Document:

Separation Agreement and General Release of all Claims

 Exhibit 10.2 
 Exhibit A 
 SEPARATION AGREEMENT AND GENERAL 
 RELEASE OF ALL CLAIMS 
 This Separation Agreement and General Release of All Claims (“Agreement”)
is made by and between Tim Hart (“Employee”) on the one hand, and Maxwell Technologies, Inc. (“the Company”) on the other. (Collectively, Employee and the Company shall be referred to as “the Parties.”) 
 1. Employee is a former employee of the Company. Employee’s last day of employment with the Company was March 26, 2009 (Termination Date). The
Parties desire to resolve any and all differences related to Employee’s employment with the Company and/or the cessation of that employment. For these reasons, the Parties have entered into this Agreement. 
 2. a. All vacation accrual, salary and other employee compensation and benefits of Employee ceased on the Termination Date. Employee acknowledges that he
has been paid all salary and accrued but unused vacation time as of March 26, 2009 and that, except as expressly stated below in this Agreement, Employee is not entitled to receive any other payments, compensation or benefits from the Company
at any time in the future. 
 b. If Employee enters into this Agreement in a timely manner as specified below in Sections 14 through 16, the
Company will provide Employee with: 
 (1) a cash severance payment of $91,131.44, less all applicable withholdings, paid on the
Company’s normal payroll date next following the Effective Date of this Agreement, as defined below in paragraph 16; and 
 (2)
amendments to his stock options as follows: (A) each stock option that he holds as of immediately prior to this Termination Date shall be deemed to be vested with respect the number of shares as to which it is otherwise vested as of such date,
plus an additional number of shares that equals the number that would have been vested had Employee’s service continued with the Company for an additional six (6) months, and (B) all stock options referred to in clause (A) above
shall remain exercisable until the earlier of (i) June 23, 2009, or (B) the date on which other Company stock options are terminating under their terms in accordance with the stock plan of the Company. Employee and the Company agree
that as a result of giving effect to this paragraph 2(b)(2), the following comprises all of Employee’s outstanding, vested Company equity awards as of the Effective Date hereof: 125,000 shares. 

 3. In consideration of and in return for the promises and covenants undertaken herein by the Company,
including without limitation, the severance payment Employee will receive under paragraph 2(b) herein, and for other good and valuable consideration, receipt of which is hereby acknowledged, Employee does hereby acknowledge full and complete
satisfaction of and does, to the fullest extent permitted by applicable law, hereby release, absolve and discharge the Company and the Company’s parents, subsidiaries, affiliates, related companies and business concerns, past and present, and
each of them, as well as each of their partners, trustees, directors, officers, agents, assigns, attorneys, servants and employees, past and present, and each of them (hereinafter collectively referred to as “Releasees”) from any and all
claims, demands, liens, agreements, contracts, covenants, actions, suits, causes of action, grievances, obligations, debts, expenses, damages, judgments, orders and liabilities of whatever kind or nature in local, state or federal law, equity or
otherwise, whether known or unknown to Employee which Employee now owns or holds or has at any time owned or held as against Releasees, or any of them, including specifically but not exclusively and without limiting the generality of the foregoing,
any and all claims, demands, grievances, agreements, obligations and causes of action, known or unknown, suspected or unsuspected by Employee: (1) arising out of Employee’s employment with the Company or the ending of that employment; or
(2) arising out of or in any way connected with any claim, loss, damage or injury whatever, known or unknown, suspected or unsuspected, resulting from any act or omission by or on the part of the Releasees, or any of them, committed or omitted
on or before the Effective Date of this Agreement. Also without limiting the generality of the foregoing, Employee specifically releases the Releasees from any claim for attorneys’ fees and/or costs of suit. EMPLOYEE SPECIFICALLY AGREES AND
ACKNOWLEDGES EMPLOYEE IS WAIVING ANY RIGHT TO RECOVERY BASED ON STATE OR FEDERAL AGE, SEX, PREGNANCY, RACE, COLOR, NATIONAL ORIGIN, MARITAL STATUS, RELIGION, VETERAN STATUS, DISABILITY, SEXUAL ORIENTATION, MEDICAL CONDITION, OR OTHER
ANTI-DISCRIMINATION LAWS, INCLUDING, WITHOUT LIMITATION, TITLE VII OF THE CIVIL RIGHTS ACT OF 1964, THE AGE DISCRIMINATION IN EMPLOYMENT ACT, THE AMERICANS WITH DISABILITIES ACT AND THE CALIFORNIA FAIR EMPLOYMENT AND HOUSING ACT, OR BASED ON THE
EMPLOYEE RETIREMENT INCOME SECURITY ACT, ALL AS AMENDED, WHETHER SUCH CLAIM BE BASED UPON AN ACTION FILED BY EMPLOYEE OR BY A GOVERNMENTAL AGENCY. 
 4. It is the intention of Employee in executing this Agreement that it shall be effective as a bar to each and every claim, demand, grievance and cause of action hereinabove specified. In furtherance of this intention, Employee hereby
expressly waives any and all rights and benefits conferred upon Employee by the provisions of Section 1542 of the California Civil Code and expressly consents that this Agreement shall be given full force and effect according to each and all of
its express terms and provisions, 

