SunPower (SPWR) CEO Thurman Rodgers and trusts report 33.2% ownership stake

Rhea-AI Filing Summary

SunPower Inc.’s chief executive officer, Thurman J. Rodgers, and affiliated entities report beneficial ownership of 50,576,853 shares of common stock, equal to 33.2% of SunPower’s outstanding shares as of April 13, 2026. This Schedule 13D reflects his role as CEO and major investor and replaces an earlier Schedule 13G.

Rodgers’ position combines directly held shares, stock options and warrants with large holdings in several trusts and Rodgers Capital LLC, plus substantial stakes through 10%, 12% and 7% convertible senior notes and prior Simple Agreements for Future Equity. As an officer, director and significant holder, he may influence SunPower’s strategic decisions, capital structure and potential corporate transactions, while reserving the right to buy or sell additional securities.

Insights

Equity ownership and governance analyst

SunPower’s CEO and affiliates now report a 33.2% stake, consolidating influence through equity, trusts and convertible notes.

Thurman J. Rodgers and related entities disclose beneficial ownership of 50,576,853 SunPower shares, representing 33.2% of the company’s common stock as of April 13, 2026. The stake spans direct holdings, options, warrants, multiple family and charitable trusts, and several tranches of convertible senior notes.

The largest single holder is the Rodgers Massey Revocable Living Trust with 42,842,374 shares beneficially owned, or 29.0% of the class. Additional positions arise from 10%, 12% and 7% notes, each convertible into common stock at specified share-per-$1,000 principal rates. Prior investments via Simple Agreements for Future Equity were also converted into equity or notes.

As CEO, executive chairman and a major shareholder, Rodgers indicates he may discuss or encourage actions such as mergers, asset sales, recapitalizations or potential take‑private transactions. Any actual impact will depend on future board deliberations, securityholder responses and subsequent disclosures in SunPower’s filings covering periods after April 2026.

Key Figures

Beneficial ownership: 50,576,853 shares Ownership percentage: 33.2% Shares outstanding: 126,652,769 shares +5 more

8 metrics

Beneficial ownership 50,576,853 shares Aggregate SunPower common shares beneficially owned by reporting persons

Ownership percentage 33.2% Portion of SunPower common stock as of April 13, 2026

Shares outstanding 126,652,769 shares SunPower common stock issued and outstanding as of April 13, 2026

Living Trust holdings 42,842,374 shares Beneficially owned by Rodgers Massey Revocable Living Trust (29.0% of class)

Charitable Trust holdings 6,041,648 shares Beneficially owned by Rodgers Family Freedom and Free Markets Charitable Trust (4.6% of class)

Initial 12% notes $18.0 million Aggregate principal amount of 12% notes issued July 1, 2024 to Living Trust

12% notes conversion rate 595.2381 shares/$1,000 Initial conversion rate for 12% notes, subject to adjustment

10% notes conversion rate 610.3143 shares/$1,000 Initial conversion rate for 10% convertible senior secured notes due 2029

Key Terms

Schedule 13D, Simple Agreement for Future Equity, convertible senior secured notes, beneficial ownership, +2 more

6 terms

Schedule 13D regulatory

"The Reporting Persons are filing this to reflect, among other things, (a) the appointment..."

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

Simple Agreement for Future Equity financial

"the Issuer entered into a Simple Agreement for Future Equity with the Living Trust in connection with its $5.0 million investment..."

A simple agreement for future equity is an investment contract that gives an investor the right to receive company shares at a later financing event or sale instead of getting shares immediately. Think of it like a voucher that converts into ownership once the company’s value is formally set; it matters to investors because it fixes how and when ownership is awarded, affects how much of the company they ultimately own, and influences dilution and return potential.

convertible senior secured notes financial

"shares of Common Stock issuable upon conversion of the Issuer's 10% convertible senior secured notes due 2029 (the "10% Notes")..."

