Sample Business Contracts


Common Stock Purchase Warrant - Zipcar Inc. and Lighthouse Capital Partners VI LP

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

COMMON STOCK PURCHASE WARRANT


Warrant No.                     

  Number of Shares: a maximum of 240,000
  Common Stock
 

Subject to determination as set for the below

ZIPCAR, INC.

Effective as of May 29, 2008

Void after May 29, 2015

1. Issuance. This Common Stock Purchase Warrant (the "Warrant") is issued to LIGHTHOUSE CAPITAL PARTNERS VI, L.P. by ZIPCAR, INC., a Delaware corporation (hereinafter with its successors called the "Company").

2. Purchase Price; Number of Shares. The registered holder of this Warrant (the "Holder"), is entitled upon surrender of this Warrant with the subscription form annexed hereto duly executed, at the principal office of the Company, to purchase from the Company, at a price per share of $2.38 (the "Purchase Price"), up to a maximum of 240,000 fully paid and nonassessable shares of the Company's Common Stock, $0.001 par value (the "Common Stock"). Commencing on the date hereof, 96,000 (the "Exercise Quantity") of shares of Common Stock are immediately available for purchase hereunder.

(b) On the Commitment Termination Date or such earlier termination of this Warrant in accordance with the terms hereof, the Exercise Quantity shall automatically be increased by an additional 144,000 shares if the amount of Aggregate Advances funded under the Loan Agreement exceeds $2,000,000.

In addition to other terms which may be defined herein, the following terms, as used in this Warrant, shall have the following meanings:


  (i) "Aggregate Advances" means the aggregate original dollar amount of Advances made under the Loan Agreement, whether such Advances are outstanding or prepaid, at the time of any scheduled adjustment to the Exercise Quantity.

  (ii) "Loan Agreement" means that certain Loan and Security Agreement No. 1221 dated May 29, 2008 between the Company and Lighthouse Capital Partners VI, L.P..

Any term not defined herein shall have the meaning as set forth in the Loan Agreement.

 

1.


Until such time as this Warrant is exercised in full or expires, the Purchase Price and the securities issuable upon exercise of this Warrant are subject to adjustment as hereinafter provided. The person or persons in whose name or names any certificate representing shares of Common Stock is issued hereunder shall be deemed to have become the holder of record of the shares represented thereby as at the close of business on the dale this Warrant is exercised with respect to such shares, whether or not the transfer books of the Company shall be closed.

3. Payment of Purchase Price. The Purchase Price may be paid (a) in cash or by check, (b) by the surrender by the Holder to the Company of any promissory notes or other obligations issued by the Company, with all such notes and obligations so surrendered being credited against the Purchase Price in an amount equal to the principal amount thereof plus accrued interest to the date of surrender, or (c) by any combination of the foregoing.

4. Net Issue Election. The Holder may elect to receive, without the payment by the Holder of any additional consideration, shares of Common Stock equal to the value of this Warrant or any portion hereof by the surrender of this Warrant or such portion to the Company, with the net issue election notice annexed hereto duly executed, at the principal office of the Company. Thereupon, the Company shall issue to the Holder such number of fully paid and nonassessable shares of Common Stock as is computed using the following formula:


X=   Y (A-B)
     A

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

"Fair Market Value" of a share of Common Stock as of the date that the net issue election is made (the "Determination Date") shall mean:

(i) If the net issue election is made in connection with and contingent upon the closing of the sale of the Company's Common Stock to the public in a public offering pursuant to a Registration Statement under the 1933 Act (a "Public Offering"), and if the Company's Registration Statement relating to such Public Offering ("Registration Statement") has been declared effective by the Securities and Exchange Commission, then the initial "Price to Public" specified in the final prospectus with respect to such offering.

(ii) If the net issue election is not made in connection with and contingent upon a Public Offering, then as follows:

(a) If traded on a securities exchange or the Nasdaq National Market, the fair market value of the Common Stock shall be deemed to be the average of the closing or last reported sale prices of the Common Stock on such exchange or market over the five day period ending two trading days prior to the Determination Date;

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

(c) If there is no public market for the Common Stock, then fair market value shall be determined in good faith by the Company's Board of Directors.

 

2.


5. Partial Exercise. This Warrant may be exercised in part, and the Holder shall be entitled to receive a new warrant, which shall be dated as of the date of this Warrant, covering the number of shares in respect of which this Warrant shall not have been exercised.

6. Fractional Shares. In no event shall any fractional share of Common Stock be issued upon any exercise of this Warrant. If, upon exercise of this Warrant in its entirety, the Holder would, except as provided in this Section 6, be entitled to receive a fractional share of Common Stock, then the Company shall issue the next higher number of full shares of Common Stock, issuing a full share with respect to such fractional share.

7. Expiration Date; Automatic Exercise. This Warrant shall expire at the earliest to occur of (the "Expiration Date") (i) at the close of business on May 29, 2015; or (ii) the closing of the initial Public Offering; of the Company on the NASDAQ or other stock exchange in the United States, and shall be void thereafter.

Notwithstanding the term of this Warrant fixed pursuant to this Section 7, and provided Holder has received advance written notice of at least twenty (20) days and has not earlier exercised this Warrant, and provided this Warrant has not been assumed by the successor entity (or parent thereof), upon the consummation of a Merger (as defined below), this Warrant shall automatically be exercised pursuant to Section 4 hereof, without any action by Holder. "Merger" means: (i) a sale of all or substantially all of the Company's assets to an Unaffiliated Entity (as defined below), or (ii) the merger, consolidation or acquisition of the Company with, into or by an Unaffiliated Entity (other than a merger or consolidation for the principle purpose of changing the domicile of the Company or a bona fide round of preferred stock equity financing), that results in the transfer of fifty percent (50%) or more of the outstanding voting power of the Company. "Unaffiliated Entity" means any entity that is owned or controlled by parties who own less than twenty percent (20%) of the combined voting power of the voting securities of the Company immediately prior to such merger, consolidation or acquisition. Notwithstanding the foregoing, in the event that any outstanding warrants to purchase equity securities of the Company are assumed by the successor entity of a Merger (or parent thereof), this Warrant shall also be similarly assumed. The Company agrees to promptly give the Holder written notice of any proposed Merger and written notice of termination of any proposed Merger. Notwithstanding anything to the contrary in this Warrant, the Holder may rescind any exercise of its purchase rights after a notice of termination of the proposed Merger if the exercise of this Warrant occurred after the Company notified the Holder that the Merger was proposed or if the exercise was otherwise precipitated by such proposed Merger, provided, however that such rescission right must be exercised within thirty (30) days of receipt of such written notice of termination of the proposed Merger. In the event of such rescission, this Warrant will continue to be exercisable on the same terms and conditions.

8. Reserved Shares; Valid Issuance. The Company covenants that it will at all times from and after the date hereof reserve and keep available such number of its authorized shares of Common Stock, free from all preemptive or similar rights therein, as will be sufficient to permit the exercise of this Warrant in full. The Company further covenants that such shares as may be issued pursuant to such exercise will, upon issuance, be duly and validly issued, fully paid and nonassessable and free from all taxes, liens and charges with respect to the issuance thereof.

9. Stock Splits and Dividends. If after the date hereof the Company shall subdivide the Common Stock, by split-up or otherwise, or combine the Common Stock, or issue additional shares of Common Stock in payment of a stock dividend on the Common Stock, the number of shares of Common Stock issuable on the exercise of this Warrant shall forthwith be proportionately increased in the case of a subdivision or stock dividend, or proportionately decreased in the case of a combination, and the Purchase Price shall forthwith be proportionately decreased in the case of a subdivision or stock dividend, or proportionately increased in the case of a combination.

10. Antidilution Rights. The other antidilution rights applicable to the Common Stock of the Company are set forth in the Sixth Amended and Restated Certificate of Incorporation, as amended from time to lime (the "Articles"), a true and complete copy in its current form which is attached hereto as Exhibit A. Such rights shall not be restated, amended or modified in any manner without such Holder's prior written consent if the effect of such action would be more adverse to the Holder, and substantially dissimilar to, its effect on the other holders of the Company's Common Stock with respect to the Common Stock. The Company shall promptly provide the Holder hereof with any restatement, amendment or modification to the Articles promptly after the same has been made.

 

3.


11. Mergers and Reclassifications. If after the date hereof the Company shall enter into any Reorganization (as hereinafter defined), then, as a condition of such Reorganization, lawful provisions shall be made, and duly executed documents evidencing the same from the Company or its successor shall be delivered to the Holder, so that the Holder shall thereafter have the right to purchase, at a total price not to exceed that payable upon the exercise of this Warrant in full, the kind and amount of shares of stock and other securities and property receivable upon such Reorganization by a holder of the number of shares of Common Stock which might have been purchased by the Holder immediately prior to such Reorganization, and in any such case appropriate provisions shall be made with respect to the rights and interest of the Holder to the end that the provisions hereof (including without limitation, provisions for the adjustment of the Purchase Price and the number of shares issuable hereunder and the provisions relating to the net issue election) shall thereafter be applicable in relation to any shares of stock or other securities and property thereafter deliverable upon exercise hereof. For the purposes of this Section 11, the term "Reorganization" shall include without limitation any reclassification, capital reorganization or change of the Common Stock (other than as a result of a subdivision, combination or stock dividend provided for in Section 9 hereof), or any consolidation of the Company with, or merger of the Company into, another corporation or other business organization (other than a merger in which the Company is the surviving corporation and which does not result in any reclassification or change of the outstanding Common Stock), or any sale or conveyance to another corporation or other business organization of all or substantially all of the assets of the Company.

12. Certificate of Adjustment. Whenever the Purchase Price is adjusted, as herein provided, the Company shall promptly deliver to the Holder a certificate of the Company's chief financial officer setting forth the Purchase Price after such adjustment and setting forth a brief statement of the facts requiring such adjustment.

13. Notices of Record Date, Etc. In the event of:

(a) any taking by the Company of a record of the holders of any class of securities for the purpose of determining the holders thereof who are entitled to receive any dividend or other distribution, or any right to subscribe for, purchase, sell or otherwise acquire or dispose of any shares of stock of any class or any other securities or property, or to receive any other right;

(b) any reclassification of the capital stock of the Company, capital reorganization of the Company, consolidation or merger involving the Company, or sale or conveyance of all or substantially all of its assets; or

(c) any voluntary or involuntary dissolution, liquidation or winding-up of the Company;

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

14. Representations, Warranties and Covenants. This Warrant is issued and delivered by the Company and accepted by each Holder on the basis of the following representations, warranties and covenants made by the Company:

(a) The Company has all necessary authority to issue, execute and deliver this Warrant and to perform its obligations hereunder. This Warrant has been duly authorized issued, executed and delivered by the Company and is the valid and binding obligation of the Company, enforceable in accordance with its terms.

