Document:

Unassociated Document

    EXHIBIT 10.9

    

    

    

    

    May 13,
2008

    

    

    Marty
Neese

    715
Fremont Street

    Menlo
Park, CA  94025

    

    

    Employment
with SunPower Corporation

    

    Dear
Marty:

    

    SunPower
Corporation is embarking on a once in a lifetime, winner take all expansion in
the solar power industry. We have the unique opportunity to grow a great
business, and, at the same time, to help solve one of mankind’s biggest
challenges—environmentally friendly energy sources.

    

    We are
pleased to offer you the position of Chief Operating Officer.  This
position reports to Tom Werner, CEO.  Your specific responsibilities
shall include, but not be limited to those that are outlined in the attached job
description.

    

    Should
you accept our offer, SunPower will compensate you $15,385.00 bi-weekly
($400,000.00 when computed annually) for your services in accordance with its
normal payroll practices.

     

    Following
the start of your employment, you will also receive 50,000 Restricted Stock
Units, and a non-qualified stock options to purchase 100,000 shares of SunPower
Class A common stock at a price to be determined at the next Board of Directors
meeting following the start of your employment.  The Restricted Stock
Units will vest in equal annual installments over a three-year period and the
stock options will vest in equal annual installments over a four-year
period.   The first vesting of both the Restricted Stock Units
and the stock options will occur on the one-year anniversary following the date
of each grant.

     

     

    You will
also be a participant in the SunPower Key Employee Bonus Program (KEBP) at a
target incentive of 60% of base salary.  Your actual incentive will be
based on both company and individual performance.

     

     

    In the
event that your employment is involuntarily terminated without Cause by the
Company before the first vesting date of your Restricted Stock Units and stock
options, the Company shall pay you a sum of $1,500,000.00 within 30 days
following such involuntarily termination without cause.  The
definition of “Cause” for purposes of this paragraph shall be defined by the
Compensation Committee of the Board of Directors.

     

     

    The
Company will provide you with a “Change of Control” employment agreement with a
double trigger provision. Additionally, for fiscal year 2008 there will be no
pro-rata reduction in your participation level for the Evergreen stock award
program and annual merit review process.

     

     

    As an
employee of SunPower, you will be eligible for group insurance benefits in
accordance with the terms and limitations applicable to such
coverage.  SunPower also provides Personal Time Off (PTO) to its
employees.  If you elect to join us, you will begin to accrue PTO at a
rate of 3 weeks per year upon commencement of employment.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     Except
for the CEO of SunPower, no manager, supervisor or other representative of the
Company has authority to agree on behalf of SunPower to employ any employee for
any specific period of time or to employ any employee on other than an at-will
basis.  Any agreement to employ an employee for a specific time or on
other than at-will basis is effective only if signed by the CEO of
SunPower.

    

    To attain
a leadership position in the photovoltaic industry, SunPower embraces new
challenges and opportunities from time to time as the company develops and
grows.  The Company expects the same commitment and resultant
flexibility from its employees.  Although the Company does not have
any immediate plans to modify your defined job responsibilities or alter your
specific job assignment, the Company retains the right to make such
modifications in the future to satisfy ongoing developing

    business
needs.  Nothing in this letter limits the Company’s ability to modify
your job duties or change your assignment.

    

    As an
employee of SunPower, you may work with and/or develop information, which is
considered confidential by the Company.  As a result, SunPower
requires all employees to agree not to use or disclose any such confidential
information for the benefit of anyone other than SunPower.  Should you
accept our offer of employment, SunPower will require you to sign an agreement
describing your obligations with respect to confidentiality in greater
detail.

    

    This
offer is contingent upon your ability to present documents establishing your
right to work in the United States as required by the 1986 Federal Immigration
Reform and Control Act. Please be prepared to present documents demonstrating
your right to work upon your first date of employment.

    

    This
offer shall be good through close of business on May 20, 2008.  On
your official start date, you will be entitled to participate in our benefits
programs.  We will provide you with full information regarding the
applicable health insurance offered as well as other pertinent information
regarding the benefit package that is offered to SunPower
employees.

    

    We are
excited about the prospect of working with you and hope that you will decide to
join us.  In order to memorialize your acceptance of this offer,
please sign and date one copy of this offer letter confirming your start date as
June 15, 2008.  You are also welcome to fax these documents to me at
408-240-5404.  If you have any questions about our offer or employment
at SunPower, I encourage you to call me at 408-240-5570 or Doug Richards, Vice
President, Human Resources at 650-799-4500.

    

    

    Sincerely,

    

    /s/ Tom
Werner

    

    Tom
Werner

    CEO

    

    

    I accept
the offer of employment set forth above:

    

    

    

     

    
      	 5/15/08	 /s/ M. Neese	 June 15, 2008
	 Date	Signature     	 Start
      Date
	 	 	 or
      T.B.D.ex10-10.htm

    

    EXHIBIT 10.10

    
      	
              
                CONFIDENTIAL
      TREATMENT REQUESTED

                --

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

              

            

    

     

    
       

      
        	  

                FIRST
      AMENDMENT

                TO

                INGOT
      AND WAFER SUPPLY AGREEMENT

                 

              

      

       

    

    THIS FIRST AMENDMENT TO INGOT AND
WAFER SUPPLY AGREEMENT (the “Amendment”) is made
as of May 13, 2008, by and between SUNPOWER CORPORATION (“SunPower”), a
Delaware corporation, and JIAWEI SOLARCHINA CO., LTD.
(“Jiawei”), a
Chinese company.

