EXHIBIT 10.1
VALENCE
TECHNOLOGY, INC.
December 18, 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 shares of common stock. The per
share price of the common stock sold to WCVC is $1.82 which represents the
closing bid price of the common stock on the principal market on December 15,
2006.
Sincerely,
VALENCE TECHNOLOGY, INC.
/s/ Xxxxxx Xxxxxx
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Xxxxxx Xxxxxx
Chief Financial Officer
ACCEPTED AND AGREED:
West Coast Venture Capital, Inc.
Xxxx X. Xxxx
/s/ Xxxx X. Xxxx
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