Letter Agreement Extending Cash Payment Date for Stock Exchange Between Ching Liu and SolarMax Technology, Inc.
This agreement between Ching Liu and SolarMax Technology, Inc. extends the deadline for a $500,000 cash payment owed to Ching Liu as part of a prior stock exchange agreement. The payment is now due on the earlier of December 31, 2023, or three business days after SolarMax completes its initial public offering. The agreement also notes the adjusted number of shares due to a reverse stock split. Both parties have agreed to these revised terms.
EXHIBIT 10.24
Ching Liu
June 29, 2023
SolarMax Technology, Inc.
3080 12th Street
Riverside, California 92507
Attn: Stephen Brown, CFO
Re: Cash payment due on exchange of shares of restricted stock
Ladies and Gentlemen:
Reference is made to the agreement dated March 27, 2019, pursuant to which I exchanged 998,676 shares of common stock, par value $0.001 per share (“Common Stock”), of SolarMax Technology, Inc., a Nevada corporation (the “Company”) represented by a Stock Grant for (i) an option to purchase 1,058,098 shares of Common Stock and (ii) a cash payment of $500,000 which was to have been paid by December 15, 2019 and which date was extended to December 31, 2023. This letter will confirm my prior advice to you that I agree that the date by which the cash payment is to be made to me has been extended to the earlier of December 31, 2023 or three business days after the completion of the Company’s initial public offering. The number of shares in this letter reflect the 0.59445-for-one reverse stock split effective July 15, 2022.
Very truly yours,
/s/ Ching Liu
Ching Liu
AGREED TO:
SOLARMAX TECHNOLOGY, INC.
By: /s/ Stephen Brown
Stephen Brown, CFO
