Document:

exhibit10-3.htm

    EXHIBIT
10.3

    

    EXECUTION
COPY

    

     

    
      	
              
                CONFIDENTIAL
      TREATMENT REQUESTED

                --

              

              
                CONFIDENTIAL
      PORTIONS OF THIS DOCUMENT HAVE BEEN REDACTED AND HAVE BEEN SEPARATELY
      FILED WITH THE SECURITIES AND EXCHANGE
  COMMISSION

              

            

    

     

    
      
      

    

    

    AMENDMENT
NO. 3 TO POLYSILICON SUPPLY AGREEMENT

    

    THIS AMENDMENT NO. 3 TO POLYSILICON SUPPLY
AGREEMENT (This "Amendment
No. 3") is made this 1 day
of  August, 2009 ("Effective
Date") by and between
Woongjin Energy Co., Ltd., a company organized and existing under the laws of
the Republic of Korea with its office located at 1316 GwanPyeong-Dong,
YuSung-Gu, DaeJeon, Korea (“JVC”), and SunPower Philippines
Manufacturing, Ltd., a company organized under the laws of the Philippines and
having its principal office located at #100 East Main Street, Special Export
Processing Zone, Laguna Techno Park, Binan Laguna, Philippines (“SunPower”).  Each of JVC and
SunPower is sometimes referred to herein as a "Party"
and collectively, as the "Parties".  Capitalized
terms used in this Amendment No. 3 and not defined herein shall have the meaning
given to such terms in the Agreement (as hereinafter defined).

    

    RECITALS

    

               (a)           JVC
and SunPower are parties to that certain Polysilicon Supply Agreement, dated as
of December 22, 2006 and as amended from time to time (the "Agreement"),
pursuant to which SunPower agreed to sell to JVC, and JVC agreed to purchase
from SunPower, certain Products.

    

    (b) The
Parties desire to amend the Agreement to change the pricing for the Products set
forth in the Agreement.

    

               NOW THEREFORE, in
consideration of the promises set forth above, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
Parties hereto, intending to be legally bound, hereby agree as
follows:

    

    AGREEMENT

    

    Schedule
2 of the Agreement is hereby amended by deleting such Schedule in its entirety
and replacing such Schedule with Schedule 2 hereto.

     

    All other
provisions of the Agreement, except as specifically amended or waived hereby,
shall remain in full force and effect and are incorporated herein.

     

    If any
part of this Amendment No. 3 or the Agreement as amended herein is found to be
void or unenforceable for any reason, the remainder of this Amendment No. 3 and
the Agreement as amended hereunder, shall be enforced, to the fullest extent
possible, as if such void or unenforceable provision was not part of this
Amendment No. 3.

     

    This
Amendment No. 3 may be executed one or more counterparts, each of which shall be
deemed to be an original and shall constitute one and the same
instrument.  This Amendment may be executed by facsimile, and each
such facsimile signature shall be deemed to be an original.

     

    [SIGNATURE
PAGE FOLLOWS]

    

    
      
        
        

      

      
        Page 1 of
3

        
          

        

      

      
        
        

      

    

    

    

    

    IN WITNESS THEREOF, the
Parties hereto, intending to be legally bound, have executed this Amendment No.
3 as of the date first written above

    

    

     

     

    
      
        	
                 WOONJIN ENERGY CO.,
      LTD

                 

              	 	 	 SUNPOWER
      PHILIPPINES MANUFATURING, LTD.	 
	
                /s/Hak
      Do Yoo

              	 	 	
                /s/
      Marty Neese

              	 
	
                Name:
       Hak Do Yoo

              	 	 	
                Name: 
      Marty Neese 

              	 
	
                Title: 
      CEO

                Date:  Sept 2, 2009

              	 	 	
                Title: 
      COO

                Date:  9-18-09

              	 

      

    

    

    
      
        
           

        

         

      

      
        Page 2 of
3

        
          

        

      

      
         

        
          

          EXECUTION
COPY

          

        

      

    

    Schedule
2

    Product
Pricing

    

    The
purchase price per kilogram for Products shall be as set from time to time by
SunPower or SunPower Corp. in their sole discretion and communicated to JVC by
or on behalf of SunPower or SunPower Corp.

    

    Unless changed by SunPower or SunPower
Corp. after the Execution Date (with such changed being communicated to JVC by
or on behalf of SunPower or SunPower Corp.), the purchase prices per kilogram
for the Products will be $***.

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    Page 3 of
3

    

    ***
CONFIDENTIAL MATERIAL REDACTED AND SEPARATELY FILED WITH THE SECURITIES AND
EXCHANGE COMMISSION.exhibit10-4.htm

    
      EXHIBIT
10.4

    

    

    

    

    SECOND
AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT

    

    

    THIS SECOND AMENDMENT TO AMENDED AND
RESTATED CREDIT AGREEMENT (this "Amendment") is entered into as of August 31,
2009, by and between SUNPOWER CORPORATION, a Delaware corporation ("Borrower"),
and WELLS FARGO BANK, NATIONAL ASSOCIATION ("Bank").

