Document:

Exhibit 10.10

 

EMPLOYMENT AGREEMENT,
effective as of February 1, 2022 (this “Agreement”), between Liora Zilberson,
residing at Nurit 13b, Haifa, Israel 3465413, (the
“Executive”),
and Lode-Star Mining Inc., a Nevada corporation
(the “Company”).

 

W I T N E S S E T H:

 

WHEREAS, the Company
desires to memorialize the employment of the Executive as its Chief Executive Officer and a director and the Executive desires to accept
such employment subject to the terms and conditions set forth in this Agreement.

NOW, THEREFORE, in
consideration of the mutual agreements and covenants set forth herein, and other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the parties hereto agree as follows:

 

1.                  
Employment. The Company hereby engages the Executive to serve as its Chief Executive Officer and a director of the Company,
and the Executive hereby accepts such continued engagement upon the terms and conditions set forth herein. During the Term (as defined
below), it is expected that the Executive shall also serve as the chief executive officer of each of the subsidiaries and affiliates of
the Company. In her capacity as Chief Executive Officer, the Executive shall be the senior executive officer of the Company with principal
responsibility for operations of the Company and shall perform such other duties for the Company as are consistent with her position,
including, without limitation, product offerings (including pricing decisions); opening and maintaining new offices, closing offices and
establishing new subsidiaries; establishing joint ventures and strategic alliances and having the sole authority to approve any contract
or arrangement with a third party involving the expenditure or commitment of Company funds.

 

2.                  
Term. This Agreement shall begin on the Effective Date stated above and shall remain in effect for a period of two (2)
years (“Initial Term”) unless terminated earlier pursuant to the terms of this Agreement, and shall automatically renew
thereafter (until terminated pursuant hereto) unless either party provides a written notice of termination to the other at least thirty
(30) calendar days prior to the lapse of the then-current Initial Term or renewal term. Each renewal period shall be for an additional
year and shall be subject to all terms of this Agreement. For the purposes of this Agreement, any and all references to “Term”
shall mean both the Initial Term and if applicable, any renewal period(s) thereafter.

 

3.                  
Duties. The Executive is employed to serve as the Chief Executive Officer of the Company, and shall perform such duties
as are customarily performed by a CEO, all under and subject to the direction and control of the Board of Directors of the Company (the
“Board”). As part of her duties, the Executive (a) shall devote her utmost knowledge and best skill to the performance
of her duties; (b) shall devote most of her business time to the rendition of such services, subject to absences for holidays (including
every Friday and Saturday), customary vacations and for temporary illness; and (c) shall not engage in any other gainful occupation that
requires her personal attention without prior consent of the Company, with the exception that the Executive may personally trade in stock,
bonds, securities, commodities or real estate investments for investment only without active participation. In addition, the Executive
shall be the senior executive with principal responsibility for implementing the strategic business policies and controlling the operations
of the Company and shall perform such duties for the Company as are consistent with the foregoing, including, without limitation, hiring
and terminating executives and other employees, preparing and obtaining approval from the Board of the Company’s annual budget,
cash management activities (including banking arrangements and investments), and contracting with accountants, attorneys, suppliers, customers
and other third parties, including strategic partners in the ordinary course of business.

    	-1- 

    	 

    

  

		4.	Confidentiality and Developments.

 

(a)                
Maintenance of Confidentiality. The Executive shall hold in strict confidence and shall not at any time during or after
her employment with the Company, directly or indirectly, (i) reveal, report, publicize, disclose, or transfer any Confidential Information
(as defined below) or any part thereof to any person or entity, (ii) use any of the Confidential Information or any part thereof for any
purpose other than in the course of his duties on behalf of the Company hereunder, (iii) assist any person or entity other than the Company
to secure any benefit from the Confidential Information or any part thereof. All Confidential Information (regardless of the medium retained)
and all abstracts, summaries or writings based upon or reflecting any Confidential Information in the Executive’s possession shall
be delivered by the Executive to the Company upon request therefor by the Company or automatically upon the expiration of the term or
termination of this Agreement, and the Executive shall not retain any copies of any Confidential Information.

 

(b)                
Confidential Information. For purposes of this Agreement, “Confidential Information” shall mean any information
relating to the business, operations, affairs, assets or conditions (financial or otherwise) of the Company which is not generally known
by non- Company personnel, or is proprietary or in any way constitutes a trade secret (regardless of the medium in which information is
maintained) which the Executive develops or which the Executive obtains knowledge or access through or as a result of the Executive’
relationship with the Company (including, without limitation, such information conceived, originated, discovered, or developed in whole
or in part by the Executive). Confidential Information specifically includes, without limitation, all technical and business information
concerning the business or proposed business of the Company, prospective investors and strategic partners, business plans, partners, joint
venturers, potential acquisition targets. Confidential Information shall not include any information that is generally publicly available
or otherwise in the public domain other than as a result of a breach by the Executive of his obligations hereunder. For purposes of this
Agreement, information shall not be deemed Confidential Information if (1) such information is available in full from public sources,
or (2) such information is received from a third party not under an obligation to keep such information confidential.

