Document:

Prepared by R.R. Donnelley Financial -- Offer Letter dated January 14, 2005, between the Registrant and PM Pai

 Exhibit 10.9 
  
 [SunPower Letterhead] 
  
 January 14, 2005 
  
 P.M. Pai 
 N-125, Panchsheel Park, 
 New Delhi. 110017 
 India, 
  
 Re: Employment with SunPower Corporation 
  
 Dear P.M.: 
  
 SunPower Corporation is embarking on a once in a lifetime, winner take all expansion in the solar power industry. We have the unique opportunity to grow a great business, and, at the same time, to help solve one of
mankind’s biggest challenges—environmentally friendly energy sources. 
  
 We are pleased to offer you the position of Chief Operating Officer. This position reports to Tom Werner, CEO. Your specific responsibilities shall include, but not limited to those that are outlined in the job description. 
  
 Should you accept our offer, SunPower will compensate you 9,659,100INR annually ($220,000 US
equivalent) for your services in accordance with its normal payroll practices. You will also receive options to purchase 850,000 shares of SunPower stock as part of SunPower’s Stock Option Plan, subject to the approval of the SunPower Board of
Directors. 
  
 You will be a participant in the SunPower 2005 Key Employee Bonus
Program (KEBP) at a target incentive of 50% of base salary. Your actual incentive will be based on both company and individual performance. The KEBP plan description is attached for your reference. 
  
 SunPower would also offer a foreign assignment to you to work at the SunPower
Philippine’s plant (SPML) for a period of up to one year. During this time, the company will provide moving and living accommodations, in addition to other incidental expenses you may incur associated with your assignment. After this assignment
you would likely work from California. 
  
 For the first two months of your
employment, you will be enrolled in the Cypress India payroll and benefits plans while SunPower Human Resources research the best option for your foreign assignment at SPML. The options would be for you to either remain on the India payroll and
benefits, or transfer to The Philippines payroll and benefits. We will be working closely with both sites and government agencies to determine the best option. 
  
 As an employee of SunPower, you will be eligible for group insurance benefits in accordance with the terms and limitations applicable to
such coverage. SunPower also provides Personal Time off (PTO) to its employees. 

			
	PM Pai	 	January 14, 2005

  
 To attain a leadership position in the
photovoltaic industry, SunPower embraces new challenges and opportunities from time to time as the company develops and grows. The Company expects the same commitment and resultant flexibility from its employees. Although the Company does not have
any immediate plans to modify your defined job responsibilities or alter your specific job assignment, the Company retains the right to make such modifications in the future to satisfy ongoing developing business needs. Nothing in this letter limits
the Company’s ability to modify your job duties or change your assignment. 
  
 As an employee of SunPower, you may work with and/or develop information, which is considered confidential by the Company. As a result, SunPower requires employees to agree not to use or disclose any such confidential information for the
benefit of anyone other than SunPower. Should you accept our offer of employment, SunPower will require you to sign an agreement describing your obligations with respect to confidentiality in greater detail. 
  
 This offer is contingent upon your ability to present documents establishing your right to
work in the Philippines. 
  
 On your official start date, you will be entitled to
participate in our benefits programs. We will provide you with full information regarding the applicable health insurance offered as well as other pertinent information regarding the benefit package that is offered at SunPower. 
  
 We are excited about the prospect of working with you and hope that you will decide to join
us. In order to memorialize your acceptance of our offer, please sign and date one copy of this offer letter along with your expected start date. You are also welcome to fax these documents to me at 408-470-4298. If you have any questions about our
offer or employment at SunPower, I encourage you to call me at your convenience at 408-470-4255. 
  
 Sincerely, 
  

	
	 /s/ Tom Werner

	 Tom Werner

	 Chief Executive Officer

  
 I accept the offer of employment set
forth above: 
  

					
	 14/1/2005

	 	 /s/ P.M. Pai

	 	 5/3/2005

	 Date
	 	Signature	 	Start Date

  

 -2-Prepared by R.R. Donnelley Financial -- Offer Letter dated April 1, 2005, between the Registrant and Emmanuel Hernandez

 Exhibit 10.10 
  
 [SunPower Letterhead] 
  
 April 1, 2005 
  
 Emmanuel Hernandez 
 3467 Malibu Terrace 
 Fremont, CA 94539 
  
 Re: Employment with SunPower
Corporation 
  
 Dear Manny: 
  
 SunPower Corporation is embarking on a once in a lifetime, winner take all expansion in the
solar power industry. We have the unique opportunity to grow a grew business, and at the same time, to help solve one of mankind’s biggest challenges—environmentally friendly energy sources. Manny, we are excited to have you join SunPower
and look forward to having you on our team. 
  