    

    RECITALS

    

    WHEREAS, Borrower is currently indebted
to Bank pursuant to the terms and conditions of that certain Amended and
Restated Credit Agreement between Borrower and Bank dated as of March 20, 2009,
as amended from time to time ("Credit Agreement").

    

    WHEREAS, Bank and Borrower have agreed
to certain changes in the terms and conditions set forth in the Credit Agreement
and have agreed to amend the Credit Agreement to reflect said
changes.

    

    NOW, THEREFORE, for valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto agree that the Credit Agreement shall be amended as
follows:

    

    1.           The
following defined term is hereby deleted in its entirety, and the following
substituted therefor:

    

    “L/C Line Commitment
Amount” means the Dollar Equivalent Amount of
$200,000,000.00.”

    

    2.           The
third paragraph of Section 1.5 is hereby deleted in its entirety, without
substitution:

    

    3.           The
first sentence of Section 4.9.(a) is hereby deleted in its entirety, and
the following substituted therefor:

    

    "Minimum
Liquidity (defined as unencumbered and unrestricted cash, cash equivalents, and
marketable securities acceptable to Bank, which, if cash, is U.S. Dollar
denominated, or if held in an account not maintained in the United States, is
denominated in any currency for which a U.S. Dollar equivalent is routinely
calculated by Bank, and, if other than cash, consist of financial instruments or
securities, acceptable to Bank (collectively, “Eligible Assets”) equal to or
greater than (i) two (2.00) times the Exposure (defined below) under the Line of
Credit, with a minimum amount of such liquidity equal to 150% of the Exposure to
be held in accounts maintained in the United States, in all instances determined
as of the end of each of Borrower’s fiscal months."

    
      
        
        

      

      
        -1-

        
          

        

      

      
        
        

      

    

    4.           Except
as specifically provided herein, all terms and conditions of the Credit
Agreement remain in full force and effect, without waiver or
modification.  All terms defined in the Credit Agreement shall have
the same meaning when used in this Amendment.  This Amendment and the
Credit Agreement shall be read together, as one document.

    

    5.           Borrower
hereby remakes all representations and warranties contained in the Credit
Agreement and reaffirms all covenants set forth therein.  Borrower
further certifies that as of the date of this Amendment there exists no Event of
Default as defined in the Credit Agreement, nor any condition, act or event
which with the giving of notice or the passage of time or both would constitute
any such Event of Default.

    

    IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed as
of the day and year first written above.

    

                                                                                            

    
      	 SUNPOWER
      CORPORATION	 	 	
              WELLS
      FARGO BANK,

              NATIONAL ASSOCIATION 

            	 
	
              By:
      /s/Dennis Arriola

            	 	 	
              By:
      /s/ Matthew A. Servatius

            	 
	
              Dennis
      Arriola

            	 	 	
              Matthew
      A. Servatius

            	 
	
              Chief
      Financial Officer 

            	 	 	
              Vice
      Presidentexhibit10-5.htm

     EXHIBIT
10.5

    FIRST
AMENDMENT TO LOAN AGREEMENT

     

    This
First Amendment to Loan Agreement (this “Amendment”), dated as
of August 31, 2009, is entered into by and among SunPower Corporation, a
Delaware corporation (“Borrower”), SunPower
Corporation, Systems, a Delaware corporation (“SCS”), and SunPower,
North America, LLC, a Delaware limited liability company (together with SCS,
collectively, the "Guarantors"), and
Union Bank, N.A. (“Lender”).

     

    BACKGROUND

     

    A.           Borrower
and Lender are parties to a certain Loan Agreement, dated as of April 17, 2009,
(as amended from time to time the “Loan Agreement”),
pursuant to which Lender has provided a term loan to Borrower.  Any
capitalized term not defined herein shall have the meanings ascribed thereto in
the Loan Agreement.

     

    B.           To
induce Lender to extend credit to Borrower, each Guarantor executed and
delivered to Lender a Continuing Guaranty, dated April 17, 2009, guaranteeing
the payment and performance of Borrower's obligations to Lender (the “Guaranty”).

     

    C.           Borrower
has requested that Lender agree to amend certain provisions of the Loan
Agreement, and, although Lender is under no obligation to do so, Lender is
willing to amend the Loan Agreement, in accordance with the terms, and subject
to the conditions, set forth herein.

     

    AGREEMENT

     

    The
parties to this Amendment, intending to be legally bound, hereby agree as
follows:

            

        1. Incorporation of
Recitals.  Each of the above recitals is incorporated herein as
true and correct and is relied upon by Lender in agreeing to the terms of this
Amendment.

     

                    2. Representations and
Warranties of Borrower.  Borrower represents, warrants,
covenants and agrees for the benefit of Lender that: (a) the representations and
warranties set forth in the Loan Agreement remain true and correct as of the
date hereof, and (b) no event has occurred or failed to occur that is, or, with
notice or lapse of time or both would constitute, a default, an Event of
Default, or a breach or failure of any condition under any Loan
Document.

