Document:

[SVB
SECURITIES LOGO]

Securities
Account Control Agreement

	
  Customer:

  	
  Maxwell Technologies. Inc.

  	
   

  
	
   

  	
   

  	
   

  
	
  Creditor:

  	
  Silicon Valley Bank

  	
   

  
	
   

  	
   

  	
   

  
	
  Date:

  	
  February 4, 2004

  	
   

  

This Securities Account
Control Agreement entered into as of the above date (this “Agreement”) is among
SVB Securities, A Division of Alliant Partners (“SVBS”), Banc of America
BrokerDealer Services, a division of Banc of America Securities LLC (“BA-BDS”
or “Clearing Broker”), the Customer identified above (“Customer”), and the
Creditor identified above (“Creditor”).

Recitals

          A.          Customer
has established a securities account or securities accounts (“Account”) with
and/or through SVBS and BA-BDS pursuant to a SVB Securities Client Agreement
(“Client Agreement”). The account number and title for the Account (or
Accounts) are identified in Exhibit A to this Agreement. SVBS acts as
the introducing broker. BA-BDS acts as the clearing broker. Both SVBS and
Clearing Broker are securities intermediaries pursuant to Article 8 of the
California Uniform Commercial Code (“CUCC”). Customer maintains in the Account
securities, financial assets and other investment property as defined under
Article 8 and 9 of the CUCC (collectively, the “Securities”).

          B.          Pursuant
to a security agreement or similar agreement identified in Exhibit A hereto (the
“Security Agreement”), Customer has granted to Creditor a security interest in
certain personal property of Customer, including without limitation (i) the
Account; (ii) the Securities, (iii) all dividends and distributions, whether
payable in cash, securities, or other property, in respect of the Securities,
(iv) all of Customer’s rights in respect of the Securities and Account, and
(iv) all products, proceeds and revenues of and from any of the foregoing
personal property in sections (i) through (iv) (collectively, the
“Collateral”).

          C.          
SVBS, Clearing Broker, Customer and Creditor are entering into this Agreement
in order to perfect Creditor’s security interest in the Collateral and the
Account by means of control pursuant to Article 8 of the CUCC.

Agreement

          The
parties hereto hereby agree as follows:

          1.          Defined
Terms. All terms used in this Agreement which are defined in the CUCC but
are not otherwise defined herein shall have the meanings assigned to such terms
in the CUCC, as in effect as of the date of this Agreement. While in the
Account, all property credited to the Securities will be treated as financial
assets under Article 8 of the CUCC. By this 

	
  SVBS Form Dated September 15, 2002

  	
  1

  

Agreement, Customer
grants to Creditor “control” over the Securities within the meaning of Section
8106 of the CUCC.

          2.          The
Securities. SVBS and Clearing Broker represent to Creditor that, on behalf
of Customer, Customer maintains the Securities in the Account.

          3.          Acknowledgement
of Security Interest. SVBS and Clearing Broker hereby acknowledge the
security interest granted in the Collateral to Creditor by Customer. Creditor
hereby acknowledges the security interest granted in the Collateral to SVBS and
Clearing Broker by Customer pursuant to the Client Agreement.

          4.          Other
Control Agreements. SVBS represents and warrants that, other than any
account control agreement listed in Exhibit A hereto, SVBS has executed no
other account control agreement with any other party and SVBS is not presently
obligated to accept any entitlement order from any person other than the
Customer with respect to the Collateral. Clearing Broker represents and
warrants that, other than any account control agreement listed in Exhibit A
hereto, Clearing Broker has executed no other account control agreement with
any other party and Clearing Broker is not presently obligated to accept any
entitlement order from any person other than the Customer with respect to the
Collateral.

          5.          Future
Control Agreements. Customer covenants and agrees that it will not enter an
account control agreement with any other party without Creditor’s prior written
consent. SVBS agrees that it will not enter into a control agreement with any
other party with respect to the Account without Creditor’s prior written
consent. Clearing Broker agrees that it will not enter into a control agreement
with any other party with respect to the Account without Creditor’s prior
written consent.

