Document:

Forbearance and Amendment Agreement

 Exhibit 10.2 
 FORBEARANCE AND AMENDMENT AGREEMENT 
 This FORBEARANCE AND AMENDMENT AGREEMENT (this
“Agreement”), dated as of March 30, 2007 (the “Effective Time”) is entered into between Devcon International Corp. (the “Company”) and CS Equity II LLC (the “Investor”).

 RECITALS 
 WHEREAS, in connection with the Securities Purchase Agreement by and among the parties hereto dated as of February 10, 2006 (the “Securities Purchase Agreement”), the Company had agreed, upon the terms and
subject to the conditions set forth in the Securities Purchase Agreement, to issue and sell to the Investor and each other buyer set forth therein (collectively, the “Buyers”) (i) at the Initial Closing (as defined in the
Securities Purchase Agreement) warrants (the “Warrants”) which were to be exercisable to purchase shares of Common Stock at an exercise price equal to $11.925 per share (as exercised collectively, the “Warrant
Shares”) and (ii) at the Additional Closing (as defined in the Securities Purchase Agreement), subject to the satisfaction of certain terms and conditions, preferred shares of the Company designated as Series A Convertible Preferred
Stock, the terms of which were set forth in that certain Certificate of Designations for such series of preferred shares (the “Certificate of Designations”), dated as of October 16, 2006 (the “Preferred
Shares”) which, among other things, were contemplated to be convertible into shares of the Company’s common stock, par value $0.10 per share (the “Common Stock”) (as converted, the “Conversion
Shares”), in accordance with the terms of the Certificate of Designations; 
 WHEREAS, the Preferred Shares may be entitled
to dividends (the “Dividends”), which the Company, subject to certain conditions, may pay in shares of Common Stock (the “Dividend Shares”); 
 WHEREAS, to induce the Buyers to execute and deliver the Securities Purchase Agreement, the Company provided certain registration rights under the
Securities Act of 1933, as amended, and the rules and regulations thereunder, or any similar successor statute (collectively, the “1933 Act”), and applicable state securities laws by entering into that certain Registration Rights
Agreement, dated as of February 10, 2006 (the “Registration Rights Agreement”), by and among the Company and the Buyers; 
 WHEREAS, under the terms of the Registration Rights Agreement, the Company agreed to use its best efforts to cause a Registration Statement (the “Registration Statement”) registering the resale of the shares (the
“Registrable Shares”) of the Company’s common stock, par value $.10 (the “Common Stock”), issuable upon conversion of the Preferred Shares, exercise of the Warrants and in payment of certain dividend
obligations under the Certificate of Designations to be declared effective by the Securities and Exchange Commission (the “SEC”) no later than January 25, 2007 (the “Effectiveness Deadline”); 
  

 FORBEARANCE AGREEMENT 

 WHEREAS, the Company has filed a Registration Statement to register the resale of the Registrable
Shares, but has not caused such Registration Statement to be declared effective by the SEC (the “Effectiveness Failure”) due to comments from the SEC the Company has received with respect thereto, which comments the Company believes
make compliance with the current terms of the Registration Rights Agreement impossible; 
 WHEREAS, the Securities Purchase Agreement,
the Registration Rights Agreement and the Certificate of Designations each provide that provisions of the respective agreements and instruments may be amended and the observance thereof may be waived, with the written consent of the Company and
Buyers holding at least a majority of the Registrable Securities (the “Required Holders”); 
 WHEREAS, the
Certificate of Designations allows that, with the consent of the Required Holders, the Company may, whether or not prohibited by the terms of the Preferred Shares, waive right of the Preferred Shares; 
 WHEREAS, the Registration Rights Agreement further provides that all consents and other determinations required to be made by the Buyers pursuant
to the Registration Rights Agreement shall be made by the Required Holders; 
 WHEREAS, concurrently herewith, the Company has also
requested that the Buyers (other than the Investor) enter into agreements in the form of this Agreement (the “Other Agreements”, and together with this Agreement, the “Forbearance Agreements”); 
 WHEREAS, as a result of the Effectiveness Failure, the Company and the Buyers are in discussions regarding certain potential amendments to and
waivers of (the “Amendments”) certain terms of the Securities Purchase Agreement, the Registration Rights Agreement and the Certificate of Designations; and 
 WHEREAS, the Investor and each other Buyer is negotiating the terms of the Amendments independently and, accordingly, such negotiations are
anticipated to take an indeterminable amount of time to complete; 
 WHEREAS, notwithstanding the Company’s belief that it has
not currently breached any of the terms of the Transaction Documents, the Company desires to ensure that, during the pendency of such negotiations, no Buyer will seek to exercise certain remedies or other rights they may have under the Transaction
Documents resulting solely from the effects of the circumstances causing the Effectiveness Failure; 
 WHEREAS, capitalized terms used
but not defined herein shall have the meaning ascribed thereto in the Securities Purchase Agreement. 
  

