Document:

Preset Diversification Program Sales Plan

 Exhibit 10.1 
  
 Issuer: Omega
Protein Corporation 
 

 
 Preset Diversification ProgramSM (PDP) 
 Sales Plan 
 Sales Plan dated the date specified in Exhibit A hereto (this “Sales Plan”) between Seller specified in Exhibit A (“Seller”) and
Morgan Stanley & Co. Incorporated (“Morgan Stanley”), acting as agent for Seller. Capitalized terms used but not defined herein shall have the meaning given such terms in Exhibits A and B hereto. 
 A. Recitals 
 1. This Sales Plan is entered
into between Seller and Morgan Stanley for the purpose of establishing a trading plan that complies with the requirements of Rule 10b5-1(c)(1) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). 
 2. Seller is establishing this Sales Plan in order to permit the orderly disposition of a portion of Seller’s holdings of common stock (the
“Stock”) of the Issuer, including (only if the Sales Plan covers Stock that Seller has the right to acquire under outstanding stock options as specified in Exhibit B hereto) Stock that Seller has the right to acquire under outstanding
stock options listed on Exhibit C (the “Options”) issued by the Issuer. 
 B. Representations, Warranties and Covenants 

1. As of the date hereof, Seller is not aware of any material nonpublic information concerning the Issuer or its securities. Seller is entering into
this Sales Plan in good faith and not as part of a plan or scheme to evade compliance with the federal securities laws. 
 2. The securities
to be sold under this Sales Plan are owned free and clear by Seller (subject, in the case of shares underlying Options (if Exhibit C is applicable), only to the compliance by Seller with the exercise provisions of such Options) and, as of the
Selling Start Date, are not subject to any agreement granting any pledge, lien, mortgage, hypothecation, security interest, charge, option or encumbrance or any other limitation on disposition, other than those which may have been entered into
between Seller and 
  
 Preset Diversification Program is a registered service mark of Morgan Stanley & Co. Incorporated, protected in the United States and other countries. 
  

 Client: Joseph L. von Rosenberg III

 Morgan Stanley or imposed by Rules 144 or 145 under the Securities Act of 1933, as amended (the “Securities Act”). 
 3. While this Sales Plan is in effect, Seller agrees not to enter into or alter any corresponding or hedging transaction or position with respect to the
securities covered by this Sales Plan (including, without limitation, with respect to any securities convertible or exchangeable into the Stock) and, unless this Sales Plan is modified or terminated in accordance with the terms hereof, agrees not to
alter or deviate from the terms of this Sales Plan. 
 4. Seller agrees that Seller shall not, directly or indirectly, communicate any
information relating to the Stock or the Issuer to any employee of Morgan Stanley or its affiliates who is involved, directly or indirectly, in executing this Sales Plan at any time while this Sales Plan is in effect. Morgan Stanley represents that
it has in place reasonable policies and procedures to ensure that any representative of Morgan Stanley effecting sales pursuant to this Sales Plan does not sell shares of Stock on the basis of material non-public information. Any notice given to
Morgan Stanley pursuant to this Sales Plan shall be given in accordance with paragraph F.4 below. 
 5. (a) Seller agrees to provide Morgan
Stanley with a certificate dated as of the date hereof and signed by the Issuer substantially in the form of Exhibit D hereto prior to commencement of the Plan Sales Period (as defined below). 
 (b) Seller agrees to notify Morgan Stanley’s PDP Trading Desk in writing at the address set forth in paragraph F.4 below as soon as practicable if
Seller becomes aware of (i) a legal, contractual or regulatory restriction that is applicable to Seller or Seller’s affiliates or a stock offering requiring an affiliate lock-up, which would prohibit any sale pursuant to the Sales Plan
(other than any such restriction relating to Seller’s possession or alleged possession of material nonpublic information about the Issuer or its securities), (ii) a change in the Issuer’s insider trading policies, so that the sales to
be made by Morgan Stanley for the account of the Seller pursuant to the Sales Plan would violate these policies, or (iii) where the Sales Plan covers Stock that Seller has the right to acquire under outstanding stock options, a change in the
Issuer’s policies with regard to the timing or method of exercising such options which could interfere with the manner or timing of the sales to be made pursuant to this Sales Plan. In the case of a notice relating to clause (i) above,
such notice shall indicate the anticipated duration of the restriction, but shall not include any other information about the nature of the restriction or its applicability to Seller and shall not in any way communicate any material nonpublic
information about the Issuer or its securities to Morgan Stanley. Such notice shall be in addition 

  

