Document:

Investor Rights Agreement

  
 Exhibit 10.14

  
 Investor Rights Agreement 
  
 between 
  
 Cypress Semiconductor Corporation 
  
 and 
  
 SunPower Corporation 
  
 October 6, 2005 

  
 TABLE OF CONTENTS

  

					
	 	  	 	  	Page

	ARTICLE I REGISTRATION RIGHTS	  	2
			
	 1.1
	  	Requested Registration	  	2
	 1.2
	  	Company Registration	  	3
	 1.3
	  	Registration on Form S-3	  	4
	 1.4
	  	Registration in Connection with Tax Free Spin-Off	  	5
	 1.5
	  	Expenses of Registration	  	5
	 1.6
	  	Registration Procedures	  	5
	 1.7
	  	Indemnification	  	7
	 1.8
	  	Information by Cypress	  	9
	 1.9
	  	Rule 144 Reporting	  	9
	 1.10
	  	Limitations on Subsequent Registration Rights	  	9
	 1.11
	  	Termination of Registration Rights	  	10
		
	ARTICLE II INFORMATION AND INSPECTION RIGHTS	  	10
			
	 2.1
	  	Information Rights	  	10
	 2.2
	  	Auditors and Audits; Annual and Quarterly Statements and Accounting	  	11
	 2.3
	  	Inspection Rights	  	13
	 2.4
	  	AOP	  	13
	 2.5
	  	Termination of Information and Inspection Rights	  	13
		
	ARTICLE III COVENANTS	  	14
			
	 3.1
	  	Protective Provisions	  	14
		
	ARTICLE IV MISCELLANEOUS	  	15
			
	 4.1
	  	Entire Agreement	  	15
	 4.2
	  	Governing Law	  	15
	 4.3
	  	Notices	  	15
	 4.4
	  	Counterparts	  	15
	 4.5
	  	Binding Effect; Assignment	  	16
	 4.6
	  	Severability	  	16
	 4.7
	  	Failure or Indulgence Not Waiver; Remedies Cumulative	  	16
	 4.8
	  	Amendment	  	16
	 4.9
	  	Interpretation	  	16
		
	ARTICLE V DEFINITIONS	  	17
			
	 5.1
	  	“Commission”	  	17
	 5.2
	  	“Common Stock”	  	17
	 5.3
	  	“Exchange Act	  	17
	 5.4
	  	“Government Authority”	  	17
	 5.5
	  	“Indemnified Party”	  	17
	 5.6
	  	“Indemnifying Party	  	17

  

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 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page

	 5.7
	  	“Information	  	17
	 5.8
	  	“Initial Public Offering	  	17
	 5.9
	  	“Registrable Securities	  	17
	 5.10
	  	“Register, Registered and Registration	  	18
	 5.11
	  	“Registration Expenses	  	18
	 5.12
	  	“Restricted Securities	  	18
	 5.13
	  	“Rule 144	  	18
	 5.14
	  	“Rule 145	  	18
	 5.15
	  	“Rule 415	  	18
	 5.16
	  	“Securities Act	  	18
	 5.17
	  	“Selling Expenses	  	18
	 5.18
	  	“Subsidiaries	  	18

  

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 INVESTOR RIGHTS AGREEMENT

  
 This Investor Rights Agreement (this
“Agreement”) is entered into as of October 6, 2005, between Cypress Semiconductor Corporation, a Delaware corporation (“Cypress”), and SunPower Corporation, a Delaware corporation (“SunPower”).
Capitalized terms used herein and not otherwise defined shall have the meanings ascribed to such terms in Article IV hereof. 
  
 RECITALS 
  
 1. Cypress currently owns all of the issued and outstanding capital stock of SunPower and possess registration rights, information rights, rights of first
offer and other rights pursuant to an Investors’ Rights Agreement dated as of May 30, 2002, by and between the Company and Cypress (the “Prior Agreement”); 
  
 2. The Prior Agreement may be amended, and any provision therein waived, with the written consent of the Company and the
holders of a majority of the Registrable Securities (as such term is defined in the Prior Agreement); 
  
 3. SunPower plans to undertake an initial public offering of its common stock to the public pursuant to a registration statement under the Securities Act
of 1933, as amended. 
  
 4. In connection with such offering, the
parties intend that SunPower grant to Cypress certain rights, as provided for in this Agreement, with respect to the registration of the common stock of SunPower held by Cypress and with respect to Cypress’ access to and right to receive
certain information regarding SunPower following the offering. 
  
 5. Cypress, as holder of all of the Registrable Securities (as such term is defined in the Prior Agreement) of the Company, and the Company desire to terminate the Prior Agreement and to accept the rights created pursuant hereto in lieu of
the rights granted to Cypress under the Prior Agreement; 
  
 6.
This Agreement shall be void and of no force and effect until the occurrence of the “Separation Date” as defined in that certain Master Separation Agreement (the “Separation Agreement”) between SunPower and Cypress dated
as of October 6, 2005, as may be amended from time to time, at which time this Agreement shall become effective; and 

 NOW, THEREFORE, in consideration of the mutual promises and covenants set forth herein, the undersigned
hereby agree that the Prior Agreement shall be superseded and replaced in its entirety by this Agreement, and the parties hereto further agree as follows: 
  
 ARTICLE I 
  
 REGISTRATION RIGHTS 
  
 1.1 Requested Registration. 
  
 (a) Request for Registration. Subject to the conditions set forth in this Section 1.1, if SunPower shall receive
from Cypress a written request signed by an authorized officer of Cypress that SunPower effect the registration of all or any portion of the Registrable Securities (which request shall state the number of shares of Registrable Securities intended to
be disposed of and the intended methods of disposition of such shares by Cypress), SunPower shall, as soon as practicable, use its best efforts to effect such registration and to permit or facilitate the sale and distribution of all or such portion
of such Registrable Securities as are specified in such request. 
  
 (b) Limitations on Requested Registration. SunPower shall not be obligated to effect, or to take any action to effect, any such registration pursuant to this Section 1.1: 
  
 (i) Prior to the time set forth, or the earlier waiver, in
the applicable “lock up” provisions of any agreement executed by Cypress and the underwriters in connection with SunPower’s Initial Public Offering; 
  
 (ii) In any twelve-month period, after SunPower has initiated two such registrations pursuant to this
Section 1.1 (counting for these purposes only registrations that have been declared or ordered effective and pursuant to which securities have been sold); or 
  
 (iii) If Cypress proposes to dispose of shares of Registrable Securities that may be immediately registered
on Form S-3 pursuant to a request made under Section 1.3 hereof. 
  
 (c) Deferral. If (i) in the good faith judgment of the Board of Directors of SunPower, the filing of a registration statement covering the Registrable Securities would be materially detrimental to
SunPower and the Board of Directors of SunPower concludes, as a result, that it is in the best interests of SunPower to defer the filing of such registration statement at such time, and (ii) SunPower shall furnish to Cypress a certificate
signed by the Chairman of the Board of Directors of SunPower stating that in the good faith judgment of the Board of Directors of SunPower, it would be materially detrimental to SunPower for such registration statement to be filed in the near future
and that it is, therefore, in the best interests of SunPower to defer the filing of such registration statement, then SunPower shall have the right to defer such filing for a period of not more than seventy-five (75) days after receipt of the
request of Cypress; provided, however, that SunPower shall not defer its obligation in this manner more than once in any twelve-month period. 
  
 (d) Underwriting. If Cypress intends to distribute the Registrable Securities covered by its request by means of an
underwriting, it shall so advise SunPower as a part of its request made pursuant to this Section 1.1. In such event, the right of Cypress to include all or any portion of its Registrable Securities in a registration pursuant to this
Section 1.1 shall be conditioned upon Cypress’ participation in an underwriting and the inclusion of Cypress’ Registrable Securities 

  

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to the extent provided herein. If SunPower shall request inclusion in any registration pursuant to Section 1.1 of securities being sold for its
own account, or if other persons shall request inclusion in any registration pursuant to Section 1.1, Cypress may, in its sole discretion, offer to include such securities in the underwriting and such offer shall be conditioned upon the
participation of SunPower or such other persons in such underwriting and the inclusion of SunPower’s and such person’s other securities of SunPower and their acceptance of the further applicable provisions of this Section 1.
SunPower shall (together with Cypress and other persons proposing to distribute their securities through such underwriting) enter into an underwriting agreement in customary form with the representative of the underwriter or underwriters selected
for such underwriting. Cypress shall select the underwriter or underwriters for such registration. 
  
 Notwithstanding any other provision of this Section 1.1, if the underwriters advise Cypress in writing that marketing factors require a
limitation on the number of shares to be underwritten, the number of Registrable Securities that may be so included shall be allocated as follows: (i) first, to Cypress; (ii) second, to SunPower; and (iii) third, to any other persons
Cypress has offered inclusion in the registration. 
  
 If a person
who has requested inclusion in such registration as provided above does not agree to the terms of any such underwriting, such person shall be excluded therefrom by written notice from SunPower, the underwriter or Cypress. The securities so excluded
shall also be withdrawn from such registration. 
  
 1.2 Company
Registration. 
  
 (a) Company
Registration. If SunPower shall determine to register any of its securities either for its own account or the account of a security holder or holders, other than a registration pursuant to Section 1.1, Section 1.3 or
Section 1.4, the Initial Public Offering, a registration relating solely to employee benefit plans, a registration relating solely to the offer and sale of debt securities or a registration relating solely to a corporate reorganization
or other Rule 145 transaction, SunPower shall: 
  
 (i) promptly give written notice of the proposed registration to Cypress; and 
  
 (ii) use its best efforts to include in such registration (and any related qualification under state securities laws or other compliance),
except as set forth in Section 1.2(b) below, and in any underwriting involved therein, all of such Registrable Securities as are specified in a written request or requests made by Cypress received by SunPower within twenty (20) days
after such written notice from SunPower is delivered. Such written request may specify all or any portion of the Registrable Securities. 
  
