Document:

Exhibit 10.38

 

December 26, 2020

 

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 1,680,000 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 1,779,960 shares of Common Stock and (ii) a cash payment of $500,000, which was to have been paid by December 15, 2019
and was extended to December 31, 2020. 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 April 30, 2021 or three business days after the completion
of the Merger as defined in the Agreement and Plan of Merger dated as of October 27, 2020 among Alberton Acquisition Corporation,
Alberton Merger Subsidiary Inc., and the Company, as amended.

 

	Very truly yours,	 
	 	 
	 	 
	Name: Ching LiuExhibit 10.42

 

SEPARATION
AND RELEASE AGREEMENT

 

THIS
SEPARATION AND RELEASE AGREEMENT (this “Agreement”) dated October 1, 2020, by and between SolarMax Technology,
Inc., a Nevada corporation (the “Company”), and Ching Liu (“Liu,” and, together with the Company, the
“Parties” and each, a “Party”).

 

WHEREAS,
prior to February 24, 2020, Liu served as a director and executive vice president, chief strategy officer, treasurer and secretary
of the Company; and

 

WHEREAS,
on February 24, 2020, Liu resigned as a director and officer of the Company and its subsidiaries; and

 

WHEREAS,
on October 7, 2016, the Company and Liu entered into an employment agreement (the “Employment Agreement”) pursuant
to which the Company retained the services of Liu as an executive officer; and

 

WHEREAS,
on October 7, 2016, the Company issued to Liu a restricted stock grant for 1,680,000 shares of the Company’s common stock,
par value $0.001 per share (“Common Stock”), and on March 27, 2019, Liu exchanged the 1,680,000 restricted shares
of Common Stock for an option (the “Option”) to purchase 1,779,960 shares of Common Stock and a cash payment of $500,000
(the “Exchange Payment”), to be have been paid by December 15, 2019, which date was extended on December 18, 2019
to March 31, 2020; and

 

WHEREAS,
all references to shares of Common Stock reflect a 1.68-for-1 stock distribution; and

 

WHEREAS,
Liu is willing to release the Company from any obligations it has or may have to her, including obligations under the Employment
Agreement, except to the extent expressly provided in this Agreement; and

 

WHEREAS,
the Company is willing release Liu from any obligations she has or may have to the Company, with certain limited exceptions;

 

WHEREAS,
the Option was issued pursuant to the Company’s 2016 Equity Incentive Plan (the “Plan”), and the Plan permits
options granted pursuant to the Plan to be held by employees and consultants; and

 

WHEREAS,
to facilitate an amicable and professional separation and transition for Liu the Company wishes to offer Liu a voluntary severance
payment, and the Company and Liu have agreed that, as consideration for said voluntary severance, Liu will provide the Company
a general release to assure that there is no future disputes between them;

 

WHEREFORE,
the parties do hereby agree as follows:

 

1. Provided
that Liu signs this Agreement, the Company promises, within eight (8) days of the effective date of this Agreement, to pay Liu:
a one-time lump sum separation payment (the “Separation Payment”) in the gross amount of $25,496.96, less all applicable
deductions and withholdings.

 

2. The
Company and Liu agree that the Company owes Liu a total of $803,094.86 (the “Outstanding Balance”), representing deferred
salary from 2019 and 2020 of $561,363.36, cash bonus deferred from 2017 and 2018, and accrued medical, dental and vision benefits
from 2020 of $409.50. The Outstanding Balance will be paid at the rate of $15,000 per month (less applicable deductions and withholding),
commencing with the month of April 2020, until the completion by the Company of its initial public offering, and any unpaid balance
of the Outstanding Balance then outstanding shall be paid within three business days after the Company receives the proceeds of
its initial public offering. Liu acknowledges and agrees that the Company does not owe Liu any compensation in any form and for
any purpose except for the Outstanding Balance and the Separation Payment. Liu agrees that any compensation or other payment to
be paid pursuant to this Agreement is due solely by the Company and that Insperity PEO Services, L.P. (“Insperity”)
has no obligation to pay any compensation or other payments due pursuant to this Agreement, regardless of whether the Company’s
payments are processed through Insperity.