A convertible senior secured note is a loan that a company issues which is backed by specific assets and gets paid before other debts if the company fails, while also giving lenders the option to convert the loan into the company’s shares. For investors this matters because the security and senior status reduce credit risk like a mortgage on a house, but the conversion feature can dilute existing shareholders and tie returns to the stock’s future performance.

beneficial ownership financial

"Collectively, the Reporting Persons beneficially own an aggregate of 50,576,853 shares of Common Stock..."

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

business combination agreement financial

"upon the closing of the transactions contemplated by pursuant to that certain Business Combination Agreement, dated May 26, 2023..."

A business combination agreement is a detailed contract that lays out the terms for two companies to join together—covering price, how ownership will be split, the steps needed to close the deal, and what each side promises to do or avoid before closing. For investors it matters because the agreement determines potential changes in value, control, timing, and risk exposure—think of it like the playbook for a merger that shows who wins, who pays, and what could still derail the plan.

Note Purchase Agreement financial

"the Issuer entered into Note Purchase Agreements with each of the Living Trust and the Charitable Trust..."

A note purchase agreement is a contract where an investor buys a company’s promissory note — essentially an IOU promising repayment with interest — instead of buying equity. It matters to investors because it defines the borrower’s repayment schedule, interest rate and legal protections, so it affects expected returns, risk of loss, and where the investor stands compared with shareholders or other creditors if the company runs into trouble.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

SUNPOWER INC.

(Name of Issuer)

Common Stock, $0.0001 par value

(Title of Class of Securities)

20460L104

(CUSIP Number)

Thurman J. Rodgers
535 Eastview Way,
Woodside, CA, 94062
(877) 299-4943

Nicolas Wenker
Chief Legal Officer SunPower Inc., 1403 North 630 East
Orem, UT, 84097
(877) 299-4943

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

04/24/2024

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 20460L104

1

Name of reporting person

Thurman J. Rodgers

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 128,210.00
8	Shared Voting Power 50,448,643.00
9	Sole Dispositive Power 128,210.00
10	Shared Dispositive Power 50,448,643.00

11

Aggregate amount beneficially owned by each reporting person

50,576,853.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

33.2 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

Rows 7 and 9: Consists of: (a) 8,842 shares of Common Stock, $0.0001 par value per share, of the Issuer ("Common Stock"), (b) 2,767 shares of Common Stock issuable pursuant to Warrants exercisable within 60 days of April 30, 2026, and (c) 116,601 options to purchase Common Stock of the Issuer (the "Stock Options") that are exercisable within 60 days of April 30, 2026. Rows 8 and 10: Consists of: (a) 24,841,465 shares of Common Stock consisting of (1) 485,562 shares of Common Stock held by Rodgers Capital LLC, of which the Reporting Person is a manager, (2) 1,838,235 shares of Common Stock held by the Rodgers Family Freedom and Free Markets Charitable Trust (the "Charitable Trust"), of which the Reporting Person is a trustee, (3) 21,590,490 shares of Common Stock held by the Rodgers Massey Revocable Living Trust (the "Living Trust"), of which the Reporting Person is a trustee, (4) 463,589 shares of Common Stock held by the TJ Rodgers 2012 Irrevocable Trust dtd 12/26/12 (the "Rodgers Trust"), for which the Reporting Person serves as trustee, and (5) 463,589 shares of Common Stock held by the Valeta Massey 2012 Irrevocable Trust dtd 12/26/12 (the "Massey Trust"), for which the Reporting Person's spouse serves as trustee; (b) 3,051,571 shares of Common Stock issuable upon conversion of the Issuer's 10% convertible senior secured notes due 2029 (the "10% Notes") held by the Living Trust, of which the Reporting Person is a trustee; (c) 610,314 shares of Common Stock issuable upon conversion of the 10% Notes held by the Charitable Trust, of which the Reporting Person is a trustee; (d) 2,339,181 shares of Common Stock issuable upon conversion of the Issuers 7% convertible senior notes due 2029 (the "7% Notes") held by the Living Trust, of which the Reporting Person is a trustee; (e) 2,339,181 shares of Common Stock issuable upon conversion of the Issuers 7% Notes held by the Charitable Trust, of which the Reporting Person is a trustee; (f) 15,291,364 shares of Common Stock issuable upon conversion of the Issuer's 12% convertible senior notes due 2029 (the "12% Notes") held by the Living Trust, of which the Reporting Person is a trustee; (g) 1,253,918 shares of Common Stock issuable upon conversion of the Issuer's 12% Notes held by the Charitable Trust, of which the Reporting Person is a trustee; and (h) 724,416 shares issuable pursuant to Warrants exercisable within 60 days of April 30, 2026, consisting of (1) 151,881 Warrants held by Rodgers Capital LLC, of which the Reporting Person is a manager and (2) 569,768 Warrants held by the Living Trust, of which the Reporting Person is a trustee. Row 13: This percentage is calculated based on 126,652,769 shares of Common Stock issued and outstanding as of April 13, 2026, as disclosed by the Issuer.