 FORBEARANCE AGREEMENT 

 NOW, THEREFORE, in consideration of the foregoing, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 1. Forbearance Effective
as of the Effective Time (as defined below), the Investor hereby agrees to forbear (the “Forbearance”) from (a) taking any remedial action with respect to the Effectiveness Failure, (b) declaring the occurrence of any
Triggering Event with respect to the Effectiveness Failure having occurred and from delivering any Notice of Redemption at Option of Holder with respect to thereto or (c) demanding any amounts due and payable with respect to the Effectiveness
Failure, including without limitation, any Registration Delay Payments payable with respect to the Preferred Shares, until the earlier of (the “Forbearance Expiration Date” and the period commencing on the Effective Time and ending
on the Forbearance Expiration Date, the “Forbearance Period”): 
 (i) 5:00 p.m. prevailing New York city time
on January 2, 2008. 
 (ii) the occurrence of an event of default described in either of Sections 3(a)(viii) or 3(a)(ix)
of the Certificate of Designations; 
 (iii) such date the Investor reasonably determines that the Company either (u) is
not negotiating the Amendments in good faith, (v) is not using its best efforts to promptly negotiate and enter into the Amendments with the Buyers, (w) has failed to execute such Amendments as soon as practicable, (x) has breached
any covenant or other agreement set forth in any Forbearance Agreement, or (y) failed to obtain the Shareholder Approval by the Shareholder Meeting Deadline, provided that in the case of the Investor making any of the determinations described
in (u) – (y) above, the Company shall have first failed to use its best efforts to remedy the same within two (2) Business Days after receiving written notice thereof from the Investor; and 
 (iv) the Amendments Closing Date (as defined in Section 2(B)(iii) below). 
 Notwithstanding anything set forth herein to the contrary, the Forbearance is conditioned upon the Company’s agreement not to, and not to cause any
of its Subsidiaries to, issue, in one or a series of transactions, any debt or equity securities that are senior to the Preferred Shares, or any debt or equity securities that are junior to the Preferred Shares, in the latter case, in an amount
resulting in net proceeds to the Company in excess of $5 million, except Excluded Securities (as defined in the Certificate of Designations) without the prior written consent of the Required Holders prior to the Forbearance Expiration Date.

  

 FORBEARANCE AGREEMENT 

 2. Additional Covenants and Waiver. The following covenants, agreements and waivers shall each
become effective as of the Effective Time and shall terminate on the Forbearance Expiration Date: 
 (a) Withdrawal of Registration
Statement. The Company shall, as soon as practicable, take all steps necessary to effect a withdrawal under SEC Rule 477 of the Registration Statement. 
 (b) Amended and Restated Certificate of Designation. 
 (i) In furtherance of effecting
the Amendments as soon as practicable, but no later than ten (10) Business Days of the date hereof (such date, the “COD Date”), the Company and the Required Holders shall agree to attach as Exhibit A to each of the
Forbearance Agreements a form of Amended and Restated Certificate of Designations (the “Amended Certificate of Designations”) setting forth certain revised terms of the Preferred Shares, including, without limitation, a reduction in
the conversion price of the Preferred Shares set forth in the Certificate of Designations to $6.75, allowance for the accrual of dividends on the Preferred Shares at a rate equal to 10% per annum, which dividends may be payable in kind; and a
revision of the definition of the Leverage Ratio (as such term is defined in the Certificate of Designations), which revised definition shall provide for the Leverage Ratio to be calculated as a multiple of recurring monthly revenue
(“RMR”) as opposed to EBITDA and a revision of the Maximum Leverage Ratio covenant set forth in the Certificate of Designations to require such Maximum Leverage Ratio to equal 38x RMR, commencing on June 30, 2008. 

(ii) As soon as practicable, the Company shall use its best efforts to obtain from shareholders holding a majority of the
Company’s outstanding shares of common stock and a majority of the Preferred Shares executed commitments to vote at a meeting of the Company’s shareholders approving in accordance with applicable law and the Company’s governing
documents resolutions (the “Resolutions”) in form and substance reasonably acceptable to the Schulte Roth & Zabel providing for the amendment and restatement of the Certificate of Designations in the form of the Amended
Certificate of Designations (such affirmative approval being referred to herein as the “Shareholder Approval”). The Company shall provide each shareholder entitled to vote at the annual meeting of shareholders of the Company (the
“Shareholder Meeting”), which shall be promptly called and held not later than (x) in the event the applicable proxy statement is not reviewed by the SEC, July 1, 2007 and (y) otherwise, October 1, 2007 (the
“Shareholder Meeting Deadline” and the actual date of such meeting, the “Shareholder Meeting Date”), a proxy statement, substantially in the form which has been previously reviewed and approved by the Schulte
Roth & Zabel at the expense of the Company, soliciting each such shareholder’s affirmative vote at the Shareholder Meeting for Shareholder Approval of the Resolutions (the date such approval is obtained, the “Shareholder
Approval Date”), and the Company shall use its best efforts to 

  

 FORBEARANCE AGREEMENT 

 
solicit its shareholders’ approval of the Resolutions and to cause its Board of Directors to recommend to the shareholders that they approve the
Resolutions. The Company shall be obligated to seek to obtain such Shareholder Approval by the Shareholder Meeting Deadline. If, despite the Company’s best efforts, the Shareholder Approval is not obtained by the Shareholder Meeting Deadline,
the Company shall cause an additional Shareholder Meeting to be held each calendar quarter thereafter (or such longer period as is necessary to the extent of SEC comments on any proxy statement) until such Shareholder Approval is obtained.

