Promissory Note between Valence Technology, Inc. and Berg & Berg Enterprises, LLC dated October 24, 2011

Contract Categories: Business Finance › Note Agreements
Summary

Valence Technology, Inc. promises to repay Berg & Berg Enterprises, LLC $2,000,000 plus 3.5% annual interest by January 15, 2012. The note can be prepaid at any time without penalty. If collection is needed, Valence will cover related costs, including attorney fees. The agreement is governed by Texas law and is binding on both parties’ successors and assigns.

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EX-10.1 2 ex10-1.htm EXHIBIT 10.1 ex10-1.htm
EXHIBIT 10.1
 
 
PROMISSORY NOTE
 
$2,000,000  Austin, Texas
                                                                                                           
October 24, 2011

Valence Technology, Inc., a Delaware corporation (“Maker”), hereby promises to pay to the order of Berg & Berg Enterprises, LLC (“Lender”), or its successors and assigns, in lawful money of the United States of America, Two Million Dollars ($2,000,000), together with accrued and unpaid interest thereon, on January 15, 2012 (the “Maturity Date”).

The unpaid principal amount of this Promissory Note shall bear interest at a rate per annum equal to three and one half percent (3.5%) calculated on the basis of a 365-day year and the actual number of days elapsed.

This Promissory Note may be prepaid in whole or in part at any time, without premium or penalty.

Maker hereby waives presentment, demand, notice of dishonor, protest, notice of protest and all other demands, protests and notices in connection with the execution, delivery, performance, collection and enforcement of this Promissory Note.  Maker shall pay all costs of collection when incurred, including reasonable attorneys’ fees, costs and expenses.

This Promissory Note is being delivered in, is intended to be performed in, shall be construed and interpreted in accordance with, and be governed by the internal laws of, the State of Texas, without regard to principles of conflict of laws.

This Promissory Note may only be amended, modified or terminated or any provision hereof waived by an agreement in writing signed by the party to be charged.  This Promissory Note shall be binding upon the successors and assigns of Maker and inure to the benefit of Lender and its successors, endorsees and assigns.
 
    VALENCE TECHNOLOGY, INC.  
 
 
    
    By: /s/ Donald E. Gottschalk  
       
    Name: Donald E. Gottschalk  
       
    Title: Acting CFO  
       
    Under Authority Of BOD Resolution  
       
    October 26, 2010