          6.          Limitation
on SVBS’ and Clearing Broker’s Rights in the Collateral. SVBS and Clearing
Broker will not attempt to assert control and does not claim and will not
accept any security or other interest in any part of the Collateral, and SVBS
and Clearing Broker will not exercise, enforce or attempt to enforce on their
own behalves any right of setoff against the Collateral, or otherwise charge or
deduct from the Collateral on SVBS’ or Clearing Broker’s behalves any amount
whatsoever, other than for: security interests, liens, encumbrances, claims or
rights of setoff for the payment of any amounts owed by Customer to SVBS and/or
Clearing Broker arising in connection with SVBS’ and Clearing Broker’s
customary fees and commissions pursuant to their agreement with Customer or for
the payment for financial assets and securities purchased for the Account (the
“Account Claims”). Customer and Creditor hereby acknowledge that any security
interests, liens, encumbrances, claims or rights of setoff for the payment of
any amounts owed by Customer to SVBS and Clearing Broker arising in connection
with the Account Claims shall at all times be prior to the rights of Creditor
in the Collateral and Securities whether or not Creditor sends to SVBS a Notice
of Exclusive Control described below.

          7.          Agreement
for Control.

           (a)        SVBS
and Clearing Broker will comply with all entitlement orders (including requests
to withdraw Collateral from the Account) originated by Customer with respect to
the 

	
  SVBS Form Dated September 15, 2002

  	
  2

  

Collateral, or any
portion of the Collateral, without further consent by Creditor until such time
as SVBS receives from Creditor (in accordance with Section 17 below) a written
notice to SVBS that Creditor is thereby exercising exclusive control over the
Account (a “Notice of Exclusive Control.”). The Notice of Exclusive Control
must be in the form set forth in Exhibit B hereto. SVBS or Clearing Broker
have no obligation whatsoever to confirm that Creditor is entitled to send a
Notice of Exclusive Control in connection with the Account or that the
Creditor’s representative who signs any Notice of Exclusive Control is
authorized to do so. SVBS and Clearing Broker (upon instruction from SVBS)
will, upon SVBS’ receipt of such Notice of Exclusive Control, proceed in
accordance with the remainder of this Section 7 even if Creditor’s instructions
are contrary to any instructions or demands that Customer may give to SVBS or
Clearing Broker. After SVBS receives a Notice of Exclusive Control and has had
reasonable opportunity to comply with it, but no later than two (2) Business
Days (“Business Days” means days which SVBS is open to the public for business
and are measured in 24 hour increments) after receipt of the Notice of
Exclusive Control (in accordance with Section 17 below), SVBS and Customer
agree that SVBS and Clearing Broker will: (i) cease complying with entitlement
orders or other directions concerning the Account and Collateral that are
originated by Customer or its representatives until such time as SVBS receives
a written notice from Creditor rescinding the Notice of Exclusive Control; and
(ii) comply with the entitlement orders and instructions provided to SVBS by
Creditor without investigating: the reason for any action taken by Creditor;
the amount of any obligations of Customer to Creditor; the validity of any of
Creditor’s agreements with Customer; or the existence of any defaults under
such agreements.

          (b)        Notwithstanding
the foregoing, Creditor agrees that upon receipt of Creditor’s Notice of
Exclusive Control, SVBS and Clearing Broker may take all steps necessary to
satisfy or settle any Account Claims, may respond as required pursuant to the
terms of any other account control agreement with respect to which SVBS
believes it previously received a Notice of Exclusive Control or similar
notice, and may respond as required by law to any court or government order,
writ or other legal process received by SVBS or Clearing Broker. Creditor also
agrees that, before SVBS’ receipt of Creditor’s Notice of Exclusive Control,
SVBS and Clearing Broker may be required to and may respond to (i) Notices of Exclusive
Control or similar notices sent to SVBS by other parties and (ii) a writ or
other similar legal process served on SVBS or Clearing Broker in connection
with the Account and Collateral. SVBS and Clearing Broker agree to use good
faith efforts to promptly notify Creditor if any other party delivers to SVBS a
notice of exclusive control or any party other than Creditor or SVBS asserts a
claim against the Collateral by means of a writ or other similar legal process,
but failure to provide such notice does not constitute a breach of this
Agreement. Customer expressly agrees that SVBS, Clearing Broker and Creditor
may act in accordance with the terms of this Section 7.

          8.          Customer
Waiver and Authorization. Customer hereby waives any rights that Customer
may have under the Client Agreement to the extent such rights are inconsistent
with the provisions of this Agreement, and hereby authorizes SVBS and Clearing
Broker to comply with all instructions and entitlement orders delivered by
Creditor to SVBS in accordance with the terms of this Agreement.

