Letter agreement dated August 30, 2022 between the Company and Yue Lian Liang extending maturity date of note.5
EXHIBIT 10.29
Letter Agreement
August 30, 2022
Yue Lian Liang
#9-00, Hai Ding West Xia
Hai Ding District
Beijing City, China
VIA EMAIL: ***@***
Dear Yue Lian Liang:
This letter will confirm our agreement to extend the maturity date of the Amended and Restated Promissory Note (the “Note”) dated May 4, 2020 in the principal amount of $2,000,000 from August 31, 2022 to December 31, 2023. Interest will be payable on the unpaid principal balance at the rate of 6.00 percent (6.00%) per annum, payable quarterly on the last business day of June, September, December and March. The Company will pay the principal amount of this Note, together with accrued interest, on December 31, 2023.
AGREED TO AND ACCEPTED
This 30th day of August, 2022
| YUE LIAN LIANG |
| SOLARMAX TECHNOLOGY, INC. |
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| 3080 12th Street |
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| Beijing City, China |
| Riverside, CA 92507 |
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| By: | /s/ Yue Lian Liang |
| By: | /s/ Stephen P. Brown |
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| Yue Lian Liang |
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| Stephen P. Brown |
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| Title: | Chief Financial Officer |
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