Document:

ex10-1.htm

Exhibit 10.1

 

 

 

Mr. Carl E. Berg                                                                                                     August 26, 2010

Berg & Berg Enterprises, LLC.

10050 Bandley Drive

Cupertino, CA  95014

Re: Share Purchase and Loan Conversion

Dear Mr. Berg:

This letter agreement will confirm the sale, effective as of the date set forth above, by Valence Technology, Inc. (the “Company”) to Berg & Berg Enterprises, LLC (“Berg & Berg”) of three million nine hundred forty seven thousand three hundred sixty eight (3,947,368)  shares (the Shares) of the Company’s common stock at a per share price of $0.76, which represents the closing bid price of the Company’s common stock on the NASDAQ Capital Market on August 26, 2010, for aggregate consideration of $3,000,000.00.

This letter also confirms Berg & Berg’s instructions to apply the outstanding principal and interest on the $2,500,000 loan dated July 23, 2010, from Berg & Berg to the Company to the purchase of shares of the Company.  The aggregate of the outstanding principal and interest on August 26, 2010, is $2,508,390.41 which provides a sale of three million three hundred thousand five hundred and fourteen (3,300,514) shares of the Company’s common stock at a per share price of $0.76, the closing bid price of the Company’s common stock on the NASDAQ Capital Market on August 26, 2010.

These Shares were offered and sold in a transaction exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”).  Berg & Berg understands that the Shares are “restricted securities” and have not been registered under the Securities Act or any applicable state securities law.  Berg & Berg is acquiring the Shares as principal for its own account and not with a view to or for distributing or reselling such Shares or any part thereof in violation of the Securities Act or any applicable state securities law; has no present intention of distributing any of such Shares in violation of the Securities Act or any applicable state securities law; and has no direct or indirect arrangement or understandings with any other persons to distribute or regarding the distribution of such Shares in violation of the Securities Act or any applicable state securities law.  Berg & Berg is an “accredited investor” as defined under Regulation D promulgated under the Securities Act.

	
Sincerely,

	
ACCEPTED AND AGREED:

	 	 
	
VALENCE TECHNOLOGY, INC.

	
Berg & Berg, LLC.

	  	  
	
/s/ Ross. A. Goolsby

	
/s/ Carl. E. Berg

	
Ross A. Goolsby

	
Carl E. Berg

	
Chief Financial Officer

	
Managing MemberExhibit 10.2

AMENDMENT TO

DOLLAR GENERAL CORPORATION

1998 STOCK INCENTIVE PLAN

(As Amended and Restated effective as of May 31, 2006, 

and further amended effective November 28, 2006)

This Amendment (the “Amendment”) to the Dollar General Corporation 1998 Stock Incentive Plan (as Amended and Restated effective as of May 31, 2006, and further amended effective November 28, 2006) (the “Plan”) is effective as of August 26, 2010.  Except as otherwise defined in this Agreement, capitalized terms used but not defined herein shall have the meaning set forth in the Plan.

1.

The second sentence of Section 5(d) of the Plan is hereby amended by deleting such sentence in its entirety and replacing it with the following language:

“As determined by the Board or the Committee, in its sole discretion, at or (except in the case of an Incentive Stock Option) after grant, payment for the award or of the exercise price of a Non-Qualified Stock Option may be made in full or in part in the form of shares of Common Stock already owned by the optionee, shares of Restricted Stock or shares subject to such Option or another award hereunder (in each case valued at the Fair Market Value of the Common Stock on the date the Option is exercised).” 

2.

Section 12(j) of the 1998 Plan is hereby amended by adding the following new paragraph:

“Notwithstanding anything herein to the contrary, if at the time of an award holder’s termination of employment with the Corporation, the award holder is a “specified employee” as defined in Section 409A of the Code and the deferral of the commencement of any payments or benefits otherwise payable hereunder as a result of such termination of employment is necessary in order to prevent any accelerated or additional tax under Section 409A of the Code, then the Corporation will defer the commencement of the payment of any such payments or benefits hereunder (without any reduction in such payments or benefits ultimately paid or provided to such award holder) until the date that is six months following the award holder’s termination of employment with the Corporation (or the earliest date as is permitted under Section 409A of the Code).”

3.

This Amendment shall be governed by and construed in accordance with the laws of the State of Tennessee applicable therein. 

4.

References to the “Plan” contained in the Plan shall mean the Plan as amended by this Amendment. Except as so modified pursuant to this Amendment, the Plan is hereby ratified and confirmed in all respects and shall remain in full force and effect in accordance with its terms. 

