Document:

ex601292010.htm

    * Exhibit
10.6.  Pledge and Stock Purchase Agreement dated as of January 15,
2010 between the Company and the Reporting Person.

    

    PLEDGE
AND STOCK PURCHASE AGREEMENT

    

    This Pledge and Stock Purchase
Agreement (“Agreement”) is entered into on the date(s) set forth in the
signature block below with the intention that it be effective as of January 15,
2010 (“Effective Date”) by Braintech, Inc., a Nevada corporation (“Braintech”)
and Purchaser.

    

    Whereas:

    

    
      	
              A.

            	
              Braintech,
      along with its subsidiaries Braintech Government & Defense, Inc. and
      Braintech Industrial, Inc., has entered into a Loan and Security Agreement
      (Term Loan) (“Term Loan Agreement”) with Silicon Valley Bank (“SVB”) for a
      term loan (“Term Loan”) of up to
$2,200,000.00.

            

    

    

    
      	
              B.

            	
              Purchaser
      and other parties (Purchaser and such other parties, collectively,
      “Pledgors”) have each provided either cash or a letter of credit
      (“Pledge”) to SVB as collateral security for the Term
  Loan.

            

    

    

    
      	
              C.

            	
              Purchaser
      has entered into a Subordination Agreement dated as of October 30, 2009 in
      favor of SVB, and either a Non-Recourse Letter of Credit Agreement or a
      Non-Recourse Pledged Account Agreement dated as of October 30, 2009 in
      favor of SVB.

            

    

    

    
      	
              D.

            	
              Braintech
      has executed a Note and Security Agreement dated as of even date herewith
      (“Note and Security Agreement”) in favor of Purchaser and the other
      Pledgors.

            

    

    

    
      	
              E.

            	
              This
      Agreement, the Note and Security Agreement and other documents described
      more specifically in the Note and Security Agreement are hereinafter
      referred to collectively as the “Pledgor Loan Documents” (as defined in
      the Note and Security Agreement).

            

    

    

    Now
therefore, in consideration of the actions described in the above recitals and
the terms and conditions of this Agreement, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties agree as follows:

     

    
      	
              1.  

            	
              For
      each dollar of Pledge provided by Purchaser as collateral security for the
      Term Loan on or before March 31, 2010, Braintech will issue to Purchaser
      twenty (20) shares of Braintech common stock, $0.001 par value
      (“Shares”).  Minimum Pledge to be provided by any Purchaser is
      $100,000.00.

            

    

     

    
      	
              2.  

            	
              A
      certificate representing the Shares will be delivered to Purchaser
      promptly after execution of this Agreement by Purchaser and
      Braintech.

            

    

     

    
      	
              3.  

            	
              Braintech
      may pay off or pay down the Term Loan as soon as possible at a faster rate
      than that called for by the Term Loan Agreement, subject to the approval
      of Braintech’s Board of Directors that the Company is adequately able to
      pay off or pay down the Term Loan at that faster
  rate.

            

    

     

    
      	
              4.  

            	
              The
      Pledgor Committee (as defined in Schedule A) has the right to review
      and/or to ultimately approve or deny any debt financing proposed by
      Braintech, but such approval shall not be unreasonably withheld,
      conditioned or delayed.

            

    

     

    
      	
              5.  

            	
              All
      initial and ongoing expenses relating to the establishment transfer and/or
      ongoing maintenance of the Pledge, if any, will be paid by Braintech
      within 30 days of Braintech receiving notification of those expenses from
      Purchaser.

            

    

     

    
      	
              6.  

            	
              Purchaser
      will rank pari passu with the other Pledgors with regard to all
      transactions associated with the Term Loan and the Pledges and with regard
      to all rights and obligations attendant thereto, including without
      limitation the application of any proceeds received, whether directly from
      Borrower or from the sale of assets or exercise of other remedies
      following any default.  Any Draw (as defined in the Note and
      Security Agreement) shall be borne ratably among the Pledgors according to
      their respective contributions to the total outstanding Pledges at the
      time of such Draw, even if such Draw is not implemented ratably by
      SVB.  In addition, the Return that arises from any Draw shall be
      distributed ratably among the Pledgors according to their respective
      contributions to the total outstanding Pledges at the time of such
      Draw.  By way of example and not limitation, if Borrower
      defaults under the Term Loan Agreement in the amount of $350,000 and SVB
      takes $350,000 from the Pledged Account (as defined in the Note and
      Security Agreement) of Pledgor Kenneth Brooks (“Brooks”) and no other Draw
      has been made, then each other Pledgor within three business days after
      his Pledge has been released by SVB, shall pay Brooks such other Pledgor’s
      proportionate share of Brooks’ $350,000 Draw, and Braintech shall owe each
      Pledgor a proportionate share of the Return, all as shown in the following
      table:

            

    

     

    

    
      	
              7.  