 (b) Underwriting. If the registration of which SunPower gives notice is for a registered public offering involving an
underwriting, SunPower shall so advise Cypress as a part of the written notice given pursuant to Section 1.2(a)(i). In such event, the right of Cypress to registration pursuant to this Section 1.2 shall be conditioned upon
Cypress’ participation in such underwriting and the inclusion of Cypress’ Registrable Securities in the underwriting to the extent 

  

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provided herein. If Cypress proposes to distribute its securities through such underwriting it shall (together with SunPower) enter into an underwriting
agreement in customary form with the representative of the underwriter or underwriters selected by SunPower, provided that such underwriting agreement shall be subject to Cypress’ written consent. 
  
 Notwithstanding any other provision of this Section 1.2, if the
underwriters advise SunPower in writing that marketing factors require a limitation on the number of shares to be underwritten, the underwriters may (subject to the limitations set forth below) limit the number of Registrable Securities to be
included in the registration and underwriting. SunPower shall so advise Cypress, and the number of shares of securities that are entitled to be included in the registration and underwriting shall be allocated as follows: (i) first, to SunPower
for securities being sold for its own account, and (ii) second, to Cypress; and (iii) third, to any other holders of SunPower securities. 
  
 If a person who has requested inclusion in such registration as provided above does not agree to the terms of any such underwriting, such person shall be
excluded therefrom by written notice from SunPower or the underwriter. The securities so excluded shall also be withdrawn from such registration. 
  
 (c) Right to Terminate Registration. SunPower shall have the right to terminate or withdraw any registration initiated by it
under this Section 1.2 prior to the effectiveness of such registration whether or not Cypress has elected to include securities in such registration. 
  
 1.3 Registration on Form S-3. 
  
 (a) Request for Form S-3 Registration. After its Initial Public Offering, SunPower shall use
its best efforts to qualify for registration on Form S-3 or any comparable or successor form or forms. After SunPower has qualified for the use of Form S-3, in addition to the rights contained in the foregoing provisions of this
Section 1 and subject to the conditions set forth in this Section 1.3, if SunPower shall receive from Cypress a written request that SunPower effect any registration on Form S-3 or any similar short form registration
statement with respect to all or any portion of the Registrable Securities (which request shall state the number of shares of Registrable Securities to be disposed of and the intended methods of disposition of such shares by Cypress), SunPower shall
use its best efforts to effect such registration and to permit or facilitate the sale and distribution of all or such portion of such Registrable Securities as are specified in such request. 
  
 (b) Deferral. The provisions of
Section 1.1(c) shall apply to any registration pursuant to this Section 1.3. 
  
 (c) Underwriting. If Cypress requests registration under this Section 1.3 intending to distribute the
Registrable Securities covered by its request by means of an underwriting, the provisions of Sections 1.1(d) shall apply to such registration. Notwithstanding anything contained herein to the contrary, registrations effected pursuant to
this Section 1.3 shall not be counted as requested for registration or registrations effected pursuant to Section 1.1. 
  

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 1.4 Registration in Connection with Tax Free Spin-Off. In addition to the other rights
provided for herein, SunPower agrees that if any Registrable Securities require registration with or approval of any governmental authority under any federal or state law before such Registrable Securities may be distributed to Cypress stockholders
in connection with a Tax Free Spin-Off (as defined in Article III, Section D.8.(g) of SunPower’s Restated Certificate of Incorporation) or sold by such Cypress stockholders thereafter without restriction under applicable law, SunPower shall
cause such Registrable Securities to be duly registered or approved, as the case may be. In addition, SunPower shall use its best efforts to list any shares of its Class A Common Stock, par value $0.001 per share, required to be delivered upon
any conversion, exchange or transfer of shares of its Class B Common Stock, par value $0.001 per share, prior to such delivery, on each national securities exchange or interdealer quotation system on which SunPower’s outstanding Class A
Common Stock is listed at the time of such delivery. 
  
 1.5
Expenses of Registration. All Registration Expenses incurred in connection with registrations pursuant to Section 1.1, Section 1.2, Section 1.3 and Section 1.4 hereof shall be borne by
SunPower; provided, however, that SunPower shall not be required to pay for any expenses of any registration proceeding begun pursuant to Section 1.1, Section 1.3 or Section 1.4 if the registration
request is subsequently withdrawn at the request of Cypress (unless such registration request is withdrawn at the request of Cypress based upon material adverse information relating to SunPower that is different from the information known to Cypress
at the time of its request for registration). All Selling Expenses relating to securities registered on behalf of Cypress and any other holders of securities shall be borne by Cypress and such other holders of securities included in such
registration pro rata among each other on the basis of the number of Registrable Securities so registered. 
  
 1.6 Registration Procedures. In the case of each registration effected by SunPower pursuant to Section 1, SunPower shall keep
Cypress advised in writing as to the initiation of each registration and as to the completion thereof. At its expense, SunPower shall use its best efforts to: 
  

(a) Keep such registration effective for a period ending on the earlier of the date that is one-hundred and twenty
(120) days from the effective date of the registration statement or such time as Cypress has completed the distribution described in the registration statement relating thereto; 
  
 (b) Prepare and file with the Commission such amendments and supplements to such registration
statement and the prospectus used in connection with such registration statement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement for the
period set forth in Section 1.6(a) above; 
  
 (c) Furnish such number of prospectuses, including any preliminary prospectuses, and other documents incident thereto, including any amendment of or supplement to the prospectus, as Cypress may from time to time reasonably request;

  

 -5- 

 (d) Register and qualify the securities covered by such registration statement
under such other securities laws of such jurisdictions as shall be reasonably requested by Cypress; 
  
 (e) Notify each seller of Registrable Securities covered by such registration statement at any time when a prospectus relating
thereto is required to be delivered under the Securities Act of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to
state a material fact required to be stated therein or necessary to make the statements therein not misleading or incomplete in light of the circumstances then existing, and following such notification promptly (and in any event within 5 days
thereafter) prepare and furnish to such seller a reasonable number of copies of a supplement to or an amendment of such prospectus as may be necessary so that, as thereafter delivered to the purchasers of such shares, such prospectus shall not
include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading or incomplete in light of the circumstances then existing; 
  
 (f) Furnish, on the date that such Registrable
Securities are delivered to the underwriters for sale, if such securities are being sold through underwriters, (i) an opinion, dated as of such date, of the counsel representing SunPower for the purposes of such registration, in form and
substance as is customarily given to underwriters in an underwritten public offering, addressed to the underwriters, if any, and reasonably satisfactory to Cypress and (ii) a “comfort” letter dated as of such date, from the
independent certified public accountants of SunPower, in form and substance as is customarily given by independent certified public accountants to underwriters in an underwritten public offering, addressed to the underwriters; 
  
 (g) Provide a transfer agent and registrar for all
Registrable Securities registered pursuant to such registration statement and a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration; 
  
 (h) Comply with all applicable rules and regulations
of the Commission, and make available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve months, but not more than eighteen months, beginning with the first month after the
effective date of the Registration Statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act; 
  
 (i) Cause all such Registrable Securities registered pursuant hereunder to be listed on each securities exchange on which similar
securities issued by SunPower are then listed; and 
  
 (j) In connection with any underwritten offering pursuant to a registration statement filed pursuant to Section 1.1 or Section 1.3 hereof, enter into an underwriting agreement in form reasonably necessary to
effect the offer and sale of Common Stock; provided, however, that such underwriting agreement contains reasonable and customary provisions, and provided further, however, that Cypress shall also enter into and perform its obligations
under such an agreement. 
  

 -6- 

 1.7 Indemnification. 
  
 (a) To the extent permitted by law, SunPower will indemnify and hold harmless Cypress, each of its
officers, directors and partners, legal counsel, and accountants and each person controlling Cypress within the meaning of Section 15 of the Securities Act, with respect to which registration, qualification, or compliance has been effected
pursuant to this Section 1, and each underwriter, if any, and each person who controls within the meaning of Section 15 of the Securities Act any underwriter, against all expenses, claims, losses, damages, and liabilities (or
actions, proceedings, or settlements in respect thereof) arising out of or based on: (i) any untrue statement (or alleged untrue statement) of a material fact contained or incorporated by reference in any prospectus, offering circular, or other
document (including any related registration statement, notification, or the like) incident to any such registration, qualification, or compliance, (ii) any omission (or alleged omission) to state therein a material fact required to be stated
therein or necessary to make the statements therein not misleading, or (iii) any violation (or alleged violation) by SunPower of the Securities Act, any state securities laws or any rule or regulation thereunder applicable to SunPower and
relating to action or inaction required of SunPower in connection with any offering covered by such registration, qualification, or compliance, and SunPower will reimburse Cypress, each of its officers, directors, partners, legal counsel, and
accountants and each person controlling Cypress, each such underwriter, and each person who controls any such underwriter, for any legal and any other expenses reasonably incurred in connection with investigating and defending or settling any such
claim, loss, damage, liability, or action; provided, however, that SunPower will not be liable in any such case to the extent that any such claim, loss, damage, liability, or action arises out of or is based on any untrue statement or
omission based upon written information furnished to SunPower by Cypress and stated by Cypress to be specifically for use therein, any of Cypress’ officers, directors, partners, legal counsel or accountants, any person controlling Cypress, such
underwriter or any person who controls any such underwriter and stated to be specifically for use therein; and provided further, however, that the indemnity agreement contained in this Section 1.7(a) shall not apply to amounts
paid in settlement of any such loss, claim, damage, liability, or action if such settlement is effected without the consent of SunPower (which consent shall not be unreasonably withheld or delayed). 
  
