Document:

EX-10.1

 Exhibit 10.1 
  

			
	 Confidential
	  	Execution Version

 PURCHASE AND SALE AGREEMENT 

by and between 
 SUNPOWER
CORPORATION 
 (“Seller”) 

and 
 HA SUNSTRONG CAPITAL LLC

 (“Purchaser”) 

Dated as of November 5, 2018 

 TABLE OF CONTENTS 

 

							
	 ARTICLE I DEFINITIONS & CONSTRUCTION
	  	 	1	 
			
	 SECTION 1.01
	  	Definitions	  	 	1	 
			
	 SECTION 1.02
	  	Construction	  	 	5	 
		
	 ARTICLE II PURCHASE AND SALE AND CONCURRENT TRANSACTIONS
	  	 	6	 
			
	 SECTION 2.01
	  	Purchase and Sale	  	 	6	 
			
	 SECTION 2.02
	  	Purchase Price	  	 	6	 
		
	 ARTICLE III REPRESENTATIONS AND WARRANTIES OF SELLER
	  	 	7	 
			
	 SECTION 3.01
	  	Representations and Warranties Regarding Seller	  	 	7	 
			
	 SECTION 3.02
	  	Representations and Warranties Regarding Company	  	 	8	 
			
	 SECTION 3.03
	  	No Further Representations	  	 	9	 
		
	 ARTICLE IV REPRESENTATIONS AND WARRANTIES OF PURCHASER
	  	 	10	 
			
	 SECTION 4.01
	  	Representations and Warranties of Purchaser	  	 	10	 
		
	 ARTICLE V TAX MATTERS
	  	 	11	 
			
	 SECTION 5.01
	  	Transfer Taxes	  	 	11	 
			
	 SECTION 5.02
	  	Closing Tax Certificate	  	 	12	 
			
	 SECTION 5.03
	  	Tax Returns; Cooperation	  	 	12	 
		
	 ARTICLE VI COVENANTS OF SELLER AND PURCHASER
	  	 	12	 
			
	 SECTION 6.01
	  	Public Announcements	  	 	12	 
			
	 SECTION 6.02
	  	Updated Company Records	  	 	12	 
			
	 SECTION 6.03
	  	Further Assurances	  	 	12	 
			
	 SECTION 6.04
	  	Fees and Expenses	  	 	12	 
			
	 SECTION 6.05
	  	Confidential Information	  	 	13	 
		
	 ARTICLE VII CLOSING
	  	 	13	 
			
	 SECTION 7.01
	  	Closing	  	 	13	 
			
	 SECTION 7.02
	  	Seller’s Closing Obligations	  	 	13	 
			
	 SECTION 7.03
	  	Purchaser’s Closing Obligations	  	 	14	 
		
	 ARTICLE VIII INDEMNIFICATION
	  	 	15	 
			
	 SECTION 8.01
	  	Indemnification by Seller	  	 	15	 
			
	 SECTION 8.02
	  	Indemnification by Purchaser	  	 	15	 
			
	 SECTION 8.03
	  	Limitations on Indemnity	  	 	15	 
			
	 SECTION 8.04
	  	Indemnity Procedures	  	 	16	 
			
	 SECTION 8.05
	  	Survival and Time Limitation	  	 	19	 
			
	 SECTION 8.06
	  	Determination of Loss	  	 	19	 
			
	 SECTION 8.07
	  	Sole and Exclusive Remedy	  	 	19	 

  
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 TABLE OF CONTENTS 

 

							
	 ARTICLE IX OTHER PROVISIONS
	  	 	20	 
			
	 SECTION 9.01
	  	Counterparts	  	 	20	 
			
	 SECTION 9.02
	  	Governing Law; Dispute Resolution	  	 	20	 
			
	 SECTION 9.03
	  	Waiver of Jury Trial	  	 	20	 
			
	 SECTION 9.04
	  	Entire Agreement	  	 	20	 
			
	 SECTION 9.05
	  	Notices	  	 	20	 
			
	 SECTION 9.06
	  	Successors and Assigns	  	 	21	 
			
	 SECTION 9.07
	  	Amendments and Waivers	  	 	21	 
			
	 SECTION 9.08
	  	Schedules and Exhibits	  	 	21	 
			
	 SECTION 9.09
	  	Agreement for the Parties’ Benefit Only	  	 	21	 
			
	 SECTION 9.10
	  	Severability	  	 	22	 
			
	 SECTION 9.11
	  	Time of Essence; Action on Business Day	  	 	22	 
			
	 SECTION 9.12
	  	Construction of Agreement	  	 	22	 

 EXHIBITS AND SCHEDULES 
  

			
	 EXHIBIT A
	  	 Form of A&R LLCA

	 EXHIBIT B
	  	 Form of Assignment of Interests

	 EXHIBIT C
	  	 Form of Certificate of Non-Foreign Status

		
	 SCHEDULE 1.01-A
	  	 Purchaser Knowledge Persons

	 SCHEDULE 1.01-B
	  	 Seller Knowledge Persons

	 SCHEDULE 2.02
	  	 Seller’s Account Information

	 SCHEDULE 3.01(g)
	  	 Seller’s Approvals

  
 ii 

 Exhibit 10.1 

PURCHASE AND SALE AGREEMENT 

THIS PURCHASE AND SALE AGREEMENT (this “Agreement”), dated as of November 5, 2018 (the “Closing
Date”), is between SunPower Corporation, a Delaware corporation (“Seller”), and HA SunStrong Capital LLC, a Delaware limited liability company (“Purchaser”). Seller and Purchaser are sometimes
referred to herein individually as a “Party” and collectively as the “Parties”. All capitalized terms used herein shall have the meaning ascribed to such terms on Section 1.01 hereto. 

WHEREAS, Seller holds 100% of the membership interests in SunStrong Capital Holdings, LLC, a Delaware limited liability company (the
“Company); 
 WHEREAS, Seller wishes to sell to Purchaser, and Purchaser wishes to purchase from Seller, 490 membership units of
the Company (the “Purchased Units”), representing a 49.0% membership interest in the Company, upon the terms and subject to the conditions set forth in this Agreement; and 

NOW, THEREFORE, in consideration of the mutual covenants and the agreements contained herein and for other good and valuable consideration,
the sufficiency of which is hereby acknowledged, the Parties, intending to be legally bound, do hereby agree as follows: 
 ARTICLE I

 DEFINITIONS & CONSTRUCTION 

SECTION 1.01 Definitions. As used in this Agreement (including the Exhibits and the Schedules attached hereto), the following terms
have the respective meanings set forth below or set forth in the Sections referred to below: 
 “Action” means any action,
claim, suit, arbitration, litigation, investigation or other proceeding by or before any Governmental Authority. 

“Affiliate” means, with respect to a specified Person, another Person that directly or indirectly through one or more
intermediaries, controls, is controlled by, or is under common control with the Person specified. For the purposes of this definition, “control” means the possession, directly or indirectly, of the power to direct or cause the
direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise, and “controlling” and “controlled” shall have a meaning correlative thereto. No
Person shall be deemed an Affiliate of any Person by reason of the exercise or existence of rights, interests or remedies under this Agreement and, for the avoidance of doubt, the Company Entities shall not be deemed to be Affiliates of the
Purchaser or its Affiliates for purposes of this Agreement. 
 “Agreement” is defined in the preamble. 

“Applicable Law” means any applicable statute, law (including common law and consumer finance law), regulation, rule,
code, ordinance, ruling, judgment, settlement, order, writ, injunction, decree, protocol, standard guide or guideline of or by any Governmental Authority. 

  
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 “A&R LLCA” means the Amended and Restated Limited Liability
Company Agreement, in the form attached hereto as Exhibit A. 
 “Assignment of Interests” means that certain
instrument assigning the Purchased Units from Seller to Purchaser, dated as of the Closing Date, in the form attached hereto as Exhibit B. 

“Business Day” means any day which is not a Saturday, Sunday, a legal holiday recognized by the Federal government of
the United States of America, or any other day on which commercial banks in New York City are authorized or required by law to remain closed. 

“Closing” means the closing of the purchase and sale of the Purchased Units pursuant hereto. 

“Closing Date” is defined in the preamble. 

“Code” means the Internal Revenue Code of 1986. References to Sections of the Code include any successor provisions to those
Sections enacted after the date hereof. 
 “Company” is defined in the recitals. 

“Company Entities” means the Company and each of its Subsidiaries. 

“Fundamental Representations” is defined in Section 8.03(b). 

“GAAP” means United States generally accepted accounting principles as in effect on the date of this Agreement applied on a
consistent basis. 
 “Governmental Authority” means any federal, state or local government or any court, arbitral
tribunal, administrative or regulatory agency or commission. 
 “Indemnified Party” is defined in
Section 8.04(a)(i). 
 “Indemnifying Party” is defined in
Section 8.04(a)(i). 
 “Knowledge of Purchaser” for purposes of this Agreement, with
respect to any fact or matter, means the information that the persons set forth on Schedule 1.01-A actually knew or the knowledge that any such individual would acquire as a result of a reasonable
inquiry of the direct reports of such individual, it being understood that none of the individuals set forth on such Schedule shall have any individual or personal liability with respect to any matter to which such knowledge applies. 

“Knowledge of Seller” for purposes of this Agreement, with respect to any fact or matter, means the information that
the persons set forth on Schedule 1.01-B actually knew or the knowledge that any such individual would acquire as a result of a reasonable inquiry of the direct reports of such individual, it being
understood that none of the individuals set forth on such Schedule shall have any individual or personal liability with respect to any matter to which such knowledge applies. 

  
 2 

 “Liens” means any and all liens, security interests, pledges, charges,
claims, mortgages, right of first refusal, deeds of trust, proxies, and voting or other similar agreements, leases, legal or equitable liens, assignment, hypothecation, encumbrances, limitations or other agreement or arrangement which has the same
or a similar effect to the granting of security or of any similar right of any kind (including any conditional sale or other title retention agreement), whether imposed by contract or law. 

“Losses” means any and all liabilities, losses, actual damages (as opposed to consequential or incidental damages),
diminution in value, causes of action, fines, penalties, litigation, lawsuits, administrative proceedings, administrative investigations and costs and expenses, including reasonable attorneys’ fees, court costs and other costs of suit. 

“Management Agreement” means that certain Management Agreement, to be dated as of the date hereof, between SunPower
Capital Services, LLC and the Company. 
 “Material Adverse Effect” means any condition, event, occurrence, fact,
circumstance, change in, or effect on any SunPower Entity, that individually or in the aggregate, causes or would be reasonably expected to cause a material adverse effect (a) on the business, operations, properties, prospects or condition
(financial or otherwise) of any SunPower Entity (to the extent such material adverse effect is not caused by Purchaser or its Affiliates) or (b) on the enforceability of any Mezzanine Loan Document or any Portfolio Document (as defined in each
of the Mezzanine Loan Agreements); provided, however, that any determination of a “Material Adverse Effect” will not include any event, occurrence, fact, circumstance, change or effect arising out of or attributable to any of
the following, whether alone or in combination: (i) general economic or political conditions; (ii) conditions generally affecting the industry in which the Company Entities operate; (iii) any changes in financial or securities markets
in general; (iv) any natural disasters, acts of war (whether or not declared), armed hostilities or terrorism, or the escalation or worsening of any of the foregoing; or (v) any changes in Applicable Laws or accounting rules, including
GAAP first proposed after the date hereof; provided further, however, that any event, occurrence, fact, circumstance, change or effect referred to in clauses (i) through (v) above will be taken into account in
determining whether a Material Adverse Effect has occurred or would be reasonably expected to occur if such event, occurrence, fact, circumstance, change or effect has a disproportionate effect on such Company Entity compared to other participants
in the industry in which such Company Entity conducts its business. 
 “Mezzanine 1 Borrower” means SunStrong
Capital Acquisition, LLC, a Delaware limited liability company. 
 “Mezzanine 1 Lender” means SunStrong
Capital Lender LLC, a Maryland limited liability company. 
 “Mezzanine 1 Loan Agreement” means that certain Loan
Agreement, dated as of August 10, 2018, by and between Mezzanine 1 Borrower and Mezzanine 1 Lender. 
 “Mezzanine 2
Borrower” means SunStrong Capital Acquisition OF, LLC, a Delaware limited liability company. 

