Item 1.01 Entry into Material Definitive Agreement
On November 21, 2008, at a regularly scheduled meeting of the Company's Board of
Directors and in connection with Mr. Rodgers' annual performance review, the
Company's Board of Directors awarded a discretionary bonus of 33,670 fully
vested restricted stock units to Mr. Rodgers. The bonus was primarily awarded in
recognition of the Company's successful spin-off of SunPower Corporation. Based
on the $2.97 closing price of Cypress' common stock on November 21, 2008, the
bonus is valued at approximately $100,000. Mr. Rodgers' base salary and variable
compensation targets, which are based on the achievement of performance targets
to be set by the Company's Board of Directors, will remain the same for 2009.
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