 
including those relating to unknown and unsuspected claims, demands and causes of action, if any, as well as those relating to any other claims, demands and
causes of action hereinabove specified. Section 1542 provides: 
 “A general release does not extend to claims which the creditor
does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor.” 
 Having been so apprised, Employee nevertheless hereby voluntarily elects to and does waive all of the rights described in Civil Code Section 1542
and elects to assume all risks for claims that now exist in Employee’s favor, known or unknown, that are released under this Agreement. 
 5. The Company expressly denies any violation of any federal, state or local statute, ordinance, rule, regulation, policy, order or other law. The Company also expressly denies any liability to Employee. This Agreement is the compromise of
disputed claims and nothing contained herein is to be construed as an admission of liability on the part of the parties hereby released, or any of them, by whom liability is expressly denied. Accordingly, while this Agreement resolves all issues
regarding the Company referenced herein, it does not constitute an adjudication or finding on the merits of any allegations and it is not, and shall not be construed as, an admission by the Company of any violation of federal, state or local
statute, ordinance, rule, regulation, policy, order or other law, or of any liability. Moreover, neither this Agreement nor anything in it shall be construed to be or shall be admissible in any proceeding as evidence of or an admission by the
Company of any violation of any federal, state or local statute, ordinance, rule, regulation, policy, order or other law, or of any liability. This Agreement may be introduced, however, in any proceeding to enforce the Agreement. Such introduction
shall be pursuant to an order protecting its confidentiality. 
 6. Employee and the Company agree the terms and conditions of this Agreement
are confidential, and shall not be disclosed, discussed or revealed to any other person or entity, except that Employee may disclose such information to his attorney and accountant and to his spouse provided that he instructs such parties not to
disclose this information to any other party, and the Company may disclose such information to its officers, directors, attorneys, accountants and other agents as necessary and, if required under applicable law, may file a copy of this Agreement
with an appropriate Company periodic report filed with the Securities and Exchange Commission. 

 7. Employee agrees that he will not in any way disparage or otherwise cause to be published or
disseminated any negative statements, remarks, comments or information regarding the Company or its officers, directors, employees, products, services or business operations. The Company’s directors and officers agree not to make, publish or
disseminate any negative statements, remarks, comments regarding Employee’s employment with the Company to any party inside or outside of the Company, except to the extent necessary to comply with the law. 
 8. This Agreement shall be construed in accordance with, and be deemed governed by, the laws of the State of California. 
 9. If any provision of this Agreement or application thereof is held invalid, the invalidity shall not affect other provisions or applications of the
Agreement which can be given effect without the invalid provision or application. To this end, the provisions of this Agreement are severable. 
 10. The Parties hereto acknowledge each has read this Agreement, that each fully understands its rights, privileges and duties under the Agreement, and that each enters this Agreement freely and voluntarily. Each party further acknowledges
each has had the opportunity to consult with an attorney of its choice to explain the terms of this Agreement and the consequences of signing it. 
 11. The undersigned each acknowledge and represent that no promise or representation not contained in this Agreement has been made to them and acknowledge and represent that this Agreement contains the entire understanding between the
Parties and contains all terms and conditions pertaining to the compromise and settlement of the subjects referenced herein. The undersigned further acknowledge that the terms of this Agreement are contractual and not a mere recital. 
 12. Employee acknowledges Employee may hereafter discover facts different from, or in addition to, those Employee now knows or believes to be true with
respect to the claims herein released, and agrees the release herein shall be and remain in effect in all respects as a complete and general release as to all matters released herein, notwithstanding any such different or additional facts

