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Gold/Mining/Energy : SunPower Announces Initial Public Offering SPWR -- Ignore unavailable to you. Want to Upgrade?

To: Eric who wrote (85)	2/5/2008 11:26:13 AM
From: Eric	Read Replies (1) \| Respond to of 196

SunPower Corp. (SPWR) disclosed Tuesday that PM Pai resigned as chief operating officer of the company effective as of Jan. 31. The company said in a document filed with the Securities and Exchange Commission that Pai's responsibilities will be assumed by other officers and employees until his successor is appointed. SunPower said it is undertaking a search for a new chief operating officer, whom it expects will be based in its California headquarters. In connection with Pai's resignation, the company and he entered into an agreement to which Pai will provide certain services on a part-time basis through July 31 to facilitate the transition of responsibilities. For those services, SunPower will pay Pai $15,333 a month during the first three months of his transition period and $13,800 a month during the final three months of his transition period, according to the filing. In addition, the company will continue through Dec. 31, to pay for Pai's existing level of housing and other expenses associated with his residence in the Philippines. SunPower also said it will reimburse Pai for up to $25,000 of relocation costs. Pai will continue to receive health insurance benefits as an employee through July 31, and will receive limited health coverage through Dec. 31, the filing said. In exchange for a general release by Pai and his agreement to certain non-competition and other conditions, the company said it will pay him an additional $13,800 a month for five months beginning Aug. 1 and continuing through Dec. 31.