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<P ALIGN="RIGHT"><FONT SIZE=2>REGISTRATION
NO. 333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=5><B>SECURITIES AND EXCHANGE COMMISSION<BR>  </B></FONT><FONT SIZE=2><B>WASHINGTON, D.C. 20549  </B></FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=5><B>FORM S-8<BR>  </B></FONT><FONT SIZE=2><B>REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933  </B></FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=5><B>Illinois Superconductor Corporation<BR>  </B></FONT><FONT SIZE=2>(Exact name of Registrant as specified in its charter) </FONT></P>

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<TD WIDTH="50%" ALIGN="CENTER"><FONT SIZE=2><B>DELAWARE<BR> </B></FONT><FONT SIZE=2>(State or other jurisdiction of<BR>
incorporation or organization)</FONT></TD>
<TD WIDTH="50%" ALIGN="CENTER"><FONT SIZE=2><B>36-3909505<BR> </B></FONT><FONT SIZE=2>(I.R.S. Employer<BR>
Identification No.)</FONT></TD>
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<P ALIGN="CENTER"><FONT SIZE=2><B>451 Kingston Court, Mt. Prospect, Illinois 60056<BR>  </B></FONT><FONT SIZE=2>(Address of principal executive offices, including zip code) </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B> The SSI Replacement Nonqualified Stock Option Plan<BR>  </B></FONT><FONT SIZE=2>(Full title of the plan) </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B> Dr. George M. Calhoun<BR>
Chief Executive Officer<BR>
Illinois Superconductor Corporation<BR>
451 Kingston Court<BR>
Mt. Prospect, Illinois 60056<BR>
(847) 391-9400<BR>  </B></FONT><FONT SIZE=2>(Name, address and telephone number, including area code, of agent for service) </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>With
Copies to:<BR></FONT> <FONT SIZE=2><B>Andrew L. Weil, Esq.<BR>
Sonnenschein Nath &amp; Rosenthal<BR>
8000 Sears Tower<BR>
Chicago, Illinois 60606<BR>
(312) 876-8000  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B> CALCULATION OF REGISTRATION FEE  </B></FONT></P>

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<TH WIDTH="35%" ALIGN="CENTER"><FONT SIZE=1><B>TITLE OF SECURITIES<BR>
TO BE REGISTERED<BR> </B></FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="16%" ALIGN="CENTER"><FONT SIZE=1><B>AMOUNT TO BE<BR>
REGISTERED(1)<BR> </B></FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="15%" ALIGN="CENTER"><FONT SIZE=1><B>PROPOSED<BR>
MAXIMUM<BR>
OFFERING PRICE<BR>
PER SHARE(2)<BR> </B></FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="15%" ALIGN="CENTER"><FONT SIZE=1><B>PROPOSED<BR>
MAXIMUM<BR>
AGGREGATE<BR>
OFFERING PRICE<BR> </B></FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="17%" ALIGN="CENTER"><FONT SIZE=1><B>AMOUNT OF<BR>
REGISTRATION FEE<BR> </B></FONT><BR></TH>
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<TD WIDTH="35%"><FONT SIZE=2>Common Stock, $0.001 par value, including preferred stock purchase rights</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="CENTER"><FONT SIZE=2>59,644</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER"><FONT SIZE=2>$2.312</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER"><FONT SIZE=2>$137,897</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="CENTER"><FONT SIZE=2>$36.40</FONT></TD>
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<DL compact>
<DT><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>Includes
an indeterminate number of shares of Illinois Superconductor Corporation Common Stock that may be issuable by reason of stock splits, stock dividends or similar
transactions.
<BR><BR></FONT></DD><DT><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>The
amount is based on the average of the bid and asked price of Illinois Superconductor Common Stock as of October&nbsp;27, 2000 and is used solely for the purpose of calculating
the registration fee pursuant to Rule&nbsp;457(c) under the Securities Act of 1933. </FONT></DD></DL>
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<P ALIGN="CENTER"><FONT SIZE=2><B>PART II  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B> INFORMATION REQUIRED IN REGISTRATION STATEMENT  </B></FONT></P>