 

(c)                
Developments. The Executive agrees that any developments, inventions, ideas, original works or authorship or any other work
product (collectively, “Developments”) relating to the research, development and commercialization of a proprietary
stabilized formulation of the Epigallocatechin-gallate (EGCG) molecule generally, in whole or in part
conceived or made by her, shall belong exclusively to the Company and shall be deemed part of the Confidential Information for purposes
of this Agreement whether or not fixed in a tangible medium of expression. Without limiting the foregoing, the Executive agrees that any
such Developments shall be deemed to be “work made for hire”, and that the Company shall be deemed the author thereof under
the U.S. Copyright Act, provided that in the event and to the extent such works are determined not to constitute “work made for
hire” as a matter of law, The Executive hereby irrevocably assigns and transfers to the Company all right, title and interest in
and to such works, including but not limited to all copyright interests therein. In this regard, The Executive hereby appoints the Company
as her attorney-in-fact, with full power and authority in the place and stead of the Executive and in the Executive’ name or otherwise,
to take any action and to execute any instruments which the Company, in its sole and absolute discretion, may deem necessary or appropriate
in order to vest ownership of all such Developments in the Company.

    	-2- 

    	 

    

  

5.                  
Personnel Policies and Procedures. The Company shall have the authority to establish from time-to-time personnel policies
and procedures to be followed by its employees. The Executive agrees to comply with the policies and procedures of the Company. To the
extent any provisions in the Company’s personnel policies and procedures differ with the terms of this Agreement, the terms of this
Agreement shall apply.

 

		6.	Compensation.

 

(a)                
Base Salary. During the Term, the Executive shall be paid a monthly salary of 35,000 NIS, payable in equal installments
on the first business day of each month (“Base Salary”). The Executive shall also be entitled to a bonus on achieving
defined milestones as specified by the Board.

 

(b)                
Equity Issuance. Effective as of the date hereof, the Company shall issue to the Executive ten million (10,000,000) shares
of common stock of the Company.

 

		(c)	Fringe Benefits.

 

(i)           
Vacation. During each year of the Term, the Executive shall be entitled to thirty (30) business days of vacation per year
of employment, which shall accrue ratably over the period earned. Use of all such vacation days is subject to the Company’s policies
and procedures, and shall be scheduled in such a way as to provide adequate coverage of job responsibilities and staffing requirements.

 

(ii)               
Holidays. During the Term, the Executive shall be entitled to the same paid holidays provided to all other full-time, regular
employees, including without limitation, all Jewish holidays.

 

(iii)             
D&O Insurance. The Company shall obtain directors’ and officers’ liability insurance.

 

(d)                
Withholding Taxes. The Company shall be responsible for and may withhold from any compensation and benefits payable under
this Agreement all U.S. federal, state, city or other taxes as shall be required pursuant to any U.S. law or governmental regulation or
ruling. The Executive agrees that she shall be solely responsible for all Israel , VAT and any other taxes payable as a result of her
employment with the Company that are due to the State of Israel.

    	-3- 

    	 

    

(e)                
 Hours Worked. The Executive is a managerial employee. As such, the hours she works may vary considerably, and will sometimes
exceed 40 hours per week. As an exempt employee, the Executive shall not be entitled to additional compensation for hours worked in excess
of 40 hours per week. The Company agrees and acknowledges that Friday and Saturday are considered days that the Executive shall not be
required to work.

 

(f)                 
Expenses. The Company shall reimburse the Executive for all her travel and office expenses, provided that:

 

(i)                 
Each such item is of a type that qualifies it as a proper item for deduction or capitalization by the Company for federal or state
income tax purposes, or, with respect to business meals, the item qualifies as a partial deduction; and

 

(ii)               
The Executive furnishes the Company with such records and other documentary evidence as are customarily sufficient to satisfy the
requirement for substantiation of such expenditures as an income tax deduction (or capitalization) pursuant to applicable federal and
state statutes and/or regulations.

 

7.                  
Termination.This Agreement and the employment of the Executive shall terminate under the following conditions:

 

		(a)	The death of the Executive;

 

(b)                
The permanent disability of the Executive (permanent disability shall exist when the Executive suffers from a condition of mind
or body that indefinitely prevents her from further performance of her essential job duties with or without reasonable accommodation);
or

 

(c)                
Upon receipt by the Executive of written notice from the Company that the Executive’ employment is being discharged for “good
cause.” The Company has “good cause” to discharge the Executive, without liability, for the reasons listed below:

 

(i)                 
The Executive fails or refuses to faithfully and diligently perform the usual and customary duties of his employment, which failure
or refusal is not cured after 20- day written notice thereof is given to the Executive; or

 

(ii)               
It is determined that the Executive has conducted herself in an unprofessional, unethical, illegal or fraudulent manner, or has
acted in a manner detrimental to the reputation, character or standing of the Company; including, but not limited to, theft or misappropriation
of the Company’s assets, engaging in unlawful discriminatory or harassing conduct, working while under the influence of alcohol
or illegal drugs, the filing of false expense or related reports, or being convicted of a felony; or

 

(iii)             
The Executive violates any term or condition of this Agreement, which violation is not cured after 20-day written notice thereof
is given to the Executive.