SCHEDULE 13D

CUSIP Number(s): 20460L104

1

Name of reporting person

Rodgers Capital LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 637,443.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 637,443.00

11

Aggregate amount beneficially owned by each reporting person

637,443.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.5 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Rows 8 and 10: Consists of: (a) 485,562 shares of Common Stock and (b) 151,881 Warrants exercisable within April 30, 2026. Row 13: This percentage is calculated based on 126,652,769 shares of Common Stock issued and outstanding as of April 13, 2026, as disclosed by the Issuer.

SCHEDULE 13D

CUSIP Number(s): 20460L104

1

Name of reporting person

TJ Rodgers 2012 Irrevocable Trust dtd 12/26/12

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CALIFORNIA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 463,589.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 463,589.00

11

Aggregate amount beneficially owned by each reporting person

463,589.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.4 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Rows 8 and 10: Consists of 463,589 shares of Common Stock held by the Rodgers Trust, for which the Reporting Person's spouse serves as trustee. Row 13: This percentage is calculated based on 126,652,769 shares of Common Stock issued and outstanding as of April 13, 2026, as disclosed by the Issuer.

SCHEDULE 13D

CUSIP Number(s): 20460L104

1

Name of reporting person

Valeta Massey 2012 Irrevocable Trust dtd 12/26/12

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CALIFORNIA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 463,589.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 463,589.00

11

Aggregate amount beneficially owned by each reporting person

463,589.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.4 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Rows 8 and 10: Consists of 463,589 shares of Common Stock held by the Massey Trust, for which the Reporting Person's spouse serves as trustee. Row 13: This percentage is calculated based on 126,652,769 shares of Common Stock issued and outstanding as of April 13, 2026, as disclosed by the Issuer.

SCHEDULE 13D

CUSIP Number(s): 20460L104

1

Name of reporting person

Rodgers Family Freedom and Free Markets Charitable Trust

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CALIFORNIA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 6,041,648.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 6,041,648.00

11

Aggregate amount beneficially owned by each reporting person

6,041,648.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

4.6 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Rows 8 and 10: Consists of: (a) 1,838,235 shares of Common Stock; (b) 610,314 shares of Common Stock issuable upon conversion of the 10% Notes, which are convertible within 60 days of April 30, 2026; (c) 1,253,918 shares of Common Stock issuable upon conversion of the 12% Notes, which are convertible within 60 days of April 30, 2026; and (d) 2,339,181 shares of Common Stock issuable upon conversion of the 7% Notes, which are convertible within 60 days of April 30, 2026. Row 13: This percentage is calculated based on 126,652,769 shares of Common Stock issued and outstanding as of April 13, 2026, as disclosed by the Issuer.

