SunPower Corporation Offer Letter to Dr. Richard Swanson (Vice President & Director of Technology)
This letter confirms the employment of Dr. Richard Swanson as Vice President & Director of Technology at SunPower Corporation, starting January 1, 1990, with an annual salary of $90,000 and standard employee benefits. Dr. Swanson is granted a stock option to purchase 880,000 shares, subject to board approval. Employment is at-will, meaning either party can end the relationship at any time. Performance reviews are scheduled after three months and annually thereafter. The agreement is confirmed by Dr. Swanson's signature.
Exhibit 10.11
[SunPower Letterhead]
1 January 1990
Mr. Richard M. Swanson
82 Louks Avenue
Los Altos, CA 94022
Dear Richard:
I am pleased to confirm your employment in the position of Vice President & Director of Technology for SunPower Corporation. Your compensation is $90,000 annually, paid semi-monthly.
Your position is salaried (otherwise called exempt) and includes our standard medical, dental and hospitalization benefits as well as our PTO (Personal Time Off), sick, and vacation programs. According to our current policy, your performance will be reviewed three months after the date of your hire to give you feedback on your work; your compensation and performance will be reviewed one year from the date of your hire and annually thereafter.
Subject to approval by the Board of Directors, you were granted a stock option to purchase 880,000 shares of Common Stock in SunPower at the then prevailing price. The terms of this stock option are contained in written documents which you have been given and should have read and now understand.
This letter confirms that your start date is today, January 1, 1990. You should understand that all employees are employed “at will,” which means that each employee, as well as SunPower, has the right to terminate the employment relationship at any time for any reason, with or without cause. Please confirm the information contained herein by signing and returning a copy of this letter to me at your earliest convenience.
A standard Employee Non Disclosure Agreement is on file.
Very truly yours,
SunPower Corporation
/s/ Robert E. Lorenzini
Robert E. Lorenzini
President, CEO
Accepted by:
/s/ Richard M. Swanson
Richard M. Swanson
Date: January 16 , 1990
Enclosure: Duplicate Original Letter
