EXHIBIT 4.11 April 10, 1997 Mr. Steve Pickens VIA: Fax (415-331-1212) Ally Capital Corporation Marina Plaza 2330 Marinship Way, Suite 300 Sausalito, California 94965-2853 Re: Prepayment of Lease Dear Steve: In accordance with the letter agreement...Prepayment of Lease • April 18th, 1997 • Electrosource Inc • Miscellaneous electrical machinery, equipment & supplies
In accordance with the letter agreement dated December 18, 1996 between Ally and Electrosource, as amended by letter agreement dated January 20, 1997, Ally and Electrosource hereby agree to adjust the number of shares issued to Ally on behalf of the Lessors to 127,500 shares. The adjustment is to reflect the subsequent lease payments made to reduce the indebtedness since December. We will continue payments per our agreement until the obligation is satisfied.
EXHIBIT 4.10 January 20, 1997 Mr. Steve Pickens VIA: Fax (415-331-1212) Ally Capital Corporation 2330 Marinship Way, Suite 300 Sausalito, California 94965 RE: Prepayment of Equipment Lease Dear Steve: With respect to our letter agreement of December...Prepayment of Equipment Lease • April 18th, 1997 • Electrosource Inc • Miscellaneous electrical machinery, equipment & supplies
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of less than $1.00 per share, and that if the stock price drops to $1.00 or less, the Agreement shall automatically be rescinded and the stock returned to Electrosource.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.