SCHEDULE 13D

CUSIP Number(s): 20460L104

1

Name of reporting person

Rodgers Massey Revocable Living Trust dtd 4/4/11

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CALIFORNIA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 42,842,374.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 42,842,374.00

11

Aggregate amount beneficially owned by each reporting person

42,842,374.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

29.0 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Rows 8 and 10: Consists of: (a) 21,590,490 shares of Common Stock; (b) 569,768 Warrants exercisable within April 30, 2026; (c) 3,051,571 shares of Common Stock issuable upon conversion of the 10% Notes, which are convertible within 60 days of April 30, 2026; (d) 15,291,364 shares of Common Stock issuable upon conversion of the 12% Notes, which are convertible within 60 days of April 30, 2026; and (e) 2,339,181 shares of Common Stock issuable upon conversion of the 7% Notes, which are convertible within 60 days of April 30, 2026. Row 13: This percentage is calculated based on 126,652,769 shares of Common Stock issued and outstanding as of April 13, 2026, as disclosed by the Issuer.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, $0.0001 par value
(b)	Name of Issuer: SUNPOWER INC.
(c)	Address of Issuer's Principal Executive Offices: 1403 N. Research Way, Orem, UTAH , 84097.
Item 1 Comment: Thurman J. Rodgers, Rodgers Capital LLC and the Rodgers Massey Revocable Living Trust dtd 4/4/11 previously filed a Schedule 13G with the Securities and Exchange Commission (the "SEC") on July 31, 2023 to report their acquisition of, in the aggregate, 7,082,187 shares of Common Stock of the Issuer. The Reporting Persons are filing this Schedule 13D to reflect, among other things, (a) the appointment on April 24, 2024 of the Reporting Person as the Chief Executive Officer of the Issuer (as previously reported on the Issuer's Form 8-K filed with the SEC on April 30, 2024) and (b) the Reporting Person's beneficial ownership of the Issuer's securities following the Issuer's issuance of 10% Notes on April 23, 2026.
Item 2.	Identity and Background
(a)	This Schedule 13D is being filed jointly by Thurman J. Rodgers, Rodgers Capital LLC, a Delaware limited liability company, the Rodgers Family Freedom and Free Markets Charitable Trust (the "Charitable Trust"), the Rodgers Massey Revocable Living Trust dtd 4/4/11 (the "Living Trust"), the TJ Rodgers 2012 Irrevocable Trust dtd 12/26/12 (the "Rodgers Trust") and the Valeta Massey 2012 Irrevocable Trust dtd 12/26/12 (the "Massey Trust", and together with Mr. Rodgers, Rodgers Capital LLC, the Charitable Trust, the Living Trust and the Rodgers Trust, collectively, the "Reporting Persons"). This Schedule 13D amends and supersedes the Schedule 13G as originally filed by Mr. Rodgers, Rodgers Capital LLC and the Living Trust on July 31, 2023 with respect to the Common Stock beneficially owned by Mr. Rodgers at such time. Mr. Rodgers may be deemed to have beneficial ownership of shares of Common Stock held by the other Reporting Persons as Mr. Rodgers serves as a manager of Rodgers Capital LLC, he serves as the trustee of each of the Charitable Trust, the Living Trust and the Rodgers Trust, and his spouse serves as trustee of the Massey Trust. Mr. Rodgers disclaims beneficial ownership of shares held by Rodgers Capital LLC, the Charitable Trust, the Living Trust, the Rodgers Trust and the Massey Trust, except to the extent of his pecuniary interest therein. Pursuant to Rule 13d-4 of the Act, the Reporting Persons expressly declare that the filing of this statement shall not be construed as an admission that any such person is, for the purposes of Section 13(d) and/or Section 13(g) of the Act or otherwise, the beneficial owner of any securities covered by this schedule held by any other person and such beneficial ownership is expressly disclaimed.
(b)	The address of each of the Reporting Persons is: 575 Eastview Way, Woodside, CA 94062.
(c)	Mr. Rodgers is the Chief Executive Officer, a member of the Board of Directors and the Executive Chairman of the Issuer.