 

     

     

    

 

3. The
Employment Agreement is hereby terminated with neither Party having any obligation to the other Party thereunder, except that
(a) the provisions of Sections 6, 7, 8 and 9 of the Employment Agreement shall remain in full force and effect and (b) the indemnification
provisions of Section 10 of the Employment Agreement (and any indemnification and expense reimbursement provisions of the Company’s
articles of incorporation and bylaws) shall not relate to, and Liu waives any claim or right to indemnification or expense reimbursement
relating to, conduct of Liu which was adverse to the interest of the Company.

 

4. Liu,
for herself and her heirs, legal representatives, beneficiaries, assigns and successors in interest, hereby knowingly and voluntarily
releases, waives and forever discharges the Company and Insperity and each of their respective corporate affiliates, employees,
officers, directors, former and current stockholders, benefit plans, benefit plan administrators and fiduciaries, agents, predecessors
and successors in interest, parents, subsidiaries, attorneys, and assigns (“Company Affiliates”), from any and all
claims, demands, complaints, debts, controversies, damages, claims for attorneys’ fees, costs, obligations and/or liabilities
which arise out of or relate to any action by the Company or the Company-Affiliates or omission to act by the Company or the Company-Affiliates
occurring on or before the date this Agreement is signed by Liu (the “Release”); except as expressly provided in this
Agreement.

 

5. The
Company hereby knowingly and voluntarily releases, waives and forever discharges Liu from any and all claims, demands, complaints,
debts, controversies, damages, claims for attorneys’ fees, costs, obligations and/or liabilities which arise out of or relate
to any action by Liu or omission to act by Liu occurring on or before the date this Agreement is signed by Liu (the “Employer’s
Release”).

 

6. There
are certain claims which, under state or federal statutes or regulations, may not be released or may not be released except with
the participation and approval of a state or federal agency. For example, claims for earned but unpaid wages and claims for indemnification
under the California Labor Code cannot be waived or released and claims related to Workers’ Compensation benefits may not
be waived without the express approval of the agency that oversee administration of those laws. The Release is not intended to
cover and does not extend to such claims or other claims that, by law, cannot be released in an agreement between an employer
and an employee.

 

7. To
the extent permitted by law, the Release includes, but is not limited to, release of any and all claims arising out of Liu’s employment
with the Company and the termination of that employment. This includes a release of any rights or claims Liu may have under Title
VII of the Civil Rights Act of 1964, 42 U.S.C. §§2000, et seq., which prohibits discrimination in employment based on
race, color, national origin, religion, or sex, the Equal Pay Act, which prohibits paying men and women unequal pay for equal
work, the Americans with Disabilities Act (42 U.S.C. §§12101, et seq.), which prohibits discrimination against the disabled,
Employee Retirement Income Security Act (“ERISA”), 29 U.S.C. §§1001, et seq,, the California Fair Employment
and Housing Act (“FEHA”), Government Code §§12940, et seq.. the Fair Labor Standards Act, 29 U.S.C. §§201
et seq. (as amended), the California Labor Code, or any other federal, state or local laws or regulations relating to terms and
conditions of employment. The Release also includes any claims for breach of contract, wrongful discharge against public policy,
breach of an implied contract, violation of any tort concerning the employment relationship, wrongful discharge, fraud, misrepresentation,
intentional and negligent infliction of emotional distress, harassment, and any claims that the Company or any Company Affiliate
has dealt with Liu unfairly or in bad faith.

 

    	 	- 2 -	 

     

    

 

8. To
the maximum extent permitted by law and except as expressly provided in this Agreement, the Release extends to all claims of every
nature and kind whatsoever, whether known or unknown, suspected or unsuspected. Each of the Company and Liu understands and acknowledges
that such Party has read and understands and has been advised by counsel, to the extent that such Party deems necessary or advisable,
that Section 1542 of the California Civil Code which reads as follows: A general release does not extend to claims which the creditor
does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must
have materially affected his or her settlement with the debtor.

