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Table\ue000 of\ue000 Contents
\ue000\ue000
UNITED\ue000 STATES
SECURITIES\ue000 AND\ue000 EXCHANGE\ue000 COMMISSION
Washington,\ue000 D.C.\ue000 20549
\ue000
\ue000
FORM\ue000 10-K
(Mark\ue000 One)
x
ANNUAL\ue000 REPORT\ue000 PURSUANT\ue000 TO\ue000 SECTION\ue000 13\ue000 OR\ue000 15(d)\ue000 OF\ue000 THE\ue000 SECURITIES\ue000 EXCHANGE\ue000 ACT
OF\ue000 1934
For\ue000 the\ue000 fiscal\ue000 year\ue000 ended\ue000 December\ue000 31,\ue000 2008
OR
\ue000
\u00ae
TRANSITION\ue000 REPORT\ue000 PURSUANT\ue000 TO\ue000 SECTION\ue000 13\ue000 OR\ue000 15(d)\ue000 OF\ue000 THE\ue000 SECURITIES\ue000 EXCHANGE
ACT\ue000 OF\ue000 1934
For\ue000 the\ue000 transition\ue000 period\ue000 from\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000 to\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000
Commission\ue000 file\ue000 number\ue000 1-15477
\ue000
\ue000
MAXWELL\ue000 TECHNOLOGIES,\ue000 INC.
(Exact\ue000 name\ue000 of\ue000 registrant\ue000 as\ue000 specified\ue000 in\ue000 its\ue000 charter)
\ue000
Delaware
\ue000
95-2390133
(State\ue000 or\ue000 other\ue000 jurisdiction\ue000 of
incorporation\ue000 or\ue000 organization)
\ue000
(I.R.S.\ue000 Employer
Identification\ue000 No.)
9244\ue000 Balboa\ue000 Avenue
San\ue000 Diego,\ue000 California
\ue000
92123
(Address\ue000 of\ue000 principal\ue000 executive\ue000 offices)
\ue000
(Zip\ue000 Code)
Registrant\u2019s\ue000 telephone\ue000 number,\ue000 including\ue000 area\ue000 code:\ue000 (858)\ue000 503-3300
Securities\ue000 registered\ue000 pursuant\ue000 to\ue000 Section\ue000 12(b)\ue000 of\ue000 the\ue000 Act:
None
Securities\ue000 registered\ue000 pursuant\ue000 to\ue000 Section\ue000 12(g)\ue000 of\ue000 the\ue000 Act:
Common\ue000 Stock,\ue000 par\ue000 value\ue000 $0.10\ue000 per\ue000 share

Indicate\ue000 by\ue000 check\ue000 mark\ue000 if\ue000 the\ue000 registrant\ue000 is\ue000 a\ue000 well-known\ue000 seasoned\ue000 issuer,\ue000 as\ue000 defined\ue000 in\ue000 Rule\ue000 405\ue000 of\ue000 the\ue000 Securities\ue000 Act.\ue000\ue000\ue000\ue000 YES\ue000 \ue000\u00ae\ue000\ue000\ue000\ue000 NO\ue000 \ue000x
Indicate\ue000 by\ue000 check\ue000 mark\ue000 if\ue000 the\ue000 registrant\ue000 is\ue000 not\ue000 required\ue000 to\ue000 file\ue000 reports\ue000 pursuant\ue000 to\ue000 Section\ue000 13\ue000 or\ue000 Section\ue000 15(d)\ue000 of\ue000 the\ue000 Act.\ue000\ue000\ue000\ue000 YES\ue000 \ue000\u00ae\ue000\ue000\ue000\ue000 NO\ue000 \ue000x
Indicate\ue000 by\ue000 check\ue000 mark\ue000 whether\ue000 the\ue000 registrant:\ue000 (1)\ue000 has\ue000 filed\ue000 all\ue000 reports\ue000 required\ue000 to\ue000 be\ue000 filed\ue000 by\ue000 Section\ue000 13\ue000 or\ue000 15(d)\ue000 of\ue000 the\ue000 Securities\ue000 Exchange
Act\ue000 of\ue000 1934\ue000 during\ue000 the\ue000 preceding\ue000 12\ue000 months\ue000 (or\ue000 for\ue000 such\ue000 shorter\ue000 period\ue000 that\ue000 the\ue000 registrant\ue000 was\ue000 required\ue000 to\ue000 file\ue000 such\ue000 reports),\ue000 and\ue000 (2)\ue000 has\ue000 been

subject\ue000 to\ue000 such\ue000 filing\ue000 requirements\ue000 for\ue000 the\ue000 past\ue000 90\ue000 days.\ue000\ue000\ue000\ue000 YES\ue000 \ue000x\ue000\ue000\ue000\ue000 NO\ue000 \ue000\u00ae