 (iii) Upon filing of the Amended and Restated Certificate of Designations with the Secretary of State of Florida in
accordance with applicable Florida law after effectiveness of the Shareholder Approval in accordance with applicable federal securities laws, the Company shall enter into an Amended and Restated Registration Rights Agreement, Amended and Restated
Securities Purchase and such other documents determined by the parties hereto to be reasonable necessary to effect such amendments (collectively, the “Other Amendment Documents”). The time at which (x) the Amended and Restated
Certificate of Designations is filed with the Secretary of State of Florida, (y) all Other Amendment Documents have been executed and delivered and (z) all closing conditions set forth in such Other Amendment Documents have been met or
waived by the parties thereto shall be referred to herein as the “Amendment Closing Date”. 
 (c) Accrual of
Dividends. The parties hereto agree that, as a waiver of the rights of the Preferred Shares to receive dividends on each Dividend Date (as defined in the Certificate of Designations) during the Forbearance Period, commencing as of the
Effective Time and until the Forbearance Expiration Date (the “Dividend Payment Date”), all dividends payable with respect to the Preferred Shares shall accrue but not be payable until the Dividend Payment Date, at which time the
Company shall pay all such accrued dividends in any manner allowed pursuant to the Amended and Restated Certificate of Designations as if such date was a Dividend Date. 
  

	 	4.	Amendments; Acknowledgments; Ratifications. 

 (a) Registration Rights Agreement Amendments. The Investor hereby agrees that during the Forbearance Period, the Registration Rights Agreement is hereby amended to replace the definition of “Effectiveness Deadline”
with the following: 
 “Effectiveness Deadline” means the later of (x) the date which is 45 days after the Filing
Deadline (as defined below), or if there is a full review of the Registration Statement by the SEC, 90 days after the Filing Deadline and (y) the Forbearance Expiration Date (as defined in those certain Forbearance Agreements, each by and among
the Company and a Buyer, entered into on March 30, 2007 or thereafter). 
  

 FORBEARANCE AGREEMENT 

 (b) Leverage Ratio. The Investor hereby agrees that, as a waiver of the rights of the
Preferred Shares, during the Forbearance Period, the definition of the “Leverage Ratio” set forth in the Certificate of Designations and the maximum Leverage Ratio required to be maintained by the Company by the terms of the Certificate of
Designation shall be the definition of “Qualifying Retail RMR Leverage Ratio” and the maximum Qualifying Retail RMR Leverage Ratio set forth in that certain Credit Agreement, dated November 10, 2005, by and among the Devcon Security
Holdings, Inc., Devcon Security Services Corp., Coastal Security Company, Coastal Security Systems, Inc., Central One, Inc. and CapitalSource Finance LLC, as amended from time to time. 
 (c) Ratifications. Except as otherwise expressly provided herein, the Securities Purchase Agreement, Registration Rights Agreement, and
each other Transaction Documents is, and shall continue to be, in full force and effect and is hereby ratified and confirmed in all respects. 
  

	 	5.	Effective Time; 8-K Filing. 

 (a) This
Agreement shall become effective upon execution by the Required Holders of the Forbearance Agreements (such date, the “Effective Time”). 
 (b) On or before 8:30 a.m., New York Time, on the first (1st) Business Day following the later to occur of (x) the COD Date and (y) the Effective Time, the Company shall file a Current Report on Form
8-K describing the terms of the transactions contemplated by the Forbearance Agreements in the form required by the 1934 Act and attaching the Forbearance Agreements (including, without limitation, this Agreement and the form of Amended Certificate
of Designations, (including all attachments, the “ 8-K Filing”). From and after the filing with the SEC of the 8-K Filing, the Company shall have disclosed any material nonpublic information delivered to the Investor by the Company
or any of its Subsidiaries, or any of their respective officers, directors, employees or agents. The Company shall not, and shall cause each of its Subsidiaries and its and each of their respective officers, directors, employees and agents, not to,
provide the Investor with any material, nonpublic information regarding the Company or any of its Subsidiaries from and after the 8-K Filing with the SEC without the express written consent of the Investor. Subject to the foregoing, neither the
Company, its Subsidiaries nor the Investor shall issue any press releases or any other public statements with respect to the transactions contemplated hereby; provided, however, that the Company shall be entitled, without the prior
approval of the Investor, to make any press release or other public disclosure with respect to such transactions (i) in substantial conformity with the 8-K Filing and contemporaneously therewith and (ii) as is required by applicable law
and regulations (provided that in the case of clause (i) the Investor shall be consulted by the Company in connection with any such press release or other public disclosure prior to its release). Without the prior written consent of the
Investor, neither the Company nor any of its Subsidiaries shall disclose the name of the Investor in any filing, announcement, release or otherwise. 
  

