Document:

solarmax_ex1025.htm

EXHIBIT 10.25
  
 Amendment No. 2 to Master Solar Facility Turnkey Contract
  
 This Amendment No. 2 (the “Amendment”) to the Master Solar Facility Turnkey Contract, between Sunrun Inc., a Delaware Corporation (“Sunrun”) and Solarmax Renewable Energy Provider, Inc., a California corporation (“Contractor”) (Contractor and Sunrun are each hereinafter referred to as “Party”, and together as “Parties”) is entered into as of 5/11/2015 and shall be effective as of June 1, 2015 (the “Amendment Effective Date”). Capitalized terms used but not defined herein shall have the meaning given to them in the Contract (as defined below).
  
 WHEREAS, Sunrun and Contractor previously entered into that certain Master Solar Facility Turnkey Contract dated January 21, 2015, as amended (the “Contract”) in which the Parties agreed, among other things, to the general terms and conditions for the design, engineering, procurement, installation and construction of one or more Solar Facilities; and
  
 WHEREAS, Sunrun and Contractor mutually desire to amend the Contract as set forth below.
  
 NOW THEREFORE in consideration of the mutual promises and covenants set forth herein, it is agreed:
  
 1. Exhibit C to the Contract shall be deleted in its entirety and replace in full by Exhibit C attached hereto.
  
 2. Capitalized terms used herein and not otherwise defined herein have the respective meanings assigned to them in the Contract. Except as expressly amended by this Amendment or any additional amendments made pursuant to Section 14.2 of the Contract, the Contract remains in full force and effect. In the event of any conflict between the terms of this Amendment and the terms of the Contract, the terms of this Amendment shall prevail. Each Party warrants that it has the authority to enter into this Amendment and perform its obligations hereunder. This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute one and the same instrument.
  
 [Signature page follows]
   	 
	 
	 
 
	 

   
 IN WITNESS WHEREOF, Sunrun and Contractor hereby execute this Amendment No. 2 as of the Amendment Effective Date.
  
 	 SUNRUN INC.
	  
	 Solarmax Renewable Energy Provider, Inc.
	
	   
	  
	  
	  
	  
	  

	 By:
	 /s/ Matthew Woods
	  
	 By: 
	 /s/ Michael Valencia
	  

	 Name:
	 Matthew Woods
	  
	 Name:
	 Michael Valencia
	  

	 Title:
	 Sr. Vice President, Channel Sales / Partner Management
	  
	 Title: 
	 Sales Director
	  

	 Date:
	 5/11/2015
	  
	 Date: 
	 5/10/2015
	  

   	 
	 
	 
 
	 

  
 EXHIBIT C
  
 PAYMENT MILESTONES
  
 Capitalized terms contained herein have the meanings set forth in the Master Solar Facility Turnkey Contract.
  
 If Host Customer and Sunrun have entered into a Residential Solar Customer Agreement prior to June 1, 2015:
  
  	 Milestone
		 Payment Due Contractor
		 Terms

	 (1) Photovoltaic modules and inverter are delivered to the Host Customer’s Site and all Work necessary to design, engineer, construct and install a Solar Facility on a Host Customer Site is complete
		 60% of Contract Price
		 Payment initiated within 10 Business Days

	 (2) Substantial Completion achieved
		 20% of Contract Price
		 Payment initiated within 10
 Business Days

	 (3) Final Completion achieved
		 20% of Contract Price
		 Payment initiated within 10
 Business Days

  
 Contractor shall have the option to invoice Sunrun once per Solar Facility Addendum reflecting the amounts due for each milestone.
  