Indicate\ue000 by\ue000 check\ue000 mark\ue000 if\ue000 disclosure\ue000 of\ue000 delinquent\ue000 filers\ue000 pursuant\ue000 to\ue000 Item\ue000 405\ue000 of\ue000 Regulation\ue000 S-K\ue000 (\u00a7\ue000 229.405\ue000 of\ue000 this\ue000 chapter)\ue000 is\ue000 not\ue000 contained herein,\ue000 and\ue000 will\ue000 not\ue000 be\ue000 contained,\ue000 to\ue000 the\ue000 best\ue000 of\ue000 registrant\u2019s\ue000 knowledge,\ue000 in\ue000 definitive\ue000 proxy\ue000 or\ue000 information\ue000 statements\ue000 incorporated\ue000 by\ue000 reference in\ue000 Part\ue000 III\ue000 of\ue000 this\ue000 Form\ue000 10-K\ue000 or\ue000 any\ue000 amendment\ue000 to\ue000 this\ue000 Form\ue000 10-K.\ue000\ue000\ue000\ue000x

Indicate\ue000 by\ue000 check\ue000 mark\ue000 whether\ue000 the\ue000 registrant\ue000 is\ue000 a\ue000 large\ue000 accelerated\ue000 filer,\ue000 an\ue000 accelerated\ue000 filer,\ue000 a\ue000 non-accelerated\ue000 filer\ue000 or\ue000 a\ue000 smaller\ue000 reporting company.\ue000 See\ue000 the\ue000 definitions\ue000 of\ue000 \u201caccelerated\ue000 filer\u201d,\ue000 \u201clarge\ue000 accelerated\ue000 filer\u201d\ue000 and\ue000 \u201csmaller\ue000 reporting\ue000 company\u201d\ue000 in\ue000 Rule\ue000 12b-2\ue000 of\ue000 the\ue000 Exchange Act.

\ue000
Large\ue000 accelerated\ue000 filer\ue000 \ue000\u00ae\ue000\ue000\ue000\ue000
\ue000
Accelerated\ue000 filer\ue000 \ue000x\ue000\ue000\ue000\ue000
\ue000
Non-accelerated\ue000 filer\ue000 \ue000\u00ae\ue000\ue000\ue000\ue000
\ue000Smaller\ue000 reporting\ue000 company\ue000 \ue000\u00ae\ue000\ue000\ue000\ue000
Indicate\ue000 by\ue000 check\ue000 mark\ue000 whether\ue000 the\ue000 registrant\ue000 is\ue000 a\ue000 shell\ue000 company\ue000 (as\ue000 defined\ue000 in\ue000 Rule\ue000 12b-2\ue000 of\ue000 the\ue000 Act).\ue000\ue000\ue000\ue000 YES\ue000 \ue000\u00ae\ue000\ue000\ue000\ue000 NO\ue000 \ue000x
The\ue000 aggregate\ue000 market\ue000 value\ue000 of\ue000 Common\ue000 Stock\ue000 held\ue000 by\ue000 non-affiliates\ue000 as\ue000 of\ue000 June\ue000 30,\ue000 2008\ue000 based\ue000 on\ue000 the\ue000 closing\ue000 price\ue000 of\ue000 the\ue000 common\ue000 stock\ue000 on
the\ue000 NASDAQ\ue000 Global\ue000 Market\ue000 was\ue000 $189,498,883.
The\ue000 number\ue000 of\ue000 shares\ue000 of\ue000 the\ue000 registrant\u2019s\ue000 Common\ue000 Stock\ue000 outstanding\ue000 as\ue000 of\ue000 February\ue000 16,\ue000 2009\ue000 was\ue000 22,577,387\ue000 shares.
DOCUMENTS\ue000 INCORPORATED\ue000 BY\ue000 REFERENCE