 (b) To the extent permitted by law, Cypress will, if
Registrable Securities held by Cypress are included in the securities as to which such registration, qualification, or compliance is being effected, indemnify and hold harmless SunPower, each of its directors, officers, partners, legal counsel, and
accountants and each underwriter, if any, of SunPower’s securities covered by such a registration statement, each person who controls SunPower or such underwriter within the meaning of Section 15 of the Securities Act, against all claims,
losses, damages and liabilities (or actions in respect thereof) arising out of or based on: (i) any untrue statement (or alleged untrue statement) of a material fact contained or incorporated by reference in any such registration statement,
prospectus, offering circular, or other document, or (ii) any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and will reimburse SunPower
and SunPower’s directors, officers, partners, legal counsel, and accountants, persons, underwriters, or control persons for any legal or any other expenses reasonably incurred in connection with investigating or defending any such claim, loss,
damage, liability, or 

  

 -7- 

 
action, in each case to the extent, but only to the extent, that such untrue statement (or alleged untrue statement) or omission (or alleged omission) is
made in such registration statement, prospectus, offering circular, or other document in reliance upon and in conformity with written information furnished to SunPower by Cypress and stated by Cypress to be specifically for use therein;
provided, however, that the obligations of Cypress hereunder shall not apply to amounts paid in settlement of any such claims, losses, damages, or liabilities (or actions in respect thereof) if such settlement is effected without the
consent of Cypress (which consent shall not be unreasonably withheld or delayed); and provided further, however, that in no event shall any indemnity under this Section 1.7 exceed the net proceeds from the offering received by
Cypress. 
  
 (c) Each party entitled to
indemnification under this Section 1.7 (the “Indemnified Party”) shall give notice to the party required to provide indemnification (the “Indemnifying Party”) promptly after such Indemnified Party has
actual knowledge of any claim as to which indemnity may be sought, and shall permit the Indemnifying Party to assume the defense of such claim or any litigation resulting therefrom; provided, however, that counsel for the Indemnifying Party,
who shall conduct the defense of such claim or any litigation resulting therefrom, shall be approved by the Indemnified Party (whose approval shall not be unreasonably withheld), and the Indemnified Party may participate in such defense at such
party’s expense; and provided further, however, that the failure of any Indemnified Party to give notice as provided herein shall not relieve the Indemnifying Party of its obligations under this Section 1.7, to the extent
such failure is not prejudicial. No Indemnifying Party, in the defense of any such claim or litigation, shall, except with the consent of each Indemnified Party, consent to entry of any judgment or enter into any settlement that does not include as
an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party of a release from all liability in respect to such claim or litigation. Each Indemnified Party shall furnish such information regarding itself or the
claim in question as an Indemnifying Party may reasonably request in writing and as shall be reasonably required in connection with defense of such claim and litigation resulting therefrom. 
  
 (d) If the indemnification provided for in this
Section 1.7 is held by a court of competent jurisdiction to be unavailable to an Indemnified Party with respect to any loss, liability, claim, damage, or expense referred to herein, then the Indemnifying Party, in lieu of indemnifying
such Indemnified Party hereunder, shall contribute to the amount paid or payable by such Indemnified Party as a result of such loss, liability, claim, damage, or expense in such proportion as is appropriate to reflect the relative fault of the
Indemnifying Party on the one hand and of the Indemnified Party on the other in connection with the statements or omissions that resulted in such loss, liability, claim, damage, or expense as well as any other relevant equitable considerations. The
relative fault of the Indemnifying Party and of the Indemnified Party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to
information supplied by the Indemnifying Party or by the Indemnified Party and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission. 
  

 -8- 

 (e) Disputes, controversies and claims hereunder shall be subject to the terms of
Section 1.5, Section 1.6 and Article II of the Indemnification and Insurance Matters Agreement attached as Exhibit A to the Separation Agreement. 
  
 (f) Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in the
underwriting agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control. 
  
 1.8 Information by Cypress. Cypress shall furnish to SunPower
such information regarding Cypress and the distribution proposed by Cypress as SunPower may reasonably request in writing and as shall be reasonably required in connection with any registration, qualification, or compliance referred to in this
Section 1. 
  
 1.9 Rule 144
Reporting. With a view to making available the benefits of certain rules and regulations of the Commission that may permit the sale of the Restricted Securities to the public without registration, SunPower agrees to use its best efforts
to: 
  
 (a) Make and keep public
information regarding SunPower available as those terms are understood and defined in Rule 144 under the Securities Act, at all times from and after ninety (90) days following the effective date of the first registration under the
Securities Act filed by SunPower for an offering of its securities to the general public; 
  
 (b) File with the Commission in a timely manner all reports and other documents required of SunPower under the Securities Act and
the Exchange Act at any time after it has become subject to such reporting requirements; and 
  
 (c) So long as Cypress owns any Restricted Securities, furnish to Cypress forthwith upon written request a written statement by
SunPower as to its compliance with the reporting requirements of Rule 144 (at any time from and after ninety (90) days following the effective date of the first registration statement filed by SunPower for an offering of its securities to
the general public), and of the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements), a copy of the most recent annual or quarterly report of SunPower, and such other reports and documents so
filed as Cypress may reasonably request in availing itself of any rule or regulation of the Commission allowing Cypress to sell any such securities without registration. 
  
 1.10 Limitations on Subsequent Registration Rights. From and after the date of this Agreement, SunPower shall
not, without the prior written consent of a Cypress, enter into any agreement with any holder or prospective holder of any securities of SunPower giving such holder or prospective holder any registration rights the terms of which are pari passu with
or senior to the registration rights granted to Cypress hereunder. For these purposes, as to Form S-3 registration rights, pari passu and seniority shall refer to priority in underwriter cut-backs. 
  

 -9- 

 1.11 Termination of Registration Rights. The right of Cypress to request registration or
inclusion in any registration pursuant to Section 1.1, Section 1.2 or Section 1.3 and the limitations on SunPower with respect to the granting of subsequent registration rights pursuant to Section 1.10
shall terminate on such date, on or after the closing of SunPower’s Initial Public Offering, on which all shares of Registrable Securities held or entitled to be held upon conversion by Cypress may immediately be sold under Rule 144
during any ninety (90)-day period. 
  
 ARTICLE II

  
 INFORMATION AND INSPECTION RIGHTS 
  
 2.1 Information Rights. 
  
 (a) Generally. SunPower shall provide, or
cause to be provided, to Cypress, as soon as practicable after request therefor by or on behalf of Cypress, any information in the possession or under the control of SunPower that Cypress reasonably requests (i) to comply with reporting,
disclosure, filing or other requirements imposed on Cypress pursuant to generally accepted accounting principles or any federal, state, local, municipal, foreign or other law, statute, constitution, principle of common law, resolution, ordinance,
code, order, edict, decree, directive, rule, regulation, ruling or requirement issued, enacted, adopted, promulgated, implemented or otherwise put into effect by or under the authority of any Government Authority having jurisdiction over Cypress,
(ii) for use in any other judicial, regulatory, administrative or other proceeding, (iii) to satisfy audit, accounting, regulatory, litigation or other similar requirements, (iv) to comply with its obligations under this Agreement or
(v) in connection with the ongoing business of Cypress. 
  
 (b) Internal Accounting Controls; Financial Information. Subject to the other subsections of this Section 2.1, (i) SunPower shall maintain in effect at its own cost and expense adequate
systems and controls (including internal accounting and disclosure controls) for its business to the extent necessary to enable Cypress to satisfy its reporting, accounting, audit and other obligations, and (ii) SunPower shall provide, or cause
to be provided, to Cypress and its Subsidiaries in such form as Cypress shall reasonably request, all financial and other data and Information, to the extent such Information is existing and reasonably available, as Cypress determines necessary or
advisable in order to prepare its financial statements and reports or filings with any Governmental Authority. The foregoing obligations shall include, without limitation, the obligation of SunPower to maintain such internal accounting and
disclosure controls as are necessary to enable both parties, and both parties’ directors and officers, to meet any certification, disclosure and reporting requirements they may have, without any qualification, limitation or exception
whatsoever, under the federal securities laws, rules and regulations, the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”) and the laws, rules and regulations promulgated thereunder (including, without limitation, Sections 302,
404 and 906 of such act) and any other applicable laws, rules and regulations. In addition, SunPower shall use commercially reasonable efforts to cause its officers and other employees, as appropriate, to furnish such certifications and
representations as Cypress shall reasonably request in order for Cypress, and Cypress’ directors and officers, to meet their respective certification, disclosure and reporting requirements under any applicable laws, rules or 

  

 -10- 

 
regulations and to have reasonable assurances that any certifications, disclosures or reports furnished by Cypress are accurate and complete in all respects.
The foregoing shall include, without limitation, Cypress’ obligations imposed by any self-regulatory organization (such as The New York Stock Exchange, Inc., The National Association of Securities Dealers, Inc. and Nasdaq) and under any
applicable state laws. 
  
 (c)
Ownership of Information. Any Information owned by SunPower that is provided to Cypress pursuant to this Section 2.1 shall be deemed to remain the property of SunPower. Nothing contained in this Agreement shall be construed
as granting or conferring rights of license or otherwise in any such Information. 
  
 (d) Record Retention. To facilitate the possible exchange of Information pursuant to this Section 2.1,
SunPower agrees to use its commercially reasonable efforts to retain all Information in its possession or control on the date hereof substantially in accordance with the policies of Cypress in effect on such date, as set forth in Cypress’
official records retention policy, a copy of which shall be provided to SunPower. SunPower shall not destroy, or permit any of its Subsidiaries to destroy, any Information that exists on the date hereof (other than Information that is permitted to
be destroyed under the current record retention policies of Cypress) and that falls under the categories listed in Section 2.1(a), without first notifying Cypress of the proposed destruction and giving Cypress the reasonable opportunity
to take possession of such Information prior to such destruction. 
  