(b) The shares of Common Stock issuable upon the exercise of this Warrant have been duly authorized and reserved for issuance by the Company and, when issued in accordance with the terms hereof, will be validly issued, fully paid and nonassessable.

(c) The issuance, execution and delivery of this Warrant do not, and the issuance of the shares of Common Stock upon the exercise of this Warrant in accordance with the terms hereof will not, (i) violate or contravene

 

4.


the Company's Articles or by-laws, or any law, statute, regulation, rule, judgment or order applicable to the Company, (ii) violate, contravene or result in a breach or default under any contract, agreement or instrument to which the Company is a party or by which the Company or any of its assets are bound or (iii) require the consent or approval of or the filing of any notice or registration with any person or entity.

(d) So long as this Warrant has not terminated, Holder shall be entitled to receive such financial and other information as the Holder would be entitled to receive under Section 4.3 of the Rights Agreement (as defined below) as if Holder were a "Major Investors" as defined therein (subject to the confidentiality obligations of Section 5 of the Rights Agreement).

(f) As of the date hereof, the authorized capital stock of the Company consists of (i) 72,500,000 shares of Common Stock, of which 4,204,517 shares are issued and outstanding and 240,000 shares are reserved for issuance upon the exercise of this Warrant, (ii) 545,056 shares of Series A Preferred Stock, all of which are issued and outstanding, (iii) 9,408,742 shares of Series B Preferred Stock, all of which are issued and outstanding; (iv) 5,714,998 shares of Series C Convertible Preferred Stock, all of which are issued and outstanding; (v) 10,117,134 shares of Series D Convertible Preferred Stock, all of which are issued and outstanding; (vi) 6,497,389 shares of Series E Convertible Preferred Stock, all of which are issued and outstanding; and (vii) 16,285,000 shares of Series F Convertible Preferred Stock, of which 14,297,694 are issued and outstanding. Attached hereto as Exhibit B is a capitalization table summarizing the capitalization of the Company. At the request of Holder, not more than once per calendar quarter, the Company will provide Holder with a current capitalization table indicating changes, if any, to the number of outstanding shares of common stock and preferred stock.

15. Registration and Information Rights. The Company grants to the Holder all the registration rights of an "Investor" set forth in Section 2 and the information rights set forth in Section 4.3 (subject to the confidentiality obligations of Section 5) of the Company's Fifth Amended and Restated Registration Rights Agreement dated as of October 31, 2007 (as amended, the "Rights Agreement"), and agrees to amend the Rights Agreement so that (i) the shares of Common Stock issuable upon exercise of this Warrant shall be "Registrable Shares," and (ii) the Holder shall be an "Investor" for all purposes of Section 2 of such Rights Agreement.

16. Amendment. The terms of this Warrant may be amended, modified or waived only with the written consent of the Holder.

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

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

(b) Accredited Investor. Holder is an "accredited investor" within the meaning of the Securities and Exchange Rule 501 of Regulation D, as presently in effect.

(c) Private Issue. The Holder understands (i) that the Common Stock issuable upon exercise of the Holder's rights contained herein is not registered under the 1933 Act or qualified under applicable state securities laws on the ground that the issuance contemplated by this Warrant will be exempt from the registration and qualifications requirements thereof, and (ii) that the Company's reliance on such exemption is predicated on the representations set forth in this Section 17.

(d) Financial Risk. The Holder has such knowledge and experience in financial and business mailers as to be capable of evaluating the merits and risks of its investment and has the ability to bear the economic risks of its investment.

 

5.


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

18. Notices, Transfers, Etc.

(a) Any notice or written communication required or permitted to be given to the Holder may be given by certified mail or delivered to the Holder at the address most recently provided by the Holder to the Company.

(b) Subject to compliance with Section 19 below and the applicable federal and state securities laws, this Warrant may be transferred by the Holder with respect to any or all of the shares purchasable hereunder. Upon surrender of this Warrant to the Company, together with the assignment notice annexed hereto duly executed, for transfer of this Warrant as an entirety by the Holder, the Company shall issue a new warrant of the same denomination to the assignee. Upon surrender of this Warrant to the Company, together with the assignment hereof properly endorsed, by the Holder for transfer with respect to a portion of the shares of Common Stock purchasable hereunder, the Company shall issue a new warrant to the assignee, in such denomination as shall be requested by the Holder hereof, and shall issue to such Holder a new warrant covering the number of shares in respect of which this Warrant shall not have been transferred.

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

19. Transfer of Shares.

(a) "Restricted Shares" means (a) this Warrant, (b) the shares of Common Stock issued or issuable upon exercise of this Warrant, and (c) any other shares of capital stock of the Company issued in respect of such shares (as a result of stock splits, stock dividends, reclassifications, recapitalizations or similar events); provided, however, that shares of Common Stock which are Restricted Shares shall cease to be Restricted Shares (x) upon any sale pursuant to a registration statement under the 1933 Act, Section 4(1) of the 1933 Act or Rule 144 under the 1933 Act or (y) at such time as they become eligible for sale under Rule 144 under the 1933 Act.

(b) Restricted Shares shall not be sold or transferred unless either (i) they first shall have been registered under the 1933 Act, or (ii) the Company first shall have been furnished with an opinion of legal counsel, reasonably satisfactory to the Company if requested by the Company or its transfer agent, to the effect that such sale or transfer is exempt from the registration requirements of the 1933 Act.

(c) Notwithstanding the foregoing, no registration or opinion of counsel shall be required for (i) a transfer by the Holder to an Affiliated Party (as such term is defined below) of the Holder, (ii) a transfer by the Holder which is a partnership to a partner of such partnership; provided that the transferee in each case agrees in writing to be subject to the terms of this Section 19 to the same extent as if it were the original Holder hereunder, or (iii) a transfer made in accordance with Rule 144 under the 1933 Act. For purposes of this Agreement "Affiliated Party" shall mean, with respect to Holder, any person or entity which, directly or indirectly, controls, is controlled by or is under common control with Holder, including, without limitation, any general partner, officer, manager or director of Holder and any venture capital fund now or hereafter existing which is controlled by one or more general partners or managing members of, or shares the same management company as, Holder.

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

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

 

6.


The foregoing legend shall be removed from the certificates representing any Restricted Shares, at the request of the holder thereof, at such time as they become eligible for resale pursuant to Rule 144 under the 1933 Act.

20. No Impairment. The Company will not, without the prior written consent of the Holder by amendment of its Articles or through any reclassification, capital reorganization, consolidation, merger, sale or conveyance of assets, dissolution, liquidation, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance of performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such action as may be necessary or appropriate in order to protect the rights of the Holder.

21. Governing Law. The provisions and terms of this Warrant shall be governed by and construed in accordance with the internal laws of the State of Delaware.

22. Successors and Assigns. This Warrant shall be binding upon the Company's successors and assigns and shall inure to the benefit of the Holder's successors, legal representatives and permitted assigns.

23. Business Days. If the last or appointed day for the taking of any action required of the expiration of any rights granted herein shall be a Saturday or Sunday or a legal holiday in California, then such action may be taken or right may be exercised on the next succeeding day which is not a Saturday or Sunday or such a legal holiday.

24. Value. The Company and the Holder agree that the value of this Warrant on the date of grant is $100.

25. Lock-Up Agreement. The Holder, if requested by the Company and the managing underwriter of an underwritten public offering by the Company of Common Stock, shall not sell or otherwise transfer or dispose of any Common Stock or other securities of the Company held by Holder for a period of up to one hundred eighty (180) days following the effective date of a Registration Statement (as defined in the Rights Agreement); provided, that (a) such agreement shall only apply to the Initial Public Offering (as defined in the Rights Agreement); (b) all stockholders of the Company then holding at least one percent (1%) of the outstanding Common Stock (on an as-converted basis) and all officers and directors of the Company enter into similar agreements; and (c) the Company shall use its reasonable best efforts to ensure that such agreement shall provide (i) for the periodic early releases of portions of the securities subject thereto upon the occurrence of specified events, and (ii) that in the event of any such early release, the Holder shall be released from such agreement on a pro rata basis.


ZIPCAR, INC.     LIGHTHOUSE CAPITAL PARTNERS VI, L.P.
      By: Lighthouse Management Partners VI. L.L.C.
        is general partner

By:

 

LOGO

    By:  

LOGO

Name:

 

Edward Goldfinger

    Name:  

Cristy Barnes

Title:

 

CFO

    Title:  

Managing Director

 

7.


Subscription


To:  
    Date:  

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



Signature


Name for Registration


Mailing Address

 

1.


Net Issue Election Notice


To:  
    Date:  

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



Signature


Name for Registration


Mailing Address

 

1.


Assignment

For value received                                                                   hereby sells, assigns and transfers unto

[Please print or typewrite name and address of Assignee)

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


Dated:  

In the Presence of:



 

1.


EXHIBIT A

Sixth Amended and Restated Certificate of Incorporation

See Exhibit 3.1 to Zipcar Inc.'s Registration Statement on Form S-1


EXHIBIT B

Capitalization Table

 

1.


Name

   Common    Series A    Series B    Series C    Series D    Series E    Series F

Adams, William

   6,102    0    158,374    0    32,327    28,588    0

Adams, William A.

   0    0    0    35,714    0    0    0

Aldrich Descendants 2002 Trust Dated 9/23/02

   0    0    0    0    100,000    0    0

Altschuller, Alison

   1,181    0    0    0    0    0    0

American Honda Motor Co., Inc.

   0    0    0    0    0    0    67,968

Andonian, Charles C.

   0    0    0    0    0    0    1,162

Andrew McKee Revocable Trust 2000

   0    0    200,000    0    87,751    0    0

Autrey, Carlos

   0    52,632    234,266    0    0    0    0

Ayrault, IV, Arthur D.

   0    0    0    0    0    0    287

Azocar, Carlos

   0    0    0    0    0    0    1,621

Balbontin, Juan

   0    0    0    0    0    0    810

BCLF Ventures I, LLC

   0    131,579    0    0    0    0    0

BCLF Ventures II, LLC

   0    0    0    0    177,286    140,343    0

BCLF Ventures LLC

   0    0    585,666    0    0    0    0

Benchmark Capital Partners V, L.P.