Specified\ue000 portions\ue000 of\ue000 the\ue000 registrant\u2019s\ue000 definitive\ue000 Proxy\ue000 Statement\ue000 to\ue000 be\ue000 issued\ue000 in\ue000 conjunction\ue000 with\ue000 the\ue000 registrant\u2019s\ue000 2009\ue000 Annual\ue000 Meeting\ue000 of Stockholders,\ue000 which\ue000 is\ue000 expected\ue000 to\ue000 be\ue000 filed\ue000 not\ue000 later\ue000 than\ue000 120\ue000 days\ue000 after\ue000 the\ue000 registrant\u2019s\ue000 fiscal\ue000 year\ue000 ended\ue000 December\ue000 31,\ue000 2008,\ue000 are\ue000 incorporated by\ue000 reference\ue000 into\ue000 Part\ue000 III\ue000 of\ue000 this\ue000 Annual\ue000 Report.\ue000 Except\ue000 as\ue000 expressly\ue000 incorporated\ue000 by\ue000 reference,\ue000 the\ue000 registrant\u2019s\ue000 Proxy\ue000 Statement\ue000 shall\ue000 not\ue000 be deemed\ue000 to\ue000 be\ue000 a\ue000 part\ue000 of\ue000 this\ue000 Annual\ue000 Report\ue000 on\ue000 Form\ue000 10-K.

\ue000
\ue000\ue000
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Table\ue000 of\ue000 Contents
MAXWELL\ue000 TECHNOLOGIES,\ue000 INC.
INDEX\ue000 TO\ue000 ANNUAL\ue000 REPORT\ue000 ON\ue000 FORM\ue000 10-K
For\ue000 the\ue000 fiscal\ue000 year\ue000 ended\ue000 December\ue000 31,\ue000 2008
\ue000
\ue000
\ue000\ue000
Page
PART\ue000 I
\ue000\ue000
Item\ue000 1.\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000 Business
\ue000\ue000
2
Item\ue000 1A.\ue000\ue000\ue000\ue000 Risk\ue000 Factors
\ue000\ue000
17
Item\ue000 1B.\ue000\ue000\ue000\ue000\ue000 Unresolved\ue000 Staff\ue000 Comments
\ue000\ue000
29
Item\ue000 2.\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000 Properties
\ue000\ue000
29
Item\ue000 3.\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000 Legal\ue000 Proceedings
\ue000\ue000
29
Item\ue000 4.\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000 Submission\ue000 of\ue000 Matters\ue000 to\ue000 a\ue000 Vote\ue000 of\ue000 Security\ue000 Holders
\ue000\ue000
30
PART\ue000 II
\ue000\ue000
Item\ue000 5.\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000 Market\ue000 for\ue000 Registrant\u2019s\ue000 Common\ue000 Equity,\ue000 Related\ue000 Stockholder\ue000 Matters\ue000 and\ue000 Issuer\ue000 Purchases\ue000 of\ue000 Equity\ue000 Securities
\ue000\ue000
31
Item\ue000 6.\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000 Selected\ue000 Financial\ue000 Data
\ue000\ue000
33
Item\ue000 7.\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000 Management\u2019s\ue000 Discussion\ue000 and\ue000 Analysis\ue000 of\ue000 Financial\ue000 Condition\ue000 and\ue000 Results\ue000 of\ue000 Operations
\ue000\ue000
34
Item\ue000 7A.\ue000\ue000\ue000\ue000 Quantitative\ue000 and\ue000 Qualitative\ue000 Disclosures\ue000 About\ue000 Market\ue000 Risk
\ue000\ue000
49
Item\ue000 8.\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000 Financial\ue000 Statements\ue000 and\ue000 Supplementary\ue000 Data
\ue000\ue000
51
Item\ue000 9.\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000 Changes\ue000 in\ue000 and\ue000 Disagreements\ue000 with\ue000 Accountants\ue000 on\ue000 Accounting\ue000 and\ue000 Financial\ue000 Disclosure
\ue000\ue000
90
Item\ue000 9A.\ue000\ue000\ue000\ue000 Controls\ue000 and\ue000 Procedures
\ue000\ue000
90
Item\ue000 9B.\ue000\ue000\ue000\ue000\ue000 Other\ue000 Information
\ue000\ue000
92
PART\ue000 III
\ue000\ue000
Item\ue000 10.\ue000\ue000\ue000\ue000\ue000\ue000 Directors,\ue000 Executive\ue000 Officers\ue000 and\ue000 Corporate\ue000 Governance
\ue000\ue000
93
Item\ue000 11.\ue000\ue000\ue000\ue000\ue000\ue000 Executive\ue000 Compensation
\ue000\ue000
93
Item\ue000 12.\ue000\ue000\ue000\ue000\ue000\ue000\ue000 Security\ue000 Ownership\ue000 of\ue000 Certain\ue000 Beneficial\ue000 Owners\ue000 and\ue000 Management\ue000 and\ue000 Related\ue000 Stockholders\ue000 Matters
\ue000\ue000
93
Item\ue000 13.\ue000\ue000\ue000\ue000\ue000\ue000\ue000 Certain\ue000 Relationships\ue000 and\ue000 Related\ue000 Transactions,\ue000 and\ue000 Director\ue000 Independence
\ue000\ue000
93
Item\ue000 14.\ue000\ue000\ue000\ue000\ue000\ue000 Principal\ue000 Accountant\ue000 Fees\ue000 and\ue000 Services
\ue000\ue000
93
PART\ue000 IV
\ue000\ue000
Item\ue000 15.\ue000\ue000\ue000\ue000\ue000\ue000 Exhibits\ue000 and\ue000 Financial\ue000 Statement\ue000 Schedules
\ue000\ue000
94
\ue000
i
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Table\ue000 of\ue000 Contents
SPECIAL\ue000 NOTE\ue000 REGARDING\ue000 FORWARD-LOOKING\ue000 STATEMENTS

