EXHIBIT 4.10
January 20, 1997
Xx. Xxxxx Xxxxxxx VIA: Fax (000-000-0000)
Ally Capital Corporation
0000 Xxxxxxxxx Xxx, Xxxxx 000
Xxxxxxxxx, Xxxxxxxxxx 00000
RE: Prepayment of Equipment Lease
Dear Xxxxx:
With respect to our letter agreement of December 18, 1996
("Agreement") for prepayment of the Equipment Lease, please
sign where indicated below to evidence Ally's agreement, on
behalf of the Lessors, that it will not dispose of
Electrosource common stock in a fashion that will result in a
credit of less than $1.00 per share, and that if the stock
price drops to $1.00 or less, the Agreement shall automatically
be rescinded and the stock returned to Electrosource.
Electrosource will, under such circumstances, remain
responsible for all balances due under the lease agreement and
the letter agreement of December 18, 1996 that may remain at
such time as whatever stock remains unsold is returned. This
is necessary because Electrosource's par value per share of
stock is $1.00 and the Company must receive at least that much
in value for the shares to be fully paid and non-assessable.
The current market price is approximately $5.12 per share.
If you have any questions, please call. Thank you for your
cooperation and early consideration of this letter.
Very truly yours,
/s/
Xxxxx X. Xxxxx
Vice President Finance
and General Counsel
JMR:sdl
cc: Xxxx Xxx Xxxx
AGREED TO on behalf of ALLY CAPITAL CORPORATION on this
the 21st day of January, 1997.
By: /s/
Xxxxxxx X. Xxxxxxx
Its: Vice President
