MAXWELL TECHNOLOGIES INC
EMPLOYMENT AGREEMENT
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>Exhibit 10.1 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2"><B>TRANSLATION </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:54%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">Mr.&nbsp;Alain Riedo </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:54%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">La Comba </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:54%; text-indent:-2%"><FONT FACE="Times New Roman"
SIZE="2">1637 Charmey </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:54%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">Rossens, Dec. 22, 2001 </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><B>Employment agreement </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Art. 1 : Definition </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">Mr.&nbsp;<B>Alain Riedo</B> is working for Montena Components SA as General Manager and CEO. He reports directly to the Board of Directors of Montena Components (MCO). </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Art. 2 : Starting date </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Mr.&nbsp;Riedo has been hired by MCO on
March&nbsp;1, 1989. The current employment agreement cancels and replaces any former contract concluded with any of the Montena Group companies or, previously called &#147;Groupe Fribourg&#148;. The years of service acquired within the Montena group
company or, previously Groupe Fribourg are granted. This is also valid for the Swiss pension fund raised money. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Art. 3 : Mission </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The tasks and duties of Mr.&nbsp;Riedo are the general management of the company. Other duties and responsibilities shall, by mutual agreement, been given to him.
</FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Article 4 : Salary (fixed and bonus) </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The fix gross
annual salary of Mr.&nbsp;Riedo is CHF 200&#146;000.- payable in 12 monthly instalments as well as a 13</FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP>th</SUP></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"> salary
paid in June. In addition, he is entitled to a lump sum of monthly CHF. 1&#146;000.- to cover expenses. As of July&nbsp;1</FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP>st</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">, the annual gross salary will be increased to CHF. 250&#146;000.-. The salary will only be paid on a bank account previously indicated by Mr.&nbsp;Riedo. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">A bonus part will be paid out in October in accordance with the rules and re-actualized on a yearly basis. The annual bonus is maximum CHF. 100&#146;000.-. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Article 5 : Social Security </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The employee part of the social security
is deducted directly from the monthly gross salary. His sickness insurance is paid directly by the company. </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Article 6 : Miscellaneous </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">There is not probationary period. Vacation, salary rights in case of sickness and death, as well as social security rights are handled as per the Swiss Convention of Machinery Industry, the rules and regulations of the company, and the
Swiss legal prescriptions. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The period of notice is three months to the end of the month. One yearly gross salary indemnity shall be paid to Mr.&nbsp;Riedo
by Montena Components in case of dismissal, for whatever reason. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">During 2 years following the change of the main shareholders, Mr.&nbsp;Riedo is entitled
to an indemnity of an amount corresponding to a 2 years salary; thereafter this indemnity will be reduced to one year. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">A company car (ie. BMW x5 or equal)
shall be put at the disposal of Mr.&nbsp;Riedo and can be used for private purposes, without kilometric restrictions. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Article 7 : working hours
</B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The worked hours are regulated by the Convention of Machinery Industry. As it is a management position, Mr.&nbsp;Riedo is required to work more than
the stated hours and overtime is, generally, not paid. It is the manager responsability to manage his necessary working hours for the accomplishment of given objectives. Overtime by year end cannot be brought to the year after, as the bonus is
taking this overtime into account. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Article 8 : Disclosure </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">During the period Mr.&nbsp;Riedo works for the company and until two years after the end of the contract, Mr.&nbsp;Riedo shall not disclose any information in relation to the Montena Group and will refrain from any act that could be harmful
to the group of companies. This regulation is not a non-competitive agreement as such, but Montena components is expecting from Mr.&nbsp;Riedo that he complies to this rule. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><B>Article 9 : Legal basis </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">All conditions not expressly mentioned in the present employment agreement are regulated by
the Convention of Machinery Industries, company rules and regulations, and Swiss laws. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Article 10 : Start of employment </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">This employment agreement will be effective upon signature of both parties. </FONT></P> <P
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Charmey, December&nbsp;22, 2001</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Rossens, December&nbsp;22, 2001</FONT></P></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Alain Riedo</FONT></P></TD>
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<TD VALIGN="bottom" ROWSPAN="2"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Board of Directors</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:1px; margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">of Montena components</FONT></P></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">General Managers</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Jose Cortes</FONT></P></TD>
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<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Martin Sch&uuml;tt</FONT></P></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">President</FONT></P></TD>
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<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Member</FONT></P></TD></TR>
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>Annexes</U> : </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT
FACE="Times New Roman" SIZE="2">R&egrave;glements d&#146;entreprise </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">R&egrave;glement de la caisse de pr&eacute;voyance
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">Description de fonction </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">3 </FONT></P>

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