Document:

<PAGE>

CONFIDENTIAL TREATMENT REQUESTED. CONFIDENTIAL PORTIONS OF THIS DOCUMENT HAVE
BEEN REDACTED AND HAVE BEEN SEPARATELY FILED WITH THE COMMISSION.

                                                                   EXHIBIT 10.40

     THIS WARRANT AND THE COMMON STOCK ISSUABLE UPON THE EXERCISE HEREOF HAVE
     NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933. THEY MAY NOT BE SOLD,
     OFFERED FOR SALE, PLEDGED, HYPOTHECATED, OR OTHERWISE TRANSFERRED EXCEPT
     PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF
     1933, OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT
     REGISTRATION IS NOT REQUIRED UNDER SUCH ACT OR UNLESS SOLD PURSUANT TO RULE
     144 UNDER SUCH ACT.

WARRANT TO PURCHASE 500,000             ISSUE DATE:      AUGUST 7, 2000
SHARES OF THE COMMON                    EXPIRATION DATE: AUGUST 7, 2005
STOCK OF CONDUCTUS, INC.                INITIAL EXERCISE PRICE: $13.43 PER SHARE

            This Warrant is issued to Dobson Communications Corporation or its
registered assigns ("Holder") by Conductus, Inc., a Delaware corporation (the
"Company"), on August 7, 2000 (the "Warrant Issue Date"). This Warrant is issued
pursuant to the terms of that certain Purchase Agreement between Conductus, Inc.
and Dobson Cellular Systems, Inc. (the "Purchase Agreement") dated August 7,
2000.

            1.  PURCHASE SHARES. Subject to the terms and conditions hereinafter
set forth, the Holder is entitled, upon surrender of this Warrant at the
principal office of the Company (or at such other place as the Company shall
notify the Holder in writing), to purchase from the Company up to five hundred
thousand (500,000) fully paid and nonassessable shares of Common Stock of the
Company, as constituted on the Warrant Issue Date (the "Common Stock"). The
number of shares of Common Stock issuable pursuant to this Section 1 (the
"Shares") shall be subject to adjustment pursuant to Section 7 hereof.

            2.  EXERCISE PRICE. The purchase price for the Shares shall be
$13.43, as adjusted from time to time pursuant to Section 7 hereof (the
"Exercise Price").

            3.  EXERCISE PERIOD. This Warrant shall be exercisable as follows:

                a. Warrants shall become exercisable fifteen (15) days after the
close of each of the Company's business quarters (October 15, 2000 through
October 15, 2002) as to the number of shares determined by dividing the total
revenue to the Company from purchases by Dobson Cellular Systems, Inc. under the
Purchase Agreement during the quarter by [***];

                b. Warrants shall remain exercisable until 5:00p.m. on August 7,
2005;

------------------------
[***] Confidential material redacted and filed separately with the Commission.

<PAGE>

provided, however, that in the event of (a) the closing of the Company's sale or
transfer of all or substantially all of its assets, or (b) the closing of the
acquisition of the Company by another entity by means of merger, consolidation
or other transaction or series of related transactions, resulting in the
exchange of the outstanding shares of the Company's capital stock such that at
least 50% of the voting power of the Company is transferred, this Warrant shall,
on the date of such event, no longer be exercisable and become null and void. In
the event of a proposed transaction of the kind described above, (i) the Company
shall notify Holder as soon as practicable, but no less than twenty (20)
business days before the consummation of such event or transaction, and (ii)
accelerate vesting of warrants as to those shares earned in accordance with
paragraph 3(a) that are earned between the end of the last completed quarter and
the date of the transaction.

            4.  METHOD OF EXERCISE. While this Warrant remains outstanding and
exercisable in accordance with Section 3 above, the Holder may exercise, in
whole or in part, the purchase rights evidenced hereby. Such exercise shall be
effected by:

                (a) the surrender of the Warrant, together with a duly executed
copy of the form of Notice of Election attached thereto, to the Secretary of the
Company at its principal offices; and

                (b) the payment to the Company of an amount equal to the
aggregate Exercise Price for the number of Shares being purchased.

