Document:

EX-10.1

 Exhibit 10.1 

CERTIFICATE OF AMENDMENT 

OF 
 2005 Omnibus Equity
Incentive Plan 
 OF 

MAXWELL TECHNOLOGIES, INC. 
  

	1.	 Purpose, History and Effective Date. 

 

	 	a.	 Purpose. The Maxwell Technologies, Inc. 2005 Omnibus Equity Incentive Plan has two complementary
purposes: (i) to attract and retain outstanding individuals to serve as officers, employees, directors or consultants and (ii) to increase stockholder value. The Plan will provide Participants incentives to increase stockholder value by
offering the opportunity to acquire shares of the Company’s common stock or receive monetary payments based on the value of such common stock on the potentially favorable terms that this Plan provides. 

 

	 	b.	 History. Prior to the effective date of this Plan, the Company had in effect the 1995 Plan. Upon
stockholder approval of this Plan, no new awards will be granted under the 1995 Plan. 

  

	 	c.	 Effective Date. This Plan will become effective, and Awards may be granted under this Plan, on and after
the Effective Date. This Plan will terminate as provided in Section 14. 

  

	2.	 Definitions. Capitalized terms used in this Plan have the following meanings:

  

	 	a.	 “1995 Plan” means the Amended and Restated Maxwell Technologies, Inc. 1995 Stock Option Plan.

  

	 	b.	 “Affiliate” has the meaning ascribed to such term in Rule
12b-2 promulgated under the Exchange Act or any successor rule or regulation thereto. 

  

	 	c.	 “Award” means a grant of Options, Stock Appreciation Rights, Performance Shares, Performance Units,
Restricted Stock, Restricted Stock Units or Dividend Equivalent Units. 

  

	 	d.	 “Award Agreement” means a written agreement, contract, or other instrument or document evidencing the
grant of an Award in such form as the Committee determines. 

  

	 	e.	 “Board” means the Board of Directors of the Company. 

 

	 	f.	 “Change of Control” means, subject to the provisions of this Section 2(f) the occurrence of any
one of the following events: 

  

	 	(i)	 the consummation of a merger or consolidation of the Company with or into another entity or any other corporate
reorganization, if more than fifty percent (50%) of the combined voting power of the continuing or surviving entity’s securities outstanding immediately after such merger, consolidation or other reorganization is owned by Persons who were
not stockholders of the Company immediately prior to such merger, consolidation or other reorganization; 

  

	 	(ii)	 the sale, transfer or other disposition of all or substantially all of the Company’s assets;

  

	 	(iii)	 a change in the composition of the Board, as a result of which fewer than fifty percent (50%) of the
incumbent directors are directors who either (A) had been directors of the Company on the date twenty-four (24) months prior to the date of the event that may constitute a Change of Control (the “original directors”) or
(B) were elected, or nominated for election, to the Board with the affirmative votes of at least a majority of the aggregate of the original directors who were still in office at the time of the election or nomination and the directors whose
election or nomination was previously so approved; or 

  

	 	(iv)	 any transaction as a result of which any Person is the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing at least fifty percent (50%) of the total voting power represented by the Company’s then outstanding voting
securities. For purposes of this paragraph (iv), the term “Person” shall exclude (A) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or a Subsidiary and (B) a corporation owned
directly or indirectly by the stockholders of the Company in substantially the same proportions as their ownership of the common stock of the Company. 

  

 Notwithstanding anything to the contrary contained herein, the occurrence of any event
listed in this Section 2(f) shall not constitute a Change of Control unless and until the Committee makes an affirmative determination in writing that such occurrence constitutes a Change of Control for purposes of this Plan. In addition, a
transaction shall not constitute a Change of Control if its sole purpose is to change the state of the Company’s incorporation or to create a holding company that will be owned in substantially the same proportions by the persons who held the
Company’s securities immediately before such transaction. 
  

	 	g.	 “Code” means the Internal Revenue Code of 1986, as amended. Any reference to a specific provision of
the Code includes any successor provision and the regulations promulgated under such provision. 

  

	 	h.	 “Committee” means the Compensation Committee of the Board (or a successor committee with the same or
similar authority). 

  

	 	i.	 “Company” means Maxwell Technologies, Inc., a Delaware corporation, or any successor thereto.

  

	 	j.	 “Director” means a member of the Board, and
“Non-Employee Director” means a Director who is not also an employee of the Company or its Subsidiaries. 

  

	 	k.	 “Disability” has the meaning ascribed to the term in Code Section 22(e)(3), as determined by the
Committee. 

  

	 	l.	 “Disinterested Persons” means the non-employee directors of
the Company within the meaning of Rule 16b-3 as promulgated under the Exchange Act. 

  

	 	m.	 “Dividend Equivalent Unit” means the right to receive a payment equal to the cash dividends paid with
respect to a Share. 

  

	 	n.	 “Effective Date” means the date the Company’s stockholders approve this Plan.

  

	 	o.	 “Exchange Act” means the Securities Exchange Act of 1934, as amended. Any reference to a specific
provision of the Exchange Act includes any successor provision and the regulations and rules promulgated under such provision. 

  

	 	p.	 “Fair Market Value” means, per Share on a particular date, (i) if the Stock is listed for
trading on The Nasdaq National Market, the last reported sales price on the date in question, or if no sales of Stock occur on the date in question, on the last preceding date on which there was a sale on The Nasdaq National Market; or (ii) if
the Stock is not listed or admitted to trading on The Nasdaq National Market, the last reported sales price on the date in question on the principal national securities exchange on which the Stock is listed or admitted to trading, or if no sales of
Stock occur on the date in question, on the last preceding date on which there was a sale on such exchange; or (iii) if the Stock is not listed or admitted to trading on any national securities exchange, the last reported sales price on the
date in question in the over-the-counter market, as reported by the National Association of Securities Dealers, Inc. Automated Quotations System or such other system
then in use, or if no sales of Stock occur on the date in question, on the last preceding date on which there was a sale; or (iv) if on any such date the Stock is not quoted by any such organization, the last sales price on the date in question
as furnished by a professional market making a market in the Stock selected by the Board for the date in question, or if no sales of Stock occur on the date in question, on the last preceding date on which there was a sale; or (v) if on any
such date no market maker is making a market in the Stock, the price as determined in good faith by the Committee. 

  

	 	q.	 “Incentive Stock Option” means an Option that meets the requirements of Code Section 422.

  

	 	r.	 “Option” means the right to purchase Shares at a specified price during a specified period of time.

  

	 	s.	 “Participant” means an individual selected by the Committee to receive an Award, and includes any
individual who holds an Award after the death of the original recipient. 

  

	 	t.	 “Performance Goals” means any goals the Committee establishes that relate to one or more of the
following for such period as the Committee specifies: 

  

	 	(i)	 Revenue; 

  

	 	(ii)	 Earnings before interest, taxes, depreciation and amortization, as adjusted (EBITDA as adjusted);

  

	 	(iii)	 Income before income taxes and minority interests; 

 

	 	(iv)	 Operating income; 

  
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	 	(v)	 Pre- or after-tax income;

  

	 	(vi)	 Average accounts receivable; 

 

	 	(vii)	 Cash flow; 

  

	 	(viii)	 Cash flow per share; 

 

	 	(ix)	 Net earnings; 

  

	 	(x)	 Basic or diluted earnings per share; 

 

	 	(xi)	 Return on equity; 

  

	 	(xii)	 Return on assets; 

  

	 	(xiii)	 Return on capital; 

  

	 	(xiv)	 Growth in assets; 

  

	 	(xv)	 Economic value added; 

 

	 	(xvi)	 Share price performance; 

 

	 	(xvii)	 Total stockholder return; 

 

	 	(xviii)	 Improvement or attainment of expense levels; 

 

	 	(xix)	 Market share or market penetration; 

 

	 	(xx)	 Business expansion, and/or acquisitions or divestitures; or 

 

	 	(xxi)	 With respect to Awards that the Committee determines will not be considered “performance-based
compensation” under Code Section 162(m), any other performance goals as determined by the Committee, provided that any such goal(s) are established in writing by the Committee no later than 90 days after the commencement of the period of
service to which the goal relates and while the achievement of such goal(s) is substantially uncertain. 

 The Committee may specify at
the time an Award is made that the Performance Goals are to be measured for an individual, the Company, for the Company on a consolidated basis, for any one or more Affiliates or divisions of the Company and/or for any other business unit or units
of the Company, and/or that the Performance Goals are to be measured either in absolute terms or relative to the performance of one or more comparable companies or an index covering multiple companies. 

 

	 	u.	 “Performance Shares” means the right to receive Shares to the extent Performance Goals are achieved.

  

	 	v.	 “Performance Units” means the right to receive a payment, based on a number of units with a specified
value, to the extent Performance Goals are achieved. 

  

	 	w.	 “Person” has the meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in
Sections 14(d) and 15(d) thereof. 

  

	 	x.	 “Plan” means this Maxwell Technologies, Inc. 2005 Omnibus Equity Incentive Plan, as may be amended
from time to time. 

  

	 	y.	 “Restricted Stock” means Shares that are subject to a risk of forfeiture and/or restrictions on
transfer, which may lapse upon the achievement or partial achievement of Performance Goals and/or upon the completion of a period of service. 

  

	 	z.	 “Restricted Stock Unit” means the right to receive a payment which right may vest upon the
achievement or partial achievement of Performance Goals and/or upon the completion of a period of service, with each unit having a value equal to the Fair Market Value of one or more Shares, or the average of the Fair Market Value of one or more
Shares over such period as the Committee specifies. 

  

	 	aa.	 “Retirement” means, unless the Committee determines otherwise in an Award Agreement, termination of
employment from the Company and its Affiliates on or after age 65 with five (5) years of continuous service with the Company and its Affiliates. 

  
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	 	bb.	 “Rule 16b-3” means Rule
16b-3 as promulgated by the United States Securities and Exchange Commission under the Exchange Act. 

  

	 	cc.	 “Section 16 Participants” means Participants who are subject to the provisions of
Section 16 of the Exchange Act. 

  

	 	dd.	 “Share” means a share of Stock. 

 

	 	ee.	 “Stock” means the common stock of the Company. 

 

	 	ff.	 “Stock Appreciation Right” or “SAR” means the right to receive a payment equal to the
appreciation of the Fair Market Value of a Share during a specified period of time. 

  

	 	gg.	 “Subsidiary” means any corporation (other than the Company) in an unbroken chain of corporations
beginning with the Company if each such corporation owns stock possessing fifty percent (50%) or more of the total combined voting power in one of the other corporations in the chain. 

 

	3.	 Administration. 

 

	 	a.	 Committee Administration. In addition to the authority specifically granted to the Committee in this
Plan, the Committee has full discretionary authority to administer this Plan, including but not limited to the authority to (i) interpret the provisions of this Plan, (ii) prescribe, amend and rescind rules and regulations relating to this
Plan, (iii) correct any defect, supply any omission, or reconcile any inconsistency in the Plan, any Award or Award Agreement in the manner and to the extent it deems desirable to carry this Plan, such Award or such Award Agreement into effect
and (iv) make all other determinations necessary or advisable for the administration of this Plan. All decisions, interpretations and other actions of the Committee shall be final and binding on all Participants and any other individual with a
right under the Plan or under any Award. 

  

	 	b.	 Delegation to Other Committees or CEO. To the extent applicable law permits, the Board may delegate to
another committee of the Board, or the Committee may delegate to the Chief Executive Officer of the Company, any or all of the authority and responsibility of the Committee. However, no such delegation is permitted with respect to Awards made to
Section 16 Participants at the time any such delegated authority or responsibility is exercised. The Board also may delegate to another committee of the Board consisting entirely of Non-Employee Directors
any or all of the authority and responsibility of the Committee with respect to individuals who are Section 16 Participants. If the Board or Committee has made such a delegation, then all references to the Committee in this Plan include such
other committee or the Chief Executive Officer to the extent of such delegation. 

  

	 	c.	 Indemnification. In addition to such other rights of indemnification as they may have as members of the
Board or the Committee, the members of the Board and the Committee shall be indemnified by the Company against all costs and expenses reasonably incurred by them in connection with any action, suit or proceeding to which they or any of them may be
party by reason of any action taken or failure to act under or in connection with the Plan or any Award, and against all amounts paid by them in settlement thereof (provided such settlement is approved by independent legal counsel selected by the
Company) or paid by them in satisfaction of a judgment in any such action, suit or proceeding, except a judgment based upon a finding of bad faith; provided that upon the institution of any such action, suit or proceeding a Committee or Board member
shall, in writing, give the Company notice thereof and an opportunity, at its own expense, to handle and defend the same before such Committee or Board member undertakes to handle and defend it on such member’s own behalf.

  

	4.	 Eligibility. The Committee may designate any of the following as a Participant from time to time:
any officer or other employee of the Company or any of its Affiliates, an individual that the Company or an Affiliate has engaged to become an officer or other employee, a Director, or a consultant or advisor who provides bona fide services to the
Company or an Affiliate as an independent contractor. The Committee’s designation of a Participant in any year will not require the Committee to designate such person to receive an Award in any other year. 

 

	5.	 Types of Awards. Subject to the terms of this Plan, the Committee may grant any type of Award to
any Participant it selects, but only employees of the Company or a Subsidiary may receive grants of Incentive Stock Options. Awards may be granted alone or in addition to, in tandem with, or in substitution for any other Award (or any other award
granted under another plan of the Company or any Affiliate). Awards granted under the Plan shall be evidenced by an Award Agreement except to the extent the Committee provides otherwise. 

  
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	6.	 Shares Reserved under this Plan. 

 

	 	a.	 Plan Reserve. Subject to adjustment as provided in Section 16, an aggregate of two million seven
hundred fifty thousand (2,750,000) Shares, plus the number of Shares described in Section 6(c), are reserved for issuance under this Plan. The number of Shares reserved for issuance under this Plan shall be reduced only by the number of
Shares delivered in payment or settlement of Awards. Notwithstanding the foregoing, the Company may issue only one million seven hundred fifty thousand (2,750,000) Shares upon the exercise of Incentive Stock Options. 

 

	 	b.	 Replenishment of Shares Under this Plan. If an Award lapses, expires, terminates or is cancelled without
the issuance of Shares under the Award, or if Shares are forfeited under an Award, then the Shares subject to such Award may again be used for new Awards under this Plan under Section 6(a), including issuance as Incentive Stock Options. If
Shares are issued under any Award and the Company subsequently reacquires them pursuant to rights reserved upon the issuance of the Shares, or if previously owned Shares are delivered to the Company in payment of the exercise price of an Award or
the withholding taxes due as a result of the issuance or receipt of a payment or Shares under an Award, then such Shares may again be used for new Awards under this Plan under Section 6(a), but such Shares may not be issued pursuant to
Incentive Stock Options. 

  

	 	c.	 Addition of Shares from Predecessor Plan. After the Effective Date, if any Shares subject to awards
granted under the 1995 Plan would again become available for new grants under the terms of such plan, then those Shares will be available for the purpose of granting Awards under this Plan, thereby increasing the number of Shares available for
issuance under this Plan as determined under the first sentence of Section 6(a). Any such Shares will not be available for future awards under the terms of the 1995 Plan after the Effective Date. The maximum number of additional Shares that may
become available under this Section 6(c) following stockholder approval of the 2010 amendment to this Plan is 614,795 Shares. 

  

	 	d.	 Participant Limitations. Subject to adjustment as provided in Section 16, with respect to Awards
that are intended to qualify as “performance-based compensation” under Code Section 162(m), no Participant may be granted Awards that could result in such Participant: 

 

	 	(i)	 receiving in any calendar year Options for, and/or Stock Appreciation Rights with respect to, more than two
hundred fifty thousand (250,000) Shares (reduced, in the initial calendar year in which this Plan is effective, by the number of options granted to a Participant under the 1995 Plan in such year, if any), except that Options and/or Stock
Appreciation Rights granted to a new employee in the calendar year in which his or her employment commences may not relate to more than five hundred thousand (500,000) Shares; 

 

	 	(ii)	 receiving in any calendar year Awards of Restricted Stock and/or Restricted Stock Units relating to more than
two hundred fifty thousand (250,000) Shares; 

  

	 	(iii)	 receiving in any calendar year Awards of Performance Shares, and/or Awards of Performance Units (the value of
which is based on the Fair Market Value of a Share), for more than two hundred fifty thousand (250,000) Shares; or 

  

	 	(iv)	 receiving in any calendar year Awards of Performance Units (the value of which is not based on the Fair Market
Value of a Share) that could result in a payment of more than Two Hundred Fifty Thousand Dollars ($250,000). 

 With respect to Awards
that are not intended to meet the requirements of performance-based compensation under Code Section 162(m), the Committee may grant Awards in excess of the limits described in this subsection (d), but only if such discretion would not cause
Awards that are intended to be performance-based compensation under Code Section 162(m) from being treated as such. 
  

	7.	 Options. 

  

	 	a.	 Discretionary Grants. Except as provided in subsection (b) and subject to the terms of this Plan,
the Committee will determine all terms and conditions of each Option, including but not limited to: 

  

	 	(i)	 Whether the Option is an Incentive Stock Option, or a “nonqualified stock option” which does not meet
the requirements of Code Section 422; provided that in the case of an Incentive Stock Option, if the aggregate Fair Market Value (determined at the time of grant) of the Shares with respect to which all

  
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Incentive Stock Options are first exercisable by the Participant during any calendar year (under this Plan and under all other incentive stock option plans of the Company or any Affiliate that is
required to be included under Code Section 422) exceeds $100,000, such Option automatically shall be treated as a nonqualified stock option to the extent this limit is exceeded. 

 

	 	(ii)	 The number of Shares subject to the Option. 

 

	 	(iii)	 The exercise price per Share, which may not be less than the Fair Market Value of a Share as determined on the
date of grant; provided that (i) no Incentive Stock Option shall be granted to any employee who, at the time the Option is granted, owns (directly or indirectly, within the meaning of Code Section 424(d)) more than ten percent of the total
combined voting power of all classes of stock of the Company or of any Subsidiary unless the exercise price is at least 110 percent of the Fair Market Value of a Share on the date of grant; and (ii) the exercise price may vary during the
term of the Option if the Committee determines that there should be adjustments to the exercise price relating to achievement of Performance Goals and/or to changes in an index or indices that the Committee determines is appropriate (but in no event
may the exercise price per Share be less than the Fair Market Value of a Share as determined on the date of grant). 

  

	 	(iv)	 The terms and conditions of exercise, which may include a requirement that exercise of the Option is
conditioned upon achievement of one or more Performance Goals or may provide for an acceleration of the exercisability upon the Participant’s death, Disability or Retirement. 

 

	 	(v)	 The termination date, except that each Option must terminate no later than the tenth (10th) anniversary of the date of grant, and each Incentive Stock Option granted to any employee who, at the time the Option is granted, owns (directly or indirectly, within the meaning of Code
Section 424(d)) more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or of any Subsidiary must terminate no later than the fifth
(5th) anniversary of the date of grant. Notwithstanding the foregoing, the Committee may extend the term of an Option for up to six (6) months beyond the tenth (10th) anniversary of the date of grant in the event a Participant dies prior to the Option’s termination date. 

 

	 	(vi)	 The exercise period following a Participant’s termination of employment or service. 

In all other respects, the terms of any Incentive Stock Option should comply with the provisions of Code Section 422 except to the extent the Committee
determines otherwise. 
  

	8.	 Stock Appreciation Rights. Subject to the terms of this Plan, the Committee will determine all
terms and conditions of each SAR, including but not limited to: 

  

	 	a.	 Whether the SAR is granted independently of an Option or relates to an Option; provided that if an SAR is
granted in relation to an Option, then unless otherwise determined by the Committee, the SAR shall be exercisable or shall mature at the same time or times, on the same conditions and to the extent and in the proportion, that the related Option is
exercisable and may be exercised or mature for all or part of the Shares subject to the related Option. Upon exercise of any number of SARs, the number of Shares subject to the related Option shall be reduced accordingly and such Option may not be
exercised with respect to that number of Shares. The exercise of any number of Options that relate to an SAR shall likewise result in an equivalent reduction in the number of Shares covered by the related SAR. 

 

	 	b.	 The number of Shares to which the SAR relates. 

 

	 	c.	 The grant price, provided that the grant price shall not be less than the Fair Market Value of the Shares
subject to the SAR as determined on the date of grant. 

  

	 	d.	 The terms and conditions of exercise or maturity, which may include a provision that accelerates the
exercisability of the SAR upon the Participant’s death, Disability or Retirement. Notwithstanding the foregoing, unless the Committee determines otherwise in the Award Agreement, if on the date when the SAR expires or otherwise terminates, the
grant price for the SAR is less than the Fair Market Value of a Share, then the unexercised portion of the SAR that was exercisable immediately prior to such date shall automatically be deemed exercised. 

  
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	 	e.	 The term, provided that an SAR must terminate no later than 10 years after the date of grant. Notwithstanding
the foregoing, the Committee may extend the term of an SAR for up to six (6) months beyond the tenth (10th) anniversary of the date of grant in the event a Participant dies prior to the
SAR’s termination date. 

  

	 	f.	 Whether the SAR will be settled in cash, Shares or a combination thereof. 

 

	9.	 Performance Awards. Subject to the terms of this Plan, the Committee will determine all terms and
conditions of each award of Performance Shares or Performance Units, including but not limited to: 

  

	 	a.	 The number of Shares and/or units to which such Award relates, and with respect to Performance Units, whether
the value of each unit will be based on the Fair Market Value of one or more Shares, the average of the Fair Market Value of one or more Shares over such period as the Committee specifies, or such other value as the Committee specifies in the Award
Agreement. 

  

	 	b.	 One or more Performance Goals that must be achieved during such period as the Committee specifies in order for
the Participant to realize the benefit of such Award. 

  

	 	c.	 Whether all or a portion of the Performance Goals subject to an Award are deemed achieved upon a
Participant’s death, Disability or Retirement. 

  

	 	d.	 With respect to Performance Units, whether to settle such Award in cash, Shares, or a combination of cash and
Shares. 

  

	10.	 Restricted Stock and Restricted Stock Unit Awards. Subject to the terms of this Plan, the Committee
will determine all terms and conditions of each award of Restricted Stock or Restricted Stock Units, including but not limited to: 

  

	 	a.	 The number of Shares and/or units to which such Award relates. 

 

	 	b.	 The period of time over which the restrictions imposed on Restricted Stock will lapse and the vesting of
Restricted Stock Units will occur, and whether, as a condition for the Participant to realize all or a portion of the benefit provided under the Award, one or more Performance Goals must be achieved during such period as the Committee specifies;
provided that, subject to the provisions of Section 10(c), an Award that is subject to the achievement of Performance Goals must have a restriction or vesting period of at least one year, and an Award that is not subject to Performance Goals
must have a restriction or vesting period of at least three years. Notwithstanding the foregoing, if the Committee determines in its sole discretion that an Award of Restricted Stock or Restricted Stock Units is granted to a Participant in lieu of
cash compensation (including without limitation bonus cash compensation), the Committee may impose such restriction or vesting period on such Award as it determines. 

 

	 	c.	 Whether all or any portion of the restrictions or vesting schedule imposed on the Award will lapse or be
accelerated upon a Participant’s death, Disability or Retirement. 

  

	 	d.	 With respect to Restricted Stock Units, whether to settle such Awards in cash, Shares, or a combination of cash
and Shares. 

  

	 	e.	 With respect to Restricted Stock, the manner of registration of certificates for such Shares, and whether to
hold such Shares in escrow pending lapse of the restrictions or to issue such Shares with an appropriate legend referring to such restrictions. 

  

	 	f.	 Whether dividends paid with respect to an Award of Restricted Stock will be immediately paid or held in escrow
or otherwise deferred and whether such dividends shall be subject to the same terms and conditions as the Award to which they relate. 

  

	11.	 Dividend Equivalent Units. Subject to the terms and conditions of this Plan, the Committee will
determine all terms and conditions of each award of Dividend Equivalent Units, including but not limited to whether such Award will be granted in tandem with another Award, and the form, timing and conditions of payment. 

 

	12.	 Payment of Directors’ Fees in Options. Subject to such restrictions as may be imposed by the
Board, a Director may elect to receive all or any portion of his or her annual cash retainer payment from the Company in the form of Options. The number of Options granted as a result of such election shall be determined by multiplying the amount of
foregone cash compensation by four (4), and dividing such product by the Fair Market Value of a Share on the date the cash compensation would have otherwise been paid to the Director. Such Options shall be issued under and subject to the terms of
this Plan. An election under this Section 12 shall be filed with the Company on such form and in such manner as the Board determines. 

  
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	13.	 Transferability. Awards are not transferable other than by will or the laws of descent and
distribution, unless and to the extent the Committee allows a Participant to: (a) designate in writing a beneficiary to exercise the Award after the Participant’s death; or (b) transfer an Award. 

 

	14.	 Termination and Amendment of Plan; Amendment, Modification or Cancellation of Awards.

  

	 	a.	 Term of Plan. This Plan will terminate on the tenth anniversary of the Effective Date unless
the Board or Committee earlier terminates this Plan pursuant to Section 14(b). 

  

	 	b.	 Termination and Amendment. The Board or the Committee may amend, suspend or terminate this
Plan at any time, subject to the following limitations: 

  

	 	(i)	 the Board must approve any amendment, suspension or termination of this Plan to the extent the Company
determines such approval is required by: (A) action of the Board, (B) applicable corporate law, (C) the listing requirements of any principal securities exchange or market on which the Shares are then traded, or (D) any other
applicable law; 

  

	 	(ii)	 stockholders must approve any amendment of this Plan to the extent the Company determines such approval is
required by: (A) Section 16 of the Exchange Act, (B) the Code, (C) the listing requirements of any principal securities exchange or market on which the Shares are then traded, or (D) any other applicable law; and

  

	 	(iii)	 stockholders must approve any of the following Plan amendments: (A) an amendment to materially increase
any number of Shares specified in Section 6(a) or 6(d) (except as permitted by Section 16); or (B) an amendment to the provisions of Section 14(e). 

 

	 	c.	 Amendment, Modification or Cancellation of Awards. Except as provided in Section 14(e) and subject
to the requirements of this Plan, the Committee may modify or amend any Award or waive any restrictions or conditions applicable to any Award or the exercise of the Award, and the terms and conditions applicable to any Awards may at any time be
amended, modified or canceled by mutual agreement between the Committee and the Participant, so long as any amendment or modification does not increase the number of Shares issuable under this Plan (except as permitted by Section 16), but the
Committee need not obtain Participant (or other interested party) consent for the cancellation of an Award pursuant to the provisions of Section 16(a) or the modification of an Award to the extent deemed necessary to comply with any applicable
law or the listing requirements of any principal securities exchange or market on which the Shares are then traded, or to preserve favorable accounting treatment of any Award for the Company. 