 Otherwise:
  
  	 Milestone
		 Payment Due Contractor
		 Terms

	 (1) Photovoltaic modules and inverter are delivered to the Host Customer’s Site and all Work necessary to design, engineer, construct and install a Solar Facility on a Host Customer Site is complete
		 80% of Contract Price
		 Payment initiated within 10 Business Days

	 (2) Substantial Completion achieved
		 0% of Contract Price
		 Payment initiated within 10
 Business Days

	 (3) Final Completion achieved
		 20% of Contract Price
		 Payment initiated within 10
 Business Days

  
 Contractor shall have the option to invoice Sunrun once per Solar Facility Addendum reflecting the amounts due for each milestone.solarmax_ex1026.htm

EXHIBIT 10.26
  
 Amendment No. 3 to Master Solar Facility Turnkey Contract
  
 This Amendment No. 3 (the “Amendment No. 3”) to the Master Solar Facility Turnkey Contract between Sunrun Inc., a Delaware corporation (“Sunrun”) and Solarmax Renewable Energy Provider, Inc., a California corporation (“Contractor”) (Contractor and Sunrun are each hereinafter referred to as “Party”, and together as “Parties”) is effective as of the date the last Party signs (the “Amendment No. 3 Effective Date”).
  
 WHEREAS, Sunrun and Contractor previously entered into that certain Master Solar Facility Turnkey Contract effective January 25, 2015, as amended (the “Contract”) in which the Parties agreed, among other things, to the general terms and conditions for the design, engineering, procurement, installation and construction of one or more Solar Facilities; and
  
 WHEREAS, Sunrun and Contractor mutually desire to amend the Contract as set forth below.
  
 NOW THEREFORE in consideration of the mutual promises and covenants set forth herein, it is agreed:
  
 1. Starting on December 1, 2017, the following defined term is hereby added to Section 1.1 of the Contract:
  
 “‘Rebate’ shall mean any rebate, renewable energy credit or other incentive applicable to a Solar Facility or related Sunrun Product.”
  
 2. Starting on December 1, 2017, each and every reference in the Contract to “rebate” will be replaced with “Rebate” with the definition included herein.
  
 3. Starting on December 1, 2017, the first sentence of Section 4.4 of the Contract is hereby deleted in its entirety and replaced in full with the following:
  
 “Contractor shall submit to Sunrun a request in writing (email acceptable) for a notice to proceed with procurement, installation, construction, testing, commissioning, and start-up of the Solar Facility.”
  
 4. Starting on December 1, 2017, Section 4.6 of the Contract shall be deleted in its entirety and replaced in full with the following:
  
 “4.6 Rebates.
  
 (a) Rebate Reservation. Contractor shall be solely responsible for preparing and submitting all Rebate Documentation required to reserve the Rebate(s) applicable for the Solar Facility and other Sunrun Products (as applicable). Contractor shall provide evidence of Rebate reservation in accordance with Section 4.6(a) satisfactory to Sunrun in its sole discretion prior to or concurrent with Contractor’s Request for Payment for Milestone 1. Contractor’s delivery to Sunrun of evidence of Rebate reservation satisfactory to Sunrun in its sole discretion shall be a condition precedent to Sunrun’s approval of Contractor’s Request for Payment for Milestone 1 in accordance with Section 6.2(a).
   	 
	 
	 
 
	 

  
 (b) Rebate Documentation; Processing. No later than five (5) Business Days from the date the Solar Facility receives PTO Approval from the applicable Utility (the “Rebate Filing Date”), Contractor shall file the applicable Rebate Documentation required for Sunrun to receive payment of the Rebate and shall notify Sunrun in writing of such filing. Contractor shall be liable for failure to receive the applicable Rebate amount as set forth in the Rebate reservation in the Rebate Documentation.”
  
 5. Starting on December 1, 2017, the second sentence of Section 6.2(a) of the Contract shall be deleted in its entirety and replaced in full with the following:
  
 “Each Request for Payment shall contain the applicable completed Sunrun Milestone Verification Statement signed by the Contractor and all evidence required by such Sunrun Milestone Verification Statement and required by this Contract.”
  
 6. Capitalized terms used herein and not otherwise defined herein have the respective meanings assigned to them in the Contract. Except as expressly amended by this Amendment No. 3 or any additional amendments made pursuant to Section 14.2 of the Contract, the Contract remains in full force and effect. In the event of any conflict between the terms of this Amendment No. 3 and the terms of the Contract, the terms of this Amendment No. 3 shall prevail. Each Party warrants that it has the authority to enter into this Amendment No. 3 and perform its obligations hereunder. This Amendment No. 3 may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute one and the same instrument.
  