  
 3 

 “Mezzanine 2 Lender” means SunStrong Capital Lender 2 LLC, a
Maryland limited liability company. 
 “Mezzanine 2 Loan Agreement” that certain Loan Agreement, dated as of
the date hereof, by and between Mezzanine 2 Borrower and Mezzanine 2 Lender. 
 “Mezzanine Borrower” means
(a) individually, each of Mezzanine 1 Borrower and Mezzanine 2 Borrower and (b) collectively, both of them, as the context may require. 

“Mezzanine Loan Agreements” means individually, each of the Mezzanine 1 Loan Agreement and the Mezzanine 2 Loan
Agreement and (b) collectively, both of them, as the context may require. 
 “Mezzanine Loan Documents” means,
as applicable, the Mezzanine Loan Agreements and any documents delivered in connection with any Mezzanine Loan Agreement. 

“Organizational Documents” means, with respect to any entity, as applicable, the certificate of incorporation,
articles of incorporation, certificate of formation, by-laws, articles of organization, limited liability company agreement, limited partnership agreement, formation agreement, joint venture agreement, general
partnership agreement or other similar organizational documents of such entity, together with any shareholder agreement, voting agreement or similar agreement among two or more of the equity owners of any such entity (including, for the avoidance of
doubt, in the case of the Company, the Original LLCA). 
 “Original LLCA” means that certain Limited Liability
Company Agreement of the Company, entered into by Seller, dated as of July 10, 2018. 
 “Party” and
“Parties” are defined in the preamble. 
 “Permitted Encumbrances” means (a) those
restrictions on transfer imposed by applicable securities laws; (b) restrictions imposed on transfers set forth in the Organizational Documents of the Company Entities; and (c) Liens (i) created by, through or under Purchaser;
(ii) arising by operation of Applicable Law securing amounts not yet due and payable arising in the ordinary course of business, (iv) created by this Agreement, or (v) permitted under the Mezzanine Loan Documents. 

“Person” means any Governmental Authority or any individual, firm, partnership, limited partnership, corporation, company,
limited liability company, joint venture, unincorporated organization, trust, business trust, or other entity. 
 “Project”
means each “Project” as defined in each of the Mezzanine Loan Agreements. 
 “Purchase Price” is defined
in Section 2.02. 
 “Purchased Units” is defined in the recitals. 

“Purchaser” is defined in the preamble. 

  
 4 

 “Purchaser Guaranty” means that certain Guaranty by Hannon
Armstrong Capital, LLC in favor of Seller. 
 “Purchaser Indemnified Parties” and “Purchaser
Indemnified Party” are defined in Section 8.01. 
 “Seller” is defined in the preamble. 

“Seller Indemnified Parties” and “Seller Indemnified Party” are defined in
Section 8.02. 
 “Seller’s Approvals” means the approvals set forth on Schedule 3.01(g).

 “SunPower Entity” means Seller, SunPower Corporation, Systems, SunPower Capital Services, LLC, any Company
Entity and, for all periods or times prior to August 10, 2018, SunPower Capital, LLC. 
 “Tax” or
“Taxes” means any and all taxes imposed by any federal, state, local or foreign government or any agency or political subdivision of any such government, which taxes shall include all income or profits taxes, payroll and employee
withholding taxes, unemployment insurance taxes, social security taxes, severance taxes, license charges, taxes on stock, sales and use taxes, ad valorem taxes, excise taxes, franchise taxes, gross receipts taxes, business license taxes, occupation
taxes, real and personal property taxes, stamp taxes, environmental taxes, transfer taxes, workers’ compensation taxes and other obligations of the same or of a similar nature to any of the foregoing, including any interest, penalties, fines or
additions attributable thereto. 
 “Tax Return” means any and all returns, reports, declarations, statements,
schedules, claims for refund or written information of or with respect to any Tax which is required to be supplied to any taxing authority, including any schedule or attachment thereto, and including any amendment thereof. 

“Transfer Taxes” means all transfer Taxes (excluding Taxes measured by net income or capital gain), including sales,
real property, use, excise, stock, stamp, documentary, filing, recording, permit, license, authorization and similar Taxes, filing fees and their equivalents; provided, however, “Transfer Taxes” shall not include any state or local
property taxes payable by any Company Entity due to a change of ownership requiring reassessment of the value of any Project for any state or local property tax purposes. 

“Unit” is defined in the recitals. 

SECTION 1.02 Construction. Subject The following rules of construction shall apply to this Agreement: 

(b) All section headings in this Agreement are for the convenience of reference only and are not intended to qualify the meaning of any
section. 
 (c) Unless otherwise specified, any reference to any agreement (including this Agreement), instrument, or other document includes
all schedules, exhibits, or other attachments referred to therein, and any reference to a statute or other law includes any rule, regulation, ordinance, or the like promulgated thereunder, in each case, as amended, from time to time. 

  
 5 

 (d) All personal pronouns used in this Agreement, whether used in the masculine, feminine or
neuter gender, shall include all other genders, the singular shall include the plural, and vice versa, as the context may require. Words such as “hereto”, “herein” and the like refer to this Agreement as a whole. The words
“include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”. The word “amend” means amend, modify, supplement, or restate, and “amendment” has a
correlative meaning. The word “any” means any one, more than one, or all. The term “written consent” includes a consent transmitted by “electronic transmission,” as defined in Act
§§18-302(d) and 18-404(d). Unless otherwise specified, any financial or accounting term has the meaning of the term under GAAP. 

(e) Any reference in this Agreement to a “day” (without explicit qualification as a Business Day) shall mean a calendar day; if any
action is required to be taken or notice is required to be given within a specified number of days following a date or event, the day of such date or event is not counted in determining the last day for such action or notice; if any action is
required to be taken or notice is required to be given on or by a particular day, and such day is not a Business Day, then such action or notice shall be considered timely if it is taken or given on or before the next Business Day. 

(f) Each provision of this Agreement shall be considered severable from the rest, and if any provision of this Agreement or its application to
any Person or circumstances shall be held invalid and contrary to any existing or future law or unenforceable to any extent, the remainder of this Agreement and the application of any other provision to any Person or circumstances shall not be
affected thereby and shall be interpreted and enforced to the greatest extent permitted by law so as to give effect to the original intent of the parties hereto. 

(g) This Agreement has been negotiated by the parties and their respective counsel and no provision shall be construed for or against a member
or a lender on the basis that such Person or its counsel was or was not the drafter thereof or a participant in the negotiations. 

ARTICLE II 
 PURCHASE
AND SALE AND CONCURRENT TRANSACTIONS 
 SECTION 2.01 Purchase and Sale. Subject to the terms and conditions of this
Agreement, Seller shall irrevocably and unconditionally sell, transfer, assign and convey to Purchaser, and Purchaser shall irrevocably and unconditionally purchase, accept and receive from Seller, the Purchased Units free and clear of all Liens,
other than restrictions on transfer imposed by (a) applicable securities laws or (b) the A&R LLCA. 
 SECTION 2.02 Purchase
Price. Subject to the terms and conditions of this Agreement, in consideration of the sale and conveyance of the Purchased Units to Purchaser, on the Closing Date, Purchaser shall pay to Seller an aggregate amount equal to $10,000,000 (the
“Purchase Price”) in immediately available funds by wire transfer to the account(s) specified in Schedule 2.02 hereto. 

  
 6 

 ARTICLE III 

REPRESENTATIONS AND WARRANTIES OF SELLER 

SECTION 3.01 Representations and Warranties Regarding Seller. Seller hereby represents and warrants to Purchaser as of the Closing Date
(unless otherwise stated in this Section 3.01) as follows: 
 (a) Good Standing. Seller is a corporation validly existing
and in good standing under the laws of the State of Delaware. 
 (b) Qualification. Seller has the requisite corporate power and
authority to carry on its business as now being conducted. Seller is duly qualified or licensed to do business, and is in good standing (to the extent such concept or a comparable status is recognized), in each jurisdiction in which the nature of
its business makes such qualification necessary, except for those jurisdictions where the failure to be so qualified, licensed or in good standing would not prevent, impede or delay the ability of Seller to perform its obligations under this
Agreement or the Assignment of Interests, or consummate the transactions contemplated herein and therein. 
 (c) Authority. Seller has
all requisite corporate power and authority to execute and deliver this Agreement and the Assignment of Interests and to perform its obligations hereunder and thereunder. The execution and delivery by Seller of this Agreement and the Assignment of
Interests and the performance by Seller of the transactions contemplated hereby and thereby, have each been duly and validly authorized by all requisite company actions on the part of Seller. 

(d) Enforceability. Each of this Agreement and the Assignment of Interests has been duly and validly executed and delivered by Seller
and constitutes a valid and binding agreement of Seller enforceable against Seller in accordance with its terms, subject to the effect of (i) applicable bankruptcy, insolvency, reorganization, moratorium and other similar laws of general
application from time to time in effect that affect creditors’ rights generally and (ii) general principles of equity. 
 (e)
Purchased Units. As of the Closing Date and immediately prior to the Closing, Seller holds of record and owns beneficially the Purchased Units, free and clear of any Liens other than restrictions on transfer imposed by (a) applicable
securities laws or (b) the A&R LLCA. Except for this Agreement, Seller is not a party to any option, warrant, purchase right or other contract or commitment that would require Seller to sell, transfer, encumber or otherwise dispose of the
Purchased Units. Except as provided in the Original LLCA, Seller is not a party to any voting trust, proxy or other agreement or understanding with respect to the voting of the Purchased Units. 

(f) No Violation or Breach. Neither the execution and delivery of this Agreement, nor the Assignment of Interests, nor the consummation
of the transactions and performance of the terms and conditions hereof or thereof by Seller will (with or without notice or lapse of time) (i) result in a material violation or material breach of any provision of the Organizational Documents of
Seller, (ii) violate in any material respect any Applicable Law binding on or applicable to Seller or any Company Entity, (iii) result in a violation or breach of any obligation of Seller or any Company Entity under the Organizational
Documents of any Company Entity, (iv) result in the imposition or creation of a Lien upon or with respect to the Purchased Units, or (v) conflict with or violate in material respects or result in a material breach of or default under any
provision of any contract or other agreement to which Seller is a party. 

  
 7 

 (g) Consents. No consent, approval, authorization or permit of, or filing with or
notification to, any Person is required for or in connection with the execution and delivery of this Agreement or the Assignment of Interests by Seller or in connection with the consummation by Seller of the transactions contemplated hereby or
thereby except the Seller’s Approvals. 
 (h) Legal Proceedings. There is no Action pending or, to the Knowledge of Seller,
threatened (in writing) against Seller or any Company Entity, any of their respective properties or assets or any of their respective officers, in each case that, if adversely determined, would, individually or in the aggregate, prevent, impede or
delay the ability of Seller to perform its obligations under this Agreement or the Assignment of Interests, consummate the transactions contemplated herein and therein or question the legality or validity of this Agreement or the Assignment of
Interests. 
 (i) Brokers. Seller has no liability or obligation to pay any fees or commissions to any broker, finder or agent with
respect to the transactions contemplated by this Agreement for which Purchaser could become liable or obligated. 
 (j) No Material
Adverse Effect. No Material Adverse Effect has occurred since December 31, 2017. 
 (k) Bankruptcy. There are no bankruptcy,
reorganization or arrangement proceedings pending against, being contemplated by or, to the Knowledge of Seller, threatened against Seller. 