          9.          Amendments
to and Termination of Client Agreement. SVBS, Clearing Broker and Customer
shall not amend, supplement or otherwise modify the Client Agreement insofar as
it pertains to the Collateral without prior written notice to Creditor.
Customer may not terminate 

	
  SVBS Form Dated September 15, 2002

  	
  3

  

the Client Agreement
insofar as it pertains to the Collateral without consent of Creditor. SVBS and
Clearing Broker agree to use good faith efforts to notify Creditor if SVBS or
Clearing Broker terminate the Client Agreement, but SVBS’ or Clearing Broker’s
failure to notify Creditor shall not be a breach of this Agreement.

          10.       Termination
of this Agreement. Creditor may terminate this Agreement by giving SVBS and
Customer written notice of termination; provided that, by giving such notice,
Creditor acknowledges that it will thereby be confirming that, as of the
termination date, it will no longer have a perfected security interest in the
Account and Securities in the Collateral which is perfected by control via this
Agreement, although Creditor may continue to have a perfected security interest
in the Account by other means. SVBS and Clearing Broker may terminate this
Agreement by giving Creditor and Customer 30 days prior written notice of
termination (unless a shorter notice period is mandated by applicable law).
Customer may only terminate this Agreement with the written consent of
Creditor; provided that, by giving such notice with Creditor’s written consent,
both Customer and Creditor acknowledge that they will thereby be confirming
that, as of the termination date, Creditor will no longer have a perfected
security interest in the Collateral which is perfected by control pursuant to
this Agreement, although Creditor may continue to have a perfected security
interest in the Collateral by other means.

          11.       Delivery
of Account Statements. SVBS and Clearing Broker are hereby authorized by
Customer and agree to send to Creditor at its address for notices set forth
below Creditor’s signature block at the end of this Agreement, concurrently
with the sending thereof to Customer, duplicate copies of any and all monthly
statements or reports issued or sent to Customer with respect to the Collateral
and the Account. Until this Agreement is terminated, Customer authorizes SVBS
to disclose to Creditor at Creditor’s request any information concerning
Customer’s Account and the Securities in the Account, including but not limited
to the identity of any other party with which Customer and SVBS and Clearing
Broker have executed account control agreements or similar agreements.

          12.       Responsibility
of SVBS. Clearing Broker and Creditor. This Agreement does not create any
obligation or duty on the part of SVBS, Clearing Broker or Creditor other than
those expressly set forth herein.

          13.       No
Waiver. Any forbearance or failure or delay by SVBS, Clearing Broker or
Creditor in exercising any right hereunder shall not be deemed a waiver thereof
and any single or partial exercise of any right shall not preclude the further
exercise thereof.

          14.       Amendments.
This Agreement and all exhibits attached hereto may be amended only in writing signed
by all parties hereto.

          15.       Governing
Law. Notwithstanding the terms of any other agreement, the parties hereto
agree that this Agreement shall be governed under and in accordance with the
laws of the State of California. All parties hereto each submit to the
exclusive jurisdiction of the State and Federal courts in Santa Clara County,
California.

          16.       Integration
Provision. This Agreement constitutes the entire agreement among SVBS,
Clearing Broker, Customer and Creditor with respect to Creditor’s control over the

	
  SVBS Form Dated September 15, 2002

  	
  4

  

Collateral and
Securities and matters specifically set forth herein, and all prior
communications, whether verbal or written, between any of the parties hereto
with respect to the subject matter hereof shall be of no further effect or
evidentiary value.

          17.       Notices.

          (a)       Any
notice, other than a Notice of Exclusive Control, or other communication
provided for or allowed hereunder shall be in writing and shall be considered
to have been validly given (a) when actually received by the recipient at the
address or facsimile number, if delivered personally (whether by messenger, air
courier service or otherwise) or sent by facsimile to the address or facsimile
number identified below the signature of the applicable party’s signature below
and addressed to the addressee identified below the signature of the applicable
party’s signature below; or (b) 72 hours after being deposited in the United
States mail, registered or certified, postage prepaid, return receipt
requested, if sent to the address and addressee as set forth below the
signature of the applicable party hereto. The addresses to which notices or
other communications are to be given may be changed from time to time by notice
served as provided herein.