 (e) Production of Witnesses; Records; Cooperation. After the date hereof, each of Cypress and SunPower shall use its commercially reasonable efforts to make available to the other party, upon
written request, the former, current and future directors, officers, employees, other personnel and agents of Cypress or SunPower, as the case may be, and any books, records or other documents within its control, to the extent that any such person
(giving consideration to business demands of such directors, officers, employees, other personnel and agents) or books, records or other documents may reasonably be required in connection with any legal, administrative or other proceeding in which
Cypress or SunPower may from time to time be involved, regardless of whether such legal, administrative or other proceeding is a matter with respect to which indemnification may be sought hereunder. 
  
 2.2 Auditors and Audits; Annual and Quarterly Statements and
Accounting. SunPower agrees that, for so long as Cypress is required by United States generally accepted accounting principles to consolidate SunPower’s results of operations or financial position: 
  
 (a) Selection of Auditors. SunPower shall use
its best efforts to select the accounting firm (“SunPower’s Auditors”) used by Cypress to serve as its (and its Subsidiaries’) independent certified public accountants (“Cypress’ Auditors” and, for
the avoidance of doubt, should Cypress at any time change the accounting firm serving as its independent certified public accountants, “Cypress’ Auditors” shall thereafter mean the new firm serving as Cypress’ independent
certified public accountants) for purposes of providing an opinion on its consolidated financial statements; provided, however, that SunPower’s Auditors may be different from Cypress’ Auditors if necessary to comply with applicable
laws regarding auditor independence and 

  

 -11- 

 
qualifications (provided, however, that SunPower shall not take any actions, and shall use best efforts to cause its directors, officers and employees
not to take any actions, that could reasonably be expected to require SunPower to engage auditors other than Cypress’ Auditors). The foregoing shall not be construed after SunPower conducts an Initial Public Offering so as to unlawfully limit
any responsibility of the audit committee of SunPower’s Board of Directors, pursuant to SEC Rule 10A-3(b)(2), to appoint, compensate, retain and oversee the work of the registered public accounting firm SunPower engages. 
  
 (b) Date of Auditors’ Opinion and Quarterly
Reviews. SunPower shall use its commercially reasonable efforts to cause SunPower’s Auditors to complete their audit such that they will date their opinion on SunPower’s audited annual financial statements on the same date that
Cypress’ Auditors date their opinion on Cypress’ audited annual financial statements, and to enable Cypress to meet its timetable for the printing, filing and public dissemination of Cypress’ annual financial statements. SunPower
shall use its commercially reasonable efforts to cause SunPower’s Auditors to complete their quarterly review procedures on SunPower’s quarterly financial statements on the same date that Cypress’ Auditors complete their quarterly
review procedures on Cypress’ quarterly financial statements. In these regards, Cypress shall use reasonable efforts to provide SunPower prior to the start of each fiscal quarter with a schedule of when Cypress expects to complete its audit or
review, as the case may be, and shall update such schedule during the quarter as necessary. 
  
 (c) Annual and Quarterly Financial Statements. SunPower shall promptly provide to Cypress all Information that Cypress
reasonably requests to prepare, print, file, and publicly disseminate Cypress’ annual and quarterly financial statements in accordance with Cypress’ obligations under the Exchange Act. Without limiting the generality of the foregoing,
SunPower shall provide all required financial Information with respect to SunPower and its Subsidiaries to SunPower’s Auditors in a sufficient and reasonable time and in sufficient detail to permit SunPower’s Auditors to take all steps and
perform all reviews necessary to provide sufficient assistance to Cypress’ Auditors with respect to financial Information to be included or contained in Cypress’ annual and quarterly financial statements. SunPower shall use its
commercially reasonable efforts to include in the information to be provided by this Section 2.2(c) such back-up or similar certificates signed by the appropriate officers or employees of SunPower as may be necessary or appropriate to
comply with the certifications required by the Sarbanes-Oxley Act and the rules of the Securities and Exchange Commission promulgated thereunder. 
  
 (d) Identity of Personnel Performing the Annual Audit and Quarterly Reviews. SunPower shall instruct SunPower’s
Auditors to make available to Cypress’ Auditors both the personnel who performed or will perform the annual audits and quarterly reviews of SunPower and work papers related to the annual audits and quarterly reviews of SunPower, in all cases
within a reasonable time prior to SunPower’s Auditors’ opinion date, so that Cypress’ Auditors are able to perform the procedures they consider necessary to take responsibility for the work of SunPower’s Auditors as it relates to
Cypress’ Auditors’ report on Cypress’ financial statements, all within sufficient time to enable Cypress to meet its timetable for the printing, filing and public 

  

 -12- 

 
dissemination of Cypress’ annual and quarterly statements in accordance with Cypress’ obligations under the Exchange Act. 
  
 (e) Access to Books and Records. SunPower
shall provide Cypress’ internal auditors and their designees access to SunPower’s and its Subsidiaries’ books and records so that Cypress may conduct reasonable audits relating to the financial statements provided by SunPower pursuant
hereto as well as to the internal accounting controls and operations of SunPower and its Subsidiaries. 
  
 (f) Notice of Change in Accounting Principles. SunPower shall give Cypress as much prior notice as reasonably practical of
any proposed determination of, or any significant changes in, its accounting estimates or accounting principles from those in effect on the date hereof. SunPower shall consult with Cypress with respect thereto. 
  
 2.3 Inspection Rights. SunPower will afford to Cypress
reasonable access during normal business hours upon reasonable notice to all of SunPower’s properties, books and records. 
  
 2.4 AOP. SunPower shall deliver to Cypress and the members of SunPower’s board of directors for approval as set forth in
Section 3.1 below, as soon as practicable in accordance with Cypress’ financial planning cycle for each fiscal year, SunPower’s annual operating plan for the next fiscal year in a form reasonably satisfactory to Cypress (which plan
shall include a pro forma income statement, a capital expenditure budget and forecasts of any equity or debt financings, repurchases or restructurings) (“AOP”). 
  
 2.5 Termination of Information and Inspection Rights. The rights granted and obligations imposed under this
Article II shall expire upon the occurrence of a Consolidation Triggering Event (as that term is defined in Part B of Article IV of the SunPower’s Restated Certificate of Incorporation). 
  

 -13- 

 ARTICLE III 
  
 COVENANTS 
  
 3.1 Protective Provisions. Prior to the occurrence of a Consolidation Triggering Event (as that term is defined in Part B of Article IV of
the SunPower’s Restated Certificate of Incorporation), SunPower shall not take the following actions without the written consent or affirmative vote of members representing at least 75% of the then-authorized number of the members of
SunPower’s Board of Directors: 
  
 (a) approve SunPower’s AOP prior to the beginning of the applicable fiscal year or, after approval of an AOP in accordance with this Article III, effect any changes thereto (including changes involving one or more related
transactions) which result or would reasonably be expected to result in an issuance in any individual case or in the aggregate of more than 1% of the fully diluted shares of capital stock of SunPower or a negative impact to SunPower’s cash flow
of $2,000,000 or more; 
  
 (b) undertake
any transaction or series of related transactions which results or would reasonably be expected to result individually or in the aggregate in SunPower issuing shares of the capital stock of SunPower or securities convertible into, or exercisable
for, shares of the capital stock of SunPower in an amount equal to or greater than four percent (4%) of the then outstanding shares of capital stock of SunPower unless provided for in SunPower’s then-current AOP approved in accordance with
this Article III; 
  
 (c) undertake any
transaction or series of related transactions whereby SunPower pays, incurs or accrues or would reasonably be expected to pay, incur or accrue a liability equal to or in excess of the fair market value (based upon the closing price of the
Class A Common Stock reported for the business day immediately prior to the consummation of such transaction or, if the Class A Common Stock is not traded in a public market, the Board of Directors shall determine fair market value of
SunPower in its good faith judgment) of four percent (4%) of the then outstanding shares of capital stock of the Company unless provided for in SunPower’s then-current AOP approved in accordance with this Article III; or 
  
 (d) enter into an exclusive license (other than an
exclusive license the exclusivity of which is limited to exclusive distribution rights and which is entered into in the ordinary course of business consistent with past practice) or sell, convey or otherwise transfer any intellectual property of
SunPower (unless such transaction was included in SunPower’s then-current AOP approved in accordance with this Article III). 
  

 -14- 

 ARTICLE IV 
  

MISCELLANEOUS 
  
 4.1 Entire Agreement. This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and
shall supersede all prior written and oral and all contemporaneous oral agreements and understandings with respect to the subject matter hereof. 
  
 4.2 Governing Law. This Agreement shall be construed in accordance with, and all disputes hereunder shall be governed by, the laws of the
State of California, excluding its conflict of law rules. The Superior Court of Santa Clara County and/or the United States District Court for the Northern District of California shall have jurisdiction and venue over all disputes between the
parties. 
  
 4.3 Notices. Notices, offers, requests
or other communications required or permitted to be given by either party pursuant to the terms of this Agreement shall be given in writing to the respective parties at the following addresses: 
  

			
	if to Cypress:	  	 
		
	 	  	Cypress Semiconductor Corporation
	 	  	3901 North First Street
	 	  	San Jose, CA 95134
	 	  	Attention: General Counsel
	 	  	Fax: (408) 943-4730
		
	if to SunPower:	  	 
		
	 	  	SunPower Corporation
	 	  	430 Indio Way
	 	  	Sunnyvale, CA 94085
	 	  	Attention: General Counsel
	 	  	Fax: (408) 739-7713

  
 or to such other address as the party
to whom notice is given may have previously furnished to the other in writing as provided herein. Any notice involving non-performance, termination, or renewal shall be sent by hand delivery, recognized overnight courier or, within the United
States, may also be sent via certified mail, return receipt requested. All other notices may also be sent by fax, confirmed by first class mail. All notices shall be deemed to have been given and received on the earlier of actual delivery or three
(3) days from the date of postmark. 
  
 4.4
Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed to be an original but all of which shall constitute one and the same agreement. 
  