   0    0    0    0    6,726,748    878,454    0

Brettman, Lee

   0    0    265,134    0    0    0    0

Bristol Bay Native Corporation

   0    0    0    0    0    0    131,408

Brook, David

   0    0    0    0    0    0    4,962

Campbell Living Trust, dated January 16, 1997

   0    0    0    0    0    0    7,266

Career Specialists

   0    0    0    0    0    0    1,428

Carol and Fred Konz 2006 Trust dated August 3, 2006

   0    0    0    40,000    0    0    0

Carroll, Tracy J.

   0    0    0    0    0    0    6,974

Casey, Timothy Barry

   0    0    0    0    263,254    38,984    0

Charles W. Riske, Jr. and Carolyn B. Riske, JT/WROS

   0    0    0    0    0    10,677    0

Chase, Mark

   35,425    0    0    0    0    0    0

Chase, Robin

   1,116,702    0    0    0    0    0    0

Chinn, Glenn N.

   0    0    0    0    0    0    5,668

City National Bank as Trustee for Nossaman, Guthner, Knox & Elliot PSP FBO Henry Weinstock

   0    0    0    0    0    0    290


Name

   Common    Series A    Series B    Series C    Series D    Series E    Series F

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

   0    0    0    0    0    0    519

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

   0    0    0    0    0    0    581

Daghlian, Pamela

   7,085    0    0    0    0    0    0

Danielson, Antje

   404,762    0    0    0    0    0    0

Danz, Ron and Marjorie

   0    0    0    0    0    0    665

Degroof, Jean-Jacques

   0    52,632    117,334    71,428    0    15,593    0

Dekin, Sarah

   106,750    0    0    0    0    0    0

Diamond Parking

   0    0    0    0    0    0    523

Donald and Beverly Jefferson JTWROS

   0    0    0    0    0    0    2,220

Duckworth, Connie

   0    0    100,000    0    43,960    0    0

Dworkin, Adam

   19,532    0    0    0    0    0    0

Elliott, Kathy

   0    0    100,000    0    0    0    0

Ellis, David

   0    0    82,900    0    0    0    0

Enriquez, Juan

   5,149    13,158    64,000    0    0    10,395    0

Espiritu, Julian

   11,808    0    0    0    0    0    0

Evercel, Inc.

   0    0    0    2,857,142    0    0    0

Feldman, Rich

   0    0    100,000    0    0    0    0

Feldman, Richard

   0    0    0    0    63,089    0    0

Fink, Patricia

   58    0    0    0    0    0    0

Fleischmann, Ruth

   0    0    0    0    0    0    1,162

Garcia-Huidobro, Miguel

   0    0    0    0    0    0    810

Garth, Gretchen

   0    0    0    0    0    0    791

Gerson Family Foundation, Inc.

   0    0    0    142,857    0    0    0

Gerson, Frederick E.

   0    0    0    71,428    25,000    0    0

Gerson, James

   0    0    0    285,714    137,850    0    0

Gerson, Jim

   0    0    200,000    0    0    0    0

Gerson, Simon

   0    0    0    71,428    25,000    0    0

Gerson, Simon F.

   0    0    0    0    43,599    0    0

Globespan Capital Partners V, L.P.

   0    0    0    0    0    368,490    0

Graham, Thomas C.

   0    0    0    0    0    0    470

Gravestar Investments

   0    52,632    0    0    0    0    0

Gravestar Investments, LLC

   0    0    259,334    0    0    0    0


Name

   Common    Series A    Series B    Series C    Series D    Series E    Series F

Greylock XII Limited Partnership

   0    0    0    0    0    3,666,477    0

Greylock XIl Principals LLC

   0    0    0    0    0    214,414    0

Greylock Xll-A Limited Partnership

   0    0    0    0    0    407,386    0

Griffith, Scott W.

   1,400,000    0    0    0    0    0    0

Hamilton Revocable Trust, Rylan

   0    0    8,900    0    0    0    0

Hamilton UTMA, Harrison

   0    0    4,400    0    0    0    0

Hammond, Jean

   0    0    1,161,456    0    43,953    0    0

Heminway, Mark

   97,234    0    0    0    0    0    0

Hester, Montgomery R.

   0    0    0    0    0    0    493

Hill, Chris

   0    0    200,000    0    38,484    0    0

Hopkinson, Christine

   11,250    0    0    0    0    0    0

lacocca, Lee

   0    0    0    0    0    0    15,678

Jackson, Livia

   0    0    0    0    0    0    2,507

Jenkins, Timothy B.

   0    0    0    0    0    0    799

Johnson, Adam A.

   11,253    0    0    0    0    0    0

Johnson, Joel

   313    0    0    0    0    0    0

Jonathan Seelig, Custodian for Jacob Seelig Under MA UTMA

   0    0    0    0    0    6,116    0

Jonathan Seelig, Custodian for Maxwell Beck Seelig Under MA UTMA

   0    0    0    0    0    6,116    0

K3 LLC

   0    0    0    0    0    0    162

Kaneb, Christopher P.

   0    0    200,000    0    219,874    0    0

Kanter Trust dated May 18, 2994, Michael Kanter and Sandra Kanter as Trustees of the

   0    0    0    0    0    0    228

Kathleen A. Rogers Revocable Trust, u/d/t January 16, 2004, Richard E. Teller and Kathleen A. Rogers, Trustees

   0    0    250,000    178,500    87,028    0    0

Kennard, Peter L.

   0    0    50,000    50,000    52,860    7,796    0

Klein, Gabriel J.

   68,750    0    0    0    0    0    0

Klein, Michael

   0    0    0    0    0    0    15,678

Knott, David W.

   14,170    0    0    0    0    0    0

Kuy, Leslie H.

   1,718    0    0    0    0    0    0

Lamstein, Joel

   0    13,158    0    0    0    0    0

LaSalle Investment Fund

   0    0    100,000    0    0    0    0


Name

   Common    Series A    Series B    Series C    Series D    Series E    Series F

Leonhardt, David

   0    0    0    0    0    0    183

Livingston, Philip

   0    0    0    0    0    0    37,868

Lowenthal, Robert S.

   0    0    100,000    0    63,209    25,989    0

McCabe, Robert J. and Pamela M.

   0    0    0    0    0    0    1,557

McCourt, Jamie

   0    52,632    50,774    0    0    0    0

McGeehin, Patrick

   0    0    100,000    0    63,146    0    0

McGuire, Greg

   14,723    0    0    0    0    0    0

Michael Crill and Catherine Nobis

   0    0    0    0    0    0    1,436

Miller, Ann C.

   0    0    0    0    0    0    581

Moreno, Jose

   0    0    0    0    0    0    1,065

Mullen, Scott

   4,688    0    0    0    0    0    0

Myers, Mason

   0    0    166,750    0    0    10,677    0

Nassutti, Mark

   0    0    0    0    0    0    422

Nemerson, Elana

   0    0    50,000    0    0    0    0

Nesbitt, Bryce

   0    0    25,000    0    0    0    0

Nessen, Peter

   0    0    117,234    0    0    0    0

Nielsen, Donald P.

   0    0    0    0    0    0    6,013

Nossaman, Guthner, Knox & Elliot, LLP

   0    0    0    0    0    0    519

Oakley, Stephen

   77,613    0    0    0    0    0    0

Ogden, John and Andrea

   0    0    0    0    0    0    581

Padelford, Carol F.

   0    0    0    0    0    0    581

Parsons Transportation Group

   0    0    0    0    0    0    22,940

Pascale, Renee

   2,188    0    0    0    0    0    0

Peare, William F.

   0    0    0    0    0    0    1,764

Perrin Investments LLC

   0    0    0    0    43,649    0    0

Perrin, Donald M.

   4,298    0    162,666    0    0    0    0

Peter C. Aldrich Trust

   21,425    0    1,000,000    0    0    0    0

Peter C. Aldrich Trust dtd 8/2/84

   0    0    0    360,000    0    192,322    0

Peterson, Neil

   0    0    0    0    0    0    24,493

Pollak, Eric

   0    18,421    0    0    0    0    0

Pollak, Eric

   0    0    147,066    0    0    0    0

Porter, W. Thomas and Dixie Jo

   0    0    0    0    0    0    31,800

Prentice Family Partnership

   0    0    0    0    0    0    6,268

Preotle, Jill

   28,793    0    560,000    107,142    43,967    129,947    0

Preotle, Timothy J.

   0    0    40,000    0    0    0    0


Name

   Common    Series A    Series B    Series C    Series D    Series E    Series F

Preston Gates & Ellis Investments, LLC

   0    0    0    0    0    0    5,767

RA Capital Associates

   21,425    0    662,834    287,165    87,595    77,968    0

Reuben, Rob

   0    0    100,000    0    0    0    0

Reuben, Robert

   0    0    0    0    98,223    0    0

Revolution Living LLC

   0    0    0    0    0    0    13,829,351

Richard E. Teller Revocable Trust, u/d/t January 16, 2004, Richard E. Teller and Kathleen A. Rogers, Trustees

   0    0    250,000    178,500    87,028    0    0

Ros Bond and Gillian Marsden

   0    0    0    0    0    0    1,744

Rose, Jonathan F.P.

   0    0    325,134    28,571    43,960    0    0

Rosenfeld, Eric

   0    52,632    60,000    55,736    52,650    0    0

Rosenzweig, Nancy J.

   35,000    0    0    0    0    0    0

Ross, Andrew

   87,837    0    0    571,428    983,715    259,895    0

Ruddy, Daniel J.

   7,496    0    0    0    0    0    0

Russell, R. Patterson

   0    26,632    568,328    158,733    43,974    0    0

Russell, Roy

   275,425    0    0    0    0    0    0

Samuel, Inbal

   4,063    0    0    0    0    0    0

Sander, Stephen P.

   0    0    0    0    0    0    11,804

Sapers, Aviva

   0    0    114,034    0    0    0    0

Schapelhouman, Fred

   0    0    0    0    0    0    145

Schembre, Drew

   0    0    0    0    0    0    375

Scott, William

   0    0    0    0    0    0    22,051

Seed Partners LLC

   0    26,316    0    0    0    0    0

Seelig, Jonathan

   0    0    0    0    43,974    762    0

Seelig, Jonathan

   0    52,632    50,774    71,430    0    0    0

Slotnick, Laurence

   24,723    0    0    0    0    0    0

Smith, Orin

   0    0    0    0    0    0    2,076

Sorkin, Harvey

   0    0    100,000    0    203,296    0    0

Starbuck, Shaun B.

