Document:

Exhibit

EXHIBIT 10.4 

AMENDING AGREEMENT
THIS AGREEMENT dated as of the 21st day of March, 2017 is made
BETWEEN:
NESSCAP ENERGY INC.
- and –
MAXWELL TECHNOLOGIES, INC.
WHEREAS
		
	1.
	the parties hereto entered into an arrangement agreement dated February 28, 2017 (the “Arrangement Agreement”) which includes a Plan of Arrangement set out in Schedule “A” thereto (the “Plan of Arrangement”); and

		
	2.
	the parties desire to amend the Plan of Arrangement as set out herein.

NOW THEREFORE in consideration of the mutual covenants and agreements contained herein, the parties hereto agree as follows:
The Plan of Arrangement be and is hereby amended as follows:
		
	1.
	Sections 3.1(c)(ii) is deleted;

		
	2.
	the words “including to complete the distribution of certain Consideration Shares contemplated herein” in Section 3.1(d) are deleted; and

		
	3.
	Section 3.2 is deleted and replaced in its entirety with the following:

“Section 3.2    Wind-up
Following the completion of the Arrangement pursuant to Section 3.1, the Company will be wound up and dissolved and will complete the distribution of all remaining Consideration Shares as a reduction of stated capital undertaken in the course of the winding up and dissolution process.”
In all other respects the provisions of the Arrangement Agreement and the Plan of Arrangement are hereby confirmed.
This Agreement shall be governed, including as to validity, interpretation and effect, by the laws of the Province of Ontario and the laws of Canada applicable therein. Each of the parties hereby irrevocably attorns to the non-exclusive jurisdiction of the courts of the Province of Ontario in respect of all matters arising under and in relation to this Agreement. 

- 2 -

This Agreement will enure to the benefit of and be binding upon the respective successors (including any successor by reason of amalgamation or statutory arrangement) and permitted assigns of the parties.
This Agreement may be executed and delivered in any number of counterparts (including by facsimile or electronic transmission), each of which will be deemed to be an original and all of which taken together will be deemed to constitute one and the same instrument.
IN WITNESS WHEREOF the parties hereto have duly executed this agreement as of the date set out above.
	
				
	 
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	NESSCAP ENERGY INC.

	Per:
	 /s/ James Zuidema

	 
	Name:   James Zuidema

	 
	Title:  Chief Executive Officer

	 
	 

	 
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	MAXWELL TECHNOLOGIES, INC.

	Per:
	  /s/ Franz Fink

	 
	Name:   Franz Fink

	 
	Title:   CEO & PresidentExhibit

EXHIBIT 10.11

MAXWELL TECHNOLOGIES, INC.
2013 OMNIBUS EQUITY INCENTIVE PLAN
NON-EMPLOYEE DIRECTOR RESTRICTED STOCK UNIT DEFERRAL ELECTION
DESCRIPTION OF RESTRICTED STOCK UNIT AWARD(S)
		
	Name of Recipient:
	_______________________________________

		
	Awards Covered by Deferral Election:
	This election form applies to the annual restricted stock unit award to be granted to me pursuant to the Company’s non-employee director compensation program in [Year].

		
	Election Deadline:
	For [Year] only: [Month Day, Year]

SETTLEMENT AND DEFERRAL RULES
You are not obligated to make a deferral election.  If you do not wish to make a deferral election, do not complete or deliver this form.
		
	1.
	If no deferral election is made, the restricted stock unit award(s) described above will be settled promptly on or after the date when they vest but in any event by March 15th of the calendar year following the calendar year in which they vest.    

		
	2.
	A deferral election may be made only prior to the election deadline specified above.  The election form must be signed and must be received by the Company’s Legal Department on or before the election deadline.