 -15- 

 4.5 Binding Effect; Assignment. This Agreement shall inure to the benefit of and be binding
upon the parties hereto and their respective legal representatives and successors in interest, and nothing in this Agreement, express or implied, is intended to confer upon any other person any rights or remedies of any nature whatsoever under or by
reason of this Agreement. Neither party may assign this Agreement or any rights or obligations hereunder, without the prior written consent of the other party, and any such assignment shall be void. Any permitted assignee shall agree to perform the
obligations of the assignor of this Agreement, and this Agreement shall inure to the benefit of and be binding upon any permitted assignee. 
  
 4.6 Severability. If any term or other provision of this Agreement or the exhibits or schedules attached hereto is determined by a
nonappealable decision by a court, administrative agency or arbitrator to be invalid, illegal or incapable of being enforced by any rule of law or public policy, 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 either party. Upon such determination that any term or other provision is invalid, illegal or
incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner to the end that transactions contemplated hereby
are fulfilled to the fullest extent possible. 
  
 4.7 Failure
or Indulgence Not Waiver; Remedies Cumulative. No failure or delay on the part of either party hereto in the exercise of any right hereunder shall impair such right or be construed to be a waiver of, or acquiescence in, any breach of any
representation, warranty or agreement herein, nor shall any single or partial exercise or waiver of any such right preclude other or further exercise thereof or of any other right. All rights and remedies existing under this Agreement or the
exhibits or schedules attached hereto are cumulative to, and not exclusive of, any rights or remedies otherwise available. 
  
 4.8 Amendment. No change or amendment shall be made to this Agreement or the exhibits or schedules attached hereto except by an instrument
in writing signed on behalf of each of the parties hereto. 
  
 4.9 Interpretation. The headings contained in this Agreement, in any exhibit or schedule attached hereto and in the table of contents to this Agreement are for reference purposes only and shall not affect in any way the
meaning or interpretation of this Agreement. Any capitalized term used in any exhibit or schedule but not otherwise defined therein, shall have the meaning assigned to such term in this Agreement. When a reference is made in this Agreement to an
article, section, exhibit or schedule, such reference shall be to an article or section of, or an exhibit or schedule to, this Agreement, unless otherwise indicated. 
  

 -16- 

 ARTICLE V 
  

DEFINITIONS 
  
 5.1 “Commission” shall mean the Securities and Exchange Commission or any other federal agency at the time administering the Securities
Act. 
  
 5.2 “Common Stock” shall mean the common
stock of SunPower, including any and all classes of such common stock. 
  
 5.3 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, or any similar successor federal statute and the rules and regulations thereunder, all as the same shall be in effect from time to time.

  
 5.4 “Government Authority” shall mean any
federal, state, local, foreign or international court, government, department, commission, board, bureau, agency, official or other regulatory, administrative or governmental authority 
  
 5.5 “Indemnified Party” shall have the meaning set forth in Section 1.7(c) hereto. 

 
 5.6 “Indemnifying Party” shall have the meaning set forth
in Section 1.7(c) hereto. 
  
 5.7
“Information” shall mean information, whether or not patentable or copyrightable, in written, oral, electronic or other tangible or intangible forms, stored in any medium, including studies, reports, records, books, contracts,
instruments, surveys, discoveries, ideas, concepts, know-how, techniques, designs, specifications, drawings, blueprints, diagrams, models, prototypes, samples, flow charts, data, computer data, disks, diskettes, tapes, computer programs or other
software, marketing plans, customer names, communications by or to attorneys (including attorney-client privileged communications), memos and other materials prepared by attorneys or under their direction (including attorney work product), and other
technical, financial, employee or business information or data. 
  
 5.8 “Initial Public Offering” shall mean the closing of SunPower’s first firm commitment underwritten public offering of the SunPower’s Common Stock registered under the Securities Act. 
  
 5.9 “Registrable Securities” shall mean (i) any and all
shares of Common Stock held by Cypress and (ii) any Common Stock issued as a dividend or other distribution with respect to or in exchange for or in replacement of the shares referenced in (i) above; provided, however, that Registrable
Securities shall not include any shares of Common Stock described in clause (i) or (ii) above which have previously been registered or which have been sold to the public either pursuant to a registration statement or Rule 144, or
which have been sold in a private transaction in which the transferor’s rights under this Agreement are not validly assigned in accordance with this Agreement. 
  

 -17- 

 5.10 “Register, Registered and Registration” shall refer to a registration effected by
preparing and filing a registration statement in compliance with the Securities Act and applicable rules and regulations thereunder, and the declaration or ordering of the effectiveness of such registration statement. 
  
 5.11 “Registration Expenses” shall mean all expenses
incurred in effecting any registration pursuant to this Agreement, including, without limitation, all registration, qualification, and filing fees, printing expenses, escrow fees, fees and disbursements of counsel for SunPower and one special
counsel for Cypress, state securities law fees and expenses, and expenses of any regular or special audits incident to or required by any such registration, but shall not include Selling Expenses, fees and disbursements of other counsel for Cypress
and the compensation of regular employees of SunPower, which shall be paid in any event by SunPower. 
  
 5.12 “Restricted Securities” shall mean any Registrable Securities that have not been registered under the Securities Act. 
  
 5.13 “Rule 144” shall mean Rule 144 as promulgated by
the Commission under the Securities Act, as such Rule may be amended from time to time, or any similar successor rule that may be promulgated by the Commission. 
  

5.14 “Rule 145” shall mean Rule 145 as promulgated by the Commission under the Securities Act, as such Rule may be amended from
time to time, or any similar successor rule that may be promulgated by the Commission 
  
 5.15 “Rule 415” shall mean Rule 415 as promulgated by the Commission under the Securities Act, as such Rule may be amended from time to time, or any similar successor rule that may be promulgated
by the Commission. 
  
 5.16 “Securities Act”
shall mean the Securities Act of 1933, as amended, or any similar successor federal statute and the rules and regulations thereunder, all as the same shall be in effect from time to time. 
  
 5.17 “Selling Expenses” shall mean all underwriting discounts, selling commissions and stock transfer taxes
applicable to the sale of Registrable Securities and fees and disbursements of counsel for Cypress (other than the fees and disbursements of one special counsel to Cypress included in Registration Expenses). 
  
 5.18 “Subsidiaries” of any Person shall mean a corporation
or other organization, whether incorporated or unincorporated, of which at least a majority of the securities or interests having by the terms thereof ordinary voting power to elect at least a majority of the board of directors or others performing
similar functions with respect to such corporation or other organization is directly or indirectly owned or controlled by such Person or by any one or more of its Subsidiaries, or by such Person and one or more of its Subsidiaries; provided,
however, that no Person that is not directly or indirectly wholly-owned by any other Person shall be a Subsidiary of such other Person unless such other Person controls, or has the right, power or ability to control, that Person. 
  

 -18- 

  
 IN WITNESS WHEREOF, the
parties have signed this Investor Rights Agreement effective as of the date first set forth above. 
  

			
	CYPRESS SEMICONDUCTOR CORPORATION
		
	 By:
	 	 
		
	 Name:
	 	 
		
	 Title:
	 	 
	
	SUNPOWER CORPORATION
		
	 By:
	 	 
		
	 Name:
	 	 
		
	 Title:
	 	 

  
 [SIGNATURE PAGE TO INVESTOR RIGHTS AGREEMENT]Employee Matters Agreement

  
 Exhibit 10.15

  
 Employee Matters Agreement 
  
 between 
  
 Cypress Semiconductor Corporation 
  
 and 
  
 SunPower Corporation 
  
 October 6, 2005 

  
 EMPLOYEE MATTERS AGREEMENT

  
 This Employee Matters Agreement (this
“Agreement”) is entered into as of October 6, 2005, between Cypress Semiconductor Corporation, a Delaware corporation (“Cypress”), and SunPower Corporation, a California corporation
(“SunPower”). 
  
 RECITALS 
  
 WHEREAS, Cypress currently owns all of the issued and outstanding
capital stock of SunPower; 
  
 WHEREAS, Cypress and
SunPower desire to enter into certain agreements to delineate and clarify their relationship and to further separate the businesses conducted by Cypress and SunPower (the “Separation”). 
  
 WHEREAS, in furtherance of the foregoing, Cypress and SunPower have
agreed to enter into this Agreement to allocate between them assets, liabilities and responsibilities with respect to certain employee compensation, benefit plans, programs and arrangements, and certain employment matters. 
  
 WHEREAS, this Agreement shall be void and of no force and effect until
the occurrence of the “Separation Date” as defined in that certain Master Separation Agreement (the “Separation Agreement”) between Cypress and SunPower dated as of October 6, 2005, as may be amended from time to
time, (which, term, for the avoidance of doubt, is defined differently for purposes of this Agreement), at which time this Agreement shall become effective. 
  
 NOW, THEREFORE, in consideration of the foregoing and the covenants and agreements set forth below, the parties hereto agree as follows:

  
 ARTICLE I 
  
 DEFINITIONS 
  
 Capitalized terms used herein (other than the formal names of Cypress Plans
(as defined below) and related trusts of Cypress) and not otherwise defined in this Article I or elsewhere in this Agreement shall have the respective meanings assigned to them in the Separation Agreement. 

 Wherever used in this Agreement, the following terms shall have the meanings indicated below or as such
term may be defined elsewhere in this Agreement, unless a different meaning is plainly required by the context. The singular shall include the plural, unless the context indicates otherwise. Headings of sections are used for convenience of reference
only, and in case of conflict, the text of this Agreement, rather than such headings, shall control: 
  
 1.1 401(k) Plan. “401(k) Plan,” when immediately preceded by Cypress means the qualified retirement plan sponsored by Cypress
that is intended to be tax-qualified under Code Section 401(a) and to include a cash or deferred arrangement under Code Section 401(k), and the associated trust that is intended to be exempt from taxation under Code Section 501(a).
When immediately preceded by SunPower, “401(k) Plan” shall mean the qualified retirement plan that shall or may be established and maintained by SunPower for the benefit of eligible employees of SunPower that is intended to be
tax-qualified under Code Section 401(a) and to include a cash or deferred arrangement under Code Section 401(k), and the associated trust that is intended to be exempt from taxation under Code Section 501(a). 
  