(d)	During the last five years, none of the Reporting Persons has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e)	During the last five years, none of the Reporting Persons has been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and, as a result of such proceeding, was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
(f)	Thurman J. Rodgers - United States Rodgers Capital LLC - Delaware Living Trust - California Charitable Trust - California Rodgers Trust - California Massey Trust - California
Item 3.	Source and Amount of Funds or Other Consideration
	Mr. Rodgers, Rodgers Capital LLC and the Living Trust received, in the aggregate, 7,082,187 shares of Common Stock and 724,416 warrants to purchase Common Stock on July 18, 2023 upon the closing of the transactions contemplated by pursuant to that certain Business Combination Agreement, dated May 26, 2023, by and among Freedom Acquisition I Corp. ("FACT"), Jupiter Merger Sub I Corp., a Delaware corporation and wholly-owned subsidiary of FACT, Jupiter Merger Sub II LLC, a Delaware limited liability company and a wholly-owned subsidiary of FACT, SunPower Inc. (f/k/a Complete Solaria, Inc. and Complete Solar Holding Corporation), a Delaware corporation, and The Solaria Corporation, a Delaware corporation and a wholly-owned indirect subsidiary of the Issuer, as previously reported on a Form 4 filed with the SEC on July 20, 2023 (as amended on July 24, 2023). On December 3, 2023, the Issuer issued to Mr. Rodgers the Stock Options exercisable for an aggregate of 116,601 shares of Common Stock, and such options are fully exercisable. As previously reported on the Issuer's Form 8-K filed with the SEC on February 16, 2024, on January 31, 2024 the Issuer entered into a Simple Agreement for Future Equity with the Living Trust in connection with its $1.0 million investment in the Issuer (the "First Safe"). As previously reported on the Issuer's Form 8-K filed with the SEC on February 16, 2024, on February 15, 2024 the Issuer entered into a Simple Agreement for Future Equity with the Charitable Trust in connection with its $3.5 million investment in the Issuer (the "Second Safe"). As previously reported on the Issuer's Form 8-K filed with the SEC on April 22, 2024, on April 21, 2024 the Issuer entered into an amendment to the First Safe and the Second Safe pursuant to which the First Safe was converted into 4,166,666 shares of Common Stock, and the Second Safe was converted into 9,722,222 shares of Common Stock. As previously reported on the Issuer's Form 8-K filed with the SEC on May 17, 2024, on May 13, 2024 the Issuer and the Charitable Trust entered into Simple Agreement for Future Equity in connection with the Charitable Trust investing $1.0 million in the Issuer, and which was subsequently converted and exchanged into $1,000,000 principal amount of the 10% Notes issued to the Charitable Trust on April 23, 2026. As previously reported on the Issuer's Form 8-K filed with the SEC on July 8, 2024, on July 1, 2024 the Issuer issued $18.0 million aggregate principal amount of its the 12% Notes to the Living Trust. The 12% Notes are convertible at the option of the holder at a conversion rate initially equal to 595.2381 shares of Common Stock per $1,000 principal amount of the 12% Notes, subject to adjustment. As previously reported on the Issuer's Form 8-K filed with the SEC on September 12, 2024, on September 8, 2024 the Issuer issued $4.0 million aggregate principal amount of the 7% Notes to each of the Charitable Trust and the Living Trust. The 7% Notes are convertible at any time until the day before the maturity date of July 1, 2029 at a conversion rate of 584.7953 shares of Common Stock per $1,000 principal amount of the 7% Notes, subject to adjustment. On May 30, 2025, each of the Massey Trust and the Rodgers Trust purchased 150,000 shares of Common Stock at a weighted average price of $1.38, as previously reported on a Form 4 filed with the SEC on June 3, 2025. On June 2, 2025, each the Massey Trust and the Rodgers Trust purchased 10,589 shares of Common Stock, each at a weighted average price of $1.49, as previously reported on a Form 4 filed with the SEC on June 4, 2025. Subsequently, on June 3, 2025, each of the Massey Trust and the Rodgers Trust purchased 303,000 shares of Common Stock, each at a weighted average