		
	3.
	Once the election form has been received by the Company, the deferral election is irrevocable.

		
	4.
	A deferred settlement date may be elected, as described below.  In the event a deferred settlement date is elected, the restricted stock unit award(s) covered by this election will be settled on the earliest of the events described in Paragraphs 1-3 below or Paragraphs 1-4 below, as applicable (the event described in Paragraph 4 is optional).  At the time of a deferred settlement, one share of the Company’s common stock will be issued for each vested restricted stock unit.  However, the Company retains discretion to substitute an equivalent amount of cash for each underlying share, determined on the basis of the Fair Market Value (as defined in the 2013 Omnibus Equity Incentive Plan) of the stock at the time a restricted stock unit is settled.

		
	5.
	If a deferred settlement date is elected, the restricted stock unit awards covered by this election will be subject to Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). The Company has attempted in good faith to structure this deferral election in a manner that conforms to the requirements of Code Section 409A(a)(2), (3) and (4), and any ambiguities herein will be interpreted to so comply with these requirements to the maximum extent permissible.  To the extent the IRS challenges whether this award in fact complies with Code Section 409A(a)(2), (3) and (4), 

	
			
	Non-Employee Annual RSU Award Election Form
	 
	1

© 2017 Maxwell Technologies, Inc. – All rights reserved.

you will be fully responsible for any additional taxes, penalties and/or interest that might apply as a result of any adverse determination resulting from such challenge.  Notwithstanding anything to the contrary in the 2013 Omnibus Equity Incentive Plan or the applicable Restricted Stock Unit Award Agreement, if a deferred settlement date is elected, the Company may accelerate settlement of the restricted stock unit awards covered by this election only in accordance with Treasury Regulation Section 1.409A-3(j)(4).  You are encouraged to consult a tax advisor (at your own expense) before making a deferral election.
		
	6.
	A deferral election does not affect vesting of a restricted stock unit award.  If your service (as defined in the applicable Restricted Stock Unit Award Agreement) terminates for any reason, then the unvested portion of the restricted stock unit award will be forfeited, as provided in the Restricted Stock Unit Award Agreement.

DEFERRAL ELECTION
		
	1.
	Basic Deferral Election.  I hereby elect to have the restricted stock unit awards covered by this election (to the extent vested) settled promptly on or after February 20th of the following year:

Please insert any calendar year after [Year following election year].

The restricted stock unit award will in any event be settled prior to the end of the calendar year specified above.
You must specify a calendar year in the box in this Paragraph 1 or this deferral election will not be effective.
		
	2.
	Death.  If I die, then the restricted stock unit awards covered by this election (to the extent vested) will be settled as soon as reasonably practicable after my death, and in any event prior to the end of the calendar year in which I die. 

		
	3.
	Change in Control.  If the Company is subject to a Change in Control (as defined in the Company’s 2013 Omnibus Equity Incentive Plan on the date of this election), then the restricted stock unit awards covered by this election (to the extent vested) will be settled immediately prior to the effective time of the transaction that constitutes the Change in Control.  The foregoing notwithstanding, a transaction will not constitute a Change in Control for purposes of this deferral election unless it also constitutes a “change in control event” as defined in the Treasury Regulation 1.409A-3(i)(5).  

		
	4.
	Separation from Service.  By checking the “Yes” box, I elect to have the restricted stock unit awards covered by this election (to the extent vested) settled on an accelerated basis in the event of my “separation from service(1)” (as defined in the Income Tax Regulations under Code Section 409A as in effect on the date of this election).  The restricted stock unit awards will be settled promptly on or after the date of my separation from service, but will in any event be settled prior to the end of the calendar year in which my separation from service occurs.  

___________
(1)     In general, a “separation from service” occurs when a non-employee director ceases to serve on the Company’s board of directors, unless the director continues to provide consulting services. 

	
			
	Non-Employee Annual RSU Award Election Form
	 
	2

© 2017 Maxwell Technologies, Inc. – All rights reserved.

If the “Yes” box is checked, then the restricted stock unit awards covered by this election will be settled on the earliest of the date specified in Paragraph 1 above, your death, a change in control or your separation from service.  If the “No” box is checked or neither box is checked, then the restricted stock unit awards will be settled exclusively pursuant to Paragraphs 1-3 above.
[Please check one of the following boxes.]
	