 1.2 Affiliate. “Affiliate” means, with
respect to any specified Person, means any entity that Controls, is Controlled by, or is under common Control with such Person. For this purpose, “Control” means the possession, directly or indirectly, of the power to direct or
cause the direction of the management and policies of such entity, whether through ownership of voting securities or other interests, by control, or otherwise. 
  

1.3 COBRA. ”COBRA” means the continuation coverage requirements for “group health plans” under
Title X of the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended from time to time, and as codified in Code Section 4980B and ERISA Sections 601 through 608, and to the extent applicable, also includes the
California Continuation Benefits Replacement Act, as amended, the Colorado Continuation Coverage Law, as amended, and any similar applicable state laws providing continuation of coverage benefits. 
  
 1.4 Code. “Code” means the Internal
Revenue Code of 1986, as amended. 
  
 1.5 Cypress
Employee. “Cypress Employee” means an individual who is: (a) actively employed by, or on leave of absence from, Cypress; (b) an employee or group of employees designated as Cypress Employees by Cypress and
SunPower, by mutual agreement; or (c) an employee who, prior to the Separation Date, is on, or begins, a disability leave of absence until the earlier of (i) the employee’s termination of employment, (ii) the passage of six
months as measured from the employee’s last day of active work, or (iii) the employee is medically released to return to work. 
  
 1.6 Disability Plans. “Disability Plans” means the disability plans offered by Cypress that covers or is offered to
eligible Cypress employees. 
  
 1.7
ERISA. “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time. 
  
 1.8 FMLA. “FMLA” means the Family and Medical Leave Act of 1993, as amended from time to time. 
  
 1.9 Health and Welfare Plans. “Health and Welfare
Plans,” when immediately preceded by Cypress, means the Cypress Health Plans, the Cypress Code Section 125 Plan (the “Cypress  

  

 -2- 

 
125 Plan”), established and maintained by Cypress for the benefit of eligible employees of Cypress, and such other welfare Plans as may
apply to such employees. When immediately preceded by SunPower, “Health and Welfare Plans” means the SunPower Health Plans, the SunPower Code Section 125 Plan (if applicable) (the “SunPower 125 Plan”),
that shall or may be established and maintained by SunPower for the benefit of eligible employees of SunPower, and such other welfare Plans that SunPower may establish. 
  
 1.10 Health Plans. “Health Plans,” when immediately preceded by Cypress, means the
medical, HMO, vision, dental Plans and any similar Plans. When immediately preceded by SunPower, “Health Plans” means the medical, HMO, vision, dental Plans and any similar Plans that shall or may be established by SunPower.

  
 1.11 IPO. “IPO” means the
effectiveness of the first registration statement, if any, that is filed by SunPower and declared effective pursuant to Section 12(g) of the Exchange Act, with respect to any class of SunPower’s securities. 
  
 1.12 IPO Date. “IPO Date” means the
effective date of the IPO. 
  
 1.13 Leave of Absence
Plans. “Leave of Absence Plans,” when immediately preceded by Cypress, means the personal, medical/disability, military, FMLA and other leave of absence programs that are offered, or may in the future be offered, from
time to time under the personnel policies and practices of Cypress. When immediately preceded by SunPower, “Leave of Absence Plans” means the leave of absence programs that may be established by SunPower. 
  
 1.14 Liabilities. “Liabilities” means all
debts, liabilities, expenses, costs, guarantees, assurances, commitments and obligations, whether fixed, contingent or absolute, asserted or unasserted, matured or unmatured, liquidated or unliquidated, accrued or not accrued, known or unknown, due
or to become due, whenever or however arising (including, without limitation, whether arising out of any contract or tort based on negligence or strict liability) and whether or not the same would be required by generally accepted principles and
accounting policies to be reflected in financial statements or disclosed in the notes thereto. 
  
 1.15 Option. “Option,” when immediately preceded by Cypress, means an option to purchase Cypress common stock pursuant to a Cypress Stock Plan. When immediately preceded by
SunPower, “Option” means an option to purchase SunPower common stock pursuant to a SunPower Stock Plan. 
  
 1.16 Participating Company. “Participating Company” means: (a) Cypress; (b) any Person (other than an
individual) that Cypress has approved for participation in, has accepted participation in, and which is participating in, a Plan sponsored by Cypress; and (c) any Person (other than an individual) which, by the terms of such Plan, participates
in such Plan or any employees of which, by the terms of such Plan, participate in or are covered by such Plan. 
  

 -3- 

 1.17 Plan. “Plan” means any plan, policy, program, payroll practice,
arrangement, contract, trust, insurance policy, or any agreement or funding vehicle providing compensation or benefits to employees, former employees, directors or consultants of Cypress or SunPower. 
  
 1.18 Separation. “Separation” has the
meaning set forth in the Recitals to this Agreement. 
  
 1.19 Separation Date. “Separation Date” means the date on which a Separation Event (as defined below) occurs, which date may be different for each of the Cypress Plans. 
  
 1.20 Separation Event. “Separation
Event” means the earlier of: (1) a SunPower Change in Control, (2) such time as SunPower’s status as a Participating Company is not permitted by a Cypress Plan; (3) such time as SunPower’s status as a Participating
Company is not permitted by applicable law; or (4) such time as it is determined in Cypress’s reasonable judgment that SunPower’s status as a Participating Company has or will result in an adverse consequence to, or have an negative
impact on, Cypress or its employees, directors, officers, affiliates, agents or representatives. 
  
 1.21 Stock Plan. “Stock Plan,” when immediately preceded by Cypress, means any plan, program, or arrangement, other
than the Cypress Stock Purchase Plan, pursuant to which employees, directors and consultants hold Cypress Options, Cypress restricted stock, or other Cypress equity incentives. “Stock Plan,” when immediately preceded by SunPower,
means any plan, program, or arrangement, other than the SunPower Stock Purchase Plan, pursuant to which employees, directors and consultants hold SunPower Options, SunPower restricted stock, or other SunPower equity incentives. 
  
 1.22 Stock Purchase Plan. “Stock Purchase
Plan,” when immediately preceded by Cypress, means the Cypress Employee Stock Purchase Plans. When immediately preceded by SunPower, “Stock Purchase Plan” means the SunPower Employee Stock Purchase Plans that shall be
established by SunPower. 
  
 1.23 SunPower Change in
Control. “SunPower Change in Control” shall mean: (a) such time as Cypress ceases to own at least a majority of the aggregate number of shares of all classes of SunPower’s common stock then outstanding;
(b) the consummation of any purchase or acquisition by any person, entity or “group” (as defined under Section 13(d) of the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder) other than Cypress
of more than a 40% interest in the total outstanding voting securities or voting power thereof of SunPower, (c) any merger, consolidation, business combination or similar transaction involving SunPower pursuant to which the equity interests
held in SunPower and retained following such transaction or issued to or otherwise received in such transaction by the shareholders of SunPower immediately preceding such transaction constitute less than 50% of the aggregate equity interests in the
surviving or resulting entity of such transaction or any direct or indirect parent thereof, (d) any sale, lease (other than in the ordinary course of business), exchange, transfer, license (other than in the ordinary course of business),
acquisition or disposition of assets of SunPower representing more than 50% of the book value or fair market value of the assets of SunPower and its subsidiaries taken as a whole, or (e) any liquidation or dissolution of SunPower. 

 

 -4- 

 1.24 SunPower Employee. “SunPower Employee” means any individual who:
(a) is actively employed by SunPower in the United States or the Philippines on the Separation Date; (b) moves to the employ of SunPower in the United States from the employ of Cypress at any time prior to the Separation Date; (c) is
an employee or group of employees designated as SunPower Employees by Cypress and SunPower, by mutual agreement; or (d) is an individual in the United States hired by SunPower on or after the Separation Date. 
  
 ARTICLE II 
  
 GENERAL PRINCIPLES 
  
 2.1 Liabilities. Except as specified otherwise in this
Agreement or as mutually agreed upon by SunPower and Cypress, SunPower shall pay to Cypress one-hundred percent (100%), of the Liabilities incurred with respect to Cypress Plans by SunPower as a Participating Company. Any Liabilities incurred with
respect to SunPower Plans will be borne solely by SunPower. 
  
 2.2 Establishment of SunPower Plans. Nothing contained in this Agreement shall prevent SunPower from establishing all or any one of a SunPower Health Plan, SunPower 401(k) Plan, SunPower Stock Plans or such other SunPower
Plan that SunPower deems appropriate, nor obligate SunPower or SunPower Employees to participate in the Cypress Plans. Cypress’s obligation to SunPower under each of the Cypress Plans, if any, shall terminate immediately upon SunPower’s
adoption of a SunPower Plan intended to cover the benefits offered under such Cypress Plan. 
  
 2.3 Cypress Under No Obligation to Maintain Plans. Except as specified otherwise in this Agreement or as otherwise mutually agreed to by Cypress and SunPower, nothing in this Agreement shall
preclude Cypress, at any time, from amending, merging, modifying, terminating, eliminating, reducing, or otherwise altering in any respect any Cypress Plan, any benefit under any Cypress Plan or any trust, insurance policy or funding vehicle related
to any Cypress Plans, or any employment or other service arrangement with Cypress Employees or SunPower Employees, consultants or vendors (to the extent permitted by law). 
  
 2.4 SunPower’s Participation in Cypress Plans.
  
 (a) Participation in Cypress Plans.
Except as specified otherwise in this Agreement, prohibited by law or the applicable Plan document, or as Cypress and SunPower may mutually agree, SunPower shall continue to be a Participating Company in the Cypress Plans until the earlier of: (1) a
SunPower Change in Control, (2) such time as SunPower’s status as a Participating Company is not permitted by a Cypress Plan; (3) such time as SunPower’s status as a Participating Company is not permitted by applicable law; or
(4) such time as it is determined in Cypress’s reasonable judgment that SunPower’s status as a Participating Company has or will result in an adverse consequence to, or have an negative impact on, Cypress or its employees, directors,
officers, affiliates, agents or representatives. 
  

