Document:

<PAGE>
                                                                   EXHIBIT 10.36

                                PLEDGE AGREEMENT

     Pledge Agreement dated as of April 16, 2001 (the "Pledge Agreement"),
                                                       -----------------
between Richard V. Baxter, Jr. (the "Pledgor") and SMTC Corporation, a Delaware
        -----------------            -------
corporation (the "Company").
                  -------

                                   WITNESSETH
                                   ----------

     WHEREAS, Pledgor is the holder of 267,454 shares of the Company's Common
Stock, $.01 par value plus such number of the Company's Common Stock, $.01 par
value, as is released to the Pledgor under the terms of the Escrow Agreement
dated July 27, 2000 by and among the Company, the individual stockholders of
Pensar Corporation, a Wisconsin corporation ("Pensar") and Brown Brothers
Harriman & Co., on July 27, 2001 (the "Shares"),
                                       ------

     WHEREAS, the Shares were originally issued to the Pledgor in accordance
with the terms of the Stock Purchase Agreement dated as of May 23, 2000 (the
"Purchase Agreement") among the Company and Pensar Corporation, and the
 ------------------
individual stockholders of Pensar, including the Pledgor.

     WHEREAS, the Pledgor is delivering a duly executed Secured Promissory Note
(as amended from time to time, the "Note") to the Company in exchange for the
                                    ----
Company's loaning $1,255,248 to the Pledgor in accordance with Section 5.12(b)
of the Purchase Agreement,

     WHEREAS, in connection with the loan by the Company to the Pledgor, the
Pledgor is delivering to the Company the Note in the principal amount of
$1,255,248 dated as of the date hereof; and

     WHEREAS, the Pledgor wishes to grant further security and assurance to the
Company in order to secure the payment of all amounts due under the Note from
time to time (hereinafter collectively referred to as the "Note Obligations")
                                                           -----------------
and therefore wishes to pledge to the Company the Pledgor's right, title and
interest in and to the Shares and any payments, dividends, interest and
distributions made to the Pledgor in respect of the Share, all as more
particularly described herein;

     NOW, THEREFORE, in consideration of the foregoing and for other good and
valuable consideration, the receipt and adequacy of which are hereby
acknowledged, the parties hereto agree as follows:

     1. Pledge. As collateral security for the full and timely payment of the
        ------
Note Obligations and any amounts payable by the Pledgor under this Pledge
Agreement (including, without limitation, any and all reasonable fees and
expenses, including reasonable legal fees and expenses, incurred by the Company
in connection with any exercise of its rights under the Note or hereunder), the
Pledgor hereby delivers, deposits, pledges, transfers and assigns to the
Company, in form transferable for delivery, and creates in the Company a
security interest in all Shares and all certificates evidencing the Shares and
all other instruments or documents

<PAGE>
                                                                Pledge Agreement
                                                                  April 10, 2001

evidencing the same and all dividends, cash, instruments and other property from
time to time received, receivable or otherwise distributed (collectively,
"Dividends") in respect of or in exchange for any or all of the Shares. The
 ---------
Shares and other securities described above are hereinafter collectively
referred to as the "Pledged Securities".
                    ------------------

     The Pledgor agrees that all certificates evidencing the Pledged Securities
shall be marked with the following legend:

     THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE PROVISIONS OF
     A PLEDGE AGREEMENT DATED AS OF APRIL 10, 2001 BY AND BETWEEN SMTC
     CORPORATION, A DELAWARE CORPORATION (THE "CORPORATION"), AND THE PLEDGOR
     NAMED THEREIN, A COPY OF WHICH IS ON FILE AT THE OFFICES OF THE
     CORPORATION.

     The Pledgor agrees to deliver to the Company all Pledged Securities
currently held by him in order that such legend may be placed thereon.

     2.   Administration of Security. The following provisions shall govern the
          --------------------------
administration of the Pledged Securities:

          (a) So long as no Event of Default has occurred and is continuing (as
used herein, "Event of Default" shall mean the occurrence of any Event of
              ----------------
Default as defined in the Note), the Pledgor shall be entitled to act with
respect to the Pledged Securities in any manner not inconsistent with this
Pledge Agreement or the Note or any document or instrument delivered or to be
delivered pursuant to or in connection with any of the foregoing.