This Amendment was duly authorized by the Board on August 26, 2010.Exhibit 10.3

WAIVER OF CERTAIN LIMITATIONS SET FORTH IN OPTION AGREEMENTS PERTAINING TO OPTIONS PREVIOUSLY GRANTED UNDER 

THE AMENDED AND RESTATED 2007 STOCK INCENTIVE PLAN

Effective August 26, 2010

Reference is made to the stock option agreements (the “Option Agreements”), by and between Dollar General Corporation (the “Company”) and certain employees of the Company pursuant to which such employees were granted, at various times on or subsequent to July 6, 2007 through the date hereof, and currently hold Options to acquire shares of common stock of the Company (“Shares”) in accordance with the terms and conditions specified in the Option Agreements and the Dollar General Corporation Amended and Restated 2007 Stock Incentive Plan (the “Plan”).  Capitalized terms used but not otherwise defined herein shall have the meanings ascribed thereto in the Option Agreements and the Plan.

The 162(m) Subcommittee of the Compensation Committee of the Board of Directors of the Company (the “Committee”) has resolved that effective August 26, 2010, the limitations set forth in Section 4.3(c) of the Option Agreements shall be waived as provided below. 

Section 4.3(c) of the Option Agreements provides that in connection with the exercise of an Option, an Optionee may satisfy his minimum withholding obligation by electing to have the Shares issuable upon exercise of the Option reduced by the number of Shares having an equivalent Fair Market Value to the minimum withholding tax obligation solely in the event the Optionee’s employment terminated without Cause, for Good Reason or due to death or Disability.  

Pursuant to the powers granted to the Committee under the Option Agreement and Plan, the Committee hereby waives the limitations set forth in Section 4.3(c) of the Option Agreements and provides that effective August 26, 2010, in connection with the exercise of an Option, an Optionee, who is an employee of the Company at the time of such exercise, may satisfy the minimum tax withholding by electing to have the Shares issuable upon any exercise of any Option outstanding under the Option Agreements, reduced by the number of Shares having an equivalent Fair Market Value to the minimum withholding tax obligation in connection with the exercise of such Option, or any portion thereof.Converted by EDGARwiz

  FIFTH SUPPLEMENTAL INDENTURE
 

 Fifth Supplemental Indenture (this “Supplemental Indenture”), dated as of August 30, 2010, among Retail Property Investments, LLC (hereinafter referred to as the “Guaranteeing Subsidiary”),  a Delaware limited liability company, as applicable, and a subsidiary of Dollar General Corporation, a Tennessee Corporation (the “Issuer”), and U.S. Bank National Association, as successor trustee (the “Trustee”).
 

 W I T N E S S E T H
 

 WHEREAS, each of Dollar General Corporation, Buck Acquisition Corp., and the Guarantors (as defined in the Indenture referred to below) has heretofore executed and delivered to the Trustee an indenture (the “Indenture”), dated as of July 6, 2007, providing for the issuance of an unlimited aggregate principal amount of 10.625% Senior Notes due 2015 (the “Notes”);
 

 WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee all of the Issuer’s Obligations under the Notes and the Indenture on the terms and conditions set forth herein and under the Indenture (the “Guarantee”); and
 

 WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture.
 

 NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows:
 

 (1)
 Capitalized Terms.  Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.
 

 (2)
 Agreement to Guarantee.  The Guaranteeing Subsidiary hereby agrees as follows:
 

 (a)
 Along with all Guarantors named in the Indenture, to jointly and severally unconditionally guarantee to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and enforceability of the Indenture, the Notes or the obligations of the Issuer hereunder or thereunder, that:
 

 (i)
 the principal of and interest, premium and Special Interest, if any, on the Notes will be promptly paid in full when due, whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of and interest on the Notes, if any, if lawful, and all other obligations of the Issuer to the Holders or the Trustee hereunder or thereunder will be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and
 

 (ii)
 in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise.  Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantors and 
 

 
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 the Guaranteeing Subsidiary shall be jointly and severally obligated to pay the same immediately.  This is a guarantee of payment and not a guarantee of collection.
 

 (b)
 The obligations hereunder shall be unconditional, irrespective of the validity, regularity or enforceability of the Notes or the Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any provisions hereof or thereof, the recovery of any judgment against the Issuer, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor.
 

 (c)
 The following is hereby waived:  diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Issuer, any right to require a proceeding first against the Issuer, protest, notice and all demands whatsoever.
 

 (d)
 This Guarantee shall not be discharged except by complete performance of the obligations contained in the Notes, the Indenture and this Supplemental Indenture, and the Guaranteeing Subsidiary accepts all obligations of a Guarantor under the Indenture.
 

 (e)
 If any Holder or the Trustee is required by any court or otherwise to return to the Issuer, the Guarantors (including the Guaranteeing Subsidiary), or any custodian, trustee, liquidator or other similar official acting in relation to either the Issuer or the Guarantors, any amount paid either to the Trustee or such Holder, this Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect.
 