 

	 	d.	 Survival of Authority and Awards. Notwithstanding the foregoing, the authority of the Board and the
Committee under this Section 14 will extend beyond the date of this Plan’s termination. In addition, termination of this Plan will not affect the rights of Participants with respect to Awards previously granted to them, and all unexpired
Awards will continue in force and effect after termination of this Plan except as they may lapse or be terminated by their own terms and conditions. 

  

	 	e.	 Repricing Prohibited. Notwithstanding anything in this Plan to the contrary, and except for the
adjustments provided in Section 16, neither the Committee nor any other person may decrease the exercise price for any outstanding Option after the date of grant nor cancel or allow a Participant to surrender an outstanding Option to the
Company as consideration for the grant of a new Option with a lower exercise price or the grant of another type of Award the effect of which is to reduce the exercise price of any outstanding Option. 

 

	 	f.	 Foreign Participation. To assure the viability of Awards granted to Participants employed in foreign
countries, the Committee may provide for such special terms as it may consider necessary or appropriate to accommodate differences in local law, tax policy or custom. Moreover, the Committee may approve such supplements to, or amendments,
restatements or alternative versions of, this Plan as it determines is necessary or appropriate for such purposes. Any such amendment, restatement or alternative versions that the Committee approves for purposes of using this Plan in a foreign
country will not affect the terms of this Plan for any other country. In addition, all such supplements, amendments, restatements or alternative versions must comply with the provisions of Section 14(b)(ii). 

  
 -8- 

	15	 Taxes. 

  

	 	a.	 Withholding Right. The Company is entitled to withhold the amount of any tax attributable to any amount
payable or Shares deliverable under this Plan after giving the person entitled to receive such amount or Shares notice as far in advance as practicable, and the Company may defer making payment or delivery if any such tax may be pending unless and
until indemnified to its satisfaction. 

  

	 	b.	 Use of Shares to Satisfy Tax Withholding. The Committee may permit a Participant to satisfy all or a
portion of the federal, state and local withholding tax obligations arising in connection with an Award by electing to (i) have the Company withhold Shares otherwise issuable under the Award, (ii) tender back Shares received in connection
with such Award or (iii) deliver other previously owned Shares, in each case having a Fair Market Value equal to the amount to be withheld. However, the amount to be withheld may not exceed the total minimum federal, state and local tax
withholding obligations associated with the transaction to the extent required to avoid an expense on the Company’s financial statements. The election must be made on or before the date as of which the amount of tax to be withheld is determined
and otherwise as the Committee requires. 

  

	16.	 Adjustment Provisions; Change of Control. 

 

	 	a.	 Adjustment of Shares. If the Committee determines that any dividend or other distribution (whether in
the form of cash, Shares, other securities, or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up,
spin-off, combination, repurchase, or exchange of Shares or other securities of the Company, issuance of warrants or other rights to purchase Shares or other securities of the Company, or other similar
corporate transaction or event affects the Shares such that the Committee determines an adjustment to be appropriate to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under this Plan, then,
subject to Participants’ rights under Section 16(c), the Committee may, in such manner as it may deem equitable, adjust any or all of (i) the number and type of Shares subject to this Plan (including the number and type of Shares
described in Sections 6(a) and 6(d)), and which may after the event be made the subject of Awards under this Plan, (ii) the number and type of Shares subject to outstanding Awards, and (iii) the grant, purchase, or exercise price with
respect to any Award. In any such case, the Committee may also (or in lieu of the foregoing) make provision for a cash payment to the holder of an outstanding Award in exchange for the cancellation of all or a portion of the Award (without the
consent of the holder of an Award) in an amount determined by the Committee effective at such time as the Committee specifies (which may be the time such transaction or event is effective), but if such transaction or event constitutes a Change of
Control, then (A) such payment shall be at least as favorable to the holder as the amount the holder could have received in respect of such Award under Section 16(c) and (B) from and after the Change of Control, the Committee may make
such a provision only if the Committee determines that doing so is necessary to substitute, for each Share then subject to an Award, the number and kind of shares of stock, other securities, cash or other property to which holders of Stock are or
will be entitled in respect of each Share pursuant to the transaction or event in accordance with the last sentence of this subsection (a). However, in each case, with respect to Awards of Incentive Stock Options, no such adjustment may be
authorized to the extent that such authority would cause this Plan to violate Code Section 422(b). Further, the number of Shares subject to any Award payable or denominated in Shares must always be a whole number. Without limitation, subject to
Participants’ rights under Section 16(c), in the event of any reorganization, merger, consolidation, combination or other similar corporate transaction or event, whether or not constituting a Change of Control (other than any such
transaction in which the Company is the continuing corporation and in which the outstanding Stock is not being converted into or exchanged for different securities, cash or other property, or any combination thereof), the Committee may substitute,
on an equitable basis as the Committee determines, for each Share then subject to an Award, the number and kind of shares of stock, other securities, cash or other property to which holders of Stock are or will be entitled in respect of each Share
pursuant to the transaction. 

  

	 	b.	 Issuance or Assumption. Notwithstanding any other provision of this Plan, and without affecting the
number of Shares otherwise reserved or available under this Plan, in connection with any merger, consolidation, acquisition of property or stock, or reorganization, the Committee may authorize the issuance or assumption of awards under this Plan
upon such terms and conditions as it may deem appropriate. 

  

	 	c.	 Change of Control. 

 

	 	(i)	 The Committee may specify, either in an Award Agreement or at the time of a Change of Control, whether an
outstanding Award shall become vested and/or payable, in whole or part, as a result of the Change of Control. 

  
 -9- 

	 	(ii)	 If, in connection with the Change of Control, the Options and SARs issued under the Plan are not assumed, or if
substitute Options and SARs are not issued, or if the assumed or substituted awards fail to contain similar terms and conditions as the Award prior to the Change of Control or fail to preserve, to the extent applicable, the benefit to be provided to
the Participant as of the date of the Change of Control, including but not limited to the right of the Participant to receive shares upon exercise of the Option or SAR that are registered for sale to the public pursuant to an effective registration
statement filed with the U.S. Securities and Exchange Commission, then each holder of an Option or SAR that is outstanding as of the date of the Change of Control shall have the right, exercisable by written notice to the Company (or its successor
in the Change of Control transaction) within 30 days after the Change of Control (but not beyond the Option’s or SAR’s expiration date), to receive, in exchange for the surrender of the Option or SAR, an amount of cash equal to the excess
of the greater of the Fair Market Value of the Shares determined on the Change of Control date or the Fair Market Value of the Shares on the date of surrender covered by the Option or SAR (to the extent vested and not yet exercised) that is so
surrendered over the purchase or grant price of such Shares under the Award. If the Committee so determines prior to the Change of Control, any such Option or SAR that is not exercised or surrendered prior to the end of such 30-day period will be cancelled. 

  

	 	(iii)	 If, in connection with the Change of Control, the Shares issued to a Participant as a result of the accelerated
vesting or payment of a Restricted Stock Award, Performance Share Award, Restricted Stock Unit Award, Performance Unit Award or Dividend Equivalent Award under this subsection (c) are not registered for sale to the public pursuant to an
effective registration statement filed with the U.S. Securities and Exchange Commission, then each holder of such Shares shall have the right, exercisable by written notice to the Company (or its successor in the Change of Control transaction)
within 30 days after the Change of Control, to receive, in exchange for the surrender of such Shares an amount of cash equal to the greater of the Fair Market Value of a Share on the Change of Control date or the Fair Market Value of such Share on
the date of surrender. 

  

	 	d.	 Parachute Payment Limitation. 

 

	 	(i)	 Scope of Limitation. This Section 16(d) shall apply to an Award only if: 

 

	 	(A)	 the independent auditors most recently selected by the Board (the “Auditors”) determine that the after-tax value of such Award to the Participant, taking into account the effect of all federal, state and local income taxes, employment taxes and excise taxes applicable to the Participant (including the excise
tax under Code Section 4999), will be greater after the application of this Section 16(d) than it was before the application of this Section 16(d); or 

 

	 	(B)	 the Committee, at the time of making an Award under the Plan or at any time thereafter, specifies in writing
that such Award shall be subject to this Section 16(d) (regardless of the after-tax value of such Award to the Participant). 

If this Section 16(d) applies to an Award, it shall supersede any contrary provision of the Plan or of any Award granted under the Plan.

  

	 	(ii)	 Basic Rule. Except as may be set forth in a written agreement by and between the Company and the holder
of an Award, in the event that the Auditors determine that any payment or transfer by the Company under the Plan to or for the benefit of a Participant (a “Payment”) would be nondeductible by the Company for federal income tax purposes
because of the provisions concerning “excess parachute payments” in Code Section 280G, then the aggregate present value of all Payments shall be reduced (but not below zero) to the Reduced Amount. For purposes of this
Section 16(d), the “Reduced Amount” shall be the amount, expressed as a present value, which maximizes the aggregate present value of the Payments without causing any Payment to be nondeductible by the Company because of Code
Section 280G. 

  
 -10- 

	 	(iii)	 Reduction of Payments. If the Auditors determine that any Payment would be nondeductible by the Company
because of Code Section 280G, then the Company shall promptly give the Participant notice to that effect and a copy of the detailed calculation thereof and of the Reduced Amount, and the Participant may then elect, in his or her sole
discretion, which and how much of the Payments shall be eliminated or reduced (as long as after such election the aggregate present value of the Payments equals the Reduced Amount) and shall advise the Company in writing of his or her election
within ten (10) days of receipt of notice. If no such election is made by the Participant within such ten (10) day period, then the Company may elect which and how much of the Payments shall be eliminated or reduced (as long as after such
election the aggregate present value of the Payments equals the Reduced Amount) and shall notify the Participant promptly of such election. For purposes of this Section 16(d), present value shall be determined in accordance with Code
Section 280G(d)(4). All determinations made by the Auditors under this Section 16(d) shall be binding upon the Company and the Participant and shall be made within sixty (60) days of the date when a Payment becomes payable or
transferable. As promptly as practicable following such determination and the elections hereunder, the Company shall pay or transfer to or for the benefit of the Participant such amounts as are then due to him or her under the Plan and shall
promptly pay or transfer to or for the benefit of the Participant in the future such amounts as become due to him or her under the Plan. 

  

	 	(iv)	 Overpayments and Underpayments. As a result of uncertainty in the application of Code Section 280G
at the time of an initial determination by the Auditors hereunder, it is possible that Payments will have been made by the Company that should not have been made (an “Overpayment”) or that additional Payments that will not have been made
by the Company could have been made (an “Underpayment”), consistent in each case with the calculation of the Reduced Amount hereunder. In the event that the Auditors, based upon the assertion of a deficiency by the Internal Revenue Service
against the Company or the Participant that the Auditors believe has a high probability of success, determine that an Overpayment has been made, such Overpayment shall be treated for all purposes as a loan to the Participant which he or she shall
repay to the Company, together with interest at the applicable federal rate provided in Code Section 7872(f)(2); provided, however, that no amount shall be payable by the Participant to the Company if and to the extent that such payment would
not reduce the amount subject to taxation under Code Section 4999. In the event that the Auditors determine that an Underpayment has occurred, such Underpayment shall promptly be paid or transferred by the Company to or for the benefit of the
Participant, together with interest at the applicable federal rate provided in Code Section 7872(f)(2). 

  

	 	(v)	 Related Corporations. For purposes of this Section 16(d), the term “Company” shall
include affiliated corporations to the extent determined by the Auditors in accordance with Code Section 280G(d)(5). 

  

	17.	 Miscellaneous. 

 

	 	a.	 Other Terms and Conditions. The grant of any Award may also be subject to other provisions (whether or
not applicable to the Award granted to any other Participant) as the Committee determines appropriate, including, without limitation, provisions for: 

  

	 	(i)	 one or more means to enable Participants to defer the delivery of Shares or recognition of taxable income
relating to Awards or cash payments derived from the Awards on such terms and conditions as the Committee determines, including, by way of example, the form and manner of the deferral election, the treatment of dividends paid on the Shares during
the deferral period or a means for providing a return to a Participant on amounts deferred, and the permitted distribution dates or events (provided that if Shares would have otherwise been issued under an Award but for the deferral described in
this paragraph, then such Shares shall be treated as if they were issued for purposes of Sections 6(a)); 

  

	 	(ii)	 the payment of the purchase price of Options by delivery of cash or other Shares or other securities of the
Company (including by attestation) having a then Fair Market Value equal to the purchase price of such Shares, or by delivery (including by fax) to the Company or its designated agent of an executed irrevocable option exercise form together with
irrevocable instructions to a broker-dealer to sell or margin a sufficient portion of the Shares and deliver the sale or margin loan proceeds directly to the Company to pay for the exercise price; 

 

	 	(iii)	 conditioning the grant or benefit of an Award on the Participant’s agreement to comply with covenants not
to compete, not to solicit employees and customers and not to disclose confidential information that may be effective during or after the Participant’s employment or service, and/or provisions requiring the Participant to disgorge any profit,
gain or other benefit received in connection with an Award as a result of the breach of such covenant; 

  
 -11- 

	 	(iv)	 the automatic grant of a new Option (the “replenishment Option”) to a Participant who pays the
exercise price of an existing Option in Shares; provided that the replenishment Option shall cover only that number of Shares that is used to pay the exercise price and shall expire at the same time as the original Option to which it relates;

  

	 	(v)	 restrictions on resale or other disposition of Shares, including imposition of a retention period; and

  

	 	(vi)	 compliance with federal or state securities laws and stock exchange requirements. 

 

	 	b.	 Employment or Service. The issuance of an Award shall not confer upon a Participant any right with
respect to continued employment or service with the Company or any Affiliate, or the right to continue as a Director. Unless determined otherwise by the Committee, for purposes of the Plan and all Awards, the following rules shall apply:

  

	 	(i)	 a Participant who transfers employment between the Company and any Affiliate of the Company, or between the
Company’s Affiliates, will not be considered to have terminated employment; 

  

	 	(ii)	 a Participant who ceases to be a Non-Employee Director because he or
she becomes an employee of the Company or an Affiliate shall not be considered to have ceased service as a Director with respect to any Award until such Participant’s termination of employment with the Company and its Affiliates;

  

	 	(iii)	 a Participant who ceases to be employed by the Company or an Affiliate of the Company and immediately
thereafter becomes a Non-Employee Director, a non-employee director of any Affiliate, or a consultant to the Company or any Affiliate shall not be considered to have
terminated employment until such Participant’s service as a director of, or consultant to, the Company and its Affiliates has ceased; and 

  

	 	(iv)	 a Participant employed by an Affiliate of the Company will be considered to have terminated employment when
such entity ceases to be an Affiliate of the Company. 

  

	 	c.	 No Fractional Shares. No fractional Shares or other securities may be issued or delivered pursuant to
this Plan, and the Committee may determine whether cash, other securities or other property will be paid or transferred in lieu of any fractional Shares or other securities, or whether such fractional Shares or other securities or any rights to
fractional Shares or other securities will be canceled, terminated or otherwise eliminated. 

  

	 	d.	 Unfunded Plan. This Plan is unfunded and does not create, and should not be construed to create, a trust
or separate fund with respect to this Plan’s benefits. This Plan does not establish any fiduciary relationship between the Company and any Participant or other person. To the extent any person holds any rights by virtue of an Award granted
under this Plan, such rights are no greater than the rights of the Company’s general unsecured creditors. 

  

	 	e.	 Requirements of Law and Securities Exchange. The granting of Awards and the issuance of Shares in
connection with an Award are subject to all applicable laws, rules and regulations and to such approvals by any governmental agencies or national securities exchanges as may be required. Notwithstanding any other provision of this Plan or any Award
Agreement, the Company has no liability to deliver any Shares under this Plan or make any payment unless such delivery or payment would comply with all applicable laws and the applicable requirements of any securities exchange or similar entity, and
unless and until the Participant has taken all actions required by the Company in connection therewith. The Company may impose such restrictions on any Shares issued under the Plan as the Company determines necessary or desirable to comply with all
applicable laws, rules and regulations or the requirements of any national securities exchanges. 

  

	 	f.	 Governing Law. This Plan, and all agreements under this Plan, will be construed in accordance with and
governed by the laws of the State of Delaware, without reference to any conflict of law principles. The parties agree that the exclusive venue for any legal action or proceeding with respect to this Plan, any Award or any Award Agreement, or for
recognition and enforcement of any judgment in respect of this Plan, any Award or any Award Agreement, shall be a court sitting in the County of Los Angeles, or the Federal District Court for the Central District of California sitting in the County
of Los Angeles, in the State of California, and further agree that any such action may be heard only in a “bench” trial, and any party to such action or proceeding shall agree to waive its right to assert a jury trial.

  
 -12- 

	 	g.	 Limitations on Actions. Any legal action or proceeding with respect to this Plan, any Award or any Award
Agreement, must be brought within one year (365 days) after the day the complaining party first knew or should have known of the events giving rise to the complaint. 

 

	 	h.	 Construction. Whenever any words are used herein in the masculine, they shall be construed as though
they were used in the feminine in all cases where they would so apply; and wherever any words are used in the singular or plural, they shall be construed as though they were used in the plural or singular, as the case may be, in all cases where they
would so apply. Title of sections are for general information only, and this Plan is not to be construed with reference to such titles. 

  

	 	i.	 Severability. If any provision of this Plan or any Award Agreement or any Award (i) is or becomes
or is deemed to be invalid, illegal or unenforceable in any jurisdiction, or as to any person or Award, or (ii) would disqualify this Plan, any Award Agreement or any Award under any law the Committee deems applicable, then such provision
should be construed or deemed amended to conform to applicable laws, or if it cannot be so construed or deemed amended without, in the determination of the Committee, materially altering the intent of this Plan, Award Agreement or Award, then such
provision should be stricken as to such jurisdiction, person or Award, and the remainder of this Plan, such Award Agreement and such Award will remain in full force and effect. 

  
 -13- 

 MAXWELL TECHNOLOGIES, INC. 

2005 OMNIBUS EQUITY INCENTIVE PLAN: 

NOTICE OF STOCK UNIT AWARD 

(NON-EMPLOYEE DIRECTOR AUTOMATIC QUARTERLY GRANTS)

 You have been granted vested units representing shares of Common Stock of Maxwell Technologies, Inc. (the “Company”) on the following
terms: 
  

							
	        	 	Name of Recipient:	  	«Name»	  	    
				
		 	Total Number of Units Granted:	  	«TotalUnits»	  	
				
		 	Date of Grant:	  	«DateGrant»	  	

 You and the Company agree that these units are granted under and governed by the terms and conditions of the Maxwell
Technologies, Inc. 2005 Omnibus Equity Incentive Plan (the “Plan”) and the Stock Unit Agreement, both of which are attached to and made a part of this document. 

You further agree that the Company may deliver by email all documents relating to the Plan or this award (including, without limitation, prospectuses required
by the Securities and Exchange Commission) and all other documents that the Company is required to deliver to its security holders (including, without limitation, annual reports and proxy statements). You also agree that the Company may deliver
these documents by posting them on a website maintained by the Company or by a third party under contract with the Company. If the Company posts these documents on a website, it will notify you by email. 

 

							
	RECIPIENT:	  	    	  	MAXWELL TECHNOLOGIES, INC.
				
	  
	  		  	By:	  	
                     
    

		  		  	Title:	  	
                     
    

 MAXWELL TECHNOLOGIES, INC. 

2005 OMNIBUS EQUITY INCENTIVE PLAN: 

STOCK UNIT AGREEMENT 

 

			
	Payment for Units	  	No payment is required for the units that you are receiving.
		
	Vesting	  	The units are vested in full at grant.
		
	Settlement of Shares	  	 The units will be settled, meaning that for each unit you have been granted one Share will be issued to you, on the earliest to occur of the
following:
  
 •  The February
15th next following the Date of Grant,
  

•  The sixtieth (60th) day following termination
of your service on the Board, provided that such termination constitutes a “separation of service” under Code Section 409A(a)(2)(A)(i) and the regulations and guidance thereunder; or

 
 •  The effective date of a
“change in the ownership or effective control” of the Company or a “change in the ownership of a substantial portion of the assets” of the Company, as set forth in Code Section 409A(a)(2)(A)(v) and the regulations and
guidance thereunder (such transaction referred to as a “409A Change of Control.”
  

At the time of settlement, you will receive one Share for each vested unit. Units will be settled in whole Shares only, rounded down to the nearest whole
Share.

		
	Nature of Units	  	Your units are mere bookkeeping entries. They represent only the Company’s unfunded and unsecured promise to issue shares of Common Stock (or distribute cash) on a future date. As a holder of units, you have no rights other
than the rights of a general creditor of the Company.
		
	No Voting Rights or Dividends	  	You have no rights, including no voting rights, as a stockholder of the Company unless and until your units are settled by issuing shares of the Company’s Common Stock. You will be entitled to receive credit for cash
dividends and stock dividends paid with respect to the corresponding number of shares subject to your units during the period between their grant date and the applicable share settlement date, provided that the Fair Market Value of any such
dividends will be converted into an additional number of units (based on the Fair Market Value of the Common Stock at the time of such dividend payment), which additional units will be subject to the same restrictions and conditions as apply to, and
will be settled at the same time and in the same manner as, the unit shares to which they relate.
		
	Units Nontransferable	  	You may not sell, transfer, assign, pledge or otherwise dispose of any units. For instance, you may not use your units as security for a loan.
		
	Beneficiary Designation	  	You may dispose of your units in a written beneficiary designation. A beneficiary designation must be filed with the Company on the proper form. It will be recognized only if it has been received at the Company’s headquarters
before your death. If you file no beneficiary designation or if none of your designated beneficiaries survives you, then your estate will receive any vested units that you hold at the time of your death.
		
	Withholding Taxes	  	While under current law the Company is not required to withhold taxes with respect to the units, to the extent that withholding obligations arise in the future, then the Company will withhold Shares that otherwise would be issued to
you when the units are settled. The fair market value of withheld Shares, determined as of the date when taxes otherwise would have been withheld in cash, will be applied to the withholding
taxes.

  
 -2- 

			
	Restrictions on Resale	  	You agree not to sell any Shares issued under the units at a time when applicable laws, Company policies or an agreement between the Company and its underwriters prohibit a sale. This restriction will apply as long as your service
on the Board continues and for such period of time after the termination of your service as the Company may specify.
		
	Adjustments	  	In the event of a stock split, a stock dividend or a similar change in Company stock, the number of your units will be adjusted accordingly, as the Company may determine pursuant to the Plan.
		
	Effect of Merger	  	If the Company is a party to a merger, consolidation or reorganization, then your units will be subject to Section 16 of the Plan, provided that any action taken must either (a) preserve the exemption of your units from
Code Section 409A or (b) comply with Code Section 409A.
		
	Applicable Law	  	This Agreement will be interpreted and enforced under the laws of the State of Delaware (without regard to their choice-of-law provisions).
		
	The Plan and Other Agreements	  	The text of the Plan is incorporated in this Agreement by reference. Capitalized terms used but not defined in this Agreement have the meanings given to them in the Plan.
		
		  	The Plan, this Agreement and the Notice of Stock Unit Award constitute the entire understanding between you and the Company regarding this award. Any prior agreements, commitments or negotiations concerning this award are
superseded. This Agreement may be amended only by another written agreement between the parties.

 BY SIGNING THE COVER SHEET
OF THIS AGREEMENT, YOU AGREE TO ALL OF THE 

TERMS AND CONDITIONS DESCRIBED ABOVE AND
IN THE PLAN. 

  
 -3- 

 MAXWELL TECHNOLOGIES, INC. 

2005 OMNIBUS EQUITY INCENTIVE PLAN 

NOTICE OF RESTRICTED STOCK AWARD 

AND RESTRICTED STOCK AGREEMENT 

«First» «Last» 
 «Address»

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

					
	Grant Date:	  	«Grant_Date»
		
	 Number of
 Restricted Shares:
	  	(such shares, the “Restricted Shares”)
		
	Vesting Schedule:	  	 Provided your service as an employee or Director continues through the applicable Vesting Date (as further described below), you
will vest in the Restricted Shares as follows:
  

	 	  	 Number of Restricted Shares
	  	 Vesting Date

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

 

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

		  	Upon any other termination of service as an employee or Director prior to the Vesting Date for any Restricted Shares, you will forfeit such unvested Restricted Shares.
		
	Withholding Taxes:	  	You are responsible for all applicable federal, state, local and foreign taxes incurred as a result of issuance, vesting and/or sale of these Restricted Shares including without limitation any income and employment
withholding taxes. At its discretion, the Company may satisfy its withholding obligations by any of the following means (a) causing you to tender a cash payment or surrender

					
		  	other shares that you previously acquired; (b) taking payment from the proceeds of the sale of Restricted Shares through a Company-approved broker; (c) withholding Restricted Shares that otherwise would be
delivered to you from escrow when the shares vest, provided that no shares are withheld with a value exceeding the minimum amount of tax required to be withheld by law; or (d) withholding cash from other compensation payable to you.
		
	 Escrow of
 Certificates:
	  	 Your Restricted Shares will be held in escrow by the Company, as escrow agent. The Company will give you a receipt for the shares
held in escrow that will state that the Company holds such shares in escrow for your account, subject to the terms of this award, and you will give the Company a stock power for such shares duly endorsed in blank which will be used in the event such
shares are forfeited in whole or in part. As soon as practicable after the applicable vesting date, the Restricted Shares will cease to be held in escrow, and certificate(s) for such number of shares will be delivered to you or, in the case of your
death, to your estate.

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

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

		
	 Transferability of
 Award:
	  	 You may not transfer or assign this award for any reason, other than under your will or as required by intestate laws, or
pursuant to a beneficiary designation filed with the secretary of the Company prior to the date of your death on the form provided by the Company for this purpose. Any attempted transfer or assignment in violation of this provision will be null and
void.

		
	Retention Rights:	  	This Restricted Stock award does not give you the right to be retained by the Company or any of its Affiliates in any capacity. The Company and its Affiliates reserve the right to terminate your service at any time, with
or without cause.
		
	Amendment:	  	This Restricted Stock award may be amended only by written consent of the Company and the recipient, unless the amendment is not to the detriment of the recipient.
		