(l) Full Disclosure. The representations and warranties contained in this Agreement (including, for the avoidance of doubt, the
representations pursuant to Section 3.02(e) and the Schedules hereto) are true, correct and complete in every material respect and contain no untrue statement of material fact nor omit any material fact necessary to make the statements
contained therein, taken as a whole, not misleading in any material respect. Seller disclosed to Purchaser in writing any and all facts (except facts of general public knowledge) which to the Knowledge of Seller materially and adversely affect the
business or financial condition of the Company Entities. Seller disclosed to Purchaser in writing any and all facts (except those facts of general public knowledge) which to the Knowledge of Seller have a Material Adverse Effect (solely as it
relates to the Seller). 
 SECTION 3.02 Representations and Warranties Regarding Company. Seller hereby represents and warrants to
Purchaser, as of the Closing Date (unless otherwise stated in this Section 3.02) as follows: 
 (a) Change of Ownership. 

(i) Prior to giving effect to the Closing, (1) there has not been any Reassessment (as defined in each Mezzanine Loan
Agreement) with respect to any Project or other event, condition or circumstance that could reasonably be expected to give rise to a Reassessment of any such Project, and (2) except as set forth on Schedule 7.28 to each of the Mezzanine Loan
Agreements, as applicable , no Person is or has been an Original Co-Owner (as defined in each Mezzanine Loan Agreement) of such Project at any time. 

  
 8 

 (ii) The execution and delivery of this Agreement and the consummation of
the transactions contemplated hereby do not result in a change of ownership requiring reassessment of the value of any Projects for any California state or local property tax purposes that would result in any California state or local property taxes
being due and payable by any Company Entity, and none of the Company Entities or any other Person, except those set forth on Schedule 7.28 to each of the Mezzanine Loan Agreements, as applicable, shall be considered an Original Co-Owner of any Projects. 
 (b) No Indebtedness. The Company has no debt or other liability for
borrowed money, other than in connection with the Mezzanine Loan Documents, and no Liens exist over any assets of the Company, other than Permitted Encumbrances. 

(c) Good Standing. The Company is a limited liability company validly existing and in good standing under the laws of the State of
Delaware. 
 (d) Contracts. The Company is not party to any contract other than the Mezzanine Loan Documents, the Management
Agreement, the limited liability company agreement of the Mezzanine 1 Borrower and the limited liability company agreement of the Mezzanine 2 Borrower. 

(e) Other Representations. The representations and warranties set forth in (i) Article VII of the Mezzanine 2 Loan Agreement are
true and correct in all respects as of the date hereof, (ii) Sections 7.1, 7.2, 7.3, 7.4, 7.5, 7.6, 7.7, 7.8, 7.9, 7.10, 7.11, 7.12, 7.14, 7.15, 7.16, 7.17.3, 7.18, 7.19, 7.20, 7.21, 7.22, 7.24, 7.25 and 7.26 of the Mezzanine 1 Loan Agreement
are true and correct in all respects as of the date hereof, and (iii) each section of Article VII the Mezzanine 1 Loan Agreement which is not listed in clause (ii) above were true and correct as of the date made thereunder. 

SECTION 3.03 No Further Representations. 

(a) Except for the representations and warranties expressly set forth in Section 3.01 and Section 3.02 (including, for the avoidance
of doubt, the representations and warranties pursuant to Section 3.02(e)) Purchaser acknowledges and agrees that Seller expressly disclaims any representations or warranties of any kind, express or implied, relating to Seller, the Purchased
Units, the SunPower Entities, the Projects or the transactions contemplated by this Agreement and shall have no liability under this Agreement in respect thereof. Without limiting the generality of the foregoing, and except for the representations
and warranties expressly set forth in Section 3.01 and Section 3.02 (including, for the avoidance of doubt, the representations and warranties pursuant to Section 3.02(e)), Purchaser acknowledges and agrees in particular as follows:
(a) Purchaser is relying solely on its own examination of the Purchased Units, the Company Entities and the Projects and no other representations or warranties, whether express or implied, are given as to (i) the value or quality of the
Purchased Units or the business, condition (financial or otherwise) or prospects of the Company Entities, (ii) the risks and other incidents of ownership of the Purchased Units and, indirectly, the Company Entities and the Projects and
(iii) except as may be provided in this Agreement, the merchantability, usage, suitability or fitness for any particular 

  
 9 

 purpose with respect to the Company Entities, the Projects, or any part thereof, and (b) except as set
forth in this Agreement and the Schedules hereto, no information or material provided by or communication made by Seller or any of its Affiliates, officers, directors, employees, representatives, agents, attorneys and advisors shall constitute,
create or otherwise cause to exist any representation or warranty by Seller under this Agreement. 
 (b) In connection with Purchaser’s
investigation of the Company Entities and their respective businesses, assets, condition (financial or otherwise), and results of operations, Purchaser has received from Seller, the Company Entities and their respective Affiliates, officers,
directors, employees, representatives, agents, attorneys and advisors, advisors and agents certain projections, forecasts and other forward looking information, including projected financial statements, cash flow items, business plans and other data
related to the future performance of the Company Entities, their business, assets and condition (financial or otherwise) and their prospects. Purchaser acknowledges that any forward-looking projections are subject to significant uncertainties and
contingencies, many of which are beyond the control of the Company Entities, that no assurance can be given that such projections will be realized and that, other than as set forth in this Section, no representations or warranties provided in this
Agreement are applicable to any such projections or forward-looking statements delivered by Seller or the Company Entities. 
 ARTICLE IV

 REPRESENTATIONS AND WARRANTIES OF PURCHASER 

SECTION 4.01 Representations and Warranties of Purchaser. Purchaser hereby represents and warrants to Seller as of the Closing Date
(unless otherwise stated in this Section 4.01) as follows: 
 (a) Good Standing. Purchaser is a limited liability company validly
existing and in good standing under the laws of the State of Delaware. 
 (b) Qualification. Purchaser has the requisite corporate
power and authority to carry on its business as now being conducted. Purchaser is duly qualified or licensed to do business, and is in good standing (to the extent such concept or a comparable status is recognized), in each jurisdiction in which the
property owned or leased and operated by it or the nature of its business makes such qualification necessary, except for those jurisdictions where the failure to be so qualified, licensed or in good standing would not prevent, impede or delay the
ability of Purchaser to perform its obligations under this Agreement or the Assignment of Interests or consummate the transactions contemplated herein or therein. 

(c) Authority. Purchaser has all requisite corporate power and authority to execute and deliver this Agreement and the Assignment of
Interests and to perform its obligations hereunder and thereunder. The execution and delivery by Purchaser of this Agreement and the Assignment of Interests and the performance by Purchaser of the transactions contemplated hereby and thereby, have
been duly and validly authorized by all requisite corporate action on the part of Purchaser. 
 (d) Enforceability. Each of this
Agreement and the Assignment of Interests has been duly and validly executed and delivered by Purchaser and constitutes a valid and binding agreement of Purchaser enforceable against Purchaser in accordance with its terms, subject to the effect of
(i) applicable bankruptcy, insolvency, reorganization, moratorium and other similar laws of general application from time to time in effect that affect creditors’ rights generally and (ii) general principles of equity. 

  
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 (e) No Violation or Breach. Neither the execution and delivery of this Agreement, nor
the Assignment of Interests, nor the consummation of the transactions and performance of the terms and conditions hereof or thereof by Purchaser will (with or without notice or lapse of time) (i) result in a material violation or material
breach of any provision of the Organizational Documents of Purchaser or (ii) violate in any material respect any Applicable Law binding on or applicable to Purchaser. 

(f) Consents. No consent, approval, authorization or permit of, or filing with or notification to, any Person is required for or in
connection with the execution and delivery of this Agreement or the Assignment of Interests by Purchaser or in connection with the consummation by Purchaser of the transactions contemplated hereby except for those that have been obtained on or prior
to the Closing Date. 
 (g) Legal Proceedings. There is no Action pending or, to the Knowledge of Purchaser, threatened (in writing)
against Purchaser, any of its properties or assets or any of its officers, in each case that, if adversely determined, would, individually or in the aggregate, prevent, impede or delay the ability of Purchaser to perform its obligations under this
Agreement or the Assignment of Interests, consummate the transactions contemplated herein or therein or question the legality or validity of this Agreement or the Assignment of Interests. 

(h) Brokers. Purchaser has no liability or obligation to pay any fees or commissions to any broker, finder or agent with respect to the
transactions contemplated by this Agreement for which Seller or any Company Entity could become liable or obligated. 
 (i) Available
Funds and Credit Commitment. Purchaser has sufficient funds available to it to pay the Purchase Price and to consummate the other transactions contemplated by this Agreement to be consummated by Purchaser. 

(j) Bankruptcy. There are no bankruptcy, reorganization or arrangement proceedings pending against, being contemplated by or, to the
Knowledge of Purchaser, threatened against Purchaser. 
 ARTICLE V 

TAX MATTERS  

SECTION 5.01 Transfer Taxes. All Transfer Taxes resulting from the transactions contemplated by this Agreement shall be borne one-half by Purchaser and one-half by Seller when due. Seller shall prepare and timely file all Tax Returns or other documentation relating to such Transfer Taxes;
provided, however, that to the extent required by Applicable Law, Purchaser will as necessary join in the execution of any such Tax Returns or other documents relating to such Taxes. Seller shall provide Purchaser with copies thereof
at least 30 days prior to the date on which such Tax Return or other document is required to be filed. 

  
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 SECTION 5.02 Closing Tax Certificate. On the Closing Date, Seller shall deliver to
Purchaser a certificate (in the form attached hereto as Exhibit C) signed under penalties of perjury (a) stating that it is not a foreign corporation, foreign partnership, foreign trust, foreign estate, or disregarded entity,
(b) providing its U.S. Employer Identification Number and (c) providing its address, all pursuant to Treasury Regulations Section 1.1445-2(b)(2). 

SECTION 5.03 Tax Returns; Cooperation. Each Party shall cooperate fully, as and to the extent reasonably requested by the other Party,
in connection with the preparation, execution and filing of Tax Returns of or including the assets or results of operations of any Company Entity for any full or partial Tax period ending on or before the Closing Date and in connection with any
audit, litigation or other proceeding with respect to Taxes for any such full or partial Tax period. 
 ARTICLE VI 

COVENANTS OF SELLER AND PURCHASER  

SECTION 6.01 Public Announcements. Without giving at least five Business Days’ prior notice and obtaining the prior written
approval of Seller (in the case of a release or statement by Purchaser) or Purchaser (in the case of a release or statement by Seller), neither Party will issue, or permit any agent or Affiliate of such Party to issue any press releases or otherwise
make, or cause any agent or Affiliate of such Party to make, any public statements with respect to this Agreement and the transactions contemplated hereby or using the name of the other Party or any Affiliate thereof (whether in connection with this
transaction or otherwise), except when such release or statement is deemed in good faith by the releasing Party to be required by Applicable Law or under the applicable rules and regulations of a stock exchange or market on which the securities of
the releasing Party or any of its Affiliates are listed. 
 SECTION 6.02 Updated Company Records. Upon the Closing, Seller shall
cause the Company to update the books and records of the Company to reflect the purchase of the Purchased Units by the Purchaser and to update the Percentage Interests (as such term is defined in the A&R LLCA), of both the Seller and the
Purchaser, to reflect the membership interests attributable to the Purchased Units. 
 SECTION 6.03 Further Assurances. Seller and
Purchaser each agree that from time to time after the Closing Date and at the prior written request of the other Party, it will execute and deliver such further instruments, and take such other action, as may be reasonably necessary to carry out the
purposes and intents of this Agreement with respect to the Closing. 
 SECTION 6.04 Fees and Expenses. Seller shall reimburse
Purchaser for all fees and expenses, including financial advisors and accountants, incurred in connection with the negotiation of this Agreement, the A&R LLCA, and the transactions contemplated hereby, except that each Party will pay its own
fees and expenses of legal counsel incurred in connection with the negotiation of this Agreement, the A&R LLCA, and the transactions contemplated hereby. Seller shall be responsible for all fees and expenses, including fees and expenses of
counsel, financial advisors and accountants, incurred on its behalf in connection with the negotiation of this Agreement, the A&R LLCA, and the transactions contemplated hereby. 