 

(d)                
Upon receipt by the Executive of written notice from the Company that the Executive’s employment is being discharged for
“other than good cause.”

    	-4- 

    	 

    

(e)                
 Upon receipt by the Company of written notice from the Executive that the Executive is resigning. This written notice shall be
provided to the Company at least three

(3)   
months in advance of the Executive’s last day of work. In the event that the Executive provides such written notice, the
Company’s obligations hereunder shall terminate after paying the Executive any compensation owed pursuant to this Agreement.

 

(f)                 
Upon the consummation of any “Change of Control” (as defined in the Annex attached hereto), the Company shall pay the
Executive ten times her Base Salary, irrespective of whether the Company maintains her position with the Company.

 

		8.	Compensation Upon Termination.

 

(a)                
For Good Cause. In the event the Executive is discharged for good cause pursuant to Section 7(c), she shall receive notice
that her employment is terminated immediately (subject to the time provisions provided in Section 7(c)(i) and (iii)), and shall receive
compensation at the then Base Salary up to the date of such termination. The Executive is entitled to no other compensation when she is
terminated for good cause as defined in Section 7(c).

 

(b)                
For Other Than Good Cause. In the event the Executive’s employment is terminated for other than good cause pursuant
to Section 7(d), she shall receive severance compensation of the accrued Base Salary up to the date of termination plus an additional
three months of the Base Salary. Said severance shall be paid to the Executive upon the date of termination..

 

(c)                
Death or Permanent Disability. In the event the Executive dies or becomes permanently disabled as defined in this Agreement
pursuant to Section 7(a) or 7(b), the Company’s obligations hereunder shall terminate after paying the Executive any compensation
owed through the last day she worked. Neither the Executive nor her estate or representative is entitled to any other compensation when
she dies or becomes permanently disabled.

 

(d)                
Resignation. In the event the Executive resigns pursuant to Section 7(e), she shall receive the Base Salary following such
resignation through the last day she works for the Company.

 

(e)                
Excise Payments. While it is not expected that payments made to the Executive hereunder will be treated as payments subject
to any excise tax under Internal Revenue Code Section 4999, to the extent they are, the Company shall pay to the Executive an amount which,
net of any applicable taxes thereon, will provide the Executive with sufficient cash to pay any excise tax payable by her by reason of
all payments hereunder.

 

9.                  
Ventures. If, during the Term, the Executive is engaged in or associated with the planning or implementing of any project,
program or venture involving the Company and a third party or parties, all rights in the project, program or venture shall belong to the
Company and shall constitute a corporate opportunity belonging exclusively to the Company. Except as expressly approved in writing by
the Company, the Executive shall not be entitled to any interest in such project, program or venture or to any commission, finder’s
fee or other compensation in connection therewith, other than the compensation to be paid to the Executive as provided in this Agreement.

    	-5- 

    	 

    

 

10.               
Successors and Assigns. The rights and obligations of the Company under this Agreement shall enure to the benefit of
and shall be binding upon the successors and assigns of the Company. The Executive shall not be entitled to assign any of his rights or
obligations under this Agreement.

 

11.               
Governing Law. This Agreement shall be interpreted, construed, governed and enforced in accordance with the laws of
the State of New York.

 

12.               
Amendments. No amendment or modification of the terms or conditions of this Agreement shall be valid unless in writing
and signed by the Parties hereto.

 

13.               
Counterparts. This Agreement may be executed in counterparts and, if so executed, each such counterpart shall have the
force and effect of an original. A facsimile or other electronic signature shall have the same force and effect as an original signature.

 

14.               
Separate Terms/Severability. Each term, condition, covenant or provision of this Agreement shall be viewed as separate
and distinct, and in the event that any such term, covenant or provision shall be held by a court or arbitrator of competent jurisdiction
to be invalid, unenforceable or void, the remaining provisions shall continue in full force and effect.

 

15.               
Waiver. A waiver by either party of a breach of provision or provisions of this Agreement shall not constitute a general
waiver, or prejudice the other party’s right otherwise to demand strict compliance with that provision or any other provisions in
this Agreement.

 

16.               
Notices. Any notice required or permitted to be given under this Agreement shall be sufficient, if in writing, sent
by mail to his last known residence in the case of the Executive, or hand delivered to the Executive, or to its principal office in the
case of the Company.