 [Signature page follows]
  
  	 
	 
	 
 
	 

  
  IN WITNESS WHEREOF, Sunrun and Contractor hereby execute this Amendment No. 3 as of the Amendment No. 3 Effective Date.
  
 	 SUNRUN INC.
	  
	 SOLARMAX RENEWABLE ENERGY PROVIDER, INC.
	  

	  
	   
	  
	   
	  
	  

	 By:
	 /s/ Matt Schindel
	  
	 By:
	 /s/ David Hsu
	  

	 Name: 
	 Matt Schindel
	  
	 Name: 
	 David Hsu
	  

	 Title: 
	 VP Finance
	  
	 Title:
	 CEO
	  

	 Date:
	 1/13/2018
	  
	 Date: 
	 1/12/2018
	  

	  
	   
	  
	  
	   
	  

	  
	 Approved by Sunrun Legal
	  
	  
	 Approved by Sunrun Financesolarmax_ex1027.htm

EXHIBIT 10.27
  
 Amendment No. 1 to Channel Agreement
  
 This Amendment No. 1 (the “Amendment No. 1”) to the Channel Agreement between Sunrun Inc., a Delaware corporation (“Sunrun”) and Solarmax Renewable Energy Provider, Inc., a California corporation (“Contractor”) (Contractor and Sunrun are each hereinafter referred to as “Party”, and together as “Parties”) is effective as of the date the last Party signs (the “Amendment No. 1 Effective Date”).
  
 WHEREAS, Sunrun and Contractor previously entered into that certain Channel Agreement effective as of January 25, 2015, as amended (the “Agreement”) in which the Parties agreed, among other things, that Contractor would market and sell Sunrun Products on the terms and conditions set forth therein; and
  
 WHEREAS, Sunrun and Contractor mutually desire to amend the Agreement as set forth below.
  
 NOW THEREFORE in consideration of the mutual promises and covenants set forth herein, it is agreed:
  
 1. Starting on December 1, 2017, the following defined term is hereby added to Section 1.1 of the Agreement:
  
 “‘Rebate’ has the meaning set forth in Amendment No. 3 to the Master Solar Facility Turnkey Contract.”
  
 2. Starting on December 1, 2017, each and every reference in the Agreement to “rebate” will be replaced with “Rebate” with the definition included herein.
  
 3. Capitalized terms used herein and not otherwise defined herein have the respective meanings assigned to them in the Agreement. Except as expressly amended by this Amendment No. 1 or any additional amendments made pursuant to Section 12.2 of the Agreement, the Agreement remains in full force and effect. In the event of any conflict between the terms of this Amendment No. 1 and the terms of the Agreement, the terms of this Amendment No. 1 shall prevail. Each Party warrants that it has the authority to enter into this Amendment No. 1 and perform its obligations hereunder. This Amendment No. 1 may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute one and the same instrument.
  
 [Signature page follows]
  
  	 
	 
	 
 
	 

  
 IN WITNESS WHEREOF, Sunrun and Contractor hereby execute this Amendment No. 1 as of the Amendment No. 1 Effective Date.
  
 	 SUNRUN INC.
	  
	 SOLARMAX RENEWABLE ENERGY PROVIDER, INC.

	  
	  
	  
	  
	  
	  

	 By:
	 /s/ Matt Schindel
	  
	 By:
	 /s/ David Hsu
	  

	 Name:
	 Matt Schindel
	  
	 Name:
	 David Hsu
	  

	 Title:
	 VP Finance
	  
	 Title:
	 CEO
	  

	 Date:
	 1/13/2018
	  
	 Date:
	 1/12/2018
	  

	  
	  
	  
	  
	  
	  

	  
	 Approved by Sunrun Legal
	  
	  
	 Approved by Sunrun Finance

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