 

9. Liu
acknowledges and agrees that the Company has paid all accrued PTO pay and reimbursements, as of the date of separation. Liu acknowledges
that she has received, except for the Outstanding Balance, final wages from the Company and is due no other wages or monies, except
as otherwise expressly provided by this Agreement. Liu acknowledges that she is not otherwise legally entitled to receive the
monies being provided to her as severance, but that the Company has voluntarily agreed to offer this severance in exchange for
execution of the Release as set forth in this Agreement.

 

10. Liu
promises and represents that Liu has not given or sold any claim discussed in this Agreement to anyone and that Liu has not filed
a lawsuit, claim, or charge with any court or government agency asserting any claims that are released by the Release.

 

11. The
Company acknowledges that, pursuant to the Plan, the Option may be held by and exercised by, a consultant to the Company. The
Company agrees that the Option shall continue in full force and effect as long as Liu, at the request of the Company or pursuant
to an agreement with the Company, serves as a consultant to the Company.

 

12. Each
Party agrees to execute and deliver such other documents, and do such other acts and things, as the other Party may reasonably
request for the purpose of carrying out the intent of this Agreement.

 

13. This
Agreement constitutes the entire agreement among the parties relating to the subject matter hereof, superseding any and all prior
or contemporaneous oral and prior written agreements, understandings, term sheets and letters of intent. This Agreement may not
be modified or amended nor may any right be waived except by a writing which expressly refers to this Agreement, states that it
is a modification, amendment or waiver and is signed by all parties with respect to a modification or amendment or the party granting
the waiver with respect to a waiver. No course of conduct or dealing or trade usage or custom and no course of performance shall
be relied on or referred to by any party to contradict, explain or supplement any provision of this Agreement, it being acknowledged
by the parties to this Agreement that this Agreement is intended to be, and is, the complete and exclusive statement of the agreement
with respect to its subject matter. Any waiver shall be limited to the express terms thereof and shall not be construed as a waiver
of any other provisions or the same provisions at any other time or under any other circumstances.

 

    	 	- 3 -	 

     

    

 

14. This
Agreement constitutes the entire agreement among the parties relating to the subject matter hereof, superseding any and all prior
or contemporaneous oral and prior written agreements, understandings, term sheets and letters of intent. This Agreement may not
be modified or amended nor may any right be waived except by a writing which expressly refers to this Agreement, states that it
is a modification, amendment or waiver and is signed by all parties with respect to a modification or amendment or the party granting
the waiver with respect to a waiver. No course of conduct or dealing or trade usage or custom and no course of performance shall
be relied on or referred to by any party to contradict, explain or supplement any provision of this Agreement, it being acknowledged
by the parties to this Agreement that this Agreement is intended to be, and is, the complete and exclusive statement of the agreement
with respect to its subject matter. Any waiver shall be limited to the express terms thereof and shall not be construed as a waiver
of any other provisions or the same provisions at any other time or under any other circumstances.

 

15. All
matters relating to or arising out of this Agreement will be governed by and construed and interpreted under the laws of the State
of Nevada, without regard to conflicts of laws principles that would require the application of any other law.

 

16. Liu
represents and warrants that she is authorized to execute this Agreement on behalf of her family members and affiliates.

 

17. If
any provision of this Agreement is held invalid or unenforceable by any court of competent jurisdiction, the other provisions
of this Agreement will remain in full force and effect. Any provision of this Agreement held invalid or unenforceable only in
part or degree will remain in full force and effect to the extent not held invalid or unenforceable.

 

[Signatures
on following page]

 

    	 	- 4 -	 

     

    

 

IN
WITNESS WHEREOF, each of the Parties has executed and delivered this Agreement as of the date first written above.

 

	Address	 	Signature
	 	 	 
	SolarMax Technology, Inc.	 	SOLARMAX TECHNOLOGY, INC.
	3080 12th Street	 	 
	Riverside, California 92507	 	 
	Email: DavidH@solarmaxtech.com	 	By:	 /s/ David Hsu
	 	 	 	David Hsu, Chief Executive Officer
	 	 	 
	2810 Steeplechase Lane	 	 
	Diamond Bar, California 91765	 	 
	Email: chingl@lcesinc.com	 	/s/ Ching Liu
	 	 	Ching Liu

 

[Signature
page of separation and release agreement dated April   , 2020, between SolarMax 

Technology, Inc. and Ching Liu.]

 

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