<P><FONT SIZE=2><B>ITEM&nbsp;3.&nbsp;&nbsp;INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE  </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The following documents filed by Illinois Superconductor Corporation (the "Company") with the Securities and Exchange Commission (the "Commission") are hereby
incorporated by reference in this Registration Statement: </FONT></P>

<UL>
<DL compact>
<DT><FONT SIZE=2>1.</FONT></DT><DD><FONT SIZE=2>The
Annual Report on Form&nbsp;10-K for our fiscal year ended December&nbsp;31, 1999.
<BR><BR></FONT></DD><DT><FONT SIZE=2>2.</FONT></DT><DD><FONT SIZE=2>The
Quarterly Report on Form&nbsp;10-Q for the quarter ended March&nbsp;31, 2000.
<BR><BR></FONT></DD><DT><FONT SIZE=2>3.</FONT></DT><DD><FONT SIZE=2>The
Quarterly Report on Form&nbsp;10-Q for the quarter ended June&nbsp;30, 2000.
<BR><BR></FONT></DD><DT><FONT SIZE=2>4.</FONT></DT><DD><FONT SIZE=2>The
Company's Definitive Additional Proxy Materials filed June&nbsp;9, 2000.
<BR><BR></FONT></DD><DT><FONT SIZE=2>5.</FONT></DT><DD><FONT SIZE=2>A
copy of the Company's Current Report on Form&nbsp;8-K filed on July&nbsp;7, 2000 reporting on the postponement of the Company's annual stockholders meeting and the
forbearance by the Selling Stockholders of their rights to demand redemption of certain senior convertible notes.
<BR><BR></FONT></DD><DT><FONT SIZE=2>6.</FONT></DT><DD><FONT SIZE=2>A
copy of the Company's current report on Form&nbsp;8-K filed on July&nbsp;18, 2000 announcing that at its annual stockholders meeting, the Company's stockholders
approved all of the proposals contained in the Company's proxy materials.
<BR><BR></FONT></DD><DT><FONT SIZE=2>7.</FONT></DT><DD><FONT SIZE=2>A
copy of the Company's current report on Form&nbsp;8-K filed on August&nbsp;7, 2000 announcing that the Company has opened an office in Japan with the assistance of
CTR Ventures&nbsp;KK.
<BR><BR></FONT></DD><DT><FONT SIZE=2>8.</FONT></DT><DD><FONT SIZE=2>A
copy of the Company's current report on Form&nbsp;8-K filed on August&nbsp;10, 2000, and the related report on Form&nbsp;8-K filed on
August&nbsp;23, announcing that the Company acquired Spectral Solutions,&nbsp;Inc. pursuant to the Agreement and Plan of Merger dated May&nbsp;17, 2000 by and among the Company,
SSI&nbsp;Acquisition Corp., SSI and certain shareholders of SSI.
<BR><BR></FONT></DD><DT><FONT SIZE=2>9.</FONT></DT><DD><FONT SIZE=2>A
copy of the Company's current report on Form&nbsp;8-K filed on August&nbsp;14, 2000 reporting on the Company's earnings for the second quarter 2000.
<BR><BR></FONT></DD><DT><FONT SIZE=2>10.</FONT></DT><DD><FONT SIZE=2>A
copy of the Company's current report on Form&nbsp;8-K filed on September&nbsp;22, 2000, reporting on an initial order for the deployment of HTS filter systems by
Telefonica, a telecommunications operating company in Spain.
<BR><BR></FONT></DD><DT><FONT SIZE=2>11.</FONT></DT><DD><FONT SIZE=2>A
copy of the Company's amended current report on Form&nbsp;8-K/A filed October&nbsp;20, 2000, containing financial statement information for Spectral Solutions,&nbsp;Inc. and
pro forma consolidated financial information for the Company.
<BR><BR></FONT></DD><DT><FONT SIZE=2>12.</FONT></DT><DD><FONT SIZE=2>A
copy of the Company's current report on Form&nbsp;8-K filed October&nbsp;26, 2000, reporting on an additional $5&nbsp;million investment in the Company by Elliott
Associates,&nbsp;L.P. and an affiliated investment firm.
<BR><BR></FONT></DD><DT><FONT SIZE=2>13.</FONT></DT><DD><FONT SIZE=2>A
copy of Company's current report on Form&nbsp;8-K filed November&nbsp;2, 2000, announcing that the Company has entered into an agreement to acquire Lockheed Martin Canada's
Adaptive Notch Filtering ("ANF") Business Unit. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;All
documents filed by the Registrant pursuant to Sections&nbsp;13(a), 13(c), 14 and 15(d) of the Exchange Act after the date hereof and prior to the filing of a
post-effective amendment which indicates that the securities offered hereby have been sold or which deregisters the securities covered hereby then remaining unsold shall also be deemed to
be incorporated by reference into this </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

