(d) On May 11, 2017, the Board of Directors (the “Board”) of Maxwell Technologies, Inc. (the “Company”) appointed Ilya Golubovich to serve as a director of the Company, effective immediately. Mr. Golubovich has also been appointed as a member of Governance & Nominating Committee of the Board.

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. Golubovich will be a member of Class II of directors, for election at the 2019 annual meeting of stockholders for terms expiring at the 2022 annual meeting of stockholders.

Mr. Golubovich 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 April 29, 2016. Mr. Golubovich will also enter into the Company’s standard form of indemnification agreement.

On April 28, 2017, the Company announced that it had acquired substantially all of the assets of Nesscap Energy, Inc. (“Nesscap”), a developer and manufacturer of ultracapacitor products for use in transportation, renewable energy, industrial and consumer markets, to the terms of the previously announced Arrangement Agreement, dated as of February 28, 2017 (the “Acquisition”) between the Company and Nesscap. As previously announced, the Company agreed as part of the Acquisition to appoint a representative of I2BF Energy, Ltd. (“I2BF”) and Arbat Capital Group Ltd. (individually, “Arbat,” and collectively with I2BF, the “Principal Shareholders”), principal shareholders of Nesscap owning approximately 79.57% of the outstanding voting stock of Nesscap, to the Board. As part of the Acquisition, Nesscap distributed 374,050 shares of the Company to I2BF and 626,785 shares of the Company to Arbat, representing approximately $2.3 million and $3.8 million in value based on the closing price of the Company’s common stock on The Nasdaq Global Market (“Nasdaq”) on the closing date of the Acquisition. to the Acquisition, Nesscap intends to issue additional shares of the Company to its shareholders as part of a plan of dissolution after settling its outstanding liabilities.

Mr. Golubovich is the initial representative of the Principal Shareholders and is a Director of I2BF Venture Partners Ltd., the sole shareholder of I2BF, and a Director of Arbat. Other than as part of the Acquisition, the selection of Mr. Golubovich to serve as a member of the Board was not to any other arrangement or understanding between Mr. Golubovich and any other person.

About MAXWELL TECHNOLOGIES, INC. (NASDAQ:MXWL)

Maxwell Technologies, Inc. develops, manufactures and markets energy storage and power delivery products for transportation, industrial, information technology and other applications and microelectronic products for space and satellite applications. The Company offers three product lines: Ultracapacitors, High-Voltage Capacitors and Radiation-Hardened Microelectronic Products. The Company’s ultracapacitor cells and multi-cell packs, and modules provide energy storage and power delivery solutions for applications in multiple industries. The Company offers ultracapacitor cells with capacitances ranging from 1 to 3,400 farads. It designs and manufactures CONDIS high-voltage capacitors. These products include grading and coupling capacitors and electric voltage transformers. The Company’s radiation-hardened microelectronic products for satellites and spacecraft include single board computers and components, such as high-density memory and data conversion modules.

MAXWELL TECHNOLOGIES, INC. (NASDAQ:MXWL) Recent Trading Information

MAXWELL TECHNOLOGIES, INC. (NASDAQ:MXWL) closed its last trading session down -0.23 at 5.68 with 235,103 shares trading hands.