            	
              The
      Pledgors’ security interest will rank second only to SVB’s security
      interest unless explicitly approved by the
  Pledgors.

            

    

     

    
      	
              8.  

            	
              In
      the event of a default under the Term Loan Agreement, those Pledgors who
      are not already on Braintech’s Board of Directors (“Board”) will be
      immediately invited to the Board. At least two directors who are not
      Pledgors will serve on the Board.  Thereafter, the decisions of
      the Board will be established by a simple majority vote of the
      Directors.

            

    

     

    
      	
              9.  

            	
              Braintech
      and the Pledgors agree that David Baird, Fred Bohlander, Kenneth Brooks
      and Colin Eagen be appointed as members of the Pledgor Committee (as
      defined in Schedule A), with Kenneth Brooks serving as Chairman of the
      Pledgor Committee.

            

    

     

    
      	
              10.  

            	
              This
      Agreement includes the terms of the attached Schedule A, General
      Provisions and the Investor Questionnaires, which are incorporated herein
      by reference and made a part
hereof.

            

    

     

    In witness whereof, the parties have
executed this Agreement as of on the date(s) set forth in the signature block
below with the intention that it be effective as of the Effective
Date.

     

    

    PURCHASER                                                                BRAINTECH,
INC.

    

    By:                                                      

    Signature                                                                           Rick
Weidinger, CEO

    

    Date:                                                      Date:                                                      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    Schedule
A

    

    Establishment
of Pledgor Committee and Appointment of Members

     

    
      	
              1.  

            	
              Braintech
      and the Pledgors agree that David Baird, Fred Bohlander, Kenneth Brooks
      and Colin Eagen are hereby appointed as members of a committee ("Pledgor
      Committee"), with Kenneth Brooks serving as the Chairman of the Pledgor
      Committee.  The Pledgor Committee shall operate by unanimous
      vote and, following consultation with the other Pledgors, shall have the
      right to manage the affairs of the Pledgors as they relate to Braintech,
      subject to the terms hereof.  If the Pledgor Committee is unable
      to reach a unanimous vote on a particular issue within ten (10) business
      days, the issue shall be decided by the Majority Pledgors (as hereinafter
      defined).

            

    

     

    
      	
              2.  

            	
              Purchaser
      hereby irrevocably appoints David Baird, Fred Bohlander, Kenneth Brooks
      and Colin Eagen as members of the “Pledgor Committee”, as the true
      representatives of Purchaser for and in the name of or otherwise on behalf
      of Purchaser with full power to do and execute any and all acts, consents
      and/or waivers, that are requested by Braintech to be given under this
      Agreement and to receive any notices from Braintech that are required to
      be given under this Agreement.  The Pledgor Committee shall act
      in the best interest of all of the Pledgors, collectively, and shall use
      its best efforts to consult with the other Pledgors prior to taking any
      action or issuing any consent or waivers and shall promptly forward copies
      of any notices or other documents it receives from Braintech to the other
      Pledgors.  Without the consent, approval or concurrent action of
      Pledgors who have provided over fifty percent (50%) of the then
      outstanding Pledges (“Majority Pledgors”), the Pledgor Committee shall
      not:  (1) reduce the interest rate due under the Note and
      Security Agreement or otherwise reduce the amounts due in connection with
      the Note and Security Agreement; (2) forgive any principal or the Returns
      due under the Note and Security Agreement; (3) increase the maximum amount
      of the Pledges or any other Pledgor Loan Documents; (4) extend the
      maturity date of the obligations under the Note and Security Agreement or
      the date of any interest payment thereunder; (5) consent to or accept any
      cancellation or termination of any Pledgor Loan Document, or agree to a
      transfer or termination of any instrument now or hereafter assigned to it
      as security for the Pledgor Loan Documents; (6) release, partially or
      fully, any collateral given as security for the Pledgor Loan Documents,
      except as authorized in therein; (7) release, partially or fully, any
      party liable on any guaranty or materially amend any guaranty (including,
      restricting the amount of the right of recovery thereunder); or (8) waive
      any default involving the payment of a Return, principal or interest which
      is an event of default under the Pledgor Loan
  Documents.

            

    

     

    
      	
              3.  

            	
              Each
      Purchaser agrees and acknowledges that so long as the members of the
      Pledgor Committee act in good faith and without willful misconduct, the
      members of the Pledgor Committee shall not be liable for any action taken
      in respect of the Shares, the Pledges, or financings or operations of
      Braintech, or Purchaser’s rights under this Agreement and the Pledgor Loan
      Documents, and Purchaser and Braintech will indemnify and save harmless
      the members of the Pledgor Committee from all acts or omissions undertaken
      as a representative of Purchaser without limitation; provided, however,
      that in no event shall Borrower, the members of the Pledgor Committee or
      any of the other Purchasers be liable for any special, consequential,
      exemplary damages or lost profits.

            

    

     

    
      	
              4.  