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to the notice required to be given to Morgan Stanley by the Issuer pursuant to the certificate set forth as Exhibit D hereto. 
 6. Seller agrees to complete, execute and deliver to Morgan Stanley a seller representation letter dated as of the date hereof substantially in the form
of Exhibit E hereto prior to the commencement of the Plan Sales Period. 
 7. The execution and delivery of this Sales Plan by Seller and the
transactions contemplated by this Sales Plan will not contravene any provision of applicable law or any agreement or other instrument binding on Seller or any of Seller’s affiliates or any judgment, order or decree of any governmental body,
agency or court having jurisdiction over Seller or Seller’s affiliates. 
 8. Seller has consulted with Seller’s own advisors as to
the legal, tax, business, financial and related aspects of this Sales Plan. Seller acknowledges that Morgan Stanley is not acting as its fiduciary but is acting in a brokerage capacity in connection with the adoption and implementation of this Sales
Plan. 
 9. Seller agrees that until this Sales Plan has been terminated Seller shall not, without providing prior written notice to Morgan
Stanley, (i) enter into a binding contract with respect to the purchase or sale of Stock with another broker, dealer or financial institution (each, a “Financial Institution”), (ii) instruct another Financial Institution to
purchase or sell Stock or (iii) adopt a plan for trading with respect to Stock other than this Sales Plan. 
 10. (a) Seller agrees to
make (or cause to be made) all filings, if any, required under Sections 13(d), 13(g) and 16 of the Exchange Act in a timely manner, to the extent any such filings are applicable to Seller. 
 (b) Seller agrees that Seller shall at all times during the Plan Sales Period (as defined below), in connection with the performance of this Sales Plan,
comply with all applicable laws, including, without limitation, Section 16 of the Exchange Act and the rules and regulations promulgated thereunder. 
 (c) Seller agrees to complete, execute and deliver to Morgan Stanley a Section 16 Authorization Letter in the form attached hereto as Exhibit F. 
 11. Seller acknowledges and agrees that Seller does not have, and shall not attempt to exercise, any influence over how, when or whether to effect sales
of Stock pursuant to this Sales Plan. Seller and Morgan Stanley acknowledge and agree that Morgan Stanley shall not sell Stock pursuant to this Sales Plan at any time when any person at Morgan Stanley executing such sales is aware of material
nonpublic information concerning the Issuer or its securities. 
 12. (a) Seller represents that Seller is not entering into the Sales Plan
on behalf of, or with the assets of, an individual retirement account or individual retirement annuity, or any employee retirement or employee benefit plan 

 
(such as, for example, a Keogh or “HR-10” plan). [Explanatory Note: A Sales Plan involving the sale of stock acquired through the exercise of
employee stock options would not be “on behalf of, or with the assets of’ any of the types of plans referred to in this sub-paragraph.] 
 (b) If Seller is not an individual, Seller represents that Seller is not an “employee benefit plan” within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended, or a “plan”
as defined under Section 4975(e) of the Internal Revenue Code of 1986, as amended, or an entity whose underlying assets include the assets of any such plan by reason of such a plan’s investment in such entity. 
 13. If the Stock is to be sold pursuant to Rule 144 or 145 of the Securities Act (as indicated by Seller in Exhibit A hereto), Seller makes the following
additional representations, warranties and agreements: 
 (a) Seller represents and warrants that the Stock to be sold
pursuant to this Sales Plan is currently eligible for sale under Rule 144 or 145. 
 (b) Seller agrees not to take, and
agrees to cause any person or entity with which Seller would be required to aggregate sales of Stock pursuant to paragraph (a)(2) or (e) of Rule 144 not to take, any action that would cause the sales hereunder not to meet all applicable
requirements of Rule 144. 
 (c) Seller agrees to complete, execute and deliver to Morgan Stanley Forms 144 for the sales to
be effected under this Sales Plan at such times and in such numbers as Morgan Stanley shall request, and Morgan Stanley agrees to file such Forms 144 on behalf of Seller as required by applicable law. The “Remarks” section of each Form 144
shall bear a notification which states that the Stock covered by such Form 144 is being sold pursuant to this Sales Plan and that the representation regarding Seller’s knowledge of material nonpublic information speaks as of the date that
Seller adopted this Sales Plan. If Exhibit A indicates that the Stock is to be sold pursuant to Rule 144 or 145 of the Securities Act, Seller agrees that Morgan Stanley shall continue making Form 144 filings as contemplated by this paragraph B.13(c)
in connection with sales under this Sales Plan until Morgan Stanley receives a written notification (which notification shall be acknowledged by the Issuer) stating that Seller is no longer an “affiliate” of the Issuer as that term is
defined under Rule 144. 
 (d) Seller hereby grants Morgan Stanley a power of attorney to complete and/or file on behalf of
Seller any required Forms 144. Notwithstanding such power of attorney, Seller acknowledges that Morgan Stanley shall have no obligation to complete or file Forms 144 on behalf of Seller except as set forth in subparagraph (c). 
 14. Morgan Stanley agrees to conduct all sales pursuant to this Sales Plan in accordance with the manner of sale and current public information
requirements of Rule 144 

  