          (b)       A
Notice of Exclusive Control shall be in writing, must be in the form set forth
in Exhibit B hereto, must be delivered to the address listed below SVBS’
signature block at the end of this Agreement, must be delivered to SVBS via
hand delivery, messenger, overnight delivery or facsimile and shall be
considered to have been validly given when actually received, except
that a facsimile will be considered to have been validly given only when
acknowledged in writing by SVBS (SVBS agrees that it will use its good faith
effort to promptly acknowledge receipt of such facsimile). Creditor
acknowledges that SVBS may not be able to respond to a Notice of Exclusive
Control pursuant to section 7 above, and Creditor agrees that SVBS will not be
held liable for any failure to respond to a Notice of Exclusive Control, if the
Creditor does not deliver the Notice of Exclusive Control as set forth in this
Section 17 or to the address listed below SVBS’ signature block at the end of
this Agreement.

          18.       Indemnification
and Hold Harmless of SVBS and Clearing Broker by Customer. Customer hereby
agrees to indemnify and hold harmless SVBS and Clearing Broker, and their
respective affiliates and their respective directors, officers, agents and
employees (each, an “Indemnified Person”) against any and all claims,
causes of action, liabilities, lawsuits, demands and damages (each, a “Claim”)
asserted by Creditor or any other party, including without limitation, any and
all court costs and reasonable attorneys’ fees, in any way related to or
arising out of or in connection with this Agreement or any action taken or not
taken pursuant hereto, including any claims arising as a result of SVBS’ and
Clearing Broker’s adherence (or alleged failure of adherence) to the foregoing
instructions including, without limitation, Claims that allegedly result from
SVBS’ and/or Clearing Broker’s ceasing, based on this Agreement, to permit
withdrawals of or from the Collateral or resulting from SVBS’ and/or Clearing
Broker’s paying over or delivering all or any part of the Collateral pursuant
to the directions of Creditor; provided that no Indemnified Person shall
be entitled to be indemnified to the extent that such Claims arise from the
Indemnified Person’s own gross negligence or willful misconduct. Customer
agrees that SVBS and/or Clearing Broker shall not be liable for delays or
errors occurring by reason of circumstances beyond the control of SVBS or Clearing
Broker, including, without limitation, acts of civil, military, or banking
authorities, national emergencies, market 

	
  SVBS Form Dated September 15, 2002

  	
  5

  

disorder, labor
difficulties, fire, flood or other catastrophes, acts of God, terrorism, insurrection,
war, riots, failure of transportation or equipment, or failure of vendors,
communication or power supply. Clearing Broker shall have no responsibility or
liability under this Agreement to Customer for any acts or omissions by SVBS,
its officers, employees or agents; and SVBS shall have no responsibility or
liability under this Agreement to Customer for any acts or omissions by
Clearing Broker, its officers, employees or agents.

          19.       Indemnification
and Hold Harmless of SVBS and Clearing Broker by Creditor. Creditor hereby
agrees to indemnify Indemnified Persons against any and all Claims asserted by
Customer or any other party (including, without limitation, any and all court
costs and reasonable attorneys’ fees) arising directly out of SVBS’ and/or
Clearing Broker’s adherence or failure of adherence to Creditor’s instructions
in its Notice of Exclusive Control, including, without limitation, any Claim
that arises directly out of SVBS’ and/or Clearing Broker’s ceasing, based on
this Agreement, to permit withdrawals of or from the Collateral or resulting
from SVBS’ and/or Clearing Broker’s paying over or delivering all or any part
of the Collateral pursuant to Creditor’s instructions in its Notice of
Exclusive Control; provided, that no Indemnified Person shall be
entitled to be indemnified (a) to the extent that such Claim results from an
Indemnified Person’s gross negligence or willful misconduct; or (b) for any
special, indirect, consequential or punitive damages asserted by Customer if
the waiver in Section 21 of this Agreement is enforceable. Creditor agrees that
it will not hold Indemnified Persons liable for any Claim arising out of or
relating to any Indemnified Person’s performance or failure of performance
under this Agreement other than those Claims that result directly from the acts
or omissions of the Indemnified Person which are deemed gross negligence or
willful misconduct by a civil court or other similar judicial body. Clearing
Broker shall have no responsibility or liability under this Agreement to
Creditor for any acts or omissions by SVBS, its officers, employees or agents;
and SVBS shall have no responsibility or liability under this Agreement to
Creditor for any acts or omissions by Clearing Broker, its officers, employees
or agents.

