CEO T.J. Rodgers Letter to SPWR Shareholders

About this update from Sunpower Inc.

[{"type":"image","alt":"SunPower","displaySize":"","headline":null,"caption":"SunPower","className":"","disableSlideshowImg":false,"size":{"original":{"width":300,"height":94,"url":"https://media.zenfs.com/en/globenewswire.com/9634ab43a0813bed5ca87791cb6bbc0c"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/R5UALpLyEmp1g5GOX9HIdQ--/YXBwaWQ9aGlnaGxhbmRlcjt3PTQyMDtoPTEzMjtjZj13ZWJw/https://media.zenfs.com/en/globenewswire.com/9634ab43a0813bed5ca87791cb6bbc0c","width":300,"height":94}},"lazy":false},{"type":"text","content":"OREM, Utah, May 12, 2025 (GLOBE NEWSWIRE) -- T.J. Rodgers, the CEO of SunPower (aka Complete Solaria, Inc.) (“SunPower” or the “Company”) (Nasdaq: SPWR), a solar technology, services, and installation company, today published an open letter to shareholders regarding the Company’s 2025 Annual Meeting and proxy vote. The contents of the letter are below:","length":354,"tagName":"p"},{"type":"text","content":"May 12, 2025","length":12,"tagName":"p","attribs":{}},{"type":"text","content":"45700 Northport Loop EastFremont, California 94538","length":51,"tagName":"p","attribs":{}},{"type":"text","content":"Dear [Investor],","length":16,"tagName":"p","attribs":{}},{"type":"text","content":"I am writing to you as one of our largest SunPower shareholders [Nasdaq: SPWR] to ask for your proxy vote in our ‘virtual’ annual meeting of stockholders at 11:00 a.m. Pacific Time on Thursday, May 29, 2025. While annual meetings have shrunk in size, this particular virtual meeting is critical to the new SunPower and its shareholders. We need shareholder approval for three proposals. The first two proposals are both non-controversial: to re-elect the board and to re-appoint our auditors.","length":492,"tagName":"p","attribs":{}},{"type":"text","content":"The third proposal is critical: to approve an amendment to our 2023 Equity Incentive Plan to reserve an additional 21.6 million shares of Common Stock for issuance to new employees under the plan. That’s a big number, about 27% of the total outstanding 80.2 million share count reported in our recent audited 10K report.","length":320,"tagName":"p","attribs":{}},{"type":"text","content":"This vote is critical to our Company because we have hired and offered board-approved sign-on options to 841 old-SunPower employees that have not yet been formally granted (because any change in the Equity Plan itself requ...

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