Amendment to Stock Exchange and Cash Payment Agreement between SolarMax Technology, Inc. and Ching Liu
This letter agreement between SolarMax Technology, Inc. and Ching Liu confirms an extension of the deadline for a $500,000 cash payment owed to Ching Liu. The payment, originally due by December 15, 2019 and previously extended to December 31, 2022, is now due on the earlier of December 31, 2022 or three business days after the company's initial public offering. The agreement also references a prior exchange of shares for stock options and cash, and reflects a recent reverse stock split.
EXHIBIT 10.24
August 4, 2022
SolarMax Technology, Inc.
3080 12th Street
Riverside, California 92507
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, 2022. 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, 2022 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, |
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| /s/ Ching Liu |
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| Name: Ching Liu |
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