Attached files
file | filename |
---|---|
EX-10.1 - EXHIBIT 10.1 - VALENCE TECHNOLOGY INC | ex10-1.htm |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 25, 2011
VALENCE TECHNOLOGY, INC.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction
of incorporation)
|
0- 20028
(Commission
File Number)
|
77-0214673
(IRS Employer Identification Number)
|
12303 Technology Boulevard, Suite 950
Austin, Texas 78727
(Address of principal executive offices)
|
||
(512) 527-2900
(Registrant’s telephone number, including area code)
|
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
□ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
□ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
□ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
□ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01. Entry Into a Material Definitive Agreement
On May 25, 2011, Berg & Berg Enterprises, LLC (“Berg & Berg”) loaned $2,000,000 to Valence Technology, Inc. (the “Company”). In connection with the loan, the Company executed a promissory note (the “Promissory Note”) in favor of Berg & Berg. The Promissory Note is payable on August 15, 2011 and bears interest at a rate of 3.5% per annum. This summary of the terms of the Promissory Note is qualified in its entirety by the text of the Promissory Note, a copy of which is attached to this Form 8-K as Exhibit 10.1 and is incorporated herein by reference.
On October 26, 2010, the Company’s Board of Directors authorized the Company to engage in financing transactions (including either loans or the sale of shares) with Berg & Berg, Carl E. Berg, or their affiliates from time to time in an aggregate amount of up to $10,000,000, if, and when needed by the Company, and as may be mutually agreed. The $2,000,000 promissory note mentioned above was made pursuant to this authorization and following such transaction, $6,000,000 remains available under this authorization.
The managing member of Berg & Berg is Carl E. Berg, who is the Chairman of the Company’s Board of Directors and the principal stockholder of the Company.
(d)
|
Exhibits
|
Exhibit 10.1
|
Promissory Note, dated as of May 25, 2011.
|
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
VALENCE TECHNOLOGY, INC.
|
|||
Dated: May 25, 2011
|
By:
|
/s/ Roger A. Williams
|
|
Roger A. Williams
|
|||
Vice President-Law, General Counsel and Secretary
|