     

    WHEREAS, SunPower and Jiawei
previously entered into that certain Ingot and Wafer Supply Agreement (the
“Original
Agreement”) dated December 3, 2007;

     

    WHEREAS, SunPower and Jiawei
desire to amend the Original Agreement as set forth herein;

     

    NOW, THEREFORE, FOR VALUABLE
CONSIDERATION, including, without limitation, the covenants set forth
herein, SunPower and Jiawei hereby agree as follows:

     

    
      	
              1.

            	
              Section
      3.3.  The following new Subsection 3.3 is added to the
      end of Section 3 of the Original
Agreement:

            

    

     

    
      	
               
      

            	
              3.3

            	
              * *
      *

            

    

     

    
      	
              3.

            	
              Miscellaneous.  Except
      as amended hereby, the Original Agreement shall continue in full force and
      effect.

            

    

     

    IN WITNESS WHEREOF, SunPower
and Jiawei have executed this Amendment as of the date first above
written.

     

     

    

    
      
        	
                SUNPOWER
      CORPORATION, 

                a Delaware corporation

              	 	 	
                 JIAWEI SOLARCHINA CO.,
      LTD.,

                a Chinese company

                 

              	 
	
                By:
      /s/ Jon
      Whiteman 

              	 	 	
                By:
      /s/ Ding Kong
      Xian

              	 
	
                Name:
      Jon
      Whiteman

              	 	 	
                Name:
      Ding Kong
      Xian

              	 
	
                Title:
      VP Strategic
      Supply

                5-14-08  

              	 	 	
                Title:
      President 

                5-14-08

              	 

      

    

    

    

    

    ***
CONFIDENTIAL MATERIAL REDACTED AND SEPARATELY FILED WITH THE SECURITIES AND
EXCHANGE COMMISSION.Unassociated Document

    EXHIBIT
10.11

    FIFTH
AMENDMENT TO CREDIT AGREEMENT

    

    

    THIS AMENDMENT TO CREDIT AGREEMENT
(this "Amendment") is entered into as of May 19, 2008, by and between SUNPOWER
CORPORATION, a Delaware corporation ("Borrower"), and WELLS FARGO BANK, NATIONAL
ASSOCIATION ("Bank").

    

    RECITALS

    

    WHEREAS, Borrower is currently indebted
to Bank pursuant to the terms and conditions of that certain Credit Agreement
between Borrower and Bank dated as of July 13, 2007, as amended by that certain
First Amendment to Credit Agreement, dated August 20, 2007, that certain Second
Amendment to Credit Agreement, dated August 31, 2007, that certain Waiver
Agreement, dated January 18, 2008, that certain Third Amendment to Credit
Agreement, dated February 13, 2008, and that certain Fourth Amendment to Credit
Agreement, dated April 4, 2008, and as amended from time to time ("Credit
Agreement").

    

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

    

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

    

    
      	
              1. 

            	
              Section
      4.9(a) is hereby amended to read as
follows:

            

    

    

    “(a)           Minimum
Liquidity (defined as unencumbered and unrestricted cash, cash equivalents, and
marketable securities acceptable to Bank, which, if cash, is U.S. Dollar
denominated, or if held in an account not maintained in the United States, is
denominated in any currency for which a U.S. Dollar equivalent is routinely
calculated by Bank, and, if other than cash, consist of financial instruments or
securities, acceptable to Bank, collectively, “Eligible Assets”) equal to or
greater than (i) two
(2.00) times the Bank’s commitment under the Line of Credit with a minimum of
$75,000,000.00 of such liquidity to be held in accounts maintained in the United
States (“U.S. Domiciled Liquidity”), or (ii) if the amount of U.S Domiciled
Liquidity is less than $75,000,000.00, three (3.00) times the Bank’s commitment
under the Line of Credit, in all instances determined as of the end of each
calendar month, provided, however, that in  no event shall the amount
of U.S Domiciled Liquidity be less than $50,000,000.00.  For purposes
of calculating U.S. Dollar equivalent value of Eligible Assets not denominated
in U.S. Dollars, Bank will convert the value of such assets as of the applicable
statement date based on Bank’s foreign exchange closing rates for such
date.  Without limiting the foregoing, "Eligible Assets" shall include
Borrower's auction rate securities listed on Schedule 4.9(a) (each such
security, an “Auction Rate”), subject to the terms of the next
paragraph.