          20.       Jury
Trial Waiver. CUSTOMER, CREDITOR, SVBS AND CLEARING BROKER EACH
WAIVE THEIR RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION ARISING OUT
OF OR BASED UPON THIS AGREEMENT, OR ANY CONTEMPLATED TRANSACTION, INCLUDING
CONTRACT, TORT, BREACH OF DUTY AND ALL OTHER CLAIMS. THIS WAIVER IS A MATERIAL
INDUCEMENT FOR ALL PARTIES TO ENTER INTO THIS AGREEMENT. EACH PARTY HAS
REVIEWED THIS WAIVER WITH ITS COUNSEL.

          21.       Waiver.
NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED IN THIS AGREEMENT OR
ANYWHERE ELSE, CUSTOMER WAIVES AND AGREES THAT IT SHALL NOT SEEK FROM SVBS,
CLEARING BROKER OR CREDITOR UNDER ANY THEORY OF LIABILITY (INCLUDING WITHOUT
LIMITATION ANY THEORY IN TORTS), ANY SPECIAL, INDIRECT, CONSEQUENTIAL OR
PUNITIVE DAMAGES.

          22.       Unpaid
Account Claims. Before Creditor exercises exclusive control over the
Account, SVBS and/or Clearing Broker may, in the ordinary course of business,
debit from the Account any unpaid Account Claims. After Creditor exercises
exclusive control over the Account, if (a) funds are not available in the
Account to pay SVBS and/or Clearing Broker for 

	
  SVBS Form Dated September 15, 2002

  	
  6

  

any Account Claims, and
(b) Customer fails to pay such Account Claims within fifteen (15) Business days
of SVBS’ and/or Clearing Broker’s written demand therefore, Creditor will pay
to SVBS and/or Clearing Broker, within ten (10) Business days of a written
demand by SVBS and/or Clearing Broker, any amounts owed for an Account Claim and
that is not paid in full by Customer up to the amount of the proceeds received
by Creditor from the Account.

          23.       Attorneys’
Fees, Costs and Expenses. In any action or proceeding between Customer and
SVBS, between Customer and Clearing Broker, between Creditor and SVBS, or
between Creditor and Clearing Broker, arising out of this Agreement, the
prevailing party will be entitled to recover its reasonable attorneys’ fees and
other costs and expenses incurred, in addition to any other relief to which it
may be entitled, whether or not a lawsuit is filed.

          24.       No
Conflict. To the extent that the terms or conditions of this Agreement are
inconsistent with the Client Agreement or any other document, instrument or
agreement between SVBS, Clearing Broker and Customer, the terms and conditions
of this Agreement shall prevail.

          25.       Successors.
The terms of this Agreement shall be binding upon, and shall inure to the
benefit of, the parties hereto and to each party’s respective successors or
heirs and personal representatives. The parties may assign this Agreement and
any rights under the Agreement only if that party’s successor or assign assume
all obligations under this Agreement.

          26.       Counterparts.
This Agreement may be executed in any number of counterparts and by different
parties on separate counterparts, each of which, when executed and delivered,
are an original, and all taken together, are one Agreement.

          27.       Survival.
Sections 15 and 18 through 25 shall survive the termination of this Agreement.

          [The
rest of this page intentionally left blank.]

	
  SVBS Form Dated September 15, 2002

  	
  7

  

          IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed
by their duly authorized representatives as of the date first above written.

	
  CUSTOMER:

  	
   
	
  Maxwell
  Technologies, Inc.

  
	
   
	
   
	
   

	
   
	
   
	
  By

	
   
	
   
	
   
	
  

  
	
   
	
   
	
  Name:

	
   
	
   
	
   
	
  

  
	
   
	
   
	
  Title:

	
   
	
   
	
   
	
  

  
	
   
	
   
	
   

	
   
	
   
	
  Address for
  Notices:

  9244 Balboa
  Avenue                                   

  San Diego, CA
  92123                                 
Telephone:

  Facsimile:

	
   
	
   
	
   

	
  CREDITOR:
	
   
	
  Silicon
  Valley Bank

	
   
	
   
	
   

	
   
	
   
	
  By

	
   
	
   
	
   
	
  

  
	
   
	
   
	
  Name:

	
   
	
   
	
   
	
  

  
	
   
	
   
	
  Title:

	
   
	
   
	
   
	
  

  
	
   
	
   
	
   

	
   
	
   
	
  Address for
  Notices:

  3003 Tasman Drive

  Santa Clara, California 95054
Telephone:

  Facsimile:

	
   
	
   
	
   

	
  SVBS:
	
   
	
  SVB SECURITIES

	
   
	
   
	
  By

	
   
	
   
	
   
	
  

  
	
   
	
   
	
  Name:

	
   
	
   
	
   
	
  

  
	
   
	
   
	
  Title:
	
    Operation
  Manager

	
   
	
   
	
   
	
   

	
   
	
   
	
   

	
   
	
   
	
  Address for
  Notices:

  SVB Securities

  3003 Tasman Drive
Mail Sort HG250

  Santa Clara, CA 95054
Attn: Operations Manager

  Telephone: 408-654-7256

  Facsimile: 408-496-2407

	
   
	
   
	
   

	
  CLEARING BROKER:
	
   
	
  BANC OF
  AMERICA SECURITIES LLC

	
   
	
   
	
   

	
   
	
   
	
  By

	
   
	
   
	
   
	
  

  
	
   
	
   
	
  Name:

	
   
	
   
	
   
	
  

  
	
   
	
   
	
  Title:

	
   
	
   
	
   
	
  

  
													

	
  SVBS Form Dated September 15, 2002

  	
  8

  

SVB
Securities

Securities Account Control Agreement

Exhibit A

	
  1.

  	
  Account
  Title and Number:

  
	
   

  	
   

  
	
   

  	
  Account
  Title:_________________________________ 

  
	
   

  	
   

  
	
   

  	
  Account
  Number: 

  
	
   

  	
   

  
	
  2.

  	
  “Security
  Agreement” (This section to be completed by Creditor):

  
	
   

  	
   

  
	
   

  	
  Loan and Security Agreement dated on or about the
  date hereof (as the same may be amended from time to time).

  
	
   

  	
   

  
	
  3.

  	
  Account
  Control Agreements Previously Executed by SVB Securities and Clearing Broker
  with other Parties Asserting an Interest in the Account (This Section to be
  completed by SVBS):

  

	
  SVBS Form Dated September 15, 2002

  	
  9

  

SVB
Securities

Securities Account Control Agreement

Exhibit B

Notice of Exclusive Control

To:      SVB
Securities (“SVBS”)

From:  (“Creditor”) _______________________

Re:      (“Customer”) __________________________

Date:   ________________________

Pursuant to the
Securities Account Control Agreement dated _______________ (“Agreement”)
entered among SVBS, Clearing Broker (as defined in the Agreement) Customer and
Creditor, Creditor hereby notifies SVBS of Creditor’s exercise of Creditor’s
rights under the Agreement and directs SVBS to cease complying with trading
instructions or any entitlement orders originated by Customer or its agents.

Creditor understands and
agrees that SVBS and Clearing Broker shall have no duty or obligation
whatsoever of any kind or character to determine the validity of Creditor’s
exercise of its rights under the Agreement or the certification above, to
determine if SVBS and/or Clearing Broker is/are obligated to take further
instructions from Customer, or to determine whether Creditor has a right to all
or part of the Collateral. Creditor hereby agrees to indemnify and hold
harmless SVBS and Clearing Broker, their respective affiliates, and their
respective directors, officers, employees and agents pursuant to the terms of
Section 19 of the Agreement.

Creditor agrees that upon
receipt of Creditor’s Notice of Exclusive Control, SVBS and Clearing Broker may
exercise their rights and remedies as permitted under the Agreement.

Creditor hereby certifies
that the person executing this Notice of Exclusive Control is an officer,
representative or agent of Creditor authorized to act on the behalf of Creditor
and to make the representations and agreements contained in this Notice of
Exclusive Control.

	
   
	
   

	
  CREDITOR:
	
   

	
   
	
  

  
	
   
	
   

	
   
	
  By

	
   
	
   
	
  

  
	
   
	
  Title:

	
   
	
   

	
  ACKNOWLEDGED
  BY:
	
  SVB SECURITIES

	
  (for
  facsimile only)
	
   

	
   
	
   

	
   
	
  By:

	
   
	
   
	
  

  
	
   
	
  Name:

	
   
	
  Title:

	
   
	
  Date:

	
   
	
  Time:

	
  SVBS Form Dated September 15, 2002

  	
  10Exhibit
  10.30
	
   

	
   
	
   
	
   

	
   
	
  Tel: 020 8614 5300
	
   

	
   
	
   
	
   

	
   
	
  Fax: 020 8614 5310
	
   

	
   
