Document:

ex106.htm

    
      	
              Exhibit
      10.6

            	
              Subordination
      Letter of James Speros dated as of October 30, 2009 in favor of Silicon
      Valley Bank

            

    

     

    October
__, 2009

    

    Silicon
Valley Bank

    8020
Tower Crescent Drive

    Suite
475

    Vienna,
Virginia 22182

    Attn:  Ms.
Heather Parker

    

    Dear Ms.
Parker,

    

    I
provided a letter of credit (“LC”) to support the loan (“RBC Loan”) of the Royal
Bank of Canada (“RBC”) to Braintech, Inc. (“Braintech”).  Funds from
my LC in the amount of $89,612.40 (“LC Payment Amount”) were used to pay off the
RBC Loan.  As a result, Braintech owes me the LC Payment
Amount.

    

    In order
to assist Braintech in closing its new loan with Silicon Valley Bank (“SVB”), I
am willing to subordinate:  (a) the LC Payment Amount and any other
indebtedness of Braintech to me (including, without limitation, the interest and
fees described below), whether presently existing or arising in the future
(collectively, the “Creditor Debt”) to all of Braintech’s indebtedness and
obligations to SVB; and (ii) all of my security interests to all of SVB’s
security interests in Braintech’s property.

    

    Notwithstanding
the respective dates of attachment or perfection of my security interest and the
security interest of SVB, the security interest of SVB in the property of
Braintech shall at all times be senior to my security interest.

    

    I will
not demand or receive from Braintech all or any part of the Creditor Debt, by
way of payment, prepayment, setoff, lawsuit or otherwise, nor will I exercise
any remedy with respect to the property of Braintech, nor will I accelerate any
of the Creditor Debt, nor will I commence, or cause to commence, prosecute or
participate in any administrative, legal or equitable action against
Braintech.  The foregoing notwithstanding, Braintech shall be
permitted to make, and I shall be permitted to receive, a payment (the “Payoff
Amount”) in the amount of the LC Payment Amount plus interest at a rate of 10%
per annum until paid in full plus any unreimbursed fees charged to me by my
issuing bank or by RBC in connection with the LC in full satisfaction of the
Creditor Debt.  Upon my receipt of the Payoff Amount, I authorize SVB
to file an amendment to UCC financing statement number 2009015456-2 (filed on
June 22, 2009 with the Secretary of State of Nevada) removing myself as a
secured party thereon.

    

    By
execution, I hereby authorize SVB to amend UCC financing statement number
2009015456-2 (filed on June 22, 2009 with the Secretary of State of Nevada) to
state that I have subordinated any security interest or lien that I may have in
any property of Braintech to the security interest of SVB in all assets of
Braintech, notwithstanding the respective dates of attachment or perfection of
my security interest and the security interest of SVB.

    

    This
letter only becomes effective once SVB makes the first credit extension to
Braintech.

    

    Sincerely,

    

    

    James
Speros

    Speros
Ventures LLCex107.htm

     

    
      	
              Exhibit 10.7

            	
              Stock
      Purchase Agreement dated as of October 29, 2009 between the Company and
      Owen Jones

            

    

    

    STOCK
PURCHASE AGREEMENT

    

    This Stock Purchase Agreement
(“Agreement”) is signed on the date(s) set forth in the signature block below
with the intention that it be effective as of October 29, 2009 (“Effective
Date”) between Owen L.J. Jones, an individual residing at 309 - 9th Avenue, New
Westminster, BC, V3C 2A2 CANADA (“Purchaser”), and Braintech, Inc., a Nevada
corporation with its principal offices at 1750 Tysons Boulevard, Suite 350,
McLean, VA 22102 (“Issuer” or “Company”).

    

    WHEREAS:

    

    
      	
              A.  

            	
              The
      Purchaser is the Company’s Founder, former CEO and a member of its Board
      of Directors.

            

    

    

    
      	
              B.  

            	
              Purchaser
      provided a $400,000 letter of credit (“LC”) in support of Company’s loan
      (“RBC Loan”) with the Royal Bank of Canada
  (“RBC”).

            

    

    

    
      	
              C.  

            	
              RBC
      drew $286,759.69 from the LC and Purchaser instructed RBC to use such
      funds to pay the RBC Loan.

            

    

    

    
      	
              D.  

