Document:

<PAGE>   1
                                                                    EXHIBIT 4.27

No. WSI-100                                           Right to Purchase 250,000
February 9, 2000                                         Shares of Common Stock

                                     WARRANT

                        SUPERCONDUCTOR TECHNOLOGIES INC.

        This Certifies that subject to the terms of this agreement, Wilmington
Securities, Inc. (the "Warrantholder") is entitled to subscribe for and purchase
from Superconductor Technologies Inc, a Delaware corporation (The "Company"), at
the Warrant Price defined in Section 2 herein, Two Hundred Fifty Thousand
(250,000) fully paid and non-assessable shares of the Company's Common Stock
(the "Common Stock:"), such price and such number of shares being subject to
adjustment upon occurrence of the contingencies set forth in this Warrant.

        This Warrant is issued pursuant to a Securities Purchase Agreement dated
as of January 4, 2000 between the Company and Warrantholder.

        Upon delivery of this Warrant (with the Notice of Exercise in the form
attached hereto as (Exhibit A), together with payment of the Warrant Price of
the shares of Common Stock thereby purchased, at the principal office of the
Company or at such other office or agency as the Company may designate by notice
in writing to the holder hereof, the holder of this Warrant shall be entitled to
receive a certificate or certificates for the shares of Common Stock so
purchased. All shares of Common Stock which may be issued upon the exercise of
this Warrant will, upon issuance, be fully paid and non-assessable ad free from
all taxes, liens and charges with respect thereto.

        This Warrant is subject to the following terms and conditions:

        1. Term of Warrant.

        This Warrant may be exercised in whole or in part, at any time after
issuance and prior to 5:00 p.m., Eastern Standard Time, February 8, 2005.

        On February 8, 2005, this Warrant, to the extent not exercised, shall
terminate.

        2. WARRANT PRICE. The exercise price of this Warrant (the "Warrant
Price) shall equal $3.575 per share.

        3. ADJUSTMENT OF PURCHASE PRICE AND NUMBER OF SHARES.

        The number and kind of securities purchasable upon the exercise of this
Warrant and the Warrant Price shall be subject to adjustment from time to time
in accordance with the following provisions: provided that, no such adjustment
shall be made if a corresponding adjustment is made pursuant to the Company's
Amended and Restated Certificate of Incorporation.

                                       -1-
<PAGE>   2

        (a) Reclassification, Consolidate or Merger. In case of any
reclassification or change of outstanding securities of the class issuable upon
exercise of this Warrant (other than as a result of a subdivision or
combination), or in case of any consolidation or merger of the Company with or
into another corporation, the Company, or such successor corporation, as the
case may be, shall execute a new Warrant, providing that the holder of this
Warrant shall have the right to exercise such new Warrant and procure upon such
exercise in lieu of each share of Common Stock theretofore issuable upon
exercise of this Warrant the kind and amount of shares of stock, other
securities, money and property receivable upon such reclassification, change,
consolidation or merger by a holder of one share of Common Stock. Such new
Warrant shall provide for adjustments which shall be as nearly equivalent as may
be practicable to the adjustments provided for in this Section 3. The provisions
of this subsection (a) shall similarly apply to successive reclassifications,
changes, consolidations and mergers.

        (b) Subdivision or Combination of Shares. If at any time on or after the
date of this Warrant the Company shall subdivide its outstanding shares of
Common Stock into a greater number of shares, the Warrant Price in effect
immediately prior to such subdivision shall be proportionately reduced and the
number of shares receivable upon exercise of the Warrant shall be
proportionately increased; and, conversely, if at any time on or after the date
of this Warrant the outstanding number of shares of Common Stock shall be
combined into a smaller number of shares, the Warrant Price in effect
immediately prior to such combination shall be proportionately increased and the
number of shares receivable upon exercise of the Warrant shall be
proportionately decreased.

        (c) Adjustment of Number of Shares. Upon each adjustment in the Warrant
Price, the number of Shares of Common Stock purchasable hereunder shall be
adjusted, to the nearest whole share, to the product obtained by multiplying the
number of shares purchasable immediately prior to such adjustment in the Warrant
Price by a fraction, the numerator of which shall be the Warrant Price
immediately prior to such adjustment and the denominator of which shall be the
Warrant Price immediately thereafter.

