THIS EMPLOYMENT AGREEMENT is made on January 10, 2006 by and between Quantum Fuel Systems Technologies
Worldwide, Inc. (“Quantum” or the “Company”) and William Brian Olson (“Employee”). Capitalized terms not otherwise defined
in the body of this Agreement shall have the meanings specified in Section 5 hereof.
WHEREAS, Employer desires to employ Employee in accordance with the terms and conditions of this Agreement and
Employee desires to be so employed by Employer.
WHEREAS, by executing this Agreement, the parties desire to terminate that certain Employment Agreement by and
between the Company and Employee dated May 1, 2005.
NOW, THEREFORE, in consideration of the foregoing and the mutual promises and covenants contained in this
Agreement, the parties hereto agree as follows:
SECTION 1. EMPLOYMENT .
The Company hereby employs Employee as Chief Financial Officer for the Company. Employee hereby accepts
employment under this Agreement and agrees to devote his best effort and substantially full time, attention and energy to the
Company’s business. Employee’s duties shall include all of the duties, including reasonable business-related travel, normally
associated with the position named above, and shall include such other activities, responsibilities and duties that are consistent
with such position as may be reasonably assigned from time to time by the Board of Directors or the CEO. The Company,
through the Board of Directors and the CEO, shall retain full direction and control of the manner, means and methods by which
Employee performs the services for which he is employed hereunder.
SECTION 2 COMPENSATION .
2.1 BASE SALARY. During the Term, Quantum will pay Employee a base salary of Four Hundred Fifty Thousand dollars
($450,000) per year. The CEO shall review this base salary at least annually, and the Compensation Committee shall review and
approve any recommended increases. Said salary, including any increases, shall be p