            5.  CERTIFICATES FOR SHARES. Upon the exercise of the purchase
rights evidenced by this Warrant, one or more certificates for the number of
Shares so purchased shall be issued as soon as practicable thereafter (with
appropriate restrictive legends, if applicable).

            6.  ISSUANCE OF SHARES. The Company covenants that the Shares, when
issued pursuant to the exercise of this Warrant, will be duly and validly
issued, fully paid and nonassessable and free from all taxes, liens, and charges
with respect to the issuance thereof.

            7.  ADJUSTMENTS OF EXERCISE PRICE AND NUMBER OF SHARES. The number
of and kind of securities purchasable upon exercise of this Warrant and the
Exercise Price shall be subject to adjustment from time to time as follows:

                (a) SUBDIVISIONS, COMBINATIONS OR OTHER ISSUANCES. If the
Company shall at any time prior to the expiration of this Warrant subdivide its
Common Stock, by split-up or otherwise, or combine its Common Stock, or issue
additional shares of its Common Stock as a dividend with respect to any shares
of its Common Stock, the number of Shares issuable on the exercise of this
Warrant shall forthwith be proportionately increased in the case of a
subdivision or stock dividend, or proportionately decreased in the case of a
combination. Appropriate adjustments shall also be made to the purchase price
payable per share, but the aggregate purchase price payable for the total number
of Shares purchasable under this Warrant (as adjusted) shall remain the same.
Any adjustment under this Section 7(a) shall become effective at the close of
business on the date the subdivision or combination becomes effective, or as of
the record date of such dividend, or in the event that no record date is fixed,
upon the making of such dividend.

                                       2

<PAGE>

                (b) RECLASSIFICATION, REORGANIZATION AND CONSOLIDATION. In case
of any reclassification, capital reorganization, or change in the Common Stock
of the Company (other than as a result of a subdivision, combination, or stock
dividend provided for in Section 7(a) above), then, as a condition of such
reclassification, reorganization, or change, lawful provision shall be made, and
duly executed documents evidencing the same from the Company or its successor
shall be delivered to the Holder, so that the Holder shall have the right at any
time prior to the expiration of this Warrant to purchase, at a total price equal
to that payable upon the exercise of this Warrant, the kind and amount of shares
of stock and other securities and property receivable in connection with such
reclassification, reorganization, or change by a holder of the same number of
shares of Common Stock as were purchasable by the Holder immediately prior to
such reclassification, reorganization, or change. In any such case appropriate
provisions shall be made with respect to the rights and interest of the Holder
so that the provisions hereof shall thereafter be applicable with respect to any
shares of stock or other securities and property deliverable upon exercise
hereof, and appropriate adjustments shall be made to the purchase price per
share payable hereunder, provided the aggregate purchase price shall remain the
same.

                (c) NOTICE OF ADJUSTMENT. When any adjustment is required to
be made in the number or kind of shares purchasable upon exercise of the
Warrant, or in the Warrant Price, the Company shall promptly notify the
Holder of such event and of the number of shares of Common Stock or other
securities or property thereafter purchasable upon exercise of this Warrant.

            8.  NO FRACTIONAL SALE OR SCRIP. No fractional shares or scrip
representing fractional shares shall be issued upon exercise of this Warrant,
but in lieu of such fractional shares the Company shall make a cash payment
therefor on the basis of the Exercise Price then in effect.

            9.  NO STOCKHOLDER RIGHTS. Prior to exercise of this Warrant, the
Holder shall not be entitled to any rights of a stockholder with respect to the
Shares, including (without limitation) the right to vote such Shares, receive
dividends or other distributions thereon, exercise preemptive rights or be
notified of stockholder meetings, and such Holder shall not be entitled to any
notice or other communication concerning the business affairs of the Company.
However, nothing in this Section 9 shall limit the right of the Holder to be
provided any notices required under this Warrant or the Purchase Agreement.

            10. REGISTRATION. The Company will use reasonable efforts to file an
appropriate registration statement for the shares of common stock to issue from
the warrants on or before August 7, 2001.