Some\ue000 of\ue000 the\ue000 statements\ue000 contained\ue000 in\ue000 this\ue000 Annual\ue000 Report\ue000 on\ue000 Form\ue000 10-K\ue000 and\ue000 incorporated\ue000 herein\ue000 by\ue000 reference\ue000 discuss\ue000 our\ue000 plans\ue000 and
strategies\ue000 for\ue000 our\ue000 business\ue000 or\ue000 make\ue000 other\ue000 forward-looking\ue000 statements,\ue000 within\ue000 the\ue000 meaning\ue000 of\ue000 Section\ue000 27A\ue000 of\ue000 the\ue000 Securities\ue000 Act\ue000 of\ue000 1933,\ue000 as
amended,\ue000 and\ue000 Section\ue000 21E\ue000 of\ue000 the\ue000 Securities\ue000 Exchange\ue000 Act\ue000 of\ue000 1934,\ue000 as\ue000 amended.\ue000 The\ue000 words\ue000 \u201canticipates,\u201d\ue000 \u201cbelieves,\u201d\ue000 \u201cestimates,\u201d\ue000 \u201cexpects,\u201d
\u201cplans,\u201d\ue000 \u201cintends,\u201d\ue000 \u201cmay,\u201d\ue000 \u201ccould,\u201d\ue000 \u201cwill,\u201d\ue000 \u201ccontinue,\u201d\ue000 \u201cseek,\u201d\ue000 \u201cshould,\u201d\ue000 \u201cwould\u201d\ue000 and\ue000 similar\ue000 expressions\ue000 are\ue000 intended\ue000 to\ue000 identify\ue000 these
forward-looking\ue000 statements,\ue000 but\ue000 are\ue000 not\ue000 the\ue000 exclusive\ue000 means\ue000 of\ue000 identifying\ue000 them.\ue000 These\ue000 forward-looking\ue000 statements\ue000 reflect\ue000 the\ue000 current\ue000 views
and\ue000 beliefs\ue000 of\ue000 our\ue000 management;\ue000 however,\ue000 various\ue000 risks,\ue000 uncertainties\ue000 and\ue000 contingencies\ue000 could\ue000 cause\ue000 our\ue000 actual\ue000 results,\ue000 performance\ue000 or
achievements\ue000 to\ue000 differ\ue000 materially\ue000 from\ue000 those\ue000 expressed\ue000 in,\ue000 or\ue000 implied\ue000 by,\ue000 our\ue000 statements.\ue000 Such\ue000 risks,\ue000 uncertainties\ue000 and\ue000 contingencies\ue000 include

the\ue000 following:
\ue000
\ue000

\u2022\ue000 financial\ue000 markets\ue000 in\ue000 the\ue000 United\ue000 States,\ue000 Europe\ue000 and\ue000 Asia\ue000 have\ue000 been\ue000 experiencing\ue000 extreme\ue000 disruption\ue000 in\ue000 recent\ue000 months,\ue000 including, among\ue000 others\ue000 things,\ue000 extreme\ue000 volatility\ue000 in\ue000 securities\ue000 prices,\ue000 diminished\ue000 liquidity\ue000 and\ue000 credit\ue000 availability,\ue000 ratings\ue000 downgrades\ue000 of certain\ue000 investments\ue000 and\ue000 declining\ue000 valuations\ue000 of\ue000 others;