	Counterparts:	  	This Restricted Stock award may be executed in counterparts.
		
	Governing Law:	  	The provisions of Section 17.f. of the Plan apply to this Restricted Stock award.

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

					
	  
 Authorized Officer
	  	    	  	  
 «First»
«Last»

  
 -2- 

 MAXWELL TECHNOLOGIES, INC. 

2005 OMNIBUS EQUITY INCENTIVE PLAN 

NOTICE OF RESTRICTED STOCK AWARD 

AND RESTRICTED STOCK AGREEMENT 

«First» «Last» 
 «Address»

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

			
	Grant Date:	  	«Grant_Date»
		
	 Number of
 Restricted Shares:
	  	(such shares, the “Restricted Shares”)
		
	 Performance-Based
 Vesting Conditions:
	  	 Provided your service as an employee or Director continues through the applicable Vesting Date (as further described below), you will vest in
the Restricted Shares as follows:
  

•  The vesting of 50% of the Restricted Shares is contingent upon the Company’s first achieving
[    ], during any fiscal year completed prior to [    ].
  

•  The vesting of the remaining 50% of the Restricted Shares is contingent upon the Company’s
first achieving [    ], during any fiscal year completed prior to [    ].
  

No Restricted Shares will vest unless and until the above-referenced respective performance goals (each, a “Performance Goal”) have occurred, which
occurrence has been certified by the Committee, as defined in Section 2.h. of the Plan. A Performance Goal will not be deemed satisfied or achieved until the Committee, having sufficient information on which to base its conclusion, determines
that it has been satisfied or achieved. The applicable Vesting Date with respect to a Performance Goal will be the first business day that follows the date on which the Committee certifies satisfaction or achievement of the Performance Goal and,
provided that your service as an employee or Director continues through such date, you will vest in the portion of the Restricted Shares corresponding to that Performance Goal on such date.

 
 Subject also to the Service-Based Vesting Conditions described below, to the extent that
a Performance Goal has not been achieved with respect to a fiscal year ending on or prior to [    ], with such achievement certified by the Committee not later than March 1 of the year following the end of the applicable
fiscal year, then any remaining unvested Restricted Shares corresponding to the Performance Goal will be forfeited, and this award shall in all events terminate and cease to remain outstanding, as of [    ].

		
	 Adjustment of
 Performance-Based

Vesting Conditions:
	  	The Committee, at its sole discretion, may make appropriate adjustments to the Performance Goals as follows: (a) to exclude restructuring and/or other nonrecurring charges; (b) to exclude exchange rate effects, as
applicable, for non-U.S. dollar denominated Performance Goals; (c) to exclude the effects of changes to generally accepted accounting principles; (d) to exclude the
effects

			
		
		  	of any statutory adjustments to corporate tax rates; (e) to exclude the effects of any “extraordinary items” as determined under generally accepted accounting principles; (f) to exclude the dilutive effects of
acquisitions or joint ventures; (g) to assume that any business divested by the Company achieved performance objectives at targeted levels during the balance of a Performance Period following such divestiture; (h) to exclude the effect of
any change in the outstanding shares of common stock of the Company by reason of any stock dividend or split, stock repurchase, reorganization, recapitalization, merger, consolidation, spin-off, combination or
exchange of shares or other similar corporate change, or any distributions to common shareholders other than regular cash dividends; (i) to exclude the effects of stock based compensation and/or the award of bonuses under the Company’s
bonus plans, and (j) to exclude the effect of any other unusual, non-recurring gain or loss or other extraordinary item.
		
	 Service-Based
 Vesting Conditions:
	  	 Except as set forth in the following sentence, if your service as an employee or Director terminates prior to Vesting Date applicable to a
Performance Goal, you will forfeit all then-unvested Restricted Shares immediately upon your last day of service. However, if your service terminates prior to a Vesting Date as a result of your death or Disability, your then-unvested Restricted
Shares will become fully vested on your last day of service. In the event of a Disability that results in termination of your service, the Company may require you to submit such medical evidence or to undergo a medical examination by a doctor
selected by the Company as the Company determines is necessary in order to make a determination hereunder. If your service as an employee or Director continues until immediately prior to the closing of a Change of Control, as defined in
Section 2.f. of the Plan, your then-unvested Restricted Shares will become fully vested as of immediately prior to the effective time of such transaction.
  

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

		
	Withholding Taxes:	  	You are responsible for all applicable federal, state, local and foreign taxes incurred as a result of issuance, vesting and/or sale of these Restricted Shares including without limitation any income and employment withholding
taxes. At its discretion, the Company may satisfy its withholding obligations by any of the following means (a) causing you to tender a cash payment or surrender other shares that you previously acquired; (b) taking payment from the
proceeds of the sale of Restricted Shares through a Company-approved broker; (c) withholding Restricted Shares that otherwise would be delivered to you from escrow when the shares vest, provided that no shares are withheld with a value
exceeding the minimum amount of tax required to be withheld by law; or (d) withholding cash from other compensation payable to you.
		
	 Escrow of
 Certificates:
	  	Your Restricted Shares will be held in escrow by the Company, as escrow agent. The Company will give you a receipt for the shares held in escrow that will state that the Company holds such shares in escrow for your account, subject
to the terms of this award, and you will give the Company a stock power for such shares duly endorsed in blank which will be used in the event such shares are forfeited in whole or in part. As soon as practicable after the applicable vesting date,
the Restricted Shares will cease to be held in escrow, and certificate(s) for such number of shares will be delivered to you or, in the case of your death, to your estate.

  
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	 Transferability of
 Restricted Shares:
	  	You may not sell, transfer or otherwise alienate or hypothecate any of your Restricted Shares until they are vested. In addition, by accepting this award, you agree not to sell any shares acquired under this award at a time when
applicable laws, Company policies (including, without limitation, the Company’s insider trading policy) or an agreement between the Company and its underwriters prohibit a sale.
		
	 Voting and
 Dividends:
	  	While the Restricted Shares are subject to forfeiture, you may exercise full voting rights and will receive all dividends and other distributions paid with respect to the Restricted Shares, in each case so long as the applicable
record date occurs before you forfeit such shares. If, however, any such dividends or distributions are paid in shares, such shares will be subject to the same risk of forfeiture, restrictions on transferability and other terms of this award as are
the Restricted Shares with respect to which they were paid.
		
	 Transferability of
 Award:
	  	You may not transfer or assign this award for any reason, other than under your will or as required by intestate laws, or pursuant to a beneficiary designation filed with the secretary of the Company prior to the date of your death
on the form provided by the Company for this purpose. Any attempted transfer or assignment in violation of this provision will be null and void.
		
	Retention Rights:	  	This Restricted Stock award does not give you the right to be retained by the Company or any of its Affiliates in any capacity. The Company and its Affiliates reserve the right to terminate your service at any time, with or without
cause.
		
	Amendment:	  	This Restricted Stock award may be amended only by written consent of the Company and the recipient, unless the amendment is not to the detriment of the recipient.
		
	Counterparts:	  	This Restricted Stock award may be executed in counterparts.
		
	Governing Law:	  	The provisions of Section 17.f. of the Plan apply to this Restricted Stock award.

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

					
	  
	 		 	  

	Authorized Officer	 		 	«First» «Last»

  
 -3-EX-10.2

 Exhibit 10.2 

MAXWELL TECHNOLOGIES, INC.

2013 OMNIBUS EQUITY INCENTIVE PLAN

(AS AMENDED AND RESTATED MAY 11, 2017) 

 MAXWELL TECHNOLOGIES, INC.

2013 OMNIBUS EQUITY INCENTIVE PLAN 

ARTICLE 1. INTRODUCTION. 

1.1    Successor and Continuation of Predecessor Plans. The Plan is intended as the successor to and continuation of
the Amended and Restated Maxwell Technologies, Inc. 1995 Stock Option Plan and the Maxwell Technologies, Inc. 2005 Omnibus Equity Incentive Plan (together, the “Predecessor Plans”). Following the effective date of this Plan, no
additional stock awards shall be granted under the Predecessor Plans. All outstanding stock awards granted under the Predecessor Plans shall remain subject to the terms of the Predecessor Plans. All Stock Awards granted subsequent to the effective
date of this Plan shall be subject to the terms of this Plan. 
 1.2    Purpose. The purpose of the Plan is
to promote the long-term success of the Company and the creation of stockholder value by (a) encouraging Service Providers to focus on critical long-range corporate objectives, (b) encouraging the attraction and retention of Service
Providers with exceptional qualifications and (c) linking Service Providers directly to stockholder interests through increased stock ownership. The Plan seeks to achieve this purpose by providing for Awards in the form of Options (which may
constitute ISOs or NSOs), Restricted Shares, Stock Units and Performance Cash Awards. 
 1.3    Plan
History. The Board adopted the Plan contingent upon its approval by the Company’s stockholders at the 2013 Annual Meeting (such date, the “Effective Date”). On April 1, 2015, the Board amended the Plan, subject to
stockholder approval at the 2015 Annual Meeting, to increase the number of Common Shares available for issuance by 1,500,000. On February 17, 2016, the Board amended the plan to strike references to accelerating the vesting and/or
exercisability of Stock Awards in connection with a Participant’s retirement. On February 17, 2016, the Board also amended the Plan, subject to stockholder approval at the 2016 Annual Meeting, to increase the number of Common Shares
available for issuance by 2,400,000. On May 11, 2017, the Board amended the Plan, subject to stockholder approval at the 2017 Annual Meeting, to increase the number of Common Shares available for issuance by 1,500,000 and to increase the
numerical limits in Section 3.5 of the Plan. On May 11, 2017, the Board also amended the Plan to remove stock appreciation rights, to prohibit dividend payments on unvested awards and to clarify the stock withholding provisions. 

ARTICLE 2. ADMINISTRATION. 

2.1    General. The Plan may be administered by the Board or one or more Committees. Each Committee shall have the
authority and be responsible for such functions as have been assigned to it. 

  
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 2.2    Section 162(m). To the extent an Award is intended to
qualify as “performance-based compensation” within the meaning of Code Section 162(m), the Plan will be administered by a Committee of two or more “outside directors” within the meaning of Code Section 162(m). 

2.3    Section 16. To the extent desirable to qualify transactions hereunder as exempt under Exchange Act Rule 16b-3, the transactions contemplated hereunder will be approved by the entire Board or a Committee of two or more “non-employee directors” within the meaning of
Exchange Act Rule 16b-3. 
 2.4    Powers of Administrator. Subject to the
terms of the Plan, and in the case of a Committee, subject to the specific duties delegated to the Committee, the Administrator shall have the authority to (a) select the Service Providers who are to receive Awards under the Plan,
(b) determine the type, number, vesting requirements and other features and conditions of such Awards, (c) determine whether and to what extent any Performance Goals have been attained, (d) interpret the Plan and Awards granted under
the Plan, (e) make, amend and rescind rules relating to the Plan and Awards granted under the Plan, including rules relating to sub-plans established for the purposes of satisfying applicable foreign laws
or for qualifying for favorable tax treatment under applicable foreign laws, (f) impose such restrictions, conditions or limitations as it determines appropriate as to the timing and manner of any resales by a Participant of any Common Shares
issued pursuant to an Award, including restrictions under an insider trading policy and restrictions as to the use of a specified brokerage firm for such resales, and (g) make all other decisions relating to the operation of the Plan and Awards
granted under the Plan. 
 2.5    No Cancel/Re-Grant or Repricings of
Stock Awards. Except in connection with an adjustment under Article 9, neither the Board nor any Committee shall have the authority to: (a) reprice any outstanding Stock Awards under the Plan or the Predecessor Plans, or (b) cancel and
re-grant any outstanding Stock Awards under the Plan or the Predecessor Plans, unless the stockholders of the Company have approved such an action within twelve (12) months prior to such an event. Except
in connection with an adjustment under Article 9, the terms of outstanding Stock Awards may not be amended to reduce the exercise price of outstanding Options or cancel outstanding Options in exchange for cash, other Awards, or Options with an
exercise price that is less than the exercise price of the original Options, unless the stockholders of the Company have approved such an action within twelve (12) months prior to such an event. 

2.6    No Dividend Payments on Unvested Stock Awards.    Notwithstanding anything to the
contrary in the Plan, in the case of Stock Awards granted on or after May 11, 2017, any dividends or dividend equivalents otherwise payable with respect to unvested Stock Awards shall be subject to the same vesting restrictions applicable to
the Stock Awards to which they relate. 
 2.7    Governing Law. The Plan shall be governed by, and construed in
accordance with, the laws of the State of Delaware (except its choice-of-law provisions). 

  
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 2.8    Effect of Administrator’s Decisions. The
Administrator’s decisions, determinations and interpretations shall be final and binding on all Participants and any other holders of Awards. 

ARTICLE 3. SHARES AVAILABLE FOR GRANTS. 

3.1    Basic Limitation. Common Shares issued pursuant to the Plan may be authorized but unissued shares or treasury
shares. The aggregate number of Common Shares issued under the Plan shall not exceed the sum of (a) 6,400,000 Common Shares, plus (b) the number of Common Shares reserved under the Predecessor Plans that are not issued or subject to
outstanding awards under the Predecessor Plans on the Effective Date, (c) the number of Common Shares subject to outstanding awards under the Predecessor Plans on the Effective Date that subsequently expire, lapse unexercised, or are forfeited,
and Common Shares issued pursuant to awards granted under the Predecessor Plans that are outstanding on the Effective Date and that are subsequently forfeited to or repurchased by the Company, and (d) the additional Common Shares described in
Sections 3.2 and 3.4; provided, however, that no more than 2,207,298 Common Shares, in the aggregate, shall be added to the Plan pursuant to clauses (b) and (c). The number of Common Shares that are subject to Stock Awards outstanding
at any time under the Plan may not exceed the number of Common Shares that then remain available for issuance under the Plan. The numerical limitations in this Section 3.1 shall be subject to adjustment pursuant to Article 9. 

3.2    Shares Returned to Reserve. To the extent that Options or Stock Units granted under this Plan or under the
Predecessor Plans are forfeited or expire for any other reason before being exercised or settled in full, the Common Shares subject to such Options or Stock Units shall again become available for issuance under the Plan. If Restricted Shares or
Common Shares issued upon the exercise of Options are reacquired by the Company pursuant to a forfeiture provision, repurchase right or for any other reason prior to the shares having become vested, then such Common Shares shall again become
available for issuance under the Plan. To the extent that an Award is settled in cash rather than Common Shares, the cash settlement shall not reduce the number of Shares available for issuance under the Plan. 

3.3    Shares Not Returned to Reserve. If the Exercise Price of any Option is satisfied by tendering Common
Shares held by the Participant (either by actual delivery or attestation), then the number of shares subject to such Stock Awards so tendered or otherwise not delivered to the Participant in connection with such exercise shall not remain available
for subsequent issuance under the Plan. If Stock Units are settled, then the number of Common Shares issued to the Participant in settlement of such Stock Units shall not remain available for subsequent issuance under the Plan. Common Shares applied
to satisfy tax withholding obligations related to any Stock Award shall not again become available for issuance under the Plan. 

3.4    Stock Awards Not Reducing Share Reserve. In addition, Common Shares subject to Substitute Awards
granted by the Company shall not reduce the number of Common Shares that may be issued under Section 3.1, nor shall shares subject to Substitute Awards again be available for Stock Awards under the Plan in the event of any forfeiture,
expiration or cash settlement of such Substitute Awards. 

  
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 3.5    Participant Limits. Subject to adjustment in
accordance with Article 9: 
 (a)    The aggregate number of Common Shares subject to Options that may be granted under
this Plan during any calendar year to any one Participant shall not exceed 500,000, except that the Company may grant to a new Employee in the calendar year in which his or her Service as an Employee first commences Options that cover (in the
aggregate) up to 700,000 Common Shares; 
 (b)    The aggregate number of Common Shares subject to Restricted Share
awards and Stock Units that may be granted under this Plan during any calendar year to any one Participant shall not exceed 500,000; 

(c)    The aggregate grant date fair value of Stock Awards granted to an Outside Director in any calendar year may not
exceed $300,000, except that an Outside Director may be granted Stock Awards with an aggregate grant date fair value not in excess of $400,000 in the calendar year in which he or she is initially appointed to the Board. For purposes of this
limitation, grant date fair value shall be determined in accordance with the assumptions that the Company uses to estimate the value of share-based payments for financial reporting purposes. This limitation shall not apply to Stock
Awards or Common Shares granted pursuant to an Outside Director’s election to receive a Stock Award or Common Shares in lieu of cash retainers or other fees. In addition, Stock Awards granted to an individual while he or she was an Employee or
Consultant, but not an Outside Director, shall not count towards this limitation. 
 (d)    No
Participant shall be paid more than $2,500,000 in cash in any calendar year pursuant to Performance Cash Awards granted under the Plan; and 

(e)    No more than 2,207,298 Common Shares plus the additional Common Shares described in Section 3.2 may be issued
under the Plan upon the exercise of ISOs. 
 (f)    The limits described above in Sections 3.5(a), 3.5(b), and 3.5(d)
are cumulative for each Participant. 
 ARTICLE 4. ELIGIBILITY. 

4.1    Incentive Stock Options. Only Employees who are common law employees of the Company, a Parent or a Subsidiary
shall be eligible for the grant of ISOs. In addition, an Employee who owns more than 10% of the total combined voting power of all classes of outstanding stock of the Company or any of its Parents or Subsidiaries shall not be eligible for the grant
of an ISO unless the additional requirements set forth in Code Section 422(c)(5) are satisfied. 

  
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 4.2    Other Awards. Awards other than ISOs may only be granted
to Service Providers. 
 ARTICLE 5. OPTIONS. 

5.1    Stock Option Agreement. Each grant of an Option under the Plan shall be evidenced by a Stock Option
Agreement between the Optionee and the Company. Such Option shall be subject to all applicable terms of the Plan and may be subject to any other terms that are not inconsistent with the Plan. The Stock Option Agreement shall specify whether the
Option is intended to be an ISO or an NSO. The provisions of the various Stock Option Agreements entered into under the Plan need not be identical. 

5.2    Number of Shares. Each Stock Option Agreement shall specify the number of Common Shares subject to the
Option, which number shall adjust in accordance with Article 9. 
 5.3    Exercise Price. Each Stock Option
Agreement shall specify the Exercise Price, which shall not be less than 100% of the Fair Market Value of a Common Share on the date of grant. The preceding sentence shall not apply to an Option that is a Substitute Award granted in a manner that
would satisfy the requirements of Code Section 409A and, if applicable, Code Section 424(a). 

5.4    Exercisability and Term. Each Stock Option Agreement shall specify the date or event when all or any
installment of the Option is to become vested and/or exercisable. The Stock Option Agreement shall also specify the term of the Option; provided that, except to the extent necessary to comply with applicable foreign law, the term of an Option shall
in no event exceed 10 years from the date of grant. A Stock Option Agreement may provide for accelerated vesting and/or exercisability in the event of death, disability, or a Change in Control, and may provide for expiration prior to the end of
its term in the event of the termination of the Optionee’s Service. 
 5.5    Death of Optionee. After an
Optionee’s death, any vested and exercisable Options held by such Optionee may be exercised by his or her beneficiary or beneficiaries. Each Optionee may designate one or more beneficiaries for this purpose by filing the prescribed form with
the Company. A beneficiary designation may be changed by filing the prescribed form with the Company at any time before the Optionee’s death. If no beneficiary was designated or if no designated beneficiary survives the Optionee, then any
vested and exercisable Options held by the Optionee may be exercised by his or her estate. 
 5.6    Modification
of Options. Within the limitations of the Plan, the Administrator may modify or extend outstanding Options. The foregoing notwithstanding, no modification of an Option shall, without the consent of the Optionee, impair his or her rights or
obligations under such Option. 

  
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 5.7    Payment for Option Shares. The entire Exercise Price of
Common Shares issued upon exercise of Options shall be payable in cash or cash equivalents at the time when such Common Shares are purchased. In addition, the Administrator may, in its sole discretion and to the extent permitted by applicable law,
allow the Optionee to satisfy payment of all or a portion of the Exercise Price through any one or a combination of the following forms or methods: 

(a)    Subject to any conditions or limitations established by the Administrator, by surrendering, or attesting to the
ownership of, Common Shares that are already owned by the Optionee with a Fair Market Value on the date of surrender equal to the aggregate exercise price of the Common Shares as to which such Option will be exercised; 

(b)    By delivering (on a form prescribed by the Company) an irrevocable direction to a securities broker approved by the
Company to sell all or part of the Common Shares being purchased under the Plan and to deliver all or part of the sales proceeds to the Company; 

(c)    Subject to such conditions and requirements as the Administrator may impose from time to time, through a net
exercise procedure; 
 (d)    By delivering a full-recourse promissory note, on such terms approved by the
Administrator; or 
 (e)    Through any other form or method consistent with applicable laws, regulations and rules.

 ARTICLE 6. [INTENTIONALLY OMITTED.] 
 ARTICLE
7. RESTRICTED SHARES. 
 7.1    Restricted Stock Agreement. Each grant of Restricted Shares under the Plan
shall be evidenced by a Restricted Stock Agreement between the recipient and the Company. Such Restricted Shares shall be subject to all applicable terms of the Plan and may be subject to any other terms that are not inconsistent with the Plan. The
provisions of the various Restricted Stock Agreements entered into under the Plan need not be identical. 

7.2    Payment for Awards. Restricted Shares may be sold or awarded under the Plan for such consideration as the
Administrator may determine, including (without limitation) cash, cash equivalents, property, full-recourse promissory notes, past services and future services, and such other methods of payment as are permitted by applicable law. 

7.3    Vesting Conditions. Each Award of Restricted Shares may or may not be subject to vesting and/or other
conditions as the Administrator may determine. Vesting shall occur, in full or in installments, upon satisfaction of the conditions specified in the Restricted Stock Agreement. Such conditions, at the Administrator’s discretion, may include one
or more Performance Goals. A Restricted Stock Agreement may provide for accelerated vesting in the event of death, disability, or a Change in Control. 

  
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 7.4    Voting and Dividend Rights. The holders of Restricted
Shares awarded under the Plan shall have the same voting, dividend and other rights as the Company’s other stockholders, unless the Administrator otherwise provides. A Restricted Stock Agreement, however, may require that any cash dividends
paid on Restricted Shares (a) be accumulated and paid when such Restricted Shares vest, or (b) be invested in additional Restricted Shares. Such additional Restricted Shares shall be subject to the same conditions and restrictions as the
shares subject to the Stock Award with respect to which the dividends were paid. In addition, unless the Administrator provides otherwise, if any dividends or other distributions are paid in Common Shares, such Common Shares shall be subject to the
same restrictions on transferability and forfeitability as the Restricted Shares with respect to which they were paid. 
 ARTICLE 8. STOCK UNITS.

 8.1    Stock Unit Agreement. Each grant of Stock Units under the Plan shall be evidenced by a Stock Unit
Agreement between the recipient and the Company. Such Stock Units shall be subject to all applicable terms of the Plan and may be subject to any other terms that are not inconsistent with the Plan. The provisions of the various Stock Unit Agreements
entered into under the Plan need not be identical. 
 8.2    Payment for Awards. To the extent that an Award is
granted in the form of Stock Units, no cash consideration shall be required of the Award recipients. 

8.3    Vesting Conditions. Each Award of Stock Units may or may not be subject to vesting, as determined by the
Administrator. Vesting shall occur, in full or in installments, upon satisfaction of the conditions specified in the Stock Unit Agreement. Such conditions, at the Administrator’s discretion, may include one or more Performance Goals. A Stock
Unit Agreement may provide for accelerated vesting in the event of death, disability, or a Change in Control. 

8.4    Voting and Dividend Rights. The holders of Stock Units shall have no voting rights. Prior to settlement or
forfeiture, Stock Units awarded under the Plan may, at the Administrator’s discretion, provide for a right to dividend equivalents. Such right entitles the holder to be credited with an amount equal to all cash dividends paid on the shares
subject to the Stock Units while the Award is outstanding. Dividend equivalents may be converted into additional Stock Units. Settlement of dividend equivalents may be made in the form of cash, in the form of Common Shares, or in a combination of
both. Prior to distribution, any dividend equivalents shall be subject to the same conditions and restrictions as the Stock Units to which they attach. 

  
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 8.5    Form and Time of Settlement of Stock Units. Settlement of
vested Stock Units may be made in the form of (a) cash, (b) Common Shares or (c) any combination of both, as determined by the Administrator. The actual number of Stock Units eligible for settlement may be larger or smaller than the
number included in the original Award, based on predetermined performance factors, including Performance Goals. Methods of converting Stock Units into cash may include (without limitation) a method based on the average Fair Market Value of Common
Shares over a series of trading days. Vested Stock Units shall be settled in such manner and at such time(s) as specified in the Stock Unit Agreement. Until an Award of Stock Units is settled, the number of such Stock Units shall be subject to
adjustment pursuant to Article 9. 
 8.6    Death of Recipient. Any Stock Units that become payable after the
recipient’s death shall be distributed to the recipient’s beneficiary or beneficiaries. Each recipient of Stock Units under the Plan may designate one or more beneficiaries for this purpose by filing the prescribed form with the Company. A
beneficiary designation may be changed by filing the prescribed form with the Company at any time before the Award recipient’s death. If no beneficiary was designated or if no designated beneficiary survives the Award recipient, then any Stock
Units that becomes payable after the recipient’s death shall be distributed to the recipient’s estate. 

8.7    Modification or Assumption of Stock Units. Within the limitations of the Plan, the Administrator may
modify or assume outstanding stock units or may accept the cancellation of outstanding stock units (whether granted by the Company or by another issuer) in return for the grant of new Stock Units for the same or a different number of shares or in
return for the grant of a different type of Award. The foregoing notwithstanding, no modification of a Stock Unit shall, without the consent of the Participant, impair his or her rights or obligations under such Stock Unit. 

8.8    Creditors’ Rights. A holder of Stock Units shall have no rights other than those of a general
creditor of the Company. Stock Units represent an unfunded and unsecured obligation of the Company, subject to the terms and conditions of the applicable Stock Unit Agreement. 

ARTICLE 9. ADJUSTMENTS; DISSOLUTIONS AND LIQUIDATIONS; CORPORATE TRANSACTIONS. 

