-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Lyqg5BhXnqxSDrWfnZfGPgbg6nge94vIsU7Bbdr3gzL5l/IQPsuhFggT91t2e3Kz
 e/A3725i8J5ZjBkNNd0r4Q==

<SEC-DOCUMENT>0001181431-03-008495.txt : 20030521
<SEC-HEADER>0001181431-03-008495.hdr.sgml : 20030521
<ACCEPTANCE-DATETIME>20030521163437
ACCESSION NUMBER:		0001181431-03-008495
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030520
FILED AS OF DATE:		20030521

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			BAUMKER JAMES A
		CENTRAL INDEX KEY:			0001212359

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15477
		FILM NUMBER:		03714783

	MAIL ADDRESS:	
		STREET 1:		C/O MAXWELL TECHNOLOGIES INC
		STREET 2:		4244 BALBOA AVE
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92123

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MAXWELL TECHNOLOGIES INC
		CENTRAL INDEX KEY:			0000319815
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRONIC COMPUTERS [3571]
		IRS NUMBER:				952390133
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		8888 BALBOA AVENUE
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92123
		BUSINESS PHONE:		8582795100

	MAIL ADDRESS:	
		STREET 1:		8888 BALBOA AVENUE
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92123

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MAXWELL LABORATORIES INC /DE/
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd9428.xml
<DESCRIPTION>FORM 4_ OPTION EXCHANGE
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>
    <schemaVersion>X0101</schemaVersion>