	
   
	
   

	
   
	
  www.firstwave.co.uk
	
   

CONFIDENTIAL

10
February 2004

Mr.
Andrew Halstead

Chief Information Officer

The Football Association Limited

25 Soho Square

London  W1D 4FA

	
   
	
  Re:
	
  Software Development and License Agreement dated 23
  December 2002 and related letter amendment thereto dated 1 July 2003  (collectively referred to as the
  “Agreement”)
	
   

Dear Andrew

          By
signing this letter, the parties acknowledge and agree to continue their
relationship pursuant to the terms of the Agreement, subject to certain
amendments thereto.  The parties agree,
for good and valuable consideration the adequacy of which is hereby
acknowledged, to further amend the Agreement as follows:  (i) to revise the definitions for
“Acceptance” and “Acceptance Date” in Schedule 1 to mean the Delivery Date; and
(ii) to revise the definition of “Delivery Date” in Schedule 1 to mean the date
on which Firstwave delivers CLAS to The FA; and (iii) to terminate The FA’s obligation
to pay to Firstwave the charges set forth in clause 6.1.1.2 on the acceptance
date; and (iv) to remove the Acceptance Procedures by deleting Schedule 3 in
its entirety, including the modifications thereto in the letter amendment of 1st
July 2003; and (v) to terminate The FA’s obligation to pay to Firstwave ninety
thousand pounds (£90,000) upon acceptance as set forth in the letter amendment
of 1st July 2003; and (vi) to revise clause 6.3 to state that in the
event Firstwave markets, licenses and delivers a Firstwave CRM sports
application to another legal entity in the Sports Vertical, Firstwave shall pay
to The FA an amount equal to fifteen percent (15%) of the Net Revenue received
by Firstwave up to a maximum of one million pounds (£1,000,000) (the “CLAS
Royalty Payment”); and (vii) Firstwave shall pay to The FA a prepaid royalty
payment of one hundred twenty thousand six hundred pounds (£120,600) payable in
two equal installments of sixty thousand three hundred pounds, the first
payment on 12th February 2004 and the second payment on 1st
April 2004.  The FA acknowledges and
agrees that payment of such amounts by Firstwave will bring the total in
prepaid royalties to two hundred ninety-five thousand six hundred pounds
(£295,600).

          The
parties understand and agree that all terms of this letter amendment are
contractual and are not a mere recital, and the parties represent and warrant
that they are competent and possess the full and complete authority to covenant
and agree as herein provided and that this letter will be signed by a duly
authorized signatory who has the authority to bind its respective party. 

	
  

	
  

Mr. Andrew Halstead

10 February 2004 

Page 2

          This
letter may be executed in one or more counterparts, and any executed copy of
this letter shall be valid and have the same force and effect as the original
executed copy.  This letter will be
delivered to each party by facsimile transfer for signature and returned by
facsimile transfer.  Each party agrees
that its facsimile signature will be deemed an original signature, and that
each fully-signed, facsimile copy of the letter will be effective and
enforceable as though it contained the original signatures of the parties.  This letter contains the entire agreement of
the parties hereto with regard to the matters set forth herein, supersedes all
previous correspondence and communications, whether oral or written, regarding
such subject matter, excluding the Agreement except where specifically modified
by this letter, and shall be binding upon the executors, administrators,
personal representatives, heirs, successors, and assigns of each.  This letter shall be governed by English law
and the parties hereby submit to the exclusive jurisdiction of the English
courts.  

          The
provisions of the Agreement as varied by this letter shall remain in full force
and effect.  

          By
signing below, each party acknowledges its acceptance of the terms of this
letter amendment.

Sincerely,

David
R. Simmons

For and on behalf of Firstwave Technologies UK Ltd

Accepted
and Agreed to on behalf of The FA:

	
 

	
  Signature:
	
  /s/ A.W. Halstead
	
  2/12/04
	
   

	
   
	
  

  	
  

  	
   

	
   
	
  Andrew Halstead, CIO, The
  Football Association Limited
	
  Date
	
   

Accepted
and Agreed to on behalf of Firstwave:

	
 

	
  Signature:
	
  /s/ David R. Simmons
	
  2/12/04
	
   

	
   
	
  

  	
  

  	
   

	
   
	
  David R. Simmons,
  Firstwave Technologies
	
  Date
	
   

cc:          Judi
Vitale, CFO, Firstwave Technologies, Inc.

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