  
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 SECTION 6.05 Confidential Information. Each Party agrees to, and to cause its
Affiliates and its and their employees, members, directors, officers and shareholders to, hold in confidence information made available to it by the other Party under this Agreement or in connection with the transactions contemplated herein, subject
to any obligation to comply with any Applicable Law, stock exchange listing agreement or regulation, or if a disclosure is to be made to a regulatory examiner or self-regulatory examiner in the course of such examiner’s examination or
inspection; provided, that the Party subject to such obligation provides notice of such obligation to the other Party as promptly as practicable, to the extent permitted under Applicable Law and discloses only such portion of such information
as is required to comply with such obligation; provided, further, that if requested by the other Party, such Party will cooperate with the other Party to obtain a protective order or relief in respect of such obligation, or
confidential treatment for any information disclosed pursuant to such obligation. In no event shall any party hereto be obligated or required to return any materials furnished by any other Party hereto. Notwithstanding the foregoing, either Party
may disclose such information (a) in confidence to its Affiliates and to its and its Affiliates’ directors, officers, employees, trustees and agents (including accountants, legal counsel and other agents and advisors), actual or potential
financing sources, provided that such disclosure to actual or potential financing sources is in connection with corporate financing and/or strategic initiatives and not for the purpose of entering into a transaction with a third party
substantially similar in scope and with respect to the same assets as the transaction(s) contemplated herein, (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Confidential
Information and instructed to keep such Confidential Information confidential and any failure of such Persons acting on behalf of such party to comply with this Section shall constitute a breach of this Section by the relevant party, as applicable),
(b) to any other party under the Mezzanine Loan Documents (c) in connection with the exercise of any remedies hereunder or any suit, action or proceeding relating to this Agreement or the Mezzanine Loan Documents or the enforcement of rights
hereunder or thereunder or (c) to the extent such Confidential Information (i) becomes publicly available other than as a result of a breach of this Section 6.05 or (ii) becomes available to such Party or its Affiliates on a
nonconfidential basis from a source other than the disclosing Party or its Affiliates. 
 ARTICLE VII 

CLOSING  
 SECTION
7.01 Closing. The Closing shall be held on the Closing Date at the offices of Baker Botts L.L.P., at 30 Rockefeller Plaza, New York, NY 10112 or such other place as the Parties may agree. 

SECTION 7.02 Seller’s Closing Obligations. On the date hereof, Seller shall deliver, or cause to be delivered, to Purchaser the
following: 
 (a) Seller’s executed counterpart of (i) the A&R LLCA and (ii) the Assignment of Interests, together with
such other documents or certificates endorsed in blank as are necessary to transfer the Purchased Units to Purchaser; 

  
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 (b) a certificate of Seller, dated as of the Closing Date, signed by an authorized officer
of Seller, and attaching (i) a good standing certificate of each of Seller and the Company certified as of a recent date by its respective Secretary of State or equivalent state Governmental Authority, (ii) a copy of the certificate of
formation of each of Seller and the Company certified as of a recent date by its Secretary of State or equivalent state Governmental Authority, (iii) a copy of the other Organizational Documents of Seller certified as of the Closing Date by an
authorized officer of Seller, (iv) resolutions or other authorizations of the Seller certified by an authorized officer of Seller as being true, complete, in full force and effect on the Closing Date and not amended, modified, revoked or
rescinded, authorizing the transactions contemplated hereby, and (v) a certification as to the incumbency and specimen signatures of each nature Person authorized to execute and deliver this Agreement, and any instruments or agreements required
hereunder to which such Person is a party; 
 (c) (i) a comprehensive overview of SunPower Capital, LLC’s compliance with and its
operating policies with respect to each applicable state’s fair lending statutes, including, but not limited to, its oversight and management of its dealers and applicable Affiliates, dealer pricing and geographic targeting and (ii) a
comprehensive overview of SunPower Capital, LLC’s compliance with and its operating policies with respect to California Civil Code Section 1671 with respect to late fees, including its oversight and management of its dealers and applicable
Affiliates; 
 (d) the certificate required to be delivered by Seller under Section 5.02; 

(e) a duly executed copy of the Master Servicing Agreement; 

(f) results through a date that is within ten (10) Business Days of the Closing Date, of (i) searches of the UCC records of the
Delaware Secretary of State or of any other jurisdiction as applicable, against Seller and each Company Entity, evidencing that no UCC financing statements have been filed against (A) Seller in respect of the Seller’s interests in the
Company, or (B) other than Permitted Encumbrances, any assets of the Company or the Company Entities, and (ii) Tax lien and litigation searches against Seller and the Company Entities; 

(g) A legal opinion with respect to the transactions contemplated hereby of counsel to Seller and the Company, addressed to the Purchaser and
in form and substance reasonably satisfactory to Purchaser; and 
 (h) any fees and expenses owed to Purchaser pursuant to Section 6.04.

 SECTION 7.03 Purchaser’s Closing Obligations. On the date hereof, Purchaser shall deliver, or cause to be delivered, to
Seller the following: 
 (a) the Purchase Price; 

(b) a certificate of Purchaser, dated as of the Closing, signed by an officer of Purchaser, and attaching (i) a good standing certificate
of Purchaser, certified as of a recent date by its respective Secretary of State or equivalent state Governmental Authority, (ii) a copy of the certificate of formation of Purchaser certified as of a recent date by its Secretary of State or
equivalent state Governmental Authority and (iii) a copy of the other Organizational Documents of Purchaser certified as of the Closing Date by an authorized officer of Purchaser; 

  
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 (c) Purchaser’s executed counterpart of (i) the A&R LLCA and (ii) the
Assignment of Interests; and 
 (d) A duly executed copy of the Purchaser Guaranty. 

ARTICLE VIII 

INDEMNIFICATION  

SECTION 8.01 Indemnification by Seller. From and after the Closing, subject to the other terms and limitations set forth in this
Agreement, Seller shall indemnify, defend, reimburse and hold harmless Purchaser, its Affiliates and their respective directors, officers, partners and employees (each such Person, a “Purchaser Indemnified Party” and,
collectively, the “Purchaser Indemnified Parties”) from and against any and all Losses actually incurred by any Purchaser Indemnified Party (a) for a breach of any of Seller’s representations and warranties
made in this Agreement, or (b) for a breach of the covenants or obligations of Seller under this Agreement. 
 SECTION 8.02
Indemnification by Purchaser. From and after the Closing, subject to the other terms and limitations set forth in this Agreement, Purchaser shall indemnify, defend, reimburse and hold harmless Seller, its Affiliates (other than the Company
Entities) and their respective directors, officers, partners and employees (each such Person, a “Seller Indemnified Party” and, collectively, the “Seller Indemnified Parties”) from and
against any and all Losses actually incurred by any Seller Indemnified Party (a) for any breach of Purchaser’s representations and warranties made in this Agreement, or (b) for any breach of the covenants or obligations of Purchaser
under this Agreement. 
 SECTION 8.03 Limitations on Indemnity. 

(a) Seller Liability Threshold. None of the Purchaser Indemnified Parties shall be entitled to assert any right to indemnification under
Section 8.01(a) until the aggregate amount of all such Losses actually suffered by Purchaser Indemnified Parties exceeds an amount equal to 1.00% of the Purchase Price, and then they shall be entitled to indemnification to the full extent of
such Losses, including the initial 1.00% of such Losses. 
 (b) Seller’s Maximum Liability. Anything in this Agreement to the
contrary notwithstanding, in no event shall Seller ever be required to indemnify Purchaser Indemnified Parties for Losses pursuant to Section 8.01 in any amount exceeding, in the aggregate, 12.5% of the Purchase Price; provided that
(i) Losses related to a breach of Section 3.02(a) shall not exceed 95% of the Purchase Price, and (ii) Losses related to (A) breaches of the representations and warranties contained in Section 3.01(a), Section 3.01(b),
Section 3.01(c), Section 3.01(d), Section 3.01(e), Section 3.01(f) (except with respect to subsection (ii) thereof, and in any event only to the extent that the same would be reasonably expected to have a Material Adverse
Effect), Section 3.01(g) (except with respect to those consents, approvals, authorizations or permits which have not already been obtained or made or which is not required until a later date and is reasonably expected to be obtained on or prior
to such date or which, if failed to be obtained, could not reasonably be expected to have a Material Adverse Effect), Section 3.01(h), Section 3.01(h) Section 3.01(i) and Section 3.01(k) and Section 3.02(c) (together, the
“Fundamental Representations”), and (B) a breach of any covenant or obligation of Seller under this Agreement or in respect of fraud, willful misconduct or intentional misrepresentation by Seller shall not
exceed the Purchase Price. 

  
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 (c) Purchaser Liability Threshold. None of the Seller Indemnified Parties shall be
entitled to assert any right to indemnification under Section 8.02(a) until the aggregate amount of all such Losses actually suffered by Seller Indemnified Parties exceeds an amount equal to 1.00% of the Purchase Price, and then they shall be
entitled to indemnification to the full extent of such Losses, including the initial 1.00% of such Losses. 
 (d) Purchaser’s Maximum
Liability. Anything in this Agreement to the contrary notwithstanding, in no event shall Purchaser ever be required to indemnify Seller Indemnified Parties for Losses pursuant to Section 8.02 in any amount exceeding, in the aggregate, the
12.5% of the Purchase Price; provided that Losses related to (i) breaches of the representations and warranties contained in Section 4.01(a), Section 4.01(b), Section 4.01(c) Section 4.01(d), Section 4.01(e),
Section 4.01(f), Section 4.01(g), Section 4.01(h) and Section 4.01(j), (ii) a breach of any covenant or obligation of Purchaser under this Agreement (other than Section 2.02) or in respect of fraud, willful misconduct or
intentional misrepresentation shall not exceed the Purchase Price and (iii) a breach of Section 2.02 shall not exceed the Purchase Price. 

(e) Adjustments for Indemnity Payments. The Parties agree to treat any indemnity payment made pursuant to this Agreement as an
adjustment to the Purchase Price, unless otherwise required pursuant to a “determination” within the meaning of Section 1313(a)(1) or (2) of the Code. 

(f) Reduction for Tax Benefit. Payments by an Indemnifying Party pursuant to Section 8.01 or Section 8.02 in respect of any
Loss shall be reduced by an amount equal to any Tax benefit realized or reasonably expected to be realized as a result of such Loss by the Indemnified Party. 

(g) Consequential Damages. In no event shall any Indemnifying Party be liable to any Indemnified Party for any punitive, incidental,
consequential, special or indirect damages, including loss of future revenue or income, loss of business reputation or opportunity relating to the breach or alleged breach of this Agreement, or diminution of value or any damages based on any type of
multiple. 
 (h) Mitigation of Loss. Each Indemnified Party shall take, and cause its Affiliates to take, all reasonable steps to
mitigate any Loss upon becoming aware of any event or circumstance that would be reasonably expected to, or does, give rise thereto, including incurring costs only to the minimum extent necessary to remedy the breach that gives rise to such Loss.

 SECTION 8.04 Indemnity Procedures. 

(a) Procedure for Third-Party Claims. 