 (f)
 The Guaranteeing Subsidiary shall not be entitled to any right of subrogation in relation to the Holders in respect of any obligations guaranteed hereby until payment in full of all obligations guaranteed hereby.
 

 (g)
 As between the Guaranteeing Subsidiary, on the one hand, and the Holders and the Trustee, on the other hand, (x) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article 6 of the Indenture for the purposes of this Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (y) in the event of any declaration of acceleration of such obligations as provided in Article 6 of the Indenture, such obligations (whether or not due and payable) shall forthwith become due and payable by the Guaranteeing Subsidiary for the purpose of this Guarantee.
 

 (h)
 The Guaranteeing Subsidiary shall have the right to seek contribution from any non-paying Guarantor so long as the exercise of such right does not impair the rights of the Holders under this Guarantee.
 

 (i)
 Pursuant to Section 10.02 of the Indenture, after giving effect to all other contingent and fixed liabilities that are relevant under any applicable Bankruptcy or fraudulent conveyance laws, and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under Article 10 of the Indenture, this new Guarantee shall be limited to the maximum amount permissible such that the obligations of such Guaranteeing Subsidiary under this Guarantee will not constitute a fraudulent transfer or conveyance.
 

 (j)
 This Guarantee shall remain in full force and effect and continue to be effective should any petition be filed by or against the Issuer for liquidation, reorganization, should the 
 

 
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 Issuer become insolvent or make an assignment for the benefit of creditors or should a receiver or trustee be appointed for all or any significant part of the Issuer’s assets, and shall, to the fullest extent permitted by law, continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the Notes are, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by any obligee on the Notes and Guarantee, whether as a “voidable preference”, “fraudulent transfer” or otherwise, all as though such payment or performance had not been made.  In the event that any payment or any part thereof, is rescinded, reduced, restored or returned, the Note shall, to the fullest extent permitted by law, be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned.
 

 (k)
 In case any provision of this Guarantee shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.
 

 (l)
 This Guarantee shall be a general senior obligation of such Guaranteeing Subsidiary, ranking equally in right of payment with all existing and future senior Indebtedness of the Guaranteeing Subsidiary but, to the extent of the value of the collateral, will be effectively senior to all of the Guaranteeing Subsidiary’s unsecured senior Indebtedness.  The Guarantees will be senior in right of payment to all existing and future Subordinated Indebtedness of each Guarantor.  The Notes will be structurally subordinated to Indebtedness and other liabilities of Subsidiaries of the Issuer that do not Guarantee the Notes, if any.
 

 (m)
 Each payment to be made by the Guaranteeing Subsidiary in respect of this Guarantee shall be made without set-off, counterclaim, reduction or diminution of any kind or nature.
 

 (3)
 Execution and Delivery.  The Guaranteeing Subsidiary agrees that the Guarantee shall remain in full force and effect notwithstanding the absence of the endorsement of any notation of such Guarantee on the Notes.
 

 (4)
 Merger, Consolidation or Sale of All or Substantially All Assets.
 

 (a)
 Except as otherwise provided in Section 5.01(c) of the Indenture, the Guaranteeing Subsidiary may not consolidate or merge with or into or wind up into (whether or not the Issuer or Guaranteeing Subsidiary is the surviving corporation), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets, in one or more related transactions, to any Person unless:
 

 (i)
 such Guarantor is the surviving corporation or the Person formed by or surviving any such consolidation or merger (if other than such Guarantor) or to which such sale, assignment, transfer, lease, conveyance or other disposition will have been made is a corporation, partnership, limited partnership, limited liability corporation or trust organized or existing under the laws of the jurisdiction of organization of such Guarantor, as the case may be, or the laws of the United States, any state thereof, the District of Columbia, or any territory thereof (such Guarantor or such Person, as the case may be, being herein called the “Successor Person”);
 

 (ii)
 the Successor Person, if other than such Guarantor, expressly assumes all the obligations of such Guarantor under the Indenture and such Guarantor’s related 
 

 
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 Guarantee pursuant to supplemental indentures or other documents or instruments in form reasonably satisfactory to the Trustee;
 

 (iii)
 immediately after such transaction, no Default exists; and
 

 (iv)
 the Issuer shall have delivered to the Trustee an Officer’s Certificate, each stating that such consolidation, merger or transfer and such supplemental indentures, if any, comply with the Indenture; or
 

 (v)
 the transaction is made in compliance with Section 4.09 of the Indenture.
 