 

17.               
Entire Agreement. The Executive acknowledges receipt of this Agreement and agrees that this Agreement represents the
entire Agreement with the Company concerning his employment, and supersedes any previous oral or written communications, representations,
understandings or agreements with the Company or any agent thereof. The Executive understands that no representative of the Company has
been authorized to enter into any agreement or commitment with the Executive which is inconsistent in any way with the terms of this Agreement.
Each party further agrees that they were represented, or had the opportunity to be represented, by counsel of their own choosing in the
negotiation of the terms of this Agreement.

 

IN WITNESS HEREOF, the parties have executed
this Agreement effective of the date set forth above.

 

 

	Dated: Feb. 18, 2022	 
	
    

    
	Liora Zilberson

    	-6- 

    	 

    

 

 

 

	 	Lode-Star Mining Inc.
	 	 	 	 
	 Dated: Feb. 18,
    2022	By:	/s/ Mark Walmesley

	 	 	Name:	Mark Walmesley
	 	 	Title:	CEO/ President

 

 

 

ANNEX

 

 

For purposes of this Agreement, a “Change
of Control” shall mean the occurrence of any of the following after the initial public offering of the Company:

 

(a)                
An acquisition (other than directly from the Company) of any voting securities of the Company (the “Voting Securities”)
by any “Person” (as the term person is used for purposes of Section 13(d) or 14(d) of the Securities Exchange Act of 1934,
as amended (the “Exchange Act”)), immediately after which such Person has “Beneficial Ownership” (within
the meaning of Rule 13d-3 promulgated under the Exchange Act) of thirty percent (30%) or more of the then outstanding shares of Voting
Securities; provided, however, in determining whether a Change of Control has occurred pursuant to this Section, Voting
Securities which are acquired in a “Non-Control Acquisition” (as hereinafter defined) shall not constitute an acquisition
which would cause a Change of Control. A “Non-Control Acquisition” shall mean an acquisition by (i) an employee benefit
plan (or a trust forming a part thereof) maintained by (A) the Company or (B) any corporation or other Person of which a majority of its
voting power or its voting securities or equity interest is owned, directly or indirectly, by the Company (for purposes of this definition,
a “Subsidiary”), (ii) the Company or its Subsidiaries, or (iii) any Person in connection with a “Non-Control
Transaction” (as hereinafter defined);

 

(b)              
The individuals who, as of the effective date of an initial public offering of the securities of the Company, are members of the
Board (the “Incumbent Board”) cease for any reason to constitute at least two-thirds of the members of the Board; provided,
however, that if the election, or nomination for election by the Company’s common stockholders, of any new director was approved
by a vote of at least two-thirds of the Incumbent Board, such new director shall be considered as a member of the Incumbent Board, provided,
however, that no individual shall be considered as a member of the Incumbent Board if such individual initially assumed office
as a result of either an actual or threatened “Election Contest” (as described in Rule 14a-11 promulgated under the Exchange
Act) or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board (a “Proxy
Contest”) including by reason of any agreement intended to avoid or settle any Election Contest or Proxy Contest; or

 

		(c)	The consummation of:

    	-7- 

    	 

    

(i)                 
 A merger, consolidation or reorganization with or into the Company or in which securities of the Company are issued, unless such
merger, consolidation or reorganization is a “Non-Control Transaction”. A “Non-Control Transaction” shall
mean a merger, consolidation or reorganization with or into the Company or in which securities of the Company are issued where:

 

(A)       
the stockholders of the Company, immediately before such merger, consolidation or reorganization, own directly or indirectly immediately
following such merger, consolidation or reorganization at least fifty percent (50%) of the combined voting power of the outstanding voting
securities of the corporation resulting from such merger or consolidation or reorganization (the “Surviving Corporation”)
in substantially the same proportion as their ownership of the Voting Securities immediately before such merger, consolidation or reorganization,

 

(B)              
the individuals who were members of the Incumbent Board immediately prior to the execution of the agreement providing for such
merger, consolidation or reorganization constitute at least two-thirds of the members of the board of directors of the Surviving Corporation,
or a corporation beneficially directly or indirectly owing a majority of the voting securities of the Surviving Corporation, and

 

(C)               no
Person other than (1) the Company, (2) any Subsidiary, (3) any employee benefit plan (or any trust forming a part thereof) that,
immediately prior to such merger, consolidation or reorganization, was maintained by the Company or any Subsidiary, or (4) any
Person who, immediately prior to such merger, consolidation or reorganization had Beneficial Ownership of thirty percent (30%) or
more of the then outstanding Voting Securities, has Beneficial Ownership of thirty percent (30%) or more of the combined voting
power of the Surviving Corporation’s then outstanding voting securities.

 

(ii)               A complete
liquidation or dissolution of the Company; or

 

(iii)             
the sale or other disposition of all or substantially all of the assets of the Company to any Person (other than a transfer to
a Subsidiary or the distribution to the Company’s stockholders of the stock of a Subsidiary or any other assets).