9.1    Adjustments. In the event of a subdivision of the outstanding Common Shares, a declaration of a dividend
payable in Common Shares or a combination or consolidation of the outstanding Common Shares (by reclassification or otherwise) into a lesser number of Common Shares, corresponding proportionate adjustments shall automatically be made in each of the
following: 
 (a)    The number and kind of shares available for issuance under Article 3, including the numerical
share limits in Sections 3.1 and 3.5; 
 (b)    The number and kind of shares covered by each outstanding Option and
Stock Unit; and 
 (c)    The Exercise Price applicable to each outstanding Option and the repurchase price, if any,
applicable to Restricted Shares. 

  
 -9- 

 In the event of a declaration of an extraordinary dividend payable in a form other than Common Shares in an
amount that has a material effect on the price of Common Shares, a recapitalization, a spin-off or a similar occurrence, the Administrator shall make such adjustments as it, in its sole discretion, deems
appropriate in one or more of the foregoing. Any adjustment in the number of and kind of shares subject to an Award under this Section 9.1 shall be rounded down to the nearest whole share, although the Administrator in its sole discretion may
make a cash payment in lieu of a fractional share. Except as provided in this Article 9, a Participant shall have no rights by reason of any issuance by the Company of stock of any class or securities convertible into stock of any class, any
subdivision or consolidation of shares of stock of any class, the payment of any stock dividend or any other increase or decrease in the number of shares of stock of any class. 

9.2    Dissolution or Liquidation. To the extent not previously exercised or settled, Options and Stock Units shall
terminate immediately prior to the dissolution or liquidation of the Company. 
 9.3    Corporate Transactions. In
the event that the Company is a party to a merger, consolidation, or a Change in Control (other than one described in Section 14.6(d)), all Common Shares acquired under the Plan and all Awards outstanding on the effective date of the
transaction shall be treated in the manner described in the definitive transaction agreement (or, in the event the transaction does not entail a definitive agreement to which the Company is party, in the manner determined by the Administrator, with
such determination having final and binding effect on all parties), which agreement or determination need not treat all Awards (or portions thereof) in an identical manner. Unless an Award Agreement provides otherwise, the treatment specified in the
transaction agreement or by the Administrator shall include (without limitation) one or more of the following with respect to each outstanding Award: 

(f)    The continuation of such outstanding Award by the Company (if the Company is the surviving entity); 

(g)    The assumption of such outstanding Award by the surviving entity or its parent, provided that the assumption of an
Option shall comply with applicable tax requirements; 
 (h)    The substitution by the surviving entity or its parent
of an equivalent award for the outstanding Award (including, but not limited to, an award to acquire the same consideration paid to the holders of Common Shares in the transaction), provided that the substitution of an Option shall comply with
applicable tax requirements; 
 (i)    The cancellation of outstanding Options without payment of any consideration. The
Optionees shall be able to exercise such Options (to the extent the Options are vested or become vested as of the effective date of the transaction) during a period of not less than five full business days preceding the closing date of the
transaction, unless (i) a shorter period is required to permit a timely closing of the transaction and (ii) such shorter period still offers the Optionees a reasonable opportunity to exercise such Options. Any exercise of such Options
during such period may be contingent on the closing of the transaction; 

  
 -10- 

 (j)    Full exercisability of outstanding Options and full vesting of
the Common Shares subject to Options, followed by cancellation of such Options. The full exercisability of such Options and full vesting of such Common Shares may be contingent on the closing of the transaction. The Optionees shall be able to
exercise such Options during a period of not less than five full business days preceding the closing date of such transaction, unless (i) a shorter period is required to permit a timely closing of such transaction and (ii) such shorter
period still offers the Optionees a reasonable opportunity to exercise such Options. Any exercise of such Options during such period may be contingent on the closing of such transaction; 

(k)    The cancellation of the Options and a payment to the Optionee with respect to each Share subject to the portion of
the Award that is vested as of the transaction date equal to the excess of (A) the value, as determined by the Administrator in its absolute discretion, of the property (including cash) received by the holder of a Common Share as a result of
the transaction, over (B) the per-share Exercise Price of the Option (such excess, the “Spread”). Such payment shall be made in the form of cash, cash equivalents, or securities of
the surviving entity or its parent having a value equal to the Spread. In addition, any escrow, holdback, earn-out or similar provisions in the transaction agreement may apply to such payment to the same
extent and in the same manner as such provisions apply to the holders of Common Shares, but only to the extent the application of such provisions does not adversely affect the status of the Option as exempt from Code Section 409A. If
the Spread applicable to an Option is zero or a negative number, then the Option may be cancelled without making a payment to the Optionee; 

(l)    The cancellation of outstanding Stock Units and a payment to the holder thereof with respect to each Common Share
subject to the Stock Unit equal to the value, as determined by the Administrator in its absolute discretion, of the property (including cash) received by the holder of a Common Share as a result of the transaction (the “Transaction
Value”). Such payment shall be made in the form of cash, cash equivalents, or securities of the surviving entity or its parent having a value equal to the Transaction Value. In addition, such payment may be subject to vesting based on the
Participant’s continuing Service, provided that the vesting schedule shall not be less favorable to the Participant than the schedule under which such Stock Units would have vested. In addition, any escrow, holdback, earn-out or similar provisions in the transaction agreement may apply to such payment to the same extent and in the same manner as such provisions apply to the holders of Common Shares. In the event that a Stock
Unit is subject to Code Section 409A, the payment described in this clause (g) shall be made on the settlement date specified in the applicable Stock Unit Agreement, provided that settlement may be accelerated in accordance with Treasury
Regulation Section 1.409A-3(j)(4); or 
 (m) The assignment of any reacquisition or repurchase
rights held by the Company in respect of an Award of Restricted Shares to the surviving entity or its parent, with corresponding proportionate adjustments made to the price per share to be paid upon exercise of any such reacquisition or repurchase
rights. 

  
 -11- 

 For avoidance of doubt, the Administrator shall have the discretion, exercisable either at
the time an Award is granted or at any time while the Award remains outstanding, to provide for the acceleration of vesting upon the occurrence of a Change in Control, whether or not the Award is to be assumed or replaced in the transaction, or in
connection with a termination of the Participant’s Service following a transaction. 
 Any action taken under this Section 9.3
shall either preserve an Award’s status as exempt from Code Section 409A or comply with Code Section 409A. 
 ARTICLE 10. OTHER
AWARDS. 
 10.1 Performance Cash Awards. A Performance Cash Award is a cash award that may be granted subject to the
attainment of specified Performance Goals during a Performance Period. A Performance Cash Award may also require the completion of a specified period of continuous Service. The length of the Performance Period, the Performance Goals to be attained
during the Performance Period, and the degree to which the Performance Goals have been attained shall be determined conclusively by the Administrator. Each Performance Cash Award shall be set forth in a written agreement or in a resolution duly
adopted by the Administrator which shall contain provisions determined by the Administrator and not inconsistent with the Plan. The terms of various Performance Cash Awards need not be identical. 

10.2 Awards Under Other Plans. The Company may grant awards under other plans or programs. Such awards may be settled in the
form of Common Shares issued under this Plan. Such Common Shares shall be treated for all purposes under the Plan like Common Shares issued in settlement of Stock Units and shall, when issued, reduce the number of Common Shares available under
Article 3. 
 ARTICLE 11. LIMITATION ON RIGHTS. 

11.1 Retention Rights. Neither the Plan nor any Award granted under the Plan shall be deemed to give any individual a right to remain a
Service Provider. The Company and its Parents, Subsidiaries and Affiliates reserve the right to terminate the Service of any Service Provider at any time, with or without cause, subject to applicable laws, the Company’s certificate of
incorporation and by-laws and a written employment agreement (if any). 
 11.2
Stockholders’ Rights. Except as set forth in Section 7.4 or 8.4 above, a Participant shall have no dividend rights, voting rights or other rights as a stockholder with respect to any Common Shares covered by his or her Award prior to the
time when a stock certificate for such Common Shares is issued or, if applicable, the time when he or she becomes entitled to receive such Common Shares by filing any required notice of exercise and paying any required Exercise Price. No adjustment
shall be made for cash dividends or other rights for which the record date is prior to such time, except as expressly provided in the Plan. 

  
 -12- 

 11.3 Regulatory Requirements. Any other provision of the Plan notwithstanding, the
obligation of the Company to issue Common Shares under the Plan shall be subject to all applicable laws, rules and regulations and such approval by any regulatory body as may be required. The Company reserves the right to restrict, in whole or in
part, the delivery of Common Shares pursuant to any Award prior to the satisfaction of all legal requirements relating to the issuance of such Common Shares, to their registration, qualification or listing or to an exemption from registration,
qualification or listing. The inability of the Company to obtain authority from any regulatory body having jurisdiction, which authority is deemed necessary by the Company’s counsel to be necessary to the lawful issuance and sale of any Common
Shares hereunder, will relieve the Company of any liability in respect of the failure to issue or sell such Common Shares as to which such requisite authority will not have been obtained. 

11.4 Transferability of Awards. The Administrator may, in its sole discretion, permit transfer of an Award in a
manner consistent with applicable law. Unless otherwise determined by the Administrator, Awards shall be transferable by a Participant only by (a) beneficiary designation, (b) a will or (c) the laws of descent and distribution. An ISO
may only be transferred by will or by the laws of descent and distribution and may be exercised during the lifetime of the Optionee only by the Optionee or by the Optionee’s guardian or legal representative. 

11.5 Other Conditions and Restrictions on Common Shares. Any Common Shares issued under the Plan shall be subject to such
forfeiture conditions, rights of repurchase, rights of first refusal, other transfer restrictions and such other terms and conditions as the Administrator may determine. Such conditions and restrictions shall be set forth in the applicable Award
Agreement and shall apply in addition to any restrictions that may apply to holders of Common Shares generally. In addition, Common Shares issued under the Plan shall be subject to such conditions and restrictions imposed either by applicable law or
by Company policy, as adopted from time to time, designed to ensure compliance with applicable law or laws with which the Company determines in its sole discretion to comply including in order to maintain any statutory, regulatory or tax advantage.

 ARTICLE 12. TAXES. 

12.1 General. As a condition to the grant and acceptance of an Award under the Plan, a Participant or his or her successor shall make
arrangements satisfactory to the Company for the satisfaction of any federal, state, local or foreign withholding tax obligations that arise in connection with any Award granted under the Plan. The Company shall not be required to issue any Common
Shares or make any cash payment under the Plan unless such obligations are satisfied. 
 12.2 Share Withholding. To the extent that
applicable law subjects a Participant to tax withholding obligations, the Administrator may permit such Participant to satisfy all or part of such obligations (up to such Participant’s maximum statutory tax rate for each applicable
jurisdiction) by having the Company withhold all or a portion of any Common Shares that otherwise would be issued to him or her or by surrendering all or a portion of any Common Shares that he or she previously acquired. Such Common Shares shall be
valued at their Fair Market Value on the date when they are withheld or surrendered. Any payment of taxes by assigning Common Shares to the Company may be subject to restrictions including any restrictions required by SEC, accounting or other rules.

  
 -13- 

 12.3 Section 162(m) Matters. The Administrator, in its sole discretion,
may determine whether an Award is intended to qualify as “performance-based compensation” within the meaning of Code Section 162(m). The Administrator may grant Awards that are based on Performance Goals but that are not intended to
qualify as performance-based compensation. With respect to any Award that is intended to qualify as performance-based compensation, the Administrator shall designate the Performance Goal(s) applicable to, and the formula for calculating the amount
payable under, an Award within 90 days following commencement of the applicable Performance Period (or such earlier time as may be required under Code Section 162(m)), and in any event at a time when achievement of the applicable Performance
Goal(s) remains substantially uncertain. Prior to the payment of any Award that is intended to constitute performance-based compensation, the Administrator shall certify in writing whether and the extent to which the Performance Goal(s) were
achieved for such Performance Period. The Administrator shall have the right to reduce or eliminate (but not to increase) the amount payable under an Award that is intended to constitute performance-based compensation. 

12.4 Section 409A Matters. Except as otherwise expressly set forth in an Award Agreement, it is intended that Awards granted
under the Plan either be exempt from, or comply with, the requirements of Code Section 409A. To the extent an Award is subject to Code Section 409A (a “409A Award”), the terms of the Plan, the Award and any written
agreement governing the Award shall be interpreted to comply with the requirements of Code Section 409A so that the Award is not subject to additional tax or interest under Code Section 409A, unless the Administrator expressly provides
otherwise. A 409A Award shall be subject to such additional rules and requirements as specified by the Administrator from time to time in order for it to comply with the requirements of Code Section 409A. In this regard, if any amount under a
409A Award is payable upon a “separation from service” to an individual who is considered a “specified employee” (as each term is defined under Code Section 409A), then no such payment shall be made prior to the date that is
the earlier of (i) six months and one day after the Participant’s separation from service or (ii) the Participant’s death, but only to the extent such delay is necessary to prevent such payment from being subject to Code
Section 409A(a)(1). 
 12.5 Limitation on Liability. Neither the Company nor any person serving as Administrator shall have any
liability to a Participant in the event an Award held by the Participant fails to achieve its intended characterization under applicable tax law. 

  
 -14- 

 ARTICLE 13. FUTURE OF THE PLAN. 

13.1 Term of the Plan. The Plan, as set forth herein, shall become effective on the Effective Date. The Plan shall remain in effect
until the earlier of (a) the date when the Plan is terminated under Section 13.2, or (b) the 10th anniversary of the date adopted by the Board. 

13.2 Amendment or Termination. The Board may, at any time and for any reason, amend or terminate the Plan. No Awards shall be granted
under the Plan after the termination thereof. The termination of the Plan, or any amendment thereof, shall not affect any Award previously granted under the Plan. 

13.3 Stockholder Approval. An amendment of the Plan shall be subject to the approval of the Company’s stockholders only to the
extent required by applicable laws, regulations or rules. Stockholder approval shall be required for any amendment of the Plan that either (a) materially increases the number of Common Shares available for issuance under the Plan,
(b) materially expands the class of individuals eligible to receive Awards under the Plan, (c) materially increases the benefits accruing to Participants under the Plan or materially reduces the price at which Common Shares may be issued
or purchased under the Plan, (d) materially extends the term of the Plan, or (e) expands the types of Awards available for issuance under the Plan. In addition, an amendment to Section 2.5 is subject to approval by the Company’s
stockholders. Finally, Section 162(m) of the Code may require that the Company’s stockholders approve the Performance Goals set forth on Appendix A not later than the first meeting of stockholders that occurs in the fifth
year following the year in which the Company’s stockholders previously approved such criteria. 
 ARTICLE 14. DEFINITIONS. 

14.1 “Administrator” means the Board or any Committee administering the Plan in accordance with Article 2. 

14.2 “Affiliate” means any entity other than a Subsidiary, if the Company and/or one or more Subsidiaries own not less
than 50% of such entity. 
 14.3 “Award” means any award granted under the Plan, including as an Option, a Restricted
Share, a Stock Unit, or a Performance Cash Award. 
 14.4 “Award Agreement” means a Stock Option Agreement, a
Restricted Stock Agreement, a Stock Unit Agreement or such other agreement evidencing an Award granted under the Plan. 
 14.5
“Board” means the Company’s Board of Directors, as constituted from time to time. 
 14.6 “Change in
Control” means: 

  
 -15- 

 (a) Any “person” (as such term is used in Sections 13(d) and 14(d) of the
Exchange Act) becomes the “beneficial owner” (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of securities of the Company representing more than fifty percent (50%) of the
total voting power represented by the Company’s then-outstanding voting securities; 
 (b) The consummation of the sale or disposition
by the Company of all or substantially all of the Company’s assets; 
 (c) The consummation of a merger or consolidation of the Company
with or into any other entity, 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 or its parent) more than fifty percent (50%) of the total voting power represented by the voting securities of the Company or such surviving entity or its parent outstanding immediately after such merger or
consolidation; or 
 (d) Individuals who are members of the Board (the “Incumbent Board”) cease for any reason to
constitute at least a majority of the members of the Board over a period of 12 months; provided, however, that if the appointment or election (or nomination for election) of any new Board member was approved or recommended by a majority vote of the
members of the Incumbent Board then still in office, such new member shall, for purposes of this Plan, be considered as a member of the Incumbent Board. 

A transaction shall not constitute a Change in Control if its sole purpose is to change the state of the Company’s incorporation or to create a holding
company that will be owned in substantially the same proportions by the persons who held the Company’s securities immediately before such transaction. In addition, if a Change in Control constitutes a payment event with respect to
any Award which provides for a deferral of compensation and is subject to Code Section 409A, then notwithstanding anything to the contrary in the Plan or applicable Award Agreement the transaction with respect to such Award must also constitute
a “change in control event” as defined in Treasury Regulation Section 1.409A-3(i)(5) to the extent required by Code Section 409A. 

14.7 “Code” means the Internal Revenue Code of 1986, as amended. 

14.8 “Committee” means a committee of one or more members of the Board or of other individuals satisfying applicable
laws, appointed by the Board to administer the Plan. 
 14.9 “Common Share” means one share of the common stock of
the Company. 
 14.10 “Company” means Maxwell Technologies, Inc., a Delaware corporation. 

14.11 “Consultant” means a consultant or adviser who provides bona fide services to the Company, a Parent, a Subsidiary
or an Affiliate as an independent contractor and who qualifies as a consultant or advisor under Instruction A.1.(a)(1) of Form S-8 under the Securities Act. 

  
 -16- 

 14.12 “Employee” means a
common-law employee of the Company, a Parent, a Subsidiary or an Affiliate. 
 14.13
“Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 14.14 “Exercise Price”
means the amount for which one Common Share may be purchased upon exercise of such Option, as specified in the applicable Stock Option Agreement. 

14.15 “Fair Market Value” means the closing price of a Common Share on any established stock exchange or a national
market system on the applicable date or, if the applicable date is not a trading day, on the last trading day prior to the applicable date, as reported in a source that the Administrator deems reliable. If Common Shares are no longer traded on an
established stock exchange or a national market system, the Fair Market Value shall be determined by the Administrator in good faith on such basis as it deems appropriate. The Administrator’s determination shall be conclusive and binding on all
persons. 
 14.16 “ISO” means an incentive stock option described in Code Section 422(b). 

14.17 “NSO” means a stock option not described in Code Sections 422 or 423. 

14.18 “Option” means an ISO or NSO granted under the Plan and entitling the holder to purchase Common Shares. 

14.19 “Optionee” means an individual or estate holding an Option. 

14.20 “Outside Director” means a member of the Board who is not an Employee. 

14.21 “Parent” means any corporation (other than the Company) in an unbroken chain of corporations ending with the
Company, if each of the corporations other than the Company owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. A corporation that attains the status of a
Parent on a date after the adoption of the Plan shall be considered a Parent commencing as of such date. 
 14.22
“Participant” means an individual or estate holding an Award. 
 14.23 “Performance Cash Award”
means an award of cash granted under Section 8.1 of the Plan. 

  
 -17- 

 14.24 “Performance Goal” means a goal established by the
Administrator for the applicable Performance Period based on one or more of the performance criteria set forth in Appendix A. Depending on the performance criteria used, a Performance Goal may be expressed in terms of overall Company
performance or the performance of a business unit, division, Subsidiary, Affiliate or an individual. A Performance Goal may be measured either in absolute terms or relative to the performance of one or more comparable companies or one or more
relevant indices. The Administrator may adjust the results under any performance criterion to exclude any of the following events that occurs during a Performance Period: (a) asset write-downs, (b) litigation, claims, judgments or
settlements, (c) the effect of changes in tax laws, accounting principles or other laws or provisions affecting reported results, (d) accruals for reorganization and restructuring programs, (e) extraordinary, unusual or non-recurring items, (f) exchange rate effects for non-U.S. dollar denominated net sales and operating earnings, or (g) statutory adjustments to corporate tax rates;
provided, however, that if an Award is intended to qualify as “performance-based compensation” within the meaning of Code Section 162(m), such adjustment(s) shall only be made to the extent consistent with Code Section 162(m).

 14.25 “Performance Period” means a period of time selected by the Administrator over which the attainment of one
or more Performance Goals will be measured for the purpose of determining a Participant’s right to a Performance Cash Award or an Award of Restricted Shares or Stock Units that vests based on the achievement of Performance Goals. Performance
Periods may be of varying and overlapping duration, at the discretion of the Administrator. 
 14.26 “Plan” means
this Maxwell Technologies, Inc. 2013 Omnibus Equity Incentive Plan, as amended from time to time. 
 14.27 “Predecessor
Plans” means the Amended and Restated Maxwell Technologies, Inc. 1995 Stock Option Plan and the Maxwell Technologies, Inc. 2005 Omnibus Equity Incentive Plan. 

14.28 “Restricted Share” means a Common Share awarded under the Plan. 

14.29 “Restricted Stock Agreement” means the agreement between the Company and the recipient of a Restricted Share that
contains the terms, conditions and restrictions pertaining to such Restricted Share. 
 14.30 [Intentionally Omitted] 

14.31 [Intentionally Omitted] 

14.32 “Service” means service as an Employee, Outside Director or Consultant. 

14.33 “Service Provider” means any individual who is an Employee, Outside Director or Consultant. 

14.34 “Stock Award” means any award of an Option, a Restricted Share, or a Stock Unit under the Plan. 

14.35 “Stock Option Agreement” means the agreement between the Company and an Optionee that contains the terms,
conditions and restrictions pertaining to his or her Option. 

  
 -18- 

 14.36 “Stock Unit” means a bookkeeping entry representing the
equivalent of one Common Share, as awarded under the Plan. 
 14.37 “Stock Unit Agreement” means the agreement
between the Company and the recipient of a Stock Unit that contains the terms, conditions and restrictions pertaining to such Stock Unit. 

14.38 “Subsidiary” means any corporation (other than the Company) in an unbroken chain of corporations beginning with
the Company, if each of the corporations other than the last corporation in the unbroken chain owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. A corporation
that attains the status of a Subsidiary on a date after the adoption of the Plan shall be considered a Subsidiary commencing as of such date. 

14.39 “Substitute Awards” means Awards or Common Shares issued by the Company in assumption of, or substitution or
exchange for, Awards previously granted, or the right or obligation to make future awards, in each case by a corporation acquired by the Company or any Affiliate or with which the Company or any Affiliate combines to the extent permitted by NASDAQ
Marketplace Rule 5635 or any successor thereto. 

  
 -19- 

 APPENDIX A 

PERFORMANCE CRITERIA 
 The Administrator
may establish Performance Goals derived from one or more of the following criteria when it makes Awards of Restricted Shares or Stock Units that vest entirely or in part on the basis of performance or when it makes Performance Cash Awards: 

 

			
	 •  Revenue
	  	 •  Cash flow per Share

		
	 •  Gross profit
	  	 •  Return on equity

		
	 •  Operating expenses
	  	 •  Return on assets

		
	 •  Earnings before interest, taxes, depreciation and amortization
(EBITDA);
	  	 •  Return on capital

		
	 •  Operating income
	  	 •  Growth in assets

		
	 •  Income from operations;
	  	 •  Economic value added

		
	 •  Income before income taxes and minority interests
	  	 •  Share price performance

		
	 •  Net income
	  	 •  Total stockholder return

		
	 •  Net income per diluted Share
	  	 •  Improvement or attainment of expense levels

		
	 •  A change in accounts receivable or inventory, or a change in another
combination of assets and/or liabilities
	  	 •  Market share or market penetration

		
	 •  Cash flow
	  	 •  Business expansion, and/or acquisitions or divestitures

 To the extent that an Award is not intended to comply with Code Section 162(m), other measures of performance selected by
the Administrator, including any other corporate, strategic and/or individual performance goals. 

  
 -20- 

 Maxwell Technologies, Inc. 

2013 Omnibus Equity Incentive Plan 

Notice of Stock Option Grant 
 You have
been granted the following option to purchase shares of common stock of Maxwell Technologies, Inc. (the “Company”) under the Company’s 2013 Omnibus Equity Incentive Plan (the “Plan”): 

Name of Optionee:                «Name» 

Option Number:                «OptionNum» 

Total Number of
Shares:                «TotalShares» 
 Type of
Option:                «NSO» «ISO» 

Exercise Price per
Share:                US$«PricePerShare» 
 Date
of Grant:                «DateGrant» 
 Vesting
Commencement Date:    «VestDay» 
  

			
	Vesting Schedule:	  	This option vests and becomes exercisable with respect to an additional 25% of the shares subject to this option when you complete each additional 12 months of continuous service
as an Employee after the Vesting Commencement Date. Vesting may accelerate upon certain events as provided in the Stock Option Agreement or a written agreement between you and the Company.
		
	Expiration Date:	  	«ExpDate». This option expires earlier if your service as an Employee terminates earlier, as described in the Stock Option Agreement, and may terminate earlier in connection with certain corporate transactions as
described in Article 9 of the Plan.

 You and the Company agree that this option is granted under and governed by the terms and conditions of the Plan and the Stock
Option Agreement (the “Agreement”), both of which have been made available to you and are made a part of this document. 

 By signing below or accepting the Agreement by an electronic means as set forth in the Notice section
thereof, you agree to all of the terms and conditions described above, the Agreement, and the Plan. 
  

	
	  

	Name of Optionee

  
 -2- 

 Maxwell Technologies, Inc. 

2013 Omnibus Equity Incentive Plan 

Stock Option Agreement 
  

			
	Grant of Option	  	 Subject to all of the terms and conditions set forth in the Notice of Stock Option Grant (the “Grant Notice”), this Stock
Option Agreement (the “Agreement”), and the Company’s 2013 Equity Incentive Plan (the “Plan”), the Company has granted you an option to purchase up to the total number of Common Shares specified in the Grant
Notice at the Exercise Price indicated in the Grant Notice.
  
 As a condition of the
grant of this option, you hereby agree to all of the terms and conditions described herein and in the Plan.
  

All capitalized terms used in this Agreement shall have the meanings assigned to them in this Agreement, the Grant Notice or the Plan.

		
	Tax Treatment	  	This option is intended to be an incentive stock option (“ISO”) under Section 422 of the Code or a nonstatutory stock option (“NSO”), as provided in the Grant Notice. However, even if this
option is designated as an ISO in the Grant Notice, it shall be deemed to be a NSO to the extent it does not qualify as an ISO under federal tax law, including under the $100,000 annual limitation under Section 422(d) of the Code.
		
	Vesting	  	 This option vests and becomes exercisable in accordance with the Vesting Schedule set forth in the Grant Notice.

