Valence Technology, Inc. 12201 Technology Blvd. Suite 150, Austin, TX78727 Tel: 512 ###-###-####, Fax: 512 ###-###-####
Exhibit 10.1
September 5, 2008
Mr. Carl E. Berg
Berg & Berg Enterprises, LLC
10050 Bandley Dr.
Cupertino, CA 95014
Re: Amendment to Promissory Notes
Dear Mr. Berg:
Valence Technology, Inc. (the “Company”) and Berg & Berg Enterprises, LLC (“Berg & Berg”), are currently parties to two promissory notes: (a) the Promissory Note dated June 26, 2008 (the “June 26 Note”) and (b) the Promissory Note dated July 23, 2008 (the “July 23 Note,” and collectively with the June 26 Note, the “Original Notes”). Pursuant to this letter, the Company and Berg & Berg agree to amend the Original Notes to: (a) extend the maturity date of the June 26 Note from August 15, 2008 to November 15, 2008; (b) extend the maturity date of the July 23 Note from September 15, 2008 to November 15, 2008; and (c) delete the fourth paragraph of each of the Original Notes.
This letter shall serve as Amendment No. 1 to both the June 26 Note and the July 23 Note.
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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| By: | /s/ Roger Williams | |
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| Roger Williams | |
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| Vice President and General Counsel | |
| ACCEPTED AND AGREED: |
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| BERG & BERG ENTERPRISES, LLC |
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| By: | /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 ###-###-####
