Amendment to Loan Agreements Between Valence Technology, Inc. and Berg & Berg Enterprises, LLC (June 12, 2008)
Valence Technology, Inc. and Berg & Berg Enterprises, LLC have agreed to amend two existing loan agreements by extending their maturity dates from September 30, 2008, to September 30, 2010. This amendment is formalized through this letter, which serves as Amendment No. 13 to the original 1990 loan agreement and Amendment No. 5 to the 2001 loan agreement. Both parties have accepted the new terms by signing the letter.
Exhibit 10.1
June 12, 2008
Mr. Carl E. Berg
Berg & Berg Enterprises, LLC
10050 Bandley Dr.
Cupertino, CA 95014
Re: Amended Covenants in Loan Agreements
Dear Mr. Berg:
Valence Technology, Inc. (the “Borrower”) and Berg & Berg Enterprises, LLC, are currently parties to two loan agreements: (a) the Loan Agreement dated July 17, 1990, as amended (the “Original Amended Loan Agreement”) and (b) the Loan Agreement dated October 5, 2001 (the “New Loan Agreement”) (collectively the “Loan Agreements” or “Loans”). This letter is to formally document our agreement to amend the Loan Agreements to extend the maturity dates of the Loan Agreements from September 30, 2008 to September 30, 2010.
This letter shall serve as Amendment No. 13 to the Original Amended Loan Agreement and as Amendment No. 5 to the New Loan Agreement.
Kindly indicate your acceptance of the amendments described above by signing and returning the enclosed copy of this letter.
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| Sincerely, |
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| VALENCE TECHNOLOGY, INC. |
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| /s/ Galen H. Fischer |
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| Galen H. Fischer |
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| VP of Finance |
| ACCEPTED AND AGREED: |
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| BERG & BERG ENTERPRISES, LLC |
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| /s/ Carl E. Berg |
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| Carl E. Berg, Managing Member |
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Valence Technology, Inc. 12201 Technology Blvd. Suite 150, Austin, TX 78727
Tel: 512 ###-###-####, Fax: 512 ###-###-####
