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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 H1II0dg4u9Vvd6y1HTBwTDw7RZ+BCZ6ONGIm7eRDESN5cUtWloqnNSIWOmypCMN/
 YmgPAzZyGX/Hj0lRYisVyA==

<SEC-DOCUMENT>0001181431-03-008499.txt : 20030521
<SEC-HEADER>0001181431-03-008499.hdr.sgml : 20030521
<ACCEPTANCE-DATETIME>20030521163716
ACCESSION NUMBER:		0001181431-03-008499
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:			ROSSI MARK
		CENTRAL INDEX KEY:			0001201624

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15477
		FILM NUMBER:		03714795

	BUSINESS ADDRESS:	
		STREET 1:		717 FIFTH AVE.
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

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>rrd9440.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>0001201624</rptOwnerCik>
            <rptOwnerName>ROSSI MARK</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>  </rptOwnerStreet1>
            <rptOwnerStreet2>  </rptOwnerStreet2>
            <rptOwnerCity>  </rptOwnerCity>
            <rptOwnerState>  </rptOwnerState>
            <rptOwnerZipCode>  </rptOwnerZipCode>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
<isDirector>1</isDirector>
<isOfficer>0</isOfficer>
<isTenPercentOwner>0</isTenPercentOwner>
<isOther>0</isOther>
<officerTitle></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>6000</value></transactionShares>
<transactionValue>
<value>6.18</value></transactionValue>
<transactionAcquiredDisposedCode>
<value>A</value></transactionAcquiredDisposedCode></transactionAmounts>
<exerciseDate>
<value>2003-05-19</value></exerciseDate>
<expirationDate>
<value>2008-01-29</value></expirationDate>
<underlyingSecurity>
<underlyingSecurityTitle>
<value>Common Stock</value></underlyingSecurityTitle>
<underlyingSecurityShares>
<value>6000</value></underlyingSecurityShares></underlyingSecurity>
<postTransactionAmounts>
<sharesOwnedFollowingTransaction>
<value>26000</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>7000</value>
<footnoteId id="F1"/></transactionShares>
<transactionValue>
<value>6.18</value></transactionValue>
<transactionAcquiredDisposedCode>
<value>A</value></transactionAcquiredDisposedCode></transactionAmounts>
<exerciseDate>
<value>2003-05-19</value></exerciseDate>
<expirationDate>
<value>2009-01-28</value></expirationDate>
<underlyingSecurity>
<underlyingSecurityTitle>
<value>Common Stock</value></underlyingSecurityTitle>
<underlyingSecurityShares>
<value>7000</value></underlyingSecurityShares></underlyingSecurity>
<postTransactionAmounts>
<sharesOwnedFollowingTransaction>
<value>26000</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>10000</value>
<footnoteId id="F1"/></transactionShares>
<transactionValue>
<value>6.18</value></transactionValue>
<transactionAcquiredDisposedCode>
<value>A</value></transactionAcquiredDisposedCode></transactionAmounts>
<exerciseDate>
<value>2003-05-19</value></exerciseDate>
<expirationDate>
<value>2010-01-31</value></expirationDate>
<underlyingSecurity>
<underlyingSecurityTitle>
<value>Common Stock</value></underlyingSecurityTitle>
<underlyingSecurityShares>
<value>10000</value></underlyingSecurityShares></underlyingSecurity>
<postTransactionAmounts>
<sharesOwnedFollowingTransaction>
<value>26000</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>3000</value>
<footnoteId id="F1"/></transactionShares>
<transactionValue>
<value>6.18</value></transactionValue>
<transactionAcquiredDisposedCode>
<value>A</value></transactionAcquiredDisposedCode></transactionAmounts>
<exerciseDate>
<value>2003-05-19</value></exerciseDate>
<expirationDate>
<value>2011-04-30</value></expirationDate>
<underlyingSecurity>
<underlyingSecurityTitle>
<value>Common Stock</value></underlyingSecurityTitle>
<underlyingSecurityShares>
<value>3000</value></underlyingSecurityShares></underlyingSecurity>
<postTransactionAmounts>
<sharesOwnedFollowingTransaction>
<value>26000</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></footnotes>
<ownerSignature>
<signatureName>Mark Rossi</signatureName>
<signatureDate>2003-05-20</signatureDate></ownerSignature></ownershipDocument>


</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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