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    So long as Borrower maintains Minimum
Liquidity (including Auction Rates) equal to or greater than three (3.00) times
the Bank's commitment under the Line of Credit, Bank shall value each Auction
Rate at the market rate bid for such Auction Rate at each month’s end, (i) as
communicated to Bank by Wells Capital Management Incorporation (“WCMI”), or (ii)
in the event that WCMI is unable to determine a market rate bid, as determined
and publicly announced by such other source as Bank in its sole discretion
considers acceptable.  In the event that Borrower's Minimum Liquidity
(including Auction Rates) is less than three (3.00) times the Bank’s commitment
under the Line of Credit, Bank reserves the right to discount the WCMI (or, as
applicable, other source’s) value in Bank’s reasonable
discretion.  The foregoing terms of this paragraph shall cease to be
effective at such time that Bank in good faith determines that liquidity has
been restored to the auction rate market in the United States and that the
auction rate securities market is functioning substantially as it did prior to
the current auction rate liquidity crisis.  Following such
determination, "Eligible Assets" shall include Borrower's auction rate
securities to the extent permissible under Bank’s policies at such
time.”

    

    2.           Section 5.3
is hereby deleted in its entirety, and the following substituted
therefor:

    

    “SECTION 5.3.   OTHER
INDEBTEDNESS.  Create, incur, assume or permit to exist any
indebtedness or liabilities resulting from borrowings, loans or advances,
whether secured or unsecured, matured or unmatured, liquidated or unliquidated,
joint or several, except (a) the liabilities of Borrower or such Third Party
Obligor to Bank, and (b) Permitted Indebtedness.  “Permitted
Indebtedness” shall mean (i) indebtedness of Borrower or a Third Party Obligor
to Borrower or any Subsidiary in the ordinary course of business,
(ii)  indebtedness in favor of Solon AG and its affiliates under the
Amended and Restated Supply Agreement, dated as of April 14, 2005, as amended,
between Borrower and Solon AG fur Solartechnik; (iii) indebtedness in favor of
customers and suppliers of the Borrower and its Subsidiaries in connection with
supply and purchase agreements in an aggregate principal amount not to exceed
Two Hundred Million dollars ($200,000,000.00) at any one time and any
refinancings, refundings, renewals or extensions thereof (without shortening the
maturity thereof or increasing the principal amount thereof); (iv) 1.25% senior
convertible debentures issued in February 2007 in the aggregate principal amount
of Two Hundred Million Dollars ($200,000,000.00) plus accrued interest thereon;
(v) obligations owed to Travelers Casualty and Surety Company of America and St.
Paul Fire and Marine Insurance Company, and their affiliates (collectively,
“Travelers”) in connection with obligations under the General Contract of
Indemnity with Travelers, pursuant to which Travelers issues bonds or otherwise
secures performance of 

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    Borrower
and Subsidiaries for the benefit of their customers and contract counterparties;
(vi) 0.75% senior convertible debentures issued in August 2007 in the aggregate
principal amount of Two Hundred Twenty-Five Million Dollars ($225,000,000.00)
plus accrued interest thereon; and (vii) additional indebtedness of Borrower and
Third Party Obligors in an aggregate principal amount not to exceed Fifty
Million Dollars ($50,000,000.00) outstanding at any one time.  For
clarity, Bank and Borrower agree that Borrower’s trade payables incurred in the
ordinary course of business do not constitute indebtedness prohibited or
restricted by the terms of this Section 5.3.”

    

    3.           Section 5.5
is hereby deleted in its entirety, and the following substituted
therefor:

    

    “SECTION 5.5.  LOANS,
ADVANCES, INVESTMENTS.  Make any loans or advances to or investments
in any person or entity, except (a) any of the foregoing existing as of, and
disclosed to Bank prior to, the date hereof, (b) additional loans or advances by
Borrower or such Third Party Obligor to employees and officers in the ordinary
course of business and in amounts not to exceed an aggregate of Fifteen Million
Dollars ($15,000,000.00) outstanding at any time (c) investments which are made
in accordance with Borrower’s Investment Policy as from time to time adopted by
its Board of Directors, (d) investments which constitute Specified Transactions,
as defined in Section 5.8, below, (e) any of the foregoing that constitute
Permitted Indebtedness, (f) advances to, or investments in, a Subsidiary or in
Woongjin Energy by Borrower or any Third Party Obligor in the ordinary course of
business; and (g) prepayment of obligations to vendors and suppliers in the
ordinary course in an amount not to exceed Three Hundred Million Dollars
($300,000,000.00).”

    

    4.           Concurrently
with its execution and as a condition precedent to the effectiveness of this
Amendment, Borrower shall execute and deliver to Bank an Amended and Restated
Addendum to Security Agreement: Securities Account in form and content
acceptable to Bank and Borrower.

    

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

    

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

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

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

     

    
      
        	 SunPower
      Corporation 	 	 	WELLS
      FARGO BANK,
NATIONAL ASSOCIATION	 
	
                /s/
      Emmanuel T. Hernandez    

              	 	 	
                /s/
      Matthew Servatius

              	 
	
                Emmanuel
      T. Hernandez

              	 	 	
                Matthew
      Servatius 

              	 
	
                Chief
      Financial Officer

              	 	 	
                Vice
      President

              	 

      

    

     

     

    
      4

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