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and in no event shall Morgan Stanley effect any sale if such sale would exceed the then-applicable amount limitation under Rule 144, assuming Morgan
Stanley’s sales pursuant to this Sales Plan are the only sales subject to that limitation. 
 15. As of the date hereof, Seller has not
received notice of the imposition of, and Seller is not otherwise aware of the actual or approximate beginning or ending dates of, any existing or impending “blackout period” pertaining to the Issuer’s securities in individual account
plans maintained by the Issuer, as defined by Rule 100(b) of Regulation Blackout Trading Restriction (“Regulation BTR”) issued by the Securities and Exchange Commission (the “SEC”), and any amendments thereto. 
 C. Implementation of the Plan 
 1. Seller
hereby appoints Morgan Stanley to sell shares of Stock pursuant to the terms and conditions set forth below. Subject to such terms and conditions, Morgan Stanley hereby accepts such appointment. 
 2. Morgan Stanley is authorized to begin selling Stock pursuant to this Sales Plan on the Selling Start Date and shall cease selling Stock on the
earliest to occur of (i) the date on which Morgan Stanley is required to suspend or terminate sales under this Sales Plan pursuant to paragraph D.3 below, (ii) if Seller is an individual, the date on which Morgan Stanley receives notice of
the death of Seller, (iii) the date on which Morgan Stanley receives notice of the commencement or impending commencement of any proceedings in respect of or triggered by Seller’s bankruptcy or insolvency, (iv) the date on which
Morgan Stanley receives a valid Customer Securities Account Transfer notice with respect to the account of Seller, and (v) the Selling End Date (the “Plan Sales Period”). 
 3. (a) Morgan Stanley shall sell the Interim Sale Amount specified in Exhibit B for the account of Seller during each Interim Sales Period specified in
Exhibit B at Morgan Stanley’s sole discretion in accordance with ordinary principles of best execution; provided, that Morgan Stanley shall not sell any shares of Stock pursuant to this Sales Plan at a price of less than the Minimum Sale
Price specified in Exhibit B; and provided, further, that, except as otherwise provided in Exhibit B hereto, Morgan Stanley shall not sell any shares of Stock pursuant to this Sales Plan to the extent that such sales would, on any given day,
constitute over 25% of the total trading volume on any such day, as reasonably estimated by Morgan Stanley at such time. 
 A “Trading
Day” is any day during the Plan Sales Period that the primary market on which the Stock regularly trades is open for business and the Stock trades regular way on such market. 
 (b) The Interim Sale Amount, the Total Sale Amount and the Minimum Sale Price (to the extent any such terms are applicable) and any other share amounts

 
and per share prices set forth in paragraph C of this Sales Plan shall be adjusted automatically on a proportionate basis to take into account any stock
split, reverse stock split or stock dividend with respect to the Stock or any change in capitalization with respect to the Issuer that occurs during the Plan Sales Period. 
 4. Morgan Stanley shall not sell Stock hereunder at any time when: 
 (i) Morgan Stanley, in its sole discretion, has determined that a market disruption, material disruption in securities settlement, payment
or clearance services, banking moratorium, outbreak or escalation of hostilities or other crisis or calamity that could, in Morgan Stanley’s judgment, impact offer, sales or delivery of the Stock has occurred (provided, however, that Morgan
Stanley shall resume effecting trades in accordance with this Sales Plan as soon as Morgan Stanley determines that it is reasonably practical to do so); or 
 (ii) Morgan Stanley, in its sole discretion, has determined that it is prohibited from doing so by a legal, contractual or regulatory restriction applicable to it or its affiliates or to Seller or Seller’s
affiliates (other than any such restriction relating to Seller’s possession or alleged possession of material nonpublic information about the Issuer or the Stock); or 
 (iii) Morgan Stanley has received notice from the Issuer or Seller of the occurrence of any event contemplated by paragraph B.5(b) above;
or 
 (iv) Morgan Stanley has received notice from Seller to terminate the Sales Plan in accordance with paragraph D.3 below.

 5. (a) Seller agrees to deliver the Stock to be sold pursuant to this Sales Plan (with the amount to be estimated by Seller in good faith,
if the Interim Sale Amount is designated as an aggregate dollar amount) (the “Plan Shares”), to the extent such Plan Shares are currently owned by Seller, into an account at Morgan Stanley in the name of and for the benefit of Seller (the
“Plan Account”) prior to the commencement of sales under this Sales Plan. 
 Morgan Stanley agrees to notify Seller promptly if at
any time during the Plan Sales Period the number of shares of Stock so delivered to the Plan Account is less than the number of Plan Shares remaining to be sold pursuant to this Sales Plan (not including shares of Stock underlying the Options
described in subparagraph (b) below). Upon such notification, Seller agrees to deliver promptly to the Plan Account the number of shares of Stock necessary to eliminate this shortfall. 
 (b) If the Sales Plan covers Options and Exhibit C is applicable, Seller agrees to make appropriate arrangements with the Issuer and its transfer agent
and stock plan administrator to permit Morgan Stanley to furnish notice to the Issuer of the exercise of the Options and to have underlying shares delivered to Morgan Stanley as necessary to 

  

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effect sales under this Sales Plan. Seller hereby authorizes Morgan Stanley to serve as Seller’s agent and attorney-in-fact and, in accordance with the
terms of this Sales Plan, to exercise the Options. Seller agrees to complete, execute and deliver to Morgan Stanley Stock Option Cashless Exercise Forms, in the form attached hereto as Exhibit G, for the exercise of Options pursuant to this Sales
Plan at such times and in such numbers as Morgan Stanley shall request. Stock received upon exercise of Options shall be delivered to the Plan Account. 
 (c) Morgan Stanley shall withdraw Stock from the Plan Account in order to effect sales of Stock under this Sales Plan. 
 If the Sales Plan covers Options and Exhibit C is applicable, and on any day that sales are to be made under this Sales Plan the number of shares of Stock in the Plan Account is less than the number of shares to be
sold on such day, Morgan Stanley shall exercise a sufficient number of Options to effect such sales in the manner specified in Exhibit C under “Manner of Exercising Options”. Morgan Stanley shall in no event exercise any Option if at the
time of exercise the exercise price of the Option is equal to or higher than the market price of the Stock. Morgan Stanley shall, in connection with the exercise of Options, remit to the Issuer the exercise price thereof along with such amounts as
may be necessary to satisfy withholding obligations. These amounts shall be deducted from the proceeds of sale of the Stock, together with interest thereon computed in accordance with Morgan Stanley’s customary practices. 
 (d) To the extent that any Stock remains in the Plan Account after the end of the Plan Sales Period or upon termination of this Sales Plan, Morgan
Stanley agrees to return such Stock promptly to the Issuer’s transfer agent for relegending to the extent that such Stock would then be subject to transfer restrictions in the hands of the Seller. 
 6. Morgan Stanley shall in no event effect any sale under this Sales Plan if the Stock to be sold is not in the Plan Account or underlying an Option that
is exercised in accordance with the terms of this Sales Plan on the day of such sale. 
 7. Morgan Stanley may sell Stock on any national
securities exchange, in the over-the-counter market, on an automated trading system or otherwise. Seller agrees that if Morgan Stanley is a market maker or dealer in the Stock at the time that any sale is to be made under this Sales Plan, Morgan
Stanley may, at its sole discretion, purchase the Stock from Seller in its capacity as market maker or dealer. 
 8. All references in this
Sales Plan to per share stock prices shall be before deducting any commission, commission equivalent, mark-up or differential and other expenses of sale. 
 9. Seller may instruct Morgan Stanley to sell or purchase shares of Stock other than pursuant to this Sales Plan. The parties hereto agree that any such sale or purchase 