price of $1.68, as previously reported on a Form 4 filed with the SEC on June 5, 2025. As previously reported on the Issuer's Form 8-K filed with the SEC on July 16, 2025, on July 10, 2025 the Issuer issued an additional 12% Note (the "July 2025 Note") in the principal amount of $5.0 million to the Living Trust. The July 2025 Note is convertible at a conversion rate initially equal to 558.6592 shares of Common Stock per $1,000 principal amount of the July 2025 Note, subject to adjustment. As previously reported on the Issuer's Form 8-K filed with the SEC on November 24, 2025, on November 20, 2025, the Issuer issued an additional 12% Note (the "November 2025 Note") in the principal amount of $2.0 million to the Charitable Trust. The November 2025 Note is convertible at a conversion rate initially equal to 626.9592 shares of Common Stock per $1,000 principal amount of the November 2025 Note, subject to adjustment. As previously reported on the Issuer's Form 8-K filed with the SEC on January 30, 2026, on January 29, 2026 the Issuer issued an additional 12% Note (the "January 2026 Note") in the principal amount of $3.3 million to the Living Trust. The January 2026 Note is convertible at the option of the holder at a conversion rate initially equal to 540.5405 shares of Common Stock per $1,000 principal amount of the January 2026 Note, subject to adjustment. As previously reported on the Issuer's Form 8-K filed with the SEC on April 14, 2026, on April 8, 2026, the Issuer entered into a Simple Agreement for Future Equity with the Living Trust in connection with its $5.0 million investment in the Issuer (the "2026 Safe"), and which was subsequently converted and exchanged into $5.0 million principal amount of the 10% Notes. As previously reported on the Issuer's Form 8-K filed with the SEC on April 22, 2026, on April 21, 2026 the Issuer entered into Note Purchase Agreements with each of the Living Trust and the Charitable Trust to issue the trusts $5.0 million principal amount of the 10% Notes and $1.0 million principal amount of the 10% Notes, respectively. The 10% Notes were issued to the Living Trust and Charitable Trust on April 23, 2026 in consideration for the cancellation and exchange of the 2026 Safe and the May Safe. The 10% Notes are convertible at the option of the holder at a conversion rate initially equal to 610.3143 shares of Common Stock per $1,000 principal amount of the 10% Notes, subject to adjustment.
Item 4.	Purpose of Transaction
	The information set forth in Items 3 and 5 is hereby incorporated by reference in its entirety in this Item 4. As disclosed above and in the Issuer's Current Report on Form 8-K filed with the SEC on April 30, 2024, on April 24, 2024 Mr. Rodgers was appointed as the Chief Executive Officer of the Issuer. Mr. Rodgers has served as a director of the Issuer since July 2023. As a director and officer and affiliate of the Issuer, Mr. Rodgers may have influence over the corporate activities of the Issuer; including activities which may relate to the transactions described in clauses (a) through (j) of Item 4 of Schedule 13D. Subject to the Issuer's insider trading policies, Mr. Rodgers may acquire additional securities of the Issuer, or retain or sell all or a portion of the securities then held, in the open market or in privately negotiated transactions. In addition, Mr. Rodgers may engage in discussions with management, the Board and other securityholders of the Issuer and other relevant parties or encourage, cause or seek to cause the Issuer or the relevant parties to consider or explore extraordinary corporate transactions, such as a merger, reorganization or take-private transaction that may result in the delisting or deregistration of the Common Stock; sales or acquisitions of assets or businesses; changes to the capitalization or dividend policy of the Issuer; or other material changes to the Issuer's business or corporate structure, including changes in management or the composition of the Board. Except as set forth in this Item 4, the Reporting Persons do not have any present plans or proposals that relate to or that would result in any of the actions specified in clauses (a) through (j) of Item 4 of Schedule 13D. The Reporting Persons retain the right to change their investment intent and may, from time to time, acquire additional shares of Common Stock or other securities of the Issuer, or sell or otherwise dispose of (or enter into plans or arrangements to sell or otherwise dispose of), all or part of the shares of Common Stock or other securities of the Issuer, if any, beneficially owned by the Reporting Persons, in any manner permitted by law.