(i) Notice of Claim. If a claim by a third party is made against any Seller Indemnified Party or any Purchaser
Indemnified Party (any such person, an “Indemnified Party”) or an Indemnified Party shall otherwise learn of an assertion or of a potential claim, and if such Indemnified Party intends to seek indemnity with respect
thereto under this 

  
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Article VIII, such Indemnified Party shall promptly furnish written notice of such claim (in reasonable detail and including the factual basis for such claim and, to the extent known, the amount
thereof) to the Party against whom indemnity is sought (such Party, in such capacity, the “Indemnifying Party”). Thereafter, the Indemnified Party shall deliver to the Indemnifying Party, promptly after the Indemnified
Party’s receipt thereof, copies of all material notices and documents (including court papers) received or transmitted by the Indemnified Party relating to such claim. The failure or delay of the Indemnified Party to deliver prompt written
notice of a claim shall not affect the indemnity obligations of the Indemnifying Party hereunder, except to the extent the Indemnifying Party was actually and materially disadvantaged by such failure or delay in delivery of notice of such claim.

 (ii) Conduct of Claim. The Indemnifying Party shall have 30 days after receipt of such notice (or, if the
Indemnified Party provides written notice that an answer or other pleading must be served prior to that date in order to prevent judgment by default in favor of the Person asserting the third-party claim, within 10 days of such notice from the
Indemnified Party) to elect to undertake, conduct and control (through counsel of its own choosing and at its own expense) the defense of such claim, and the Indemnified Party shall cooperate with it in connection therewith. If the Indemnifying
Party elects to undertake, conduct and control the settlement or defense of such claim, the Indemnifying Party shall permit the Indemnified Party to participate in such settlement or defense through counsel chosen by such Indemnified Party (but the
fees and expenses of such counsel shall be borne by such Indemnified Party unless: (A) it is reasonable that the Indemnified Party be represented by separate counsel due to a conflict or potential conflict of interest between the Indemnifying
Party and the Indemnified Party; or (B) the defenses available to the Indemnified Party are not available to the Indemnifying Party where both parties are named as defendants in any third party claim). So long as the Indemnifying Party, at the
Indemnifying Party’s cost and expense, (1) has undertaken the defense of such claim, and assumed full responsibility for all indemnification obligations to the Indemnified Party in respect of such claim, (2) is contesting such claim
in good faith through appropriate proceedings and (3) has taken such action (including the posting of a bond, deposit or other security) as may be necessary to prevent any action to foreclose a Lien against or attachment of the property of the
Indemnified Party for payment of such claim, the Indemnified Party shall not pay or settle any such claim; provided, however, that, the Indemnified Party shall have the right to pay or settle any such claim if it has irrevocably waived
in writing any right to indemnity by the Indemnifying Party for such claim; and, provided, further, that, (x) if within thirty (30) days after the receipt of the Indemnified Party’s notice of a claim of indemnity under
this Section 8.04(a) or, if the Indemnified Party provides written notice that an answer or other pleading must be served prior to that date in order to prevent judgment by default in favor of the Person asserting the third-party claim, within
ten (10) days of such notice from the Indemnified Party), the Indemnifying Party fails to undertake the defense thereof and assumed full responsibility for all indemnification obligations to the Indemnified Party in respect of such claim, or
fails to contest such claim in good faith or to prevent action to foreclose a Lien against or attachment of the Indemnified Party’s property as contemplated above or (y) if such claim is for equitable or injunctive relief, would impose
criminal liability or damages, or is by any Governmental Entity, the Indemnified Party shall have the right to contest, settle or compromise such claim and the Indemnified Party shall not thereby waive any right to indemnity for such claim under
this Agreement. 

  
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 (iii) Limitations on Settlement. No Indemnifying Party will consent
to any settlement, compromise or discharge (including the consent to entry of any judgment) of any such claim without the Indemnified Party’s prior written consent (which consent will not be unreasonably withheld or delayed), provided,
that, if the Indemnifying Party assumes the defense of any such claim, the Indemnified Party will agree to any settlement, compromise or discharge of such claim which the Indemnifying Party may recommend and which by its terms obligates the
Indemnifying Party to pay the full amount of Losses in connection with such claim, unconditionally and irrevocably releases the Indemnified Party and its Affiliates from liability in connection with such claim; provided, however, that
the Indemnified Party may refuse to agree to any such settlement, compromise or discharge (w) that provides for injunctive or other non-monetary relief affecting the Indemnified Party or any of its
Affiliates or imposes any criminal liability or damages or (x) that arises out of a claim by a Governmental Authority. Whether or not the Indemnifying Party shall have assumed the defense of such claim, the Indemnified Party will not admit any
liability with respect to, or settle, compromise or discharge (including the consent to entry of any judgment with respect to), any such claim without the prior written consent of the Indemnifying Party (which consent will not be unreasonably
withheld, conditioned or delayed). 
 (iv) Access to Information. If any claim is made by a third party against an
Indemnified Party, the Indemnified Party shall use commercially reasonable efforts to make available to the Indemnifying Party those partners, members, managers, officers and employees whose assistance, testimony or presence is necessary to assist
the Indemnifying Party in evaluating and in defending such claims; provided, that any such access shall be conducted in such a manner as not to unreasonably interfere with the operations of the business of the Indemnified Party, and any out
of pocket expenses incurred by any Indemnified Party in connection therewith shall be included in such Indemnified Party’s Losses. 

(b) Procedure for Other Claims. Any claim on account of Losses for which indemnification is provided under this Agreement, which does
not result from a claim of a third party, will be asserted by written notice (setting forth in reasonable detail the facts or circumstances that allegedly give rise to such claim and, to the extent known, the amount thereof and include copies of all
material written evidence thereof) given by the Indemnified Party to the Indemnifying Party from whom such indemnification is sought, which notice shall be given promptly after such Indemnified Party obtains actual knowledge of the existence of such
claim. The failure or delay of the Indemnified Party to deliver prompt written notice of a claim shall not affect the indemnity obligations of the Indemnifying Party hereunder, except to the extent the Indemnifying Party was actually and materially
disadvantaged by such failure or delay in delivery of notice of such claim. The Indemnifying Party shall have 30 days after its receipt of such notice to respond in writing to such claim. During such 30-day
period, the Indemnified Party shall allow the Indemnifying Party and its professional advisors to investigate the matter or circumstance alleged to give rise to the claim, and whether and to what extent any amount is payable in respect of the claim
and the Indemnified Party shall assist the Indemnifying Party’s investigation by giving such information 

  
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and assistance as the Indemnifying Party or any of its professional advisors may reasonably request. If the Indemnifying Party does not so respond within such
30-day period, the Indemnifying Party shall be deemed to have rejected such claim, in which case the Indemnified Party shall be free to pursue such remedies as may be available to the Indemnified Party on the
terms and subject to the provisions of this Agreement. 
 SECTION 8.05 Survival and Time Limitation. The terms and provisions of this
Agreement shall survive the Closing of the transactions contemplated hereunder. Notwithstanding the foregoing, the representations, warranties and covenants of Seller and Purchaser contained in this Agreement shall survive the Closing only until the
date that is 18 months after the Closing Date, except that Fundamental Representations and the representation and warranties set forth in Section 4.01(a), Section 4.01(c), Section 4.01(d), and Section 4.01(h) shall survive until
the expiration of the applicable statute of limitations. The covenants and agreements of the Parties contained in this Agreement shall survive in accordance with their terms. If notice of any claim for indemnification under Section 8.01 or
Section 8.02 shall have been given in accordance with this Article VIII within the applicable survival period, the representations, warranties and covenants that are the subject of such indemnification claim shall survive with respect to such
indemnification claim until such claim is finally resolved. 
 SECTION 8.06 Determination of Loss. 

(a) Insurance Proceeds. Payments by an Indemnifying Party pursuant to Section 8.01 or Section 8.02 in respect of any Loss
shall be limited to the amount of any liability or damage that remains after deducting therefrom any insurance proceeds and any indemnity, contribution or other similar payment received or reasonably expected to be received by the Indemnified Party
(or any Company Entities) in respect of any such claim. The Indemnified Party shall use its commercially reasonable efforts to recover under insurance policies or indemnity, contribution or other similar agreements for any Losses prior to seeking
indemnification under this Agreement. 
 (b) Remedies Not Affected by Investigation, Disclosure or Knowledge. Purchaser expressly
reserves the right to seek indemnity or other remedy for any Losses arising out of or relating to any breach or violation of the representations, warranties, covenants and agreements of Seller contained in this Agreement, notwithstanding any
investigation by, disclosure to, knowledge or imputed knowledge of Purchaser or any of its Affiliates or their respective representatives, whether before or after the date hereof, in respect of any fact or circumstance that reveals the occurrence of
any such breach or violation. 
 SECTION 8.07 Sole and Exclusive Remedy. The indemnification provisions of this Article VIII shall be
the sole and exclusive remedy of each Party (including the Seller Indemnified Parties and Purchaser Indemnified Parties) (a) for any breach of any Party’s representations or warranties contained in this Agreement, and for any failure by
such Party to perform its covenants or agreements contained in this Agreement or (b) otherwise with respect to this Agreement or the transactions contemplated hereby with respect to any Company Entity other than instances of fraud or claims for
non-monetary relief. In furtherance of the foregoing, each Party hereby waives, to the fullest extent permitted under Applicable Law, any and all rights, claims and causes of action it may have against another
Party hereunder or under Applicable Law with respect to the claims described in clauses (a) and (b) above, other than instances of fraud or claims for non-monetary relief. 

  
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 ARTICLE IX 

OTHER PROVISIONS  

SECTION 9.01 Counterparts. This Agreement may be executed in one or more counterparts (including by means of facsimile transmission,
portable document format (.pdf) or other electronic format), all of which, taken together, shall be considered one and the same agreement, and shall become effective when one or more counterparts have been signed by each of the Parties and delivered
to the other Parties. 
 SECTION 9.02 Governing Law; Dispute Resolution. This Agreement is to be construed in accordance with and
governed by the internal laws of the State of New York or any similar successor provision, without giving effect to its principles of conflicts of law that would cause the application of the laws of any jurisdiction other than the internal laws of
the State of New York to the rights and duties of the Parties. Each of the Parties hereby irrevocably and unconditionally submits to the jurisdiction of any court of the State of New York and any federal court located in New York County, New York
with respect to any proceeding relating to this Agreement. Further, each of the Parties hereby irrevocably and unconditionally waives any objection or defense that it may have based on improper venue or forum non conveniens to the conduct of any
such proceeding in any such courts. The Parties agree that any or all of them may file a copy of this paragraph with any court as written evidence of the knowing, voluntary and bargained agreement between the Parties irrevocably to waive any
objections to venue or to convenience of forum. Each of the Parties agrees that a final judgment in any such action or proceeding will be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided
by Applicable Law. 
 SECTION 9.03 Waiver of Jury Trial. Each of the parties hereto hereby waives to the fullest extent permitted by
Applicable Law any right it may have to a trial by jury with respect to any litigation directly or indirectly arising out of, under or in connection with this Agreement or the transactions contemplated by this Agreement. Each of the parties hereto
hereby (a) certifies that no representative, agent or attorney of the other party has represented, expressly or otherwise, that such other party would not, in the event of litigation, seek to enforce the foregoing waiver and
(b) acknowledges that it has been induced to enter into this Agreement and the transactions contemplated by this Agreement, as applicable, by, among other things, the mutual waivers and certifications in this Section 9.03. 

SECTION 9.04 Entire Agreement. This Agreement and the Schedules and Exhibits hereto contain the entire agreement between the Parties
with respect to the subject matter hereof and supersede any prior written or oral agreements, understandings, representations or warranties between the Parties. 

