Document:

ex10_4x10022011

EXHIBIT 10.4

	
	
	CONFIDENTIAL TREATMENT REQUESTED

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

ADJUSTMENT NOTICE

To:    SunPower Corporation

From:    Wachovia Bank, National Association
375 Park Avenue
New York, NY 10152

Re:    Issuer Warrant Transaction

Date:    August 26, 2011

Reference is made to the Warrant Transaction entered into on April 28, 2009 (the “Transaction”) among SunPower Corporation (“Counterparty”), Wells Fargo Securities, Inc. (“Agent”) and Wells Fargo Bank, National Association (“Wells Fargo”), on the Class A Common Stock of Counterparty, the Confirmation of which bears Wells Fargo's Reference Numbers 6845039.  All capitalized terms used and not otherwise defined herein shall have their meanings as defined in the Confirmation.  

This letter is being sent to you by Wells Fargo, as Calculation Agent under the Transaction, as notification of an adjustment to the Transaction due to the Tender Offer which occurred on June 14, 2011.

As of the date hereof (x) the Strike Price under the Warrant Transaction shall be USD 26.40 and (y) *** on August 31, 2011.
    
Except as otherwise set out herein and unless otherwise agreed between the parties, the Confirmation and the Transaction it confirms shall remain in full force and effect. 
Very truly yours,
	
		
	WELLS FARGO SECURITIES, LLC,
Acting solely in its capacity as Agent
of Wells Fargo Bank, National Association
	WELLS FARGO BANK, NATIONAL ASSOCIATION
By:  Wells Fargo Securities, LLC
acting solely in its capacity as its Agent

	By:  /s/ Cathleen Burke
	By:  /s/ Cathleen Burke

	Title:     Managing Director
	Title:     Managing Director

	 
	 

	Accepted and confirmed as
of the date first above written:
	 

	 
	 

	SUNPOWER CORPORATION
	 

	By:  /s/ Dennis Arriola
	 

	Name:  Dennis Arriola
	 

	Title:     EVP & Chief Financial Officer
	 

***  CONFIDENTIAL MATERIAL REDACTED AND SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION.ex10_5x10022011

	
			
	 
	
	 

EXHIBIT 10.5

  To:    Deutsche Bank AG, London Branch
Winchester House
1 Great Winchester Street
London EC2N 2DB
    
Re:    Calculation Agent Adjustment Notice

Date:    August 30, 2011
_____________________________________________________________________________________

Ladies and Gentlemen:

We are in receipt of the Calculation Agent Adjustment Notice (the “Notice”) dated June 29, 2011 sent by the Calculation Agent to us.   Capitalized terms not otherwise defined in this letter will have their definitions set forth in the Notice.
We agree that the table set forth in the Notice under “Tender Offer Adjustment” is hereby superseded with the following revised Strike Price Adjustments (the “Revised Strike Price Adjustments”):  
	
				
	 
	Deutsche Reference Number
	Old Strike Price
	New Strike Price

	2014 Warrants
	328335
	$38.50
	$26.40

	2015 Warrants (Base)
	375283
	$27.03
	$24.00

	2015 Warrants (Additional)
	376539
	$27.03
	$24.00

We acknowledge and accept that neither this letter nor the Revised Strike Adjustments limit or modify the other provisions of the Confirmations.   

Very truly yours,

SUNPOWER CORPORATION

By: /s/ Dennis Arriola        
Name: Dennis Arriola
Title:  EVP & Chief Financial Officer

	
			
	77 Rio Robles
	SUNPOWER
	P:  1.408.240.5500

	San Jose, CA 95134-1850 USA
	www.sunpowercorp.com
	F:  1.408.240.5400

	
			
	 
	
	 

Agreed and accepted:

DEUTSCHE BANK AG, LONDON BRANCH,
as Calculation Agent

By: /s/ Lars Kestner        
Name: Lars Kestner
Title:   Managing Director

By: /s/ Michael Sanderson    
Name: Michael Sanderson
Title:  Managing Director

	
			