            	
              The
      Pledgor Committee expires once SVB releases all of the Pledges and no
      monies are owing to Purchasers by
Braintech.ex10101292010.htm

    Exhibit
10.1. Employment Agreement dated as of January 1, 2010 between Braintech, Inc.
and Edward A. White

    

    EMPLOYMENT
AGREEMENT

    

    THIS EMPLOYMENT AGREEMENT (the
“Agreement”), made as of January 1,
2010 (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;

    

    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 Chief Financial Officer (principal financial
officer and principal accounting officer) (“Work”).  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, 2010.  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 5
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 $5,000 (Canadian) per
month payable through the payroll facilities of ADP Canada (“Fee”) based on a two
(2) day work week.  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.  If the Employee is required, by request of Braintech, to work
more than two (2) days per week and if the Employee is unable to take additional
days off to achieve an average of two (2) days per week, Braintech shall pay to
the Employee $575 for each extra day worked, measured at the conclusion of each
calendar quarter.  The Employee shall provide Braintech with a monthly
schedule of days worked/days off.  The Fee constitutes all of the fees
and charges for the Work.

    

    
      	
              4.  

            	
              STOCK
      AND OPTIONS.

            

    

    In
consideration for entering into this Agreement, Braintech agrees to issue to the
Employee, 250,000 Stock Options with an exercise price equal to the closing
market price of Braintech’s stock on the Effective Date.  The Stock
Options will vest immediately and, regardless of any documentation to the
contrary, the exercise period will continue until December 31, 2015, a term of
five (5) years.  Braintech also agrees to issue to the Employee
250,000 shares of restricted stock.

    

    
      	
              5.  

            	
              CONTINUATION
      OF NDA AND CODE OF CONDUCT AND
ETHICS.

            

    

    
      	
              5.1  

            	
              NDA.  Notwithstanding
      any termination of this Agreement, 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.

            

    

    
      	
              5.2  

            	
              Code of Conduct and
      Ethics.  Notwithstanding any termination of this
      Agreement, 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.

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

       

      
        
        

      

    

    
      	
              6.  

            	
              VACATION
      AND SEVERANCE.

            

    

    
      	
              6.1  

            	
              Vacation.  The
      Employee shall not be entitled to a vacation period during the term of
      this Agreement and the Employee waives any Statutory right to receive any
      vacation pay.

            

    

    
      	
              6.2  

            	
              Severance.  With
      full knowledge and consent, the Employee hereby expressly and irrevocably
      waives (i) any and all common law rights upon termination except as
      expressly provided in this Agreement, and (ii) any Statutory right to
      receive notice of termination or payment in lieu of notice except as
      provided in Article 2 of this
Agreement.

            

    

    

    
      	
              7.  

            	
              HEALTH
      BENEFIT PLAN.

            

    

    Braintech
Canada, Inc.’s current group Health Benefits Program includes Basic Medical
(MSP), Extended Health Care, Vision Care, Dental Expense, Life Insurance, and
Accidental Death and Dismemberment.  For the period commencing January
1, 2010 and ending on 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.

    

    
      	
              8.  

            	
              PLACE
      OF PERFORMANCE.

            

    

    It is
contemplated that the Employee shall perform his duties at Braintech’s office
located at 555 Sixth Street, Suite #360, New Westminster BC.  It the
Employee is required to establish a home office in his residence, Braintech
shall provide the Employee with an additional fee of $300 (Canadian) per month
to offset the additional expenses incurred by the Employee.

    

    
      	
              9.  

            	
              EXPIRATION
      AND TERMINATION OF EMPLOYMENT
AGREEMENT

            

    

    
      	
              9.1  

            	
              Expiration and
      Termination.  The employment Agreement dated as of
      October 22, 2009 among the Employee, Braintech, Inc. and Braintech Canada,
      Inc. (“2009 Agreement”) expired pursuant to its terms on December 31,
      2009.

            

    

    
      	
              9.2  

            	
              Outstanding
      Options. The parties to this Agreement acknowledge that, pursuant
      to the 2009 Agreement, all of the Employee’s outstanding options have
      vested 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.

            

    

    

    
      	
              10.  

            	
              MISCELLANEOUS.

            

    

    
      	
              10.1  

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

            

    

    
      	
              10.2  

            	
              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.

            

    

    
      	
              10.3  

            	
              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.

            

    

    
      	
              10.4  

            	
              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.

            

    

    
      	
              10.5  

            	
              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.

            

    

    
      	
              10.6  

            	
              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.

            

    

    
      	
              10.7  

            	
              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.

            

    

    
      	
              10.8  

            	
              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.

            

    

    
      	
              10.9  

            	
              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:                      /s/ Rick
      Weidinger        
                                     

              Print
      name:                      Rick
      Weidinger

              Title:                                
       CEO

            	
              Signature:                      /s/ Edward A.
      White

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