Document:

Prepared by R.R. Donnelley Financial -- Contract of Lease

 EXHIBIT 10.7 
  
 CONTRACT OF LEASE 
  
 KNOW ALL MEN BY THESE PRESENTS: 
  
 This Contract of Lease, made and entered into this 1 day of January 2003, in Binan, Laguna, Philippines, by and between; 
  
 CYPRESS MANUFACTURING LTD – PHIL. BRANCH, a foreign
corporation licensed to do business in the Philippines, with principal address at Gateway Business Park, Gen. Trias. Cavite. represented in this act by its for Managing Diretor, Mr. Conrado Leal, hereinafter referred to as the LESSOR;

  
 -and- 
  
 SUNPOWER PHILIPPINES MANUFACTURING LIMITED – PHIL. BRANCH,
a foreign corporation duly licensed to do business under the laws of the Philippines, with office address at 100 Trade Avenue, Phase 4, Special Economic Zone, Laguna Technopark, Binan, Laguna, represented in this act by its Plant Manager, Gregory
Reichow, hereinafter referred to as the LESSEE; 
  
 WITNESSETH: That 
  
 WHEREAS, the LESSOR is the registered, legal
and owner of a building which has a floor area of Twenty Thousand Forty Nine and 55/100 (20.049.55) square meters located at the plant site of the Seller at 100 Trade Avenue, Phase IV, Special Economic Zone, Laguna Technopark, Binan, Laguna (the
Building) and covered by Tax Declaration No. Tax Declaration No. 003-09-08872 of Binan, Laguna, dated 29 March 2000 hereinafter referred to as the “Building”; 
  
 WHEREAS, the LESSOR has likewise acquired the leasehold rights and interests (the “Leasehold Rights and Interests”) over the
parcel of land on which the Building is located with an area consisting of Eighty Eight Thousand Seven Hundred Five (88.705) square meters, more or less, constituting a portion of the land (the “Leased Land”) covered by Transfer
Certificate of Title No. T-433155 (the “TCT”) issued by the Registry of Deeds for the Province of Laguna, Calamba Branch, hereafter referred to as the “Premises”; 
  
 WHEREAS, the LESSEE desires to lease the above mentioned Building and Premises and the LESSOR is willing to lease the same unto the LESSEE
subject to the terms and conditions herein specified. 
  
 NOW, THEREFORE, for and
in consideration of the covenants and agreement hereinafter set forth, the LESSOR agrees and consents to lease unto the LESSEE with option to purchase, the aforementioned Building and Premises under the following terms and conditions: 
  
 1. PERIOD 
  
 The term of this lease shall be for a period of Three (3) years commencing on July 15, 2003 renewable thereafter on terms and conditions
mutually agreed upon, provided written notice of intent to renew or extend is served by the LESSEE on the LESSOR at least sixty (60) days prior to the expiration of this Lease Contract. LESSEE is given the right to terminate the lease upon written
notice served on the LESSOR at least sixty (60) days prior to termination. 

 For any renewal or extension after the first year, the rate shall be mutually agreed. 
  
 2. RENTAL 
  
 The rental for the use and occupancy of the Building and Premises shall be equivalent to TWENTY TWO EIGHT HUNDRED SIXTY FIVE US Dollars
(US$22,865.00) payable at the end of each month inclusive of five percent (5%) withholding tax. 
  
 3. WATER, ELECTRICITY, TELEPHONE AND OTHER UTILITIES 
  
 The LESSEE shall be responsible for the payment of association dues, water, electricity, and other services for the maintenance of the Building and Premises for the duration of the Contract of Lease. The LESSEE
warrants that payment of said utilities shall be timely made. 
  
 4. OPTION TO
PURCHASE 
  
 LESSEE is given the right to purchase the Building and all
Leasehold rights and interests from the LESSOR by giving written notice to LESSOR and upon mutually acceptable terms and conditions 
  
 5. USE OF THE PREMISES 
  
 The LESSEE shall use the Leased PREMISES for the manufacture of solar cells and other related activities. The LESSEE and the LESSOR shall comply with the existing rules and regulations, any and all reasonable rules
and regulations which may be promulgated from time to time by the LTI Association, and will follow all the rules and regulations, ordinances and laws issued by the Health or other constituted local or national authorities arising from or regarding
the use, occupancy, sanitation and safety of the Building and Premises. 
  
