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MXWL > SEC Filings for MXWL > Form 8-K on 8-May-2013All Recent SEC Filings

Show all filings for MAXWELL TECHNOLOGIES INC | Request a Trial to NEW EDGAR Online Pro



Change in Directors or Principal Officers, Financial Statements and Exhi

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

On May 7, 2013, the Board of Directors (the "Board") of Maxwell Technologies, Inc. (the "Company") appointed David Schlotterbeck to serve as a director of the Company, effective immediately. In addition, Mr. Schlotterbeck was appointed to the Board's Audit Committee.

The Company's Certificate of Incorporation and Bylaws provide for its Board to be divided into three classes, with each class having a three-year term. Mr. Schlotterbeck will be a member of the second class of directors, with a term of office expiring at the Company's next annual meeting of stockholders expected to be held in 2013.

Mr. Schlotterbeck will participate in the Company's standard compensation program for non-employee directors, as described in the Company's proxy statement filed with the Securities and Exchange Commission on March 30, 2012, except that the number of shares to be granted as an annual restricted stock unit award will be calculated by dividing $85,000 by the closing stock price, increased from $60,000 in 2012. Mr. Schlotterbeck will also enter into the Company's standard form of indemnification agreement.

The Company issued a press release announcing the appointment of Mr. Schlotterbeck on May 8, 2013, a copy of which is attached to this report as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No. Description

99.1 Press release issued by Maxwell Technologies, Inc. on May 8, 2013

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