 -5- 

 (b) Cypress’s General Obligations as Plan Sponsor. Subject to
Section 2.3, to the extent that SunPower is a Participating Company in any Cypress Plan, Cypress shall continue to administer, or cause to be administered, in accordance with its terms and applicable law, such Cypress Plan, and shall have the
sole and absolute discretion and authority to interpret such Cypress Plan, as set forth therein. 
  
 (c) SunPower’s General Obligations as Participating Company. SunPower shall perform, with respect to its participation in the
Cypress Plans, the duties of a Participating Company as set forth in each such Plan or any procedures adopted pursuant thereto, including (without limitation): (i) assistance in the administration of claims, to the extent requested by the
claims administrator of the applicable Cypress Plan; (ii) full cooperation with Cypress Plan auditors, benefit personnel and benefit vendors; (iii) preservation of the confidentiality of all financial arrangements Cypress has or may have
with any vendors, claims administrators, trustees, service providers or any other entity or individual with whom Cypress has entered into an agreement relating to the Cypress Plans; and (iv) preservation of the confidentiality of participant
information (including, without limitation, health information in relation to leaves) to the extent not specified otherwise in this Agreement. 
  
 2.5 Terms of Participation by SunPower Employees in SunPower Plans. 
  
 (a) Non-Duplication of Benefits. Except as specified otherwise in this Agreement or as mutually
agreed upon by SunPower and Cypress, Cypress and SunPower shall agree on methods and procedures, including amending the respective Plan documents, to prevent SunPower Employees from receiving duplicate benefits from the Cypress Plans and the
SunPower Plans. 
  
 (b) Service Credit.
Except as specified otherwise in this Agreement, with respect to SunPower Employees, SunPower shall make reasonable efforts to provide that all service, compensation and other determinations that affect benefits eligibility or vesting under each
SunPower Plan, other than the SunPower Stock Plan and the SunPower Equity Incentive Plan (including, without limitation, the SunPower vacation policy, the SunPower 401(k) Plan and the SunPower Health and Welfare Plans), that, as of the adoption of
such Plans, were recognized under the corresponding Cypress Plan shall, as of the effective date of such SunPower Plans, receive full recognition and credit and be taken into account under such SunPower Plan to the same extent as if such items
occurred under such Cypress Plan, except to the extent that duplication of benefits would result. 
  
 2.6 Transition to SunPower Plans 
  
 Cypress and SunPower agree that any transition of SunPower Employees from Cypress Plans to SunPower Plans shall be done pursuant to the applicable Plan
document and all applicable laws. No action shall be taken to remove SunPower Employees from any Cypress Plan without the consent and cooperation of Cypress, which consent shall not be unreasonably withheld. 
  

 -6- 

 2.7 Foreign Plans. SunPower and Cypress each intend that the matters, issues or
Liabilities relating to, arising out of, or resulting from foreign plans and non-U.S.-related employment matters be handled in a manner that is in compliance with the requirements of applicable local law. All Liabilities incurred by non-U.S.
SunPower Employee’s participation in any Cypress Plan, foreign or domestic, shall be the sole responsibility of SunPower, payable upon demand by Cypress or such SunPower Employee. 
  
 ARTICLE III 
  
 DEFINED CONTRIBUTION PLAN 
  
 3.1 401(k) Plan.
  
 (a) 401(k) Plan. Cypress and SunPower shall use their best efforts to take any and all necessary actions for SunPower to continue
as a Participating Company in the Cypress 401(k) Plan until a Separation Event has occurred with respect to the 401(k) Plan. 
  
 (b) 401(k) Plan: Assumption of Liabilities and Transfer of Assets. Effective no later than ninety (90) days
after the Separation Date for the 401(k) Plan: (i) SunPower shall establish or cause to be established, the SunPower 401(k) Plan., (ii) the SunPower 401(k) Plan shall assume and be solely responsible for all Liabilities relating to,
arising out of, or resulting from SunPower Employees under the Cypress 401(k) Plan; (iii) Cypress shall cause the accounts of the SunPower Employees under the Cypress 401(k) Plan that are held by its related trust to be transferred to the
SunPower 401(k) Plan and its related trust; and (iv) SunPower shall cause such transferred accounts to be accepted by such Plan and its related trust. SunPower and Cypress each agree to use their reasonable best efforts to accomplish this
401(k) Plan and related trust spin-off. 
  
 (c) Termination of Participating Company Status. Except as otherwise mutually agreed to by Cypress and SunPower, SunPower shall cease to be a Participating Company in the Cypress 401(k) Plan upon a Separation Event. 
  
 ARTICLE IV 
  
 HEALTH AND WELFARE PLANS 
  
 4.1 Health Plans.
  
 (a) Cypress Health Plans. Cypress shall
administer and be responsible for handling claims incurred under the Cypress Health Plans by SunPower Employees prior to a Separation Event, subject to the limitations as set forth in Section 4.1(c). Any determination made or settlements
entered into by Cypress with respect to such claims shall be final and binding. SunPower shall be responsible for all financial and administrative (“run-out”) Liability and all related obligations and responsibilities for all claims
incurred by SunPower Employees before the Separation Event, subject to the limitations as set forth in Section 4.1(c). 
  

 -7- 

 (b) Pending Treatments. Notwithstanding Section 4.1(a)
above, all courses of treatment under the applicable Cypress Health Plan that have begun on or prior to a Separation Event with respect to SunPower Employees (or their eligible dependents) who are hospitalized on the Separation Date, shall be
provided without interruption under the applicable SunPower Health Plan until the end of such hospitalization (“Uninterrupted Hospitalization Treatment”). For purposes of this Section 4.1(b) only, hospitalization is as
defined under the applicable Health Plan and courses of treatment means that a SunPower Employee (or his or her eligible dependent), on or prior to the Separation Date, is receiving medical treatment for the specific illness or injury for which he
or she is hospitalized on the Separation Date, and such Uninterrupted Hospitalization Treatment is applicable only to that specific illness or injury. 
  
 (c) Vendor Arrangements. If requested by SunPower, Cypress shall use reasonable efforts in assisting SunPower to procure, effective
as of the Separation Date (or such earlier date(s) as Cypress and SunPower may mutually agree), the SunPower Health Plans. 
  
 (d) No Status Change. The transfer or other movement of employment between Cypress to SunPower at any time before the Separation
Date shall neither constitute nor be treated as a “status change” or termination of employment under the Cypress Health Plans or the SunPower Health Plans. 
  
 4.2 Group Life Plan. SunPower shall, until a Separation Event (or such earlier date as
Cypress and SunPower may mutually agree), continue to be a Participating Company in any Cypress group life insurance Plan. 
  
 4.3 Accidental Death & Dismemberment Plan. SunPower shall, until a Separation Event (or such earlier date
as Cypress and SunPower may mutually agree), continue to be a Participating Company in any Cypress accidental death & dismemberment Plan. 
  
 4.4 Disability Plans.
  
 (a) Short-Term Disability Plan. SunPower shall, until a Separation Event (or such earlier date as Cypress and SunPower may mutually
agree), continue to be a Participating Company in the Cypress short-term Disability Plan. 
  
 (b) Long-Term Disability Plan. SunPower shall, until a Separation Event (or such earlier date as SunPower and Cypress may mutually
agree), continue to be a Participating Company in the Cypress long-term Disability Plan. 
  
 4.5 Business Travel Accident Insurance. SunPower shall, until a Separation Event (or such earlier date as SunPower and Cypress may mutually agree), continue to be a
Participating Company in any Cypress business travel accident insurance Plan. 
  
 4.6 Section 125 Plan. SunPower shall, until a Separation Event (or such earlier date as SunPower and Cypress may mutually agree), continue to be a Participating Company in
the Cypress 

  

 -8- 

 
125 Plan. Effective as of the Separation Date (or such earlier date as SunPower and Cypress may mutually agree), SunPower may, in its sole discretion,
establish a SunPower 125 Plan for the benefit of SunPower Employees. 
  
 4.7 COBRA. Cypress shall be responsible for providing COBRA continuation coverage (for the applicable period of time as required by law, generally 18-36 months) to SunPower Employees and their eligible dependents who
become eligible for such coverage prior to a Separation Event. Effective as of the Separation Date, SunPower shall be responsible for providing COBRA continuation coverage (or reimbursing premiums therefore) to SunPower Employees and their eligible
dependents who become eligible for such coverage on and following a Separation Event. 
  
 4.8 Workers’ Compensation Plan. SunPower Employees shall, until a Separation Event (or such earlier date as Cypress and SunPower may mutually agree), continue to participate in the Cypress
Workers’ Compensation Plans. Effective as of the Separation Date, SunPower shall establish or renegotiate the terms of the workers’ compensation plan for the benefit of SunPower Employees (the “Workers’ Compensation
Plan”). Any Liabilities that accrue under the Workers’ Compensation Plan shall be Liabilities of SunPower. 
  
 4.9 Leave of Absence Plans. SunPower Employees shall, until a Separation Event (or such earlier date as Cypress and SunPower may
mutually agree), continue to participate in the Cypress Leave of Absence Plans. Effective as of the Separation Date, SunPower Employees shall not be eligible to participate in the Cypress Leave of Absence Plans. 
  
 4.10 PTO Plan. SunPower Employees shall, until a Separation
Event (or such earlier date as Cypress and SunPower may mutually agree), continue to participate in the Cypress PTO Plan. Effective as of the Separation Date, SunPower Employees shall not be eligible to participate in the Cypress PTO Plan.

  
 4.11 Severance Plans. SunPower is not
currently a Participating Company in Cypress’s severance plans. Cypress does not currently, nor does it intend to, handle the administration of a severance plan for SunPower Employees. SunPower shall be solely responsible for the administration
of severance plans for SunPower Employees. 
  
