SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 1, 2019SunPower Corporation
(Exact name of registrant as specified in its charter)
(Commission File Number)
(State or other jurisdiction
77 Rio Robles, San Jose, California 95134
(Address of principal executive offices, with zip code)
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Name of exchange on which registered
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(e) On July 1, 2019, SunPower Corporation (the “Company”) and Manavendra Sial, the Company’s Executive Vice President and Chief Financial Officer, entered into a letter agreement (the “Agreement”). The Agreement, among other things, provides for the acceleration of vesting of certain of Mr. Sial’s equity awards in the event that Mr. Sial is terminated without cause prior to December 5, 2020. The affected awards consist of restricted stock units covering 205,000 shares of the Company’s common stock and performance restricted stock units covering 20,000 shares of the Company’s common stock. In addition, the Agreement provides for relocation assistance for Mr. Sial substantially in accordance with the Company’s existing policy for senior executives. The Agreement will be filed as an exhibit to the Company’s Quarterly Report on Form 10-Q for the current fiscal quarter.
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
/s/ KENNETH L. MAHAFFEY
Name: Kenneth L. Mahaffey
Title: Executive Vice President and General Counsel
Date: July 3, 2019