Salary Deferral Agreement between David Hsu and SolarMax Technology, Inc. dated June 29, 2023
This agreement is between David Hsu and SolarMax Technology, Inc. David Hsu has deferred $1,530,279 in salary and bonus from 2019 to 2023. SolarMax agrees to pay this deferred compensation in twelve equal monthly installments, starting either one year after its initial public offering or on July 1, 2024, whichever comes first. The agreement is only valid if SolarMax completes its public offering by December 31, 2023; otherwise, it becomes void.
EXHIBIT 10.25
David Hsu
June 29, 2023
SolarMax Technology, Inc.
3080 12th Street
Riverside, California 92507
Attn: Stephen Brown, CFO
Re: Salary Deferral
Ladies and Gentlemen:
In order to aid SolarMax Technology, Inc., I have, since 2019, deferred a portion of my compensation. As of the date of this letter, January 17, 2023, I have deferred a total of $1,530,279 (the “Deferred Compensation”) in salary and bonus to which I was entitled under my employment agreement with SolarMax. This amount reflects salary and bonus that I have deferred during 2019, 2020, 2021, 2022 and 2023. In connection with SolarMax’ proposed public offering, I agree that the Deferred Compensation shall be paid to me as follows. Commencing on the first to occur of (i) one year from the date of the final prospectus relating to SolarMax’ initial public offering or (ii) July 1, 2024, SolarMax will pay the Deferred Compensation in twelve equal monthly installments, without interest with the first installment being paid on the date set forth in this sentence. This agreement is subject to completion of SolarMax’ initial public offering by December 31, 2023, and, if the initial public offering is not completed by that date, this agreement shall terminate and be of no force and effect.
Very truly yours,
/s/ David Hsu
David Hsu
AGREED TO:
SOLARMAX TECHNOLOGY, INC.
By: /s/ Stephen Brown
Stephen Brown, CFO
