Item 5.02(e) Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Severance Agreement with Former Chief Financial Officer

In connection with the previously announced termination of employment of Tim. T. Hart, our former Vice President, Chief Financial Officer, Treasurer and Secretary of Maxwell Technologies, Inc. (the "Company") on March 26, 2009, the Company has entered into a Separation Agreement and General Release Of All Claims (the "Agreement") with Mr. Hart, effective May 14, 2009.

Pursuant to the terms of the Agreement, the Company will pay to Mr. Hart a cash severance payment equal to $91,131.44, less all applicable withholdings, in one lump sum payment on the Company's normal payroll date following the effective date of the Agreement. Additionally the Company has agreed to amend Mr. Hart's stock options to provide for six (6) months of accelerated vesting, as if Mr. Hart's service had continued with the Company for an additional six
(6) months beyond his termination date. The separation agreement also contains certain restrictive covenants, releases and other customary terms and conditions.

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