   193,746    0    0    0    0    0    0

Stemberg Irrevocable Trust, Mac

   0    0    6,100    0    0    0    0

Stemberg UTMA, Clyde

   0    0    6,900    0    0    0    0

Stemberg UTMA, Michael

   0    0    8,900    0    0    0    0

Stemberg UTMA, William

   0    0    6,900    0    0    0    0

Stonecipher, Charles

   0    0    0    0    0    0    783

Tashian, Carl

   39,428    0    0    0    0    0    0


Name

   Common    Series A    Series B    Series C    Series D    Series E    Series F

The Craig Douglas Sherman Trust

   0    0    0    0    34,482    0    0

The Dola Hamilton Stemberg 2006 Revocable Trust

   0    0    93,000    42,818    0    0    0

Thomas G. Stemberg Revocable Trust dated May 1, 1991

   0    0    60,500    49,264    56,203    0    0

Titcomb, Jr., John

   0    0    0    0    0    0    2,778

Unger, Tom

   0    0    29,684    0    0    0    0

United Investors International Company

   0    0    0    0    0    0    4,443

Wagner, Conrad

   0    0    0    0    0    0    3,924

Wattenberg, Elizabeth B.

   1,000    0    0    0    0    0    0

Williams, D.J.

   0    0    4,400    0    0    0    0

Witter, Jacqueline

   0    0    0    0    0    0    626

Witter, Malcolm

   0    0    0    0    0    0    626

Wolfe, Jonathan

   12,500    0    0    0    0    0    0

Woods, Colleen F.

   28,904    0    0    0    0    0    0
                                  

Total

   4,204,517    545,056    9,408,742    5,714,998    10,117,134    6,497,389    14,297,694
                                  


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

COMMON STOCK PURCHASE WARRANT


Warrant No. 2010-1    Number of Shares: a maximum of 250,000
   Common Stock
   Subject to determination as set for the below

ZIPCAR, INC.

Effective as of March 12, 2010

Void after March 12, 2017

1. Issuance. This Common Stock Purchase Warrant (the "Warrant") is issued to LIGHTHOUSE CAPITAL PARTNERS VI, L.P. by ZIPCAR, INC., a Delaware corporation (hereinafter with its successors called the "Company").

2. Purchase Price; Number of Shares. The registered holder of this Warrant (the "Holder"), is entitled upon surrender of this Warrant with the subscription form annexed hereto duly executed, at the principal office of the Company, to purchase from the Company, at a price per share of $4.37 (the "Purchase Price"), up to a maximum of 250,000 fully paid and nonassessable shares of the Company's Common Stock, 50.001 par value (the "Common Stock"). Commencing on the date hereof, 125,000 (the "Exercise Quantity") of shares of Common Stock are immediately available for purchase hereunder.

(b) On the Commitment Termination Date or such earlier termination of this Warrant in accordance with the terms hereof, the Exercise Quantity shall automatically be increased either (i) by an additional 62,500 shares if the amount of Aggregate Advances funded under the Loan Agreement exceeds $10,000,000; or (ii) by an additional 125,000 shares if the amount of Aggregate Advances funded under the Loan Agreement exceeds $15,000,000.

In addition to other terms which may be defined herein, the following terms, as used in this Warrant, shall have the following meanings;


  (i) "Aggregate Advances" means the aggregate original dollar amount of Advances made under the Loan Agreement, whether such Advances are outstanding or prepaid, at the time of any scheduled adjustment to the Exercise Quantity.

  (ii) "Loan Agreement" means that certain Loan and Security Agreement No. 1222 dated March 12, 2010 between the Company and its domestic subsidiaries, on one hand, and Lighthouse Capital Partners VI, L.P., Pinnacle Ventures Il-A (SUB), L.P., Pinnacle Ventures II-B, L.P., Pinnacle Ventures Il-C, L.P., Pinnacle Ventures II-R (SUB), L.P., Pinnacle Ventures Debt Fund Ill-A, (SUB), L.P. and Pinnacle Ventures Debt Fund III, L.P., on the other hand.

 

1.


Any term not defined herein shall have the meaning as set forth in the Loan Agreement.

Until such time as this Warrant is exercised in full or expires, the. Purchase Price and the securities issuable upon exercise of this Warrant are subject to adjustment as hereinafter provided, The person or persons in whose name or names any certificate representing shares of Common Stock is issued hereunder shall be deemed to have become the holder of record of the shares represented thereby as at the close of business on the date this Warrant is exercised with respect to such shares, whether or not the transfer books of the Company shall be closed.

3. Payment of Purchase Price. The Purchase Price:may be paid (a) in cash or by check, (b) by the surrender by the Holder to the Company of any promissory notes or other obligations issued by the Company, with all such notes and obligations so surrendered being credited against the Purchase Price in an amount equal to the principal amount thereof plus accrued interest to the date of surrender, or (c) by any combination of the foregoing.

4. Net Issue Election. The Holder may elect to receive, without the payment by the Holder of any additional consideration, shares of Common Stock equal to the value of this Warrant or any portion hereof by the surrender of this Warrant or such portion to the Company, with the net issue election notice annexed hereto duly executed, at the principal office of the Company. Thereupon, the Company shall issue to the Holder such number of fully paid and nonassessable shares of Common Stock as is computed using the following formula:


X=   Y (A-B)
     A

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

"Fair Market Value" of a share of Common Stock as of the date that the net issue election is made (the "Determination Date") shall mean:

(i) If the net issue election is made in connection with and contingent upon the closing of the sale of the Company's Common Stock to the public in a public offering pursuant to a Registration Statement under the 1933 Act (a "Public Offering"), and if the Company's Registration Statement relating to such Public Offering ("Registration Statement") has been declared effective by the Securities and Exchange Commission, then the initial "Price to Public" specified in the final prospectus with respect to such offering.

(ii) If the net issue election is not made in connection with and contingent upon a Public Offering, then as follows:

(a) If traded on a securities exchange or the Nasdaq National Market, the fair market value of the Common Stock shall be deemed to be the average of the closing or last reported sale prices of the Common Stock on such exchange or market over the five day period ending two trading days prior to the Determination Date;

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

 

2.


(c) If there is no public market for the Common Stock, then fair market value shall be determined in good faith by the Company's Board of Directors.

5. Partial Exercise. This Warrant may be exercised in part, and the Holder shall be entitled to receive a new warrant, which shall be dated as of the date of this Warrant, covering the number of shares in respect of which this Warrant shall not have been exercised,

6. Fractional Shares. In no event shall any fractional share of Common Stock be issued upon any exercise of this Warrant. If, upon exercise of this Warrant in Its entirety, the Holder would, except as provided in this Section 6, be entitled to receive a fractional share of Common Stock, then the Company shall issue the next higher number of full shares of Common Stock, issuing a full share with respect to such fractional share.

7. Expiration Date; Automatic Exercise. This Warrant shall expire at the earliest to occur of (the "Expiration Date") (i) at the close of business on March 12, 2017;' or (ii) two (2) years after the closing of the initial Public Offering; of the Company on the NASDAQ or other national stock exchange in the United States, and shall be void thereafter.

Notwithstanding the term of this Warrant fixed pursuant to this Section 7, and provided Holder has received advance written notice of at least twenty (20) days and has not earlier exercised this Warrant, and provided this Warrant has not been assumed by the successor entity (or parent thereof), upon the consummation of a Merger (as defined below), this Warrant shall automatically be exercised pursuant to Section 4 hereof, without any action by Holder. "Merger" means; (i) a sale of all or substantially all of the Company's assets to an Unaffiliated Entity (as defined below), or (ii) the merger, consolidation or acquisition of the Company with, into, or by an Unaffiliated Entity (other than a merger or consolidation for the principle purpose of changing the domicile of the Company or a bona fide round of preferred stock equity financing), that results in the transfer of fifty percent (50%) or more of the outstanding voting power of the Company, "Unaffiliated Entity" means any entity that is owned or controlled by parties who own less than twenty percent (20%) of the combined voting power of the voting securities of the Company immediately prior to such merger, consolidation or acquisition, Notwithstanding the foregoing, in the event that any outstanding warrants to purchase equity securities of the Company are assumed by the successor entity of a Merger (or parent thereof), this Warrant shall also be similarly assumed. The Company agrees to promptly give the Holder written notice of any proposed Merger and written notice of termination of any proposed Merger. Notwithstanding anything to the contrary in this Warrant, the Holder may rescind any exercise of its purchase rights after a notice of termination of the proposed Merger if the exercise of this Warrant occurred after the Company notified the Holder that the Merger was proposed or if the exercise was otherwise precipitated by such proposed Merger, provided, however that such rescission right must be exercised within thirty (30) days of receipt of such written notice of termination of the proposed Merger. In the event of such rescission, this Warrant will continue to be exercisable on the same terms and conditions.

8. Reserved Shares; Valid Issuance. The Company covenants that it will at all times from and after the date hereof reserve and keep available such number of its authorized shares of Common Stock, free from all preemptive or similar rights therein, as will be sufficient to permit the exercise of this Warrant in full. The Company further covenants that such shares as may be issued pursuant to such exercise will, upon issuance, be duly and validly issued, fully paid and nonassessable and free from all taxes, liens and charges with respect to the issuance thereof.

9. Stock Splits and Dividends. If after the date hereof the Company shall subdivide the Common Stock, by split-up or otherwise, or combine the Common Stock, or issue additional shares of Common Stock in payment of a stock dividend on the Common Stock, the number of shares of Common Stock issuable on the exercise of this Warrant shall forthwith be proportionately increased in the case of a subdivision or stock dividend, or proportionately decreased in the case of a combination, and the Purchase Price shall forthwith be proportionately decreased in the case of a subdivision or stock dividend, or proportionately increased in the case of a combination.

10. Antidilution Rights. The other antidilution rights applicable to the Common Stock of the Company are set forth in the Sixth Amended and Restated Certificate of Incorporation, as amended from time to time (the "Articles"), a true and complete copy in its current form which is attached hereto as Exhibit A. Such rights shall not be

 

3.


restated, amended or modified in any manner without such Holder's prior written consent if the effect of such action would be more adverse to the Holder, and substantially dissimilar to, its effect on the other holders of the Company's Common Stock with respect to the Common Stock. The Company shall promptly provide the Holder hereof with any restatement, amendment or modification to the Articles promptly after the same has been made.