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<P><FONT SIZE=2>
Registration Statement and to be a part hereof commencing on the respective dates on which such documents are filed. </FONT></P>


<P><FONT SIZE=2><B>ITEM&nbsp;4.&nbsp;&nbsp;DESCRIPTION OF SECURITIES  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Not applicable. </FONT></P>

<P><FONT SIZE=2><B>ITEM&nbsp;5.&nbsp;&nbsp;INTEREST OF NAMED EXPERTS AND COUNSEL  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Not applicable. </FONT></P>

<P><FONT SIZE=2><B>ITEM&nbsp;6.&nbsp;&nbsp;INDEMNIFICATION OF DIRECTORS AND OFFICERS  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;9 of our Certificate of Incorporation provides that we shall indemnify our directors to the full extent permitted by the General Corporation Law
of the State of Delaware and may indemnify our officers and employees to such extent, except that we shall not be obligated to indemnify any such person (1)&nbsp;with respect to proceedings, claims
or actions initiated or brought voluntarily by any such person and not by way of defense, or (2)&nbsp;for any amounts paid in settlement of an action indemnified against by us without our prior
written consent. We have entered into indemnity agreements with each of our directors and officers. These agreements may require us, among other things, to indemnify such directors and officers
against certain liabilities that may arise by reason of their status or service as directors or officers, as the case may be, to advance expenses to them as they are incurred, provided that they
undertake to repay the amount advanced if it is ultimately determined by a court that they are not entitled to indemnification and to obtain directors' and officers' liability insurance if available
on reasonable terms. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In
addition, Article&nbsp;8 of our Certificate of Incorporation provides that a director of ours shall not be personally liable to us or our stockholders for monetary damages for
breach of his or her fiduciary duty as a director, except for liability (1)&nbsp;for any breach of the director's duty of loyalty to us or our stockholders, (2)&nbsp;for acts or omissions not in
good faith or which involve intentional misconduct or a knowing violation of law, (3)&nbsp;for willful or negligent conduct in paying dividends or repurchasing stock out of other than lawfully
available funds or (iv)&nbsp;for any transaction from which the director derives an improper personal benefit. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Reference
is made to Section&nbsp;145 of the General Corporation Law of the State of Delaware which provides for indemnification of directors and officers in certain circumstances. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
Company has obtained a directors' and officers' liability insurance policy which entitles the Company to be reimbursed for certain indemnity payments it is required or permitted
to make to its directors and officers. </FONT></P>

<P><FONT SIZE=2><B>ITEM&nbsp;7.&nbsp;&nbsp;EXEMPTION FROM REGISTRATION CLAIMED  </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Not applicable. </FONT></P>

<P><FONT SIZE=2><B>ITEM&nbsp;8.&nbsp;&nbsp;EXHIBITS  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Exhibits are listed in the Index to Exhibits, which list is incorporated herein by reference. </FONT></P>

<P><FONT SIZE=2><B>ITEM&nbsp;9.&nbsp;&nbsp;UNDERTAKINGS  </B></FONT></P>

<UL>
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<DT><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>The
undersigned Registrant hereby undertakes: </FONT></DD></DL>
</UL>
<BR><BR>
<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;To
file, during any period in which offers or sales are being made of the securities registered hereby, a post-effective amendment to this registration
statement to include any material </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>3</FONT></P>

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<P><FONT SIZE=2>
information with respect to the plan of distribution not previously disclosed in this registration statement or any material change to such information in this registration statement; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;That,
for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;To
remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the
offering. </FONT></P>

