]
 In the presence of:
	 		 	 /s/ [Illegible]

	 		 	attorney in fact

  

			
	 /s/ Robert Stavely

		
	Full name	 	Robert Stavely
		
	Address	 	CHURCHILL PLAZA, CHURCHILL WAY
		 	Basingstoke, RG21 7GP.
	  
 Executed as a deed by Streetcar Limited acting
by:
  

	Director	 	 /s/ ANDREW VALENTINE

		
	Director	 	 /s/ Brett Akker

  
 6 

 SCHEDULE 1 
 Form of Covenant Compliance Certificate 
 Date; 

To: Barclays Mercantile Business Finance Limited (“BMBF”) 
 Dear Sirs, 
 Re: Master Lease Purchase Agreement dated 12th February 2008 between BMBF and Streetcar Limited and any
associated lease purchase facility (the “Vehicle Finance Facility”) and the agreement in relation to operational and financial covenants dated
[                     2010] between BMBF and Streetcar Limited (the “Agreement”) 

The terms used in this Covenant Compliance Certificate shall have the same meaning as contained in the Agreement unless otherwise stated herein.

 We attach to this covenant compliance certificate copies of spreadsheets containing calculations and other appropriate and relevant data
evidencing the calculation of the operational and financial covenants set out in the Schedule below and referred to in the Agreement in relation to the Vehicle Finance Facility and in accordance with the undertaking given by Streetcar Limited
pursuant to Clause 8.2 of the Agreement. 
  

																	
	 	  	Streetcar Limited	 	  	 	 
	 Period:
	  	Covenant Schedule	 	  	 	 
	 Management Accounts
	  	 	 	  	Date of Receipt:	 	  	 	 	  	 	 
	 	  	Actual	 	  	Budget	 	  	Covenant	 	  	Pass / Fail	 
	 	  	£000	 	  	£000	 	  	£000	 	  	 	 
	 PBT (Month)
	  				  				  				  			
	 PBT (YTD)
	  				  				  				  			
	 EBITDA (Month)
	  				  				  				  			
	 EBITDA (Quarter)
	  				  				  				  			
	 EBITDA (YTD)
	  				  				  				  			
	 EBITDA (Rolling 12 month)
	  				  				  				  			
	 Gross Debt
	  				  				  				  			
	 Net Debt
	  				  				  				  			
	 Net Debt / EBITDA Ratio
	  				  				  				  			
	 Cash Headroom
	  				  				  				  			
	 Interest Cover Ratio
	  				  				  				  			
	 Max Facility Utilisation
	  				  				  				  			

  
 7 

 Based on the above calculations and data, we confirm that Streetcar Limited is in compliance with the
operational and financial covenants set in the Agreement as at the expiry of the relevant period referable to each such operational and/or Financial Covenant. 
 In addition to the above, we confirm that no Event of Default pursuant to the terms of the Agreement has occurred or is continuing. 

 

	
	  

	[ ̈insert name of Director]
	for and on behalf of
	Streetcar Limited

  

	
	  

	[ ̈insert name of Director]
	for and on behalf of
	Streetcar Limited

  

	*	If this statement can not be made the certificate should identify the Event of Default which is continuing and the steps, if any, being taken to remedy it.

  
 8 

 The Directors 
 Streetcar Limited 
 Melbury House 
 51 Wimbledon Hill Road 
 London SW19 7QW 

28 May 2010 
 Dear Sirs

 Master Agreement for Lease and or Lease Purchase entered into between Barclays Mercantile Business Finance Limited (“BMBF”) and
Streetcar Limited (“Streetcar”) dated 12 February, 2008 (the “Master Agreement”) 
 We refer to the Master Agreement
and to the agreement in respect of operational and financial covenants entered into between Streetcar and BMBF dated 31 March 2010 (the “Covenants Agreement”). Terms defined and references construed in the Master Agreement and the
Covenants Agreement have the same meaning and construction in this letter unless provided otherwise. 
 Following the acquisition of Streetcar
Limited by Zipcar Inc on 20 April 2010, you have informed us that you are restating your management accounts to take into account modified accounting policies. As such you have notified us of the following breaches under the Covenants Agreement
(the “Covenant Breaches”): 
  

	 	(a)	clause 5.1 (Net Debt to EBITDA) in respect of a breach of the ratio of Net Debt to EBITDA for the Relevant Period ending 31 March 2010. 

