Option to Acquire Additional Stock from Binding Letter of Intent
This binding letter agreement ("Letter Agreement") among Quantum Fuel Systems Technologies Worldwide, Inc. ("Quantum"), Automotive Solar Systems GmbH ("ASS"), and Mr. Reinhard Wecker ("ASS Shareholder") is intended to summarize the principal terms regarding the purchase by Quantum, or one of its affiliates, of shares of stock of ASS, from ASS or ASS Shareholder. Subject to Section 7, the parties agree that this Letter Agreement shall be binding upon Quantum, ASS and ASS Shareholder.
Option to Acquire Additional Stock. ASS and ASS Shareholder also agree that Quantum shall have the right to increase its ownership interest in ASS to 32.66% at any time prior to the second anniversary date of the closing of the purchase and sale of the Purchased Shares for a purchase price of 100,000 Euro. The parties shall mutually agree on the timing of this transaction, based on implications related to German subsidies.