            11. TRANSFERS OF WARRANT. Subject to compliance with federal and
state securities laws, this Warrant and all rights hereunder are transferrable
in whole or in part by the Holder to any person or entity upon written notice to
the Company. The transfer shall be recorded on the books of the Company upon the
surrender of this Warrant, properly endorsed, to the Company at its principal
offices, and the payment to the Company of all transfer taxes and other
governmental charges imposed on such transfer. In the event of a partial
transfer, the Company shall issue to the holders one or more appropriate new
warrants.

                                       3

<PAGE>

            12. SUCCESSORS AND ASSIGNS. The terms and provisions of this Warrant
and the Purchase Agreement shall inure to the benefit of, and be binding upon,
the Company and the Holders hereof and their respective successors and assigns.

            13. AMENDMENTS AND WAIVERS. Any term of this Warrant may be amended
and the observance of any term of this Warrant may be waived (either generally
or in a particular instance and either retroactively or prospectively), with the
written consent of the Company and the Holder. Any waiver or amendment effected
in accordance with this Section shall be binding upon each holder of any Shares
purchased under this Warrant at the time outstanding (including securities into
which such Shares have been converted), each future holder of all such Shares,
and the Company.

            14. NOTICES. All notices required under this Warrant and shall be
deemed to have been given or made for all purposes (i) upon personal delivery,
(ii) upon confirmation receipt that the communication was successfully sent to
the applicable number if sent by facsimile, (iii) one day after being sent, when
sent by professional overnight courier service, or (iv) five days after posting
when sent by registered or certified mail. Notices to the Company shall be sent
to the principal office of the Company (or at such other place as the Company
shall notify the Holder hereof in writing). Notices to the Holder shall be sent
to the address of the Holder on the books of the Company (or at such other place
as the Holder shall notify the Company hereof in writing).

            15. ATTORNEY'S FEES. If any action in law or equity is necessary to
enforce or interpret the terms of this Warrant, the prevailing party shall be
entitled to its reasonable attorneys' fees, costs and disbursements in addition
to any other relief to which it may be entitled.

            16. CAPTIONS. The section and subsection headings of this Warrant
are inserted for convenience only and shall not constitute a part of this
Warrant in construing or interpreting any provision hereof.

            17. GOVERNING LAW. This Warrant shall be governed by the laws of the
State of Delaware as applied to agreements among Delaware residents made and to
be performed entirely within the State of Delaware.

            18. DISPUTE RESOLUTION.

            (a) The parties shall use and strictly adhere to the following
dispute resolution processes, except as otherwise expressly provided in this
paragraph, to resolve any and all disputes, controversies or claims, whether
based on contract, tort, statute, fraud, misrepresentation or any other legal or
equitable theory (hereinafter, "Dispute(s)"), arising out of or relating to this
Agreement (and any prior agreement this Agreement supersedes), including without
limitation, its making, termination, non-renewal, its alleged breach and the
subject matter of this Agreement (e.g., products or services furnished hereunder
or those related to those furnished).

            (b) The parties shall first attempt to settle each Dispute through
good faith negotiations. The aggrieved party shall initiate such negotiations by
giving the other party(ies)

                                       4

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written notice of the existence and nature of the Dispute. The other party(ies)
shall in a writing to the aggrieved party acknowledge such notice of Dispute
within ten (10) business days. Such acknowledgement may also set forth any
Dispute that the acknowledging party desires to have resolved in accordance with
this Paragraph.