	77 Rio Robles
	SUNPOWER
	P:  1.408.240.5500

	San Jose, CA 95134-1850 USA
	www.sunpowercorp.com
	F:  1.408.240.5400ex10_6x10022011

EXHIBIT 10.6

	
	
	CONFIDENTIAL TREATMENT REQUESTED

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

	
		
	
	

CREDIT SUISSE INTERNATIONAL
One Cabot Square Telephone 020 7888 8888 
London E14 4QJ www.crcdit-suisse.com 

ADJUSTMENT NOTICE 

		
	DATE: 
	August 31, 2011 

		
	FROM: 
	Credit Suisse International 

One Cabot Square 
London E 14 4QJ 
England 
		
	TO: 
	SunPower Corporation 

3939 N. First Street 
San Jose, CA 95134 
Attn: Dennis Arriola/CFO 
Telephone: (408) 240-5574 
Facsimile: (408) 240-5404 

This letter agreement is in reference to (i) the issuer warrant transaction (the "2009 Transaction") entered into by Credit Suisse International ("Party A") and SunPower Corporation ("Party B"), with Credit Suisse AG, New York Branch acting as agent (the "Agent"), pursuant to a letter agreement dated as of April 28, 2009 (the "2009 Confirmation"); (ii) the base issuer warrant transaction (the "2010 Base Transaction") among Party A, Party B and the Agent, pursuant to a letter agreement dated as of March 25, 2010, as amended and restated by the letter agreement dated as of December 22, 2010 (the "2010 Base Confirmation"); and (iii) the additional issuer warrant transaction (the "2010 Additional Transaction") among Party A, Party B and the Agent, pursuant to a letter agreement dated as of April 5, 2010, as amended and restated by the letter agreement dated as of December 22, 2010 (the "2010 Additional Confirmation"; together with the 2009 Confirmation and the 2010 Base Confirmation, the "Confirmations"). 
Party A, as the Calculation Agent for each of the 2009 Transaction, the 2010 Base Transaction and the 2010 Additional Transaction, hereby notifies Party B that, as a result of the occurrence of a Share-for-Other Tender Offer (as defined in the Confirmations) to which Modified Calculation Agent Adjustment (as defined in the 2002 ISDA Equity Derivatives Definitions) applies pursuant to the terms of the Confirmations, (i) the Strike Price (as defined in the 2009 Confirmation) for the 2009 Transaction shall be adjusted to USD 26.40; (ii) the Strike Price (as defined in the 2010 Base Confirmation) for the 2010 Base Transaction shall be adjusted to USD 24.00; and (iii) the Strike Price (as defined in the 2010 Additional Confirmation) for the 2010 Additional Transaction shall be adjusted to USD 24.00, In addition, in connection with the adjustment of the Strike Price (as defined in the 2009 Confirmation) for the 2009 Transaction, ***. 
Yours faithfully, 
	
		
	Credit Suisse International, Calculation Agent
	SunPower Corporation

	 
	 

	By: /s/ Anthony Fisher
Name: Anthony Fisher
Title: Director
	By: /s/ Dennis Arriola
Name: Dennis Arriola
Title: EVP & CFO