 

Notwithstanding the foregoing, a Change
of Control shall not be deemed to occur solely because any Person (the “Subject Person”) acquired Beneficial Ownership
of more than the permitted amount of the then outstanding Voting Securities as a result of the acquisition of Voting Securities by the
Company which, by reducing the number of Voting Securities then outstanding, increases the proportional number of shares Beneficially
Owned by the Subject Persons, provided that if a Change of Control would occur (but for the operation of this sentence) as a result
of the acquisition of Voting Securities by the Company and after such share acquisition by the Company, the Subject Person becomes the
Beneficial Owner of any additional Voting Securities which increases the percentage of the then outstanding Voting Securities Beneficially
Owned by the Subject Person, then a Change of Control shall occur.

 

    	-8-Document

Exhibit 4.8

DESCRIPTION OF REGISTRANT’S SECURITIES

The following brief description of the capital stock of SunPower Corporation (“us”, “our”, “we”, or the “Company”) is a summary. This summary is not complete and is subject to and qualified in its entirety by reference to the complete text of our Restated Certificate of Incorporation (“Certificate of Incorporation”), our Amended and Restated By-Laws (“By-Laws”) and our Affiliation Agreement, dated April 28, 2011, by and between us and our largest stockholder, TotalEnergies Solar INTL SAS, a French société par actions simplifiée, under limited circumstances (“Total,” formerly Total Solar International SAS), as amended from time to time (the “Affiliation Agreement”), previously filed with the U.S. Securities and Exchange Commission and incorporated by reference as an exhibit to this Annual Report on Form 10-K of which this Exhibit 4.8 forms a part. We encourage you to read the Certificate of Incorporation, By-Laws and Affiliation Agreement carefully.

General

The Certificate of Incorporation provides that the Company may issue 367,500,000 shares of common stock, par value $0.001 per share, and 10,000,000 shares of preferred stock, par value $0.001 per share.

Common Stock

Voting Rights

Subject to the preferences applicable to any preferred stock outstanding at any time, holders of our common stock vote together as a single class on all matters submitted to a vote of the stockholders. Each holder of common stock is entitled to cast one vote per share held by such holder on all matters submitted to a vote of the stockholders. Generally, all matters submitted to a vote of the stockholders must be approved by a majority of the votes cast on the matter by the holders of common stock present in person or represented by proxy, voting together as a single class at a meeting at which a quorum is present, subject to any voting rights granted to holders of any outstanding shares of preferred stock.

Conversion Rights

Shares of our common stock are not convertible into other securities of our company.

Dividends

Subject to preferences that may apply to shares of preferred stock outstanding at the time, the holders of outstanding shares of common stock are entitled to receive dividends out of assets legally available at the times and in the amounts that our board of directors may determine from time to time.

Other Rights

Our common stock is not entitled to preemptive rights and is not subject to redemption or sinking fund provisions.

Upon our liquidation, dissolution or winding-up, the holders of our common stock are entitled to share equally in all of our assets remaining after payment of all liabilities and the liquidation preferences of any outstanding preferred stock.

Preferred Stock

Our board of directors is authorized, subject to limitations imposed by the Delaware General Corporate Law (the “DGCL”), to issue up to a total of 10,000,000 shares of preferred stock in one or more series, without stockholder approval. Our board of directors is authorized to establish from time to time the number of shares to be included in each series, and to fix the rights, preferences and privileges of the shares of each wholly unissued series and any of its qualifications, limitations or restrictions, subject to the provisions of any series of preferred stock. Our board of directors is also able to increase or decrease the number of shares of any series, but not below the number of shares of that series then outstanding, without any further vote or action by the stockholders.

Our board of directors may authorize the issuance of preferred stock with voting or conversion rights that could harm the voting power or other rights of the holders of the common stock. The issuance of preferred stock, while providing flexibility in connection with possible acquisitions and other corporate purposes, could, among other things, have the effect of delaying, deferring or preventing a change in control of our company and might harm the market price of our common stock and the voting and other rights of the holders of our common stock.

Exhibit 4.8

Certain Anti-Takeover Effects of Delaware Law

We are subject to the provisions of Section 203 of the DGCL regulating corporate takeovers. In general, those provisions prohibit a Delaware corporation from engaging in any business combination with any interested stockholder for a period of three years following the date that the stockholder became an interested stockholder, unless:
          
•the transaction is approved by the board of directors before the date the interested stockholder attained that status;

•upon consummation of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced; or

•on or after the date the business combination is approved by the board and authorized at a meeting of stockholders by at least two-thirds of the outstanding voting stock that is not owned by the interested stockholder.

•Section 203 defines “business combination” to include the following:

•any merger or consolidation involving the corporation and the interested stockholder;

•any sale, transfer, pledge or other disposition of 10% or more of the assets of the corporation involving the interested stockholder;

•subject to certain exceptions, any transaction that results in the issuance or transfer by the corporation of any stock of the corporation to the interested stockholder;

•any transaction involving the corporation that has the effect of increasing the proportionate share of the stock of any class or series of the corporation beneficially owned by the interested stockholder; or

•the receipt by the interested stockholder of the benefit of any loans, advances, guarantees, pledges or other financial benefits provided by or through the corporation.