 
transaction (i) will not be deemed to modify this Sales Plan unless Seller so requests in writing in accordance with paragraph D.1 below and
(ii) will be given by Seller to Morgan Stanley only if such transaction does not contravene any of the representations, warranties or covenants set forth in Section B of this Sales Plan. 
 D. Amendment; Termination 
 1. This Sales Plan
may be amended by Seller only upon the written consent of Morgan Stanley and receipt by Morgan Stanley of the following documents, each dated as of the date of such amendment: 
 (i) a representation signed by the Issuer substantially in the form of Exhibit D hereto, 
 (ii) a certificate signed by Seller certifying that the representations and warranties of Seller contained in this Sales Plan are true at
and as of the date of such certificate as if made at and as of such date, and 
 (iii) a seller representation letter
completed and executed by Seller substantially in the form of Exhibit E hereto. 
 2. In no event may Seller modify or otherwise alter this
Sales Plan if Seller has received notice of the imposition of, or Seller is otherwise aware of the actual or approximate beginning or ending dates of, any existing or impending “blackout period” pertaining to the Issuer’s securities
in individual account plans maintained by the Issuer, as defined by Rule 100(b) of Regulation BTR issued by the SEC, and any amendments thereto. 
 3. (a) This Sales Plan may be suspended or terminated by Seller at any time upon one days prior written notice sent to Morgan Stanley’s PDP Trading Desk by overnight mail or by facsimile at the address and fax number set forth in
paragraph F.4 below. Seller agrees that Seller shall not suspend or terminate this Sales Plan except upon consultation with Seller’s own legal advisors. 
 (b) This Sales Plan shall be suspended or, at Morgan Stanley’s option, terminated, if Morgan Stanley receives notice from the Issuer of the occurrence of any event contemplated by paragraph 3 of the certificate
set forth as Exhibit D hereto. 
 4. Seller agrees that Morgan Stanley will execute this Sales Plan in accordance with its terms and will not
be required to suspend or terminate any sales of the Stock unless Morgan Stanley has received notice from Seller or the Issuer in accordance with paragraph D.3 above at least one day prior to the date on which this Sales Plan is to be suspended or
terminated. 

  

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 E. Indemnification; Limitation of Liability 
 1. (a) Seller agrees to indemnify and hold harmless Morgan Stanley and
its directors, officers, employees and affiliates from and against all claims, losses, damages and liabilities (including, without limitation, any legal or other expenses reasonably incurred in connection with defending or investigating any such
action or claim) (collectively, “Losses”) arising out of or attributable to this Sales Plan, including, without limitation, any breach by Seller of this Sales Plan (including Seller’s representations and warranties hereunder) or any
violation by Seller of applicable laws or regulations; provided, however, that the indemnification provisions of this paragraph E.1.(a) shall not apply in the case of any claims, losses, damages or liabilities resulting from Morgan Stanley’s
gross negligence or willful misconduct. Seller will reimburse Morgan Stanley for any and all advance fees, costs and expenses of any kind incurred by Morgan Stanley as a result of such Losses. This indemnification shall survive termination of this
Sales Plan. 
 (b) Notwithstanding any other provision hereof, neither party shall be liable to the other for: 
 (i) any special, indirect, punitive, exemplary or consequential damages, or incidental losses or damages of any kind, even if advised of
the possibility of such losses or damages or if such losses or damages could have been reasonably foreseen, or 
 (ii) any
failure to perform or to cease performance or any delay in performance that results from a cause or circumstance that is beyond its reasonable control, including but not limited to failure of electronic or mechanical equipment, strikes, failure of
common carrier or utility systems, outbreak or escalation of hostilities or other crisis or calamity, severe weather, market disruptions, material disruptions in securities settlement, payment or clearance services or other causes commonly known as
“acts of God”. 
 F. General 
 1. Proceeds from each sale of Stock effected under the Sales Plan will be delivered to the account of Seller less any commission, commission equivalent, mark-up or differential and other expenses of sale to be paid to Morgan Stanley,
provided that any commission hereunder shall be as specified in Exhibit B. 
  

