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Reference is made to that certain indenture, dated as of June 20, 2024 (the “Indenture”), among Maxeon Solar Technologies, Ltd. (the “Company”), the guarantors party thereto, Deutsche Bank Trust Company Americas, as trustee, DB Trustees (Hong Kong) Limited, as the collateral trustee (the “Collateral Trustee”) and, solely with respect to the Philippine collateral, RCBC Trust Corporation, as supplemental collateral trustee, relating to the Company’s Adjustable-Rate Convertible Second Lien Senior Secured Notes due 2028 (the “Notes”). Capitalized terms used but not otherwise defined in this notice shall have the meanings ascribed to such terms in the Indenture.

In accordance with the provison to the definition of “Default Settlement Method” in the Indenture, the Company has elected to change the Default Settlement Method to Physical Settlement effective as of July 2, 2024. This notice is intended to serve as notice under Section 5.03(A)(iii) of the Indenture of a change in the Default Settlement Method under the Indenture.
 

NOTICE TO THE HOLDERS OF MAXEON SOLAR TECHNOLOGIES, LTD.
6.50% Green Convertible Senior Notes due 2025
CUSIP No. 57779B AB0
November 11, 2024
 

Reference is made to thatcertain Indenture dated July 17, 2020 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Indenture”), among Maxeon Solar Technologies, Ltd. (Company Registration No: 201934268H), a company incorporated in Singapore, as issuer (the “Company”) and the Trustee, in relation to the Company’s 6.50% Green Convertible Senior Notes due 2025 (the “Notes”). Reference is further made to a notice to the holders of the Notes dated September 24, 2024, whereby the Company notified the holders that a Fundamental Change has occurred. The effective date of such Fundamental Change is September 4, 2024, and the Fundamental Change Repurchase Date of such Fundamental Change is November 14, 2024. Terms used herein shall have the meanings given to such terms in the Indenture, unless otherwise defined herein. Pursuant to Section 5.01(C)(i)(3)(b) of the Indenture, the holders may convert their Notes at any time, from and including, September 4, 2024 until November 13, 2024. Pursuant to Section 5.03(A)(ii), the Company hereby irrevocably fixes the Settlement Method that applies to all conversion of Notes with a Conversion Date that occurs after the date hereof to be Physical Settlement.