            (c) Thereafter, if any Dispute is not resolved by the parties
through negotiation within thirty (30) calendar days of the date of the
notice of acknowledgement, either party may terminate informal negotiations
with respect to that Dispute and have the right, by delivery of written
notice thereof (the "Arbitration Notice") to the other party, to submit the
matter to be finally settled by arbitration in accordance with the Commercial
Arbitration Rules then in effect of the American Arbitration Association, as
modified herein (the "AAA Rules"). The place of arbitration shall be Oklahoma
City, Oklahoma if the Arbitration is initiated by Company and San Jose,
California if the Arbitration is initiated by Holder. All matters so
submitted to arbitration shall be settled by three arbitrators. Holder and
Company shall each designate one arbitrator within twenty (20) days of the
delivery of the Arbitration Notice. If either party fails to timely so
designate an arbitrator, the matter shall be resolved by one arbitrator
timely designated. Holder and Company shall cause the designated arbitrators
to mutually agree upon and to designate a third arbitrator, PROVIDED HOWEVER,
that failing such agreement within 45 days of delivery of the Arbitration
Notice, the third arbitrator shall be appointed in accordance with the AAA
Rules. Holder and Company shall each be responsible for the payment of the
fees and expenses of their respectively designated arbitrators and shall bear
equally the fees and expenses of the third arbitrator. Holder and Company
shall cause the arbitrators to decide the matter to be arbitrated pursuant
hereto within sixty (60) days after the appointment of the last arbitrator.
The arbitral tribunal is not empowered to award damages in excess of
compensatory damages or similar damages with respect to any Dispute and each
party hereby irrevocably waives any right to recover punitive, exemplary or
similar damages with respect to any Dispute. The final decision of the
majority of the arbitrators shall be furnished to Holder and Company in
writing and shall constitute a conclusive determination of the matter in
question, binding upon Holder and Company and shall not be contested by any
of them. Such decision may be used in a court of law only for the purpose of
seeking enforcement of the arbitrators' award. Any arbitration proceeding,
decision or award rendered hereunder and the validity, effect and
interpretation of this arbitration agreement shall be governed by the Federal
Arbitration Act, 9 U.S.C. Sections 1-16, and judgment upon any award may be
entered in any court of competent jurisdiction.

            (d) Holder and Company hereby irrevocably consent to the
jurisdiction of the state and federal courts in the States of Oklahoma and
California, and all state and federal courts competent to hear appeals
therefrom, over any actions which may be commenced against any of them under or
in connection with this Agreement. Holder and Company hereby irrevocably waive,
to the fullest extent permitted by applicable law, any objection which any of
them may now or hereafter have to the laying of venue of any such dispute
brought in such court or any defense of inconvenient forum for the maintenance
of such dispute in the Western District of Oklahoma and

                                       5

<PAGE>

Oklahoma County or the Northern District of California and Santa Clara County.

            IN WITNESS WHEREOF, the Company caused this Warrant to be executed
by an officer thereunder duly authorized.

                                   CONDUCTUS, INC.

                                   By: /s/ Charles E. Shalvoy
                                       ----------------------
                                       Charles E. Shalvoy, President and Chief
                                       Executive Officer

                                       6

<PAGE>

                               NOTICE OF EXERCISE

To:   Chief Executive Officer
      Conductus, Inc.
      969 W. Maude Avenue
      Sunnyvale, CA 94086

            The undersigned hereby elects to purchase        shares of Common
Stock of Conductus, Inc., pursuant to the terms of the attached Warrant and
payment of the Exercise Price per share required under such Warrant
accompanies this notice;

x                                             WARRANTHOLDER:

                                             By:
                                                --------------------------------
                                             Name:
                                                  ------------------------------
                                             Title:
                                                   -----------------------------

                                 Address:
                                             -----------------------------------

                                             -----------------------------------

Date:
     --------------

Name in which shares should be registered:

------------------------------------------<PAGE>

                                                                   EXHIBIT 10.41

                        PENTECH FINANCIAL SERVICES, INC.

                        MASTER EQUIPMENT LEASE COMMITMENT

     Subject to the conditions set forth in this Master Equipment Lease
Commitment ("Commitment"), the following leasing transaction is agreed to by and
between PENTECH FINANCIAL SERVICES, INC., a California corporation ("Lessor")
and Conductus, Inc., a DELAWARE corporation ("Lessee"), in connection with the
terms and conditions of Master Equipment Lease No. 301001 (the "Lease") with an
effective date of SEPTEMBER 1, 2000.

     1.  EQUIPMENT (all Equipment is to be acceptable to Lessor): test
equipment, manufacturing equipment, personal computers, and other related
equipment to be approved by Lessor. A percentage equal to 10% of the line
amount, but not more than 15% of any individual schedule may be used for "soft
cost" exclusions listed below.

         EXCLUSIONS: custom use equipment, software, installation and delivery
costs, purchase tax, tooling equipment, tenant improvements and items generally
considered fungible or expendable.

