May 17, 2007
EXHIBIT 10.1
VALENCE TECHNOLOGY, INC.
May 17, 2007
Xx. Xxxx X. Xxxx
Xxxx & Xxxx Enterprises, LLC
00000 Xxxxxxx Xxxxx
Cupertino, CA 95014
Dear Xx. Xxxx:
This letter is entered into in connection with an agreement entered into by Xxxx & Xxxx Enterprises, LLC (Xxxx & Xxxx) and Valence Technology, Inc. (Valence).
Pursuant to the agreement reached today, Xxxx & Xxxx has funded One Million Dollars ($1,000,000.00) to Valence, to purchase 990,099 shares of common stock. The per share price of the common stock sold to Xxxx & Xxxx is $1.01 which represents the closing bid price of the common stock on the principal market on May 16, 2007.
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Sincerely, |
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VALENCE TECHNOLOGY, INC. |
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/s/ Xxxxxx Xxxxxx | ||
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Xxxxxx Xxxxxx |
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Chief Financial Officer |
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ACCEPTED AND AGREED:
Xxxx & Xxxx, LLC
Xxxx X. Xxxx
/s/ Xxxx X. Xxxx