<DL compact>
<DT><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>The
undersigned Registrant hereby further undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the Registrant's annual report
pursuant to Section&nbsp;13(a) or Section&nbsp;15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan's annual report pursuant to
Section&nbsp;15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
<BR><BR></FONT></DD><DT><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Registrant pursuant to the
foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act
and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer
or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being
registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>4</FONT></P>

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<H2><FONT SIZE=2> </FONT></H2>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="jc4615_signatures"> </A></FONT> <FONT SIZE=2><B>SIGNATURES         </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements
for filing on Form&nbsp;S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Mt.&nbsp;Prospect,
State of Illinois, on the 26th day of October, 2000. </FONT></P>

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<TD WIDTH="53%" COLSPAN=3><FONT SIZE=2>ILLINOIS SUPERCONDUCTOR CORPORATION</FONT></TD>
</TR>
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<TD WIDTH="47%"><FONT SIZE=2>&nbsp;<BR></FONT> <FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;<BR>
By:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;<BR>&nbsp;</FONT></TD>
<TD WIDTH="48%"><FONT SIZE=2>&nbsp;<BR>
/s/&nbsp;</FONT><FONT SIZE=2>GEORGE M. CALHOUN</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> George M. Calhoun<BR>
Chief Executive Officer</FONT></TD>
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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Act, this Registration Statement has been signed by the following persons in the capacities indicated below on the 26th day of October,
2000. </FONT></P>

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<TH WIDTH="48%" ALIGN="CENTER"><FONT SIZE=1><B>Signature</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="50%" ALIGN="CENTER"><FONT SIZE=1><B>Title</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="48%" ALIGN="CENTER"><FONT SIZE=1><B>&nbsp;<BR> </B></FONT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;<BR>&nbsp;</FONT></TD>
<TD WIDTH="50%" VALIGN="CENTER"><FONT SIZE=2>&nbsp;<BR>
&nbsp;</FONT></TD>
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<TD WIDTH="48%" ALIGN="CENTER"><FONT SIZE=2>/s/&nbsp;</FONT><FONT SIZE=2>GEORGE M. CALHOUN</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> George M. Calhoun</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="50%" VALIGN="CENTER"><FONT SIZE=2>Chief Executive Officer and Director<BR>
(Principal Executive Officer and Director)</FONT></TD>
</TR>
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<TD WIDTH="48%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;<BR>
/s/&nbsp;</FONT><FONT SIZE=2>CHARLES F. WILLES</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Charles F. Willes</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;<BR>&nbsp;</FONT></TD>
<TD WIDTH="50%" VALIGN="CENTER"><FONT SIZE=2>&nbsp;<BR>
Chief Financial Officer (Principal Financial and Accounting Officer)</FONT></TD>
</TR>
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<TD WIDTH="48%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;<BR>
&nbsp;<BR>
/s/&nbsp;</FONT><FONT SIZE=2>MARK D. BRODSKY</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Mark D. Brodsky</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;<BR>&nbsp;<BR>&nbsp;</FONT></TD>
<TD WIDTH="50%" VALIGN="CENTER"><FONT SIZE=2>&nbsp;<BR>
&nbsp;<BR>
Director</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="48%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;<BR>
&nbsp;<BR>
/s/&nbsp;</FONT><FONT SIZE=2>HOWARD S. HOFFMANN</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Howard S. Hoffmann</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;<BR>&nbsp;<BR>&nbsp;</FONT></TD>
<TD WIDTH="50%" VALIGN="CENTER"><FONT SIZE=2>&nbsp;<BR>
&nbsp;<BR>
Director</FONT></TD>
</TR>
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<TD WIDTH="48%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;<BR>
&nbsp;<BR>
/s/&nbsp;</FONT><FONT SIZE=2>SAMUEL A. PERLMAN</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Samuel A. Perlman</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;<BR>&nbsp;<BR>&nbsp;</FONT></TD>
<TD WIDTH="50%" VALIGN="CENTER"><FONT SIZE=2>&nbsp;<BR>
&nbsp;<BR>
Director</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="48%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;<BR>
&nbsp;<BR>
/s/&nbsp;</FONT><FONT SIZE=2>THOMAS L. POWERS</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Thomas L. Powers</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;<BR>&nbsp;<BR>&nbsp;</FONT></TD>
<TD WIDTH="50%" VALIGN="CENTER"><FONT SIZE=2>&nbsp;<BR>
&nbsp;<BR>
Director</FONT></TD>
</TR>
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<TD WIDTH="48%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;<BR>
&nbsp;<BR>
/s/&nbsp;</FONT><FONT SIZE=2>RICHARD N. HERRING</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Richard N. Herring</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;<BR>&nbsp;<BR>&nbsp;</FONT></TD>
<TD WIDTH="50%" VALIGN="CENTER"><FONT SIZE=2>&nbsp;<BR>
&nbsp;<BR>
Director</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="48%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;<BR>
&nbsp;<BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;<BR>&nbsp;<BR>&nbsp;</FONT></TD>
<TD WIDTH="50%" VALIGN="CENTER"><FONT SIZE=2>&nbsp;<BR>
&nbsp;<BR>
&nbsp;</FONT></TD>
</TR>
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<P ALIGN="CENTER"><FONT SIZE=2>5</FONT></P>