 We are pleased to offer you the
position of Chief Financial Officer. This position reports to Tom Werner, CEO. 
  
 Should you accept our offer, SunPower will compensate you $299,520 annually, paid biweekly. This salary is consistent with the attainment revenue bonus program (10% up to 15% reduction per quarter) the CEO is participating in. 

 
 You will also receive 2% fully diluted stock option of SunPower, based on the post $58M
investment of Cypress. The number of stock options this expectantly equates to is 2,083,477 shares. These options will vest over three (3) years, ratably at 1/36 per month, at a price of $1.65 per share. 
  
 All remaining unvested SunPower stock options will accelerate vesting upon the occurrence of
the following conditions: 
  

	 	•	 	Cypress makes a tender offer to spin the subsidiary into Cypress, pre IPO. 

  

	 	•	 	Cypress sells its controlling interest in SunPower, effectively resulting in Change of Control, prior to IPO. 

  

	 	•	 	Cypress buys back minority interest of SunPower, post IPO, essentially rendering the entity private again. 

  

	 	•	 	Specifically excluded from the acceleration is the act by which SunPower management to conduct a leveraged buy-out, seeking Cypress as the financier of such a transaction.

  
 You will not be eligible to participate in any future Cypress
stock programs; however, your existing options will continue to vest per your exiting vesting schedule. At the SunPower IPO date you will be granted up to one (1) year to exercise any Cypress vested options, and vesting will cease at that time.

  
 You will be a participant in the SunPower 2005 Key Employee Bonus Program
(KEBP) at a target incentive of 80% of base salary beginning Q205. Your actual incentive will be based on both company and individual performance. The KEBP plan description is attached for your reference. 

			
	Emmanuel Hernandez	 	April 1, 2005

  
 Your PTO wil continue to accrue at
your current rate. SunPower’s core benefits are the same as Cypress; you will not be required to make any changes. You will not participate in the Cypress ESPP and New Product Bonus program. 
  
 Your anticipated start date will be May 23, 2005. 
  
 As an employee of SunPower, you will be eligible for group insurance benefits in accordance
with the terms and limitations applicable to such coverage. SunPower also provides Personal Time off (PTO) to its employees. 
  
 To attain a leadership position in the photovoltaic industry, SunPower embraces new challenges and opportunities from time to time as the company develops and grows.
‘The Company expects the same commitment and resultant flexibility from its employees. Although the Company does not have any immediate plans to modify your defined job responsibilities or alter your specific job assignment, the Company retains
the right to make such modifications in the future to satisfy ongoing developing business needs. Nothing in this letter limits the Company’s ability to modify your job duties or change your assignment, except for changes that result in
constructive termination. 
  
 As an employee of SunPower, you may work with and/or
develop information, which is considered confidential by the Company. As a result, SunPower requires employees to agree not to use or disclose any such confidential information for the benefit of anyone other than SunPower. Should you accept our
offer of employment, SunPower will require you to sign an agreement describing your obligations with respect to confidentiality in greater detail. 
  
 Manny we are look forward to your immediate contribution to SunPower, and are truly excited about you joining our leadership team and working with you. 
  
 In order to memorialize your acceptance of our offer, please sign and date one copy of this
offer letter along with your expected start date. You are also welcome to fax these documents to me at 408-470-4298. If you have any questions about our offer or employment at SunPowcr, I encourage you to call me at your convenience at 408-470-4255.

  
 Sincerely, 
  

			
	 /s/ Tom Werner

	 	 /s/ TJ Rodgers

	 Tom Werner
	 	TJ Rodgers
	 Chief Executive Officer
	 	Chairman of the Board of Directors
	 	 	SunPower Corporation

  
 I accept the offer of employment set
forth above: 
  

					
	 4/4/05

	 	 /s/ Emmanuel Hernandez

	 	 May 23, 2005

	 Date
	 	Signature	 	Start Date

  

 -2- 

 Confirmation 
  
 I confirm that my option granted on April 25, 2005, satisfies in full all of my rights to equity of SunPower Corporation, including without limitation,
those contained in my April, 2005, offer letter and terminates the company’s obligations under such letter to grant me any further options.. 
  

					
			
	 Dated Effective: April 25, 2005
	 	 	 	 /s/ Emmanuel Hernandez

	 	 	 	 	 Emmanuel Hernandez

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