          (b) If while this Pledge Agreement is in effect, the Pledgor shall
become entitled to receive or shall receive any debt or equity security
certificate (including, without limitation, any certificates representing shares
of stock received in connection with the exercise of any option, any certificate
representing a stock dividend or a distribution in connection with any
reclassification, increase or reduction of capital, or issued in connection with
any reorganization), option or right, whether as a dividend or distribution in
respect of, in substitution of, or in exchange for any Pledged Securities, the
Pledgor agrees to accept the same as the Company's agent and to hold the same in
trust on behalf of and for the benefit of the Company and to deliver the same
forthwith to the Company in the exact form received, with the endorsement of the
Pledgor when necessary and/or appropriate undated security transfer powers duly
executed in blank, to be held by the Company, subject to the terms of this
Pledge Agreement, as additional collateral security for the Note Obligations.

          (c) The Pledgor shall immediately upon request by the Company and in
confirmation of the security interests hereby created, execute and deliver to
the Company such further instruments, deeds, transfers, assurances and
agreements, in form and substance as the Company shall request, including any
financing statements and amendments thereto, or any other

                                       -2-

<PAGE>
                                                                Pledge Agreement
                                                                  April 10, 2001

documents, as required or advisable under Delaware law and any other applicable
law to protect the security interests created hereunder.

          (d) Subject to any sale by the Company or other disposition by the
Company of the Pledged Securities or other property pursuant to this Pledge
Agreement and subject to Sections 5 and 6 below, the Pledged Securities shall be
returned to the Pledgor upon payment in full of the Note Obligations.

          (e) So long as no Event of Default has occurred and is continuing, all
or any portion of the Pledged Securities shall be returned to the Pledgor (free
of the restrictions set forth herein) in connection with the sale, assignment or
other disposition for cash or cash equivalents of Pledged Securities by the
Pledgor if and to the extent that the Pledgor shall have prepaid the Note in an
amount equal to the Payment Amount (as defined in the Note) in respect of such
sale, assignment or other transfer.

     3.   Remedies in Case of an Event of Default.

          (a) In case an Event of Default shall have occurred and be continuing,
the Company shall have in each case all of the remedies of a secured party under
the Delaware Uniform Commercial Code, and, without limiting the foregoing, shall
have the right, in its sole discretion, to sell, resell, assign and deliver all
or, from time to time, any part of the Pledged Securities, or any interest in or
option or right to purchase any part thereof, on any securities exchange on
which the Pledged Securities or any of them may be listed, at any private sale
or at public auction, with or without demand of performance or other demand,
advertisement or notice of the time or place of sale or adjournment thereof or
otherwise (except that the Company shall give ten days' notice to the Pledgor of
the time and place of any sale pursuant to this Section 3), for cash, on credit
or for other property, for immediate or future delivery, and for such price or
prices and on such terms as the Company shall, in its sole discretion,
determine, the Pledgor hereby waiving and releasing any and all right or equity
of redemption whether before or after sale hereunder. At any such sale the
Company may bid for and purchase the whole or any part of the Pledged Securities
so sold free from any such right or equity of redemption. The Company shall
apply the proceeds of any such sale first to the payment of all costs and
                                    -----
expenses, including reasonable attorneys' fees, incurred by the Company in
enforcing its rights under this Pledge Agreement and second to the payment of
the remaining Note Obligations, and the Pledgor shall continue to be liable for
any deficiency.

          (b) The Pledgor recognizes that the Company may be unable to effect a
public sale of all or a part of the Pledged Securities by reason of certain
prohibitions contained in the Securities Act of 1933, as amended (the
"Securities Act"), or in the rules and regulations promulgated thereunder or in
----------------
applicable state securities or "blue sky" laws, but may be compelled to resort
to one or more private sales to a restricted group of purchasers who will be
obliged to agree, among other things, to acquire the Pledged Securities for
their own account, for investment and not with a view to the distribution or
resale thereof. The Pledgor understands that private sales so made may be at
prices and on other terms less favorable to the seller than if

                                       -3-

<PAGE>
                                                                Pledge Agreement
                                                                  April 10, 2001

the Pledged Securities were sold at public sale, and agrees that the Company has
no obligation to delay the sale of the Pledged Securities for the period of time
necessary to permit the registration of the Pledged Securities for public sale
under the Securities Act and under applicable state securities or "blue sky"
laws. The Pledgor agrees that a private sale or sales made under the foregoing
circumstances shall be deemed to have been made in a commercially reasonable
manner.

