EXHIBIT 10.17
Put /Call Option to Sell Itochu Shares
In consideration of the respective put and call options granted below, the
undersigned parties hereby agree as follows effective as of September 1, 1999:
1. The undersigned, Xxxx X. Xxxxx ("Xxxxx"), hereby grants U.S. Electricar,
Inc., a California corporation doing business as Enova Systems ("Enova
Systems"), the right to purchase 23,970,000 shares of Enova Systems common
stock for $100,000 exercisable between March 25, 2000 through March 30, 2000
(the "Call Option"). Enova Systems may exercise the Call Option by delivering
written notice of its exercise of the Call Option to Xxxxx during such
exercise period. Payment of the Call Option price shall be made at such time
that Xxxxx delivers the Shares to Enova Systems duly endorsed for transfer.
2. Enova Systems hereby grants to Xxxxx the right to sell the Shares to Enova
Systems for $50,000 exercisable between March 25, 2000 through March 30, 2000
(the "Put Option"). Xxxxx may exercise the Put Option by delivering written
notice of his exercise of the Put Option to Enova Systems during the exercise
period. Payment of the Put Option price shall be made at such time that Xxxxx
delivers the Shares to Enova Systems duly endorsed for transfer.
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Xxxx X. Xxxxx
U.S. Electricar, Inc.
(doing business as Enova Systems)
By:
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(Signature)
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(Print Name & Title)