 FORBEARANCE AGREEMENT 

	 	6.	Miscellaneous 

 (a) Except as expressly set
forth herein, the execution of this Agreement and any discussions, negotiations, correspondence and other communications, drafts of documents and meetings among the parties hereto do not represent and shall not be construed or relied
upon as being (i) a waiver of or prejudicial to any rights the parties may have or (ii) a waiver of the parties’ rights under any statute or under any applicable law or (iii) an admission or declaration against interest by either
party hereto. 
 (b) Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute
and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions
contemplated hereby. 
 (c) All notices to be given pursuant to this Agreement shall be delivered in accordance with the terms of the
Securities Purchase Agreement: 
 (d) This Agreement may not be modified except by a written instrument executed by the Company and the
Investor. 
 (e) Nothing contained in this Agreement shall be deemed (i) an admission by any other party or (ii) a waiver of any
rights or defenses, except with respect to the Forbearance until the Forbearance Expiration Date. 
 (f) All questions concerning the
construction, validity, enforcement and interpretation of this Agreement shall be governed by the internal laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New
York or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in The
City of New York, Borough of Manhattan, for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit,
action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Each
party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof to such party at the address for such notices to it under this Agreement and agrees
that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. EACH PARTY HEREBY IRREVOCABLY
WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.  
  

 FORBEARANCE AGREEMENT 

 (g) This Agreement may be executed in two or more identical counterparts, all of which shall be
considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party; provided that a facsimile signature shall be considered due execution and shall be binding upon the
signatory thereto with the same force and effect as if the signature were an original, not a facsimile signature. 
 (h) At the Effective
Time, the Company shall reimburse the Investor for its legal fees and expenses in connection with the preparation and negotiation of this Agreement and the transactions related thereto by paying any such amount to Katten Muchin Rosenman LLP by wire
transfer of immediately available funds in accordance with the instructions provided by Katten Muchin Rosenman LLP to the Company on or prior to the Effective Time. Except as otherwise set forth in this Agreement, each party shall pay the fees and
expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party incident to the negotiation, preparation, execution, delivery and performance of this Agreement. 
 (i) This Agreement is intended for the benefit of the parties hereto and their respective permitted successors and assigns, and is not for the benefit
of, nor may any provision hereof be enforced by, any other Person. 
 (j) The obligations of the Investor under any Transaction Document or
Forbearance Agreement are several and not joint with the obligations of any other Buyer, and the Investor shall not be responsible in any way for the performance of the obligations of any other Buyer under any Transaction Document or Forbearance
Agreement. Nothing contained herein or in any other Transaction Document or Forbearance Agreement, and no action taken by the Investor pursuant hereto, shall be deemed to constitute the Investor and the other Buyers as a partnership, an association,
a joint venture or any other kind of entity, or create a presumption that the Investor and the other Buyers are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by the Transaction Documents
or the Forbearance Agreements. The Company and the Investor confirm that the Investor has independently participated in the negotiation of the transactions contemplated hereby with the advice of its own counsel and advisors. The Investor shall be
entitled to independently protect and enforce its rights, including, without limitation, the rights arising out of this Agreement or out of any other Transaction Documents or Forbearance Agreement, and it shall not be necessary for any other Buyer
to be joined as an additional party in any proceeding for such purpose. 
 [The remainder of the page is intentionally left blank] 

 

 FORBEARANCE AGREEMENT 

 IN WITNESS WHEREOF, the Investor and the Company have caused their respective signature page to
this Forbearance and Amendment Agreement to be duly executed as of the date first written above. 
  

			
	COMPANY:
	
	DEVCON INTERNATIONAL CORP.
		
	 By:
	 	 /s/ Robert C. Farenbem

	 Name:
	 	 Robert C. Farenhem

	 Title:
	 	 Chief Financial Officer

  

 FORBEARANCE AGREEMENT 

 IN WITNESS WHEREOF, the Investor and the Company have caused their respective signature page to
this Forbearance and Amendment Agreement to be duly executed as of the date first written above. 
  

			
	INVESTOR:
	
	CS EQUITY II LLC 
		
	 By:
	 	 /s/ Keith Reuben

	 Name:
	 	Keith Reuben
	 Title:
	 	Authorized Signatory

  