          (c) If any consent, approval or authorization of any state, municipal
or other governmental department, agency or authority should be necessary to
effectuate any sale or disposition by the Company pursuant to this Section 3 of
the Pledged Securities, the Pledgor will execute all such applications and other
instruments as may be required in connection with securing any such consent,
approval or authorization, and will otherwise use his or her best efforts to
secure the same.

          (d) Neither failure nor delay on the part of the Company to exercise
any right, remedy, power or privilege provided for herein or by statute or at
law or in equity shall operate as a waiver thereof, nor shall any single or
partial exercise of any such right, remedy, power or privilege preclude any
other or further exercise thereof or the exercise of any other right, remedy,
power or privilege.

     4. Pledgor's Obligations Not Affected. The obligations of the Pledgor under
        ----------------------------------
this Pledge Agreement shall remain in full force and effect without regard to,
and shall not be impaired or affected by: (a) any subordination, amendment or
modification of or addition or supplement to the Note or the Note Obligations,
or any assignment or transfer of any thereof; (b) any exercise or non-exercise
by the Company of any right, remedy, power or privilege under or in respect of
this Pledge Agreement, the Note or the Note Obligations, or any waiver of any
such right, remedy, power or privilege; (c) any waiver, consent, extension,
indulgence or other action or inaction in respect of this Pledge Agreement, the
Note or the Note Obligations, or any assignment or transfer of any thereof; or
(d) any bankruptcy, insolvency, reorganization, arrangement, readjustment,
composition, liquidation or the like, of the Company, whether or not the Pledgor
shall have notice or knowledge of any of the foregoing.

     5. Transfer by Pledgor. The Pledgor will not sell, assign, transfer or
        -------------------
otherwise dispose of, grant any option with respect to, or mortgage, pledge or
otherwise encumber the Pledged Securities or any interest therein except to the
extent permitted under Section 2(e) hereof.

     6. Attorney-in-Fact. The Company is hereby appointed the attorney-in-fact
        ----------------
of the Pledgor and the Pledgor's transferees for the purpose of carrying out the
provisions of this Pledge Agreement and taking any action and executing any
instrument which the Company reasonably may deem necessary or advisable to
accomplish the purposes hereof, including without limitation, the execution of
the applications and other instruments described in Section 3(c) hereof, which
appointment as attorney-in-fact is irrevocable as one coupled with an interest.

                                       -4-

<PAGE>
                                                                Pledge Agreement
                                                                  April 10, 2001

     7. Termination. Upon payment in full of the principal of the Note
        -----------
Obligations and upon the due performance of and compliance with all the
provisions of the Note Obligations, this Pledge Agreement shall terminate and
the Pledgor shall be entitled to the return of such of the Pledged Securities as
have not theretofore been sold, released pursuant to Sections 5 and 6 hereof or
otherwise applied pursuant to the provisions of this Pledge Agreement.

     8. Binding Effect, Successors and Assigns. This Pledge Agreement shall be
        --------------------------------------
binding upon and inure to the benefit of the parties hereto and their respective
successors and assigns and nothing herein is intended or shall be construed to
give any other person any right, remedy or claim under, to or in respect of this
Pledge Agreement.

     9. Miscellaneous. The Company and its assigns shall have no obligation in
        -------------
respect of the Pledged Securities, except to hold and dispose of the same in
accordance with the terms of this Pledge Agreement. Neither this Pledge
Agreement nor any provision hereof may be amended, modified, waived, discharged
or terminated orally, but only by an instrument in writing signed by the party
against which enforcement of the amendment, modification, waiver, discharge or
termination is sought. The provisions of this Pledge Agreement shall be binding
upon the heirs, representatives, successors and permitted assigns of the
Pledgor. The captions in this Pledge Agreement are for convenience of reference
only and shall not define or limit the provisions hereof. This Pledge Agreement
shall be governed by and construed and enforced in accordance with the laws of
the State of Delaware, without regard to the conflicts of law rules thereof.
This Pledge Agreement may be executed simultaneously in several counterparts,
each of which is an original, but all of which together shall constitute one
instrument.

     IN WITNESS WHEREOF, the parties hereto have caused this Pledge Agreement to
be executed and delivered as of the date first above written.