You have also notified us of the breach under the covenants agreement in relation to: 

 

	 	(b)	clause 8.2 (Provision of Financial Information and Operational and Financial Covenants Test) in respect of the failure to provide a covenant compliance certificate for
March 2010 by 30 April 2010. 

 Further, we anticipate that there will be a breach of clause 8.1 (a) (Provision of
Financial information and Operational and Financial Covenants Test) in respect of the failure to provide monthly management accounts for April 2010 as a result of the restatement of your management accounts. 

You are aware that the breach of the Net Debt to EBITDA ratio described in paragraph (a) above will trigger a drawstop under the Vehicle Finance
Facility. 
 Conditions of Waiver 
 We
agree to waive the Covenant Breaches, provided that the following conditions are met: 
  

	 	1.	clause 3 (Cash Headroom) is amended as follows: 

 “3.1 If Total Cash at the end of any month falls below £820,000 no further facilities will be available to the Customer by BMBF under the Vehicle Finance Facility. 

3.2 If Total Cash at the end of any month falls below £570,000 this will constitute an Event of Default.” 

  
 1 

  

	 	2.	an update as to the dispute with HMRC in respect of the VAT on insurance revenue is included in the commentary provided with the monthly management accounts in
accordance with clause 8.1(a); 

  

	 	3.	provision of an updated budget for Streetcar for this financial year is provided by 11 June 2010, and an agreement in respect of new covenants by 30 June
2010; 

  

	 	4.	payment in full by 4 June 2010 of the undisputed fees that are due and owing to Barclays Merchants Services (“BMS”) in respect of monthly service fees
and chargebacks for March and April 2010, and reinstatement thereafter of the monthly payments in respect of the monthly service and chargeback fees; 

  

	 	5.	your attendance at a meeting or a call with us and BMS to discuss any outstanding BMS non-secure fees and other issues during the week commencing 7 June 2010;

  

	 	6.	provision of the signed covenant compliance certificate for 31 March 2010 in accordance with clause 8.2 of the Covenants Agreement on or before 1 June 2010;

  

	 	7.	provision of the signed covenant compliance certificate for 30 April 2010 in relation to Cash Headroom and Gross Debt on or before 1 June 2010 in accordance
with clause 8.2 of the Covenants Agreement; 

  

	 	8.	provision of the full monthly management accounts for April 2010 together with the monthly management accounts for May 2010 and the signed covenant compliance
certificate for May 2010 on or before 30 June 2010; and 

  

	 	9.	provision of the Zipcar parent guarantee and legal opinion, in form and substance satisfactory to us, on or before 31 May 2010. 

Upon receiving evidence to our satisfaction of the resolution of the current VAT dispute with HMRC and us notifying you of the same, the amendment to
clause 3 of the Covenants Agreement will expire. 
 Fee 
 Streetcar agrees to pay to the Bank a waiver fee of £20,000 on the date on which Streetcar countersigns this letter, such fee irrevocably authorized to be debited from sort code 20-53-04, account
number 30290181. 
 Reservation of rights 
 The right of the Bank to enforce its rights pursuant to the Master Agreement and/or the Covenant Agreement is hereby expressly reserved. Other than in relation to those current breaches of covenant
expressly waived under this letter, nothing contained in this letter or any action or inaction by the Bank shall operate as a waiver of any of the Bank’s rights or remedies under the Facility Agreement and/or the Covenant Agreement which remain
and shall continue in full force and effect. 
  

			
	Yours faithfully,
	
	 /s/ [ILLEGIBLE]

	Name:	 	[ILLEGIBLE]
	For and on behalf of Barclays Mercantile Business Finance Limited
		
	Date:	 	[ILLEGIBLE]

  
 2 

 Acknowledgement 
 We agree to the terms of this letter. 
  