     2.  COMMITMENT AMOUNT. $2,000,000.00.

     3.  LEASE SUPPLEMENTS. This is a Master Equipment Lease transaction whereby
Supplements may be funded as Equipment is delivered. Supplements scheduling
Equipment to be subject to the Lease will each be for the term and on the
conditions set out herein. No individual Supplement shall be for less than
$100,000.00. Lessee acknowledges that Lessee will, upon demand by Lessor, pay
directly to the appropriate party the amount of any invoice which may be
furnished to Lessor subsequent to inclusion of the applicable item of Equipment
on a Supplement.

     4.  TERM. Each Supplement under the Lease will be for an initial term of 36
months commencing on the first day of the calendar month following delivery and
acceptance of the Equipment on the Supplement.

     5.  MONTHLY RENT PAYMENT. 3.17% of cost (the "Monthly Lease Rate Factor")
original Equipment payable monthly in advance reflecting an annual interest rate
of 9.31% of the monthly rents. First and last months' payments are due at
closing of each schedule. Payment is subject to rate adjustments pursuant to
paragraph 9, below.

     6.  COMMENCEMENT DATE. Monthly rent for each Supplement will commence on
the first day of the calendar month following delivery and acceptance of the
Equipment on the Supplement.

     7.  INTERIM RENT. Interim rent will be charged for the period commencing on
delivery and acceptance of the Equipment on any particular Supplement and ending
the last day in that month, and will be the daily equivalent of the Monthly Rent
Payment, computed on a thirty (30) day month.

     8.  COMMITMENT EXPIRATION DATE. JUNE 30, 2001. The Commitment Expiration
Date may be extended, in Lessor's sole discretion, upon review by Lessor of the
Lessee's then current financial condition. Lessee agrees to provide Lessor such
financial and other information as Lessor may reasonably request to evaluate
Lessee's financial condition for purposes of granting such extension.

                                   Page 1 of 3

<PAGE>

     Lessee acknowledges that Lessor will have no further obligations hereunder
as to any item of Equipment not included on any Supplement under the Lease after
the Commitment Expiration Date.

     9.  RATE ADJUSTMENT. The Monthly Lease Rate Factor will be indexed to the
thirty (30) day London Inter Bank Offer Rate ("LIBOR") ("the "Index Instrument")
which on the date of the proposal was 5.9125% (WALL STREET JOURNAL dated
February 29, 2000). The Monthly Lease Rate Factor shall be adjusted to provide
for any increase or decrease, with a floor of 5.9125%. At the Commencement Date
of each Supplement, the Monthly Lease Rate Factor shall be fixed for the initial
term of such Supplement.

     10. UCC SEARCH/RELEASES: The Lessor may search all public records and
filings of Lessee to locate and identify any conflicting liens against the
Equipment. UCC releases from any intervening parties holding a security interest
in said Equipment shall be required prior to funding any Supplement.

     11. TYPE OF LEASE: This is a net lease transaction whereby maintenance,
insurance, property taxes, and all items of a similar nature are solely for the
account of the Lessee.

     12. EXPENSES: All expenses associated with the lease transaction
contemplated hereby including, but not limited to, UCC filing fees, title and
lien searches, documentation costs, legal expenses, and equipment verification
costs are solely for the account of the Lessee. Lessee will pay as directed by
Lessor, or will reimburse Lessor on demand, for all such costs and other charges
incurred by Lessor in connection with the Lease and Supplements, in an amount
not to exceed $5,000.00.

     13. LEASE DEPOSIT: Lessee shall provide Lessor a Lease Deposit in the
amount of $20,000.00, receipt of which is hereby acknowledged. This deposit
shall be applied to Lessee's first monthly rent payment on a prorated basis for
each Supplement funded under the Lease. The balance of any unapplied Lease
Deposit as of the Commitment Expiration Date shall be deemed to have been earned
by Lessor as of that date.

     14. ANNUAL FINANCIAL STATEMENTS: Lessee agrees to provide Lessor with
Lessee's annually audited financial statements within 120 days of the close of
Lessee's fiscal year end.

     15. ADVANCE PAYMENTS: The first and last month's rent under any Supplement
will be payable prior to the Commencement Date of the Supplement.