11. Mergers and Reclassifications. If after the date hereof the Company shall enter into any Reorganization (as hereinafter defined), then, as a condition of such Reorganization, lawful provisions shall be made, and duly executed documents evidencing the same from the Company or its successor shall be delivered to the Holder, so that the Holder shall thereafter have the right to purchase, at a total price not to exceed that payable upon the exercise of this Warrant in full, the kind and amount of shares of stock and other securities and property receivable upon such Reorganization by a holder of the number of shares of Common Stock which might have been purchased by the Holder immediately prior to such Reorganization, and in any such case appropriate provisions shall be made with respect to the rights and interest of the Holder to the end that the provisions hereof (including without limitation, provisions for the adjustment of the Purchase Price and the number of shares issuable hereunder and the provisions relating to the net issue election) shall thereafter be applicable in relation to any shares of stock or other securities and property thereafter deliverable upon exercise hereof. For the purposes of this Section 11, the term "Reorganization" shall include without limitation any reclassification, capital reorganization or change of the Common Stock (other than as a result of a subdivision, combination or stock dividend provided for in Section 9 Hereof), or any consolidation of the Company with, or merger of the Company into, another corporation or other business organization (other than a merger in which the Company is the surviving corporation and which does not result in any reclassification or change of the outstanding Common Stock), or any sale or conveyance to another corporation or other business organization of all or substantially all of the assets of the Company.

12. Certificate of Adjustment. Whenever the Purchase Price is adjusted, as herein provided, the Company shall promptly deliver to the Holder a certificate of the Company's chief financial officer setting forth the Purchase Price after such adjustment and setting forth a brief statement of the facts requiring such adjustment.

13. Notices of Record Date, Etc. In the event of:

(a) any taking by the Company of a record of the holders of any class of securities for the purpose of determining the holders thereof who are entitled to receive any dividend or other distribution, or any right to subscribe for, purchase, sell or otherwise acquire or dispose of any shares of stock of any class or any other securities or property, or to receive any other right;

(b) any reclassification of the capital stock of the Company, capital reorganization of the Company, consolidation or merger involving the Company, or sale or conveyance of all or substantially all of its assets; or

(c) any voluntary or involuntary dissolution, liquidation or winding-up of the Company;

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

14. Representations, Warranties and Covenants. This Warrant is issued and delivered by the Company and accepted by each Holder on the basis of the following representations, warranties and covenants made by the Company:

(a) The Company has all necessary authority to issue, execute and deliver this Warrant and to perform its obligations hereunder. This Warrant has been duly authorized issued, executed and delivered by the Company and is the valid and binding obligation of the Company, enforceable in accordance with its terms.

 

4.


(b) The shares of Common Stock issuable upon the exercise of this Warrant have been duly authorized and reserved for issuance by the Company and, when issued in accordance with the terms hereof, will be validly issued, fully paid and nonassessable,

(c) The issuance, execution and delivery of this Warrant do not, and the issuance of the shares of Common Stock upon the exercise of this Warrant In accordance with the terms hereof will not, (i) violate or contravene the Company's Articles or by-laws, or any law, statute, regulation, rule, judgment or order applicable to the Company, (ii) violate, contravene or result in a breach or default under any contract, agreement or instrument to which the Company is a party or by which the Company or any of its assets are bound or (Iii) require the consent or approval of or the filing of any notice or registration with any person or entity.

(d) So long as this Warrant has not terminated, Holder shall be entitled to receive such financial and other information as the Holder would be entitled to receive under Section 4.3 of the Rights Agreement (as defined below) as if Holder were a "Major Investors" as defined therein (subject to the confidentiality obligations of Section 5 of the Rights Agreement).

(f) As of the date hereof, the authorized capital stock of the Company consists of (i) 72,500,000 shares of Common Stock, of which 4,539,146 shares are issued and outstanding and 250,000 shares are reserved for issuance upon the exercise of this Warrant, (ii) 545,056 shares of Series A Preferred Stock, all of which are issued and outstanding, (iii) 9,408,742 shares of Series B Preferred Stock, all of which are issued and outstanding; (iv) 5,714,998 shares of Series C Convertible Preferred Stock, all of which are issued and outstanding; (v) 10,117,134 shares of Series D Convertible Preferred Stock, all of which are issued and outstanding; (vi) 6,497,389 shares of Series E Convertible Preferred Stock, all of which are issued and outstanding; and (vii) 16,285,000 shares of Series F Convertible Preferred Stock, of which 14,297,694 are issued and outstanding. Attached hereto as Exhibit B is a capitalization table summarizing the capitalization of the Company, At the request of Holder, not more than once per calendar quarter, the Company will provide Holder with a current capitalization table indicating changes, if any, to the number of outstanding shares of common stock and preferred stock.

15. Registration and Information Rights. The Company grants to the Holder all the registration rights of an "Investor" set forth in Section 2 and the information rights set forth in Section 4.3 (subject to the confidentiality obligations of Section 5) of the Company's Fifth Amended and Restated Registration Rights Agreement dated as of October 31, 2007 (as amended, the "Rights Agreement"), and agrees to amend the Rights Agreement so that (i) the shares of Common Stock issuable upon exercise of this Warrant shall be "Registrable Shares," and (ii) the Holder shall be an "Investor" for all purposes of Section 2 of such Rights Agreement

16. Amendment. The terms of this Warrant may be amended, modified or waived only with the written consent of the Holder.

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

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

(b) Accredited Investor. Holder is an "accredited investor" within the meaning of the Securities and Exchange Rule 501 of Regulation D, as presently in effect.

(c) Private Issue. The Holder understands (i) that the Common Stock issuable upon exercise of the Holder's rights contained herein is not registered under the 1933 Act or qualified under applicable state securities laws on the ground that the issuance contemplated by this Warrant will be exempt from the registration and qualifications requirements thereof, and (ii) that the Company's reliance on such exemption is predicated on the representations set forth in this Section 17.

 

5.


(d) Financial Risk. The Holder has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of its investment and has the ability to bear the economic risks of its investment.

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

18. Notices, Transfers, Etc.

(a) Any notice or written communication required or permitted to be given to the Holder may be given by certified mail or delivered to the Holder at the address most recently provided by the Holder to the Company.

(b) Subject to compliance with Section 19 below and the applicable federal and state securities laws, this Warrant may be transferred by the Holder with respect to any or all of the shares purchasable hereunder. Upon surrender of this Warrant to the Company, together with the assignment notice annexed hereto duly executed, for transfer of this Warrant as an entirety by the Holder, the Company shall issue a new warrant of the same denomination to the assignee. Upon surrender of this Warrant to the Company, together with the assignment hereof properly endorsed, by the Holder for transfer with respect to a portion of the shares of Common Stock purchasable hereunder, the Company shall issue a new warrant to the assignee, in such denomination as shall be requested by the Holder hereof, and shall issue to such Holder a new warrant covering the number of shares in respect of which this Warrant shall not have been transferred.

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

19. Transfer of Shares.

(a) "Restricted Shares" means (a) this Warrant, (b)) the shares of Common Stock issued or issuable upon exercise of this Warrant, and (c) any other shares of capital stock of the Company issued in respect of such shares (as a result of stock splits, stock dividends, reclassifications, recapitalizations or similar events); provided, however, that shares of Common Stock which are Restricted Shares shall cease to be Restricted Shares (x) upon any sale pursuant to a registration statement under the 1933 Act, Section 4(1) of the 1933 Act or Rule 144 under the 1933 Act or (y) at such time as they become eligible for sale under Rule 144 under the 1933 Act.

(b) Restricted Shares shall not be sold or transferred unless either (i) they first shall have been registered under the 1933 Act, or (ii) the Company first shall have been furnished with an opinion of legal counsel, reasonably satisfactory to the Company if requested by the Company' or its transfer agent, to the effect that such sale or transfer is exempt from the registration requirements of the 1933 Act.

(c) Notwithstanding the foregoing, no registration or opinion of counsel shall be required for (i) a transfer by the Holder to an Affiliated Party (as such term is defined below) of the Holder, (ii) a transfer by the Holder which is a partnership to a partner of such partnership; provided that the transferee in each case agrees in writing to be subject to the terms of this Section 19 to the same extent as if it were the original Holder hereunder, or (iii) a transfer made in accordance with Rule 144 under the 1933 Act. For purposes of this Agreement "Affiliated Party" shall mean, with respect to Holder, any person or entity which, directly or indirectly, controls, is controlled by or is under common control with Holder, including, without limitation, any general partner, officer, manager or director of Holder and any venture capital fund now or hereafter existing which is controlled by one or more general partners or managing members of, or shares the same management company as, Holder.

 

6.


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

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

The foregoing legend shall be removed from the certificates representing any Restricted Shares, at the request of the holder thereof, at such time as they become eligible for resale pursuant to Rule 144 under the 1933 Act.

20. No Impairment. The Company will not, without the prior written consent of the Holder by amendment of its Articles or through any reclassification, capital reorganization, consolidation, merger, sale or conveyance of assets, dissolution, liquidation, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance of performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such action as may be necessary or appropriate in order to protect the rights of the Holder,

21. Governing Law. The provisions and terms of this Warrant shall be governed by and construed in accordance with the internal laws of the State of Delaware.

22. Successors and Assigns. This Warrant shall be binding upon the Company's successors and assigns and shall inure to the benefit of the Holder's successors, legal representatives and permitted assigns,

23. Business Days. If the last or appointed day for the taking of any action required of the expiration of any rights granted herein shall be a Saturday or Sunday or a legal holiday in California, then such action may be taken or right may be exercised on the next succeeding day which is not a Saturday or Sunday or such a legal holiday,

24. Value. The Company and the Holder agree that the value of this Warrant on the date of grant is $100.

25. Lock-Up Agreement. The Holder, if requested by the Company and the managing underwriter of an underwritten public offering by the Company of Common Stock, shall not sell or otherwise transfer or dispose of any Common Stock or other securities of the Company held by Holder for a period of up to one hundred eighty (180) days following the effective date of a Registration Statement (as defined in the Rights Agreement); provided, that (a) such agreement shall only apply to the Initial Public Offering (as defined in the Rights Agreement); (b) all stockholders of the Company then holding at least one percent (1%) of the outstanding Common Stock (on an as-converted basis) and all officers and directors of the Company enter into similar agreements; and (c) the Company shall use its reasonable best efforts to ensure that such agreement shall provide (i) for the periodic early releases of portions of the securities subject thereto upon the occurrence of specified events, and (ii) that in the event of any such early release, the Holder shall be released from such agreement on a pro rata basis.

 

7.


ZIPCAR, INC.     LIGHTHOUSE CAPITAL PARTNERS VI, L.P.
    By:   Lighthouse Management Partners VI. L.L.C.
      is general partner
By:  

LOGO

    By:  

LOGO

Name:   Edward Goldfinger     Name:   Ryan Turner
Title:   CFO     Title:   Managing Director

 

8.


