VALENCE TECHNOLOGY, INC.
EXHIBIT 10.2
April 3, 2006
Xx. Xxxx X. Xxxx
West Coast Venture Capital, Inc.
00000 Xxxxxxx Xxxxx
Xxxxxxxxx, XX 00000
Re: Financing Commitment
Dear Xx. Xxxx:
This letter is entered into in connection with an agreement entered into by
West Coast Venture Capital, Inc. (WCVC) and Valence Technology, Inc. (Valence).
Pursuant to the agreement reached today, WCVC, has funded One Million
Dollars ($1,000,000.00) to Valence, to purchase four hundred and one thousand,
six hundred and six (401,606) shares of common stock. The per share price of the
common stock sold to WCVC is $2.49 which represents the closing bid price of the
common stock on the principal market on March 31, 2006.
Sincerely,
VALENCE TECHNOLOGY, INC.
/s/ Xxxxx Xxxxxxx
----------------------------------
Xxxxx X. Xxxxxxx
Chief Executive Officer & President
ACCEPTED AND AGREED:
West Coast Venture Capital, Inc.
Xxxx X. Xxxx
/s/ XXXX XXXX
