EX1A-6 MAT CTRCT 9 principal_ex06993.htm AMENDMENT TO DEVELOPMENT AGREEMENT BETWEEN THE COMPANY AND IPLTC

Exhibit 6.993

 

Amendment to Development Agreement

 

As of December 8, 2021, the contract entitled Development Agreement between the following parties:

 

Principal Solar Inc.

IPLTech Electric Private Limited

 

"Moratorium of Payments" will be added to the original contract, and will read as follows:

 

Effective upon the signing of this amendment, Principal Solar will be granted a 4 month moratorium on payments to IPLTech, while Principal Solar is in the process of filing a new registration statement (S-1 or New Regulation A Plus) and uplisting to either the Nasdaq or the NYSE from the OTC Pink Sheets. Uplisting will ensure a more secure source of funding in the event IPLTech allows Principal Solar to purchase equity in IPLTech. Uplisting will also secure the funds to complete the development deal between the two parties. The moratorium on payments will begin effective immediately upon signing this amendment, and end on April 1, 2022.

 

In addition, Principal Solar will pay IPLTech $80,000 in 2 installment payments. The first installment payment of $50,000 will be paid immediately upon the signing of this agreement. The second installment payment of $30,000 will be paid on or before January 15, 2022.

 

These changes are the only changes to the original contract. The entire remainder of the original contract remains in full force. This Amendment shall be effective once signed by both parties.

 

This Amendment shall be signed by the following:

 

Principal Solar Inc.

 

 

By: /s/ K. Bryce Toussaint                               Date:            12-9-2021                    
K. Bryce Toussaint  
CEO  
   
   
   
IPLTech Electric Private Limited  
   
   
By: /s/ Siddhartha Das                                       Date:   9th December 2021            
Siddhartha Das  
CEO