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<H2><FONT SIZE=2> </FONT></H2>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="je4615_index_to_exhibits"> </A></FONT> <FONT SIZE=2><B>INDEX TO EXHIBITS         </B></FONT></P>

<P><FONT SIZE=2><B>ITEM&nbsp;8.&nbsp;&nbsp;EXHIBITS  </B></FONT></P>

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<TH WIDTH="10%" ALIGN="CENTER"><FONT SIZE=1><B>Exhibit<BR>
Number</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="88%" ALIGN="CENTER"><FONT SIZE=1><B>Description</B></FONT><HR NOSHADE></TH>
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<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;<BR>
4.1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;<BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2>&nbsp;<BR>
The SSI Replacement Nonqualified Stock Option Plan.*</FONT></TD>
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5.1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;<BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2>&nbsp;<BR>
Opinion of Sonnenschein Nath &amp; Rosenthal.*</FONT></TD>
</TR>
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<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;<BR>
23.1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;<BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2>&nbsp;<BR>
Consent of Sonnenschein Nath &amp; Rosenthal (included in opinion filed as Exhibit 5.1).</FONT></TD>
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<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;<BR>
23.2</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;<BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2>&nbsp;<BR>
Consent of Ernst &amp; Young LLP, Independent Auditors.*</FONT></TD>
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<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;<BR>
&nbsp;</FONT></TD>
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&nbsp;</FONT></TD>
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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;*
Filed herewith </FONT></P>