In general, Section 203 defines an interested stockholder as any entity or person beneficially owning 15% or more of the outstanding voting stock of a corporation and any entity or person affiliated with or controlling or controlled by any of these entities or persons.

A Delaware corporation may opt out of this provision either with an express provision in its original certificate of incorporation or in an amendment to its certificate of incorporation or bylaws approved by its stockholders. However, we have not opted out, and do not currently intend to opt out, of this provision. The statute could prohibit or delay mergers or other takeover or change in control attempts and, accordingly, may discourage attempts to acquire us.

Certain Provisions of the Certificate of Incorporation, By-Laws and Outstanding Debentures

Provisions in the Certificate of Incorporation and By-Laws may have the effect of delaying or preventing a change of control or changes in our management. These provisions include the following:

•the right of our board of directors to elect a director to fill a vacancy created by the expansion of our board of directors;

•the prohibition of cumulative voting in the election of directors, which would otherwise allow less than a majority of stockholders to elect director candidates;

•the requirement for advance notice for nominations for election to our board of directors or for proposing matters that can be acted upon at a stockholders’ meeting;

•the ability of our board of directors to issue, without stockholder approval, up to 10.0 million shares of preferred stock with terms set by our board of directors, which rights could be senior to those of common stock;

•our board of directors is divided into three classes of directors, with the classes to be as nearly equal in number as possible;

Exhibit 4.8

•stockholders may not call special meetings of the stockholders, except by Total; and

•our board of directors is able to alter our by-laws without obtaining stockholder approval.

Certain provisions of our outstanding debentures could make it more difficult or more expensive for a third party to acquire us. Upon the occurrence of certain transactions constituting a fundamental

change, including an entity (such as Total) becoming the beneficial owner of 75% of our voting stock, holders of our outstanding debentures will have the right, at their option, to require us to repurchase, at a cash repurchase price equal to 100% of the principal amount plus accrued and unpaid interest on such debentures, all or a portion of their debentures. We may also be required to issue additional shares of our common stock upon conversion of our outstanding debentures in the event of certain fundamental changes.

Affiliation Agreement

        The Affiliation Agreement governs the relationship following between our company, on the one hand, and TotalEnergies SE, Total, any other affiliate of TotalEnergies SE, and any member of a group of persons formed for the purpose of acquiring, holding, voting, disposing of, or beneficially owning our voting stock of which TotalEnergies SE or any of its affiliates is a member (the “Total Group”), on the other hand.

Standstill

During the Standstill Period (as defined below), Total, TotalEnergies SE, and the Total Group may not:

•effect or seek, or announce any intention to effect or seek, any transaction that would result in the Total Group beneficially owning shares in excess of the Applicable Standstill Limit (as defined below), or take any action that would require us to make a public announcement regarding the foregoing;

•request that (i) we, (ii) our board members that are independent directors and not appointed to the board of directors by Total (the “Disinterested Directors”), or (iii) our officers or employees, amend or waive any of the standstill restrictions applicable to the Total Group described above; or

•enter into any discussions with any third party regarding any of the foregoing.

In addition, no member of the Total Group may, among other things, solicit proxies relating to the election of directors to our board of directors without the prior approval of the Disinterested Directors.
        
The Total Group is, however, permitted to either (i) make and consummate a Total Tender Offer (as defined in the Affiliation Agreement) or (ii) propose and effect a Total Merger (as defined in the Affiliation Agreement) so long as, in each case, Total complies with certain advance notice and prior negotiation obligations, including providing written notice to us at least 120 days before commencing or proposing such Total Tender Offer or Total Merger and making its designees reasonably available for the purpose of negotiation with the Disinterested Directors concerning such Total Tender Offer or Total Merger.

The “Standstill Period” is the period beginning on the date of the Affiliation Agreement and ending on the earlier to occur of:

•a change of control of our company;

•the first time that the Total Group beneficially owns less than 15% of outstanding voting power of our company;

•we or our board of directors take or fail to take certain of the actions described below under “—Events Requiring Stockholder Approval by Total” or fail to comply with certain of the covenants described in the Affiliation Agreement during the time when Total, together with the controlled subsidiaries of TotalEnergies SE, owns 50% or less of the outstanding voting power of our company or 40% or less of the outstanding voting power of our company when at least $100 million in Guarantees are outstanding under the Amended and Restated Credit Support Agreement dated June 29, 2016 by and between us and TotalEnergies SE (the “Credit Support Agreement”);

Exhibit 4.8

•a tender offer for at least 50% of the outstanding voting power of our company is commenced by a third party after the time when Total, together with the controlled subsidiaries of TotalEnergies SE, owns 50% or less of the outstanding voting power of our company or 40% or less of the outstanding voting power of our company when at least $100 million in guarantees are outstanding under the Credit Support Agreement; and

•the termination of the Affiliation Agreement.

