SunPower reports inducement grants in connection with Ambia acquisition

SunPower (SPWR) made inducement grants to two key employees of Ambia Energy as a material inducement to employment with SunPower following its acquisition of Ambia Energy. The inducement grants consist of time-based restricted stock units for a total of 2.0 million shares of SunPower common stock, with 20% of the RSUs vesting one year after grant and the remainder vesting in equal monthly installments thereafter until the fifth anniversary of the grant date, with such vesting subject to the RSU recipient’s continuous service through each vesting date. The RSUs are also subject to accelerated vesting in the event the RSU recipient’s employment is terminated by the Company without cause. These inducement grants were approved by the board of directors of the Company and granted outside of the Company’s 2023 Equity Incentive Plan as a material inducement to entering into employment with SunPower in accordance with Nasdaq Listing Rule 5635(c)(4).