 FORBEARANCE AGREEMENTEmployment Agreement

 Exhibit 10.1 
 MAXWELL TECHNOLOGIES, INC. 
 EMPLOYMENT AGREEMENT 
 This Employment Agreement (the “Agreement”) is made as of this 2nd day of April 2007, by and between MAXWELL TECHNOLOGIES, INC. a Delaware
corporation, (“Company”) and George Kreigler, SVP, Maxwell Technologies, Inc. (“Executive”). The parties agree with each other as follows: 
 1. Term of Employment. Subject to the terms and conditions set forth in this Agreement, the Company hereby agrees to employ Executive, and Executive agrees to be employed by the Company, for the period
commencing on the date of this Agreement and ending on the first to occur of (i) the date on which Executive first qualifies for or elects to receive retirement benefits in accordance with the Company’s normal retirement policies and
(ii) the date on which this Agreement is terminated by either the Company or Executive pursuant to any subsection of Section 4 hereof. 
 2. Duties of Executive. 
 (a) Executive shall serve as the Senior Vice President, Maxwell Technologies, Inc.
with the responsibility for World Wide Boostcap Operations of the Company. In such capacities, Executive shall report to the CEO of the Company and Executive shall perform the duties and render the services for and on behalf of the Company
associated with the positions he shall hold and as may be set forth from time to time in resolutions of, or other directives issued by, the CEO 
 (b) Executive agrees to perform such duties and render such services to the best of his ability, devoting thereto his entire professional time, attention and energy exclusively to the business and affairs of the
Company and its affiliates, as its business and affairs now exist and as they hereafter may be changed, and shall not during the term of his employment hereunder be engaged in any other business activity, whether or not such business activity is
pursued for gain or profit; provided, however, that Executive may serve (i) on civic or charitable boards or committees and (ii) with the prior written approval of the Board, boards of corporations or business enterprises, in each case so
long as such activities do not interfere with the performance of Executive’s obligations under this Agreement. 
 3. Compensation of
Executive. As compensation for the services to be performed under this Agreement: 
 (a) Base Salary. Effective as
of the date of this Agreement, Executive shall be paid a base salary at the initial annual rate of $255,000, payable in installments consistent with the Company’s payroll practices, and subject to normal; withholding. Executive’s base
salary shall be reviewed annually prior to each anniversary of this Agreement by the Board or its Compensation Committee and if the Board or Committee determines, in its discretion, that Executive’s base salary is to be increased, such increase
shall be effective as of such anniversary date. 

 (b) Annual Bonus. Executive shall be entitled to an annual bonus which shall be
determined as provided in this subsection (b): 
 (i) The Board will set specific financial performance targets and the amount
of Executive’s bonus will range $0 to a maximum amount equal to 50% of Executive’s annual base salary as in effect for such fiscal year (with a target bonus of 50% of the then effective base salary) depending on the CEO’s
determination of Executive’s success in achieving the specified targets. The financial performance targets for fiscal year 2007 will be established as part of the Company’s annual financial plan. 
 (ii) The bonus payable to Executive for each fiscal year, if any is due, shall be paid to Executive, subject to normal withholding,
promptly after the completion of the audit of the Company’s financial statements for such fiscal year. 
 (c) Options
and Restricted Stock. Executive is eligible for, and has received, the grant of restricted stock under the Company’s equity incentive plans. The Board or its Compensation Committee will from time to time consider making additional grants to
Executive, but the Company shall not be obligated to make any particular grant or grants thereof. 
 (d) Benefits.
Executive shall be entitled to participate in the Company’s insurance, health, life insurance, long term disability, dental and medical, and automobile programs as the same may exist from time to time on the terms and conditions applicable to
other senior officers of the Company. Nothing in this Agreement shall preclude the Company from terminating or amending any employee benefit plan or program from time to time. The Company will reimburse Executive for the reasonable cost of an annual
physical examination, if Executive elects to have the same. If the Executive waives his benefits due to coverage through other means, the Company will pay the Executive an additional sum roughly equal to the cost savings to the Company. 

(e) Vacation. Executive shall be entitled to vacation according to the prevailing rules in effect during this employment
contract. Such vacation shall be taken at such times as the Company and Executive shall mutually agree, acting reasonably, having regard to the performance of Executive’s essential duties to the Company pursuant to the terms of this Agreement.
Executive may accumulate unused vacation time from year to year to the extent permitted under the Company’s vacation policy for executives as in effect from time to time. 
 (f) Expenses. Executive shall be reimbursed for all travel and other reasonable out-of-pocket expenses actually incurred by him in
connection with the performance of his duties hereunder, subject the Company’s expense reimbursement policies as in effect from time to time and to the receipt by the Company of receipts and statements in a form reasonably satisfactory to it.

  

 2 

 4. Termination. 
 (a) Termination by the Company for Cause. Notwithstanding anything to the contrary herein contained, the Company may terminate
immediately the employment of Executive without notice and without pay in lieu of notice: 
 (i) if Executive commits an act
of theft, fraud or material dishonesty or misconduct involving the property or affairs of the Company or the carrying out of Executive’s duties; or 
 (ii) if Executive commits a material breach or material non-observance of any of the terms or conditions of this Agreement provided that Executive is given written notice of any such breach or non-observance and fails
to remedy the same within 15 days of receipt of such notice; or 
 (iii) if Executive is convicted of a felony; or 

(iv) if Executive refuses or fails to implement any reasonable directive issued by the Company’s Board of Directors and Executive
fails to remedy the refusal or failure within 15 days of receipt of written notice thereof; or 
 (v) if Executive or any
member of his family makes any personal profit arising out of or in connection with a transaction to which the Company or any of its subsidiaries is a party or with which it is associated without making disclosure to and obtaining prior written
consent of the Company. 
 Upon the termination of Executive’s employment pursuant to this Subsection (a), this Agreement and the
employment of Executive hereunder shall be wholly terminated. Upon any such termination, Executive shall have no claim against the Company in respect of his employment for damages or otherwise except in respect of payment of base salary earned, due
and owing and unused vacation time to the date of termination. 
 (b) Termination by the Company Without Cause.
Notwithstanding anything herein to the contrary, the Company may terminate Executive’s employment hereunder at any time, for any reason or no reason, on not less than 30 days’ prior written notice. In the event of termination pursuant to
this Subsection (b), Executive will be paid an amount equal to one half of Executive’s annual base salary in effect on the date of such termination of employment. Such amount will be paid in equal monthly installments following the date of
termination of employment. 
 In addition, notwithstanding anything to
the contrary contained herein or in the applicable stock option agreements or restricted stock grants, all of the stock options and restricted stock grants then held by Executive shall continue to vest in accordance with their terms until the six
month anniversary of the date the Company terminates Executive’s employment under this subsection (b) and shall be exercisable to the extent so vested by Executive on or prior to the 60th day following such anniversary date of termination. 
  