    <documentType>4</documentType>
<periodOfReport>2003-05-20</periodOfReport>
<notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000319815</issuerCik>
        <issuerName>MAXWELL TECHNOLOGIES INC</issuerName>
        <issuerTradingSymbol>MXWL</issuerTradingSymbol></issuer>
<reportingOwner>
<reportingOwnerId>
            <rptOwnerCik>0001212359</rptOwnerCik>
            <rptOwnerName>BAUMKER JAMES A</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>  </rptOwnerStreet1>
            <rptOwnerStreet2>  </rptOwnerStreet2>
            <rptOwnerCity>  </rptOwnerCity>
            <rptOwnerState>  </rptOwnerState>
            <rptOwnerZipCode>  </rptOwnerZipCode>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
<isDirector>0</isDirector>
<isOfficer>1</isOfficer>
<isTenPercentOwner>0</isTenPercentOwner>
<isOther>0</isOther>
<officerTitle>Chief Financial Officer</officerTitle>
<otherText></otherText></reportingOwnerRelationship></reportingOwner>
<derivativeSecurity>
<securityTitle>
<value>1995 Stock Option Plan</value></securityTitle>
<conversionOrExercisePrice>
<value>6.18</value></conversionOrExercisePrice>
<transactionDate>
<value>2003-05-19</value></transactionDate>
<deemedExecutionDate>
<value>2003-05-19</value></deemedExecutionDate>
<transactionCoding>
<transactionFormType>4</transactionFormType>
<transactionCode>A</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved></transactionCoding>
<transactionAmounts>
<transactionShares>
<value>10000</value>
<footnoteId id="F1"/></transactionShares>
<transactionValue>
<value>6.18</value></transactionValue>
<transactionAcquiredDisposedCode>
<value>A</value></transactionAcquiredDisposedCode></transactionAmounts>
<exerciseDate>
<value>2004-04-26</value>
<footnoteId id="F2"/></exerciseDate>
<expirationDate>
<value>2010-04-26</value></expirationDate>
<underlyingSecurity>
<underlyingSecurityTitle>
<value>Common Stock</value></underlyingSecurityTitle>
<underlyingSecurityShares>
<value>10000</value></underlyingSecurityShares></underlyingSecurity>
<postTransactionAmounts>
<sharesOwnedFollowingTransaction>
<value>104000</value></sharesOwnedFollowingTransaction></postTransactionAmounts>
<ownershipNature>
<directOrIndirectOwnership>
<value>D</value></directOrIndirectOwnership>
<natureOfOwnership>
<value></value></natureOfOwnership></ownershipNature></derivativeSecurity>
<derivativeSecurity>
<securityTitle>
<value>1995 Stock Option Plan</value></securityTitle>
<conversionOrExercisePrice>
<value>6.18</value></conversionOrExercisePrice>
<transactionDate>
<value>2003-05-19</value></transactionDate>
<deemedExecutionDate>
<value>2003-05-19</value></deemedExecutionDate>
<transactionCoding>
<transactionFormType>4</transactionFormType>
<transactionCode>A</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved></transactionCoding>
<transactionAmounts>
<transactionShares>
<value>30000</value>
<footnoteId id="F1"/></transactionShares>
<transactionValue>
<value>6.18</value></transactionValue>
<transactionAcquiredDisposedCode>
<value>A</value></transactionAcquiredDisposedCode></transactionAmounts>
<exerciseDate>
<value>2005-04-27</value>
<footnoteId id="F2"/></exerciseDate>
<expirationDate>
<value>2011-04-27</value></expirationDate>
<underlyingSecurity>
<underlyingSecurityTitle>
<value>Common Stock</value></underlyingSecurityTitle>
<underlyingSecurityShares>
<value>30000</value></underlyingSecurityShares></underlyingSecurity>
<postTransactionAmounts>
<sharesOwnedFollowingTransaction>
<value>104000</value></sharesOwnedFollowingTransaction></postTransactionAmounts>
<ownershipNature>
<directOrIndirectOwnership>
<value>D</value></directOrIndirectOwnership>
<natureOfOwnership>
<value></value></natureOfOwnership></ownershipNature></derivativeSecurity>
<derivativeSecurity>
<securityTitle>
<value>1995 Stock Option Plan</value></securityTitle>
<conversionOrExercisePrice>
<value>6.18</value></conversionOrExercisePrice>
<transactionDate>
<value>2003-05-19</value></transactionDate>
<deemedExecutionDate>
<value>2003-05-19</value></deemedExecutionDate>
<transactionCoding>
<transactionFormType>4</transactionFormType>
<transactionCode>A</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved></transactionCoding>
<transactionAmounts>
<transactionShares>
<value>40000</value>
<footnoteId id="F1"/></transactionShares>
<transactionValue>
<value>6.18</value></transactionValue>
<transactionAcquiredDisposedCode>
<value>A</value></transactionAcquiredDisposedCode></transactionAmounts>
<exerciseDate>
<value>2006-01-29</value>
<footnoteId id="F2"/></exerciseDate>
<expirationDate>
<value>2012-01-29</value></expirationDate>
<underlyingSecurity>
<underlyingSecurityTitle>
<value>Common Stock</value></underlyingSecurityTitle>
<underlyingSecurityShares>
<value>40000</value></underlyingSecurityShares></underlyingSecurity>
<postTransactionAmounts>
<sharesOwnedFollowingTransaction>
<value>104000</value></sharesOwnedFollowingTransaction></postTransactionAmounts>
<ownershipNature>
<directOrIndirectOwnership>
<value>D</value></directOrIndirectOwnership>
<natureOfOwnership>
<value></value></natureOfOwnership></ownershipNature></derivativeSecurity>
<derivativeSecurity>
<securityTitle>
<value>1995 Stock Option Plan</value></securityTitle>
<conversionOrExercisePrice>
<value>6.18</value></conversionOrExercisePrice>
<transactionDate>
<value>2003-05-19</value></transactionDate>
<deemedExecutionDate>
<value>2003-05-19</value></deemedExecutionDate>
<transactionCoding>
<transactionFormType>4</transactionFormType>
<transactionCode>A</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved></transactionCoding>
<transactionAmounts>
<transactionShares>
<value>8000</value>
<footnoteId id="F1"/></transactionShares>
<transactionValue>
<value>6.18</value></transactionValue>
<transactionAcquiredDisposedCode>
<value>A</value></transactionAcquiredDisposedCode></transactionAmounts>
<exerciseDate>
<value>2004-12-01</value>
<footnoteId id="F2"/></exerciseDate>
<expirationDate>
<value>2010-12-01</value></expirationDate>
<underlyingSecurity>
<underlyingSecurityTitle>
<value>Common Stock</value></underlyingSecurityTitle>
<underlyingSecurityShares>
<value>8000</value></underlyingSecurityShares></underlyingSecurity>
<postTransactionAmounts>
<sharesOwnedFollowingTransaction>
<value>104000</value></sharesOwnedFollowingTransaction></postTransactionAmounts>
<ownershipNature>
<directOrIndirectOwnership>
<value>D</value></directOrIndirectOwnership>
<natureOfOwnership>
<value></value></natureOfOwnership></ownershipNature></derivativeSecurity>
<derivativeSecurity>
<securityTitle>
<value>1995 Stock Option Plan</value></securityTitle>
<conversionOrExercisePrice>
<value>6.18</value></conversionOrExercisePrice>
<transactionDate>
<value>2003-05-19</value></transactionDate>
<deemedExecutionDate>
<value>2003-05-19</value></deemedExecutionDate>
<transactionCoding>
<transactionFormType>4</transactionFormType>
<transactionCode>A</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved></transactionCoding>
<transactionAmounts>
<transactionShares>
<value>16000</value>
<footnoteId id="F1"/></transactionShares>
<transactionValue>
<value>6.18</value></transactionValue>
<transactionAcquiredDisposedCode>
<value>A</value></transactionAcquiredDisposedCode></transactionAmounts>
<exerciseDate>
<value>2004-06-19</value>
<footnoteId id="F2"/></exerciseDate>
<expirationDate>
<value>2010-06-19</value></expirationDate>
<underlyingSecurity>
<underlyingSecurityTitle>
<value>Common Stock</value></underlyingSecurityTitle>
<underlyingSecurityShares>
<value>16000</value></underlyingSecurityShares></underlyingSecurity>
<postTransactionAmounts>
<sharesOwnedFollowingTransaction>
<value>104000</value></sharesOwnedFollowingTransaction></postTransactionAmounts>
<ownershipNature>
<directOrIndirectOwnership>
<value>D</value></directOrIndirectOwnership>
<natureOfOwnership>
<value></value></natureOfOwnership></ownershipNature></derivativeSecurity>
<footnotes>
<footnote id="F1">The transactions reported on this Form 4 represent replacement options granted in exchange for options surrendered to the Company on November 15, 2002 (Form 4 Filed on 11/18/2002). The replacement options are subject to the vesting schedule and expiration date of the original options surrendered.</footnote>
<footnote id="F2">Date entire grant is fully exercisable. Stock options vest annually over a four year period at a rate of 30%,30%,20% and 20%, based on original grant date of options surrendered on 11/15/2002 (Form 4 filed on 11/18/2002).</footnote></footnotes>
<ownerSignature>
<signatureName>James A. Baumker</signatureName>
<signatureDate>2003-05-20</signatureDate></ownerSignature></ownershipDocument>


</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----