For purposes of this option, your service as an Employee will be considered terminated as of the date you are no longer actively providing services to the
Company or any Parent, Subsidiary, or Affiliate (regardless of the reason for such termination and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where you are providing services or the terms of your
service agreement, if any), and will not be extended by any notice period of any period of “garden leave” or similar period mandated under employment laws in the jurisdiction where you are providing services or the terms of your service
agreement, if any. Unless otherwise determined by the Company, (a) your right to vest in this option, if any, will terminate as of such date, and (b) the period, if any, during which you may exercise any vested portion of this option after
termination of your service as an Employee will commence on such date. The Administrator shall have the exclusive discretion to determine when you are no longer actively providing services for purposes of this option (including whether you may still
be considered to be providing services while on a leave of absence).
  

	Vesting Acceleration	  	 Except as otherwise provided herein, no additional option shares shall vest after your service as an Employee terminates.

 
 If your service as an Employee terminates as a result of your death or Disability, then
this option will become fully vested and exercisable on the last day of your employment.
  

If you are serving as an Employee immediately prior to the closing of a Change in Control, this option will become fully vested and exercisable immediately
following your Involuntary Termination within two years following such a Change in Control.

  
 -3- 

			
		  	If, in a Change in Control (other than a transaction described in clause (d) of such definition), this option is not continued, assumed, substituted, or converted into the right to receive a payment equal to the excess, if any,
of (a) the value, as determined by the Administrator in its absolute discretion, of the property or cash received by the holder of a Common Share as a result of the transaction, over (b) the Exercise Price, with such payment subject to
vesting based on your continuing service as an Employee after such transaction, then this option will become fully vested and exercisable immediately prior to such transaction.
		
	Term of Option	  	This option expires in all events at the close of business at Company headquarters on the tenth (10th) anniversary of the Date of Grant, as shown in the Grant Notice. (This option will expire earlier if your service as an
Employee terminates earlier, as described below, and this option may be terminated earlier as provided in Article 9 of the Plan.)
		
	Termination of Option	  	 If your service as an Employee terminates for any reason except death, Disability, or for Cause, then this option, to the extent vested as of
your termination date, will expire at the close of business at Company headquarters on the date three months after your termination date.
  

If you die before your service as an Employee terminates or if your service as an Employee terminates because of your Disability, then this option will expire
at the close of business at Company headquarters on the date 36 months after the date of your death or Disability.
  

If your service as an Employee terminates for Cause, then this option, to the extent vested on your termination date, will expire at the close of business at
Company headquarters on the date one month after your termination date.
  
 If your
service as an Employee terminates for any reason, this option will expire immediately to the extent this option is unvested as of your termination date and does not vest as a result of your termination of service as an Employee.

		
	Leaves of Absence and Part-Time Work	  	 For purposes of this option, your service as an Employee does not terminate when you go on a military leave, a sick leave or another bona
fide leave of absence, if the leave was approved by the Company in writing and if continued crediting of service as an Employee is required by applicable law, the Company’s leave of absence policy, or the terms of your leave. However,
your service as an Employee terminates when the approved leave ends, unless you immediately return to active work.
  

If you go on a leave of absence, then the Vesting Schedule specified in the Grant Notice may be adjusted in accordance with the Company’s leave of absence
policy or the terms of your leave. If you commence working on a part-time basis, the Company may adjust the Vesting Schedule so that the rate of vesting is commensurate with your reduced work schedule.

		
	Restrictions on Exercise	  	The Company will not permit you to exercise this option if the issuance of shares at that time would violate any law or regulation.
		
	Notice of Exercise	  	 When you wish to exercise this option, you must notify the Company or its designated agent, [Online Service Provider]. Your notice must
specify how many shares you wish to purchase. The notice will be effective when received.
  

However, if you wish to exercise this option by executing a same-day sale (as described below), you must follow the
instructions of the Company and the broker who will execute the sale.
  
 If someone
else wants to exercise this option after your death, that person must prove to the Company’s satisfaction that he or she is entitled to do so.
  

You may only exercise this option for whole shares.

  
 -4- 

			
	Form of Payment	  	 In order to exercise this option, you must make arrangements for the payment of the Exercise Price for the shares that you are purchasing. To
the extent permitted by applicable law, payment may be made in one (or a combination of two or more) of the following forms:
  

•  By delivering to the Company your personal check, a cashier’s check or a money order, or
arranging for a wire transfer.
  

•  By surrendering or attesting to the ownership of shares of Company stock that you own on a form
provided by the Company and have the same number of shares subtracted from the option shares issued to you. The value of the shares, determined as of the effective date of the option exercise, will be applied to the Exercise Price.

 
 By giving to a securities broker approved by the Company irrevocable
directions to sell all or part of your option shares and to deliver to the Company, from the sale proceeds, an amount sufficient to pay the Exercise Price and any Tax-Related Items (as defined below). (The
balance of the sale proceeds, if any, will be delivered to you.) The directions must be given in accordance with the instructions of the Company and the broker. This exercise method is sometimes called a
“same-day sale.”

		
	Responsibility for Taxes	  	You acknowledge that, regardless of any action taken by the Company or, if different, the Parent, Subsidiary, or Affiliate to whom you provide services as an Employee (the “Employer”), the ultimate liability for all
income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items related to your participation in the Plan and legally applicable to you (“Tax-Related Items”) is and remains your responsibility and may exceed the amount actually withheld by the Company or the Employer. You further acknowledge that the Company and/or the Employer
(a) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of this option, including, but not limited to, the grant, vesting or exercise of
this option, the subsequent sale of the Common Shares acquired pursuant to such exercise and the receipt of any dividends; and (b) do not commit to and are under no obligation to structure the terms of the grant or any aspect of this option to
reduce or eliminate your liability for Tax-Related Items or achieve any particular tax result. Further, if you are subject to Tax-Related Items in more than one
jurisdiction between the Date of Grant and the date of any relevant taxable or tax withholding event, as applicable, you acknowledge that the Company and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.
		
	Non-U.S. Tax-Related Items	  	 If you are subject to taxes outside the United States, prior to any relevant taxable or tax withholding event, as applicable, you agree to
make adequate arrangements satisfactory to the Company and/or the Employer to satisfy all Tax-Related Items. In this regard, you authorize the Company or its agent to satisfy their withholding obligations with
regard to all Tax-Related Items by one or a combination of the following:
  

•  Withholding from proceeds of the sale of Common Shares acquired upon exercise either through a
voluntary sale or through a mandatory sale arranged by the Company (on your behalf pursuant to this authorization without further consent); or
  

•  Withholding shares to be issued upon exercise; or

 
 •  Withholding from your wages
or other cash compensation paid to you by the Company and/or the Employer.
  

  
 -5- 

			
		  	 Depending on the withholding method, the Company may withhold or account for Tax-Related Items by
considering applicable minimum statutory withholding amounts or other applicable withholding rates, including maximum applicable rates, in which case you will receive a refund of any over-withheld amount in cash and will have no entitlement to the
equivalent in shares. If the obligation for Tax-Related Items is satisfied by withholding in shares, for tax purposes, you are deemed to have been issued the full number of shares subject to the exercised
portion of this option, notwithstanding that a number of the shares are held back solely for the purpose of paying the Tax-Related Items.

 
 Finally, you agree to pay to the Company or the Employer any amount of Tax-Related Items that the Company or the Employer may be required to withhold or account for as a result of your participation in this Agreement that cannot be satisfied by the means previously described. The
Company may refuse to issue or deliver Common Shares or the proceeds from the sale of such Common Shares if you fail to comply with your obligations in connection with the Tax-Related Items.

		
	Transfer of Option	  	Prior to your death, only you may exercise this option. You cannot transfer or assign this option. For instance, you may not sell this option or use it as security for a loan. If you attempt to do any of these things, this option
will immediately become invalid. You may, however, dispose of this option in your will provided, however, that a representative of your estate or legal heirs acknowledges and agrees in writing in a form reasonably acceptable to the Company, to be
bound by the provisions of this Agreement and the Plan as if the estate or legal heirs were you.
		
	Retention Rights	  	Your option and this Agreement do not give you the right to be retained by the Employer, the Company, a Parent, Subsidiary, or Affiliate in any capacity. The Employer, Company and its Parents, Subsidiaries, and Affiliates reserve
the right to terminate your service as an Employee at any time, with or without cause, subject to applicable laws and any written employment agreements.
		
	Stockholder Rights	  	You, or your legal heirs or representatives of your estate, have no rights as a stockholder of the Company until you have exercised this option by giving the required notice to the Company, paying the Exercise Price, and satisfying
any obligation for Tax-Related Items. No adjustments are made for dividends or other rights if the applicable record date occurs before you exercise this option, except as described in the Plan.
		
	Capitalization Adjustments	  	In the event of a stock split, a stock dividend or a similar change in Company stock, the number of shares covered by this option and the option exercise price per share will be adjusted pursuant to the Plan.
		
	Effect of Significant Corporate Transactions	  	If the Company is a party to a merger, consolidation, or certain change in control transactions, then this option will be subject to the applicable provisions of Article 9 of the Plan.
		
	Nature of Grant	  	 In accepting this option, you acknowledge, understand and agree that:

 
 •  The Plan is established
voluntarily by the Company, it is discretionary in nature and it may be modified, amended, suspended or terminated by the Company at any time, to the extent permitted by the Plan;

 
 •  The grant of this option is
voluntary and occasional and does not create any contractual or other right to receive future grants of options, or benefits in lieu of options, even if options have been granted in the past;

 
 •  All decisions with respect to
future options or other grants, if any, will be at the sole discretion of the Company;

  
 -6- 

			
		  	 •  You are voluntarily participating in the Plan;

 
 •  This option and the Common
Shares subject to this option are not intended to replace any pension rights or compensation;
  

•  This option and the Common Shares subject to this option, and the income and value of same, are
not part of normal or expected compensation for any purpose, including, without limitation, calculating any severance, resignation, termination, redundancy, dismissal,
end-of-service payments, bonuses, long-service awards, pension or retirement or welfare benefits or similar payments;

 
 •  The future value of the
Common Shares underlying this option is unknown, indeterminable and cannot be predicted with certainty;
  

•  If the Common Shares underlying this option do not increase in value, this option will have no
value;
  
 •  If you exercise
this option and acquire Common Shares, the value of the Common Shares may increase or decrease in value, including below the Exercise Price;
  

•  No claim or entitlement to compensation or damages shall arise from forfeiture of this option
resulting from the termination of your service as an Employee (for any reason whatsoever, whether or not later found to be invalid or in breach of employment laws in the jurisdiction where you are providing services or the terms of your service
agreement, if any), and in consideration of the grant of this option to which you are otherwise not entitled, you irrevocably agree never to institute any claim against the Company, any Parent, Subsidiary, or Affiliate, including the Employer,
waive your ability, if any, to bring any such claim, and release the Company, any Parent, Subsidiary, or Affiliate including the Employer, from any such claim; if, notwithstanding the foregoing, any such claim is allowed by a court of competent
jurisdiction, then, by participating in the Plan, you shall be deemed irrevocably to have agreed not to pursue such claim and agree to execute any and all documents necessary to request dismissal or withdrawal of such claim;

 
 •  Unless otherwise provided in
the Plan or by the Company in its discretion, this option and the benefits evidenced by this Agreement do not create any entitlement to have this option or any such benefits transferred to, or assumed by, another company nor to be exchanged, cashed
out or substituted for, in connection with any corporate transaction affecting the shares of the Company; and
  

•  Neither the Employer, the Company nor any Parent, Subsidiary, or Affiliate shall be liable for any
foreign exchange rate fluctuation between your local currency and the United States Dollar that may affect the value of this option or of any amounts due to you pursuant to exercise of this option or the subsequent sale of any Common Shares acquired
upon exercise.
  

	Data Privacy	  	You hereby explicitly and unambiguously consent to the collection, use and transfer, in electronic or other form, of your personal data as described in this Agreement and any other option grant materials by and among, as
applicable, the Employer, the Company and any Parent, Subsidiary, or Affiliate for the exclusive purpose of implementing, administering and managing your participation in the Plan.

  
 -7- 

			
		  	  
 You understand that the Company and the Employer may hold
certain personal information about you, including, but not limited to, your name, home address and telephone number, date of birth, social insurance number or other identification number, salary, nationality, job title, any shares of stock or
directorships held in the Company, details of all options or any other entitlement to shares of stock awarded, canceled, exercised, vested, unvested or outstanding in your favor (“Data”), for the exclusive purpose of implementing,
administering and managing the Plan.
  
 You understand that Data will be
transferred to a stock plan service provider as may be selected by the Company (the “Online Service Provider”), that is assisting the Company with the implementation, administration and management of the Plan. You understand that the
recipients of the Data may be located in the United States or elsewhere, and that the recipients’ country (e.g., the United States) may have different data privacy laws and protections than your country. You understand that you may request a
list with the names and addresses of any potential recipients of the Data by contacting your local human resources representative. You authorize the Company, the Online Service Provider, and any other possible recipients which may assist the Company
(presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purpose of implementing, administering and managing your
participation in the Plan. You understand that Data will be held only as long as is necessary to implement, administer and manage your participation in the Plan. You understand that you may, at any time, view Data, request additional information
about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing your local human resources representative. Further, you understand that
you are providing the consents herein on a purely voluntary basis. If you do not consent, or if you later seek to revoke your consent, your service as an Employee and career with the Employer will not be adversely affected; the only adverse
consequence of refusing or withdrawing your consent is that the Company would not be able to grant you options or other equity awards or administer or maintain such awards. Therefore, you understand that refusing or withdrawing your consent may
affect your ability to participate in the Plan. For more information on the consequences of your refusal to consent or withdrawal of consent, you understand that you may contact your local human resources representative.

		
	Restrictions on Resale	  	You agree not to sell any Common Shares issued upon exercise of this option at a time when applicable laws, Company policies (including, without limitation, the Company’s Insider Trading Policy including any
Addenda thereto) or an agreement between the Company and its underwriters prohibit a sale. This restriction will apply as long as your service as an Employee continues and for such period of time after the termination of your service as
an Employee as the Company may specify.
		
	Regulatory Requirements	  	Notwithstanding any other provision of the Plan, the obligation of the Company to issue Common Shares hereunder shall be subject to all applicable laws, rules and regulations and such approval by any regulatory body as may be
required. The Company reserves the right to restrict, in whole or in part, the delivery of Common Shares pursuant to the Plan prior to the satisfaction of all legal requirements relating to the issuance of such Common Shares, to their registration,
qualification or listing or to an exemption from registration, qualification or listing. The inability of the Company to obtain authority from any regulatory body having jurisdiction, which authority is deemed necessary by the Company’s counsel
to be necessary to the lawful issuance and sale of any Common Shares hereunder, will relieve the Company of any liability in respect of the failure to issue or sell such Common Shares as to which such requisite authority will not have been
obtained.

  
 -8- 

			
	Other Conditions and Restrictions	  	Any Common Shares issued hereunder shall be subject to such conditions and restrictions imposed either by applicable law or by Company policy, as adopted from time to time, designed to ensure compliance with applicable law or laws
with which the Company determines in its sole discretion to comply including in order to maintain any statutory, regulatory or tax advantage.
		
	Notice	  	Any notices provided for under this Agreement or the Plan shall be given in writing and shall be deemed effectively given upon receipt or, in the case of notices delivered by the Company to you, five days after deposit in the United
States mail, postage prepaid, addressed to you at the last address you provided to the Company. Notwithstanding the foregoing, the Company may, in its sole discretion, decide to deliver any documents related to participation in the Plan and this
award (including, without limitation, prospectuses required by the Securities and Exchange Commission) and all other documents that the Company is required to deliver to its security holders (including, without limitation, annual reports and proxy
statements) by electronic means or to request your consent to participate in the Plan by electronic means. You hereby consent to receive such documents by electronic delivery and, if requested, to agree to participate in the Plan through an online
or electronic system established and maintained by the Company or another third party designated by the Company. If the Company posts these documents on such an online or electronic system, it will notify you by email.
		
	Governing Law	  	The provisions of Section 2.7 of the Plan apply to this option.
		
	Language	  	If you have received this Agreement or any other document related to the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will
control.
		
	The Plan and Other Agreements	  	 The text of the Plan is incorporated in this Agreement by reference.

 
 This Plan, this Agreement, and the Grant Notice constitute the entire understanding
between you and the Company regarding this option. Any prior agreements, commitments or negotiations concerning this option are superseded. However, if you and the Company have entered into a written agreement relating to the vesting of this option,
then such written agreement will govern the vesting of this option.

		
	Severability	  	If one or more of the provisions of this Agreement are held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions will not in any way be affected or impaired thereby
and the invalid, illegal or unenforceable provision will be deemed null and void; however, to the extent permissible by law, any provisions that could be deemed null and void will first be construed, interpreted or revised retroactively to permit
this Agreement to be construed so as to foster the intent of this Agreement.
		
	Imposition of Other Requirements	  	The Company reserves the right to impose other requirements on your participation in the Plan, on this option and on any shares acquired under the Plan, to the extent the Company determines it is necessary or advisable for legal or
administrative reasons, and to require you to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.
		
	Waiver	  	You acknowledge that a waiver by the Company of breach of any provision of this Agreement shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent by you or any other
Participant.

  
 -9- 

			
	No Advice Regarding Grant	  	The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding your participation in the Plan, or your acquisition or sale of Common Shares underlying this option. You are
hereby advised to consult with your own personal tax, legal and financial advisors regarding your participation in the Plan before taking any action related to the Plan.
		
	Insider Trading Restrictions/ Market Abuse Laws	  	You acknowledge that, depending on your country, you may be subject to insider trading restrictions and/or market abuse laws, which may affect your ability to acquire or sell shares or rights to shares (e.g., this option)
under the Plan during such times as you are considered to have “inside information” regarding the Company (as defined by the laws in your country). Any restrictions under these laws or regulations are separate from and in addition to
any restrictions that may be imposed under any applicable Company insider trading policy. You acknowledge that it is your responsibility to comply with any applicable restrictions, and you are advised to speak to your personal advisor on this
matter.
		
	Definitions	  	 “Cause” means any of the following:
  

•  Your unauthorized use or disclosure of the Company’s confidential information or trade
secrets;
  
 •  Your breach of
any agreement between you and the Company;
  

•  Your material failure to comply with the Company’s written policies or rules; your conviction
of, or your plea of “guilty” or “no contest” to, a felony under the laws of your local jurisdiction;
  

•  Your gross negligence or willful misconduct;

 
 •  Your continuing failure to
perform assigned duties after receiving written notification of the failure from the Company; or
  

•  Your failure to cooperate in good faith with a governmental or internal investigation of the
Company or its directors, officers or employees, if the Company has requested your cooperation.

		
		  	 “Change in Control” means:
  

(a) any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) becomes the “beneficial owner” (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of securities of the Company representing more than 50% of the total voting power represented by the Company’s then-outstanding voting securities;

 
 (b) the consummation of the sale or disposition by the Company of all or substantially
all of the Company’s assets;
  
 (c) the consummation of a merger or consolidation
of the Company with or into any other entity, 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 or its parent) more than 50% of the total voting power represented by the voting securities of the Company or such surviving entity or its parent outstanding immediately after such merger or
consolidation; or
  
 (d) individuals who are members of the Board (the
“Incumbent Board”) cease for any reason to constitute at least a majority of the members of the Board over a period of 12 months; provided, however, that if the appointment or election (or nomination for election) of any new Board
member was approved or recommended by a majority vote of the members of the Incumbent Board then still in office, such new member shall, for purposes of this Agreement, be considered as a member of the Incumbent
Board.

  
 -10- 

			
		  	A transaction shall not constitute a Change in Control if its sole purpose is to change the state of the Company’s incorporation or to create a holding company that will be owned in substantially the same proportions by the
persons who held the Company’s securities immediately before such transaction. In addition, if a Change in Control constitutes a payment event with respect to this Agreement and this Agreement provides for a deferral of compensation and is
subject to Section 409A of the Code, then notwithstanding anything to the contrary in this Agreement, such transaction must also constitute a “change in control event” as defined in Treas. Reg.
§1.409A-3(i)(5) to the extent required by Section 409A of the Code.
		
		  	“Disability” means your inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted or
can be expected to last for a continuous period of not less than 12 months, as determined by the Administrator on the basis of such medical evidence as the Administrator deems warranted under the circumstances, including a requirement that you
submit medical evidence or undergo a medical examination by a doctor selected by the Company as deemed necessary to make a determination hereunder.
		
		  	“Involuntary Termination” means either a (a) Termination Without Cause, or (b) Resignation for Good Reason.
		
		  	 “Resignation for Good Reason” means your resignation within 180 days after one of the following conditions initially has
come into existence without your express written consent:
  

•  A change in your position with the Company that materially reduces your level of authority or
responsibility, relative to your authority or responsibilities as in effect immediately prior to such reduction, or the assignment to you of such reduced authority and responsibilities;

 
 •  A reduction in your base
salary or target bonus by more than 10%; or
  

•  A relocation to a facility or a location more than 50 miles from your then-present work location
that increases your one-way commute.
  
 A
Resignation for Good Reason will not be deemed to have occurred unless (a) you give the Company written notice of the condition within 90 days after the condition initially comes into existence, (b) the Company fails to remedy the
condition within 30 days after receiving your written notice, and (c) you terminate employment within 180 days from the date the condition initially comes into existence.

		
		  	“Termination Without Cause” means your involuntary discharge by the Company for reasons other than Cause, provided that you are willing and able to continue performing services within the meaning of Treas. Reg. §1.409A-1(n)(1).

 By your acceptance of this grant, you agree to all of the 

terms and conditions described above. 

  
 -11- 

 Maxwell Technologies, Inc. 

2013 Omnibus Equity Incentive Plan 

Notice of Restricted Stock Unit Award 
 You
have been granted Restricted Stock Units (“RSUs”) representing shares of common stock of Maxwell Technologies, Inc. (the “Company”) on the following terms: 

 

			
	Name of Recipient:	  	xxxx
	Total Number of RSUs Granted:	  	xxxx
	Grant Date:	  	xxxx
	Vesting Commencement Date:	  	xxxx
	Vesting Schedule:	  	Increments of 25% of the RSUs subject to this award will vest when you complete each year of continuous employment after the Vesting Commencement Date. Vesting may accelerate upon certain events as provided in the Restricted Stock
Unit Agreement or a written agreement between you and the Company.
	Grant Number:	  	xxxx

 You and the Company agree that the RSUs are granted under and governed by the terms and conditions of the Maxwell
Technologies, Inc. 2013 Omnibus Equity Incentive Plan (the “Plan”) and the Restricted Stock Unit Agreement (the “Agreement”), both of which have been made available to you and are made a part of this document. 

By signing below or accepting the Agreement by an electronic means as set forth in the Notice section thereof, you agree to all of the terms and
conditions described above, the Agreement, and the Plan. 
  

	
	   

	Name of Recipient

 Maxwell Technologies, Inc. 

2013 Omnibus Equity Incentive Plan: 

Restricted Stock Unit Agreement 
  

			
	Grant of RSUs	  	Subject to all of the terms and conditions set forth in the Notice of Restricted Stock Unit Award (the “Grant Notice”), this Agreement and the Plan, the Company has granted to you the number of RSUs set forth in the
Grant Notice.
		
	Vesting	  	 The RSUs vest in accordance with the Vesting Schedule set forth in the Grant Notice.

 
 For purposes of the foregoing, your service as an Employee will be considered terminated
as of the date you are no longer actively providing services to the Company or any Parent, Subsidiary, or Affiliate (regardless of the reason for such termination and whether or not later found to be invalid or in breach of employment laws in the
jurisdiction where you are providing services or the terms of your service agreement, if any), and unless otherwise expressly provided in this Agreement or determined by the Company, you right to vest in the RSUs under the Plan, if any, will
terminate as of such date and will not be extended by any notice period of any period of “garden leave” or similar period mandated under employment laws in the jurisdiction where you are providing services or the terms of your service
agreement, if any. The Administrator shall have the exclusive discretion to determine when you are no longer actively providing services for purposes of your RSUs (including whether you may still be considered to be providing services while on a
leave of absence).
  
 Note that you will not receive consideration in respect of your
vested RSUs until they are settled in accordance with the Settlement of RSUs section below.

		
	Vesting Acceleration	  	 Except as otherwise provided herein, no additional RSUs shall vest after your service as an Employee terminates.

 
 If your service as an Employee terminates as a result of your death or Disability, your
then-unvested RSUs will become fully vested on your last day of employment.
  
 If you
are serving as an Employee immediately prior to the closing of a Change in Control, your then-unvested RSUs will become fully vested immediately following your Involuntary Termination within two years following such a Change in Control.

 
 If, in a Change in Control occurring on or prior to the Deadline (other than a
transaction described in clause (d) of such definition), an RSU is not continued, assumed, substituted, or converted into the right to receive a payment equal to the value, as determined by the Administrator in its absolute discretion, of the
property or cash received by the holder of a Common Share as a result of the transaction with payment subject to vesting based on your continuing service as an Employee after such transaction, then your then-unvested RSUs will vest fully vested
immediately prior to such transaction.

  
 -2- 

			
		
	Forfeiture	  	Except as otherwise provided herein or pursuant to a written agreement between you and the Company, if your service as an Employee terminates for any reason, your then-unvested RSUs will be forfeited to the extent they have not
vested before your termination date and do not vest as a result of the termination of your service. Accordingly, any such unvested RSUs will be cancelled and forfeited immediately. You will receive no payment for RSUs that are cancelled. The Company
determines when your service as an Employee terminates for this purpose.
		
	Settlement of RSUs	  	The RSUs will be settled on the first Permissible Trading Day that occurs on or after the day when the RSUs vest, but shall be settled no later than the March 15th of the calendar year following the calendar year in which the
RSUs vest. At the time of settlement, you will receive one Common Share for each vested RSU. However, the Company retains the discretion to substitute an equivalent amount of cash for each underlying Common Share determined on the basis of the Fair
Market Value of the Common Shares at the time an RSU vests.
		
	Section 409A	  	This section applies only if the Company determines that you are a “specified employee” within the meaning of Section 409A(2)(B)(i) of the Code at the time of your “separation from service” as defined in
Treas. Reg. §1.409A-1(h). If this section applies, then any RSUs that otherwise would have been settled during the first six months following your separation from service will instead be settled during
the seventh month following your separation from service, unless the Company determines that the settlement of those RSUs is exempt from Section 409A of the Code.
		