 3 

 (c) Termination by Executive. Executive may terminate his employment hereunder at
any time, for any reason, upon the giving of not less than 15 days’ prior written notice to the CEO. In the event of termination by Executive under this clause (c), Executive shall be entitled to receive only his base salary and unused vacation
time due him through the effective date of termination. Upon the termination of Executive’s employment pursuant to this Subsection (c), this Agreement and the employment of Executive hereunder shall be wholly terminated. Upon any such
termination, Executive shall have no claim against the Company in respect of his employment for damages or otherwise except in respect of payment of base salary earned, due and owing and unused vacation time to the date of termination. 

(d) Termination by the Company Due to Death or Disability. The employment of Executive shall, at the option of the Company,
terminate immediately in the event of his death or permanent disability, in which case notice in writing from the Company shall be sent to Executive or his legal representative. In the event of termination under this clause (d), in addition to any
disability benefit coverage to which he may be entitled under any disability insurance programs maintained by the Company in which he is a participant, Executive will be paid an amount equal to six months salary at Executive’s annual base
salary rate as in effect on the date of the termination under this clause (d). Except as provided in the preceding sentence, Executive shall be entitled to no additional compensation under this Agreement following the date of termination under
this clause (d), other than base salary earned but not paid, and unused vacation time accrued, through the date of termination. For purposes of this Agreement “permanent disability” shall mean an illness, disease, mental or physical
disability or other causes beyond Executive’s control which makes Executive incapable of discharging his duties or obligations hereunder, or causes Executive to fail in the performance of his duties hereunder, for six consecutive months, as
determined in good faith by the Board based on a report of a physician selected in good faith by the CEO. 
 (e)
Termination by Executive Upon a Change of Control. In the event that (x) a Change of Control (as hereinafter defined) occurs and (y) at any time prior to the third anniversary of such Change of Control a Triggering Event (as
hereinafter defined) shall occur, then unless the Executive shall have given his express written consent to the contrary, Executive may, upon 30 days written notice to the Company, terminate his employment hereunder. In such event Executive shall be
entitled to the following: 
 (i) Following the date of the Triggering Event, Executive shall be paid two cash payments, each
to be equal to one half of the Executive’s annual base salary in effect on the date of the Triggering Event, with the first of such payment to be paid within 30 days of the Triggering Event and the second of such payments to be paid on the six
month anniversary of the date of the Triggering Event, in each case subject to normal withholding. 
 (ii) As of the date of
the Triggering Event, notwithstanding the vesting schedule of any stock options or restricted stock grants then held by Executive, all stock options and restricted stock grants then held by Executive shall thereupon become fully vested; and

  

 4 

 (iii) For a six months period following the date of the Triggering Event, Executive shall
be provided with employee benefits substantially identical to those to which Executive was entitled immediately prior to the Triggering Event, subject to any changes or modifications (including reductions or terminations) to the Company’s
employee benefit and welfare plans that are made generally for all of the Company’s senior executives. 
 In the event
that the benefits provided for in this Subsection 4(e) to be paid Executive constitute “parachute payments” within the meaning of section 280G of the Internal Revenue Code of 1986, as amended (the “Code”), and will be
subject to the excise tax imposed by Section 4999 of the Code, then Executive shall receive (a) a payment from the Company sufficient to pay such excise tax and (b) an additional payment from the Company sufficient to pay the Federal
and California income tax arising from the payment made under clause (a) of this sentence. Unless the Company and Executive otherwise agree, the determination of Executive’s excise tax liability and the Federal and California income tax
resulting from the payment under clause (a) above shall be made by the Company’s independent accountants (the “Accountants”), whose determination shall be conclusive and binding upon the Company and Executive for all purposes.
For purposes of making the calculations required by this Subsection 4(e), the Accountants may make reasonable assumptions and approximations concerning applicable taxes and may rely on interpretations of the Code for which there is a
“substantial authority” tax reporting position. The Company and Executive shall furnish to the Accountants such information and documents as the Accountants may reasonably request in order to make the determinations required by this
Subsection 4(e). The Company shall bear the expenses of the Accountants under this Subsection 4(e). 
 For purposes
of this Subsection 4(e): 
 (a) Change of Control” means the occurrence of any one of the following: (i) any
transaction or series of transactions (as a result of a tender offer, merger, consolidation or otherwise) that results in any person, entity or group acting in concert, acquiring “beneficial ownership” (as defined in rule 13d-3 under the
Securities Exchange Act of 1934), directly or indirectly, of such percentage of the aggregate voting power of all classes of common equity stock of the Company as shall exceed 50% of such aggregate voting power; or (ii) a merger or
consolidation of the Company, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into
voting securities of the surviving entity) at least 50% of the voting power represented by the voting securities of the Company or such entity outstanding immediately after such merger or consolidation; or (iii) the shareholders approve a plan
of complete liquidation of the Company or an agreement for the sale or disposition by the Company of all, or substantially all, of the Company’s assets (other than in connection with a sale or disposition to subsidiaries of the Company or in
connection with a reorganization or restructuring of the Company); or (iv) there occurs a change in the composition of the Board as a result of which fewer than a majority of the directors are Incumbent Directors (as hereinafter defined).
“Incumbent Directors” shall mean directors who either (A) are directors of the Company as of the Commencement 

