Document:

Amendment to Employment Agreement between the Registrant and George Kreigler

 EXHIBIT 10.37 
 MAXWELL TECHNOLOGIES, INC. 

9244 BALBOA AVENUE 
 SAN DIEGO, CALIFORNIA 92123 

December 27, 2010 
 George
Kreigler 
 [Address] 
 Dear George:

 You and Maxwell Technologies, Inc. (the “Company”) entered an Employment Agreement dated
September 21, 2009 (the “Employment Agreement”). The Company is proposing to amend the Employment Agreement to avoid potential adverse tax consequences imposed by Section 409A of the Internal Revenue Code of 1986,
as amended (the “Code”). The purpose of the amendment herein is not to reduce the level or amount of benefits to which you are entitled under the Employment Agreement. However, to the extent that this amendment impacts your
substantive rights under the Employment Agreement, please be assured that the Company has tried in good faith to take all action that impacts your rights only to the minimum extent necessary to achieve this limited purpose. As a result, the
Employment Agreement is hereby amended as follows: 
 1. Subsection 3(e) of the Employment Agreement is hereby amended and
restated to read as follows: 
 (e) Benefits. Executive shall be entitled to participate in the
Company’s life insurance, long term disability, dental and medical, and automobile programs as the same may exist from time to time on the terms and conditions applicable to other senior officers of the Company. Nothing in this Agreement shall
preclude the Company from terminating or amending any employee benefit plan or program from time to time. The Company will reimburse Executive for the reasonable cost of an annual physical examination, if Executive elects to have the same. To the
extent that any such reimbursements are taxable (i) the amount of any such expense reimbursement or in-kind benefit provided during Executive’s taxable year shall not affect any expenses eligible for reimbursement in any other taxable
year; (ii) the reimbursement of the eligible expense shall be made no later than the last day of Executive’s taxable year that immediately follows the taxable year in which the expense was incurred; and (iii) the right to any
reimbursement shall not be subject to liquidation or exchange for another benefit or payment. If the Executive waives his benefits due to coverage through other means, the Company will pay the Executive an additional sum roughly equal to the cost
savings to the Company, provided that such payment shall occur no later than March 15th following the year in which such benefit waiver occurs. 
 2. Subsection 3(h) of the Employment Agreement is hereby amended and restated to read as follows: 
 (h) Relocation. Executive shall be reimbursed for normal moving expenses up to a maximum of $30,000 as defined in “Maxwell Technologies Executive Relocation Assistance Guidelines”. To the
extent that any such relocation expenses are taxable, they shall be subject to the following conditions: (i) such expenses are reimbursable only so long as Executive remains an employee of the Company and only if the relocation occurs within 12
months following a written request by the CEO that Executive relocate; (ii) any such reimbursements will be paid within 30 days after the date Executive submits receipts for the expenses, provided Executive submits those receipts within 30 days
after the expense is incurred; (iii) the amount of any relocation expenses provided during Executive’s taxable year shall not affect any expenses eligible for reimbursement in any other taxable year; (iv) the reimbursement of the
relocation expense shall be made no later than the last day of Executive’s taxable year that immediately follows the taxable year in which the expense was incurred; and (v) the right to any reimbursement shall not be subject to liquidation
or exchange for another benefit or payment. 

 3. Subsection 4(d) of the Employment Agreement is hereby amended and restated to read as
follows: 
 (d) Termination by the Company Due to Death or Disability. The employment of Executive
shall, at the option of the Company, terminate immediately in the event of his death or permanent disability, in which case notice in writing from the Company shall be sent to Executive or his legal representative. In the event of termination under
this Subsection 4(d) and provided a Separation occurs, in addition to any disability benefit coverage to which he may be entitled under any disability insurance programs maintained by the Company in which he is a participant, Executive will be paid
an amount equal to six months salary at Executive’s annual base salary rate as in effect on the date of the termination under this Subsection 4(d) in equal monthly installments. Payment of the severance pay will begin on the first regularly
scheduled payroll date that occurs on or after 30 days after Executive’s Separation. Except as provided in the preceding sentence, Executive shall be entitled to no additional compensation under this Agreement following the date of termination
under this Subsection 4(d), other than base salary earned but not paid, and unused vacation time accrued, through the date of termination. For purposes of this Agreement, “permanent disability” shall mean an illness, disease, mental or
physical disability or other causes beyond Executive’s control which makes Executive incapable of discharging his duties or obligations hereunder, or causes Executive to fail in the performance of his duties hereunder, for six consecutive
months, as determined in good faith by the Board based on a report of a physician selected in good faith by the CEO. For purposes of Section 409A of the Code, each salary continuation payment is hereby designated as a separate payment.