	
	 /s/ Andrew Valentine

	Andrew Valentine
	For and on behalf of
	Streetcar Limited
	
	Date:

  
 3 

  

			
	
 

  
  
 The Directors
 Streetcar Limited
 Melbury House
 51 Wimbledon Hill Road
 London SW19 7QW
	 	 Barclays Asset &

Sales Finance
 Churchill Plaza

Churchill Way
 Basingstoke

RG21 7GL
  
 Tel +44 (0)1256 817777
 Fax +44 (0)1256 810283

 
 www.barclays.com

30th June 2010 
 Dear Sirs 
 Master Agreement for Lease and or Lease Purchase entered into between Barclays
Mercantile Business Finance Limited (“BMBF”) and Streetcar Limited (“Streetcar”) dated 12 February 2008 (as varied or amended from time to time) (the “Master Agreement”) 

The agreement in respect of operational and financial covenants entered into between Streetcar and BMBF dated 31 March 2010 (as varied or amended
from time to time, including pursuant to an amendment letter dated 28 May 2010) (the “Covenants Agreement”) 
 We refer to the
Master Agreement and to the Covenants Agreement. Terms defined and references construed in the Master Agreement and the Covenants Agreement have the same meaning and construction in this letter unless provided otherwise. Save as otherwise
determined, references to clauses in this letter are to clauses in the Covenants Agreement. 
  

	1.	Possible Covenant Breaches 

 You have indicated
to us that you will probably breach the following covenants under the Covenants Agreement for the Relevant Period ending 30 June 2010: 
  

	 	(a)	clause 5 (Net Debt to EBITDA); and 

  

	 	(b)	clause 6.1 (Interest Cover Ratio). 

  

	2.	Conditions 

 We agree to your request to amend
the covenants referred to above, as provided for below, provided that: 
  

	 	(a)	an update as to the dispute with HMRC in respect of the VAT on insurance revenue is included in the commentary provided with the monthly management accounts in
accordance with clause 8.1(a); and 

  

	 	(b)	Streetcar procures that Zipcar inc. shall provide to BMBF: 

 (i) no later than 45 days from the end of the period to which they relate, Zipcar inc.’s quarterly management accounts for the first three quarters of the financial year; and 

(ii) no later than 90 days from the end of the financial year to which they relate, Zipcar inc.’s quarterly management accounts for
the final quarter of the financial year. 
 Each set of quarterly management accounts provided in accordance with this paragraph
shall incorporate profit and loss (quarter and year to date), balance sheet and cash flow and a commentary on the trading performance against budget). 

  
 1 

  

	3.	Amendments 

  

	3.1	Subject to paragraph 3.2 below, with effect from 28 May 2010, clause 3 (cash headroom) was amended as follows: 

“clause 3 (Cash Headroom) 
  

	 	3.1	If Total Cash at the end of any month falls below £820,000 no further facilities will be available to the Customer by BMBF under the Vehicle Finance Facility.

  

	 	3.2	If Total Cash at the end of any month falls below £570,000 this will constitute an Event of Default.” 

 

	3.2	Upon receiving evidence to our satisfaction of the resolution of the current VAT dispute with HMRC and us notifying you of the same, the amendment to clause 3 will
expire. 

  

	3.3	With effect from the date on which Streetcar countersigns the duplicate of this letter: 

 

	 	(a)	clause 5 (Net Debt to EBITDA) shall be deleted and replaced with: 

 “Net Debt to EBITDA 
  

	 	5.1	If the ratio of Net Debt to EBITDA for the Relevant Period for each Quarter Day exceeds the relevant ratio set out in the table below alongside each Quarter Day as
tested at each Quarter Day, no further facilities will be available to the Customer by BMBF under the Vehicle Finance Facility. 

  

					
	 Quarter Day
	  	Ratio	 
	
31st March 2010
	  	 	4.62	  
	
30th June 2010
	  	 	6.28	  
	
30th September 2010
	  	 	5.76	  
	
31st December 2010
	  	 	4.00	  

  

	 	5.2	If the ratio of Net Debt to EBITDA for the Relevant Period for each Quarter Day exceeds the relevant ratio set out in the table below alongside each Quarter Day as
tested at each Quarter Day, an Event of Default will arise. 

  

					
	 Quarter Day
	  	Ratio	 
	
31st March 2010
	  	 	4.83	  
	
30th June 2010
	  	 	6.54	  
	
30th September 2010
	  	 	6.00	  
	
31st December 2010
	  	 	4.17	  

”; and 

  
 2 

  

	 	(b)	clause 6 (Interest Cover Ratio) shall be deleted and replaced with: 

 “Interest Cover Ratio 
  

	 	6.1	An Event of Default will arise if the Interest Cover Ratio for the Relevant Period for each Quarter Day falls below the relevant ratio set out in the table below
alongside each Quarter Day as tested at each Quarter Day. 