                                     SMTC CORPORATION

                                     By /s/ RICHARD SMITH
                                        ----------------------------------------
                                        Name:  Richard Smith
                                        Title: Chief Financial Officer

                                     PLEDGOR

                                        /s/ RICHARD V. BAXTER, JR
                                        ----------------------------------------

                                       -5-<PAGE>

                                                                   EXHIBIT 10.37

                             SECURED PROMISSORY NOTE

                                 April 16, 2001

     FOR VALUE RECEIVED, the undersigned, Richard V. Baxter, Jr. (the
"Borrower"), hereby promises to pay to SMTC Corporation, a Delaware corporation
 --------
(the "Company"), or to the legal holder of this Note at the time of payment, the
      -------
principal sum of One Million Two-Hundred Fifty-Five Thousand Two Hundred
Forty-Eight Dollars ($1,255,248.00) in lawful money of the United States of
America. This note shall not bear interest. The entire principal amount of
indebtedness evidenced by this note, to the extent not theretofore prepaid as
provided herein, shall be repaid on the Maturity Date (as defined below). If the
date set for any payment or prepayment of principal hereunder is a Saturday,
Sunday or legal holiday, then such payment or prepayment shall be made on the
next preceding business day.

     This Note has been delivered to evidence indebtedness of the Borrower to
the Company arising in connection with the loan from the Company to the Borrower
in an amount equal to the increase in the Borrower's income taxes as a result of
the Borrower recognizing gain with respect to both the Per Share Consideration
and the Per Share Stock Consideration (each as defined in the Stock Purchase
Agreement dated as of May 23, 2000 (the "Purchase Agreement") among the Company
                                         -----------------
and Pensar Corporation, a Wisconsin corporation ("Pensar") and the individual
                                                  ------
stockholders of Pensar (including the Borrower)), instead of Borrower
recognizing gain only to the extent of the Per Share Cash Consideration, such
loan in accordance with Section 5.12(b) of the Purchase Agreement. Payment of
the principal of this Note is secured pursuant to the terms of a Pledge
Agreement, dated as of the date hereof, between the Borrower and the Company (as
amended from time to time, the "Pledge Agreement"), reference to which is made
                                ----------------
for a description of the collateral provided thereby and the rights of the
Company and any subsequent holder of this Note in respect of such collateral.

     As used in this Note the term "Shares" means any of the "Pledged
                                    ------
Securities" as defined in the Pledge Agreement.

     As used in this Note the term "Maturity Date" means July 27, 2004.
                                    -------------

     This Note is subject to the following further terms and conditions:

     1. Mandatory Prepayments. If at any time the Borrower receives any
        ---------------------
proceeds, which include cash or cash equivalents, from the Sale (as defined
below) of Shares to anyone (including the Company), the Borrower shall prepay
this Note in an amount equal to the lesser of (a) (i) a fraction, the numerator
of which is the number of Shares then Sold and the denominator of which is the
total number of Shares held by the Borrower immediately prior to such Sale
multiplied (ii) by the amounts then owed under this Note and (b) the aggregate
proceeds of such Sale (the "Payment Amount"). For purposes of this Section 1,
the term "Sale" shall include, in addition to any direct sale or other
disposition of Shares, any transaction (including, without limitation, a merger,
consolidation or recapitalization) pursuant to which Shares are converted

<PAGE>

                                                                 Promissory Note
                                                                  April 10, 2001

into a right to receive, in whole or partial exchange or substitution for
Shares, cash or cash equivalents.

     The right of the Borrower to receive proceeds upon the Sale of Shares is
subject to the prior right of the Company (or other holder of this Note) (i) in
the case of a Sale of Shares to the Company (or other holder of this Note), in
lieu of the Company (or such other holder) paying the proceeds from such Sale to
the Borrower or his heirs, successors or permitted assigns to set off against
amounts owed under this Note an amount equal to the Payment Amount in respect of
such Sale, or (ii) in the case of a Sale of Shares to any other person or entity
(collectively, the "Transfer Parties"), in lieu of any of such Transfer Parties
                    ----------------
paying the purchase price therefor to the Borrower or his heirs, successors or
permitted assigns, to direct such Transfer Parties to pay an amount equal to the
Payment Amount in respect of such Sale to the Company (or other holder of this
Note) which shall set off such amount against this Note.

     Concurrently with any prepayment (including by set-off) of any portion of
the principal amount of this Note pursuant to this Section 1 or Section 2
hereof, the Company (or other holder of this Note) shall make a notation of such
payment hereon. If full payment of all amounts payable under this Note is made,
this Note will be canceled.