Subscription


To:  

 

       Date:  

 

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


 

Signature

 

Name for Registration

 

Mailing Address

 

1.


Net Issue Election Notice


To:  

 

       Date:  

 

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


 

Signature

 

Name for Registration

 

Mailing Address

 

1.


Assignment

For value received                                                                                                hereby sells, assigns and transfers unto                                                                                                                                                                                                                                       [Please print or typewrite name and address of Assignee] the within Warrant, and does hereby irrevocably constitute and appoint                                               its attorney to transfer the within Warrant on the books of the within named Company with full power of substitution on the premises.


Dated:    
In the Presence of:

 

 

1.


EXHIBIT A

Sixth Amended and Restated Certificate of Incorporation

See Exhibit 3.1 to Zipcar Inc.'s Registration Statement on Form S-1


EXHIBIT B

Capitalization Table

 

1.


     Shares    %     Proceeds    Price
per Share
   Date

Series A Preferred

   1,390,438    2.24   $ 2,641,832    $ 1.90    11/16/2000

Series B Preferred

   9,408,742    15.14   $ 4,704,371    $ 0.50    12/20/2002

Series C Preferred

   5,714,998    9.19   $ 4,000,499    $ 0.70    10/30/2003

Series D Preferred

   10,117,134    16.28   $ 11,735,875    $ 1.16    7/8/2005

Series E Preferred

   6,497,389    10.45   $ 25,000,004    $ 3.85    10/26/2006

Series F Preferred

   14,297,694    23.00   $ 45,000,000    $ 3.15    11/1/2007
                       

Subtotal Preferred

   47,426,395    76.30   $ 93,082,581      

Common

   4,556,696    7.33        

Preferred Warrants

   145,150    0.23        

Common Warrants

   944,022    1.52        

Options Available

   249,260    0.40        

Options Outstanding

   8,836,338    14.22        
                   

Total Fully Diluted

   62,157,861    100.00        
                   

     Series A    Series B    Series C    Series D    Series E    Series F    Common    Wts.    Total    %  

Revolution

   0    0    0    0    0    13,829,351    0    0    13,829,351    22.25

Benchmark

   131,579    585,666    0    6,904,034    1,018,797    0    0    0    8,640,076    13.90

Greylock

   0    0    0    0    4,288,277    0    0    0    4,288,277    6.90

Evercel

   0    0    2,857,142    0    0    0    0    0    2,857,142    4.60

GlobeSpan

   0    0    0    0    368,490    0    0    0    368,490    0.59
                                   

Subtotal

                           29,983,336    48.24

Major Angels

                             

Peter Aldrich

   0    1,000,000    360,000    0    192,322    0    21,425    17,524    1,591,271    2.56

Jean Hammond

   0    1,161,456    0    43,953    0    0    32,790    0    1,238,199    1.99

Andrew Ross

   0    0    571,428    109,956    259,895    0    87,837    174,751    1,203,867    1.94

Eric Rosenberg

   52,632    60,000    55,736    926,409    0    0    0    10,530    1,105,307    1.78

R.P. Russell

   26,632    568,328    158,733    43,974    0    0    275,425    8,794    1,081,886    1.74

RA Capital

   0    662,834    57,165    87,595    77,968    0    21,425    17,519    924,506    1.49


Jill Preotle

   0    560,000    107,142    43,967    129,947        0    28,793    0    869,849    1.40

Jonathan Seelig

   52,632    50,774    71,430    43,974    12,994    0    0    8,794    240,598    0.39
                                   

Subtotal

                           8,255,483    13.28

Major Common

                             

Scott Griffith

   0    0    0    0    0    0    1,400,000    0    1,400,000    2.25

Robin Chase

   0    0    0    0    0    0    1,116,702    0    1,116,702    1.80

Antje Danielson

   0    0    0    0    0    0    404,762    0    404,762    0.65
                                   

Subtotal

                           2,921,464    4.70

Major Warrants

                             

Lighthouse

                        240,000    240,000    0.39

Pinnacle

                        213,334    213,334    0.34
                                   

Subtotal

                           453,334    0.73


Zipcar, Inc.

Stock Ledger

3/5/2010


Certificate Number

   Issuance Price Paid per Share Category of Issuance     

Sharehold Alias

             Number of Shares    Date             

Status

Preferred Stock

                    

Evercel, Inc.

   PS    C - 29    2,857,142    10/30/2003    $ 0.00    Preferred Stock Issuance   

Evercel, Inc.

   PS    C - 1    0    10/30/2003    $ 0.00    Preferred Stock Issuance    Lost certificate; need to be re-issue - Reissued as Certificate

Benchmark Capital Partner

   PS    D - 1    6,034,483    7/8/2005    $ 0.00    Preferred Stock Issuance   

Greylock XII Limited Partner

   PS    E - 1    3,666,477    10/26/2006    $ 0.00    Preferred Stock Issuance   

Revolution Living LLC

   PS    F - 1    13,829,351    11/1/2007    $ 0.00    Preferred Stock Issuance   

Juan Enriquez

   PS    A - 2    13,158    11/16/2000    $ 0.00    Preferred Stock Issuance   

William Adams

   PS    B - 2    158,374    12/20/2002    $ 0.00    Preferred Stock Issuance   

William Adams

   PS    C - 2    35,714    11/26/2003    $ 0.00    Preferred Stock Issuance   

Greylock XIl-A Limited Part

   PS    E - 2    407,386    10/26/2006    $ 0.00    Preferred Stock Issuance   

American Honda Motor Co.

   PS    F - 2    67,968    11/1/2007    $ 0.00    Preferred Stock Issuance   

Carlos Autrey

   PS    B - 3    234,266    12/20/2002    $ 0.00    Preferred Stock Issuance   

Timothy Barry Casey

   PS    D - 3    263,254    7/8/2005    $ 0.00    Preferred Stock Issuance   

Greylock XII Principals LLC

   PS    E - 3    214,414    10/26/2006    $ 0.00    Preferred Stock Issuance   

Charles C Andonian

   PS    F - 3    1,162    11/1/2007    $ 0.00    Preferred Stock Issuance   

Gravestar Investments, LLC

   PS    A - 4    52,632    11/16/2000    $ 0.00    Preferred Stock Issuance   

BCLF Ventures LLC

   PS    B - 4    585,666    12/20/2002    $ 0.00    Preferred Stock Issuance   

Peter L Kennard

   PS    C - 4    50,000    11/26/2003    $ 0.00    Preferred Stock Issuance   

Connie Duckworth

   PS    D - 4    43,960    7/8/2005    $ 0.00    Preferred Stock Issuance   

Benchmark Capital Partner

   PS    E - 4    878,454    10/26/2006    $ 0.00    Preferred Stock Issuance   

Arthur D Ayrault, IV

   PS    F - 4    287    11/1/2007    $ 0.00    Preferred Stock Issuance   

Lee Brettman

   PS    B - 5    265,134    12/20/2002    $ 0.00    Preferred Stock Issuance   

RA Capital Associates

   PS    C - 5    0    11/26/2003    $ 0.00    Preferred Stock Issuance    Partial transfer to cert 30 & 31 - Reissued as Certificate