 4. The first paragraph of Subsection 4(e) of the Employment Agreement is hereby amended and restated to read as
follows: 
 (e) Termination by Executive Upon a Change of Control. In the event that (x) a Change
of Control (as hereinafter defined) occurs and (y) at any time prior to the second anniversary of such Change of Control, a Triggering Event (as hereinafter defined) shall occur and a Separation occurs, then unless the Executive shall have
given his express written consent to the contrary, Executive may, upon 30 days written notice to the Company, terminate his employment prior to the second anniversary of such Change of Control. In such event Executive shall be entitled to the
following: 
 5. Sub-clause (a) of Subsection 4(e) of the Employment Agreement is hereby amended and restated to read as
follows: 
 (a) “Change of Control” means the occurrence of any one of the following: (i) any
transaction or series of transactions (as a result of a tender offer, merger, consolidation, or otherwise) that results in any person, entity or group acting in concert, acquiring “beneficial ownership” (as defined in Rule 13d-3 under the
Securities Exchange Act of 1934), directly or indirectly, of such percentage of the aggregate voting power of all classes of common equity stock of the Company as shall exceed 50% of such aggregate voting power; or (ii) a merger or
consolidation of the Company, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into
voting securities of the surviving entity) at least 50% of the voting power represented by the voting securities of the Company or such entity outstanding immediately after such merger or consolidation; or (iii) the sale or disposition by the
Company of all, or substantially all, of the Company’s assets (other than in connection with a sale or disposition to subsidiaries of the Company or in connection with a reorganization or restructuring of the Company); or (iv) there occurs
a change in the composition of the Board during any 12 month period as a result of which fewer than a majority of the directors are Incumbent Directors (as hereinafter defined). “Incumbent Directors” shall mean directors who either
(A) are directors of the Company as of the Commencement Date or (B) are elected, or nominated for election, to the Board with the affirmative votes of at least a majority of the Incumbent Directors casting votes at the time of such
election or nomination. 
 6. [Section 8 of the Employment Agreement is hereby amended and restated to read as follows:

 8. Reserved.] 
 Except as expressly set forth above, the Employment Agreement remains in effect without change. 

 You may indicate your agreement with this amendment of the Employment Agreement by signing
and dating the enclosed duplicate original of this letter agreement and returning it to me. This letter agreement may be executed in two counterparts, each of which will be deemed an original, but both of which together will constitute one and the
same instrument. 
  

			
	Very truly yours,
	
	MAXWELL TECHNOLOGIES, INC.
		
	By:	 	/s/ David J. Schramm
	Title: 	 	Chief Executive Officer

  

	
	I have read and accept this amendment:
	
	/s/ George Kreigler
	George Kreigler

 Dated: December 27, 2010Form of Restricted Stock Agreement for Service-based Awards

 EXHIBIT 10.38 
 MAXWELL TECHNOLOGIES, INC. 
 2005 OMNIBUS EQUITY INCENTIVE PLAN

 NOTICE OF RESTRICTED STOCK AWARD 
 AND RESTRICTED STOCK AGREEMENT 
 «First» «Last» 

«Address» 
 Dear
«First»: 
 You have been granted an award of shares of common stock of Maxwell Technologies, Inc. (the “Company”)
constituting a Restricted Stock award under the Maxwell Technologies, Inc. 2005 Omnibus Equity Incentive Plan (the “Plan”) with the following terms and conditions: 

 

					
	Grant Date:	  	«Grant_Date»
	  
 Number of

Restricted Shares:
	  	  
 (such shares, the “Restricted
Shares”)

	  
 Vesting Schedule:
	  	  
 Provided your service as an employee or Director
continues through the applicable Vesting Date (as further described below), you will vest in the Restricted Shares as follows:

	  	  
 Number of Restricted Shares
	  	Vesting Date
	  	  
 25% of Restricted
Shares
	  	1st anniversary of Grant Date
	  	  
 25% of Restricted
Shares
	  	2nd anniversary of Grant Date
	  	  
 25% of Restricted
Shares
	  	3rd anniversary of Grant Date
	  	  
 25% of Restricted
Shares
	  	4th anniversary of Grant Date
	  	  
 Except as set forth in the following sentence, if
your service as an employee or Director terminates prior to the fourth anniversary of the Grant Date, you will forfeit all then-unvested Restricted Shares immediately upon your last day of service. However, if your service terminates prior to a
Vesting Date as a result of your death or Disability, your then-unvested Restricted Shares will become fully vested on your last day of service. In the event of a Disability that results in termination of your service, the Company may require you to
submit such medical evidence or to undergo a medical examination by a doctor selected by the Company as the Company determines is necessary in order to make a determination hereunder.