\ue000
\ue000
\u2022\ue000 decline\ue000 in\ue000 the\ue000 domestic\ue000 and\ue000 global\ue000 economies\ue000 that\ue000 may\ue000 delay\ue000 development\ue000 and\ue000 introduction\ue000 by\ue000 our\ue000 customers\ue000 of\ue000 products\ue000 that
incorporate\ue000 our\ue000 products;
\ue000
\ue000
\u2022\ue000 our\ue000 success\ue000 in\ue000 introducing\ue000 and\ue000 marketing\ue000 new\ue000 products\ue000 into\ue000 existing\ue000 and\ue000 new\ue000 markets;
\ue000
\ue000
\u2022\ue000 our\ue000 ability\ue000 to\ue000 manufacture\ue000 existing\ue000 and\ue000 new\ue000 products\ue000 in\ue000 volumes\ue000 demanded\ue000 by\ue000 our\ue000 customers\ue000 and\ue000 at\ue000 competitive\ue000 prices\ue000 with
adequate\ue000 gross\ue000 margins;
\ue000
\ue000
\u2022\ue000 market\ue000 success\ue000 of\ue000 the\ue000 products\ue000 into\ue000 which\ue000 our\ue000 products\ue000 are\ue000 integrated;
\ue000
\ue000
\u2022\ue000 our\ue000 ability\ue000 in\ue000 growing\ue000 markets\ue000 to\ue000 increase\ue000 our\ue000 market\ue000 share\ue000 relative\ue000 to\ue000 our\ue000 competitors;
\ue000
\ue000
\u2022\ue000 our\ue000 ability\ue000 to\ue000 successfully\ue000 integrate\ue000 our\ue000 business\ue000 with\ue000 operations\ue000 of\ue000 businesses\ue000 we\ue000 may\ue000 acquire;
\ue000
\ue000
\u2022\ue000 our\ue000 ability\ue000 to\ue000 finance\ue000 the\ue000 growth\ue000 of\ue000 our\ue000 business\ue000 with\ue000 internal\ue000 resources\ue000 or\ue000 through\ue000 outside\ue000 financing\ue000 at\ue000 reasonable\ue000 rates;\ue000 and
\ue000
\ue000
\u2022\ue000 our\ue000 ability\ue000 to\ue000 produce\ue000 our\ue000 products\ue000 at\ue000 quality\ue000 levels\ue000 demanded\ue000 by\ue000 our\ue000 customers.

Many\ue000 of\ue000 these\ue000 factors\ue000 are\ue000 beyond\ue000 our\ue000 control.\ue000 Additionally,\ue000 there\ue000 can\ue000 be\ue000 no\ue000 assurance\ue000 that\ue000 we\ue000 will\ue000 not\ue000 incur\ue000 new\ue000 or\ue000 additional
unforeseen\ue000 costs\ue000 in\ue000 connection\ue000 with\ue000 the\ue000 ongoing\ue000 conduct\ue000 of\ue000 our\ue000 business.\ue000 Accordingly,\ue000 any\ue000 forward-looking\ue000 statements\ue000 included\ue000 herein\ue000 do
not\ue000 purport\ue000 to\ue000 be\ue000 predictions\ue000 of\ue000 future\ue000 events\ue000 or\ue000 circumstances\ue000 and\ue000 may\ue000 not\ue000 be\ue000 realized.

For\ue000 a\ue000 discussion\ue000 of\ue000 important\ue000 risks\ue000 associated\ue000 with\ue000 an\ue000 investment\ue000 in\ue000 our\ue000 securities,\ue000 including\ue000 factors\ue000 that\ue000 could\ue000 cause\ue000 actual\ue000 results\ue000 to differ\ue000 materially\ue000 from\ue000 expectations\ue000 referred\ue000 to\ue000 in\ue000 the\ue000 forward-looking\ue000 statements,\ue000 see\ue000 Item\ue000 1a.\ue000 \u201cRisk\ue000 Factors\u201d\ue000 of\ue000 this\ue000 document.\ue000 We\ue000 do\ue000 not\ue000 have any\ue000 obligation\ue000 to\ue000 update\ue000 publicly\ue000 any\ue000 forward-looking\ue000 statements,\ue000 whether\ue000 as\ue000 a\ue000 result\ue000 of\ue000 new\ue000 information,\ue000 future\ue000 events\ue000 or\ue000 otherwise.

\ue000
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