     16. RESIDUAL OPTIONS: So long as no default shall have occurred and be
continuing, lessee shall have the following options:
     a) Purchase all but not less than all, of the equipment at its then Fair
Market Value (FMV), 15% of its original costs, as set forth in each supplement;
or
     b) Renew the lease for a 12-month period at its Fair Market Rental Value
(FMRV) 60% of the original rental amount after which Lessor agrees to sell the
equipment to Lessee for $1.00; or
     c) Return all, but not less than all, of the equipment covered under the
lease subject to a remarketing charge equal to 11% of its original purchase
price.

     17. ADVERTISING: During the term of any schedule or supplement under this
Master Lease line, Lessor may publish, for the purpose of its own advertising
and promotion only, via print and/or electronic media, the name and the logo of
Lessee, together with the total amount of the Master Lease Line.

     18. WARRANTS: Lessee shall issue to Lessor a Warrant to purchase 10,000
shares of Conductus, Inc. Common Stock at the market price on September 20,
2000, the date of approval. The

                                  Page 2 of 3

<PAGE>

Warrant shall have an exercise term of 7 years from the date of issue and shall
contain standard anti-dilution provisions. The Warrant may be exchanged without
the payment of any additional consideration for stock based upon the value of
the common or preferred stock at the exchange, i.e., net issuance.

     19. DOCUMENTATION. Prior to Lessor issuing a purchase order for any item of
Equipment, Lessee will comply with, procure and/or execute, have executed,
acknowledge, have acknowledged, deliver to Lessor, record and file any
documents, or produce such evidence, facts or figures as set forth in Exhibit A
accompanying this Commitment, and will do likewise as to any further documents,
evidence, facts or figures that Lessor and its counsel may now or hereafter deem
necessary or advisable to protect Lessor's rights under the Lease and
Supplements and its interest in the Equipment. Lessee will pay as directed by
Lessor, or will reimburse Lessor on demand, for all costs, including legal,
appraisal, due diligence, title and lien searches, UCC recording, documentation
and other charges incurred by Lessor in connection with the Lease and
Supplements. The form, substance and sufficiency of all documents employed in
documenting the Lease and Supplements contemplated hereby must be acceptable to
Lessor and its counsel.

     20. TERMINATION. Lessor, in its sole discretion, retains the right to delay
or to cancel lease funding commitments if adverse change in Lessee's financial
condition occurs which has, in Lessor's sole discretion, impacted or which may
impact Lessee's credit capability. Lessor may, at its option, terminate its
obligation to Lessee hereunder (a) at or subsequent to the Commitment Expiration
Date; (b) upon the advent of a material adverse change, in Lessor's sole
discretion, in Lessee's financial condition or Lessee's probable ability to
perform its obligations under the Lease and Supplements; (c) if the Lease, any
Supplement, or any other agreement under which Lessee has the obligation to
Lessor is in default or an event which would constitute a default under the
Lease, any Supplement or any other agreement has occurred and is continuing; or
(d) with respect to any item if the shipping costs, installation charges and
design costs applicable thereto exceed more than fifteen percent (15%) of its
total cost to Lessor. Termination shall occur upon Lessor's giving ten (10) days
written notice of termination to Lessee.

In the event Lessor elects to terminate its obligation to Lessee with respect to
future funding commitments, Lessee will purchase all of Lessor's right, title
and interest in the Equipment subject to such funding commitments for the amount
Lessor has paid or has become obligated to pay on account thereof, plus interest
on amounts actually paid at the rate of eighteen percent (18%) per annum, or
such greater or lesser contract rate as may be applicable to Lessor, from the
date paid to the date of Lessee's repurchase.

     ACCEPTED AND AGREED to effective SEPTEMBER 1, 2000.

LESSOR:                                    LESSEE:

PENTECH FINANCIAL SERVICES, INC.           CONDUCTUS, INC., a Delaware
a California corporation                   corporation

By:    /s/ Benjamin E. Millerbis           By:    /s/ Ron Wilderink
       -------------------------                  -----------------
       Benjamin E. Millerbis               Name
Its:   President                           Its:

                                  Page 3 of 3

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