	 Responsibility for
 Taxes
	  	You acknowledge that, regardless of any action taken by the Company or, if different, the Parent, Subsidiary, or Affiliate to whom you provide services as an Employee (the “Employer”), the ultimate liability for all
income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items related to your participation in the Plan and legally applicable to you (“Tax-Related Items”) is and remains your responsibility and may exceed the amount actually withheld by the Company or the Employer. You further acknowledge that the Company and/or the Employer (a) make
no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the RSUs, including, but not limited to, the grant, vesting or settlement of the RSUs, the
subsequent sale of the Common Shares acquired pursuant to such settlement and the receipt of any dividends; and (b) do not commit to and are under no obligation to structure the terms of the grant or any aspect of the RSUs to reduce or
eliminate your liability for Tax-Related Items or achieve any particular tax result. Further, if you are subject to Tax-Related Items in more than one jurisdiction
between the Grant Date and the date of any relevant taxable or tax withholding event, as applicable, you acknowledge that the Company and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.

  
 -3- 

			
		
	Withholding Taxes	  	You must make arrangements satisfactory to the Company for the payment of any withholding taxes that are due as a result of the vesting or settlement of RSUs. At its discretion, the Company may satisfy applicable withholding
obligations by any one or more of the following means (a) causing you to tender a cash payment or surrender other Common Shares that you previously acquired, (b) taking payment from the proceeds of the sale of Common Shares through a
Company-approved broker, (c) withholding Common Shares that otherwise would be issued to you when the RSUs are settled, provided that no Common Shares are withheld with a value exceeding the minimum amount of tax required to be withheld by law,
or (d) withholding cash from other compensation payable to you. If you are a Company officer subject to Section 16 of the Exchange Act, then your tax withholding obligations in connection with the RSUs will be satisfied pursuant to clause
(c) of the preceding sentence only if approved in advance by the Committee. The fair market value of the Common Shares, determined as of the date when taxes otherwise would have been withheld in cash, will be applied to withholding
taxes.
		
	Non-U.S. Tax-Related Items	  	 If you are subject to taxes outside the United States, prior to any relevant taxable or tax withholding event, as applicable, you agree to
make adequate arrangements satisfactory to the Company and/or the Employer to satisfy all Tax-Related Items.
  

In this regard, you authorize and direct the Company and a brokerage firm determined acceptable to the Company for such purpose to sell on your behalf a number
of whole Common Shares from the shares that are issuable upon settlement of the RSUs as the Company determines to be appropriate to generate cash proceeds sufficient to satisfy the Company’s or the Employer’s withholding obligation for Tax-Related Items. Such Common Shares will be sold on the date on which the withholding obligation for Tax-Related Items arises or as soon thereafter as practicable. You
acknowledge and agree that the Company is under no obligation to arrange for such sale at any particular price, that you are responsible for all fees and other costs of sale, and that you are hereby agreeing to indemnify and hold the Company
harmless from any losses, costs, damages or expenses relating to any such sale and that the proceeds of any such sale may not be sufficient to satisfy the Company’s or the Employer’s withholding obligation for Tax-Related Items. In the event that such proceeds are not sufficient, you agree to pay to the Company or the Employer, as applicable, as soon as practicable, including through additional payroll withholding, the
amount of any such shortfall. To the extent the proceeds of such sale exceed the Company’s or the Employer’s withholding obligation for Tax-Related Items, the Company or the Employer, as applicable,
agrees to pay such excess in cash to you through payroll as soon as practicable.
  
 In
the event that the Company determines, in its sole discretion, not to satisfy any withholding obligation for Tax-Related Items through the process described above, it will instead satisfy your obligation by
one or a combination of the following:

  
 -4- 

			
		
		  	 •  Withholding Common Shares that would otherwise be issued to you when the RSUs
are settled equal in value to the Tax-Related Items. If the Company satisfies any withholding obligation for Tax-Related Items by withholding a number of Common Shares
as described above, you are deemed to have been issued the full number of Common Shares subject to the RSUs.
  

•  Withholding the amount of any Tax-Related Items from your
wages or other cash compensation paid to you by the Company.
  

•  Any other means approved by the Company.

 
 Depending on the withholding method, the Company may withhold or account for Tax-Related Items by considering applicable minimum statutory withholding rates or other applicable withholding rates, including maximum applicable rates, in which case you will receive a refund of any over-withheld
amount in cash and will have no entitlement to the common stock equivalent.
  
 You
agree to pay to the Company or the Employer any amount of Tax-Related Items that the Company or the Employer may be required to withhold or account for as a result of your participation in the Plan that cannot
be satisfied by the means previously described. If cash is to be distributed pursuant to the RSUs instead of shares, the Company will withhold from the cash delivered to you an amount necessary to satisfy any withholding obligation for Tax-Related Items.
  
 The Company may refuse to issue
or deliver Common Shares or the proceeds from the sale of such Common Shares if you fail to comply with your obligations in connection with the Tax-Related Items.

		
	Nature of RSUs	  	No payment is required for the RSUs that you are receiving. Your RSUs are mere bookkeeping entries and represent the Company’s unfunded and unsecured promise to issue Common Shares or distribute cash to you on a future date. As
a holder of RSUs, you have no rights other than the rights of a general creditor of the Company.
		
	No Voting or Dividends Rights	  	Your RSUs carry neither voting rights nor rights to cash dividends. You have no rights as a stockholder of the Company unless and until your RSUs are settled by issuing Common Shares.
		
	Retention Rights	  	Your RSUs and this Agreement do not give you the right to be retained by the Company, a Parent, Subsidiary, or Affiliate in any capacity. The Employer, Company and its Parents, Subsidiaries, and Affiliates reserve the right to
terminate your service as an Employee at any time, with or without cause, subject to applicable laws and any written employment agreements.
		
	RSUs Not Transferable	  	Except as otherwise provided below, you may not sell, transfer, assign, pledge or otherwise dispose of any RSUs.
		
	Beneficiary Designation	  	You may dispose of your RSUs in a written beneficiary designation. A beneficiary designation must be filed with the Company on the proper form. It will be recognized only if it has been received at the Company’s headquarters
before your death. If you file no beneficiary designation or if none of your designated beneficiaries survives you, then your estate will receive the proceeds from any vested RSUs that you hold at the time of your
death.

  
 -5- 

			
		
	Nature of Grant	  	 In accepting the RSUs, you acknowledge, understand and agree that:
  

•  The Plan is established voluntarily by the Company, it is discretionary in nature and it may be
modified, amended, suspended or terminated by the Company at any time, to the extent permitted by the Plan;
  

•  The grant of the RSUs is voluntary and occasional and does not create any contractual or other
right to receive future grants of RSUs, or benefits in lieu of RSUs, even if RSUs have been granted in the past;
  

•  All decisions with respect to future RSUs or other grants, if any, will be at the sole discretion
of the Company;
  
 •  You are
voluntarily participating in the Plan;
  

•  The RSUs and the Common Shares subject to the RSUs are not intended to replace any pension rights
or compensation;
  
 •  The RSUs
and the Common Shares subject to the RSUs, and the income and value of same, are not part of normal or expected compensation for purposes, including, without limitation, of calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, bonuses, long-service awards, pension or retirement or welfare benefits or similar payments;

 
 •  The future value of the
underlying Common Shares is unknown, indeterminable and cannot be predicted with certainty;
  

•  No claim or entitlement to compensation or damages shall arise from forfeiture of the RSUs
resulting from the termination of your service as an Employee (for any reason whatsoever, whether or not later found to be invalid or in breach of employment laws in the jurisdiction where you are providing services or the terms of your service
agreement, if any), and in consideration of the grant of the RSUs to which you are otherwise not entitled, you irrevocably agree never to institute any claim against the Company, any Parent, Subsidiary, or Affiliate, including the Employer,
waive your ability, if any, to bring any such claim, and release the Company, any Parent, Subsidiary, or Affiliate, including the Employer, from any such claim; if, notwithstanding the foregoing, any such claim is allowed by a court of competent
jurisdiction, then, by participating in the Plan, you shall be deemed irrevocably to have agreed not to pursue such claim and agree to execute any and all documents necessary to request dismissal or withdrawal of such claim;

 
 •  Unless otherwise provided in
the Plan or by the Company in its discretion, the RSUs and the benefits evidenced by this Agreement do not create any entitlement to have the RSUs or any such benefits transferred to, or assumed by, another company nor to be exchanged,
cashed out or substituted for, in connection with any corporate transaction affecting the shares of the Company; and
  

•  Neither the Employer, the Company nor any Parent, Subsidiary, or Affiliate shall be liable for any
foreign exchange rate fluctuation between your local currency and the United States Dollar that may affect the value of the RSUs or of any amounts due to you pursuant to the settlement of the RSUs or the subsequent sale of any Common Shares acquired
upon settlement.

  
 -6- 

			
		
	Data Privacy	  	 You hereby explicitly and unambiguously consent to the collection, use and transfer, in electronic or other form, of your personal data
as described in this Agreement and any other RSU grant materials by and among, as applicable, the Employer, the Company and any Parent, Subsidiary, or Affiliate for the exclusive purpose of implementing, administering and managing your participation
in the Plan.
  
 You understand that the Company and the Employer may hold
certain personal information about you, including, but not limited to, your name, home address and telephone number, date of birth, social insurance number or other identification number, salary, nationality, job title, any shares of stock or
directorships held in the Company, details of all RSUs or any other entitlement to shares of stock awarded, canceled, exercised, vested, unvested or outstanding in your favor (“Data”), for the exclusive purpose of implementing,
administering and managing the Plan.
  
 You understand that Data will be
transferred to a stock plan service provider as may be selected by the Company (the “Online Service Provider”), which is assisting the Company with the implementation, administration and management of the Plan. You understand that the
recipients of the Data may be located in the United States or elsewhere, and that the recipients’ country (e.g., the United States) may have different data privacy laws and protections than your country. You understand that you may request a
list with the names and addresses of any potential recipients of the Data by contacting your local human resources representative. You authorize the Company, Online Service Provider, and any other possible recipients which may assist the Company
(presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purpose of implementing, administering and managing your
participation in the Plan. You understand that Data will be held only as long as is necessary to implement, administer and manage your participation in the Plan. You understand that you may, at any time, view Data, request additional information
about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing your local human resources representative. Further, you understand that
you are providing the consents herein on a purely voluntary basis. If you do not consent, or if you later seek to revoke your consent, your service as an Employee and career with the Employer will not be adversely affected; the only adverse
consequence of refusing or withdrawing your consent is that the Company would not be able to grant you RSUs or other equity awards or administer or maintain such awards. Therefore, you understand that refusing or withdrawing your consent may affect
your ability to participate in the Plan. For more information on the consequences of your refusal to consent or withdrawal of consent, you understand that you may contact your local human resources
representative.

  
 -7- 

			
		
	Restrictions on Resale	  	You agree not to sell any Common Shares issued under the RSUs at a time when applicable laws, Company policies (including, without limitation, the Company’s Insider Trading Policy including any
Addenda thereto) or an agreement between the Company and its underwriters prohibit a sale. This restriction will apply as long as your service as an Employee continues and for such period of time after the termination of your service as
an Employee as the Company may specify.
		
	Regulatory Requirements	  	Notwithstanding any other provision of this Agreement, the obligation of the Company to issue Common Shares hereunder shall be subject to all applicable laws, rules and regulations and such approval by any regulatory body as may be
required. The Company reserves the right to restrict, in whole or in part, the delivery of Common Shares pursuant to this Agreement prior to the satisfaction of all legal requirements relating to the issuance of such Common Shares, to their
registration, qualification or listing or to an exemption from registration, qualification or listing. The inability of the Company to obtain authority from any regulatory body having jurisdiction, which authority is deemed necessary by the
Company’s counsel to be necessary to the lawful issuance and sale of any Common Shares hereunder, will relieve the Company of any liability in respect of the failure to issue or sell such Common Shares as to which such requisite authority will
not have been obtained.
		
	Other Conditions and Restrictions	  	Any Common Shares issued hereunder shall be subject to such conditions and restrictions imposed either by applicable law or by Company policy, as adopted from time to time, designed to ensure compliance with applicable law or laws
with which the Company determines in its sole discretion to comply including in order to maintain any statutory, regulatory or tax advantage.
		
	Notice	  	Any notices provided for under this Agreement or the Plan shall be given in writing and shall be deemed effectively given upon receipt or, in the case of notices delivered by the Company to you, five days after deposit in the United
States mail, postage prepaid, addressed to you at the last address you provided to the Company. Notwithstanding the foregoing, the Company may, in its sole discretion, decide to deliver any documents related to participation in the Plan and this
award (including, without limitation, prospectuses required by the Securities and Exchange Commission) and all other documents that the Company is required to deliver to its security holders (including, without limitation, annual reports and proxy
statements) by electronic means or to request your consent to participate in the Plan by electronic means. You hereby consent to receive such documents by electronic delivery and, if requested, to agree to participate in the Plan through an online
or electronic system established and maintained by the Company or another third party designated by the Company. If the Company posts these documents on such an online or electronic system, it will notify you by
email.

  
 -8- 

			
		
	Governing Law	  	The provisions of Section 2.7 of the Plan apply to this Award.
		
	Language	  	If you have received this Agreement or any other document related to the Plan translated into a language other than English and if the meaning of the translated version, including defined words therein, is different than the English
version, the English version will control.
		
	Amendment	  	This Agreement may be amended only by written consent of the Company and you, unless the amendment is not to the detriment of your rights under this Agreement.
		
	The Plan and Other Agreements	  	 The text of the Plan is incorporated into this Agreement by reference. Additional provisions regarding definitions of capitalized terms used
herein and not defined in this Agreement can be found in the Plan.
  
 The Plan, this
Agreement and the Grant Notice constitute the entire understanding between you and the Company regarding the RSUs. Any prior agreements, commitments or negotiations concerning the RSUs are superseded. However, if you and the Company have entered
into a written agreement relating to the vesting of the RSUs, then such written agreement will govern the vesting of the RSUs.

		
	Severability	  	If one or more of the provisions of this Agreement are held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions will not in any way be affected or impaired thereby
and the invalid, illegal or unenforceable provision will be deemed null and void; however, to the extent permissible by law, any provisions that could be deemed null and void will first be construed, interpreted or revised retroactively to permit
this Agreement to be construed so as to foster the intent of this Agreement and the Plan.
		
	Imposition of Other Requirements	  	The Company reserves the right to impose other requirements on your participation in this Agreement, on the RSUs and on any Common Shares acquired under this Agreement, to the extent the Company determines it is necessary or
advisable for legal or administrative reasons, and to require you to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.
		
	Waiver	  	You acknowledge that a waiver by the Company of breach of any provision of this Agreement shall not operate or be construed as a waiver of any other provision of this Agreement.
		
	No Advice Regarding Grant	  	The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding your participation in this Agreement, or your acquisition or sale of underlying Common Shares. You are hereby
advised to consult with your own personal tax, legal and financial advisors regarding your participation in this Agreement before taking any action related to this Agreement.

  
 -9- 

			
		
	Insider Trading Restrictions/ Market Abuse Laws	  	You acknowledge that, depending on your country, you may be subject to insider trading restrictions and/or market abuse laws, which may affect your ability to acquire or sell shares or rights to shares under this Agreement during
such times as you are considered to have “inside information” regarding the Company (as defined by the laws in your country). Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may
be imposed under any applicable Company insider trading policy. You acknowledge that it is your responsibility to comply with any applicable restrictions, and you are advised to speak to your personal advisor on this matter.
		
	Definitions	  	 “Cause” means any of the following:
  

•  Your unauthorized use or disclosure of the Company’s confidential information or trade
secrets;
  
 •  Your breach of
any agreement between you and the Company;
  

•  Your material failure to comply with the Company’s written policies or rules; your conviction
of, or your plea of “guilty” or “no contest” to, a felony under the laws of your local jurisdiction;
  

•  Your gross negligence or willful misconduct;

 
 •  Your continuing failure to
perform assigned duties after receiving written notification of the failure from the Company; or
  

•  Your failure to cooperate in good faith with a governmental or internal investigation of the
Company or its directors, officers or employees, if the Company has requested your cooperation.

		
		  	 “Change in Control” means:
  

(a) any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) becomes the “beneficial owner” (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of securities of the Company representing more than 50% of the total voting power represented by the Company’s then-outstanding voting securities;

 
 (b) the consummation of the sale or disposition by the Company of all or substantially
all of the Company’s assets;
  
 (c) the consummation of a merger or consolidation
of the Company with or into any other entity, 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 or its parent) more than 50% of the total voting power represented by the voting securities of the Company or such surviving entity or its parent outstanding immediately after such merger or
consolidation; or
  
 (d) individuals who are members of the Board (the
“Incumbent Board”) cease for any reason to constitute at least a majority of the members of the Board over a period of 12 months; provided, however, that if the appointment or election (or nomination for election) of any new Board
member was approved or recommended by a majority vote of the members of the Incumbent Board then still in office, such new member shall, for purposes of this Agreement, be considered as a member of the Incumbent
Board.

  
 -10- 

			
		
		  	A transaction shall not constitute a Change in Control if its sole purpose is to change the state of the Company’s incorporation or to create a holding company that will be owned in substantially the same proportions by the
persons who held the Company’s securities immediately before such transaction. In addition, if a Change in Control constitutes a payment event with respect to this Agreement and this Agreement provides for a deferral of compensation and is
subject to Section 409A of the Code, then notwithstanding anything to the contrary in this Agreement, such transaction must also constitute a “change in control event” as defined in Treas. Reg.
§1.409A-3(i)(5) to the extent required by Section 409A of the Code.
		
		  	“Disability” means your inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted or
can be expected to last for a continuous period of not less than 12 months, as determined by the Committee on the basis of such medical evidence as the Committee deems warranted under the circumstances, including a requirement that you submit
medical evidence or undergo a medical examination by a doctor selected by the Company as deemed necessary to make a determination hereunder.
		
		  	“Involuntary Termination” means either a (a) Termination Without Cause, or (b) Resignation for Good Reason.
		
		  	 “Permissible Trading Day” means a day that satisfies each of the following requirements:

 
 •  The Nasdaq Global Stock
Market is open for trading on that day;
  

•  You are permitted to sell Common Shares of the Company on that day without incurring liability
under Section 16 of the Exchange Act;
  

•  Either (a) a day on which you are not in possession of material non-public information that would make it illegal for you to sell Common Shares on that day under Rule 10b-5 of the Securities and Exchange Commission, or (b) the day
that you have specified to sell Common Shares to be issued under this Agreement pursuant to a trading plan approved by the Company’s Corporate Counsel & Chief Compliance Officer, under Rule
10b5-1 of the Securities and Exchange Commission;
  

•  Under the Company’s written Insider Trading Policy (and any
Addenda thereto), you are permitted to sell Common Shares on that day; and
  

You are not prohibited from selling Common Shares on that day by a written agreement between you and the Company or a third party.

		
		  	 “Resignation for Good Reason” means your resignation within 180 days after one of the following conditions initially has
come into existence without your express written consent:
  

•  A change in your position with the Company that materially reduces your level of authority or
responsibility, relative to your authority or responsibilities as in effect immediately prior to such reduction, or the assignment to you of such reduced authority and
responsibilities;

  
 -11- 

			
		
		  	 •  A reduction in your base salary or target bonus by more than 10%; or

 
 •  A relocation to a facility or
a location more than 50 miles from your then-present work location that increases your one-way commute.
  

A Resignation for Good Reason will not be deemed to have occurred unless (a) you give the Company written notice of the condition within 90 days after the
condition initially comes into existence, (b) the Company fails to remedy the condition within 30 days after receiving your written notice, and (c) you terminate employment within 180 days from the date the condition initially comes into
existence.

		
		  	“Termination Without Cause” means your involuntary discharge by the Company for reasons other than Cause, provided that you are willing and able to continue performing services within the meaning of Treas. Reg. §1.409A-1(n)(1).

 By your acceptance of this grant, you agree to all of the 

terms and conditions described above and in the Plan. 

  
 -12- 

 Maxwell Technologies, Inc. 

2013 Omnibus Equity Incentive Plan 

Notice of Performance Restricted Stock Unit Award 

You have been granted Restricted Stock Units (“RSUs”) representing shares of common stock of Maxwell Technologies, Inc. (the
“Company”) on the following terms: 
  

			
	 Name of Recipient:
	  	 xxxx

	 Grant Date:
	  	 xxxx

	 Grant Number:
	  	 xxxx

	 Number of RSUs with Vesting Subject to Revenue Metrics (as described below):
	  	 xxxx (the “Revenue RSUs”)

	 Number of RSUs with Vesting Subject to Operating Income Metrics (as described below):
	  	 xxxx (the “Operating Income RSUs”)

	 Total Number of RSUs Subject to Award at Target:
	  	 xxxx (the “Target RSUs”)

	 Maximum Number of RSUs Subject to Award:
	  	 xxxx (the “Award RSUs”)

	 Deadline for Performance Goal Achievement:
	  	 December 31, 2017 (the “Deadline”)

 You and the Company agree that the RSUs are granted under and governed by the terms and conditions of the Maxwell
Technologies, Inc. 2013 Omnibus Equity Incentive Plan (the “Plan”) and the Performance Restricted Stock Unit Agreement (the “Agreement”), both of which have been made available to you and are made a part of this
document. 
 By signing below or accepting the Agreement by an electronic means as set forth in the Notice section thereof, you agree to all of the
terms and conditions described above, the Agreement, and the Plan. 
  

 
 Name of Recipient 

 Maxwell Technologies, Inc. 

2013 Omnibus Equity Incentive Plan: 

Performance Restricted Stock Unit Agreement 
  

			
	Grant of RSUs	  	Subject to all of the terms and conditions set forth in the Notice of Performance Restricted Stock Unit Award (the “Grant Notice”), this Agreement and the Plan, the Company has granted to you the Award RSUs set
forth in the Grant Notice.
		
	Revenue Metrics	  	Provided that your service as an Employee continues through the Deadline, you will vest in a percentage of the Revenue RSUs, contingent upon the Company’s achievement of revenue during the fiscal year ending on the Deadline, as
follows:

  

			
	 Revenue in

Fiscal Year
	  	 Percentage of

Revenue RSUs Vesting

	 Less than $[__] million (80% of target)
	  	—%
	 $[__] million (80% of target)
	  	50% of target
	 $[__] million (100% of target)
	  	100% of target
	 $[__] million or more (110% of target)
	  	200% of target

  

			
	Operating Income Metrics	  	Provided that your service as an Employee continues through the Deadline, you will vest in a percentage of the Operating Income RSUs, contingent upon the Company’s achievement of operating income before taxes determined on a non-GAAP basis during the fiscal year ending on the Deadline, as follows:

  

			
	 Operating Income in

Fiscal Year
	  	 Percentage of

Operating Income RSUs Vesting

	 Less than $[__] million (80% of target)
	  	—%
	 $[__] million (80% of target)
	  	50% of target
	 $[__] million (100% of target)
	  	100% of target
	 $[__] million or more (110% of target)
	  	200% of target

  
 -2- 

			
	Determination of Performance Goals	  	 Except as otherwise provided herein, no Award RSUs will vest unless and until the above-referenced performance goals (each, a
“Performance Goal”) have (a) occurred and have been certified by the Committee, and (b) your service as an Employee continues through the Deadline. A Performance Goal will not be deemed satisfied or achieved until the
Committee, having sufficient information on which to base its conclusion, determines that it has been satisfied or achieved.
  

Performance Goals based on non-GAAP measures shall have the same meaning and calculation methodology as the equivalent non-GAAP measure that the Company determines for financial reporting purposes in its quarterly and annual financial press releases. The Committee shall not have discretion to make further adjustments to the
Performance Goals.
  
 To the extent that a Performance Goal has not been achieved for
the fiscal year ending on the Deadline, with such achievement certified by the Committee not later than March 1st of the year following the Deadline, then any remaining unvested Award RSUs corresponding to the Performance Goal will be forfeited. The
RSUs subject to this award shall in all events terminate and cease to remain outstanding after March 15th of the year following the Deadline.

		
	Performance-Based Vesting Conditions	  	 Provided your service as an Employee continues through the Deadline, you may vest in the Revenue RSUs and the Operating Income RSUs as
described herein. Note that you will not receive consideration in respect of your vested RSUs until they are settled in accordance with the Settlement of RSUs section below.

 
 The achievement of the Performance Goals is determined following the completion of the
fiscal year ending on the Deadline. An applicable portion of the Revenue RSUs and Operating Income RSUs, respectively, will vest following the fiscal year ending on the Deadline in which an applicable Performance Goal is achieved. Straight-line
interpolation will be used for amounts between any increments set forth above.
  
 No
more than 200% of the Revenue RSUs and 200% of the Operating Income RSUs may vest in total under this award.

		
	Vesting Acceleration	  	 Except as otherwise provided herein, no additional RSUs shall vest after your service as an Employee terminates.

 
 If your service as an Employee terminates prior to the Deadline as a result of your
death or Disability, up to a maximum of 100% of the Target RSUs under this award will vest on your last day of employment.
  

If you are serving as an Employee immediately prior to the closing of a Change in Control occurring on or prior to the Deadline, up to a maximum of 100% of the
Target RSUs will vest immediately thereafter upon your Involuntary Termination within two years following such a Change in Control.
  

If, in a Change in Control occurring on or prior to the Deadline (other than a transaction described in clause (d) of such definition), an RSU is not
continued, assumed, substituted, or converted into the right to receive a payment equal to the value, as determined by the Administrator in its absolute discretion, of the property or cash received by the holder of a Common Share as a result of the
transaction with payment subject to vesting based on your continuing service as an Employee after such transaction, then up to a maximum of 100% of the Target RSUs will vest immediately prior to such transaction.

 
 The occurrence of your death, Disability, an Involuntary Termination, or a Change in
Control shall not result in the cumulative vesting of more than 100% of the Target RSUs under this award. To the extent that 100% or more of the Target RSUs have already vested at the time of a death, Disability, or your Involuntary Termination
following a Change in Control, no additional Target RSUs will vest as a result of the death, Disability, or Involuntary Termination following a Change in Control.

  
 -3- 

			
	Service-Based Vesting Conditions	  	 For purposes of this Agreement, your service as an Employee will be considered terminated as of the date you are no longer actively providing
services to the Company or any Parent, Subsidiary, or Affiliate (regardless of the reason for such termination and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where you are providing services or the
terms of your service agreement, if any), and unless otherwise expressly provided in this Agreement or determined by the Company, you right to vest in the RSUs under the Plan, if any, will terminate as of such date and will not be extended by any
notice period of any period of “garden leave” or similar period mandated under employment laws in the jurisdiction where you are providing services or the terms of your service agreement, if any. The Administrator shall have the exclusive
discretion to determine when you are no longer actively providing services for purposes of your RSUs (including whether you may still be considered to be providing services while on a leave of absence).