SECTION 9.05 Notices. Any and all notices, demands, consents, approvals, requests or other communications which any party may desire or
be required to give hereunder (collectively, “Notices”) shall be by personal delivery, email, facsimile, by overnight courier or by prepaid certified mail to the parties at the address set forth below: 

  
 20 

 Seller: 

2900 Esperanza Crossing, 3rd Floor 

Austin, Texas 78758 
 Attention:
      Christopher Couture, Vice President 
 Telephone:     (512) 735-0100 
 Facsimile:      (512) 857-1155

 Email: christopher.couture@sunpower.com 

Purchaser: 
 1906 Towne Centre
Boulevard, Suite 370 
 Annapolis, MD 21401 

Attention:       General Counsel 

Telephone:     410-571-9860 

Facsimile:      410-571-6199 

Email: generalcounsel@hannonarmstrong.com 

Any party may designate another address or change its address for Notices hereunder by a Notice given pursuant to this Section 9.05. A
Notice sent in compliance with the provisions of this Section 9.05 shall be deemed delivered when actually received by the party to whom sent. Rejection or other refusal to accept or the inability to deliver because of a changed address or
addressee of which no Notice was given as provided in this Section 9.05 shall be deemed to be receipt of the Notice sent. 
 SECTION
9.06 Successors and Assigns. The rights and obligations of the Parties shall not be assigned or delegated by Seller, on the one hand, or Purchaser, on the other hand, without the written consent of Purchaser (in the case of an assignment or
delegation by Seller) or Seller (in the case of an assignment or delegation by Purchaser), which consent may be withheld in any such Party’s sole discretion. 

SECTION 9.07 Amendments and Waivers. This Agreement may not be modified or amended except by an instrument or instruments in writing
signed by each of the Parties. Seller may waive compliance by Purchaser, and Purchaser may waive compliance by Seller, with any term or provision of this Agreement on the part of such Party or Parties to be performed or complied with, only by an
instrument in writing. The waiver by a Party of a breach of any term or provision of this Agreement shall not be construed as a waiver of any subsequent breach. 

SECTION 9.08 Schedules and Exhibits. All Schedules and Exhibits hereto that are referred to herein are hereby made a part hereof and
incorporated herein by such reference. The exceptions set forth in a Schedule will be deemed to qualify the representations and warranties set forth in the correspondingly numbered Sections of this Agreement and any other representation and warranty
as to which the relevance of such exception is readily apparent. 
 SECTION 9.09 Agreement for the Parties’ Benefit Only. Except
as specified in Article VIII, which is also intended to benefit and to be enforceable by the Seller Indemnified Parties and the Purchaser Indemnified Parties, as applicable, this Agreement is not intended to confer upon any Person not a party
hereto, other than the Parties’ successors or permitted assigns, any rights or remedies hereunder, and no Person, other than the Parties, their successors or permitted assigns, is entitled to rely on any representation, warranty, covenant or
agreement contained herein. 

  
 21 

 SECTION 9.10 Severability. If any term or other provision of this Agreement shall be
held invalid, illegal or incapable of being enforced by any Applicable Law or public policy by a court of competent jurisdiction, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the
economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to a Party. Upon such determination by a court of competent jurisdiction that any term or other provision is invalid, illegal or
incapable of being enforced, the Parties shall negotiate in good faith to modify this Agreement so as to give effect to the original intent of the Parties as closely as possible in an acceptable manner to the end that the transactions contemplated
hereby are fulfilled to the extent possible. 
 SECTION 9.11 Time of Essence; Action on Business Day. Time is of the essence for each
and every provision in this Agreement. 
 SECTION 9.12 Construction of Agreement. This Agreement and any documents or instruments
delivered pursuant hereto shall be construed without regard to the identity of the Person who drafted the various provisions of the same. Each and every provision of this Agreement and such other documents and instruments shall be construed as
though the Parties participated equally in the drafting of the same. Consequently, the Parties acknowledge and agree that any rule of construction that a document is to be construed against the drafting party shall not be applicable either to this
Agreement or such other documents and instruments. 
 [Remainder of page intentionally left blank; signature page follows.] 

 

  
 22 

 IN WITNESS WHEREOF, the Parties have duly executed this Agreement as of the date
first above written. 
  

			
	 SUNPOWER CORPORATION,
 a
Delaware corporation

		
	By:	 	 /s/ Chris Couture

		 	Name: Chris Couture
		 	Title: Vice President

 [Signature Page – Purchase and Sale Agreement] 

 
			
	 HA SUNSTRONG CAPITAL LLC

a Delaware limited liability company

		
	By:	 	 /s/ Jeffrey W. Eckel

		 	Name: Jeffrey W. Eckel
		 	Title: President

 [Signature Page – Purchase and Sale Agreement]WELLS FARGO & COMPANY 8-K

Exhibit 4.1

 

[Face
of Note]

 

Unless
this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”),
to the Company or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the
name of Cede & Co. or in such other name as requested by an authorized representative of DTC (and any payment is made to Cede
& Co. or such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest
herein.

 

	CUSIP NO.
    95001BAR5	FACE
    AMOUNT: $____________
	REGISTERED NO. __	 

 

WELLS
FARGO & COMPANY

 

MEDIUM-TERM
NOTE, SERIES S

 

Due
Nine Months or More From Date of Issue

 

Principal
at Risk Securities Linked to the Lowest Performing of the S&P 500® Index,

the
Russell 2000® Index and the Nasdaq-100 Index® due November 2, 2023

 

WELLS
FARGO & COMPANY, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the
“Company,” which term includes any successor corporation under the Indenture hereinafter referred to), for
value received, hereby promises to pay to CEDE & Co., or registered assigns, an amount equal to the Maturity Payment
Amount (as defined below) on the Stated Maturity Date (as defined below), unless this Security is redeemed prior to the Stated
Maturity Date as provided below under “Optional Redemption,” and to pay Contingent Coupon Payments (as defined below)
on the Face Amount of this Security to the extent provided herein on the Contingent Coupon Payment Dates specified herein at the
Contingent Coupon Rate (as defined below) until the earlier of the Stated Maturity Date and the Optional Redemption Date (as defined
below), if any. The “Initial Stated Maturity Date” shall be November 2, 2023. If the Final Calculation
Day (as defined below) is not postponed, the Initial Stated Maturity Date will be the “Stated Maturity Date.”
If the Final Calculation Day is postponed, the “Stated Maturity Date” shall be the later of (i) the Initial
Stated Maturity Date and (ii) three Business Days (as defined below) after the last Final Calculation Day as postponed.

 

“Face
Amount” shall mean, when used with respect to this Security, the amount set forth on the face of this Security as its
“Face Amount.”

 

     

     

    

 

Optional
Redemption

 

The
Company may, at its option, redeem this Security, in whole but not in part, on any Optional Redemption Date (as defined below)
by giving notice to the Holder hereof on or before the Calculation Day (as defined below) immediately preceding that Optional
Redemption Date. If this Security is redeemed, the Holder hereof will receive the Optional Redemption Price (as defined below)
plus a final Contingent Coupon Payment (as defined below), if any, on the applicable Optional Redemption Date. Unless the Company
defaults in the payment of the Optional Redemption Price plus the final Contingent Coupon Payment, if any, this Security will
cease to be outstanding on such Optional Redemption Date, no additional Contingent Coupon Payments will be payable on this Security
and the Holder hereof will have no further rights under this Security after such Optional Redemption Date. The “Optional
Redemption Price” is equal to the Face Amount of this Security. The “Optional Redemption Dates” shall
be the Contingent Coupon Payment Dates (as defined below) following each Calculation Day scheduled to occur from April 2019 to
July 2023, inclusive.

 

Payment
of Contingent Coupon Payments, the Maturity Payment Amount and the Optional Redemption Price

 

On
each quarterly Contingent Coupon Payment Date, the Company shall pay a Contingent Coupon Payment if, and only if, the Closing
Level (as defined below) of the Lowest Performing Index (as defined below) on the related Calculation Day is greater than or equal
to its Coupon Threshold Level (as defined below). A “Contingent Coupon Payment,” if payable as provided herein,
shall be equal to (i) the product of the Face Amount of this Security and the Contingent Coupon Rate, (ii) divided by
4. The “Contingent Coupon Payment Dates” shall be the third Business Day following each Calculation Day, as
each such Calculation Day may be postponed as herein provided, provided that the Contingent Coupon Payment Date with respect to
the Final Calculation Day will be the Stated Maturity Date. If a Calculation Day is postponed with respect to one or more Indices,
the related Contingent Coupon Payment Date will be three Business Days after the last Calculation Day as postponed. The “Contingent
Coupon Rate” is 9.80% per annum. Any Contingent Coupon Payments will be rounded to the nearest cent, with one-half cent
rounded upward. If a Contingent Coupon Payment Date is postponed, the Contingent Coupon Payment, if any, due on that Contingent
Coupon Payment Date will be made on that Contingent Coupon Payment Date as so postponed with the same force and effect as if it
had been made on the originally scheduled Contingent Coupon Payment Date, with no additional amount accruing or payable as a result
of the postponement.

 

Any
Contingent Coupon Payment so payable, and punctually paid or duly provided for, on any Contingent Coupon Payment Date will, as
provided in the Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered
at the close of business on the Regular Record Date for such Contingent Coupon Payment next preceding such Contingent Coupon Payment
Date. The Regular Record Date for a Contingent Coupon Payment Date shall be the date one Business Day prior to such Contingent
Coupon Payment Date.

 

Any
Contingent Coupon Payment not punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular
Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered
at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice
whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or
be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the
Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided
in the Indenture.

 

    2 

     

    

 

Payment
of any Contingent Coupon Payment on this Security will be made in immediately available funds at the office or agency of the Company
maintained for that purpose in the City of Minneapolis, Minnesota; provided, however, that, at the option of the Company, payment
of any Contingent Coupon Payment may be paid by check mailed to the Person entitled thereto at such Person’s last address
as it appears in the Security Register or by wire transfer to such account as may have been designated by such Person. Payments
of any Contingent Coupon Payment and the Maturity Payment Amount or the Optional Redemption Price, as applicable, on this Security
at Maturity will be made against presentation of this Security at the office or agency of the Company maintained for that purpose
in the City of Minneapolis, Minnesota and at any other office or agency maintained by the Company for such purpose. Notwithstanding
the foregoing, for so long as this Security is a Global Security registered in the name of the Depositary, any payments on this
Security will be made to the Depositary by wire transfer of immediately available funds.

 

Payment
of the Maturity Payment Amount or the Optional Redemption Price, as applicable, and any Contingent Coupon Payments on this Security
will be made in such coin or currency of the United States of America as at the time of payment is legal tender for payment of
public and private debts.

 

Definitions
Relating to Maturity Payment Amount, the Optional Redemption Price and Contingent Coupon Payments

 

If
this Security is not redeemed prior to the Stated Maturity Date as provided above under “Optional Redemption,” the
“Maturity Payment Amount” of this Security will equal:

 

		•	if
                                         the Ending Level of the Lowest Performing Index on the Final Calculation Day (as defined
                                         below) is greater than or equal to its Downside Threshold Level: the Face Amount; or

 

		•	if
                                         the Ending Level of the Lowest Performing Index on the Final Calculation Day is less
                                         than its Downside Threshold Level:

 

	[Face
    Amount  x	 	  Performance
Factor of the Lowest Performing 

        Index
on the Final Calculation Day
	]

 

All
calculations with respect to the Maturity Payment Amount will be rounded to the nearest one hundred-thousandth, with five one-millionths
rounded upward (e.g., 0.000005 would be rounded to 0.00001); and the Maturity Payment Amount will be rounded to the nearest cent,
with one-half cent rounded upward.

 

“Index”
shall mean each of the S&P 500 Index, the Russell 2000 Index and the Nasdaq-100 Index.

 

The
“Pricing Date” shall mean October 31, 2018.

 

    3 

     

    

 

The
“Lowest Performing Index” for any Calculation Day will be the Index with the lowest Performance Factor on that
Calculation Day (as such Calculation Day may be postponed for one or more Indices).