						
	 
	o
	Yes
	 
	o
	No

SIGNATURE
I hereby elect to have the restricted stock unit award(s) described above settled at the time described in this election form.  I acknowledge that this election is irrevocable.
	
			
	 
	 
	 

	Signature
	 
	Date

	 
	 
	 

RECEIPT ACKNOWLEDGED:
	
			
	 
	 
	 

	[Name]
	 
	Date

	 
	 
	 

	
			
	Non-Employee Annual RSU Award Election Form
	 
	3

© 2017 Maxwell Technologies, Inc. – All rights reserved.Exhibit

EXHIBIT 10.12

MAXWELL TECHNOLOGIES, INC.
NON-EMPLOYEE DIRECTOR FEE ELECTION

Maxwell Technologies, Inc. (the “Company”) is offering you the opportunity to make certain elections with respect to the cash compensation you are eligible to receive as a non-employee member of the Company’s board of directors:  
		
	•
	Complete Section 1 if you wish to receive your director fees described below in the form of fully vested restricted stock unit awards.  

		
	•
	Complete Sections 1 and 3 if you wish to elect a deferred settlement date for such awards. 

You are not obligated to make either election.  If no election is made, your director fees described below will continue to be paid in cash on a quarterly basis.

To:    Legal Department, Maxwell Technologies, Inc.

From:    ___________________________________ , Director

I hereby irrevocably make the election(s) indicated below with respect to my non-employee director fees (including, as applicable, any annual retainers for board and/or committee service, any meeting fees for board and/or committee service and any other cash compensation payable with respect to my service as a non-employee director) (collectively, my “Director Fees”) that I would otherwise receive from the Company, subject to the terms and conditions of the Company’s 2013 Omnibus Equity Incentive Plan and this election.  The terms of my election are as follows:

		
	1.
	Director Fees Covered by Election:  My election applies to the following portion of all Director Fees that I may be entitled to receive for the second, third and fourth quarters of calendar year [Year] (the “Election Period”):

☐ 50%        ☐ 100%
		
	2.
	Payment of Director Fees in RSUs.  I understand that, in lieu of paying my Director Fees covered by this election in cash, the Company will award me, on a quarterly basis, fully vested restricted stock unit (“RSU”) awards subject to the terms and conditions of the 2013 Omnibus Equity Incentive Plan and the applicable form of Restricted Stock Unit Agreement.  I understand and agree that the number of vested RSUs, each representing one share of the Company’s common stock, subject to each award shall be determined by the following formula (with any resulting fractional share being disregarded):

X=A/B
Where,
“X” is the number of RSUs to be granted pursuant to this election,

	
			
	Non-Employee Director Fee Election Form
	 
	1

© 2017 Maxwell Technologies, Inc. – All rights reserved.

“A” is the amount of quarterly Director Fees deferred pursuant to this election, and 
“B” is the closing price of the Company’s common stock on the date of grant of the RSU award.
RSU awards will be granted after the close of each fiscal quarter, on the following dates:  February 20th, May 20th, August 20th and November 20th. I understand that I must remain in service through the applicable quarterly grant date in order to receive an RSU award.  If my service terminates prior to the date an RSU award is scheduled to be granted pursuant to this election, I understand that my Director Fees for the prior quarter will be paid, if applicable at the time elected in Section 3 below, in cash (without interest).   
I further understand that the aggregate number of RSUs and other equity awards granted to me in calendar year [Year], whether pursuant to this election or otherwise, cannot cover more than 30,000 shares or such other amount as approved at the 2017 Annual Meeting of Shareholders.  To the extent the formula above would result in the grant of RSUs to me in excess of such limit, my Director Fees will be paid, if applicable at the time elected in Section 3 below, in cash (without interest).
		
	3.
	Deferred Settlement Election. I hereby make the following election with respect to settlement of my RSU awards granted pursuant to this election.  

