EXHIBIT 10.1
VALENCE TECHNOLOGY, INC.
May 11, 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 Five
Hundred Thousand Dollars ($1,500,000.00) to Valence, to purchase six hundred
forty six thousand, five hundred fifty two (646,552) shares of common stock. The
per share price of the common stock sold to WCVC is $2.32 which represents the
closing bid price of the common stock on the principal market on May 10, 2006.
Sincerely,
VALENCE TECHNOLOGY, INC.
/s/ Xxxxx Xxxxxxx
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Xxxxx X. Xxxxxxx
Chief Executive Officer & President
ACCEPTED AND AGREED:
West Coast Venture Capital, Inc.
Xxxx X. Xxxx
/s/ Xxxx Xxxx
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