***  CONFIDENTIAL MATERIAL REDACTED AND SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION.ex10_7x10022011

EXHIBIT 10.7

September 21, 2011                         
SunPower Corporation 
3939 N. First Street 
San Jose, CA 95134 
Attn: Dennis Arriola, Chief Financial Officer 
Re:  The Base Issuer Warrant Transaction, Dated March 25, 2010, Transaction Reference Number: NY - 40065, as amended on December 22, 2010, with a Strike Price of $27.03 on the Number of Warrants as provided on Annex A thereto (the "Base Warrant"); the Additional Issuer Warrant Transaction, Dated April 5, 2010. Transaction Reference Number: NY - 40103, as amended on December 22, 2010, with a Strike Price of $27.03 on the Number of Warrants as provided on Annex A thereto (the "Additional Warrant", and together with the Base Warrant, collectively, the "Warrants"); The Base Convertible Debenture Hedge Transaction, Dated March 25, 2010, Transaction Reference Number: NY - 40064, relating to the $220,000,000 principal amount of 4.50% senior convertible debentures due 2015 (the "Base Bond Hedge"); and the Additional Convertible Debenture Hedge Transaction, Dated April 5, 2010, Transaction Reference Number: NY - 40102, Additional Convertible Debenture Hedge Transaction relating to the $250,000,000 principal amount of 4.50% senior convertible debentures due 2015 (the "Additional Bond Hedge", and together with the Base Bond Hedge, collectively, the "Bond Hedges"). 
Dear Mr. Arriola: 
This letter memorializes the agreements of the Parties with respect to the effect, if any, the consummation of the Tender Offer (the "Tender") on or about June 21, 2011 by Total SA in respect of the Shares of SunPower had on the Warrants and Bond Hedges. The Parties agree as follows:
		
	(1)
	The Strike Price under each of the Warrants shall, as a result of the Tender, change from $27.03 to $24.00.

		
	(2)
	All Terms, other than the Strike Price, of each of the Warrants, shall be unaffected by the Tender and each shall remain in full force and effect.

		
	(3)
	The Terms of the Bond Hedges shall not be adjusted as a result of the Tender and each shall remain in full force and effect. 

Please confirm SunPower Corporation's acknowledgement and agreement with the foregoing and your authority to act on behalf of SunPower Corporation by countersigning where indicated below. 

Merrill Lynch, Pierce, Fenner & Smith Incorporated, member FINRA/SIPC, is a subsidiary of Bank of America, Corporation

1 Bryant Park, New York, NY 10036

Very truly yours,
Bank of America, N.A.
By: /s/ Chris Hutmaker        
Chris Hutmaker, Managing Director

Agreed and acknowledged:
SunPower Corporation
By: /s/ Dennis Arriola        
Dennis Arriola, Chief Financial Officer

Merrill Lynch, Pierce, Fenner & Smith Incorporated, member FINRA/SIPC, is a subsidiary of Bank of America, Corporation

1 Bryant Park, New York, NY 10036ex10_8x10022011

EXHIBIT 10.8

ADJUSTMENT NOTICE

To:    SunPower Corporation
77 Rio Robles
San Jose, CA 95134
Attn: Dennis Arriola/CFO
Telephone:(408) 240-5574
Facsimile:(408) 240-5404

From:    Barclays Bank PLC
5 The North Colonnade
Canary Wharf, London E14 4BB
Facsimile:+44 (20) 777 36461
   Telephone: +44 (20) 777 36810

c/o Barclays Capital Inc.
as Agent for Barclays Bank PLC
745 Seventh Ave
New York, NY 10019
Telephone: +1 212 412 4000

Re:    Base Issuer Warrant Transaction

Date:    September 21, 2011

Reference is made to the Base Issuer Warrant Transaction letter agreement entered into on March 25, 2010, as amended and restated on December 22, 2010 (the “Transaction”) among SunPower Corporation (“Counterparty”), Barclays Bank PLC (“Barclays”), through its agent Barclays Capital Inc., on the Class A Common Stock of Counterparty.  All capitalized terms used and not otherwise defined herein shall have their meanings as defined in the Confirmation.  

This letter is being sent to you by Barclays, as Calculation Agent under the Transaction, as notification of an adjustment to the Transaction due to the Tender Offer which occurred on June 14, 2011.

As of the date hereof the Strike Price under the Warrant Transaction shall be USD 24.00.
    
Except as otherwise set out herein and unless otherwise agreed between the parties, the Confirmation and the Transaction it confirms shall remain in full force and effect. 
Very truly yours,

BARCLAYS CAPITAL INC., 
as Agent for BARCLAYS BANK PLC    

By:  /s/ Adam Lawlor            
Name:  Adam Lawlor                            
Title:    Authorised Signatory        
                
Accepted and confirmed as
of the date first above written:

SUNPOWER CORPORATION

By:  /s/ Dennis Arriola        
Name:  Dennis Arriola
Title:    EVP & CFO

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