Richard Feldman

   PS    D - 5    43,847    7/8/2005    $ 0.00    Preferred Stock Issuance   

Peter C. Aldrich Trust dtd 8

   PS    E - 5    192,322    10/26/2006    $ 0.00    Preferred Stock Issuance   

Carlos Azocar

   PS    F - 5    1,621    11/1/2007    $ 0.00    Preferred Stock Issuance   

Jean-Jacques Degroof

   PS    B - 6    117,334    12/20/2002    $ 0.00    Preferred Stock Issuance   

Jonathan F.P. Rose

   PS    C - 6    28,571    11/26/2003    $ 0.00    Preferred Stock issuance   

James Gerson

   PS    D - 6    87,850    7/8/2005    $ 0.00    Preferred Stock Issuance   

Juan Balbontin

   PS    F - 6    810    11/1/2007    $ 0.00    Preferred Stock Issuance   

Joel Lamstein

   PS    A - 7    13,158    11/16/2000    $ 0.00    Preferred Stock Issuance   

David Ellis

   PS    B - 7    82,900    12/20/2002    $ 0.00    Preferred Stock Issuance   

Eric Rosenfeld

   PS    C - 7    55,736    11/26/2003    $ 0.00    Preferred Stock Issuance   


Simon Gerson

   PS    D - 7    43,599    7/8/2005    $ 0.00    Preferred Stock Issuance   

Jill Preotle

   PS    E - 7    129,947    10/26/2006    $ 0.00    Preferred Stock Issuance   

Ros Bond and Gillian Mars

   PS    F - 7    1,744    11/1/2007    $ 0.00    Preferred Stock Issuance   

Juan Enriquez

   PS    B - 8    64,000    12/20/2002    $ 0.00    Preferred Stock Issuance   

Jean Hammond

   PS    D - 8    43,953    7/8/2005    $ 0.00    Preferred Stock Issuance   

RA Capital Associates

   PS    E - 8    77,968    10/26/2006    $ 0.00    Preferred Stock Issuance   

Bristol Bay Native Corporat

   PS    F - 8    131,408    11/1/2007    $ 0.00    Preferred Stock Issuance   

Seed Partners LLC

   PS    A - 9    26,316    11/16/2000    $ 0.00    Preferred Stock Issuance   

Gravestar Investments, LLC

   PS    B - 9    259,334    12/20/2002    $ 0.00    Preferred Stock Issuance   

Christopher P Kaneb

   PS    D - 9    219,874    7/8/2005    $ 0.00    Preferred Stock Issuance   

Timothy Barry Casey

   PS    E - 9    38,984    10/26/2006    $ 0.00    Preferred Stock Issuance   

David Brook

   PS    F - 9    4,962    11/1/2007    $ 0.00    Preferred Stock Issuance   

Jonathan Seelig

   PS    C -10    71,430    12/20/2003    $ 0.00    Preferred Stock Issuance   

Peter L Kennard

   PS    D -10    35,168    7/8/2005    $ 0.00    Preferred Stock Issuance   

William Adams

   PS    E -10    28,588    10/26/2006    $ 0.00    Preferred Stock Issuance   

Campbell Living Trust, date

   PS    F -10    7,266    11/1/2007    $ 0.00    Preferred Stock Issuance   

Eric Rosenfeld

   PS    A - 11    52,632    11/16/2000    $ 0.00    Preferred Stock Issuance   

Jamie McCourt

   PS    B - 11    50,774    12/20/2002    $ 0.00    Preferred Stock Issuance   

Robert S Lowenthal

   PS    D - 11    43,967    7/8/2005    $ 0.00    Preferred Stock Issuance   

Robert S Lowenthal

   PS    E - 11    25,989    10/26/2006    $ 0.00    Preferred Stock Issuance   

Career Specialists

   PS    F - 11    1,428    11/1/2007    $ 0.00    Preferred Stock Issuance   

Jamie McCourt

   PS    A - 12    52,632    11/16/2000    $ 0.00    Preferred Stock Issuance   

Mason Myers

   PS    B - 12    166,750    12/20/2002    $ 0.00    Preferred Stock Issuance   

James Gerson

   PS    C - 12    285,714    12/30/2003    $ 0.00    Preferred Stock Issuance   

Patrick McGeehin

   PS    D - 12    43,904    7/8/2005    $ 0.00    Preferred Stock Issuance   

Jean-Jacques Degroof

   PS    E - 12    15,593    10/26/2006    $ 0.00    Preferred Stock Issuance   

Tracy J Carroll

   PS    F - 12    6,974    11/1/2007    $ 0.00    Preferred Stock Issuance   

Carlos Autrey

   PS    A - 13    52,632    8/1/2009    $ 0.00    Preferred Stock Issuance   

Gerson Family Foundation,

   PS    C - 13    142,857    12/30/2003    $ 0.00    Preferred Stock Issuance   

Andrew McKee Revocable

   PS    D - 13    87,751    7/8/2005    $ 0.00    Preferred Stock Issuance   

Glenn N Chinn

   PS    F - 13    5,668    11/1/2007    $ 0.00    Preferred Stock Issuance   

Jean-Jacques Degroof

   PS    A - 14    52,632    11/16/2000    $ 0.00    Preferred Stock Issuance   

Peter Nessen

   PS    B - 14    117,234    12/20/2002    $ 0.00    Preferred Stock Issuance   

Perrin Investments LLC

   PS    D - 14    43,649    7/8/2005    $ 0.00    Preferred Stock Issuance   

Juan Enriquez

   PS    E - 14    10,395    10/26/2006    $ 0.00    Preferred Stock Issuance   

Henry Weinstock

   PS    F - 14    581    11/1/2007    $ 0.00    Preferred Stock Issuance   

Jonathan Seelig

   PS    A - 15    52,632    11/16/2000    $ 0.00    Preferred Stock Issuance   

Peter C. Aldrich Trust dtd 8

   PS    B - 15    862,834    12/20/2002    $ 0.00    Preferred Stock Issuance   

Jill Preotle

   PS    D - 15    43,967    7/8/2005    $ 0.00    Preferred Stock Issuance   

Peter L Kennard

   PS    E - 15    7,796    10/26/2006    $ 0.00    Preferred Stock Issuance   


Henry Weinstock

   PS    F - 15    290    11/1/2007    $ 0.00    Preferred Stock Issuance   

R. Patterson Russell

   PS    A -16    26,632    12/16/2003    $ 0.00    Preferred Stock Issuance   

Donald M Perrin

   PS    B -16    162,666    12/20/2002    $ 0.00    Preferred Stock Issuance   

Jill Preotle

   PS    C - 16    107,142    12/30/2003    $ 0.00    Preferred Stock Issuance   

RA Capital Associates

   PS    D -16    87,595    7/8/2005    $ 0.00    Preferred Stock Issuance   

Karen J Hedlund

   PS    F - 16    519    11/1/2007    $ 0.00    Preferred Stock Issuance   

R. Patterson Russell

   PS    C - 17    158,733    12/30/2003    $ 0.00    Preferred Stock Issuance   

Robert Reuben

   PS    D -17    78,981    7/8/2005    $ 0.00    Preferred Stock Issuance   

Andrew Ross

   PS    E - 17    259,895    11/10/2006    $ 0.00    Preferred Stock Issuance   

Michael Crill and Catherine

   PS    F - 17    1,436    11/1/2007    $ 0.00    Preferred Stock Issuance   

Eric Pollak

   PS    A -18    18,421    7/25/2005    $ 0.00    Preferred Stock Issuance   

RA Capital Associates

   PS    B - 18    662,834    12/20/2002    $ 0.00    Preferred Stock Issuance   

Andrew Ross

   PS    C - 18    571,428    12/20/2003    $ 0.00    Preferred Stock Issuance   

Jonathan F.P. Rose

   PS    D -18    43,960    7/8/2005    $ 0.00    Preferred Stock Issuance   

Globespan Capital Partners

   PS    E - 18    368,490    11/16/2006    $ 0.00    Preferred Stock Issuance   

Ron and Majorie Danz

   PS    F - 18    665    11/1/2007    $ 0.00    Preferred Stock Issuance   

BCLF Ventures I, LLC

   PS    A -19    131,579    12/7/2007    $ 0.00    Preferred Stock Issuance   

Jonathan F.P. Rose

   PS    B - 19    325,134    12/20/2002    $ 0.00    Preferred Stock Issuance   

Richard E. Teller Revocable

   PS    C - 19    178,500    5/8/2005    $ 0.00    Preferred Stock Issuance   

Eric Rosenfeld

   PS    D -19    52,650    7/8/2005    $ 0.00    Preferred Stock Issuance   

Maxwell Beck Seelig

   PS    E - 19    6,116    12/13/2006    $ 0.00    Preferred Stock Issuance   

Diamond Parking

   PS    F - 19    523    11/1/2007    $ 0.00    Preferred Stock Issuance   

Eric Rosenfeld

   PS    B - 20    60,000    12/20/2002    $ 0.00    Preferred Stock Issuance   

Kathleen A. Rogers Revoc

   PS    C - 20    178,500    6/8/2005    $ 0.00    Preferred Stock Issuance   

Eric Rosenfeld

   PS    D -20    873,759    7/8/2005    $ 0.00    Preferred Stock Issuance   

Jacob Seelig

   PS    E - 20    6,116    12/31/2006    $ 0.00    Preferred Stock Issuance   

Donald and Beverly Jeffers

   PS    F - 20    987    11/1/2007    $ 0.00    Preferred Stock Issuance   

Carol and Fred Konz 2006

   PS    C - 21    40,000    8/23/2006    $ 0.00    Preferred Stock Issuance   

R. Patterson Russell

   PS    D -21    43,974    7/8/2005    $ 0.00    Preferred Stock Issuance   

Jonathan Seelig

   PS    E - 21    762    12/13/2006    $ 0.00    Preferred Stock Issuance   

Ruth Fleischmann

   PS    F - 21    1,162    11/1/2007    $ 0.00    Preferred Stock Issuance   

Peter C. Aldrich Trust dtd 8

   PS    C - 22    360,000    8/23/2006    $ 0.00    Preferred Stock Issuance   

Jonathan Seelig

   PS    D - 22    43,974    7/8/2005    $ 0.00    Preferred Stock Issuance   

BCLF Ventures II, LLC

   PS    E - 22    140,343    12/7/2007    $ 0.00    Preferred Stock Issuance   

Miguel Garcia-Huidobro

   PS    F - 22    810    11/1/2007    $ 0.00    Preferred Stock Issuance   

Aviva Sapers

   PS    B - 23    114,034    12/20/2002    $ 0.00    Preferred Stock Issuance   

The Dola Hamilton Stembe

   PS    C - 23    42,818    12/31/2006    $ 0.00    Preferred Stock Issuance   

Charles W. Riske, Jr and C

   PS    E - 23    10,677    12/5/2007    $ 0.00    Preferred Stock Issuance   

Gretchen Garth

   PS    F - 23    791    11/1/2007    $ 0.00    Preferred Stock Issuance   

Jonathan Seelig

   PS    B - 24    50,774    12/20/2002    $ 0.00    Preferred Stock Issuance   


Thomas G. Stemberg Revo

   PS    C - 24    49,264    12/31/2006    $ 0.00    Preferred Stock lssuance   

Mason Myers

   PS    E - 24    10,677    12/5/2007    $ 0.00    Preferred Stock Issuance   

Thomas C Graham

   PS    F - 24    470    11/1/2007    $ 0.00    Preferred Stock Issuance   

Frederick E Gerson

   PS    C - 25    71,428    12/17/2006    $ 0.00    Preferred Stock Issuance   

William Adams

   PS    D -25    32,327    8/10/2005    $ 0.00    Preferred Stock Issuance   

Montgomery R Hester

   PS    F - 25    493    11/1/2007    $ 0.00    Preferred Stock Issuance   

Peter C. Aldrich Trust dtd 8

   PS    B - 26    120,000    1/31/2003    $ 0.00    Preferred Stock Issuance   

Simon Gerson

   PS    C - 26    71,428    12/17/2006    $ 0.00    Preferred Stock Issuance   

Lee lacocca

   PS    F - 26    15,678    11/1/2007    $ 0.00    Preferred Stock Issuance   

The Craig Douglas Sherma