        4. NOTICES.

        (a) Upon any adjustment of the Warrant Price and any increase or
decrease in the number of shares of Common Stock purchasable upon the exercise
of this Warrant, then, and in each such case, the Company, within thirty (30)
days thereafter, shall give written notice thereof to the registered holder of
this Warrant (the "Notice"). The Notice shall be mailed to the address of such
holder as shown on the books of the Company, and shall state the Warrant Price
as adjusted and the increased or decreased number of shares purchasable upon the
exercise of this Warrant, setting forth in reasonable detail the method of
calculation of each.

        (b) In the event that the Company shall propose at any time to effect a
change of control, the Company shall send to the Warrantholder at lease ten (10)
days' prior written notice of the date when the same shall take place.

        (c) Each such written notice shall be given by first class mail, postage
prepaid, addressed to the Warrantholder at the address as shown on the books of
the Company for the Warrantholder.

                                      -2-
<PAGE>   3

        5. INVESTMENT LETTER. Upon exercise or conversion of this Warrant in
accordance with the provisions hereof, the Warrantholder shall execute and
deliver to the Company an investment letter in the form attached hereto as
Exhibit B.

        6. RESTRICTIONS ON TRANSFER. Certificates representing any of the Common
Stock acquired pursuant to the provisions of this Warrant shall have endorsed
thereon legends substantially in the following form, as appropriate.

        (a) Unless such shares of Common Stock are received in a transaction
registered under the Securities Act and qualified (if necessary) under
applicable state securities laws:

        "THE SHARES  REPRESENTED  BY THIS  CERTIFICATE  HAVE
        BEEN  ACQUIRED  FOR  INVESTMENT  AND  HAVE  NOT BEEN
        REGISTERED  UNDER THE SECURITIES  ACT OF 1933.  SUCH
        SHARES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE
        OF SUCH REGISTRATION  UNLESS THE COMPANY RECEIVES AN
        OPINION  OF  COUNSEL  REASONABLY  ACCEPTABLE  TO  IT
        STATING  THAT SUCH SALE OR  TRANSFER  IS EXEMPT FROM
        THE    REGISTRATION    AND    PROSPECTUS    DELIVERY
        REQUIREMENTS OF SAID ACT."

        (b) Any legend required to be placed thereon by any applicable state
securities laws.

        7. COMPLIANCE WITH ACT. The Warrantholder, by acceptance hereof, agrees
that this Warrant and the Common Stock to be issued upon the exercise or
conversion hereof are being acquired solely for its own account and not as a
nominee for any other party and not with a view toward the resale or
distribution thereof and that it will not offer, sell or otherwise dispose of
this Warrant or any of the Common Stock to be issued upon the exercise or
conversion hereof except in accordance herewith and under circumstances which
will not result in a violation of the Securities Act or of applicable state
securities laws.

        8. MISCELLANEOUS.

        (a) The terms of this Warrant shall be binding upon and shall inure to
the benefit of any successors or assigns of the Company and of the holder or
holders hereof and of the Common Stock issued or issuable upon the exercise
hereof.

        (b) No holder of this Warrant, as such, shall be entitled to vote or
receive dividends or be deemed to be a stockholder of the Company for any
purpose, nor shall anything contained in this Warrant be construed to confer
upon the holder of this Warrant, as such, any rights of a stockholder of the
Company or any right to vote, give or withhold consent to any corporate action,
receive notice of meetings, receive dividends or subscription right, or
otherwise.

        (c) Receipt of this Warrant by the holder hereof shall constitute
acceptance of and agreement to the foregoing terms and conditions.

                                      -3-
<PAGE>   4

        (d) The Company will not, by amendment of its Amended and Restated
Certificate of Incorporation or through any other means, avoid or seek to avoid
the observance or performance of any of the terms of this Warrant, but will at
all times in good faith assist in the carrying out of all such terms and in the
taking of all such action as may be necessary or appropriate in order to protect
the rights of the holder of this Warrant against impairment.

        (e) Upon receipt of evidence reasonably satisfactory to the Company of
the loss, theft, destruction or mutilation of this Warrant and, in the case of
any such loss, theft or distribution, upon delivery of an indemnity agreement
reasonably satisfactory in form and amount to the Company, or, in the case of
any such mutilation, upon surrender and cancellation of such Warrant, the
Company at its expense will execute and deliver, in lieu thereof, a new Warrant
of like date and tenor.

        (f) This Warrant shall be nontransferable, other than pursuant to a
distribution without consideration of the Warrant by the Warrantholder of any of
its partners or retired partners. (g) This Warrant or any provision hereof may
be amended, waived, discharged or terminated only by an instrument in writing
signed by the Company and the party against which enforcement of the amendment,
waiver, discharge or termination is sought.