 6.
IMPROVEMENTS AND ALTERATIONS 
  
 The LESSEE may make any major structural
changes, alterations or improvements in the Building and Premises for its own account. 
  
 7. MAINTENANCE AND REPAIRS 
  
 The LESSEE shall keep the Leased
PREMISES in a clean and sanitary condition and keep it all times in very good condition. 
  
 8. TAXES AND INSURANCE 
  
 During the term
of this lease and any renewal or extension thereof, the LESSEE shall be liable for Real Estate Taxes up to the extent of Eight Thousand Five Hundred Eighty Eight US Dollars ($8,588) monthly. Other government assessments, Fire Insurance of the
Building and Premises shall be for the account of the Lessee. 
  
 The LESSEE shall
be responsible for obtaining insurance for the property of the LESSEE placed within the Building and PREMISES. 

 9. SALE, TRANSFER AND MORTGAGE 
  
 The LESSOR reserves the right to sell, transfer, mortgage or otherwise dispose of the property provided the LESSEE’s rights under this
lease are respected. The LESSEE himself agrees to allow the LESSOR or his authorized representatives, together with the prospective buyers, to enter the PREMISES at reasonable hours and upon prior written notice and arrangement made by the LESSOR
with the LESSEE. The LESSOR agrees that in the event such a sale of the Leased PREMISES occurs, the conditions embodied in this Contract of Lease shall be respected and honored by the owner. 
  
 10. MODIFICATION OF CONTRACT 
  
 This Contract shall not in any way be amended, modified or annotated except by virtue of a
written instrument signed by the duly authorized representative of the LESSOR and the LESSEE. 
  
 IN WITNESS WHEREOF, the parties have caused these presents to be signed on the date and place first mentioned. 
  

			
	 CYPRESS MANUFACTURING LTD
  
 /s/ Conrado Leal

	 	 SUNPOWER PHILIPPINES MFG LTD
  
 /s/ Gregory Reichow

	 CONRADO LEAL
 Lessor
	 	 GREGORY REICHOW
 Lessee

	  
 Signed in the Presence of:
  

	 /s/ illegible
	 	/s/ illegible

  
 ACKNOWLEDGMENT

  
 REPUBLIC OF THE PHILIPPINES          ) 
 CALAMBA CITY, LAGUNA                  ) 
  
 BEFORE ME, a Notary Public, for and in Calamba City, this 29th day of July 2004. 
  

					
	 Name

	 	 Identification

	 	 Date/Place Issued

  
 All of whom are known to me and to me
known to be the same persons who executed this foregoing Agreement and acknowledged to me that they executed the same on their own voluntary act and deed. 

 This instrument refers to a CONTRACT OF LEASE consisting of four (4) pages including this page wherein
the acknowledgment is written and signed by the parties and their instrumental witness on each and every page thereof: 
  
 WITNESS MY HAND AND SEAL, on the date and place first above written. 
  
 Doc. No. 545 
 Page No. 109 
 Book No. III 
 Series of 2004 
  

					
	 	 	 NOTARY PUBLIC
  
	 	 
	 	 	 /s/ Ricardo R. Aquino

	 	 
	 	 	ATTY. RICARDO R. AQUINO	 	 
	 	 	                NOTARY PUBLIC	 	 
	 	 	UNTIL DECEMBER 31, 2004	 	 
	 	 	PTR. NO. 5737955	 	 
	 	 	DEP NO. 598914	 	 
	 	 	JANUARY     , 2004 / CALAMBA CITYPrepared by R.R. Donnelley Financial -- Offer Letter dated May 22, 2003, between the Registrant and Thomas H. Werner

 Exhibit 10.8 
  
 

 
  
 May 22, 2003 
  
 Tom Werner 
  
 Re: Employment with SunPower Corporation 
  
 Dear Tom: 
  
 On behalf of SunPower Corporation (SunPower), I am pleased to offer you the position of Chief Executive Officer (CEO). As the chief executive, your specific
responsibilities shall include management of all of SunPower’s operations including manufacturing, marketing, finance and R&D. You will report to the Board of Directors of SunPower. 
  