   PS    D -27    34,482    8/10/2005    $ 0.00    Preferred Stock Issuance   

Livia Jackson

   PS    F - 27    2,507    11/1/2007    $ 0.00    Preferred Stock Issuance   

Christopher P Kaneb

   PS    B - 28    200,000    1/31/2003    $ 0.00    Preferred Stock Issuance   

Jean-Jacques Degroof

   PS    C - 28    71,428    6/11/2007    $ 0.00    Preferred Stock Issuance   

Richard Feldman

   PS    D -28    19,242    8/10/2005    $ 0.00    Preferred Stock Issuance   

Donald and Beverly Jeffers

   PS    F - 28    1,253    11/1/2007    $ 0.00    Preferred Stock Issuance   

James Gerson

   PS    D -29    50,000    8/10/2005    $ 0.00    Preferred Stock Issuance   

Timothy B Jenkins

   PS    F - 29    799    11/1/2007    $ 0.00    Preferred Stock Issuance   

LaSalle Investment Fund

   PS    B - 30    100,000    1/31/2003    $ 0.00    Preferred Stock issuance   

Richard H. Aldrich 2009 GF

   PS    C - 30    230,000    12/28/2009    $ 0.00    Transfer to Trust   

K3 LLC

   PS    F - 30    162    11/1/2007    $ 0.00    Preferred Stock Issuance   

RA Capital Associates

   PS    C - 31    57,165    11/26/2003    $ 0.00    Transfer to Trust   

Kanter Trust dated May 18,

   PS    F - 31    228    11/1/2007    $ 0.00    Preferred Stock Issuance   

Connie Duckworth

   PS    B - 32    100,000    2/10/2003    $ 0.00    Preferred Stock Issuance   

Chris Hill

   PS    D -32    38,484    8/10/2005    $ 0.00    Preferred Stock Issuance   

Michael Klein

   PS    F - 32    15,678    11/1/2007    $ 0.00    Preferred Stock Issuance   

Kathy Elliott

   PS    B - 33    100,000    2/10/2003    $ 0.00    Preferred Stock Issuance   

Peter L Kennard

   PS    D -33    17,692    8/10/2005    $ 0.00    Preferred Stock Issuance   

David Leonhardt

   PS    F - 33    183    11/1/2007    $ 0.00    Preferred Stock Issuance   

Jill Preotle

   PS    B - 34    500,000    2/10/2003    $ 0.00    Preferred Stock Issuance   

Robert S Lowenthal

   PS    D - 34    19,242    8/10/2005    $ 0.00    Preferred Stock Issuance   

Philip Livingston

   PS    F - 34    37,868    11/1/2007    $ 0.00    Preferred Stock Issuance   

Peter C. Aldrich Trust dtd 8

   PS    B - 35    17,166    2/28/2003    $ 0.00    Preferred Stock Issuance   

Patrick McGeehin

   PS    D - 35    19,242    8/10/2005    $ 0.00    Preferred Stock Issuance   

Robert J and Pamela M. M

   PS    F - 35    1,557    11/1/2007    $ 0.00    Preferred Stock Issuance   

Richard Feldman

   PS    B - 36    100,000    2/28/2003    $ 0.00    Preferred Stock Issuance   

Robert Reuben

   PS    D - 36    19,242    8/10/2005    $ 0.00    Preferred Stock Issuance   

James Gerson

   PS    B - 37    200,000    2/28/2003    $ 0.00    Preferred Stock Issuance   

Andrew Ross

   PS    D - 37    109,956    8/10/2005    $ 0.00    Preferred Stock Issuance   

Jose Moreno

   PS    F - 37    1,065    11/1/2007    $ 0.00    Preferred Stock Issuance   

Chris Hill

   PS    B - 38    200,000    2/28/2003    $ 0.00    Preferred Stock Issuance   


Mark Nassutti

   PS    F - 38    422    11/1/2007    $ 0.00    Preferred Stock Issuance   

Peter L Kennard

   PS    B - 39    50,000    2/28/2003    $ 0.00    Preferred Stock Issuance   

Donald P Nielsen

   PS    F - 39    6,013    11/1/2007    $ 0.00    Preferred Stock Issuance   

Patrick McGeehin

   PS    B - 40    100,000    2/28/2003    $ 0.00    Preferred Stock Issuance   

Thomas G. Stemberg Revo

   PS    D - 40    56,203    8/10/2005    $ 0.00    Preferred Stock Issuance   

Nossaman, Guthner, Knox

   PS    F - 40    519    11/1/2007    $ 0.00    Preferred Stock Issuance   

Andrew McKee Revocable

   PS    B - 41    200,000    2/28/2003    $ 0.00    Preferred Stock Issuance   

Benchmark Capital Partner

   PS    D - 41    692,265    8/10/2005    $ 0.00    Preferred Stock issuance   

John and Andrea Ogden

   PS    F - 41    581    11/1/2007    $ 0.00    Preferred Stock Issuance   

Elana Nemerson

   PS    B - 42    50,000    2/28/2003    $ 0.00    Preferred Stock Issuance   

Carol F Padelford

   PS    F - 42    581    11/1/2007    $ 0.00    Preferred Stock Issuance   

Robert Reuben

   PS    B - 43    100,000    2/28/2003    $ 0.00    Preferred Stock Issuance   

Richard E. Teller Revocable

   PS    D - 43    43,925    10/10/2005    $ 0.00    Preferred Stock Issuance   

Parsons Transportation Gr

   PS    F - 43    22,940    11/1/2007    $ 0.00    Preferred Stock Issuance   

Kathleen A. Rogers Revoca

   PS    D - 44    43,925    10/10/2005    $ 0.00    Preferred Stock Issuance   

William F Peare

   PS    F - 44    1,764    11/1/2007    $ 0.00    Preferred Stock Issuance   

Richard E. Teller Revocable

   PS    D - 45    43,103    10/10/2005    $ 0.00    Preferred Stock Issuance   

Neil Peterson

   PS    F - 45    24,493    11/1/2007    $ 0.00    Preferred Stock Issuance   

Robert S Lowenthal

   PS    B - 46    0    2/28/2003    $ 0.00    Preferred Stock Issuance    Cancel 100,000 shares and reissued 50,000 to the same

Kathleen A. Rogers Revoca

   PS    D - 46    43,103    10/10/2005    $ 0.00    Preferred Stock Issuance   

W. Thomas and Dixie Jo P

   PS    F - 46    31,800    11/1/2007    $ 0.00    Preferred Stock Issuance   

Timothy J Preotle

   PS    B - 47    40,000    3/3/2003    $ 0.00    Preferred Stock Issuance   

Aldrich Descendants 2002

   PS    D - 47    100,000    8/23/2006    $ 0.00    Preferred Stock Issuance   

Prentice Family Partnership

   PS    F - 47    6,268    11/1/2007    $ 0.00    Preferred Stock Issuance   

Jill Preotle

   PS    B - 48    60,000    3/3/2003    $ 0.00    Preferred Stock Issuance   

Frederick E Gerson

   PS    D - 48    25,000    12/17/2006    $ 0.00    Preferred Stock Issuance   

Preston Gates & Ellis Inves

   PS    F - 48    5,767    11/1/2007    $ 0.00    Preferred Stock Issuance   

Simon Gerson

   PS    D - 49    25,000    12/17/2006    $ 0.00    Preferred Stock Issuance   

Stephen P Sander

   PS    F - 49    11,804    11/1/2007    $ 0.00    Preferred Stock Issuance   

Jean Hammond

   PS    B - 50    1,161,456    2/27/2003    $ 0.00    Preferred Stock Issuance   

BCLF Ventures lI, LLC

   PS    D - 50    177,286    12/7/2007    $ 0.00    Preferred Stock Issuance   

Fred Schapelhouman

   PS    F - 50    145    11/1/2007    $ 0.00    Preferred Stock Issuance   

Richard E. Teller Revocable

   PS    B - 51    250,000    6/8/2005    $ 0.00    Preferred Stock Issuance   

Harvey Sorkin Revocable T

   PS    D - 51    203,296    9/17/2008    $ 0.00    Preferred Stock Issuance   

Drew Schembre

   PS    F - 51    375    11/1/2007    $ 0.00    Preferred Stock Issuance   

Kathleen A. Rogers Revoca

   PS    B - 52    250,000    6/8/2005    $ 0.00    Preferred Stock Issuance   

William Scott

   PS    F - 52    22,051    11/1/2007    $ 0.00    Preferred Stock Issuance   

Orin Smith

   PS    F - 53    2,076    11/1/2007    $ 0.00    Preferred Stock Issuance   

Charles Stonecipher

   PS    F - 54    783    11/1/2007    $ 0.00    Preferred Stock Issuance   

Tom Unger

   PS    B - 55    29,684    7/8/2005    $ 0.00    Preferred Stock Issuance   


John Titcomb, Jr.

   PS    F - 55    2,778    11/1/2007    $ 0.00    Preferred Stock Issuance   

United Investors Internatio

   PS    F - 56    4,443    11/1/2007    $ 0.00    Preferred Stock Issuance   

Russell R Patterson

   PS    B - 57    568,328    7/8/2005    $ 0.00    Preferred Stock Issuance   

Conrad Wagner

   PS    F - 57    3,924    11/1/2007    $ 0.00    Preferred Stock Issuance   

Jacqueline Witter

   PS    F - 58    626    11/1/2007    $ 0.00    Preferred Stock Issuance   

Eric Pollak

   PS    B - 59    147,066    7/8/2005    $ 0.00    Preferred Stock Issuance   

Malcolm Witter

   PS    F - 59    626    11/1/2007    $ 0.00    Preferred Stock Issuance   

Ann C Miller

   PS    F - 60    581    10/1/2008    $ 0.00    Preferred Stock Issuance   

Bryce Nesbitt

   PS    B - 61    25,000    7/8/2005    $ 0.00    Preferred Stock Issuance   

The Dola Hamilton Stembe

   PS    B - 63    93,000    12/31/2006    $ 0.00    Preferred Stock Issuance   

Stemberg Irrevocable Trust

   PS    B - 64    1,700    12/31/2006    $ 0.00    Preferred Stock Issuance   

Stemberg UTMA, William

   PS    B - 65    3,000    12/31/2006    $ 0.00    Preferred Stock Issuance   

Stemberg UTMA, Clyde

   PS    B - 66    3,000    12/31/2006    $ 0.00    Preferred Stock Issuance   

Hamilton Revocable Trust,

   PS    B - 67    4,500    12/31/2006    $ 0.00    Preferred Stock Issuance   

Stemberg UTMA, Michael

   PS    B - 68    4,500    12/31/2006    $ 0.00    Preferred Stock Issuance   

Hamilton UTMA, Harrison

   PS    B - 70    4,400    12/6/2007    $ 0.00    Preferred Stock Issuance   

Stemberg UTMA, Clyde

   PS    B - 71    3,900    12/6/2007    $ 0.00    Preferred Stock Issuance   

Stemberg UTMA, William

   PS    B - 72    3,900    12/6/2007    $ 0.00    Preferred Stock Issuance   

Stemberg UTMA, Michael

   PS    B - 73    4,400    12/6/2007    $ 0.00    Preferred Stock Issuance   

D.J. Williams

   PS    B - 74    4,400    12/6/2007    $ 0.00    Preferred Stock Issuance   

Stemberg Irrevocable Trust

   PS    B - 75    4,400    12/6/2007    $ 0.00    Preferred Stock Issuance   

Hamilton Revocable Trust,

   PS    B - 76    4,400    12/6/2007    $ 0.00    Preferred Stock Issuance   

Thomas G. Stemberg Revo

   PS    B - 77    60,500    12/6/2007    $ 0.00    Preferred Stock Issuance   

Harvey Sorkin Revocable T

   PS    B - 78    100,000    9/17/2008    $ 0.00    Preferred Stock Issuance   

Alexa Grace Lowenthal

   PS    B - 79    25,000    1/5/2010    $ 0.00    Preferred Stock Issuance   

Zoe Sarah Lowenthal

   PS    B - 80    25,000    1/5/2010    $ 0.00    Preferred Stock Issuance   

Robert S Lowenthal

   PS    B - 81    50,000    1/5/2010    $ 0.00    Reduction due to Gift/Transfer   
         46,581,013            
   Check    0            

ClubJuris.Com