	  	  
 If your service as an employee or Director continues
until immediately prior to the closing of a Change of Control, as defined in Section 2.f. of the Plan, your then-unvested Restricted Shares will become fully vested as of immediately prior to the effective time of such
transaction.

	  	  
 Upon any other termination of service as an employee
or Director prior to the Vesting Date for any Restricted Shares, you will forfeit such unvested Restricted Shares.

			
	Withholding Taxes:	  	You are responsible for all applicable federal, state, local and foreign taxes incurred as a result of issuance, vesting and/or sale of these Restricted Shares including without
limitation any income and employment withholding taxes. At its discretion, the Company may satisfy its withholding obligations by any of the following means (a) causing you to tender a cash payment or surrender other shares that you previously
acquired; (b) taking payment from the proceeds of the sale of Restricted Shares through a Company-approved broker; (c) withholding Restricted Shares that otherwise would be delivered to you from escrow when the shares vest, provided that no shares
are withheld with a value exceeding the minimum amount of tax required to be withheld by law; or (d) withholding cash from other compensation payable to you.
		
	 Escrow of

Certificates:
	  	Your Restricted Shares will be held in escrow by the Company, as escrow agent. The Company will give you a receipt for the shares held in escrow that will state that the Company
holds such shares in escrow for your account, subject to the terms of this award, and you will give the Company a stock power for such shares duly endorsed in blank which will be used in the event such shares are forfeited in whole or in part. As
soon as practicable after the applicable vesting date, the Restricted Shares will cease to be held in escrow, and certificate(s) for such number of shares will be delivered to you or, in the case of your death, to your estate.
		
	 Transferability of

Restricted Shares:
	  	You may not sell, transfer or otherwise alienate or hypothecate any of your Restricted Shares until they are vested. In addition, by accepting this award, you agree not to sell any
shares acquired under this award at a time when applicable laws, Company policies (including, without limitation, the Company’s insider trading policy) or an agreement between the Company and its underwriters prohibit a sale.
		
	 Voting and

Dividends:
	  	While the Restricted Shares are subject to forfeiture, you may exercise full voting rights and will receive all dividends and other distributions paid with respect to the Restricted
Shares, in each case so long as the applicable record date occurs before you forfeit such shares. If, however, any such dividends or distributions are paid in shares, such shares will be subject to the same risk of forfeiture, restrictions on
transferability and other terms of this award as are the Restricted Shares with respect to which they were paid.
		
	 Transferability of

Award:
	  	You may not transfer or assign this award for any reason, other than under your will or as required by intestate laws, or pursuant to a beneficiary designation filed with the
secretary of the Company prior to the date of your death on the form provided by the Company for this purpose. Any attempted transfer or assignment in violation of this provision will be null and void.
		
	Retention Rights:	  	This Restricted Stock award does not give you the right to be retained by the Company or any of its Affiliates in any capacity. The Company and its Affiliates reserve the right
to terminate your service at any time, with or without cause.

  
 2 

			
		
	Amendment:	  	This Restricted Stock award may be amended only by written consent of the Company and the recipient, unless the amendment is not to the detriment of the
recipient.
		
	Counterparts:	  	This Restricted Stock award may be executed in counterparts.
		
	Governing Law:	  	The provisions of Section 17.f. of the Plan apply to this Restricted Stock award.

 This Restricted Stock award is granted under and governed by the terms and conditions of the Plan. Additional provisions regarding your award and definitions of capitalized terms used and not defined in
this award can be found in the Plan. 
 By signing below and accepting this Restricted Stock award, you agree to all of the terms and
conditions described herein and in the Plan. You also acknowledge receipt of the Plan. 
  

			
	  
 Authorized Officer
	  	  
 «First»
«Last»

  
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