 Should you accept our offer, SunPower will compensate you $10,576.92 bi-weekly ($275,000 when
computed annually) as base pay for your services in accordance with its normal payroll practices. 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 4 weeks per year upon commencement of employment. 
  
 In addition to our normal benefits package that was outlined in the benefits summary that you have already received, your offer also
includes the following features: 
  

	 	•	 	Options to purchase 1,200,000 shares of SunPower stock as part of SunPower’s employee stock option plan, subject to the approval of the SunPower Board of Directors and the
authorization of sufficient new shares in SunPower’s employee stock option plan. These shares will be subject to an anti-dilution provision to insure that you will have a minimum of 3% of SunPower’s outstanding stock.

  

	 	•	 	You will be eligible for a variable bonus plan, to be approved by the SunPower board, that could pay up to 80% of your base pay based on company performance

  

	 	•	 	In the event SunPower is acquired, we will negotiate in good faith on an accelerated vesting clause which would be invoked if you were not retained in the acquired entity at an
equivalent position 

  

	 	•	 	If you are terminated by SunPower without cause you will receive the equivalent of one year base salary and benefits as severance payment 

  
 SunPower employs its employees at will, meaning that either you or the Company may terminate
the employment relationship at any time, with or without cause and with or without notice. 
  
 SunPower Corporation • 430 IndioWay • Sunnyvale, CA 94086 • Phone: 418-991-0900 • Fax: 408-739-7713 
 www.sunpowercorp.com 

 Should you join us, SunPower will employ you on an at-will basis and apply to you the same policies and procedures
applicable to its employees generally. 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 an at-will basis is effective only if signed by the CEO of SunPower. 
  
 As an employee of SunPower, you may work with and/or develop information which is considered confidential by the Company. As a result,
SunPower requires employees to agree not to use or disclose any such confidential information for the benefit of anyone other than SunPower. Should you accept our offer of employment, SunPower will require you to sign an agreement describing your
obligations with respect to confidentiality in greater detail. A copy of the SunPower confidentiality agreement is enclosed with this letter. 
  
 Finally, SunPower Corporation requires all employees to present proof of their right to work in the United States prior to commencing work. Please be prepared to present
documents demonstrating your right to work on or before you begin performing any services for SunPower. Acceptable documents are outlined on the enclosed paperwork. 
  
 This offer shall be good through close of business on May 31, 2003. We look forward to your starting full time employment at SunPower on, or
about May 22nd. On your official start date, you will be entitled to participate in our benefits programs. We will
provide you with full information regarding the applicable health insurance offered, as well as other pertinent information regarding the benefit package that is offered at SunPower. If you have any specific questions about the benefits offered,
please feel free to contact me. My direct line is 408-470-4255. 
  
 We are excited
about the prospect of working with you and hope that you will decide to join us at SunPower. In order to memorialize your acceptance of our offer, please sign and date one copy of this offer letter in the designated space below and complete the
employment eligibility documents returning them to me at the address below before the above designated offer expiration date. If you have any questions about our offer or employment at SunPower in general, I encourage you to call me at your
convenience at 408-470-4255. I look forward to seeing you soon. 
  

					
	 Sincerely,
	 	 	 	 
			
	 /s/ Sylvia Noland
	 	 	 	 /s/ Richard M. Swanson

	 Sylvia Noland
	 	 	 	 Richard M. Swanson

	 Human Resources Manager
	 	 	 	 President

  
 I accept the offer of employment set
forth above. 
  

									
				
	 Date: 5-22-03
	 	 	 	 	 	 /s/ Thomas Werner

	 	 	 	 	 	 	 	 	 Signature

 Confirmation 
  
 I confirm that my option granted on March 17, 2005, satisfies in full all of my rights to equity of SunPower Corporation, including without limitation,
those contained in my offer letter, and terminates the company’s obligations under such letter to grant me any further options. 
  

					
			
	 Dated Effective: March 17, 2005
	 	 	 	 /s/ Thomas Werner

	 	 	 	 	 Thomas Werner

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