  

 5 

 
Date or (B) are elected, or nominated for election, to the Board with the affirmative votes of at least a majority of the Incumbent Directors casting
votes at the time of such election or nomination. 
 (b) “Triggering Event” means any of the following: (i) the
termination by the Company without Cause of Executive’s employment pursuant to Subsection 4(b) hereof; (2) the reduction of Executive’s annual base salary or annual incentive bonus formula from that in effect on the date of the
Change of Control; (3) the removal of Executive as the Company’s Senior Vice President or a reduction in his duties and responsibilities; or (4) the relocation of Executive’s principal place of employment to a location outside
San Diego County, California. 
 (f) Payments. Any amounts payable to Executive under this Section 4 shall be
paid, unless otherwise specified hereunder, within 30 days of the date the payment obligation accrues and shall be subject to normal withholding. 
 (g) Exclusive Rights. In connection with any termination under Subsection 4(b) or 4(e), Executive shall have no claim against the Company in respect of his employment for damages or otherwise except in respect
of the payments and other provisions specified in such Subsections. 
 (h) Cooperation. Upon any termination of
employment by the Company or by Executive hereunder, Executive shall cooperate with the Company, as reasonably requested by the Company, to effect a transition of Executive’s responsibilities and to ensure that the Company is aware of all
matters being handled by Executive. 
 5. Resolution of Disputes. The parties recognize that claims, controversies and disputes may
arise out of this Agreement with respect to Executive’s employment, termination of employment, or other terms of this Agreement or based on common law or statute, either during the existence of the employment relationship or afterwards. The
parties agree that should any such claim, controversy or dispute arise, the parties will use their best efforts to resolve such dispute informally, between them. In the event that any such claim, controversy or dispute between Company and Executive
cannot be resolved within thirty (30) days after either party first gives notice in writing that any such claim, controversy or dispute exists, either party may then refer the matter to arbitration before JAMS/ENDISPUTE pursuant to its rules
for resolution of employment disputes. 
 The parties hereby agree that referral to arbitration shall be the sole recourse of either party
under this Agreement with respect to any such claim, controversy or dispute and that the decision of the arbitrator shall be binding on the parties in accordance with applicable law; provided, however, that nothing in this Section 5 shall be
construed as precluding either party from bringing an action for injunctive relief or other equitable relief. The parties shall keep confidential the existence of each such the claim, controversy or dispute from third parties (other than
arbitrator), and the determination thereof, unless otherwise required by law. Except as provided in the following sentence, such decision rendered by the arbitrator shall be final and conclusive and may be entered in any court having jurisdiction
thereof as a basis of judgment and of the issuance of execution for its collection. In rendering his or her decision, the arbitrator 

  

 6 

 
shall be bound to follow California or Federal law, as applicable, in the same manner as would a court of law. Any claim that the arbitrator made a mistake
or error in determining or applying the appropriate law shall be subject to judicial review. 
 The parties further agree that the party
prevailing in the arbitration shall be entitled to its reasonable attorney’s fees and that the arbitration itself shall take place within the County of San Diego, California, and that the internal laws of the State of California shall apply.

 6. General Obligations of Executive. 
 (a) Executive agrees and acknowledges that he owes a duty of loyalty, fidelity and allegiance to act at all times in the best interests of the Company, to not knowingly become involved in a conflict of interest and to
not knowingly do any act or knowingly make any statement, oral or written, which would injure the Company’s business, its interest or its reputation unless required to do so in any legal proceeding by a competent court with proper jurisdiction.