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[{"type": "S-8", "sequence": "1", "filename": "a2028779zs-8.htm", "description": "S-8", "secsgml_size_bytes": 25126}]
{"company-data": {"conformed-name": "ILLINOIS SUPERCONDUCTOR CORPORATION", "cik": "0000888693", "assigned-sic": "3825", "irs-number": "363688459", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-49268", "film-number": "752955"}, "business-address": {"street1": "451 KINGSTON CT", "city": "MOUNT PROSPECT", "state": "IL", "zip": "60056", "phone": "8473919400"}, "mail-address": {"street1": "451 KINGSTON COURT", "city": "MT PROSPECT", "state": "IL", "zip": "60056"}}
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REGISTRATION
NO. 333-
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
Illinois Superconductor Corporation
(Exact name of Registrant as specified in its charter)
DELAWARE
(State or other jurisdiction of
incorporation or organization)
36-3909505
(I.R.S. Employer
Identification No.)
451 Kingston Court, Mt. Prospect, Illinois 60056
(Address of principal executive offices, including zip code)
The SSI Replacement Nonqualified Stock Option Plan
(Full title of the plan)
Dr. George M. Calhoun
Chief Executive Officer
Illinois Superconductor Corporation
451 Kingston Court
Mt. Prospect, Illinois 60056
(847) 391-9400
(Name, address and telephone number, including area code, of agent for service)
With
Copies to:
Andrew L. Weil, Esq.
Sonnenschein Nath & Rosenthal
8000 Sears Tower
Chicago, Illinois 60606
(312) 876-8000
CALCULATION OF REGISTRATION FEE
TITLE OF SECURITIES
TO BE REGISTERED
AMOUNT TO BE
REGISTERED(1)
PROPOSED
MAXIMUM
OFFERING PRICE
PER SHARE(2)
PROPOSED
MAXIMUM
AGGREGATE
OFFERING PRICE
AMOUNT OF
REGISTRATION FEE
Common Stock, $0.001 par value, including preferred stock purchase rights
59,644
$2.312
$137,897
$36.40
(1)
Includes
an indeterminate number of shares of Illinois Superconductor Corporation Common Stock that may be issuable by reason of stock splits, stock dividends or similar
transactions.
(2)
The
amount is based on the average of the bid and asked price of Illinois Superconductor Common Stock as of October 27, 2000 and is used solely for the purpose of calculating
the registration fee pursuant to Rule 457(c) under the Securities Act of 1933.
PART II
INFORMATION REQUIRED IN REGISTRATION STATEMENT
ITEM 3.  INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE
The following documents filed by Illinois Superconductor Corporation (the "Company") with the Securities and Exchange Commission (the "Commission") are hereby
incorporated by reference in this Registration Statement:
1.
The
Annual Report on Form 10-K for our fiscal year ended December 31, 1999.
2.
The
Quarterly Report on Form 10-Q for the quarter ended March 31, 2000.
3.
The
Quarterly Report on Form 10-Q for the quarter ended June 30, 2000.
4.
The
Company's Definitive Additional Proxy Materials filed June 9, 2000.
5.
A
copy of the Company's Current Report on Form 8-K filed on July 7, 2000 reporting on the postponement of the Company's annual stockholders meeting and the
forbearance by the Selling Stockholders of their rights to demand redemption of certain senior convertible notes.
6.
A
copy of the Company's current report on Form 8-K filed on July 18, 2000 announcing that at its annual stockholders meeting, the Company's stockholders
approved all of the proposals contained in the Company's proxy materials.
7.
A
copy of the Company's current report on Form 8-K filed on August 7, 2000 announcing that the Company has opened an office in Japan with the assistance of
CTR Ventures KK.
8.
A
copy of the Company's current report on Form 8-K filed on August 10, 2000, and the related report on Form 8-K filed on
August 23, announcing that the Company acquired Spectral Solutions, Inc. pursuant to the Agreement and Plan of Merger dated May 17, 2000 by and among the Company,
SSI Acquisition Corp., SSI and certain shareholders of SSI.
9.
A
copy of the Company's current report on Form 8-K filed on August 14, 2000 reporting on the Company's earnings for the second quarter 2000.
10.
A
copy of the Company's current report on Form 8-K filed on September 22, 2000, reporting on an initial order for the deployment of HTS filter systems by
Telefonica, a telecommunications operating company in Spain.
11.
A
copy of the Company's amended current report on Form 8-K/A filed October 20, 2000, containing financial statement information for Spectral Solutions, Inc. and
pro forma consolidated financial information for the Company.
12.
A
copy of the Company's current report on Form 8-K filed October 26, 2000, reporting on an additional $5 million investment in the Company by Elliott
Associates, L.P. and an affiliated investment firm.
13.
A
copy of Company's current report on Form 8-K filed November 2, 2000, announcing that the Company has entered into an agreement to acquire Lockheed Martin Canada's
Adaptive Notch Filtering ("ANF") Business Unit.
All
documents filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act after the date hereof and prior to the filing of a
post-effective amendment which indicates that the securities offered hereby have been sold or which deregisters the securities covered hereby then remaining unsold shall also be deemed to
be incorporated by reference into this
