EXHIBIT 10.1
VALENCE TECHNOLOGY, INC.
May 11, 2006
▇▇. ▇▇▇▇ ▇. ▇▇▇▇
West Coast Venture Capital, Inc.
▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇
▇▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
Re: Financing Commitment
Dear ▇▇. ▇▇▇▇:
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/ ▇▇▇▇▇ ▇▇▇▇▇▇▇
-----------------------------------
▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
Chief Executive Officer & President
ACCEPTED AND AGREED:
West Coast Venture Capital, Inc.
▇▇▇▇ ▇. ▇▇▇▇
/s/ ▇▇▇▇ ▇▇▇▇
---------------------------------