The “Applicable Standstill Limit” is 70% of the lower of (i) the then outstanding shares of our common stock or (ii) the then outstanding voting power of our company.

During the Standstill Period, the Total Group will not be in breach of its standstill obligations described above if any member of the Total Group holds beneficial ownership of shares of our common stock in excess of the Applicable Standstill Limit solely as a result of:

•recapitalizations, repurchases, or other actions taken by us or our controlled subsidiaries that have the effect of reducing the number of shares of our common stock then outstanding;

•the issuance of shares of our common stock to Total in connection with the acquisition of Tenesol SA; or

•the rights specified in any “poison pill” share purchase rights plan having separated from the shares of our common stock and a member of the Total Group having exercised such rights.

Transfer of Control

If any member or members of the Total Group seek to transfer, in one or a series of transactions, either (i) 40% or more of the outstanding shares of our common stock or (ii) 40% or more of the outstanding voting power of our company to a single person or group, then such transfer must be conditioned on, and may not be effected, unless the transferee either:

•makes a tender offer to acquire 100% of the voting power of our company, at the same price per share of voting stock and using the same form of consideration to be paid by the transferee to the Total Group; or

•proposes a merger providing for the acquisition of 100% of the voting power of our company, at the same price per share of voting stock and using the same form of consideration to be paid by the transferee to the Total Group.

Total’s Right to Maintain

The Total Group has the following rights to maintain its ownership in us until (i) the first time that the Total Group owns less than 40% of the outstanding voting power of our company, or (ii) until the first time that Total transfers shares of our common stock to a person other than TotalEnergies SE or a controlled subsidiary of TotalEnergies SE and, as a result of such transfer, TotalEnergies SE and its subsidiaries own less than 50% of the outstanding voting power of our company.

If we propose to issue new securities primarily for cash in a financing transaction, then Total has the right to purchase a portion of such new securities equal to its percentage ownership in us. Total can also elect to purchase our securities in open market transactions or through privately negotiated transactions in an amount equal to its percentage ownership in connection with such issuance of new securities. If we propose to issue new securities in consideration for our purchase of a business or assets of a business, then Total has the right to purchase additional securities in the open market or through privately-negotiated transactions equal to its percentage ownership in us. Total has similar rights in the event that we issue or propose to issue (including pursuant to our equity plans or as the result of the conversion of our convertible securities) securities that, together with all other issuances of securities by us since the end of the preceding fiscal quarter, aggregate to more than 1% of our fully diluted equity. Total has a nine-month grace period, subject to certain extensions to satisfy regulatory conditions, to acquire securities in the open market or through privately negotiated transactions in connection with any of the securities issuances described above.

Board of Directors

The Affiliation Agreement provides that Total is entitled to designate nominees to our board of directors, subject to the maintenance of certain ownership thresholds. So long as Total, together with the controlled subsidiaries of TotalEnergies SE, owns at least 10% of the outstanding voting power of our company, then our board of directors must use its reasonable best efforts to elect the directors designated by Total as follows:

Exhibit 4.8

•until the first time that Total, together with the controlled subsidiaries of TotalEnergies SE, owns less than 50% of the voting power of our company, Total will be entitled to designate five nominees to serve on our board of directors;

•until the first time that Total, together with the controlled subsidiaries of TotalEnergies SE, owns less than 50% but not less than 40% of the voting power of our company, Total will be entitled to designate four nominees to serve on our board of directors;

•until the first time that Total, together with the controlled subsidiaries of TotalEnergies SE, owns less than 40% but not less than 30% of the voting power of our company, Total will be entitled to designate three nominees to serve on our board of directors;

•until the first time that Total, together with the controlled subsidiaries of TotalEnergies SE, owns less than 30% but not less than 20% of the voting power of our company, Total will be entitled to designate two nominees to serve on our board of directors; and

•until the first time that Total, together with the controlled subsidiaries of TotalEnergies SE, owns less than 20% but not less than 10% of the voting power of our company, Total will be entitled to designate one nominee to serve on our board of directors.

For as long as they are serving on our board of directors, the directors designated by Total will be allocated across the three classes that comprise our board of directors in a manner as equal as practicable.

Subject to the listing standards of The Nasdaq Stock Market, until the first time that Total, together with the controlled subsidiaries of TotalEnergies SE, owns less than 30% of the outstanding voting power of our company:

•our Audit Committee will be composed of three Disinterested Directors;

•our Compensation Committee and the Nominating and Corporate Governance Committee will each be composed of two Disinterested Directors and two directors designated by Total; and

•any other standing committee will be composed of two Disinterested Directors and two directors designated by Total.

