On August 30, 2024, Maxeon Solar Technologies, Ltd. closed its previously announced transaction pursuant to a forward purchase agreement entered into on June 14, 2024 by and between the Company and Zhonghuan Singapore Investment and Development Pte. Ltd. (the Investor), relating to the sale by the Company, and the purchase by the Investor, on the terms and subject to the conditions set forth in the Forward Purchase Agreement, of ordinary shares of the Company. The requirement that a sufficient number of members of the board of directors (the "Board") of the Company shall have resigned from the Board (and each committee of the Board, other than the audit committee), such that following the designation of additional members to the Board pursuant to the shareholders agreement, as amended, the members of the Board designated by TZE will represent a majority of the members of the Board.

Pursuant to Section 2(b) of the A&R SHA, the Investor has a right to designate two designees to the Board, in addition to the three existing directors who were previously designated by the Investor. Effective August 30, 2024, Mr. Dongsheng Li and Mdm. Changxu Zhang, director-designees of the Investor, were appointed to the Board, to fill existing vacancies on the Board.

Following the appointments of Mr. Li and Mdm. Zhang, the Board consists of ten members and has no vacancies. Mr. Li is the founder of TCL.

He currently serves as TCL Technology Group Corp.'s chairman, chief executive officer and executive director and chairman of Zhonghuan Singapore Investment and Development Pte. Ltd. He has also held several prestigious positions: Honorary President of the South China University of Technology Education Development Foundation, Vice President of the Alumni Association South China University of Technology, Member of the Council of South China University of Technology and Visiting Professor at Wuhan University. Ms. Zhang is currently a board member and the chief operations officer and chief financial officer of Zhonghuan Singapore Investment and Development Pte.

Ltd. Over the past five years she has served in various leadership roles for Zhonghuan Singapore Investment and Development Pte. Ltd., including board member, deputy general manager and finance director. Ms. Zhang has a master's degree of software engineering from Tongji University and a bachelor's degree in business administration from Shanxi University of Finance and Economics.