        (h) This Warrant shall be governed by the laws of the State of
California.

        IN WITNESS WHEREOF, the Company has caused this Warrant to be signed by
it's duly authorized officer.

Dated:  February 9, 2000                    SUPERCONDUCTOR TECHNOLOGIES INC.

                                           By: M. Peter Thomas
                                               --------------------------------

                                      -4-
<PAGE>   5

                                    EXHIBIT A

                               NOTICE OF EXERCISE

TO:            SUPERCONDUCTOR TECHNOLOGIES INC.

        1. The undersigned hereby electors to purchase     shares of the Common
Stock of Superconductor Technologies Inc. pursuant to the terms of the attached
Warrant, and tenders herewith payment of the purchase price of such shares in
full, together with all applicable transfer taxes, if any.

        2. Please issue a certificate or certificates representing said shares
of Common Stock in the name of the undersigned or in such other name as
specified below:

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

                                     (Name)

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

                        --------------------------------
                                    (Address)

        3. The undersigned represents that the aforesaid shares of Common Stock
are being acquired for the account of the undersigned for investment and not
with a view to, or for resale in connection with, the distribution thereof and
that the undersigned has no present intention of distributing or reselling such
shares. In support thereof, the undersigned has executed the Investment
Representation Statement attached hereto as Exhibit B.

                                            Signature of Warrantholder

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

                                      -5-
<PAGE>   6

                                   EXHIBIT B
                          SUPERCONDUCTOR TECHNOLOGIES
                               WARRANT EXERCISES
                      INVESTMENT REPRESENTATION STATEMENT

                    Purchaser:          ______________________________

                    Company:            ______________________________

                    Security:           ______________________________

                    Number of Shares:   ______________________________

                    Date:               ______________________________

     In connection with the purchase of the above-listed Securities, I, the
Purchaser, represent to the Company the following:

     (a)  I am an accredited investor within the meaning of Rule 501 under the
Securities Act of 1933, as amended (the "Securities Act") and have such
knowledge and experience in financial and business matters that I am capable of
evaluating the merits and risks of the purchase of the Securities.

     (b)  I am aware of the Company's business affairs and financial condition,
and have acquired sufficient information about the Company to reach an informed
and knowledgeable decision to acquire the Securities. In making my decision to
acquire the Securities, I am not relying on representations of any officer,
director, stockholder or agent of the Company. I am purchasing these Securities
for my own account for investment purposes only and not with a view to, or for
the resale in connection with, any "distribution" thereof for purposes of the
Securities Act.

     (c)  I further understand that the Securities must be held indefinitely
unless registered under the Securities Act or unless an exemption from
registration is otherwise available. In addition, i understand that the
certificate evidencing the securities will be imprinted with a legend which
prohibits the transfer of Securities unless they are registered or such
registration is not required in the opinion of counsel for the purchaser
satisfactory to the Company or unless the Company receives a no-action letter
from the Securities and Exchange Commission.

     (d)  I am familiar with the provisions of Rule 144, promulgated under the
Securities Act, which, in substance, permits limited public resale of
restricted securities acquired, directly or indirectly, from the issuer thereof
(or from an affiliate of such issuer), in a  non-public offering subject to the
satisfaction of certain conditions, including, among other things: (1) the
resale occurring not less than one year after the later of the date the
securities were sold by the

                                      -6-
<PAGE>   7

Company or the date they were sold by an affiliate of the Company, within the
meaning of Rule 144; and, in the case of an affiliate, or of a non-affiliate
who has held the securities less than two years, (2) the availability of certain
public information about the Company, (3) the sale being made through a broker
in an unsolicited "broker's transaction" or in transactions directly with a
market maker (as said term is defined under the Securities Exchange Act of
1934), and (4) the amount of securities being sold during any three month
period not exceeding the specified limitations stated therein, if applicable.

     (e)  I further understand that at the time I wish to sell the Securities
there may be no public market upon which to make such a sale, and that, even if
such a public market exists, the Company may not be satisfying the current
public information requirements of Rule 144, and that, in such event, I would
be precluded from selling the Securities under Rule 144 even if the one-year
minimum holding period had been satisfied.

                                   Signature of Purchaser:
                                             Wilmington Securities, Inc.

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

                                      -7-<PAGE>   1
                                                                   EXHIBIT 10.28

THIS NOTE AND THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED. THEY MAY NOT BE SOLD, OFFERED FOR SALE,
PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS
TO THE SECURITIES UNDER SAID ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE
CORPORATION THAT SUCH REGISTRATION IS NOT REQUIRED.