 13. The Company hereby advises Employee in writing to discuss this Agreement with Employee’s attorney before executing it. Employee
was provided with a copy of this Agreement on April 16, 2009. To accept the offer it represents, he must sign and return it as specified in Section 15 below by May 14, 2009. Employee acknowledges that this provides him with at least
twenty-one (21) within which to review and consider this Agreement before signing it. Should Employee fail to sign and timely return the Agreement as required under this Section 14, then the offer represented by the Agreement shall expire.
Alternatively, should Employee decide not to use the full 21 days, then Employee knowingly and voluntarily waives any claims that Employee was not in fact given that period of time or did not use the entire 21 days to consult an attorney and/or
consider this Agreement. 

 14. Employee shall deliver the executed original of the Agreement to David Schramm, CEO or Barbara
Thompson, Director of Human Resources, Maxwell Technologies, Inc., 9244 Balboa Avenue, San Diego, California 92123. However, Employee acknowledges that Employee may revoke this Agreement for up to seven (7) calendar days following
Employee’s execution of this Agreement and that it shall not become effective or enforceable until the revocation period has expired. Employee acknowledges that such revocation must be in writing addressed to David Schramm, Chief Executive
Officer, Maxwell Technologies, Inc., 9244 Balboa Avenue, San Diego, California 92123, and received not later than midnight on the seventh day following execution of this Agreement by Employee. If Employee revokes this Agreement under this paragraph,
the Agreement shall not be effective or enforceable and Employee will not receive the severance benefits described in paragraph 2b above. 
 15. If Employee does not revoke this Agreement in the time frame specified in the preceding paragraph 15, the Agreement shall be effective at 12:01 a.m. on the eighth day after it is signed by Employee (the “Effective Date”),
which date shall not be later than May 14, 2009. 
 Employee hereby confirms that he has read this entire Agreement, he accepts and agrees to the
provisions contained in this Agreement and he signs this Agreement voluntarily and with full understanding of its consequences. 
 PLEASE READ
CAREFULLY — THIS AGREEMENT 
 CONTAINS A GENERAL RELEASE OF ALL KNOWN AND 
 UNKNOWN CLAIMS. 
  

					
	Date: May 3, 2009	 		 	 /s/ Tim Hart

		 		 	Tim Hart
		
		 	Maxwell Technologies, Inc.
			
	Date: May 15, 2009	 	By:	 	 /s/ David J. Schramm

		 		 	David J. Schramm
		 		 	Chief Executive OfficerTermination Agreement

 Exhibit 10.3 
  

			
	

	  	 9244 Balboa Avenue · San Diego, CA 92123 · tel 858-503-3300 · fax 858-503-3301
 www.maxwell.com

 Termination Agreement 
 between 
 Alain Riedo (hereinafter “Alain Riedo”) 
 and 
 Maxwell Technologies SA, Route de Montena 65, 1728 Rossens, (hereinafter “Maxwell”) 
  

	 	1.	Termination 

  

	 	1.1.	The employment contract between Alain Riedo and Maxwell, dated December 22, 2001, shall be terminated as of the end of the applicable notice period, i.e. October 31, 2009
(hereinafter “Termination Date”). 