Item 5.	Interest in Securities of the Issuer
(a)	Collectively, the Reporting Persons beneficially own an aggregate of 50,576,853 shares of Common Stock representing 33.2% of the outstanding shares of Common Stock of the Issuer. The aggregate percentage of shares of Common Stock reported owned by the Reporting Persons is based upon 126,652,769 shares of Common Stock issued and outstanding as of April 13, 2026, as disclosed by the Issuer in its Annual Report on Form 10-K filed with the SEC on April 14, 2026. The aggregate number and percentage of shares of Common Stock beneficially owned by each Reporting Person and, for each Reporting Person, the number of shares as to which there is sole power to vote or to direct the vote, shared power to vote or to direct the vote, sole power to dispose or to direct the disposition, or shared power to dispose or to direct the disposition are set forth on rows 7 through 11 and row 13 of the cover pages of this Schedule 13D and are incorporated herein by reference. The information set forth in the cover pages and Item 2 are hereby incorporated by reference into this Item 5.
(b)	See Item 5(a) above.
(c)	The information in Item 3 is hereby incorporated by reference into this Item 5(c). Except as disclosed in this Statement, the Reporting Persons did not effect any transaction with respect to Common Stock during the past 60 days.
(d)	Except as disclosed in this Statement, to the best knowledge of the Reporting Persons, no person other than the Reporting Persons is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Common Stock beneficially owned by the Reporting Persons.
(e)	N/A.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	The information set forth in Item 3 is hereby incorporated by reference into this Item 6.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 1 - Joint Filing Agreement Exhibit 2 - Form of SAFE (incorporated by reference to Exhibit 10.1 to the Issuer's Current Report on Form 8-K filed with the SEC on February 16, 2024 Exhibit 3 - Form of SAFE (May 2024) (incorporated by reference to Exhibit 10.1 to the Issuer's Current Report on Form 8-K filed with the SEC on April 22, 2024) Exhibit 4 - Form of Amendment to SAFE (2024) (incorporated by reference to Exhibit 10.1 to the Issuer's Current Report on Form 8-K filed with the SEC on May 17, 2024) Exhibit 5 - Form of Convertible Note dated July 1, 2024 (incorporated by reference to Exhibit 10.2 to the Issuer's Current Report on Form 8-K filed with the SEC on July 8, 2024) Exhibit 6 - Form of Convertible Note Purchase Agreement dated July 1, 2024 (incorporated by reference to Exhibit 10.3 to the Issuer's Current Report on Form 8-K filed with the SEC on July 8, 2024) Exhibit 7 - Form of Note Purchase Agreement (incorporated by reference to Exhibit 10.1 to the Issuer's Current Report on Form 8-K filed with the SEC on September 26, 2024) Exhibit 8 - Convertible Promissory Note dated July 10, 2025 (incorporated by reference to Exhibit 4.1 to the Issuer's Current Report on Form 8-K filed with the SEC on July 16, 2025) Exhibit 9 - Convertible Promissory Note dated November 20, 2025 (incorporated by reference to Exhibit 4.1 to the Issuer's Current Report on Form 8-K filed with the SEC on November 24, 2025) Exhibit 10 - Convertible Promissory Note dated January 29, 2026 (incorporated by reference to Exhibit 4.1 to the Issuer's Current Report on Form 8-K filed with the SEC on January 30, 2026) Exhibit 11 - Simple Agreement for Future Equity dated April 8, 2026 (incorporated by reference to Exhibit 10.1 to the Issuer's Current Report on Form 8-K filed with the SEC on April 14, 2026) Exhibit 12 - Affiliate Note Purchase Agreement dated April 21, 2026 (incorporated by reference to Exhibit 10.2 to the Issuer's Current Report on Form 8-K filed with the SEC on April 22, 2026)