            	
              As
      a result, Company owes Purchaser $286,759.69, plus cumulative interest at
      10% per annum which is $3,026.91, plus an LC cancellation fee of $55.00,
      for a total of $289,841.60
(“Debt”).

            

    

    

    
      	
              E.  

            	
              Purchaser
      desires to convert the Debt into common stock of Company $.001 par value
      (“Stock”), and to purchase additional Stock, all as set forth in this
      Agreement.

            

    

    

    Now,
therefore, in consideration of the terms and conditions of this Agreement, the
parties agree as follows:

     

    
      	
              1.  

            	
              CONVERSION OF DEBT
      INTO SHARES OF COMMON STOCK.

            

    

     

    
      	
              (a)  

            	
              Effective
      as of the Effective Date, Company and Purchaser hereby convert
      (“Conversion”) the Debt into unregistered shares of Stock at a rate of
      twenty five (25) shares of Stock for each One Dollar ($1.00) of Debt
      converted, i.e., Seven Million Two Hundred Forty Six Thousand and Forty
      (7,246,040) unregistered shares (“Conversion Shares”) of
      Stock.

            

    

     

    
      	
              (b)  

            	
              Company
      will issue the Conversion Shares in the name of Purchaser, provided
      however that the Conversion Shares shall be held in escrow by Company
      subject to Section 2(c).

            

    

     

    
      	
              (c)  

            	
              As
      a result of the Conversion, the Debt is hereby entirely and forever
      extinguished.

            

    

     

    
      	
              2.  

            	
              PURCHASE OF ADDITIONAL
      SHARES OF COMMON STOCK.

            

    

     

    
      	
              (a)  

            	
              For
      an aggregate purchase price of $113,240.31 (“Purchase Price”), which was
      the undrawn amount of the LC, Purchaser agrees to purchase from Company,
      by December 31, 2009, Two Million Eight Hundred Thirty One Thousand and
      Eight (2,831,008) additional shares (“Purchased Shares”) of Stock (i.e.,
      at a purchase price of $0.04 per share)
  (“Purchase”).

            

    

     

    
      	
              (b)  

            	
              After
      Purchaser pays Company the Purchase Price by December 31, 2009, Company
      will issue the Purchased Shares to
Purchaser.

            

    

     

    
      	
              (c)  

            	
              If
      Purchaser does not pay Company the Purchase Price by December 31, 2009,
      Company will not issue the Purchased Shares, and Purchaser will forfeit
      the Conversion Shares.

            

    

     

    
      	
              3.  

            	
              UNREGISTERED
      SHARES.  THE SECURITIES TO WHICH THIS AGREEMENT RELATES
      HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR
      THE SECURITIES COMMISSION OF ANY STATE, AND WILL BE ISSUED IN RELIANCE
      UPON AN EXEMPTION FROM REGISTRATION UNDER THE 1933 ACT, AND, ACCORDINGLY,
      MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
      STATEMENT UNDER THE 1933 ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM,
      OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE
      1933 ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES
      LAWS.

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
              4.  

            	
              BOARD
      OR COMMITTEE APPROVAL.  This Agreement is subject to
      approval by Company’s Board of Directors or an appropriate committee
      thereof.

            

    

     

    
      	
              5.  

            	
              GENERAL
      PROVISIONS.  This Agreement is subject to and includes
      the terms of the General Provisions attached
  hereto.

            

    

     

    PURCHASER                                                                           BRAINTECH, INC.

     

    

    _______________________________           By: _____________________________                                                     

    Signature                                                                           Rick
Weidinger, CEO

     

    Date:___________________________          
Date: ____________________________ex108.htm

    
      	
              Exhibit
      10.8

            	
              Employment
      Agreement dated as of October 22, 2009 between the Company and Edward A.
      White

            

    

     

     

    EMPLOYMENT
AGREEMENT

     

     

    

     

     

    THIS EMPLOYMENT AGREEMENT (the
“Agreement”), made as of October 22,
2009 (the “Effective
Date”), by and between BRAINTECH CANADA, INC., a
Canadian Company, incorporated in the province of British Columbia and having an
office 360 – 555 Sixth Street, New Westminster BC, V3L 5H1 and BRAINTECH, INC. a Nevada
corporation with its principal offices at 1750 Tysons Blvd., Suite 350, McLean,
VA 22102 (together “Braintech”), and
EDWARD A. WHITE, an
individual residing at #416 – 5 K de K Court, New Westminster, BC, V3M 6B6
Canada (the “Employee”).