 4.12 Deferred
Compensation Plan. As of the Effective Date, SunPower Employees shall not be eligible to participate in the Cypress Deferred Compensation Plan. 
  
 4.13 Sabbatical Plan. Cypress does not currently, nor does it intend to, handle the administration of a sabbatical plan for SunPower
Employees. SunPower shall be solely responsible for the administration of a sabbatical plan for SunPower Employees. 
  

 -9- 

 ARTICLE V 
  

EQUITY AND OTHER COMPENSATION 
  
 5.1 Cypress Options.
  
 (a) Further Participation. Existing Cypress Option Grants notwithstanding, SunPower Employees shall not be eligible
to participate in the Cypress Stock Plan. 
  
 (b) Cypress Options held by SunPower Employees. 
  
 (i) General. Each outstanding Cypress Option held by a SunPower Employee, whether vested or unvested, shall remain an option to purchase Cypress common stock and shall continue to be subject to all of the terms
and conditions of the applicable Cypress plan and option agreement including, but not limited to, the expiration date of the option. 
  
 (ii) Termination of Cypress Employment for Option Purposes. For purposes of Cypress Options, each SunPower Employee shall be deemed
terminated from Cypress employment upon a Separation Event. In accordance with each SunPower Employee’s applicable Cypress Option agreement, each outstanding, unvested Cypress Option held by such employee shall be forfeited upon the deemed date
of termination and each outstanding, vested Cypress Option held by such SunPower Employees shall remain outstanding and exercisable for that period of time following the termination of Cypress employment as is indicated in the applicable Cypress
Option agreement. 
  
 (c) Certain Non-U.S.
Optionees. Except as may otherwise be agreed upon by Cypress and SunPower, Section 5.1(a) shall govern the treatment of Cypress Options held by non-U.S. SunPower Employees. 
  
 5.2 Stock Purchase Plan. SunPower
Employees shall not be eligible to participate in the Cypress Stock Purchase Plan. 
  
 ARTICLE VI 
  
 ADMINISTRATIVE PROVISIONS 
  
 6.1 Sharing of
Participant Information. Cypress and SunPower shall share, or cause to be shared, all participant information that is necessary or appropriate for the efficient and accurate administration of each of the Cypress
Plans and the SunPower Plans during the respective periods applicable to such Plans. Cypress and SunPower and their respective authorized agents shall, subject to applicable laws of confidentiality and data protection, be given reasonable and timely
access to, and may make copies of, all information relating to the subjects of this Agreement in the custody of the other party or its agents, to the extent necessary or appropriate for such administration. 
  

 -10- 

 6.2 Costs and Expenses. SunPower shall reimburse Cypress for all direct and indirect
costs and expenses related to the participation of SunPower Employees in any Cypress Plan. Payment for such direct and indirect costs shall be governed by the Master Transition Services Agreement between Cypress and SunPower of even date herewith.

  
 ARTICLE VII 
  
 EMPLOYMENT-RELATED MATTERS 
  
 7.1 Non-Termination of Employment; No Third-Party
Beneficiaries. No provision of this Agreement shall be construed to create any right or accelerate entitlement to any compensation or benefit whatsoever on the part of any SunPower Employee or other former, present or future employee of
Cypress or SunPower under any Cypress Plan or SunPower Plan or otherwise. Without limiting the generality of the foregoing: (a) no employee shall be deemed to have incurred a termination of employment solely by reason of the Separation or IPO;
and (b) except as otherwise specified herein, no transfer of employment between Cypress and SunPower before the Distribution Date shall be deemed a termination of employment for any purpose hereunder. 
  
 ARTICLE VIII 
  
 MISCELLANEOUS 
  
 8.1 Effect if Separation Event, SunPower Change of Control or IPO Does
Not Occur. If a Separation Event, SunPower Change of Control or IPO do not occur, then all actions and events that are, under this Agreement, to be taken or occur effective as of such event or otherwise in connection with such event,
shall not be taken or occur except to the extent specifically agreed by SunPower and Cypress. 
  
 8.2 Limitation of Liability. IN NO EVENT SHALL CYPRESS BE LIABLE TO SUNPOWER FOR ANY ACTUAL, DIRECT, SPECIAL, CONSEQUENTIAL, INDIRECT, INCIDENTAL OR PUNITIVE DAMAGES OR LOST PROFITS, HOWEVER CAUSED
AND ON ANY THEORY OF LIABILITY (INCLUDING NEGLIGENCE) ARISING IN ANY WAY OUT OF THIS AGREEMENT, WHETHER OR NOT SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES; PROVIDED, HOWEVER, THAT THE FOREGOING LIMITATIONS SHALL NOT LIMIT
EITHER PARTY’S INDEMNIFICATION OBLIGATIONS AS SET FORTH IN THE INDEMNIFICATION AND INSURANCE MATTERS AGREEMENT. 
  
 8.3 Governing Law. This Agreement shall be construed in accordance with, and governed by, the laws of the State of California,
excluding its conflict of law rules, to the extent not preempted by ERISA. The Superior Court of Santa Clara County and/or the United States District Court for the Northern District of California shall have jurisdiction and venue over any dispute or
disagreement between the parties or under this Agreement. 
  

 -11- 

 8.4 Amendment. SunPower and Cypress may mutually agree to amend the provisions of this
Agreement at any time or times, for any reason, either prospectively or retroactively, to such extent and in such manner as the parties mutually deem advisable. 
  

8.5 Binding Effect; Assignment. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their
respective legal representatives and successors in interest, and nothing in this Agreement, express or implied, is intended to confer upon any other Person any rights or remedies of any nature whatsoever under or by reason of this Agreement. Neither
party may assign this Agreement or any rights or obligations hereunder, without the prior written consent of the other party, and any assignment without such consent shall be void. Any permitted assignee shall agree to perform the obligations of the
assignor of this Agreement, and this Agreement shall inure to the benefit of and be binding upon any permitted assignee. 
  
 8.6 Severability. If any term or other provision of this Agreement or the exhibits or schedules attached hereto is determined by a
nonappealable decision by a court, administrative agency or arbitrator to be invalid, illegal or incapable of being enforced by any rule of law or public policy, 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 either party. Upon such determination that any term or other provision is invalid, illegal or
incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner to the end that transactions contemplated hereby
are fulfilled to the fullest extent possible. 
  
 8.7
Interpretations. The headings contained in this Agreement, in any exhibit or schedule attached hereto and in the table of contents to this Agreement are for reference purposes only and shall not affect in any way the meaning or
interpretation of this Agreement. Any capitalized term used in any exhibit or schedule but not otherwise defined therein, shall have the meaning assigned to such term in this Agreement. When a reference is made in this Agreement to an article,
section, exhibit or schedule, such reference shall be to an article or section of, or an exhibit or schedule to, this Agreement, unless otherwise indicated. 
  
 8.8 Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed to be an original but all of which
shall constitute one and the same agreement. 
  
 8.9
Notices. Notices, offers, requests or other communications required or permitted to be given by either party pursuant to the terms of this Agreement shall be given in writing to the respective parties to the following addresses:

  

			
	 if to Cypress:
	 	 
		
	 	 	Cypress Semiconductor Corporation
	 	 	198 Champion Court
	 	 	San Jose, CA 95134
	 	 	Attn: Brad Buss, Chief Financial Officer
	 	 	Fax: (408) 943-4730

  

 -12- 

			
	 if to SunPower:
	 	 
		
	 	 	SunPower Corporation
	 	 	430 Indio Way
	 	 	Sunnyvale, CA 94085
	 	 	Attn: Emmanuel Hernandez, Chief Financial Officer
	 	 	Fax: (408) 739-7713

  
 or to such other address as the party
to whom notice is given may have previously furnished to the other in writing as provided herein. Any notice involving non-performance, termination, or renewal shall be sent by hand delivery, recognized overnight courier or, within the United
States, may also be sent via certified mail, return receipt requested. All other notices may also be sent by fax, confirmed by first class mail. All notices shall be deemed to have been given and received on the earlier of actual delivery or three
(3) days from the date of postmark. 
  
 8.10
Conflicting Agreements. In the event of conflict between this Agreement and the Separation Agreement, the provisions of this Agreement shall prevail. In the event of conflict between this Agreement and the Indemnification and Insurance
Matters Agreement entered into between Cypress and SunPower, the provisions of the Indemnification and Insurance Matters Agreement shall prevail. 
  
 8.11 Entire Agreement. This Agreement, the Separation Agreement, the other Ancillary Agreements and the exhibits and schedules
referenced or attached hereto and thereto, constitute the entire agreement between the parties with respect to the subject matter hereof and thereof and shall supersede all prior written and oral and all contemporaneous oral agreements and
understandings with respect to the subject matter hereof and thereof. 
  
 8.12 Failure or Indulgence Not Waiver; Remedies Cumulative. No failure or delay on the part of either party hereto in the exercise of any right hereunder shall impair such right or be construed to be a waiver of, or
acquiescence in, any breach of any representation, warranty or agreement herein, nor shall any single or partial exercise or waiver of any such right preclude other or further exercise thereof or of any other right. All rights and remedies existing
under this Agreement or the exhibits or schedules attached hereto are cumulative to, and not exclusive of, any rights or remedies otherwise available. 
  

 -13- 

  
 IN WITNESS WHEREOF, the
parties have signed this Employee Matters Agreement effective as of the date first set forth above. 
  

									
	CYPRESS SEMICONDUCTOR CORPORATION	 	 	 	SUNPOWER CORPORATION
					
	 By:
	 	 	 	 	 	 By:
	 	 
					
	 Name:
	 	 	 	 	 	 Name:
	 	 
					
	 Title:
	 	 	 	 	 	 Title:
	 	 

  
 [SIGNATURE PAGE TO EMPLOYEE MATTERS AGREEMENT]

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