     

                    3. Amendments to Loan
Agreement.

     

                          
a. Section
1.2 of the Loan Agreement is hereby amended by amending and restating clause
(viii) of the definition of “Permitted Indebtedness” to read as
follows:

     

    “(viii)
indebtedness of Borrower in an aggregate principal amount not to exceed One
Hundred Fifty Million Dollars ($150,000,000) under the secured letter of credit
facility provided under the Wells Fargo Credit Agreement as in effect on the
Closing Date; provided that such amount may be increased to an aggregate
principal amount not more than Two Hundred Million Dollars
($200,000,000);”

     

                           
b. Section
4.7 of the Loan Agreement is hereby amended and restated in its entirety to read
as follows:

     

    “4.7           [Deleted].”

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        
              
4. Conditions
Precedent.  Borrower and each Guarantor understand that this
Amendment shall not be effective and the consent provided by Lender hereunder
shall have no force or effect until each of the following conditions precedent
has been satisfied, or waived in writing by Lender (in Lender's sole
discretion):

    

     

    
      	
              a.  

            	
              Borrower
      and each Guarantor shall have executed and delivered to Lender this
      Amendment; and

            

    

     

    
      	
              b.  

            	
              The
      representations and warranties of Borrower under the Loan Agreement and
      this Amendment shall be true and correct as of the date
      hereof.

            

    

     

                 
5. Confirmation of
Guaranty. Each Guarantor ratifies and reaffirms its obligations under the
Guaranty and each and every term, condition, and provision of the
Guaranty.  Each Guarantor further represents and warrants that it has
no defenses or claims against Lender that would or might affect the
enforceability of the Guaranty and that the Guaranty remains in full force and
effect.

     

                 
6. No
Waivers.  The Loan Agreement, as amended hereby, shall be and
remain in full force and effect in accordance with its respective terms and
hereby is ratified and confirmed by Borrower in all respects.  Nothing
contained in this Amendment shall be construed to imply a willingness on the
part of Lender to grant any similar or other future amendments or modifications
to any of the terms and conditions of the Loan Agreement or the other Loan
Documents or shall in any way prejudice, impair or effect any rights or remedies
of the Lender under the Loan Agreement or the other Loan
Documents.  The execution, delivery, and performance of this Amendment
shall not operate as a waiver of, or as an amendment of, any right, power, or
remedy of Lender under the Agreement, as in effect prior to the date
hereof.  Borrower further ratifies and reaffirms the continuing
effectiveness of the Loan Agreement and all promissory notes, guaranties,
security agreements, and all other instruments, documents and agreements entered
into in connection with the Loan Agreement.  Nothing in this Amendment
shall constitute a satisfaction of Borrower’s or any Guarantor’s
Obligations.

     

                  
7. Miscellaneous.  Borrower
acknowledges and agrees that the representations and warranties set forth herein
are material inducements to Lender to deliver this Amendment.  This
Amendment shall be binding upon and inure to the benefit of and be enforceable
by the parties hereto, and their respective permitted successors and
assigns.  This Amendment and the Loan Agreement shall be read together
as one document.  Where any provisions of the Loan Agreement amended
by this Amendment appear in a promissory note tied to the Loan Agreement, the
same provisions in said promissory note shall be deemed likewise
amended.  No other person or entity shall be entitled to claim any
right or benefit hereunder, including, without limitation, the status of a third
party beneficiary hereunder.  This Amendment shall be governed by and
construed in accordance with the laws of the State of California without
reference to conflicts of law rules.  This Amendment may be executed
in any number of counterparts, including by electronic or facsimile
transmission, each of which when so delivered shall be deemed an original, but
all such counterparts taken together shall constitute but one and the same
instrument.

     

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    IN
WITNESS WHEREOF, Borrower, Guarantors and Lender have caused this Amendment to
be executed as of the date first written above.

     

    

    
      	
              SUNPOWER
      CORPORATION

               

               

               

              By:           /s/ Dennis
      Arriola                                           

              Name:      Dennis
      Arriola

              Title:        SVP
      and CFO

            	
              UNION
      BANK, N.A.

               

               

               

              By:           /s/ Allan B.
      Miner                                           

              Name:      Allan
      B. Miner

              Title:        Vice
      President

               

            
	
              SUNPOWER
      CORPORATION, SYSTEMS

               

               

               

              By:           /s/ Dennis
      Arriola                                           

              Name:     Dennis
      Arriola

              Title:       SVP
      and CFO

            	 
      
	
               

               

              SUNPOWER
      NORTH AMERICA, LLC

              By:
      SunPower Corporation, its sole member

               

               

              By:           /s/ Dennis
      Arriola                                           

              Name:     
      Dennis Arriola

              Title:        SVP
      and CFO

            	 
      

    

    

    
 

     

     

     

     

     

    3

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