                        SUPERCONDUCTOR TECHNOLOGIES INC.

                                   DEMAND NOTE

$500,000                                                       December 1, 1999

        FOR VALUE RECEIVED, SUPERCONDUCTOR TECHNOLOGIES INC., A Delaware
corporation ("Company") promises to pay UPON DEMAND to WILMINGTON SECURITIES,
INC., a Delaware corporation ("Holder"), or its assigns, the principal sum of
Five Hundred Thousand Dollars ($500,000), or such lesser amount as shall equal
the outstanding principal amount hereof, together with interest from the date of
this Note on the unpaid principal balance at a rate equal to eight percent
(8.0%) per annum, computed on the basis of the actual number of days elapsed and
a year of 360 days. Company may repay this Note, in whole or in part, at any
time without prior notice to Holder.

        If action is instituted to collect this Note, Company promises to pay
all costs and expenses, including without limitation, reasonable attorneys' fees
and costs, incurred by Holder in connection with such action. Company hereby
waives notice of default, presentment or demand for payment, protest or notice
of nonpayment or dishonor and all other notices or demands relative to this
instrument.

        As partial consideration for the loan evidenced by this Note, the
Company agrees to issue to Holder a five-year warrant (the "Warrant") in the
form attached as Exhibit A providing Holder the right to purchase 20,000 shares
of Company Common Stock at a price of $3.00 per share.

        The company hereby represents and warrants to the Holder that as of the
date of this Note the Company is a corporation duly organized, validly existing
and in good standing under the laws of the State of Delaware. The Company has
all requisite legal and corporate power and authority to execute and deliver
this Note and the Warrant and to carry out and perform its obligations under the
terms of this Note and the Warrant. The shares of Common Stock issuable upon
exercise of the Warrant have been validly reserved, and when issued in
compliance with the terms of the Warrant will be validly issued, fully paid and
nonassessable.

                                      -1-
<PAGE>   2

        By acceptance of this Note, the Holder hereby represents and warrants to
the Company as follows: (i) Holder is acquiring this Note and the Warrant for
investment for its own account, not as a nominee or agent, and not with the view
to, or for resale in connection with, any distribution thereof. Holder
understands that the Warrant and the Common Stock, if any, issuable upon
exercise thereof have not been, and will not be, registered under the Securities
Act of 1933, as amended (the "Securities Act") by reason of a specific exemption
form the registration provisions of the Securities Act, the availability of
which depends upon, among other things, the bona fide nature of the investment
intent and the accuracy of the Holder's representations as expressed herein.
Holder is an "accredited investor" within the meaning of Regulation D, Rule
501(a), promulgated by the Securities and Exchange Commission; (ii) Holder
acknowledges that the Warrant and the Common Stock, if any, issuable upon
exercise thereof, must be held indefinitely unless subsequently registered under
the Securities Act or unless an exemption from such registration is available.
Holder is aware of the provisions of Rule 144 promulgated under the Securities
Act which permit limited resale of shares purchased in a private placement
subject to the satisfaction of certain conditions, including, among other
things, the availability of certain current public information about the
Company, the resale occurring not less than one year after a party has purchased
and paid for the security to be sold, the sale being effected through a
"broker's transaction" or in transactions directly with a "market maker" and the
number of shares being sold during any three-month period not exceeding
specified limitations; (ii) Holder understands that no public market now exists
for any of the Warrants and that the Company has made no assurances that a
public market will ever exist for the Warrants; and (iv) Holder has had an
opportunity to discuss the Company's business, management and financial affairs
with its management. Holder has also had an opportunity to ask questions of
officers of the Company, which questions were answered to its satisfaction.
Holder understands that such discussions, as well as any written information
issued by the Company, were intended to describe certain aspects of the
Company's business and prospects but were not a thorough or exhaustive
description.

        This Note and all actions arising out of or in connection with this Note
shall be governed by and construed in accordance with the laws of the State of
California, without regard to the conflicts of law provisions of the State of
California or of any other state.

        IN WITNESS WHEREOF, Company has caused this Note to be issued as of the
date first written above.

                                             SUPERCONDUCTOR TECHNOLOGIES INC.
                                             A Delaware corporation

                                             By: /s/ M. Peter Thomas
                                                 ------------------------------
                                                 Name:  M. Peter Thomas
                                                 Title: Chief Executive Officer

                                      -2-

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