 

The
“Performance Factor” with respect to an Index on any Calculation Day is its Closing Level on such Calculation
Day divided by its Starting Level (expressed as a percentage).

 

The
“Starting Level” with respect to the S&P 500 Index is 2711.74, its Closing Level on the Pricing Date, with
respect to the Russell 2000 Index is 1511.413, its Closing Level on the Pricing Date, and with respect to the Nasdaq-100 Index
is 6967.096, its Closing Level on the Pricing Date.

 

The
“Ending Level” of an Index will be its Closing Level on the Final Calculation Day.

 

The
“Coupon Threshold Level” with respect to the S&P 500 Index is 1898.218, which is equal to 70% of its Starting
Level, with respect to the Russell 2000 Index is 1057.9891, which is equal to 70% of its Starting Level, and with respect to the
Nasdaq-100 Index is 4876.9672, which is equal to 70% of its Starting Level.

 

The
“Downside Threshold Level” with respect to the S&P 500 Index is 1627.044, which is equal to 60% of its
Starting Level, with respect to the Russell 2000 Index is 906.8478, which is equal to 60% of its Starting Level, and with respect
to the Nasdaq-100 Index is 4180.2576, which is equal to 60% of its Starting Level.

 

The
“Closing Level” with respect to each Index on any Trading Day means the official closing level of that Index
reported by the relevant Index Sponsor on such Trading Day, as obtained by the Calculation Agent on such Trading Day from the
licensed third-party market data vendor contracted by the Calculation Agent at such time; in particular, taking into account the
decimal precision and/or rounding convention employed by such licensed third-party market data vendor on such date, subject to
the provisions set forth below under “—Market Disruption Events,” “—Adjustments to an Index”
and “—Discontinuance of an Index.”

 

“Index
Sponsor” shall mean the sponsor or publisher of an Index.

 

“Business
Day” shall mean a day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions
are authorized or required by law or regulation to close in New York, New York.

 

    4 

     

    

 

The
“Calculation Days” shall be the 30th day of each January, April, July and October, commencing January
2019 and ending April 2023, and the Final Calculation Day. If any such day is not a Trading Day with respect to any Index, such
Calculation Day for each Index will be postponed to the next succeeding day that is a Trading Day with respect to each Index.
A Calculation Day for an Index is also subject to postponement due to the occurrence of a Market Disruption Event (as defined
below) with respect to such Index on such Calculation Day. The “Final Calculation Day” is October 30,
2023. If a Market Disruption Event occurs or is continuing with respect to an Index on any Calculation Day, then such Calculation
Day for such Index will be postponed to the first succeeding Trading Day for such Index on which a Market Disruption Event for
such Index has not occurred and is not continuing; however, if such first succeeding Trading Day has not occurred as of the eighth
Trading Day for such Index after the originally scheduled Calculation Day, that eighth Trading Day shall be deemed to be the Calculation
Day for such Index. If a Calculation Day has been postponed eight Trading Days for an Index after the originally scheduled Calculation
Day and a Market Disruption Event occurs or is continuing with respect to such Index on such eighth Trading Day, the Calculation
Agent will determine the Closing Level of such Index on such eighth Trading Day in accordance with the formula for and method
of calculating the Closing Level of such Index last in effect prior to commencement of the Market Disruption Event, using the
closing price (or, with respect to any relevant security, if a Market Disruption Event has occurred with respect to such security,
its good faith estimate of the value of such security at the Scheduled Closing Time of the Relevant Stock Exchange for such security
or, if earlier, the actual closing time of the regular trading session of such Relevant Stock Exchange) on that day of each security
included in such Index. As used herein, “closing price” means, with respect to any security on any date, the
Relevant Stock Exchange traded or quoted price of such security as of the Scheduled Closing Time of the Relevant Stock Exchange
for such security or, if earlier, the actual closing time of the regular trading session of such Relevant Stock Exchange. Notwithstanding
the postponement of a Calculation Day for an Index due to a Market Disruption Event with respect to such Index on such Calculation
Day, the originally scheduled Calculation Day will remain the Calculation Day for any Index not affected by a Market Disruption
Event on such day.

 

“Calculation
Agent Agreement” shall mean the Calculation Agent Agreement dated as of January 24, 2018 between the Company and the
Calculation Agent, as amended from time to time.

 

“Calculation
Agent” shall mean the Person that has entered into the Calculation Agent Agreement with the Company providing for, among
other things, whether a Contingent Coupon Payment will be made, the Optional Redemption Price, if any, and the Maturity Payment
Amount, if any, which term shall, unless the context otherwise requires, include its successors under such Calculation Agent Agreement.
The initial Calculation Agent shall be Wells Fargo Securities, LLC. Pursuant to the Calculation Agent Agreement, the Company may
appoint a different Calculation Agent from time to time after the initial issuance of this Security without the consent of the
Holder of this Security and without notifying the Holder of this Security.

 

Certain
Definitions 

 

A
“Trading Day” with respect to an Index means a day, as determined by the Calculation Agent, on which (i) the
Relevant Stock Exchanges with respect to each security underlying such Index are scheduled to be open for trading for their respective
regular trading sessions and (ii) each Related Futures or Options Exchange with respect to such Index is scheduled to be
open for trading for its regular trading session.

 

The
“Relevant Stock Exchange” for any security underlying an Index means the primary exchange or quotation system
on which such security is traded, as determined by the Calculation Agent.

 

    5 

     

    

 

The
“Related Futures or Options Exchange” for an Index means an exchange or quotation system where trading has
a material effect (as determined by the Calculation Agent) on the overall market for futures or options contracts relating to
such Index.

 

Adjustments
to an Index

 

If
at any time the method of calculating an Index or a Successor Equity Index, or the closing level thereof, is changed in a material
respect, or if an Index or a Successor Equity Index is in any other way modified so that such index does not, in the opinion of
the Calculation Agent, fairly represent the level of such index had those changes or modifications not been made, then the Calculation
Agent will, at the close of business in New York, New York, on each date that the closing level of such index is to be calculated,
make such calculations and adjustments as, in the good faith judgment of the Calculation Agent, may be necessary in order to arrive
at a level of an index comparable to such Index or Successor Equity Index as if those changes or modifications had not been made,
and the Calculation Agent will calculate the closing level of such Index or Successor Equity Index with reference to such index,
as so adjusted. Accordingly, if the method of calculating an Index or Successor Equity Index is modified so that the level of
such index is a fraction or a multiple of what it would have been if it had not been modified (e.g., due to a split or
reverse split in such equity index), then the Calculation Agent will adjust such Index or Successor Equity Index in order to arrive
at a level of such index as if it had not been modified (e.g., as if the split or reverse split had not occurred).

 

Discontinuance
of an Index

 

If
an Index Sponsor discontinues publication of an Index, and such Index Sponsor or another entity publishes a successor or substitute
equity index that the Calculation Agent determines, in its sole discretion, to be comparable to such Index (a “Successor
Equity Index”), then, upon the Calculation Agent’s notification of that determination to the Trustee and the Company,
the Calculation Agent will substitute the Successor Equity Index as calculated by the relevant Index Sponsor or any other entity
for purposes of calculating the Closing Level of such Index on any date of determination. Upon any selection by the Calculation
Agent of a Successor Equity Index, the Company will cause notice to be given to the Holder of this Security.

 

In
the event that an Index Sponsor discontinues publication of an Index prior to, and the discontinuance is continuing on, a Calculation
Day and the Calculation Agent determines that no Successor Equity Index is available at such time, the Calculation Agent will
calculate a substitute Closing Level for such Index in accordance with the formula for and method of calculating such Index last
in effect prior to the discontinuance, but using only those securities that comprised such Index immediately prior to that discontinuance.
If a Successor Equity Index is selected or the Calculation Agent calculates a level as a substitute for such Index, the Successor
Equity Index or level will be used as a substitute for such Index for all purposes, including the purpose of determining whether
a Market Disruption Event exists.

 

If
on a Calculation Day an Index Sponsor fails to calculate and announce the level of an Index, the Calculation Agent will calculate
a substitute Closing Level of such Index in accordance with the formula for and method of calculating such Index last in effect
prior to the failure, but using only those securities that comprised such Index immediately prior to that failure; provided
that, if a Market Disruption Event occurs or is continuing on such day with respect to such Index, then the provisions set
forth above under the definition of “Calculation Days” shall apply in lieu of the foregoing.

 

    6 

     

    

 

Market
Disruption Events 

 

A
“Market Disruption Event” with respect to an Index means any of the following events as determined by the Calculation
Agent in its sole discretion:

 

		(A)	The
                                         occurrence or existence of a material suspension of or limitation imposed on trading
                                         by the Relevant Stock Exchanges or otherwise relating to securities which then comprise
                                         20% or more of the level of such Index or any Successor Equity Index at any time during
                                         the one-hour period that ends at the Close of Trading on that day, whether by reason
                                         of movements in price exceeding limits permitted by those Relevant Stock Exchanges or
                                         otherwise.

 

		(B)	The
                                         occurrence or existence of a material suspension of or limitation imposed on trading
                                         by any Related Futures or Options Exchange or otherwise in futures or options contracts
                                         relating to such Index or any Successor Equity Index on any Related Futures or Options
                                         Exchange at any time during the one-hour period that ends at the Close of Trading on
                                         that day, whether by reason of movements in price exceeding limits permitted by the Related
                                         Futures or Options Exchange or otherwise.

 

		(C)	The
                                         occurrence or existence of any event, other than an early closure, that materially disrupts
                                         or impairs the ability of market participants in general to effect transactions in, or
                                         obtain market values for, securities that then comprise 20% or more of the level of such
                                         Index or any Successor Equity Index on their Relevant Stock Exchanges at any time during
                                         the one-hour period that ends at the Close of Trading on that day.

 

		(D)	The
                                         occurrence or existence of any event, other than an early closure, that materially disrupts
                                         or impairs the ability of market participants in general to effect transactions in, or
                                         obtain market values for, futures or options contracts relating to such Index or any
                                         Successor Equity Index on any Related Futures or Options Exchange at any time during
                                         the one-hour period that ends at the Close of Trading on that day.

 

		(E)	The
                                         closure on any Exchange Business Day of the Relevant Stock Exchanges on which securities
                                         that then comprise 20% or more of the level of such Index or any Successor Equity Index
                                         are traded or any Related Futures or Options Exchange with respect to such Index or any
                                         Successor Equity Index prior to its Scheduled Closing Time unless the earlier closing
                                         time is announced by the Relevant Stock Exchange or Related Futures or Options Exchange,
                                         as applicable, at least one hour prior to the earlier of (1) the actual closing time
                                         for the regular trading session on such Relevant Stock Exchange or Related Futures or
                                         Options Exchange, as applicable, and (2) the submission deadline for orders to be entered
                                         into the Relevant Stock Exchange or Related Futures or Options Exchange, as applicable,
                                         system for execution at such actual closing time on that day.

 

    7 

     

    

 

		(F)	The
                                         Relevant Stock Exchange for any security underlying such Index or Successor Equity Index
                                         or any Related Futures or Options Exchange with respect to such Index or Successor Equity
                                         Index fails to open for trading during its regular trading session.