 
 Note that you will not receive consideration in respect of your vested RSUs until they
are settled in accordance with the Settlement of RSUs section below.

		
	Forfeiture	  	Except as otherwise provided herein or pursuant to a written agreement between you and the Company, if your service as an Employee terminates for any reason, your then-unvested Award RSUs will be forfeited to the extent they have
not vested before your termination date and do not vest as a result of the termination of your service. Accordingly, any such unvested Award RSUs will be cancelled and forfeited immediately. You will receive no payment for RSUs that are cancelled.
The Company determines when your service as an Employee terminates for this purpose.
		
	Settlement of RSUs	  	The RSUs will be settled on the first Permissible Trading Day that occurs on or after the day when the RSUs vest, but shall be settled no later than the March 15th of the calendar year following the calendar year in which the
RSUs vest. At the time of settlement, you will receive one Common Share for each vested RSU. However, the Company retains the discretion to substitute an equivalent amount of cash for each underlying Common Share determined on the basis of the Fair
Market Value of the Common Shares at the time an RSU vests.
		
	Section 409A	  	This section applies only if the Company determines that you are a “specified employee” within the meaning of Section 409A(2)(B)(i) of the Code at the time of your “separation from service” as defined in
Treas. Reg. §1.409A-1(h). If this section applies, then any RSUs that otherwise would have been settled during the first six months following your separation from service will instead be settled during
the seventh month following your separation from service, unless the Company determines that the settlement of those RSUs is exempt from Section 409A of the Code.
		
	 Responsibility for
 Taxes
	  	You acknowledge that, regardless of any action taken by the Company or, if different, the Parent, Subsidiary, or Affiliate to whom you provide services as an Employee (the “Employer”), the ultimate liability for all
income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items related to your participation in the Plan and legally applicable to you (“Tax-Related Items”) is and remains your responsibility and may exceed the amount actually withheld by the Company or the Employer. You further acknowledge that the Company and/or the Employer (a) make
no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of

  
 -4- 

			
		  	the RSUs, including, but not limited to, the grant, vesting or settlement of the RSUs, the subsequent sale of the Common Shares acquired pursuant to such settlement and the receipt of any dividends; and (b) do not commit to and
are under no obligation to structure the terms of the grant or any aspect of the RSUs to reduce or eliminate your liability for Tax-Related Items or achieve any particular tax result. Further, if you are
subject to Tax-Related Items in more than one jurisdiction between the Grant Date and the date of any relevant taxable or tax withholding event, as applicable, you acknowledge that the Company and/or the
Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.
		
	Withholding Taxes	  	You must make arrangements satisfactory to the Company for the payment of any withholding taxes that are due as a result of the vesting or settlement of RSUs. At its discretion, the Company may satisfy applicable withholding
obligations by any one or more of the following means (a) causing you to tender a cash payment or surrender other Common Shares that you previously acquired, (b) taking payment from the proceeds of the sale of Common Shares through a
Company-approved broker, (c) withholding Common Shares that otherwise would be issued to you when the RSUs are settled, provided that no Common Shares are withheld with a value exceeding the minimum amount of tax required to be withheld by law,
or (d) withholding cash from other compensation payable to you. If you are a Company officer subject to Section 16 of the Exchange Act, then your tax withholding obligations in connection with the RSUs will be satisfied pursuant to clause
(c) of the preceding sentence only if approved in advance by the Committee. The fair market value of the Common Shares, determined as of the date when taxes otherwise would have been withheld in cash, will be applied to withholding
taxes.
		
	Non-U.S. Tax-Related Items	  	 If you are subject to taxes outside the United States, prior to any relevant taxable or tax withholding event, as applicable, you agree to
make adequate arrangements satisfactory to the Company and/or the Employer to satisfy all Tax-Related Items.
  

In this regard, you authorize and direct the Company and a brokerage firm determined acceptable to the Company for such purpose to sell on your behalf a number
of whole Common Shares from the shares that are issuable upon settlement of the RSUs as the Company determines to be appropriate to generate cash proceeds sufficient to satisfy the Company’s or the Employer’s withholding obligation for Tax-Related Items. Such Common Shares will be sold on the date on which the withholding obligation for Tax-Related Items arises or as soon thereafter as practicable. You
acknowledge and agree that the Company is under no obligation to arrange for such sale at any particular price, that you are responsible for all fees and other costs of sale, and that you are hereby agreeing to indemnify and hold the Company
harmless from any losses, costs, damages or expenses relating to any such sale and that the proceeds of any such sale may not be sufficient to satisfy the Company’s or the Employer’s withholding obligation for Tax-Related Items. In the event that such proceeds are not sufficient, you agree to pay to the Company or the Employer, as applicable, as soon as practicable, including through additional payroll withholding, the
amount of any such shortfall. To the extent the proceeds of such sale exceed the Company’s or the Employer’s withholding obligation for Tax-Related Items, the Company or the Employer, as applicable,
agrees to pay such excess in cash to you through payroll as soon as practicable.
  
 In
the event that the Company determines, in its sole discretion, not to satisfy any withholding obligation for Tax-Related Items through the process described above, it will instead satisfy your obligation by
one or a combination of the following:

  
 -5- 

			
		  	 •  Withholding Common Shares that would otherwise be issued to you when the RSUs
are settled equal in value to the Tax-Related Items. If the Company satisfies any withholding obligation for Tax-Related Items by withholding a number of Common Shares
as described above, you are deemed to have been issued the full number of Common Shares subject to the RSUs.
  

•  Withholding the amount of any Tax-Related Items from your
wages or other cash compensation paid to you by the Company.
  

•  Any other means approved by the Company.

 
 Depending on the withholding method, the Company may withhold or account for Tax-Related Items by considering applicable minimum statutory withholding rates or other applicable withholding rates, including maximum applicable rates, in which case you will receive a refund of any over-withheld
amount in cash and will have no entitlement to the common stock equivalent.
  
 You
agree to pay to the Company or the Employer any amount of Tax-Related Items that the Company or the Employer may be required to withhold or account for as a result of your participation in the Plan that cannot
be satisfied by the means previously described. If cash is to be distributed pursuant to the RSUs instead of shares, the Company will withhold from the cash delivered to you an amount necessary to satisfy any withholding obligation for Tax-Related Items.
  
 The Company may refuse to issue
or deliver Common Shares or the proceeds from the sale of such Common Shares if you fail to comply with your obligations in connection with the Tax-Related Items.

		
	Nature of RSUs	  	No payment is required for the RSUs that you are receiving. Your RSUs are mere bookkeeping entries and represent the Company’s unfunded and unsecured promise to issue Common Shares or distribute cash to you on a future date. As
a holder of RSUs, you have no rights other than the rights of a general creditor of the Company.
		
	No Voting or Dividends Rights	  	Your RSUs carry neither voting rights nor rights to cash dividends. You have no rights as a stockholder of the Company unless and until your RSUs are settled by issuing Common Shares.
		
	Retention Rights	  	Your RSUs and this Agreement do not give you the right to be retained by the Company, a Parent, Subsidiary, or Affiliate in any capacity. The Employer, Company and its Parents, Subsidiaries, and Affiliates reserve the right to
terminate your service as an Employee at any time, with or without cause, subject to applicable laws and any written employment agreements.
		
	RSUs Not Transferable	  	Except as otherwise provided below, you may not sell, transfer, assign, pledge or otherwise dispose of any RSUs.
		
	Beneficiary Designation	  	You may dispose of your RSUs in a written beneficiary designation. A beneficiary designation must be filed with the Company on the proper form. It will be recognized only if it has been received at the Company’s headquarters
before your death. If you file no beneficiary designation or if none of your designated beneficiaries survives you, then your estate will receive the proceeds from any vested RSUs that you hold at the time of your death.
		
	Nature of Grant	  	 In accepting the RSUs, you acknowledge, understand and agree that:
  

•  The Plan is established voluntarily by the Company, it is discretionary in nature and it may be
modified, amended, suspended or terminated by the Company at any time, to the extent permitted by the Plan;

  
 -6- 

			
		  	 •  The grant of the RSUs is voluntary and occasional and does not create any
contractual or other right to receive future grants of RSUs, or benefits in lieu of RSUs, even if RSUs have been granted in the past;
  

•  All decisions with respect to future RSUs or other grants, if any, will be at the sole discretion
of the Company;
  
 •  You are
voluntarily participating in the Plan;
  

•  The RSUs and the Common Shares subject to the RSUs are not intended to replace any pension rights
or compensation;
  
 •  The RSUs
and the Common Shares subject to the RSUs, and the income and value of same, are not part of normal or expected compensation for purposes, including, without limitation, of calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, bonuses, long-service awards, pension or retirement or welfare benefits or similar payments;

 
 •  The future value of the
underlying Common Shares is unknown, indeterminable and cannot be predicted with certainty;
  

•  No claim or entitlement to compensation or damages shall arise from forfeiture of the RSUs
resulting from the termination of your service as an Employee (for any reason whatsoever, whether or not later found to be invalid or in breach of employment laws in the jurisdiction where you are providing services or the terms of your service
agreement, if any), and in consideration of the grant of the RSUs to which you are otherwise not entitled, you irrevocably agree never to institute any claim against the Company, any Parent, Subsidiary, or Affiliate, including the Employer,
waive your ability, if any, to bring any such claim, and release the Company, any Parent, Subsidiary, or Affiliate, including the Employer, from any such claim; if, notwithstanding the foregoing, any such claim is allowed by a court of competent
jurisdiction, then, by participating in the Plan, you shall be deemed irrevocably to have agreed not to pursue such claim and agree to execute any and all documents necessary to request dismissal or withdrawal of such claim;

 
 •  Unless otherwise provided in
the Plan or by the Company in its discretion, the RSUs and the benefits evidenced by this Agreement do not create any entitlement to have the RSUs or any such benefits transferred to, or assumed by, another company nor to be exchanged,
cashed out or substituted for, in connection with any corporate transaction affecting the shares of the Company; and
  

•  Neither the Employer, the Company nor any Parent, Subsidiary, or Affiliate shall be liable for any
foreign exchange rate fluctuation between your local currency and the United States Dollar that may affect the value of the RSUs or of any amounts due to you pursuant to the settlement of the RSUs or the subsequent sale of any Common Shares acquired
upon settlement.

		
	Data Privacy	  	 You hereby explicitly and unambiguously consent to the collection, use and transfer, in electronic or other form, of your personal data
as described in this Agreement and any other RSU grant materials by and among, as applicable, the Employer, the Company and any Parent, Subsidiary, or Affiliate for the exclusive purpose of implementing, administering and managing your participation
in the Plan.
  
 You understand that the Company and the Employer may hold
certain personal information about you, including, but not limited to, your name, home address and telephone number, date of birth, social insurance number or other identification number, salary, nationality, job title, any shares of stock or
directorships held in the Company, details of all RSUs or any other entitlement to shares of stock awarded, canceled, exercised, vested, unvested or outstanding in your favor (“Data”), for the exclusive purpose of implementing,
administering and managing the Plan.

  
 -7- 

			
		  	You understand that Data will be transferred to a stock plan service provider as may be selected by the Company (the “Online Service Provider”), which is assisting the Company with the implementation, administration
and management of the Plan. You understand that the recipients of the Data may be located in the United States or elsewhere, and that the recipients’ country (e.g., the United States) may have different data privacy laws and protections than
your country. You understand that you may request a list with the names and addresses of any potential recipients of the Data by contacting your local human resources representative. You authorize the Company, Online Service Provider, and any other
possible recipients which may assist the Company (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purpose of
implementing, administering and managing your participation in the Plan. You understand that Data will be held only as long as is necessary to implement, administer and manage your participation in the Plan. You understand that you may, at any time,
view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing your local human resources
representative. Further, you understand that you are providing the consents herein on a purely voluntary basis. If you do not consent, or if you later seek to revoke your consent, your service as an Employee and career with the Employer will not be
adversely affected; the only adverse consequence of refusing or withdrawing your consent is that the Company would not be able to grant you RSUs or other equity awards or administer or maintain such awards. Therefore, you understand that refusing or
withdrawing your consent may affect your ability to participate in the Plan. For more information on the consequences of your refusal to consent or withdrawal of consent, you understand that you may contact your local human resources
representative.
		
	Restrictions on Resale	  	You agree not to sell any Common Shares issued under the RSUs at a time when applicable laws, Company policies (including, without limitation, the Company’s Insider Trading Policy including any
Addenda thereto) or an agreement between the Company and its underwriters prohibit a sale. This restriction will apply as long as your service as an Employee continues and for such period of time after the termination of your service as
an Employee as the Company may specify.
		
	Regulatory Requirements	  	Notwithstanding any other provision of this Agreement, the obligation of the Company to issue Common Shares hereunder shall be subject to all applicable laws, rules and regulations and such approval by any regulatory body as may be
required. The Company reserves the right to restrict, in whole or in part, the delivery of Common Shares pursuant to this Agreement prior to the satisfaction of all legal requirements relating to the issuance of such Common Shares, to their
registration, qualification or listing or to an exemption from registration, qualification or listing. The inability of the Company to obtain authority from any regulatory body having jurisdiction, which authority is deemed necessary by the
Company’s counsel to be necessary to the lawful issuance and sale of any Common Shares hereunder, will relieve the Company of any liability in respect of the failure to issue or sell such Common Shares as to which such requisite authority will
not have been obtained.
		
	Other Conditions and Restrictions	  	Any Common Shares issued hereunder shall be subject to such conditions and restrictions imposed either by applicable law or by Company policy, as adopted from time to time, designed to ensure compliance with applicable law or laws
with which the Company determines in its sole discretion to comply including in order to maintain any statutory, regulatory or tax advantage.

  
 -8- 

			
	Notice	  	Any notices provided for under this Agreement or the Plan shall be given in writing and shall be deemed effectively given upon receipt or, in the case of notices delivered by the Company to you, five days after deposit in the United
States mail, postage prepaid, addressed to you at the last address you provided to the Company. Notwithstanding the foregoing, the Company may, in its sole discretion, decide to deliver any documents related to participation in the Plan and this
award (including, without limitation, prospectuses required by the Securities and Exchange Commission) and all other documents that the Company is required to deliver to its security holders (including, without limitation, annual reports and proxy
statements) by electronic means or to request your consent to participate in the Plan by electronic means. You hereby consent to receive such documents by electronic delivery and, if requested, to agree to participate in the Plan through an online
or electronic system established and maintained by the Company or another third party designated by the Company. If the Company posts these documents on such an online or electronic system, it will notify you by email.
		
	Governing Law	  	The provisions of Section 2.7 of the Plan apply to this Award.
		
	Language	  	If you have received this Agreement or any other document related to the Plan translated into a language other than English and if the meaning of the translated version, including defined words therein, is different than the English
version, the English version will control.
		
	Amendment	  	This Agreement may be amended only by written consent of the Company and you, unless the amendment is not to the detriment of your rights under this Agreement.
		
	The Plan and Other Agreements	  	 The text of the Plan is incorporated into this Agreement by reference. Additional provisions regarding definitions of capitalized terms used
herein and not defined in this Agreement can be found in the Plan.
  
 The Plan, this
Agreement and the Grant Notice constitute the entire understanding between you and the Company regarding the Award RSUs. Any prior agreements, commitments or negotiations concerning the Award RSUs are superseded. However, if you and the Company have
entered into a written agreement relating to the vesting of the Award RSUs, then such written agreement will govern the vesting of the Award RSUs.

		
	Severability	  	If one or more of the provisions of this Agreement are held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions will not in any way be affected or impaired thereby
and the invalid, illegal or unenforceable provision will be deemed null and void; however, to the extent permissible by law, any provisions that could be deemed null and void will first be construed, interpreted or revised retroactively to permit
this Agreement to be construed so as to foster the intent of this Agreement and the Plan.
		
	Imposition of Other Requirements	  	The Company reserves the right to impose other requirements on your participation in this Agreement, on the Award RSUs and on any Common Shares acquired under this Agreement, to the extent the Company determines it is necessary or
advisable for legal or administrative reasons, and to require you to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.
		
	Waiver	  	You acknowledge that a waiver by the Company of breach of any provision of this Agreement shall not operate or be construed as a waiver of any other provision of this
Agreement.

  
 -9- 

			
	No Advice Regarding Grant	  	The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding your participation in this Agreement, or your acquisition or sale of underlying Common Shares. You are hereby
advised to consult with your own personal tax, legal and financial advisors regarding your participation in this Agreement before taking any action related to this Agreement.
		
	Insider Trading Restrictions/ Market Abuse Laws	  	You acknowledge that, depending on your country, you may be subject to insider trading restrictions and/or market abuse laws, which may affect your ability to acquire or sell shares or rights to shares under this Agreement during
such times as you are considered to have “inside information” regarding the Company (as defined by the laws in your country). Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may
be imposed under any applicable Company insider trading policy. You acknowledge that it is your responsibility to comply with any applicable restrictions, and you are advised to speak to your personal advisor on this matter.
		
	Definitions	  	 “Cause” means any of the following:
  

•  Your unauthorized use or disclosure of the Company’s confidential information or trade
secrets;
  
 •  Your breach of
any agreement between you and the Company;
  

•  Your material failure to comply with the Company’s written policies or rules; your conviction
of, or your plea of “guilty” or “no contest” to, a felony under the laws of your local jurisdiction;
  

•  Your gross negligence or willful misconduct;

 
 •  Your continuing failure to
perform assigned duties after receiving written notification of the failure from the Company; or
  

•  Your failure to cooperate in good faith with a governmental or internal investigation of the
Company or its directors, officers or employees, if the Company has requested your cooperation.

		
		  	 “Change in Control” means:
  

(a) any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) becomes the “beneficial owner” (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of securities of the Company representing more than 50% of the total voting power represented by the Company’s then-outstanding voting securities;

 
 (b) the consummation of the sale or disposition by the Company of all or substantially
all of the Company’s assets;
  
 (c) the consummation of a merger or consolidation
of the Company with or into any other entity, 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 or its parent) more than 50% of the total voting power represented by the voting securities of the Company or such surviving entity or its parent outstanding immediately after such merger or
consolidation; or
  
 (d) individuals who are members of the Board (the
“Incumbent Board”) cease for any reason to constitute at least a majority of the members of the Board over a period of 12 months; provided, however, that if the appointment or election (or nomination for election) of any new Board
member was approved or recommended by a majority vote of the members of the Incumbent Board then still in office, such new member shall, for purposes of this Agreement, be considered as a member of the Incumbent
Board.

  
 -10- 

			
		  	A transaction shall not constitute a Change in Control if its sole purpose is to change the state of the Company’s incorporation or to create a holding company that will be owned in substantially the same proportions by the
persons who held the Company’s securities immediately before such transaction. In addition, if a Change in Control constitutes a payment event with respect to this Agreement and this Agreement provides for a deferral of compensation and is
subject to Section 409A of the Code, then notwithstanding anything to the contrary in this Agreement, such transaction must also constitute a “change in control event” as defined in Treas. Reg.
§1.409A-3(i)(5) to the extent required by Section 409A of the Code.
		
		  	“Disability” means your inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted or
can be expected to last for a continuous period of not less than 12 months, as determined by the Committee on the basis of such medical evidence as the Committee deems warranted under the circumstances, including a requirement that you submit
medical evidence or undergo a medical examination by a doctor selected by the Company as deemed necessary to make a determination hereunder.
		
		  	“Involuntary Termination” means either a (a) Termination Without Cause, or (b) Resignation for Good Reason.
		
		  	 “Permissible Trading Day” means a day that satisfies each of the following requirements:

 
 •  The Nasdaq Global Stock
Market is open for trading on that day;
  

•  You are permitted to sell Common Shares of the Company on that day without incurring liability
under Section 16 of the Exchange Act;
  

•  Either (a) a day on which you are not in possession of material non-public information that would make it illegal for you to sell Common Shares on that day under Rule 10b-5 of the Securities and Exchange Commission, or (b) the day
that you have specified to sell Common Shares to be issued under this Agreement pursuant to a trading plan approved by the Company’s Corporate Counsel & Chief Compliance Officer, under Rule
10b5-1 of the Securities and Exchange Commission;
  

•  Under the Company’s written Insider Trading Policy (and any
Addenda thereto), you are permitted to sell Common Shares on that day; and
  

•  You are not prohibited from selling Common Shares on that day by a written agreement between you
and the Company or a third party.

		
		  	 “Resignation for Good Reason” means your resignation within 180 days after one of the following conditions initially has
come into existence without your express written consent:
  

•  A change in your position with the Company that materially reduces your level of authority or
responsibility, relative to your authority or responsibilities as in effect immediately prior to such reduction, or the assignment to you of such reduced authority and responsibilities;

 
 •  A reduction in your base
salary or target bonus by more than 10%; or
  

•  A relocation to a facility or a location more than 50 miles from your then-present work location
that increases your one-way commute.

  
 -11- 

			
		  	 A Resignation for Good Reason will not be deemed to have occurred unless (a) you give the Company written notice of the condition within
90 days after the condition initially comes into existence, (b) the Company fails to remedy the condition within 30 days after receiving your written notice, and (c) you terminate employment within 180 days from the date the condition
initially comes into existence.
  
 “Termination Without Cause” means
your involuntary discharge by the Company for reasons other than Cause, provided that you are willing and able to continue performing services within the meaning of Treas. Reg.
§1.409A-1(n)(1).

 By your acceptance of this grant, you agree to all of the 

terms and conditions described above and in the Plan. 

  
 -12- 

 MARKET STOCK UNITS 

MAXWELL TECHNOLOGIES, INC. 

2013 OMNIBUS EQUITY INCENTIVE PLAN 

NOTICE OF MARKET STOCK UNIT AWARD 
 You
have been granted Market Stock Units (“MSUs”) representing shares of common stock of Maxwell Technologies, Inc. (the “Company”) on the following terms: 

 

			
	 Name of Recipient:
	  	 xxxx

	 Grant Date:
	  	 xxxx

	 Grant Number:
	  	 xxxx

	 Target Number of MSUs:
	  	 xxxx (the “Target MSUs”)

	 Maximum Number of MSUs:
	  	 xxxx (the “Maximum MSUs”)

 You and the Company agree that the MSUs are granted under and governed by the terms and conditions of the Maxwell
Technologies, Inc. 2013 Omnibus Equity Incentive Plan (the “Plan”) and the Market Stock Unit Agreement (the “Agreement”), both of which have been made available to you and are made a part of this document. For
purposes of the Plan, MSUs are Stock Units with vesting determined by reference to the relative performance of the Company’s stock price compared with the Nasdaq Composite Index. 

By signing below or accepting the Agreement by an electronic means as set forth in the Notice section thereof, you agree to all of the terms and
conditions described above, the Agreement, and the Plan. 
  

	
	   

	Name of Recipient

 MAXWELL TECHNOLOGIES, INC. 

2013 OMNIBUS EQUITY INCENTIVE PLAN: 

MARKET STOCK UNIT AGREEMENT 
  

			
	Grant of MSUs	  	Subject to all of the terms and conditions set forth in the Notice of Market Stock Unit Award (the “Grant Notice”), this Agreement and the Plan, the Company has granted to you this award of MSUs, under which you are
eligible to earn up to the Maximum MSUs (as set forth in the Grant Notice) upon satisfaction of specified stock price-related performance objectives. Defined terms are set forth in the section entitled Definitions below.
		
	Vesting	  	 Provided that your service as an Employee continues through the end of the First Performance Period, you will vest in the number of MSUs
subject to the First Tranche (the “First Year Vested MSUs”) equal to the product of (i) the number of MSUs subject to the First Tranche, multiplied by (ii) the lesser of (A) the Payout Percentage, or (B) 200%.

 
 Provided that your service as an Employee continues through the end of the Second
Performance Period, you will vest in the number of MSUs subject to the Second Tranche (the “Second Year Vested MSUs”) equal to the product of (i) the number of MSUs subject to the Second Tranche, multiplied by (ii) the
lesser of (A) the Payout Percentage, or (B) 200%.
  
 Provided that your service as
an Employee continues through the end of the Third Performance Period, you will vest in a number of MSUs equal to the excess, if any, of (i) the product of (A) the number of MSUs subject to the Target MSUs, multiplied by (B) the
lesser of (x) the Payout Percentage, and (y) 200%, over (ii) the sum of the First Year Vested MSUs and Second Year Vested MSUs.
  

You may not vest in more than the Maximum MSUs under this award.

		
	Determination of Vesting	  	 Provided your service as an Employee continues through the end of each Performance Period, you may vest in the MSUs as described herein. Note
that you will not receive cash or Common Share consideration in respect of your vested MSUs until they are settled in accordance with the Settlement of MSUs section below.

 
 Except as otherwise provided herein, no MSUs will vest unless and until (i) your
service as an Employee continues through the end of each applicable Performance Period, and (ii) vesting has been certified by the

  
 -2- 

			
		
		  	Committee. The determination of vesting during each Performance Period is determined following the completion of each applicable Performance Period. The MSUs subject to this award shall in all events terminate and cease to remain
outstanding after March 15th of the year following the end of the Third Performance Period.
		
	Vesting Acceleration	  	 Except as otherwise provided herein, no additional MSUs shall vest after your service as an Employee terminates.

 
 If your service as an Employee terminates prior to the end of the Third Performance
Period as a result of your death or Disability, up to a maximum of 100% of the Target MSUs under this award will vest on your last day of employment.
  

If you are serving as an Employee on the effective date of a Change in Control that occurs on or prior to the end of the Third Performance Period or an
Involuntary Termination occurs within 30 days prior to the effective date of such a Change in Control, up to a maximum of 100% of the Target MSUs under this award will vest immediately as of the effective date of such a Change in Control.

 
 The occurrence of your death, Disability, Involuntary Termination within 30 days prior
to the effective date of a Change in Control, or a Change in Control shall not result in the cumulative vesting of more than 100% of the Target MSUs under this award. To the extent that 100% or more of the Target MSUs have already vested at the time
of your death, Disability, Involuntary Termination within 30 days prior to the effective date of a Change in Control, or a Change in Control, no additional Target MSUs will vest as a result of your death, Disability, Involuntary Termination within
30 days prior to the effective date of a Change in Control, or a Change in Control.