  

					
	 Quarter Day
	  	Ratio	 
	
31st March 2010
	  	 	3.00	  
	
30th June 2010
	  	 	2.75	  
	
30th September 2010
	  	 	2.75	  
	
31st December 2010
	  	 	2.75	  

.” 
  

	4.	Fee 

 Streetcar must pay to the Bank an amendment
fee of £15,375 on the date on which Streetcar countersigns the duplicate of this letter, such fee to be debited from sort code 20-53-04, account number 30290181. 
  

	5.	Counterparts 

 This letter may be executed in
counterparts (whether by fax or otherwise) and all such counterparts taken together shall constitute one and the same instrument. 
  

	6.	Full force and effect 

 For the avoidance of
doubt, the Master Agreement and the Covenants Agreement remain and shall continue in full force and effect as amended pursuant to this letter. 
  

	7.	Governing law 

 This letter shall be governed by
English law. 
 Please sign and return the enclosed duplicate of this letter by way of your agreement to its terms. 

Yours faithfully 
  

			
	 /s/ [Illegible]

	Name:	 	[Illegible]
	For and on behalf of Barclays Mercantile Business Finance Limited
		
	Date:	 	30-6-10

 Acknowledgement 

We agree to the terms of this letter. 
  

	
	 /s/ Andrew Valentine

	Andrew Valentine
	For and on behalf of
	Streetcar Limited
	
	Dated: 30-6-10

  
 3 

  

			
	

	 	 Barclays Asset &

Sales Finance
 Churchill Plaza

Churchill Way
 Basingstoke

RG21 7GL
  
 Tel +44 (0) 1256 817777
 Fax +44 (0) 1256 810283

 
 www.barclays.com

The Directors 
 Streetcar Limited 

Melbury House 
 51 Wimbledon Hill Road

 London SW19 7QW 

29 September 2010 
 Dear
Sirs 
 Master Agreement for Lease and or Lease Purchase entered into between Barclays Mercantile Business Finance Limited (“BMBF”)
and Streetcar Limited (“Streetcar”) dated 12 February 2008 (as varied or amended from time to time) (the “Master Agreement”) 
 The agreement in respect of operational and financial covenants entered into between Streetcar and BMBF dated 31 March 2010 (as varied or amended from time to time, including pursuant to amendment
letters dated 28 May 2010 and 30 June 2010) (the “Covenants Agreement”) 
 We refer to the Master Agreement and to the
Covenants Agreement. Terms defined and references construed in the Master Agreement and the Covenants Agreement have the same meaning and construction in this letter unless provided otherwise. Save as otherwise determined, references to clauses in
this letter are to clauses in the Covenants Agreement. 
  

	1.	Possible Covenant Breaches 

 You have indicated
to us that you will probably breach the following covenants under the Covenants Agreement for the Relevant Period ending 30 September 2010: 
  

	 	(a)	clause 5 (Net Debt to EBITDA); and 

  

	 	(b)	clause 6.1 (Interest Cover Ratio). 

  

	2.	Conditions 

 We agree to your request to amend
the covenants referred to above, as provided for below, provided that: 
  

	 	(a)	an update (in a form and content satisfactory to us) as to the: 

  

	 	(i)	dispute with HMRC in respect of the VAT on insurance revenue; and 

  

	 	(ii)	proposed fleet reduction and other cost cutting initiatives, 

 is included in the commentary provided with the monthly management accounts in accordance with clause 8.1 (a) of the Covenants Agreement; 

  

	 	(b)	Streetcar procures that Zipcar Inc. shall provide to BMBF: 

  

	 	(i)	no later than 45 days from the end of the period to which they relate, Zipcar Inc.’s quarterly management accounts for the first three quarters of the financial
year ending 31 December 2010; and 

  

	 	(ii)	no later than 90 days from the end of the financial year to which they relate, Zipcar Inc.’s quarterly management accounts for the final quarter of the financial
year ending 31 December 2010. 

 Each set of quarterly management accounts provided in accordance with this
paragraph shall incorporate profit and loss (quarter and year to date), balance sheet and cash flow and a commentary on the trading performance against budget); 
  

	 	(c)	Streetcar shall provide to BMBF no later than 31 December 2010 an approved business plan for 2011; and 

 

	 	(d)	any outstanding issues with Barclays Merchants Services are resolved to our satisfaction by close of business on 8 October 2010. 