Until the first time that Total, together with the controlled subsidiaries of TotalEnergies SE, own less than 10% of the outstanding voting power of our company, a representative of Total will, subject to certain exceptions, be permitted to attend all meetings of our board of directors or any committee thereof in a non-voting, observer capacity (other than any committee whose sole purpose is to consider a transaction for which there exists an actual conflict of interest between the Total Group, on the one hand, and us and any of our affiliates, on the other hand).

Events Requiring Specific Board Approval

At any time when Total, together with the controlled subsidiaries of TotalEnergies SE, owns at least 30% of the outstanding voting power of our company, neither the Total Group nor we (or any of our affiliates) may effect any of the following without first obtaining the approval of a majority of the Disinterested Directors:

•any amendment to our Certificate of Incorporation or By-Laws;

•any transaction that, in the reasonable judgment of the Disinterested Directors, involves an actual conflict of interest between the Total Group, on the one hand, and us and any of our affiliates, on the other hand;

•the adoption of any shareholder rights plan or the amendment or failure to renew our existing shareholder rights plan;

•except as provided above, the commencement of any tender offer or exchange offer by the Total Group for shares of our common stock or securities convertible into shares of our common stock, or the approval of a merger of us or any company that we control with a member of the Total Group;

•any voluntary dissolution or liquidation of our company or any company that we control;

Exhibit 4.8

•any voluntary bankruptcy filing by us or any company that we control or the failure to oppose any other person’s bankruptcy filing or action to appoint a receiver of our company or any company that we control;

•any delegation of all or a portion of the authority of our board of directors to any committee thereof;

•any amendment, modification, or waiver of any provision of the Affiliation Agreement;

•any modification of, or action with respect to, director’s and officer’s insurance coverage; or

•any reduction in the compensation of the Disinterested Directors.

Events Requiring Supermajority Board Approval

At any time when Total, together with the controlled subsidiaries of TotalEnergies SE, owns at least 30% of the outstanding voting power of our company, neither Total nor we (nor any of Total’s or our affiliates, respectively) may, without first obtaining the approval of two-thirds of our directors (including at least one Disinterested Director), effect any approval or adoption of our annual operating plan or budget that has the effect of reducing the planned letter of credit utilization in any given year by more than 10% below the applicable maximum letter of credit amount in the Credit Support Agreement.

Events Requiring Stockholder Approval by Total

Until the first time that Total, together with the controlled subsidiaries of TotalEnergies SE, owns 50% or less of the outstanding voting power of our company or 40% or less of the outstanding voting power of our company when at least $100 million in guarantees are outstanding pursuant to the Credit Support Agreement and, thereafter, for so long as (1) any loans by TotalEnergies SE to us remain outstanding, (2) any guarantees by TotalEnergies SE of any of our indebtedness remain outstanding, or (3) any other continuing obligation of TotalEnergies SE to or for the benefit of us remain outstanding (“Total Stockholder Approval Period”), neither we (including any of our controlled subsidiaries) nor our board of directors may effect any of the following without first obtaining the approval of Total:

•any amendment to our Certificate of Incorporation or By-Laws;

•any transaction pursuant to which we or any company that we control acquires or otherwise obtains the ownership or exclusive use of any business, property, or assets of a third party if as of the date of the consummation of such transaction the aggregate net present value of the consideration paid or to be paid exceeds the lower of (i) 15% of our then-consolidated total assets or (ii) 15% of our market capitalization;

•any transaction pursuant to which a third party obtains ownership or exclusive use of any of our business, property, or assets or those of any company that we control if as of the date of the consummation of such transaction the aggregate net present value of the consideration received or to be received exceeds the lower of (i) 10% of our then-consolidated total assets or (ii) 10% of our market capitalization;

•the adoption of any shareholder rights plan or certain changes to our existing shareholder rights plan;

•except for the incurrence of certain permitted indebtedness, the incurrence of additional indebtedness in excess of the difference, if any, of 3.5 times our LTM EBITDA (as defined in the Affiliation Agreement) less our Outstanding Gross Debt (as defined in the Affiliation Agreement);

•subject to certain exceptions, any voluntary dissolution or liquidation of our company or any company that we control;

•any voluntary bankruptcy filing by us or any company that we control or the failure to oppose any other person’s bankruptcy filing or action to appoint a receiver of our company or any company that we control; or

•any repurchase of our common stock.

Shareholder Rights Plan

Until the Total Group beneficially owns less than 15% of the outstanding voting power of our company, neither we nor our board of directors is permitted to adopt any shareholder rights plan without the approval of Total.

Exhibit 4.8

Termination

The Affiliation Agreement generally terminates upon the earlier to occur of (i) Total, together with the controlled subsidiaries of TotalEnergies SE, owning less than 10% of the outstanding voting power of our company or (ii) Total, together with the controlled subsidiaries of TotalEnergies SE, owning 100% of the outstanding voting power of our company.

Listing

Our common stock is listed on The Nasdaq Global Select Market under the symbol “SPWR.”

Transfer Agent and Registrar

The transfer agent and registrar for our common stock is Computershare Trust Company N.A.

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