 (b) Executive agrees to comply at all times with all applicable policies, rules and regulations of the Company, including,
without limitation, the Company’s policy regarding trading in the Common Stock, as is in effect from time to time. 
 7. No
Solicitation. Executive agrees that in the event he is no longer employed by the Company, for any reason, he shall not hire, solicit or otherwise cause to be solicited for employment elsewhere, either directly or indirectly, for a period of one
year from his termination of employment, any employee, officer or director of the Company or any individual who chooses not to join the Company, provided that Executive participated actively in the recruiting of such individual. 
 8. Non-competition. Executive agrees that for a period of one year following termination of his employment with the Company for any reason, he
will not, nor will he permit any entity or other person under his control to, directly or indirectly, own, manage, operate or control, or participate in the ownership, management, operation or control of, or be connected with or have any interest
in, as a shareholder, director, officer, employee, agent, consultant, partner, creditor or otherwise, any business or activity which is competitive with any business or activity engaged in by the Company or any of its subsidiaries or affiliates
anywhere within (i) the State of California, or (ii) any other state of the United States and the District of Columbia in which the Company engages in or has engaged in business during the past five years. 
 9. Entire Agreement. This Agreement constitutes the entire Agreement between the parties and contains all agreements between them with the
exception of the 2005 Omnibus Plan (and any stock option agreements and restricted stock grants issued thereunder) the other employee benefit and welfare programs maintained by the Company, and the Invention and Secrecy Agreement dated the date of
this Agreement signed by Executive, which are supplementary to this Agreement and are each deemed to be incorporated herein by reference. Each party to this Agreement acknowledges that no representations, inducements, promises or agreements, orally
or otherwise, have been made by any party, or anyone acting on behalf of any party, which are not embodied in this Agreement, and that no agreement, statement or promise 

  

 7 

 
not contained in this Agreement shall be valid or binding. Except for the other agreements, plans and programs referred to in this Section 9, this
Agreement also supersedes any and all other agreements and contracts whether verbal or in writing relating to the subject matter hereof. 
 10. Amendment. Except as otherwise specifically provided herein, the terms and conditions of this Agreement may be amended at any time by mutual agreement of the parties; provided that before any amendment shall be valid or
effective, it shall have been reduced to writing and signed by the CEO on behalf of the Company and by Executive. 
 11. Invalidity.
The invalidity or unenforceability of any particular provision of this Agreement shall not affect its other provisions, and this contract shall be construed in all respects as if such invalid or unenforceable provision has been omitted. 

12. Binding Nature. Executive’s rights and obligations under this Agreement shall not be assignable, transferable or delegable by
assignment or otherwise, and any purported assignment, transfer or delegation thereof shall be void. This Agreement shall inure to the benefit of, and be enforceable by, any purchaser of substantially all of the Company’s assets, any corporate
successor to the Company or any assignee thereof. 
 13. Assistance in Litigation. Executive shall, during and after termination of
employment, upon reasonable notice, furnish such information and proper assistance to the Company as may reasonably be required by the Company in connection with any litigation in which it or any of its subsidiaries or affiliates is, or may become a
party. Except where Executive is a named defendant, Executive shall be paid a reasonable hourly fee to be mutually agreed upon. 
 14.
Indemnification. The Company shall indemnify Executive in accordance with its standard indemnification policy for offices and directors of the Company and as required by applicable law. 
 15. No Duty to Mitigate. Executive shall not be required to mitigate the amount of any payment contemplated by this Agreement (whether by seeking
new employment or in any other manner), nor shall any such payment be reduced by any earnings that Executive may receive from any other source not paid for by the Company. 
 16. Choice of Law. The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the State of
California except for Sections 7 and 8 hereof which shall be governed by, and interpreted and construed in accordance with, the internal laws (without giving effect to choice of law principles) of the jurisdiction in which either of said Sections is
being sought to be enforced. 
 17. Notices. All notices and other communications required or permitted hereunder or necessary or
convenient in connection herewith shall be in writing and, if given by telegram, telecopy or telex, shall be deemed to have been validly served, given or delivered when sent, if given by personal delivery, shall be deemed to have been validly
served, given or delivered upon actual delivery and, if mailed, shall be deemed to have been validly served, given or delivered three business days after deposit in the United States mail, as registered or certified mail, with proper postage prepaid
and addressed to the party or parties to be notified, at the following addresses: 
  

	
	 If to Executive to:

	
	 George Kreigler

	 Telephone: 719-332-9218

	
	 If to the Company to:

	
	 Maxwell Technologies Inc.

	 9244 Balboa Avenue

	 San Diego, California 92123

	 Attn: Chairman of the Board

	 Telephone: (858) 503-3300

	 Fax: (858) 503-3301

  

 8 

 18. Injunctive Relief. The Company and Executive agree that a breach of any term of this Agreement
by Executive would cause irreparable damage to the Company and that, in the event of such breach, the Company shall have, in addition to any and all remedies of law, the right to any injunction, specific performance and other equitable relief to
prevent or to redress the violation of Executive’s duties or responsibilities hereunder. 
 19. Release. If Executive’s
employment hereunder shall terminate under Subsection 4 (b) or 4(e), Executive agrees, as a condition to his entitlement to receive the amounts specified in such Subsections to be due to him, to execute and deliver to the Company a release in
the form attached hereto as Exhibit A. Such release shall be delivered by Executive at the time of termination, but shall become effective only after Executive has received all payments specified in this Agreement to be due to him from
the Company in respect of his termination. 
  

 9 

 20. Counterparts. This Agreement may be executed in any number of counterparts, all of which taken
together shall constitute one and the same instrument and either of the parties to this Agreement may execute this Agreement by signing any such counterpart. 
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the 2nd day of April, 2007. 
  

			
	“Company”
	
	MAXWELL TECHNOLOGIES, INC.
		
	By:	 	 /s/ Richard Balanson

		 	Richard Balanson
	
	/s/ George Kreigler
	George Kreigler

  

 10

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00121-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00121-of-00352.parquet"}]]