 

For
purposes of determining whether a Market Disruption Event has occurred with respect to an Index:

 

		(1)	the
                                         relevant percentage contribution of a security to the level of such Index or any Successor
                                         Equity Index will be based on a comparison of (x) the portion of the level of such
                                         Index attributable to that security and (y) the overall level of such Index or Successor
                                         Equity Index, in each case immediately before the occurrence of the Market Disruption
                                         Event;

 

		(2)	the
                                         “Close of Trading” on any Trading Day for such Index or any Successor
                                         Equity Index means the Scheduled Closing Time of the Relevant Stock Exchanges with respect
                                         to the securities underlying such Index or Successor Equity Index on such Trading Day;
                                         provided that, if the actual closing time of the regular trading session of any such
                                         Relevant Stock Exchange is earlier than its Scheduled Closing Time on such Trading Day,
                                         then (x) for purposes of clauses (A) and (C) of the definition of “Market
                                         Disruption Event” above, with respect to any security underlying such Index or
                                         Successor Equity Index for which such Relevant Stock Exchange is its Relevant Stock Exchange,
                                         the “Close of Trading” means such actual closing time and (y) for purposes
                                         of clauses (B) and (D) of the definition of “Market Disruption Event”
                                         above, with respect to any futures or options contract relating to such Index or Successor
                                         Equity Index, the “Close of Trading” means the latest actual closing time
                                         of the regular trading session of any of the Relevant Stock Exchanges, but in no event
                                         later than the Scheduled Closing Time of the Relevant Stock Exchanges;

 

		(3)	the
                                         “Scheduled Closing Time” of any Relevant Stock Exchange or Related
                                         Futures or Options Exchange on any Trading Day for such Index or any Successor Equity
                                         Index means the scheduled weekday closing time of such Relevant Stock Exchange or Related
                                         Futures or Options Exchange on such Trading Day, without regard to after hours or any
                                         other trading outside the regular trading session hours; and

 

		(4)	an
                                         “Exchange Business Day” means any Trading Day for such Index or any
                                         Successor Equity Index on which each Relevant Stock Exchange for the securities underlying
                                         such Index or any Successor Equity Index and each Related Futures or Options Exchange
                                         with respect to such Index or any Successor Equity Index are open for trading during
                                         their respective regular trading sessions, notwithstanding any such Relevant Stock Exchange
                                         or Related Futures or Options Exchange closing prior to its Scheduled Closing Time.

 

    8 

     

    

 

Calculation
Agent

 

The
Calculation Agent will determine whether a Contingent Coupon Payment will be made, the Optional Redemption Price, if any, and
the Maturity Payment Amount, if any. In addition, the Calculation Agent will (i) determine if adjustments are required to
the Closing Level of an Index under the circumstances described in this Security, (ii) if publication of an Index is discontinued,
select a Successor Equity Index or, if no Successor Equity Index is available, determine the Closing Level of such Index under
the circumstances described in this Security, and (iii) determine whether a Market Disruption Event has occurred.

 

The
Company covenants that, so long as this Security is Outstanding, there shall at all times be a Calculation Agent (which shall
be a broker-dealer, bank or other financial institution) with respect to this Security.

 

All
determinations made by the Calculation Agent with respect to this Security will be at the sole discretion of the Calculation Agent
and, in the absence of manifest error, will be conclusive for all purposes and binding on the Company and the Holder of this Security.

 

Redemption
and Repayment

 

This
Security is not subject to repayment at the option of the Holder hereof prior to November 2, 2023. This Security is subject
to redemption prior to November 2, 2023 as set forth under “Optional Redemption” above. This Security is not entitled
to any sinking fund.

 

Acceleration

 

If
an Event of Default, as defined in the Indenture, with respect to this Security shall occur and be continuing, the Maturity Payment
Amount (calculated as set forth in the next two sentences) of this Security may be declared due and payable in the manner and
with the effect provided in the Indenture. The amount payable to the Holder hereof upon any acceleration permitted under the Indenture
will be equal to the Maturity Payment Amount hereof calculated as provided herein, plus a portion of a final Contingent Coupon
Payment, if any. The Maturity Payment Amount and any final Contingent Coupon Payment will be calculated as though the date of
acceleration were the Final Calculation Day. The final Contingent Coupon Payment, if any, will be prorated from and including
the immediately preceding Contingent Coupon Payment Date to but excluding the date of acceleration. 

__________________

 

Reference
is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for
all purposes have the same effect as if set forth at this place.

 

Unless
the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature
or its duly authorized agent under the Indenture referred to on the reverse hereof by manual signature, this Security shall not
be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

[The
remainder of this page has been left intentionally blank]

 

    9 

     

    

 

IN
WITNESS WHEREOF, the Company has caused this instrument to be duly executed.

 

DATED:

 

	 	WELLS FARGO & COMPANY
	 	 	 
	 	By:	 
	 	 	 
	 	 	Its:	 
	 	 	 
	 	Attest:	 
	 	 	 
	 	 	Its:	 

 

TRUSTEE’S
CERTIFICATE OF 

AUTHENTICATION 

This
is one of the Securities of the 

series
designated therein described 

in
the within-mentioned Indenture.

 

CITIBANK,
N.A., 

as
Trustee

 

	By:	 	 
	 	Authorized Signature	 
	 	 	 
	 	OR	 

 

WELLS
FARGO BANK, N.A., 

as
Authenticating Agent for the Trustee

 

	By:	 	 
	 	Authorized Signature	 

 

    10 

     

    

 

[Reverse
of Note]

 

WELLS
FARGO & COMPANY

 

MEDIUM-TERM
NOTE, SERIES S

 

Due
Nine Months or More From Date of Issue

 

Principal
at Risk Securities Linked to the Lowest Performing of the S&P 500® Index,

the
Russell 2000® Index and the Nasdaq-100 Index® due November 2, 2023

 

This
Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued
and to be issued in one or more series under an indenture dated as of February 21, 2017, as amended or supplemented from time
to time (herein called the “Indenture”), between the Company and Citibank, N.A., as Trustee (herein called
the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities
thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and
are to be, authenticated and delivered. This Security is one of the series of the Securities designated as Medium-Term Notes,
Series S, of the Company. The amount payable on the Securities of this series may be determined by reference to the performance
of one or more equity-, commodity- or currency-based indices, exchange traded funds, securities, commodities, currencies, statistical
measures of economic or financial performance, or a basket comprised of two or more of the foregoing, or any other market measure
or may bear interest at a fixed rate or a floating rate. The Securities of this series may mature at different times, be redeemable
at different times or not at all, be repayable at the option of the Holder at different times or not at all and be denominated
in different currencies.

 

The
Securities are issuable only in registered form without coupons and will be either (a) book-entry securities represented
by one or more Global Securities recorded in the book-entry system maintained by the Depositary or (b) certificated securities
issued to and registered in the names of, the beneficial owners or their nominees.

 

The
Company agrees, to the extent permitted by law, not to voluntarily claim the benefits of any laws concerning usurious rates of
interest against a Holder of this Security.

 

    11 

     

    

 

Modification
and Waivers 

 

The
Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by
the Company and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding
of all series to be affected, acting together as a class. The Indenture also contains provisions permitting the Holders of a majority
in principal amount of the Securities of all series at the time Outstanding affected by certain provisions of the Indenture, acting
together as a class, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with those
provisions of the Indenture. Certain past defaults under the Indenture and their consequences may be waived under the Indenture
by the Holders of a majority in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders
of all Securities of such series. Solely for the purpose of determining whether any consent, waiver, notice or other action or
Act to be taken or given by the Holders of Securities pursuant to the Indenture has been given or taken by the Holders of Outstanding
Securities in the requisite aggregate principal amount, the principal amount of this Security will be deemed to be equal to the
amount set forth on the face hereof as the “Face Amount” hereof. Any such consent or waiver by the Holder of this
Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued
upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or
waiver is made upon this Security.

 

Defeasance

 

Section 403
and Article Fifteen of the Indenture and the provisions of clause (ii) of Section 401(1)(B) of the Indenture, relating
to defeasance at any time of (a) the entire indebtedness on this Security and (b) certain restrictive covenants, upon
compliance by the Company with certain conditions set forth therein, shall not apply to this Security. The remaining provisions
of Section 401 of the Indenture shall apply to this Security.

 

Authorized
Denominations

 

This
Security is issuable only in registered form without coupons in denominations of $1,000 or any amount in excess thereof which
is an integral multiple of $1,000.

 

Registration
of Transfer

 

Upon
due presentment for registration of transfer of this Security at the office or agency of the Company in the City of Minneapolis,
Minnesota, a new Security or Securities of this series, with the same terms as this Security, in authorized denominations for
an equal aggregate Face Amount will be issued to the transferee in exchange herefor, as provided in the Indenture and subject
to the limitations provided therein and to the limitations described below, without charge except for any tax or other governmental
charge imposed in connection therewith.

 

This
Security is exchangeable for definitive Securities in registered form only if (x) the Depositary notifies the Company that
it is unwilling or unable to continue as Depositary for this Security or if at any time the Depositary ceases to be a clearing
agency registered under the Securities Exchange Act of 1934, as amended, and a successor depositary is not appointed within 90 days
after the Company receives such notice or becomes aware of such ineligibility, (y) the Company in its sole discretion determines
that this Security shall be exchangeable for definitive Securities in registered form and notifies the Trustee thereof or (z)
an Event of Default with respect to the Securities represented hereby has occurred and is continuing. If this Security is exchangeable
pursuant to the preceding sentence, it shall be exchangeable for definitive Securities in registered form, bearing interest at
the same rate, having the same date of issuance, Stated Maturity Date and other terms and of authorized denominations aggregating
a like amount.

 

    12 

     

    

 

This
Security may not be transferred except as a whole by the Depositary to a nominee of the Depositary or by a nominee of the Depositary
to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor of the Depositary
or a nominee of such successor. Except as provided above, owners of beneficial interests in this Global Security will not be entitled
to receive physical delivery of Securities in definitive form and will not be considered the Holders hereof for any purpose under
the Indenture.

 

Prior
to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the
Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this
Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.

 

Obligation
of the Company Absolute

 

No
reference herein to the Indenture and no provision of this Security or the Indenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the Contingent Coupon Payments, if any, and the Maturity Payment Amount or
the Optional Redemption Price, as applicable, on this Security at the times, place and rate, and in the coin or currency, herein
prescribed, except as otherwise provided in this Security.

 

No
Personal Recourse

 

No
recourse shall be had for the payment of any Contingent Coupon Payments or the Maturity Payment Amount or the Optional Redemption
Price, as applicable, on this Security or for any claim based hereon, or otherwise in respect hereof, or based on or in respect
of the Indenture or any indenture supplemental thereto, against any incorporator, stockholder, officer or director, as such, past,
present or future, of the Company or any successor corporation, whether by virtue of any constitution, statute or rule of law,
or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part
of the consideration for the issuance hereof, expressly waived and released.

 

Defined
Terms

 

All
terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture unless
otherwise defined in this Security.

 

Governing
Law

 

This
Security shall be governed by and construed in accordance with the law of the State of New York, without regard to principles
of conflicts of laws.

 

    13 

     

    

 

ABBREVIATIONS

 

 The
following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written
out in full according to applicable laws or regulations:

 

	TEN COM	--	as tenants in common

 

	TEN ENT	--	as tenants by the entireties

 

	JT TEN	--	as joint tenants with right

of survivorship and
not

as tenants in common

 

	UNIF
GIFT MIN ACT --	 	Custodian	 
	 	(Cust)	 	(Minor)

 

	Under
Uniform Gifts to Minors Act	 	 
	 
	 	 
	(State)	 	 

 

Additional
abbreviations may also be used though not in the above list.

 

FOR
VALUE RECEIVED, the undersigned hereby sell(s) and transfer(s) unto

  

Please
Insert Social Security or

Other
Identifying Number of Assignee

 

	 

                                                                                 
	 	 
	 	 	 
	 	 	 

(Please
print or type name and address including postal zip code of Assignee)

 

    14 

     

    

 

the
within Security of WELLS FARGO & COMPANY and does hereby irrevocably constitute and appoint __________________ attorney to
transfer the said Security on the books of the Company, with full power of substitution in the premises.

 

Dated:
_________________________ 

	 	 	 
	 	 	 

 

NOTICE:
The signature to this assignment must correspond with the name as written upon the face of the within instrument in every particular,
without alteration or enlargement or any change whatever.

 

    15

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