     

     

    

     

     

    WHEREAS,
Braintech desires to engage the Employee to perform certain services as
described in this Agreement; and

     

     

    

     

     

    WHEREAS, the Employee desires to be so
engaged by Braintech; and

     

     

    

     

     

    NOW, THEREFORE, in consideration of the
mutual promises herein, and of other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

     

     

    

     

     

    
      	
              1.  

            	
              WORK.  

            

    

     

     

    The
Employee shall work as Braintech’s principal financial officer and principal
accounting officer (“Work”).  The Employee will present detailed
progress and status of the Work and shall perform the Work promptly, efficiently
and professionally.  The Employee shall not, directly or indirectly,
engage or participate in any activities in conflict with the best interests of
Braintech.

     

     

    

     

     

    
      	
              2.  

            	
              TERM
      AND TERMINATION. 

            

    

     

     

    The term
of this Agreement (“Term”) shall commence
on the Effective Date and end on December 31, 2009.  Either party may
terminate this Agreement at any time upon two (2) weeks written notice to the
other party.  The termination of this Agreement for any reason shall
not terminate or in any way affect the Employee’s obligations in Section 4
hereof (entitled “CONTINUATION
OF NDA AND CODE OF CONDUCT AND ETHICS”).

     

     

    

     

     

    
      	
              3.  

            	
              COMPENSATION.
      

            

    

     

     

    In
consideration of The Employee’s performance of the Work in accordance with this
Agreement, Braintech shall pay the Employee at the rate of $10,000 (Canadian)
per month (“Fee”) based on a five
(5) day work week.  In order to achieve a five (5) day work week, the
Employee will work an average of two (2) days per week on such days as requested
by Braintech, and use an average of three (3) vacation days per week as
requested by Braintech.  For each work day, the Employee shall provide
at least eight (8) hours of work for Braintech.  For any given week,
Braintech may require the Employee to work greater or fewer than two (2) days
per week, as long as the weekly average over time is two (2) days per
week.  During the Term, the Employee may use a maximum of 37.59 paid
vacation days.  If the Employee’s vacation days are used up prior to
the end of the Term, the Employee shall not be permitted to use any more
vacation days, and the Employee will only receive payment for days actually
worked.  If at December 31, 2009 the Employee has not used up all of
his 37.59 paid vacation days or if either party terminates this Agreement before
the Employee has used up all of his 37.59 paid vacation days, Braintech shall
pay to the Employee $460.30 (Canadian) for each unused vacation
day.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    The Fee
constitutes all of the fees and charges for the Work.

     

     

    

     

     

    
      	
              4.  

            	
              CONTINUATION
      OF NDA AND CODE OF CONDUCT AND
  ETHICS.  

            

    

     

     

    
      	
              4.1  

            	
              NDA.  The
      Employee acknowledges that the Braintech Inc. Employee Noncompetition,
      Nondisclosure and Inventions Agreement dated as of December 1, 2000
      between the Employee and Braintech, Inc. shall continue to apply to the
      Employee with full force and effect without
  interruption.

            

    

     

     

    
      	
              4.2  

            	
              Code of Conduct and
      Ethics.  The Employee acknowledges that the Braintech
      Inc. Code of Business Conduct and Ethics for Directors, Officers and
      Employees shall continue to apply to the Employee with full force and
      effect without interruption.

            

    

     

    

     

    
      	
              5.  

            	
              EXPIRATION
      AND TERMINATION OF EMPLOYMENT
CONTRACT.

            

    

     

    
      	
              5.1  

            	
              Expiration and
      Termination.  The Employment Contract dated as of October
      22, 2007 among the Employee, Braintech, Inc. and its subsidiary, Braintech
      Canada, Inc. (“Employment Contract”) expired pursuant to its terms on
      October 21, 2009.

            

    

     

    
      	
              5.2  

            	
              Outstanding
      Options.  Pursuant to Article 7 of the Employment
      Contract (entitled “Outstanding Options”), all of the Employee’s
      outstanding options will vest as of October 21, 2009, and regardless of
      any documentation to the contrary, the exercise period of all of the
      Employee’s outstanding options will extend to October 21,
      2012.