 

	3.	Amendments 

 With effect from the date on which
Streetcar countersigns the duplicate of this letter: 
 (a) clause 4 (Debt Restrictions) of the Covenants Agreement shall be deleted and
replaced with: 
 “Debt Restrictions 
 No further facilities will be made available to the Customer by BMBF under the Vehicle Finance Facility if Gross Debt exceeds the Gross Debt Limit during the relevant Debt Restriction Test Period as set
out in the table below. 
  

					
	 Debt Restriction Test Period
	  	Gross Debt Limit	 
	 1 July 2010 to 30 September 2010
	  	£	20,000,000	  
	 1 October 2010 to 31 December 2010
	  	£	20,000,000	  

 All Gross Debt Limits
shall be reduced by a sum equal to the value of any indebtedness howsoever arising due and owing to Smedvig or any other party at any time which is subsequently converted into equity prior to the Expiry Date. 

BMBF may notify the Customer in writing of the reduced Gross Debt Limit as soon as practical upon BMBF receiving written notice of any
such conversion from the Customer. Notwithstanding such notice, the reduced Gross Debt Limit shall apply from the date of any such conversion.”; 

 (b) clause 5 (Net Debt to EBITDA) of the Covenants Agreement shall be deleted and replaced with: 

“Net Debt to EBITDA 
  

	 	5.1	If the ratio of Net Debt to EBITDA for the Relevant Period for each Quarter Day exceeds the relevant ratio set out in the table below alongside each Quarter Day as
tested at each Quarter Day, no further facilities will be available to the Customer by BMBF under the Vehicle Finance Facility. 

  

					
	 Quarter Day
	  	Ratio	 
	
30th September 2010
	  	 	7.35	  
	
31st December 2010
	  	 	5.63	  

  

	 	5.2	If the ratio of Net Debt to EBITDA for the Relevant Period for each Quarter Day exceeds the relevant ratio set out in the table below alongside each Quarter Day as
tested at each Quarter Day, an Event of Default will arise. 

  

					
	 Quarter Day
	  	Ratio	 
	
30th September 2010
	  	 	7.75	  
	
31st December 2010
	  	 	5.93	  

.”; 
 (c)
clause 6 (Interest Cover Ratio) of the Covenants Agreement shall be deleted and replaced with: 
 “Interest Cover Ratio

  

	 	6.1	An Event of Default will arise if the Interest Cover Ratio for the Relevant Period for each Quarter Day falls below the relevant ratio set out in the table below
alongside each Quarter Day as tested at each Quarter Day. 

  

					
	 Quarter Day
	  	Ratio	 
	
30th September 2010
	  	 	2.25	  
	
31st December 2010
	  	 	2.75	  

.”; and 

(d) The administration fee payable on each drawdown after the date of this letter shall increase from of 0.33% to 0.75% of the balance financed.

  

	4.	Fee 

 Streetcar must pay to the Bank an amendment
fee of £25,000 on the date on which Streetcar countersigns the duplicate of this letter, such fee irrevocably authorised to be debited from sort code 20-53-04, account number 30290181. 

 

	5.	Counterparts 

 This letter may be executed in
counterparts (whether by fax or otherwise) and all such counterparts taken together shall constitute one and the same instrument. 
  

	6.	Full force and effect 

 For the avoidance of
doubt, the Master Agreement and the Covenants Agreement remain and shall continue in full force and effect as amended pursuant to this letter. 
  

	7.	Reservation of rights 

 The right of BMBF to
enforce its rights pursuant to the Master Agreement and/or the Covenants Agreement is hereby expressly reserved. Other than in relation to those current breaches expressly waived under this letter, nothing contained herein or any action or inaction
by BMBF shall operate as a waiver of any of BMBF’s rights or remedies which remain and continue in full force and effect 
  

	8.	Governing law 

 This letter shall be governed by
English law. 
 Please sign and return the enclosed duplicate of this letter by way of your agreement to its terms. 

Yours faithfully 
  

			
	 /s/ [Illegible]

	Name:	 	
	For and on behalf of Barclays Mercantile Business Finance Limited
		
	Date:	 	29TH SEPTEMBER 2010

 Acknowledgement 

 

	
	We agree to the terms of this letter.
	
	 /s/ Andrew Valentine

	Andrew Valentine
	 For and on behalf of
 Streetcar
Limited

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