 2. Seller and Morgan Stanley acknowledge and
agree that this Sales Plan is a “securities contract,” as such term is defined in Section 741(7) of Title 11 of the United States Code (the “Bankruptcy Code”), entitled to all of the protections given such contracts under
the Bankruptcy Code. 
 3. This Sales Plan constitutes the entire agreement between the parties with respect to this Sales Plan and
supercedes any prior agreements or understandings with regard to the Sales Plan. 
 4. All notices to Morgan Stanley under this Sales Plan
shall be given to Morgan Stanley’s PDP Administration Unit in the manner specified by this Sales Plan by facsimile at 201-200-2979 or by certified mail to the address below: 
 Morgan Stanley & Co. Incorporated 
 Harborside Financial Center 
 Plaza
III, 1st Floor 
 Jersey
City, NJ 07311 
 Attn: PDP Administration Services 
 5. Seller’s rights and obligations under this Sales Plan may not be assigned or delegated without the written permission of Morgan Stanley.

 6. This Sales Plan may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the
signatures thereto and hereto were upon the same instrument. 
 7. If any provision of this Sales Plan is or becomes inconsistent with any
applicable present or future law, rule or regulation, that provision will be deemed modified or, if necessary, rescinded in order to comply with the relevant law, rule or regulation. All other provisions of this Sales Plan will continue and remain
in full force and effect. 
 8. This Sales Plan shall be governed by and construed in accordance with the internal laws of the State of New
York and may be modified or amended only by a writing signed by the parties hereto. 

  

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 IN WITNESS WHEREOF, the undersigned have signed this Sales Plan on the date specified
below12. 
  

					
	SELLER
		
	By:	 	 
		 	Name:	 	Joseph L. von Rosenberg III
		 	Date:	 	April 4, 2008

  

					
	MORGAN STANLEY & CO. INCORPORATED
		
	By:	 	 
		 	Name:	 	Joe Vaccarino
		 	Title:	 	Executive Director
		 	Date:	 	April 4, 2008

  
  
  
  
  
 1 Seller is advised that Morgan Stanley’s obligations under this Sales Plan will not take effect unless and
until this Sales Plan is approved and executed by Morgan Stanley. 
 2 Note: If this Sales Plan involves the sale of stock that is restricted under Rule 144 and/or Section 16, Morgan Stanley may not execute this Sales Plan
until the firm’s standard restricted stock due diligence process for such securities has been completed. 

  

 6Employment Agreement dated April 1, 2008.

 Exhibit 10.1 
 MAXWELL TECHNOLOGIES, INC. 
 EMPLOYMENT AGREEMENT 
 This Employment Agreement (the “Agreement”) is made as of this 1st day of April 2008, by and between MAXWELL TECHNOLOGIES, INC. a Delaware
corporation, (“Company”) and George Kreigler, SVP of Maxwell Technologies (“Executive”). The parties agree with each other as follows: 
 1. Term of Employment. Subject to the terms and conditions set forth in this Agreement, the Company hereby agrees to employ Executive, and Executive agrees to be employed by the Company, for the period
commencing on the date of this Agreement and ending on the first to occur of (i) the date on which Executive first qualifies for or elects to receive retirement benefits in accordance with the Company’s normal retirement policies and
(ii) the date on which this Agreement is terminated by either the Company or Executive pursuant to any subsection of Section 4 hereof. 
 2. Duties of Executive. 
 (a) Executive shall serve as the Senior Vice President, World Wide Boostcap
Operations of the Company. In such capacity, Executive shall report to the CEO of the Company and Executive shall perform the duties and render the services for and on behalf of the Company associated with the positions he shall hold and as may be
set forth from time to time in resolutions of, or other directives issued by, the CEO. 
 (b) Executive agrees to perform such
duties and render such services to the best of his ability, devoting thereto his entire professional time, attention and energy exclusively to the business and affairs of the Company and its affiliates, as its business and affairs now exist and as
they hereafter may be changed, and shall not during the term of his employment hereunder be engaged in any other business activity, whether or not such business activity is pursued for gain or profit; provided, however, that Executive may serve
(i) on civic or charitable boards or committees and (ii) with the prior written approval of the Board, boards of corporations or business enterprises, in each case so long as such activities do not interfere with the performance of
Executive’s obligations under this Agreement. 
 3. Compensation of Executive. As compensation for the services to be performed
under this Agreement: 
 (a) Base Salary. Effective as of the date of this Agreement, Executive shall be paid a base
salary at the initial annual rate of $264,000, payable in installments consistent with the Company’s payroll practices, and subject to normal withholding. Executive’s base salary shall be reviewed annually prior to each anniversary of this
Agreement by the Board or its Compensation Committee and if the Board or Committee determines, in its discretion, that Executive’s base salary is to be increased, such increase shall be effective as of such anniversary date or prior.

  

 (b) Annual Bonus. Executive shall be entitled to an annual bonus which shall be
determined as provided in this subsection (b): 
 (i) Commencing now, the Board will set specific financial performance
targets and the amount of Executive’s bonus will range $0 to a maximum amount equal to 50% of Executive’s annual base salary as in effect for such fiscal year (with a target bonus of 50% of the then effective base salary) depending on the
CEO’s determination of Executive’s success in achieving the specified targets. 
 (ii) The bonus payable to
Executive for each fiscal year, if any is due, shall be paid to Executive, subject to normal withholding, promptly after the completion of the audit of the Company’s financial statements for such fiscal year. 
 (c) Retention Bonus. Executive shall be provided with a bonus of $264,000 if he is continuously employed by the company through
March 1, 2010. This bonus is by no means being intended to signify the end of the employment relationship. 
 (d)
Options and Restricted Stock. Executive is eligible for, and has received, the grant of restricted stock under the Company’s stock option programs. The Board or its Compensation Committee will from time to time consider making additional
grants to Executive, but the Company shall not be obligated to make any particular grant or grants thereof. 
 (e)
Benefits. Executive shall be entitled to participate in the Company’s insurance, health, 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. 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. 
 (f) Vacation. Executive shall be entitled to vacation according to the prevailing rules in effect
during this employment contract. Such vacation shall be taken at such times as the Company and Executive shall mutually agree, acting reasonably, having regard to the performance of Executive’s essential duties to the Company pursuant to the
terms of this Agreement. Executive may accumulate unused vacation time from year to year to the extent permitted under the Company’s vacation policy for executives as in effect from time to time. 
 (g) Expenses. Executive shall be reimbursed for all travel and other reasonable out-of-pocket expenses actually incurred by him in
connection with the performance of his duties hereunder, subject the Company’s expense reimbursement policies as in effect from time to time and to the receipt by the Company of receipts and statements in a form reasonably satisfactory to it.

