IPW · iPower Inc.

The amendment significantly broadens the conditions under which the $2.3 million promissory note—received in exchange for iPower's sale of its equity interest in Global Product Marketing, Inc. (GPM) to ETTS AI—could be voided without further payment. Previously undisclosed triggers now include not only traditional control shifts like majority voting power changes but also softer governance events such as material alterations to executive management or board composition, shifts in business model or strategic direction that impair iPower's supply relationship with GPM, and any substantial supply chain dispositions. This protects ETTS AI by allowing note cancellation if iPower's operational stability is compromised, potentially limiting iPower's recovery on the note amid strategic pivots or leadership turmoil. Investors should note the explicit carve-out that operational expansions do not qualify as material changes, preserving flexibility for growth initiatives. The amendment, filed as Exhibit 10.1 and executed by iPower CEO Chenlong Tan and ETTS Member Stanley Wu, underscores ongoing post-sale dynamics from the February 1, 2026 transaction without altering principal, repayment terms, or other provisions.