     If at any time, or from time to time, the Borrower shall become entitled to
receive from the Company (or other holder of this Note) any cash payments, cash
dividends or other cash distributions in respect of any Shares, then, and in
each case, the Company (or other holder of this Note) shall not be obligated to
make any such cash payment, cash dividend or other cash distribution not
theretofore made to which the Borrower or any of his heirs, successor or
permitted assigns are otherwise entitled in respect of their Shares and may, in
lieu of paying such amount to the Borrower, set off the amount of such cash
payment, cash dividend or other cash distribution against the amounts payable
under this Note in the manner set forth in the second paragraph of this Section
1.

     2. Payment and Prepayment. All payments and prepayments of principal of
        ----------------------
this Note shall be made to the Company or its order, or to the legal holder of
this Note or such holder's order, in lawful money of the United States of
America at the principal offices of the Company (or at such other place as the
holder hereof shall notify the Borrower in writing). The Borrower may, at his
option, prepay the obligations under this Note in whole or in part at any time
or from time to time without penalty or premium. Upon final payment of principal
of this Note it shall be surrendered for cancellation. The Pledge Agreement
requires payment or prepayment of all obligations under this Note as a condition
precedent to the release of, or transfer of the Borrower's interests in, the
collateral subject to the Pledge Agreement, all as described more fully in the
Pledge Agreement.

     3. Events of Default. Upon the occurrence and continuance of any of the
        -----------------
following events for a period of three days following notice thereof to the
 Borrower ("Events of Default"):
            -----------------

                                      -2-

<PAGE>

                                                                 Promissory Note
                                                                  April 10, 2001

          (a) Failure to pay the principal of this Note, including any
     prepayments required hereunder, when due; or

          (b) Failure of the Borrower to perform the Borrower's obligations
     under the Pledge Agreement;

then, and in any such event, the holder of this Note may declare, by notice of
default given to the Borrower, the entire principal amount of this Note to be
forthwith due and payable, whereupon the entire principal amount of this Note
outstanding and all amounts payable hereunder shall become due and payable
without presentment, demand, protest, notice of dishonor and all other demands
and notices of any kind, all of which are hereby expressly waived. If an Event
of Default shall occur hereunder, the Borrower shall pay costs of collection,
including reasonable attorneys' fees, incurred by the holder in the enforcement
hereof.

     No delay or failure by the holder of this Note in the exercise of any right
or remedy shall constitute a waiver thereof, and no single or partial exercise
by the holder hereof of any right or remedy shall preclude other or future
exercise thereof or the exercise of any other right or remedy.

     4.   Miscellaneous.
          -------------

          (a) The provisions of this Note shall be governed by and construed in
     accordance with the laws of the State of Delaware, without regard to the
     conflicts of law rules thereof.

          (b) All notices and other communications hereunder shall be in writing
     and will be deemed to have been duly given if delivered or mailed.

                           If to the Company:

                           SMTC Corporation
                           635 Hood Road
                           Markham, Ontario
                           Canada L3R 4N6
                           Attention:  Richard Smith

                           With a copy to

                           Ropes & Gray
                           One International Place
                           Boston, MA  02110
                           Attention:  Alfred O. Rose, Esq.

                                      -3-

<PAGE>
                                                                 Promissory Note
                                                                  April 10, 2001

                           If to the Borrower:

                           Richard V. Baxter, Jr.
                           c/o SMTC Manufacturing Corporation of Wisconsin
                           2222 East Pensar Drive
                           Appleton, WI 54911

          (c) The headings contained in this Note are for reference purposes
     only and shall not affect in any way the meaning or interpretation of the
     provisions hereof.

          (d) The Borrower hereby waives presentment, demand, notice of
     nonpayment and protest except as provided in this Note.

               [The rest of this page is left intentionally blank]

                                      -4-

<PAGE>
                                                                 Promissory Note
                                                                  April 10, 2001

     IN WITNESS WHEREOF, this Note has been duly executed under seal and
delivered by the Borrower on the date first above written.

                                        /s/ RICHARD V. BAXTER, JR.
                                        ----------------------------------------
                                        Richard V. Baxter, Jr.

Witness:

  /S/ DAVID E. STEEL
--------------------------------
Name: David E. Steel

                                      -5-

<PAGE>

                                                                 Promissory Note
                                                                  April 10, 2001

                      Payments and Prepayments of Principal
                                     for the
                Secured Promissory Note of Richard V. Baxter, Jr.
                     (original principal amount $         )
                                                 ---------

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                        AMOUNT OF
                   PRINCIPAL PAID OR         BALANCE OF          NOTATION
     DATE               PREPAID            PRINCIPAL UNPAID      MADE BY:
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