  

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 (h) Housing. Executive shall be provided with corporate housing while employed by
Maxwell Technologies, Inc. for a maximum period of two years from this agreement. If Executive purchases a residence in San Diego County prior to this two year period the corporate housing will be discontinued. 
 4. Termination. 
 (a)
Termination by the Company for Cause. Notwithstanding anything to the contrary herein contained, the Company may terminate immediately the employment of Executive without notice and without pay in lieu of notice: 
 (i) if Executive commits an act of theft, fraud or material dishonesty or misconduct involving the property or affairs of the Company or
the carrying out of Executive’s duties; or 
 (ii) if Executive commits a material breach or material non-observance of
any of the terms or conditions of this Agreement provided that Executive is given written notice of any such breach or non-observance and fails to remedy the same within 15 days of receipt of such notice; or 
 (iii) if Executive is convicted of a felony; or 
 (iv) if Executive refuses or fails to implement any reasonable directive issued by the Company’s Board of Directors and Executive
fails to remedy the refusal or failure within 15 days of receipt of written notice thereof; or 
 (v) if Executive or any
member of his family makes any personal profit arising out of or in connection with a transaction to which the Company or any of its subsidiaries is a party or with which it is associated without making disclosure to and obtaining prior written
consent of the Company. 
 Upon the termination of Executive’s employment pursuant to this Subsection (a), this Agreement and the
employment of Executive hereunder shall be wholly terminated. Upon any such termination, Executive shall have no claim against the Company in respect of his employment for damages or otherwise except in respect of payment of base salary earned, due
and owing and unused vacation time to the date of termination. 
 (b) Termination by the Company Without Cause.
Notwithstanding anything herein to the contrary, the Company may terminate Executive’s employment hereunder at any time, for any reason or no reason, on not less than 30 days’ prior written notice. In the event of termination pursuant to
this Subsection (b), Executive will be paid an amount equal to one half of Executive’s annual base salary in effect on the date of such termination of employment. Such amount will be paid in equal monthly installments following the date of
termination of employment. Additionally, the retention bonus of $264,000 will be paid within 30 days of termination date. 
 In addition, notwithstanding anything to the contrary contained herein or in the applicable stock option agreements, all of the stock options then held by Executive shall 

  

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continue to vest in accordance with their terms until the six month anniversary of the date the Company terminates Executive’s employment under this
subsection (b) and shall be exercisable to the extent so vested by Executive on or prior to the 60th day following such anniversary date of
termination. 
 (c) Termination by Executive. Executive may terminate his employment hereunder at any time, for any
reason, upon the giving of not less than 15 days’ prior written notice to the CEO. In the event of termination by Executive under this clause (c), Executive shall be entitled to receive only his base salary and unused vacation time due him
through the effective date of termination. Upon the termination of Executive’s employment pursuant to this Subsection (a), this Agreement and the employment of Executive hereunder shall be wholly terminated. Upon any such termination, Executive
shall have no claim against the Company in respect of his employment for damages or otherwise except in respect of payment of base salary earned, due and owing and unused vacation time to the date of termination. 
 (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 clause (d), 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 clause (d). 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 clause (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. 
 (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 third anniversary of such Change of Control a Triggering Event (as
hereinafter defined) shall occur, 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 hereunder In such event Executive shall be
entitled to the following: 
 (i) Following the date of the Triggering Event, Executive shall be paid two cash payments, each
to be equal to one half of the Executive’s annual base salary in effect on the date of the Triggering Event, with the first of such payment to be paid within 30 days of the Triggering Event and the second of such payments to be paid on the six
month anniversary of the date of the Triggering Event, in each case subject to normal withholding; 
  