2
Registration Statement and to be a part hereof commencing on the respective dates on which such documents are filed.
ITEM 4.  DESCRIPTION OF SECURITIES
Not applicable.
ITEM 5.  INTEREST OF NAMED EXPERTS AND COUNSEL
Not applicable.
ITEM 6.  INDEMNIFICATION OF DIRECTORS AND OFFICERS
Article 9 of our Certificate of Incorporation provides that we shall indemnify our directors to the full extent permitted by the General Corporation Law
of the State of Delaware and may indemnify our officers and employees to such extent, except that we shall not be obligated to indemnify any such person (1) with respect to proceedings, claims
or actions initiated or brought voluntarily by any such person and not by way of defense, or (2) for any amounts paid in settlement of an action indemnified against by us without our prior
written consent. We have entered into indemnity agreements with each of our directors and officers. These agreements may require us, among other things, to indemnify such directors and officers
against certain liabilities that may arise by reason of their status or service as directors or officers, as the case may be, to advance expenses to them as they are incurred, provided that they
undertake to repay the amount advanced if it is ultimately determined by a court that they are not entitled to indemnification and to obtain directors' and officers' liability insurance if available
on reasonable terms.
In
addition, Article 8 of our Certificate of Incorporation provides that a director of ours shall not be personally liable to us or our stockholders for monetary damages for
breach of his or her fiduciary duty as a director, except for liability (1) for any breach of the director's duty of loyalty to us or our stockholders, (2) for acts or omissions not in
good faith or which involve intentional misconduct or a knowing violation of law, (3) for willful or negligent conduct in paying dividends or repurchasing stock out of other than lawfully
available funds or (iv) for any transaction from which the director derives an improper personal benefit.
Reference
is made to Section 145 of the General Corporation Law of the State of Delaware which provides for indemnification of directors and officers in certain circumstances.
The
Company has obtained a directors' and officers' liability insurance policy which entitles the Company to be reimbursed for certain indemnity payments it is required or permitted
to make to its directors and officers.
ITEM 7.  EXEMPTION FROM REGISTRATION CLAIMED
Not applicable.
ITEM 8.  EXHIBITS
Exhibits are listed in the Index to Exhibits, which list is incorporated herein by reference.
ITEM 9.  UNDERTAKINGS
(a)
The
undersigned Registrant hereby undertakes:
(1) To
file, during any period in which offers or sales are being made of the securities registered hereby, a post-effective amendment to this registration
statement to include any material
3
information with respect to the plan of distribution not previously disclosed in this registration statement or any material change to such information in this registration statement;
(2) That,
for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(3) To
remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the
offering.
(b)
The
undersigned Registrant hereby further undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the Registrant's annual report
pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan's annual report pursuant to
Section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(c)
Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Registrant pursuant to the
foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act
and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer
or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being
registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.
4
SIGNATURES
Pursuant to the requirements of the Securities Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements
for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Mt. Prospect,
State of Illinois, on the 26th day of October, 2000.
ILLINOIS SUPERCONDUCTOR CORPORATION
By:
/s/
GEORGE M. CALHOUN
George M. Calhoun
Chief Executive Officer
Pursuant
to the requirements of the Securities Act, this Registration Statement has been signed by the following persons in the capacities indicated below on the 26th day of October,
2000.
Signature
Title
/s/
GEORGE M. CALHOUN
George M. Calhoun
Chief Executive Officer and Director
(Principal Executive Officer and Director)
/s/
CHARLES F. WILLES
Charles F. Willes
Chief Financial Officer (Principal Financial and Accounting Officer)
/s/
MARK D. BRODSKY
Mark D. Brodsky
Director
/s/
HOWARD S. HOFFMANN
Howard S. Hoffmann
Director
/s/
SAMUEL A. PERLMAN
Samuel A. Perlman
Director
/s/
THOMAS L. POWERS
Thomas L. Powers
Director
/s/
RICHARD N. HERRING
Richard N. Herring
Director
5
INDEX TO EXHIBITS
ITEM 8.  EXHIBITS
Exhibit
Number
Description
4.1
The SSI Replacement Nonqualified Stock Option Plan.*
5.1
Opinion of Sonnenschein Nath & Rosenthal.*
23.1
Consent of Sonnenschein Nath & Rosenthal (included in opinion filed as Exhibit 5.1).
23.2
Consent of Ernst & Young LLP, Independent Auditors.*
*
Filed herewith
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INDEX TO EXHIBITS