Second Amendment to Credit Support Agreement



 Exhibit 10.3 
 SECOND AMENDMENT TO CREDIT SUPPORT AGREEMENT 
 This Second Amendment (this
“Amendment”) to the Credit Support Agreement, dated as of April 28, 2011, as amended by that Amendment to Credit Support Agreement, dated as of June 7, 2011 (as so amended and as further as amended, modified,
supplemented, extended or restated from time to time, the “Credit Support Agreement”), by and between Total S.A., a société anonyme organized under the laws of the Republic of France (the
“Guarantor”), and SunPower Corporation, a Delaware corporation (the “Company”), is made and entered into as of December 12, 2011 by and between the Guarantor and the Company. Capitalized terms used in
this Amendment and not otherwise defined herein shall have the meanings given to them in the Credit Support Agreement. 

WITNESSETH 

WHEREAS, the Guarantor and the Company anticipate entering into various agreements related to the purchase of Tenesol S.A., a subsidiary
of the Guarantor, by the Company, and in relation to such transactions desire to amend certain terms of the Credit Support Agreement to increase to $725,000,000 the Maximum L/C Amount set forth in clause (i) of the definition of “Maximum L/C
Amount” in Section 1(hh) of the Credit Support Agreement to support SunPower’s performance of construction services related to the CVSR Project. 
 NOW, THEREFORE, in consideration of the foregoing premises and the matters set forth herein, as well as other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged
and accepted, and intending to be legally bound, the Guarantor and the Company hereby agree as follows: 
 1.
Amendments to Credit Support Agreement. 
 a. Clauses (i) and (ii) of the definition of “Maximum
L/C Amount” set forth in Section 1(hh) of the Credit Support Agreement are hereby amended and restated as follows: 
 “(i) for the period from the Effective Date through December 31, 2012, $725 million; 
 (ii) [removed and reserved];” 
 b. Section 2(b)(iv) of the Credit
Support Agreement is hereby amended and restated in its entirety to read as follows: 
 “(iv) such Proposed
Facility does not permit the issuance of L/Cs for any obligations of the Company or a Wholly-Owned Subsidiary other than (A) performance guarantees (for a period of up to two (2) years after completion of the applicable project) and
completion guarantees (until completion of the applicable project) of the Company or such Wholly-Owned Subsidiary with respect to engineering, procurement and construction services provided in connection with the Company’s UPP and LComm
businesses (including replacing unguaranteed L/Cs in existence as of the Effective Date for such purposes with new L/Cs to be issued under such Proposed Facility), (B) performance guarantees for engineered hardware packages not including
engineering, procurement and construction services for UPP projects for a period of up to two (2) years after completion of the applicable project, (C) the Other Permitted Purposes for a period of up to two (2) years, (D) certain
purchase, repayment and tax indemnity obligations of the Company or a Wholly-Owned Subsidiary existing as of the Effective Date supported by no more than three (3) L/Cs (of which two (2) L/Cs in an aggregate face amount of €10,675,609
relate to the Montalto Project and one (1) L/C in a face amount of $40,000,000 relates to the NorSun Supply Agreement) (which existing L/Cs will be replaced by L/Cs issued pursuant to a Guaranteed Facility with an expiration date no later than
the fifth anniversary of the Effective Date); and, (E) until January 15, 2013, letters of credit or demand guarantees that relate to the California Valley Solar Ranch project of the Company, issued pursuant to that certain Continuing
Agreement for Standby Letters of Credit and Demand Guarantees, dated as of September 27, 2011, by and 

  
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among the Company, SunPower Corporation, Systems, Deutsche Bank AG New York Branch and Deutsche Bank Trust Company Americas in an aggregate face amount outstanding at any time not to exceed
$230,909,528; provided, that, notwithstanding anything to the contrary in this Section 2(b)(iv), the Company will be permitted to have outstanding at any one time during the period described in Section 2(b)(iii) letters of credit for the
purposes described in clauses (A) and (B) above with a period of between two (2) and three (3) years and for an aggregate initial face amount of up to fifteen per cent (15%) of the then-applicable Maximum L/C Amount;”

 2. Agreement. All references to the “Agreement” set forth in the Credit Support
Agreement shall be deemed to be references to the Credit Support Agreement as amended by this Amendment. 
 3.
Headings. The headings set forth in this Amendment are for convenience of reference purposes only and shall not affect or be deemed to affect in any way the meaning or interpretation of this Amendment or any term or provision
hereof. 
 4. Confirmation of the Credit Support Agreement. Other than as expressly modified pursuant to
this Amendment, all provisions of the Credit Support Agreement remain unmodified and in full force and effect. The applicable provisions of Section 10 of the Credit Support Agreement shall apply to this Amendment mutatis mutandis.

 5. Closing of Tenesol Transaction. The parties agree that, if the contemplated purchase of Tenesol S.A.
has not been closed on or before March 1, 2012, the Company shall transfer or cause to be terminated any outstanding L/Cs not permitted under Section 2(b)(iv) of the Credit Support Agreement prior to the effectiveness of this Amendment out of any
Guaranteed Facility no later than March 30, 2012. 
 [Execution page follows.] 

  
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 IN WITNESS WHEREOF, the Borrower and the Guarantor have caused this Amendment to be executed
by their respective duly authorized officers as of the date first written above. 
  

			
	 SUNPOWER CORPORATION,
 as the Company

		
	By:	 	/s/ Thomas H. Werner
	Name:  Thomas H. Werner
	Title:    Chief Executive Officer
	
	 TOTAL S.A.,

as the Guarantor

		
	By:	 	/s/ Patrick de La Chevardiere
	Name:   Patrick de La Chevardiere
	Title:     Chief Executive Officer


 [Signature Page to Second Amendment to Credit Support Agreement]