  

	 	1.2.	Alain Riedo will be released immediately from work until the Termination Date (hereinafter “Release Period”). Alain Riedo will be available for inquiries and questions
during the Release Period and will reasonably cooperate as requested by Maxwell. 

  

	 	2.	Compensation 

  

	 	2.1	Alain Riedo shall continue to receive his ordinary salary until the Termination Date. 

  

	 	2.2	As of the Termination Date, Alain Riedo’s accrued and not taken vacation will be paid. 

  

	 	2.3	The bonus for the calendar year 2009 shall be paid to Alain Riedo pro rated up to the Termination Date, to the extent that such a bonus is owed according to the applicable bonus
provisions. Such bonus payment, if owed, shall be due on April 1, 2010. 

  

	 	2.4	As a part of this termination package Alain Riedo shall receive an additional payment of CHF 334,445.86. Any remaining claims for compensation (such as the entertainment allowance)
as well as payment of any further bonus or indemnification (including Article 6 of the employment contract) are compensated by this payment. This payment shall be made on a date designated by Mr. Riedo. However, this payment shall not be made
earlier than November 1, 2009 and no later than December 31, 2010. 

  

	 	2.5	Alain Riedo’s 2008 bonus will be paid in August of 2009 as previously communicated and set forth in attachment A to this agreement. 

  

	 	2.6	Alain Riedo’s stock option exercise period shall be extended through October 31, 2010. 

	 	2.7	If restricted stock milestones M0002 and M0025 are achieved prior to October 31, 2010, the respective stock restrictions shall be lifted accordingly. 

 

	 	2.8	Maxwell will deduct, as applicable, any legally owed taxes and other levies (namely social insurance contributions) from the abovementioned amounts. 

  

	 	3.	Return of Documents, office infrastructure 

  

	 	3.1	Subject to a separate appointment with Mr. Reineck, Alain Riedo will hand over IN PERSON all documents and items owned by Maxwell to the Rossens office, Route de Montena
65, to Mr. Reineck on July 18, 2009. 

  

	 	3.2	The documents and items subject to Clause 3.1 particularly consist of the return of all contract documents, meeting notes, Leads-lists, customer files, pending items (notification
of all appointments to and after the Termination Date) as well as the entire office infrastructure made available to Alain Riedo such as notebook computer, PDA, mobile phone, printer, media such as CDs, DVDs and memory sticks, as well as the entire
remaining material owned by Maxwell. 

  

	 	3.3	The buyout of the leased car driven by Alain Riedo is subject of a separate agreement. In the case that such agreement is not signed by October 31, 2009, Alain Riedo is
obligated to return the car immediately. 

  

	 	4.	Professional secrets / non disclosure 

  

	 	4.1	Alain Riedo acknowledges that he remains bound by the obligation to protect professional and commercial secrets/confidential information even after termination of the employment
contract. 

  

	 	4.2	Alain Riedo agrees to keep the content of this Agreement strictly confidential. 

  

	 	5.	Settlement clause 

  

	 	5.1	With the fulfillment of this agreement the parties declare to be entirely satisfied and settled. No further claims may be raised unless otherwise provided for in this agreement. Any
liability of Alain Riedo resulting from his actions during the Release Period shall be excluded from the aforementioned settlement. 

	 	6.	Governing Law 

  

	 	6.1	Disputes arising from this agreement shall be governed by the laws of Switzerland. 

  

					
	Maxwell Technologies SA	  	Alain Riedo	  	
			
	 San Diego 14 July 2009
	  	 San Diego July 14th, 2009
	  	
	(Location, Date)	  	(Location, Date)	  	
			
	 /s/ David J. Schramm
	  	 /s/ Alain Riedo
	  	
	David J. Schramm	  	(Signature)	  	

                 Exhibit A

 Maxwell Technologies, Inc. 
 2008 BONUS PAYOUT 
  

					
	 EMPLOYEE NAME
	  	Alain Riedo	  	
			
	 MAXWELL SHARES ISSUED
	  	6186	  	
			
	 CASH ISSUED
	  	$33,605.00

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