 (b)
 Subject to certain limitations described in the Indenture, the Successor Person will succeed to, and be substituted for, such Guarantor under the Indenture and such Guarantor’s Guarantee.  Notwithstanding the foregoing, any Guarantor may (i) merge into or transfer all or part of its properties and assets to another Guarantor or the Issuer, (ii) merge with an Affiliate of the Issuer solely for the purpose of reincorporating the Guarantor in the United States, any state thereof, the District of Columbia or any territory thereof or (iii) convert into a corporation, partnership, limited partnership, limited liability corporation or trust organized or existing under the laws of the jurisdiction of organization of such Guarantor.
 

 (5)
 Releases.
 

 The Guarantee of the Guaranteeing Subsidiary shall be automatically and unconditionally released and discharged, and no further action by the Guaranteeing Subsidiary, the Issuer or the Trustee is required for the release of the Guaranteeing Subsidiary’s Guarantee, upon:
 

 (1)
 (A)  any sale, exchange or transfer (by merger or otherwise) of the Capital Stock of such Guarantor (including any sale, exchange or transfer), after which the applicable Guarantor is no longer a Restricted Subsidiary or all or substantially all the assets of such Guarantor which sale, exchange or transfer is made in compliance with the applicable provisions of this Indenture;
 

 (B)
 the release or discharge of the guarantee by such Guarantor of the Senior Credit Facilities or such other guarantee that resulted in the creation of such Guarantee, except a discharge or release by or as a result of payment under such guarantee;
 

 (C)
 the designation of any Restricted Subsidiary that is a Guarantor as an Unrestricted Subsidiary in compliance with Section 4.07 of the Indenture; or
 

 (D)
 the exercise by Issuer of its Legal Defeasance option or Covenant Defeasance option in accordance with Article 8 of the Indenture or the Issuer’s obligations under the Indenture being discharged in accordance with the terms of the Indenture; and
 

 (2)
 such Guarantor delivering to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for in this Indenture relating to such transaction have been complied with.
 

 (6)
 No Recourse Against Others.  No director, officer, employee, incorporator or stockholder of the Guaranteeing Subsidiary shall have any liability for any obligations of the Issuer or the Guarantors (including the Guaranteeing Subsidiary) under the Notes, any Guarantees, the Indenture or this Supplemental Indenture or for any claim based on, in respect of, or by reason of, such obligations or 
 

 
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 their creation.  Each Holder by accepting Notes waives and releases all such liability.  The waiver and release are part of the consideration for issuance of the Notes.
 

 (7)
 Governing Law.  THIS SUPPLEMENTAL INDENTURE WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.
 

 (8)
 Counterparts.  The parties may sign any number of copies of this Supplemental Indenture.  Each signed copy shall be an original, but all of them together represent the same agreement.
 

 (9)
 Effect of Headings.  The Section headings herein are for convenience only and shall not affect the construction hereof.
 

 (10)
 The Trustee.  The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary.
 

 (11)
 Subrogation.  The Guaranteeing Subsidiary shall be subrogated to all rights of Holders of Notes against the Issuer in respect of any amounts paid by the Guaranteeing Subsidiary pursuant to the provisions of Section 2 hereof and Section 10.01 of the Indenture; provided that, if an Event of Default has occurred and is continuing, the Guaranteeing Subsidiary shall not be entitled to enforce or receive any payments arising out of, or based upon, such right of subrogation until all amounts then due and payable by the Issuer under the Indenture or the Notes shall have been paid in full.
 

 (12)
 Benefits Acknowledged.  The Guaranteeing Subsidiary’s Guarantee is subject to the terms and conditions set forth in the Indenture.  The Guaranteeing Subsidiary acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by the Indenture and this Supplemental Indenture and that the guarantee and waivers made by it pursuant to this Guarantee are knowingly made in contemplation of such benefits.
 

 (13)
 Successors.  All agreements of the Guaranteeing Subsidiary in this Supplemental Indenture shall bind its Successors, except as otherwise provided in Section 2(k) hereof or elsewhere in this Supplemental Indenture.  All agreements of the Trustee in this Supplemental Indenture shall bind its successors.
 

 

 

 [SIGNATURE PAGES FOLLOW]
 

 
 6
 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed, all as of the date first above written.
 

 	 	 	 	 	 	 	 	 	 
	  
	 RETAIL PROPERTY INVESTMENTS, LLC

	  
	  

	  
	 By:
	 Dollar General Corporation, Sole Member

	  
	  
	  

	  
	  
	  
	  

	  
	  
	 By:
	 /s/ Wade Smith

	  
	  
	 Name:
	 Wade Smith

	  
	  
	 Title:
	 Treasurer

  

 	 	 	 	 	 	 
	  
	 U.S. BANK NATIONAL ASSOCIATION,

	  
	 as Successor Trustee

	  
	  
	  

	  
	  
	  

	  
	 By:
	 /s/ Wally Jones

	  
	  
	 Name:
	 Wally Jones

	  
	  
	 Title:
	 Vice President

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