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 (ii) As of the date of the Triggering Event, notwithstanding the vesting schedule of any
stock options or restricted shares then held by Executive, all stock options and restricted shares then held by Executive shall thereupon become fully vested; and 
 (iii) For a six months period following the date of the Triggering Event, Executive shall be provided with employee benefits substantially
identical to those to which Executive was entitled immediately prior to the Triggering Event, subject to any changes or modifications (including reductions or terminations) to the Company’s employee benefit and welfare plans that are made
generally for all of the Company’s senior executives. 
 In the event that the benefits provided for in this Subsection 4(e) to
be paid Executive constitute “parachute payments” within the meaning of section 280G of the Internal Revenue Code of 1986, as amended (the “Code”), and will be subject to the excise tax imposed by Section 4999 of the Code,
then Executive shall receive (a) a payment from the Company sufficient to pay such excise tax and (b) an additional payment from the Company sufficient to pay the Federal and California income tax arising from the payment made under clause
(a) of this sentence. Unless the Company and Executive otherwise agree, the determination of Executive’s excise tax liability and the Federal and California income tax resulting from the payment under clause (a) above shall be made by
the Company’s independent accountants (the “Accountants”), whose determination shall be conclusive and binding upon the Company and Executive for all purposes. For purposes of making the calculations required by this
Subsection 4(e), the Accountants may make reasonable assumptions and approximations concerning applicable taxes and may rely on interpretations of the Code for which there is a “substantial authority” tax reporting position. The
Company and Executive shall furnish to the Accountants such information and documents as the Accountants may reasonably request in order to make the determinations required by this Subsection 4(e). The Company shall bear the expenses of the
Accountants under this Subsection 4(e). 
 For purposes of this Subsection 4(e): 
 (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 shareholders approve a plan of complete liquidation of the Company or an
agreement for the sale or disposition by the Company of all, or substantially all, of the Company’s assets 

  

 5 

 
(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 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. 
 (b) “Triggering Event” means any of the following: (i) the termination by the
Company without Cause of Executive’s employment pursuant to Subsection 4(b) hereof; (2) the reduction of Executive’s annual base salary or annual incentive bonus formula from that in effect on the date of the Change of Control;
(3) the removal of Executive as the Company’s Senior Vice President or a reduction in his duties and responsibilities; or (4) the relocation of Executive’s principal place of employment to a location outside San Diego County,
California. 
 (f) Payments. Any amounts payable to Executive under this Section 4 shall be paid, unless otherwise
specified hereunder, within 30 days of the date the payment obligation accrues and shall be subject to normal withholding. 
 (g) Exclusive Rights. In connection with any termination under Subsection 4(b) or 4(e), Executive shall have no claim against the Company in respect of his employment for damages or otherwise except in respect of the payments and
other provisions specified in such Subsections. 
 (h) Cooperation. Upon any termination of employment by the Company
or by Executive hereunder, Executive shall cooperate with the Company, as reasonably requested by the Company, to effect a transition of Executive’s responsibilities and to ensure that the Company is aware of all matters being handled by
Executive. 
 (i) Relocation Expenses. Upon any termination of
employment after May 1st, 2008, Maxwell will pay the expenses for shipping the employee’s household goods, family and automobiles to his
home in Colorado up to a maximum cost of $15,000.00. 
 (j) Other Expenses. If employee sells his California residence
within 3 months of his termination, Maxwell will reimburse him for closing costs and loss up to a maximum of $40,000.00. 
 5. Resolution
of Disputes. The parties recognize that claims, controversies and disputes may arise out of this Agreement with respect to Executive’s employment, termination of employment, or other terms of this Agreement or based on common law or
statute, either during the existence of the employment relationship or afterwards. The parties agree that should any such claim, controversy or dispute arise, the parties will use their best efforts to resolve such dispute informally, between them.
In the event that any such claim, controversy or dispute between Company and Executive cannot be resolved within thirty (30) days after either party first gives notice in writing that any such claim, controversy or dispute exists, either party
may then refer the matter to arbitration before JAMS/ENDISPUTE pursuant to its rules for resolution of employment disputes. 
  

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 The parties hereby agree that referral to arbitration shall be the sole recourse of either party under
this Agreement with respect to any such claim, controversy or dispute and that the decision of the arbitrator shall be binding on the parties in accordance with applicable law; provided, however, that nothing in this Section 5 shall be
construed as precluding either party from bringing an action for injunctive relief or other equitable relief. The parties shall keep confidential the existence of each such the claim, controversy or dispute from third parties (other than
arbitrator), and the determination thereof, unless otherwise required by law. Except as provided in the following sentence, such decision rendered by the arbitrator shall be final and conclusive and may be entered in any court having jurisdiction
thereof as a basis of judgment and of the issuance of execution for its collection. In rendering his or her decision, the arbitrator shall be bound to follow California or Federal law, as applicable, in the same manner as would a court of law. Any
claim that the arbitrator made a mistake or error in determining or applying the appropriate law shall be subject to judicial review. 
 The
parties further agree that the party prevailing in the arbitration shall be entitled to its reasonable attorney’s fees and that the arbitration itself shall take place within the County of San Diego, California, and that the internal laws of
the State of California shall apply. 
 6. General Obligations of Executive. 
 (a) Executive agrees and acknowledges that he owes a duty of loyalty, fidelity and allegiance to act at all times in the best interests of
the Company, to not knowingly become involved in a conflict of interest and to not knowingly do any act or knowingly make any statement, oral or written, which would injure the Company’s business, its interest or its reputation unless required
to do so in any legal proceeding by a competent court with proper jurisdiction. 
 (b) Executive agrees to comply at all times
with all applicable policies, rules and regulations of the Company, including, without limitation, the Company’s policy regarding trading in the Common Stock, as is in effect from time to time. 
 7. No Solicitation. Executive agrees that in the event he is no longer employed by the Company, for any reason, he shall not hire, solicit or
otherwise cause to be solicited for employment elsewhere, either directly or indirectly, for a period of one year from his termination of employment, any employee, officer or director of the Company or any individual who chooses not to join the
Company, provided that Executive participated actively in the recruiting of such individual. 
 8. Non-competition. Executive agrees
that for a period of one year following termination of his employment with the Company for any reason, he will not, nor will he permit any entity or other person under his control to, directly or indirectly, own, manage, operate or control, or
participate in the ownership, management, operation or control of, or be connected with or have any interest in, as a shareholder, director, officer, employee, agent, consultant, partner, creditor or otherwise, any business or activity which is
competitive with any business or 