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Thurman J. Rodgers

Signature:	/s/ Thurman J. Rodgers
Name/Title:	Thurman J. Rodgers
Date:	04/30/2026

Rodgers Capital LLC

Signature:	/s/ Thurman J. Rodgers
Name/Title:	Thurman J. Rodgers, Manager
Date:	04/30/2026

TJ Rodgers 2012 Irrevocable Trust dtd 12/26/12

Signature:	/s/ Thurman J. Rodgers
Name/Title:	Thurman J. Rodgers, Trustee
Date:	04/30/2026

Valeta Massey 2012 Irrevocable Trust dtd 12/26/12

Signature:	/s/ Valeta Massey
Name/Title:	Valeta Massey Trustee
Date:	04/30/2026

Rodgers Family Freedom and Free Markets Charitable Trust

Signature:	/s/ Thurman J. Rodgers
Name/Title:	Thurman J. Rodgers, Trustee
Date:	04/30/2026

Rodgers Massey Revocable Living Trust dtd 4/4/11

Signature:	/s/ Thurman J. Rodgers
Name/Title:	Thurman J. Rodgers, Trustee
Date:	04/30/2026

FAQ

How many SunPower (SPWR) shares does Thurman J. Rodgers beneficially own?

Thurman J. Rodgers and affiliated entities beneficially own 50,576,853 shares of SunPower common stock. This total includes directly held shares, options, warrants, trust holdings, and shares issuable upon conversion of various 10%, 12% and 7% convertible senior notes disclosed in the filing.

What percentage of SunPower (SPWR) does Thurman J. Rodgers control according to this Schedule 13D?

The filing states that Thurman J. Rodgers and related entities beneficially own 33.2% of SunPower’s outstanding common stock. This percentage is based on 126,652,769 shares issued and outstanding as of April 13, 2026, as reported in SunPower’s Form 10-K.

What role does Thurman J. Rodgers hold at SunPower (SPWR) alongside his share ownership?

Thurman J. Rodgers is disclosed as Chief Executive Officer, a member of the Board of Directors, and Executive Chairman of SunPower. In addition to these roles, his significant beneficial ownership may give him substantial influence over corporate activities and strategic decisions described in the Schedule 13D.

Which Rodgers-affiliated entity holds the largest SunPower (SPWR) position?

The Rodgers Massey Revocable Living Trust holds the largest disclosed position, beneficially owning 42,842,374 shares of SunPower common stock, or 29.0% of the class. Its holdings include common stock, warrants, and shares issuable upon conversion of multiple 10%, 12% and 7% notes.

How did Thurman J. Rodgers and his entities increase their SunPower (SPWR) stake over time?

The filing outlines a series of transactions, including shares and warrants received in a business combination, stock options granted to Mr. Rodgers, several SAFEs that converted into common stock, and multiple issuances of 10%, 12% and 7% convertible notes to Rodgers-affiliated trusts.

What potential actions regarding SunPower (SPWR) does Thurman J. Rodgers contemplate in this Schedule 13D?

The Schedule 13D notes that, as a director, officer and affiliate, Mr. Rodgers may discuss or encourage extraordinary corporate transactions, including mergers, reorganizations, take‑private deals, asset sales, recapitalizations, or changes to management and board composition, while reserving flexibility to buy or sell additional securities.