My RSU awards granted pursuant to this election will be settled on the earliest of the events specified in paragraphs (i)-(iii) or (i)-(iv) below, as applicable (the event described in paragraph (iv) is optional): 
		
	(i)
	February 20, 20______, (you must specify a calendar year after the Election Period or the deferral election in this Section 3 will not be effective), or

		
	(ii)
	my death, or

		
	(iii)
	the occurrence of a Change in Control (as defined in the Company’s 2013 Omnibus Equity Incentive Plan on the date of this election, provided the transaction also constitutes a “change in control event” as defined in Treasury Regulation 1.409A-3(i)(5)), or 

		
	(iv)
	☐ by checking this box, my “separation from service” (as defined in the Income Tax Regulations under Code Section 409A as in effect on the date of this election). In general, a “separation from service” will occur when you cease serving as a member of the Company’s board of directors for any reason not covered by paragraphs (ii) and (iii) above, unless you continue providing consulting services to the Company.  (You must check the box or a separation from service will not be a settlement event, however the remainder of the deferral election in this Section 3 will be effective.)

If the event in paragraph (iii) triggers settlement, my RSU awards will be settled immediately prior to the effective time of the transaction that constitutes the Change in Control.  Otherwise, my RSU awards will be settled promptly on or after the date of the earliest event specified above, but in any event no later than the end of the calendar year in which such event occurs.  At the time of a deferred settlement, one share of the Company’s Common Stock will be issued for each vested unit.  However, the Company retains discretion to substitute an equivalent amount of cash for each underlying share, determined on the basis of the Fair Market Value (as defined in the Company’s 2013 Omnibus Equity Incentive Plan) of the stock at the time an RSU is settled.
		
	4.
	Timing of Election.  This election must be filed with the Legal Department of the Company no later than [Month Day, Year].  No election received after this date will be effective.

		
	5.
	Irrevocability of Election.  Once the election form has been received by the Company, the deferral election is irrevocable.

	
			
	Non-Employee Director Fee Election Form
	 
	2

© 2017 Maxwell Technologies, Inc. – All rights reserved.

		
	6.
	Awards Unfunded.  I understand that the Company has not formally funded my RSU awards to be granted pursuant to this election (or any cash fees covered by this election) and that I am considered a general unsecured creditor of the Company with respect to each RSU award granted pursuant to this election (or any cash fees covered by this election).  

		
	7.
	Tax Matters.  If a deferral election is selected pursuant to Section 3, the RSU awards (or cash fees) covered by this election will be subject to Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). The Company has attempted in good faith to structure this deferral election in a manner that conforms to the requirements of Code Section 409A(a)(2), (3) and (4), and any ambiguities herein will be interpreted to so comply with these requirements to the maximum extent permissible.  To the extent the IRS challenges whether this award in fact complies with Code Section 409A(a)(2), (3) and (4), you will be fully responsible for any additional taxes, penalties and/or interest that might apply as a result of any adverse determination resulting from such challenge.  Notwithstanding anything to the contrary in the 2013 Omnibus Equity Incentive Plan or the applicable Restricted Stock Unit Award Agreement, the Company may accelerate settlement of the RSU awards covered by this election only in accordance with Treasury Regulation Section 1.409A-3(j)(4).  You are encouraged to consult a tax advisor (at your own expense) before making a deferral election.

SIGNATURE
I hereby elect to receive all or a portion of my director fees in the form of fully vested RSUs and, if Section 3 is properly completed, to defer all or a portion of my director fees as described in this election.  I acknowledge that this election is irrevocable.
	
			
	 
	 
	 

	Signature
	 
	Date

	 
	 
	 

RECEIPT ACKNOWLEDGED:
	
			
	 
	 
	 

	[Name]
	 
	Date

	 
	 
	 

	
			
	Non-Employee Director Fee Election Form
	 
	3

© 2017 Maxwell Technologies, Inc. – All rights reserved.

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