  

 7 

 
activity engaged in by the Company or any of its subsidiaries or affiliates anywhere within (i) the State of California, or (ii) any other state of
the United States and the District of Columbia in which the Company engages in or has engaged in business during the past five years. 
 9.
Entire Agreement. This Agreement constitutes the entire Agreement between the parties and contains all agreements between them with the exception of the 1995 Stock Option Plan (and any stock option agreements issued there under) the other
employee benefit and welfare programs maintained by the Company, and the Invention and Secrecy Agreement dated the date of this Agreement signed by Executive, which are supplementary to this Agreement and are each deemed to be incorporated herein by
reference. Each party to this Agreement acknowledges that no representations, inducements, promises or agreements, orally or otherwise, have been made by any party, or anyone acting on behalf of any party, which are not embodied in this Agreement,
and that no agreement, statement or promise not contained in this Agreement shall be valid or binding. Except for the other agreements, plans and programs referred to in this Section 9, this Agreement also supersedes any and all other
agreements and contracts whether verbal or in writing relating to the subject matter hereof. 
 10. Amendment. Except as otherwise
specifically provided herein, the terms and conditions of this Agreement may be amended at any time by mutual agreement of the parties; provided that before any amendment shall be valid or effective, it shall have been reduced to writing and signed
by the CEO on behalf of the Company and by Executive. 
 11. Invalidity. The invalidity or unenforceability of any particular
provision of this Agreement shall not affect its other provisions, and this contract shall be construed in all respects as if such invalid or unenforceable provision has been omitted. 
 12. Binding Nature. Executive’s rights and obligations under this Agreement shall not be assignable, transferable or delegable by assignment
or otherwise, and any purported assignment, transfer or delegation thereof shall be void. This Agreement shall inure to the benefit of, and be enforceable by, any purchaser of substantially all of the Company’s assets, any corporate successor
to the Company or any assignee thereof. 
 13. Assistance in Litigation. Executive shall, during and after termination of employment,
upon reasonable notice, furnish such information and proper assistance to the Company as may reasonably be required by the Company in connection with any litigation in which it or any of its subsidiaries or affiliates is, or may become a party.
Except where Executive is a named defendant, Executive shall be paid a reasonable hourly fee to be mutually agreed upon. In addition, Executive shall be provided paid legal assistance during his employment and for three calendar years following his
termination if he is sued for anything related to his employment with Maxwell. 
 14. Indemnification. The Company shall indemnify
Executive in accordance with its standard indemnification policy for offices and directors of the Company and as required by applicable law. 
 15. No Duty to Mitigate. Executive shall not be required to mitigate the amount of any payment contemplated by this Agreement (whether by seeking new employment or in any other manner), nor shall any such payment be reduced by any
earnings that Executive may receive from any other source not paid for by the Company. 
  

 8 

 16. Choice of Law. The validity, interpretation, construction and performance of this Agreement
shall be governed by the laws of the State of California except for Sections 7 and 8 hereof which shall be governed by, and interpreted and construed in accordance with, the internal laws (without giving effect to choice of law principles) of the
jurisdiction in which either of said Sections is being sought to be enforced. 
 17. Notices. All notices and other communications
required or permitted hereunder or necessary or convenient in connection herewith shall be in writing and, if given by telegram, telecopy or telex, shall be deemed to have been validly served, given or delivered when sent, if given by personal
delivery, shall be deemed to have been validly served, given or delivered upon actual delivery and, if mailed, shall be deemed to have been validly served, given or delivered three business days after deposit in the United States mail, as registered
or certified mail, with proper postage prepaid and addressed to the party or parties to be notified, at the following addresses: 
 If to Executive to: 
 George Kreigler 
 Telephone: 
 If to the Company to: 
 Maxwell Technologies Inc. 
 9244 Balboa Avenue 
 San Diego, California 92123 
 Attn: Chairman of the Board 
 Telephone: (858) 503-3300 
 Fax: (858) 503-3301 
 18. Injunctive Relief. The Company and Executive agree that a breach of
any term of this Agreement by Executive would cause irreparable damage to the Company and that, in the event of such breach, the Company shall have, in addition to any and all remedies of law, the right to any injunction, specific performance and
other equitable relief to prevent or to redress the violation of Executive’s duties or responsibilities hereunder. 
 19.
Release. If Executive’s employment hereunder shall terminate under Subsection 4 (b) or 4(e), Executive agrees, as a condition to his entitlement to receive the amounts specified in such Subsections to be due to him, to execute and
deliver to the Company a release in the form attached hereto as Exhibit A. Such release shall be delivered by Executive at the time of termination, but shall become effective only after Executive has received all payments specified in
this Agreement to be due to him from the Company in respect of his termination. 
 20. Counterparts. This Agreement may be executed in
any number of counterparts, all of which taken together shall constitute one and the same instrument and either of the parties to this Agreement may execute this Agreement by signing any such counterpart. 
  

 9 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the 1st day of April, 2008.

  

			
	“Company”
	
	MAXWELL TECHNOLOGIES, INC.
		
	By:	 	/s/ David Schramm
		 	David Schramm
	
	“Executive”
		
	By:	 	/s/ George Kriegler III
		 	George Kriegler III

  

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