            

    

     

    
      	
              5.3  

            	
              Satisfaction of
      Employment Agreement.  The Employee acknowledges and
      agrees that he has been paid in full any and all monies and benefits owing
      or to be owed under the Employment Contract, except for the Employee’s
      37.59 accrued and unpaid vacation days which are being paid out over time
      as provided in this Agreement.  Braintech acknowledges that no
      further services are required from the Employee under Section 4 of the
      Employment Contract.

            

    

     

    

    
      	
              6.  

            	
              HEALTH
      BENEFIT PLAN

            

    

     

    Braintech
Canada, Inc.’s current group Health Benefits Program includes Basic Medical,
Extended Health Care, Vision Care, Dental Expense, Life Insurance, Accidental
Death and Dismemberment, and Long Term Disability.  For the period
commencing October 22, 2009 and ending October 21, 2011, Braintech agrees to
continue providing these benefits to the Employee.  If the current
insurer is unable or unwilling to continue providing these benefits, Braintech
agrees to use reasonable best efforts to obtain a new insurer that will provide
at a minimum the following benefits: Basic Medical (MSP), Extended Health Care,
Vision Care and Dental Expense.

    

    
      	
              7.  

            	
              STOCK
      AND OPTIONS

            

    

     

    In
consideration for entering into this Agreement, Braintech agrees to issue to the
Employee 250,000 stock options under the Braintech, Inc. 2007 Stock Option Plan
(“Plan”) with an exercise price of $0.08 per share.  The Stock Options
will vest and be exercisable immediately.  Notwithstanding Article VI
and Section 10.03 of the Plan, the exercise period will continue for three (3)
years until October 21, 2012.  Braintech also agrees issue to the
Employee 200,000 shares of restricted stock.

    

     

    
      	
              8.  

            	
              MISCELLANEOUS.  

            

    

     

     

    
      	
              8.1  

            	
              Section
      Headings.  All section headings and captions used in this
      Agreement are purely for convenience and shall not affect the
      interpretation of this Agreement.

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
              8.2  

            	
              Governing Law.
      This Agreement shall be deemed to have entered into in Canada and the
      Province of British Columbia, and shall be subject to and governed by the
      laws applicable in the Province of British
  Columbia.

            

    

     

     

    
      	
              8.3  

            	
              Modification.  Except
      as otherwise provided, this Agreement shall not be modified except by
      written agreement signed on behalf of Braintech and the Employee by their
      respective authorized officers.

            

    

     

     

    
      	
              8.4  

            	
              Entire
      Agreement.  Except as expressly provided in this
      Agreement, this Agreement supersedes all prior understandings,
      representations, negotiations and correspondence between the parties,
      constitutes the entire agreement between them with respect to the matters
      described, and shall not be modified or affected by any course of dealing,
      course of performance or usage of
trade.

            

    

     

     

    
      	
              8.5  

            	
              Severability.  If
      any provision of this Agreement is held to be invalid, illegal or
      unenforceable, the validity, legality and enforceability of the remaining
      provisions shall in no way be affected or
  impaired.

            

    

     

     

    
      	
              8.6  

            	
              Waiver.  The
      failure of either party at any time to require performance by the other of
      any provision of this Agreement shall in no way affect that party’s right
      to enforce such provision, nor shall the waiver by either party of any
      breach of any provision of this Agreement be taken or held to be a waiver
      of any further breach of the same provision or any other
      provision.

            

    

     

     

    
      	
              8.7  

            	
              Survival.  The
      provisions of this Agreement, which by their nature extend beyond the
      expiration or earlier termination of the Agreement will survive and remain
      in effect until all obligations are
satisfied.

            

    

     

     

    
      	
              8.8  

            	
              Further
      Assurances.  Each party agrees that it will take such
      actions, provide such documents, do such things and provide such further
      assurances as may reasonably be requested by the other party during the
      term of this Agreement.

            

    

     

     

    
      	
              8.9  

            	
              Counterparts.  This
      Agreement may be executed in any number of counterparts and each fully
      executed counterpart shall be deemed an
  original.

            

    

     

    

     

    IN WITNESS WHEREOF, the
Parties have signed this Agreement on the dates indicated in the signature block
below, with the intent that it be effective as of the Effective
Date.

     

     

    

     

    
      	
              BRAINTECH,
      INC.

            	
              EDWARD
      A WHITE

            
	
               

              Signature:____________________________                                                

              Print
      name:      Rick Weidinger

              Title:                   CEO

            	
               

              Signature:_____________________________________

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