		
	Forfeiture	  	Except as otherwise provided herein or pursuant to a written agreement between you and the Company, if your service as an Employee terminates for any reason, your Non-Vested MSUs will be
forfeited to the extent they have not vested before your termination date and do not vest as a result of the termination of your service. Accordingly, any such Non-Vested MSUs will be cancelled and forfeited
immediately. You will receive no payment for MSUs that are cancelled. The Company determines when your service as an Employee terminates for this purpose.

  
 -3- 

			
		
	Service-Based Vesting Conditions	  	 For purposes of this Agreement, your service as an Employee will be considered terminated as of the date you are no longer actively providing
services to the Company or any Parent, Subsidiary, or Affiliate (regardless of the reason for such termination and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where you are providing services or the
terms of your service agreement, if any), and unless otherwise expressly provided in this Agreement or determined by the Company, you right to vest in the MSUs under the Plan, if any, will terminate as of such date and will not be extended by any
notice period or any period of “garden leave” or similar period mandated under employment laws in the jurisdiction where you are providing services or the terms of your service agreement, if any. The Administrator shall have the exclusive
discretion to determine when you are no longer actively providing services for purposes of your MSUs (including whether you may still be considered to be providing services while on a leave of absence).

 
 Note that you will not receive cash or Common Share consideration in respect of your
vested MSUs until they are settled in accordance with the Settlement of MSUs section below.

		
	Settlement of MSUs	  	The MSUs will be settled on the first Permissible Trading Day that occurs on or after the day when the MSUs vest, but shall be settled no later than the March 15th of the calendar year following the calendar year in which the MSUs
vest. At the time of settlement, you will receive one Common Share for each vested MSU. However, the Company retains the discretion to substitute an equivalent amount of cash for each underlying Common Share determined on the basis of the Fair
Market Value of the Common Shares at the time an MSU vests.
		
	Section 409A	  	This section applies only if the Company determines that you are a “specified employee” within the meaning of Section 409A(2)(B)(i) of the Code at the time of your “separation from service” as defined in
Treas. Reg. §1.409A-1(h) and your MSUs are settled as a result of your “separation from service.” If this section applies, then any MSUs that otherwise would have been settled during the first
six months following your separation from service will instead be settled during the seventh month following your separation from service, unless the Company determines that the settlement of those MSUs is exempt from Section 409A of the
Code.
		
	 Responsibility for
 Taxes
	  	You acknowledge that, regardless of any action taken by the Company or, if different, the Parent, Subsidiary, or Affiliate to whom you provide services as an Employee (the “Employer”), the ultimate liability for all
income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items related to your participation in the Plan and legally applicable to you (“Tax-Related Items”) is and remains your responsibility and may exceed the amount actually withheld by the

  
 -4- 

			
		
		  	Company or the Employer. You further acknowledge that the Company and/or the Employer (i) make no representations or undertakings regarding the treatment of any Tax-Related Items in
connection with any aspect of the MSUs, including, but not limited to, the grant, vesting or settlement of the MSUs, the subsequent sale of the Common Shares acquired pursuant to such settlement and the receipt of any dividends; and (ii) do not
commit to and are under no obligation to structure the terms of the grant or any aspect of the MSUs to reduce or eliminate your liability for Tax-Related Items or achieve any particular tax result. Further, if
you are subject to Tax-Related Items in more than one jurisdiction between the Grant Date and the date of any relevant taxable or tax withholding event, as applicable, you acknowledge that the Company and/or
the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.
		
	Withholding Taxes	  	You must make arrangements satisfactory to the Company for the payment of any withholding taxes that are due as a result of the vesting or settlement of MSUs. At its discretion, the Company may satisfy applicable withholding
obligations by any one or more of the following means (a) causing you to tender a cash payment or surrender other Common Shares that you previously acquired, (b) taking payment from the proceeds of the sale of Common Shares through a
Company-approved broker, (c) withholding Common Shares that otherwise would be issued to you when the MSUs are settled, provided that no Common Shares are withheld with a value exceeding the minimum amount of tax required to be withheld by law,
or (d) withholding cash from other compensation payable to you. If you are a Company officer subject to Section 16 of the Exchange Act, then your tax withholding obligations in connection with the MSUs will be satisfied pursuant to clause
(c) of the preceding sentence only if approved in advance by the Committee. The fair market value of the Common Shares, determined as of the date when taxes otherwise would have been withheld in cash, will be applied to withholding
taxes.
		
	Non-U.S. Tax-Related Items	  	If you are subject to taxes outside the United States, prior to any relevant taxable or tax withholding event, as applicable, you agree to make adequate arrangements satisfactory to the Company and/or the Employer to satisfy all Tax-Related Items.
		
		  	In this regard, you authorize and direct the Company and a brokerage firm determined acceptable to the Company for such purpose to sell on your behalf a number of whole Common Shares from the shares that are issuable upon settlement
of the MSUs as the Company determines to be appropriate to generate cash proceeds sufficient to satisfy the Company’s or the Employer’s withholding obligation for Tax-Related Items.
Such

  
 -5- 

			
		
		  	Common Shares will be sold on the date on which the withholding obligation for Tax-Related Items arises or as soon thereafter as practicable. You acknowledge and agree that the Company is
under no obligation to arrange for such sale at any particular price, that you are responsible for all fees and other costs of sale, and that you are hereby agreeing to indemnify and hold the Company harmless from any losses, costs, damages or
expenses relating to any such sale and that the proceeds of any such sale may not be sufficient to satisfy the Company’s or the Employer’s withholding obligation for Tax-Related Items. In the event
that such proceeds are not sufficient, you agree to pay to the Company or the Employer, as applicable, as soon as practicable, including through additional payroll withholding, the amount of any such shortfall. To the extent the proceeds of such
sale exceed the Company’s or the Employer’s withholding obligation for Tax-Related Items, the Company or the Employer, as applicable, agrees to pay such excess in cash to you through payroll as soon
as practicable.
		
		  	 In the event that the Company determines, in its sole discretion, not to satisfy any withholding obligation for Tax-Related Items through the process described above, it will instead satisfy your obligation by one or a combination of the following:
  

•  Withholding Common Shares that would otherwise be issued to you when the MSUs are settled equal in
value to the Tax-Related Items. If the Company satisfies any withholding obligation for Tax-Related Items by withholding a number of Common Shares as described above,
you are deemed to have been issued the full number of Common Shares subject to the MSUs.
  

•  Withholding the amount of any Tax-Related Items from your
wages or other cash compensation paid to you by the Company.
  

•  Any other means approved by the Company.

		
		  	Depending on the withholding method, the Company may withhold or account for Tax-Related Items by considering applicable minimum statutory withholding rates or other applicable withholding
rates, including maximum applicable rates, in which case you will receive a refund of any over-withheld amount in cash and will have no entitlement to the common stock equivalent.
		
		  	You agree to pay to the Company or the Employer any amount of Tax-Related Items that the Company or the Employer may be required to withhold or account for as a result of your participation in
the Plan that cannot be satisfied by the means previously described. If cash is to be distributed pursuant to the MSUs instead of shares, the Company will withhold from the cash delivered to you an amount necessary to satisfy any withholding
obligation for Tax-Related Items.

  
 -6- 

			
		
		  	The Company may refuse to issue or deliver Common Shares or the proceeds from the sale of such Common Shares if you fail to comply with your obligations in connection with the Tax-Related
Items.
		
	Nature of MSUs	  	No payment is required for the MSUs that you are receiving. Your MSUs are mere bookkeeping entries and represent the Company’s unfunded and unsecured promise to issue Common Shares or distribute cash to you on a future date. As
a holder of MSUs, you have no rights other than the rights of a general creditor of the Company.
		
	No Voting or Dividends Rights	  	Your MSUs carry neither voting rights nor rights to cash dividends. You have no rights as a stockholder of the Company unless and until your MSUs are settled by issuing Common Shares.
		
	Adjustments	  	 In the event any change is made to the Common Shares because of any recapitalization, stock dividend, stock split, combination of shares,
exchange of shares, spin-off transaction or other change in corporate structure effected without the Company’s receipt of consideration, equitable adjustments will be made to the Target MSUs, Maximum
MSUs, First Year Vested MSUs, Second Year Vested MSUs, Beginning Company Stock Price Average, and Ending Company Stock Price Average to prevent the dilution or enlargement of benefits under this award.

 
 In addition, the Administrator may adjust Payout Percentage and Company Stock Price
Performance to reflect any extraordinary, unusual, or non-recurring items in order to prevent the dilution or enlargement of benefits under this Agreement. Such adjustments shall be final, binding, and
conclusive on all interested parties.

		
	Retention Rights	  	Your MSUs and this Agreement do not give you the right to be retained by the Company, a Parent, Subsidiary, or Affiliate in any capacity. The Employer, Company and its Parents, Subsidiaries, and Affiliates reserve the right to
terminate your service as an Employee at any time, with or without cause, subject to applicable laws and any written employment agreements.
		
	MSUs Not Transferable	  	Except as otherwise provided below, you may not sell, transfer, assign, pledge or otherwise dispose of any MSUs.

  
 -7- 

			
		
	Beneficiary Designation	  	You may dispose of your MSUs in a written beneficiary designation. A beneficiary designation must be filed with the Company on the proper form. It will be recognized only if it has been received at the Company’s headquarters
before your death. If you file no beneficiary designation or if none of your designated beneficiaries survives you, then your estate will receive the proceeds from any vested MSUs that you hold at the time of your death.
		
	Nature of Grant	  	 In accepting the MSUs, you acknowledge, understand and agree that:
  

•  The Plan is established voluntarily by the Company, it is discretionary in nature and it may be
modified, amended, suspended or terminated by the Company at any time, to the extent permitted by the Plan;
  

•  The grant of the MSUs is voluntary and occasional and does not create any contractual or other
right to receive future grants of MSUs, or benefits in lieu of MSUs, even if MSUs have been granted in the past;
  

•  All decisions with respect to future MSUs or other grants, if any, will be at the sole discretion
of the Company;
  
 •  You are
voluntarily participating in the Plan;
  

•  The MSUs and the Common Shares subject to the MSUs are not intended to replace any pension rights
or compensation;
  
 •  The MSUs
and the Common Shares subject to the MSUs, and the income and value of same, are not part of normal or expected compensation for purposes, including, without limitation, of calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, bonuses, long-service awards, pension or retirement or welfare benefits or similar payments;

 
 •  The future value of the
underlying Common Shares is unknown, indeterminable and cannot be predicted with certainty;
  

•  No claim or entitlement to compensation or damages shall arise from forfeiture of the MSUs
resulting from the termination of your service as an Employee (for any reason whatsoever, whether or not later found to be invalid or in breach of employment laws in the jurisdiction where you are providing services or the terms of your service
agreement, if any), and in consideration of the grant of the MSUs to which you are otherwise not entitled, you irrevocably agree never to institute any claim against the Company, any Parent, Subsidiary, or Affiliate, including the Employer,
waive your ability, if any, to bring any such claim, and release the Company, any Parent, Subsidiary, or Affiliate, including the Employer, from any such claim; if, notwithstanding the foregoing, any such claim is allowed by a court of competent
jurisdiction, then, by participating in the Plan, you shall be deemed irrevocably to have agreed not to pursue such claim and agree to execute any and all documents necessary to request dismissal or withdrawal of such claim;

 
 •  Unless otherwise provided in
the Plan or by the Company in its discretion, the MSUs and the benefits evidenced by this Agreement do not create any entitlement to have the MSUs or any such benefits transferred to, or assumed by, another company nor to be exchanged,
cashed out or substituted for, in connection with any corporate transaction affecting the shares of the Company; and

  
 -8- 

			
		
		  	Neither the Employer, the Company nor any Parent, Subsidiary, or Affiliate shall be liable for any foreign exchange rate fluctuation between your local currency and the United States Dollar that may affect the value of the MSUs or
of any amounts due to you pursuant to the settlement of the MSUs or the subsequent sale of any Common Shares acquired upon settlement.
		
	Data Privacy	  	You hereby explicitly and unambiguously consent to the collection, use and transfer, in electronic or other form, of your personal data as described in this Agreement and any other MSU grant materials by and among, as
applicable, the Employer, the Company and any Parent, Subsidiary, or Affiliate for the exclusive purpose of implementing, administering and managing your participation in the Plan.
		
		  	You understand that the Company and the Employer may hold certain personal information about you, including, but not limited to, your name, home address and telephone number, date of birth, social insurance number or other
identification number, salary, nationality, job title, any shares of stock or directorships held in the Company, details of all MSUs or any other entitlement to shares of stock awarded, canceled, exercised, vested, unvested or outstanding in your
favor (“Data”), for the exclusive purpose of implementing, administering and managing the Plan.
		
		  	You understand that Data will be transferred to a stock plan service provider as may be selected by the Company (the “Online Service Provider”), which is assisting the Company with the implementation, administration
and management of the Plan. You understand that the recipients of the Data may be located in the United States or elsewhere, and that the recipients’ country (e.g., the United States) may have different data privacy laws and protections than
your country. You understand that you may request a list with the names and addresses of any potential recipients of the Data by contacting your local human resources representative. You authorize the Company, Online Service Provider, and any other
possible recipients which may assist the Company (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purpose of
implementing, administering and managing your participation in the Plan. You understand that Data will be held only as long as is necessary to implement, administer and manage your participation in the Plan.
You

  
 -9- 

			
		
		  	understand that you may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without
cost, by contacting in writing your local human resources representative. Further, you understand that you are providing the consents herein on a purely voluntary basis. If you do not consent, or if you later seek to revoke your consent, your
service as an Employee and career with the Employer will not be adversely affected; the only adverse consequence of refusing or withdrawing your consent is that the Company would not be able to grant you MSUs or other equity awards or administer or
maintain such awards. Therefore, you understand that refusing or withdrawing your consent may affect your ability to participate in the Plan. For more information on the consequences of your refusal to consent or withdrawal of consent, you
understand that you may contact your local human resources representative.
		
	Restrictions on Resale	  	You agree not to sell any Common Shares issued under the MSUs at a time when applicable laws, Company policies (including, without limitation, the Company’s Insider Trading Policy including any
Addenda thereto) or an agreement between the Company and its underwriters prohibit a sale. This restriction will apply as long as your service as an Employee continues and for such period of time after the termination of your service as
an Employee as the Company may specify.
		
	Regulatory Requirements	  	Notwithstanding any other provision of this Agreement, the obligation of the Company to issue Common Shares hereunder shall be subject to all applicable laws, rules and regulations and such approval by any regulatory body as may be
required. The Company reserves the right to restrict, in whole or in part, the delivery of Common Shares pursuant to this Agreement prior to the satisfaction of all legal requirements relating to the issuance of such Common Shares, to their
registration, qualification or listing or to an exemption from registration, qualification or listing. The inability of the Company to obtain authority from any regulatory body having jurisdiction, which authority is deemed necessary by the
Company’s counsel to be necessary to the lawful issuance and sale of any Common Shares hereunder, will relieve the Company of any liability in respect of the failure to issue or sell such Common Shares as to which such requisite authority will
not have been obtained.
		
	Other Conditions and Restrictions	  	Any Common Shares issued hereunder shall be subject to such conditions and restrictions imposed either by applicable law or by Company policy, as adopted from time to time, designed to ensure compliance with applicable law or laws
with which the Company determines in its sole discretion to comply including in order to maintain any statutory, regulatory or tax advantage, including any Company recoupment or clawback policy in effect from time to
time.

  
 -10- 

			
		
	Notice	  	Any notices provided for under this Agreement or the Plan shall be given in writing and shall be deemed effectively given upon receipt or, in the case of notices delivered by the Company to you, five days after deposit in the United
States mail, postage prepaid, addressed to you at the last address you provided to the Company. Notwithstanding the foregoing, the Company may, in its sole discretion, decide to deliver any documents related to participation in the Plan and this
award (including, without limitation, prospectuses required by the Securities and Exchange Commission) and all other documents that the Company is required to deliver to its security holders (including, without limitation, annual reports and proxy
statements) by electronic means or to request your consent to participate in the Plan by electronic means. You hereby consent to receive such documents by electronic delivery and, if requested, to agree to participate in the Plan through an online
or electronic system established and maintained by the Company or another third party designated by the Company. If the Company posts these documents on such an online or electronic system, it will notify you by email.
		
	Governing Law	  	The provisions of Section 2.7 of the Plan apply to this award.
		
	Language	  	If you have received this Agreement or any other document related to the Plan translated into a language other than English and if the meaning of the translated version, including defined words therein, is different than the English
version, the English version will control.
		
	Amendment	  	This Agreement may be amended only by written consent of the Company and you, unless the amendment is not to the detriment of your rights under this Agreement.
		
	The Plan and Other Agreements	  	 The text of the Plan is incorporated into this Agreement by reference. Additional provisions regarding definitions of capitalized terms used
herein and not defined in this Agreement can be found in the Plan.
  
 The Plan, this
Agreement and the Grant Notice constitute the entire understanding between you and the Company regarding the MSUs. Any prior agreements, commitments or negotiations concerning the MSUs are superseded. However, if you and the Company have entered
into a written agreement relating to the vesting of the MSUs, then such written agreement will govern the vesting of the MSUs.

  
 -11- 

			
		
	Severability	  	If one or more of the provisions of this Agreement are held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions will not in any way be affected or impaired thereby
and the invalid, illegal or unenforceable provision will be deemed null and void; however, to the extent permissible by law, any provisions that could be deemed null and void will first be construed, interpreted or revised retroactively to permit
this Agreement to be construed so as to foster the intent of this Agreement and the Plan.
		
	Imposition of Other Requirements	  	The Company reserves the right to impose other requirements on your participation in this Agreement, on the MSUs and on any Common Shares acquired under this Agreement, to the extent the Company determines it is necessary or
advisable for legal or administrative reasons, and to require you to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.
		
	Waiver	  	You acknowledge that a waiver by the Company of breach of any provision of this Agreement shall not operate or be construed as a waiver of any other provision of this Agreement.
		
	No Advice Regarding Grant	  	The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding your participation in this Agreement, or your acquisition or sale of underlying Common Shares. You are hereby
advised to consult with your own personal tax, legal and financial advisors regarding your participation in this Agreement before taking any action related to this Agreement.
		
	Insider Trading Restrictions/ Market Abuse Laws	  	You acknowledge that, depending on the country in which you reside and/or are providing services to the Company, you may be subject to insider trading restrictions and/or market abuse laws, which may affect your ability to acquire
or sell shares or rights to shares under this Agreement during such times as you are considered to have “inside information” regarding the Company (as defined by the laws in your country). Any restrictions under these laws or regulations
are separate from and in addition to any restrictions that may be imposed under any applicable Company insider trading policy. You acknowledge that it is your responsibility to comply with any applicable restrictions, and you are advised to speak to
your personal advisor on this matter.
		
	Definitions	  	“Beginning Company Stock Price Average” means the average closing price of a Common Share as reported on the primary market for the Common Shares during the three month period immediately prior to the First
Performance Period.
		
		  	“Beginning Nasdaq Index Stock Price Average” means the average closing price of the Nasdaq Composite Index during the three month period immediately prior to the First Performance
Period.

  
 -12- 

			
		
		  	 “Cause” means any of the following:
  

•  Your unauthorized use or disclosure of the Company’s confidential information or trade
secrets;
  
 •  Your breach of
any agreement between you and the Company;
  

•  Your material failure to comply with the Company’s written policies or rules; your conviction
of, or your plea of “guilty” or “no contest” to, a felony under the laws of your local jurisdiction;
  

•  Your gross negligence or willful misconduct;

 
 •  Your continuing failure to
perform assigned duties after receiving written notification of the failure from the Company; or
  

Your failure to cooperate in good faith with a governmental or internal investigation of the Company or its directors, officers or employees, if the Company
has requested your cooperation.

		
		  	 “Change in Control” means:
  

•  any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act)
becomes the “beneficial owner” (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of securities of the Company representing more than 50% of the total voting power represented by
the Company’s then-outstanding voting securities;
  

•  the consummation of the sale or disposition by the Company of all or substantially all of the
Company’s assets;
  

•  the consummation of a merger or consolidation of the Company with or into any other entity, 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 or its parent) more than 50% of the total voting power represented by the voting securities of the Company or such surviving entity or its parent outstanding immediately after such merger or consolidation; or

 
 •  individuals who are members
of the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the members of the Board over a period of 12 months; provided, however, that if the appointment or election (or nomination for election)
of any new Board member was approved or recommended by a majority vote of the members of the Incumbent Board then still in office, such new member shall, for purposes of this Agreement, be considered as a member of the Incumbent
Board.

  
 -13- 

			
		
		  	A transaction shall not constitute a Change in Control if its sole purpose is to change the state of the Company’s incorporation or to create a holding company that will be owned in substantially the same proportions by the
persons who held the Company’s securities immediately before such transaction. In addition, if a Change in Control constitutes a payment event with respect to this Agreement and this Agreement provides for a deferral of compensation and is
subject to Section 409A of the Code, then notwithstanding anything to the contrary in this Agreement, such transaction must also constitute a “change in control event” as defined in Treas. Reg. §1.409A-3(i)(5) to the extent required
by Section 409A of the Code.
		
		  	“Company Stock Price Performance” means the quotient obtained by dividing (i) the Ending Company Stock Price Average minus the Beginning Company Stock Price Average, by (ii) the Beginning Company Stock Price
Average.
		
		  	“Disability” means your inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted or
can be expected to last for a continuous period of not less than 12 months, as determined by the Committee on the basis of such medical evidence as the Committee deems warranted under the circumstances, including a requirement that you submit
medical evidence or undergo a medical examination by a doctor selected by the Company as deemed necessary to make a determination hereunder.
		
		  	“Ending Company Stock Price Average” means the average closing price of a Common Share as reported on the primary market for the Common Shares during the three month period immediately prior to the end date of a
Performance Period applicable to a Tranche for which the Payout Percentage is being determined.
		
		  	“Ending Nasdaq Index Stock Price Average” means the average closing price of the Nasdaq Composite Index during the three month period immediately prior to the end date of a Performance Period applicable to a Tranche
for which the Payout Percentage is being determined.
		
		  	“First Performance Period” means the period from January 1, 2016 to December 31, 2016.
		
		  	“First Tranche” means one-sixth of the Target MSUs.
		
		  	“Involuntary Termination” means either a (a) Termination Without Cause, or (b) Resignation for Good Reason.

  
 -14- 

			
		
		  	“Nasdaq Index Performance” means the quotient obtained by dividing (i) the Ending Nasdaq Index Stock Price Average minus the Beginning Nasdaq Index Stock Price Average, by (ii) the Beginning Nasdaq Index
Stock Price Average.
		
		  	“Non-Vested MSUs” means any portion of the MSUs subject to this Agreement that has not yet become vested in accordance with the Vesting of MSUs section
above.
		
		  	“Payout Percentage” means 100%, (i) plus the percentage by which the Company Stock Price Performance exceeds the Nasdaq Index Performance, multiplied by two (2), if the Company Stock Price Performance exceeds the
Nasdaq Index Performance determined as of the last day of the Performance Period; or (ii) minus the percentage by which the Nasdaq Index Performance exceeds the Company Stock Price Performance, multiplied by three (3), if the Nasdaq Index
Performance exceeds the Company Stock Price Performance determined as of the last day of the Performance Period. The Payout Percentage shall be determined as of the last day of each Performance Period, and shall not be less than 0% or exceed
200%.
		
		  	“Performance Period” means, with respect to each Tranche, (i) the Performance Period for the First Tranche is the First Performance Period; (ii) the Performance Period for the Second Tranche is the Second
Performance Period; and (iii) the Performance Period for the Third Tranche is the Third Performance Period. Notwithstanding the foregoing, if a Change in Control occurs during a Performance Period, the effective date of such Change in Control
will become the last day of such Performance Period, and the Performance Period will terminate immediately thereafter.
		
		  	 “Permissible Trading Day” means a day that satisfies each of the following requirements:

 
 •  The Nasdaq Global Stock
Market is open for trading on that day;
  

•  You are permitted to sell Common Shares of the Company on that day without incurring liability
under Section 16 of the Exchange Act;
  

•  Either (a) a day on which you are not in possession of material non-public information that would make it illegal for you to sell Common Shares on that day under Rule 10b-5 of the Securities and Exchange Commission, or (b) the day
that you have specified to sell Common Shares to be issued under this Agreement pursuant to a trading plan approved by the Company’s Corporate Counsel & Chief Compliance Officer, under Rule
10b5-1 of the Securities and Exchange Commission;
  

•  Under the Company’s written Insider Trading Policy (and any
Addenda thereto), you are permitted to sell Common Shares on that day; and

  
 -15- 

			
		
		  	 •  You are not prohibited from selling Common Shares on that day by a written
agreement between you and the Company or a third party.

		
		  	 “Resignation for Good Reason” means your resignation within 180 days after one of the following conditions initially has
come into existence without your express written consent:
  

•  A change in your position with the Company that materially reduces your level of authority or
responsibility, relative to your authority or responsibilities as in effect immediately prior to such reduction, or the assignment to you of such reduced authority and responsibilities;

 
 •  A reduction in your base
salary or target bonus by more than 10%; or
  

•  A relocation to a facility or a location more than 50 miles from your then-present work location
that increases your one-way commute.
  
 A
Resignation for Good Reason will not be deemed to have occurred unless (a) you give the Company written notice of the condition within 90 days after the condition initially comes into existence, (b) the Company fails to remedy the
condition within 30 days after receiving your written notice, and (c) you terminate employment within 180 days from the date the condition initially comes into existence.

		
		  	“Second Performance Period” means the period from January 1, 2016 to December 31, 2017.
		
		  	“Second Tranche” means one-sixth of the Target MSUs.
		
		  	“Termination Without Cause” means your involuntary discharge by the Company for reasons other than Cause, provided that you are willing and able to continue performing services within the meaning of Treas. Reg. §1.409A-1(n)(1).
		
		  	“Third Performance Period” means the period from January 1, 2016 to December 31, 2018.
		
		  	“Third Tranche” means a number of MSUs up to the remaining number of Target MSUs that have not yet vested under this Agreement.
		
		  	“Tranche” means any of the First Tranche, Second Tranche, or Third Tranche.

 BY YOUR ACCEPTANCE OF THIS GRANT, YOU AGREE TO ALL OF THE 

TERMS AND CONDITIONS DESCRIBED ABOVE AND IN THE PLAN. 

  
 -16-

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