Document:

20-F

Exhibit 4.10  

December 04, 2006

Page 1

STOCK AND
LOAN PURCHASE AGREEMENT

This Stock and Loan Purchase
Agreement (“Agreement”) is made and entered into on this 1st day of December,
2006 by and between UB Precision Co., Ltd., a Korean corporation (“Purchaser”), at 425 Jung-dong, Giheung-gu, Yongin-si,
Gyeongggi-do, Korea and Elbit Vision
Systems Ltd., an Israeli corporation (“Seller”), at New Industrial Park Bldg 7, P.O. Box 140, Yokneam, Israel.

WITNESSETH:

WHEREAS, Yuravision Co. Ltd. is a
non-listed company duly organized and existing under the laws of Korea and primarily engaged in
the field of the development of machine vision inspection devices, having its principal
office at Century Park Building 3rd Floor, Youngtong-dong 1029-8,
Youngtong-gu, Suwon-si, Korea (“the Company”);

WHEREAS, the number of authorized
shares of the Company is two million (2,000,000) shares of common stock with par value of Five Thousand
Korean Won (KRW 5,000), and the total issued
and outstanding shares of the Company is two hundred thirty three thousand and five hundred fifty (233,550) shares;

WHEREAS, Seller immediately prior to Closing (as defined below), shall own one
hundred sixty three thousand seven hundred and eighty two (163,782) shares of
the Company and a loan to be paid by the Company in the aggregate amount,
including all interest accrued thereon, of
Eight Hundred Thousand U.S. Dollars (USD 800,000) as of the Effective Date (as
defined below); and

WHEREAS, Seller desires to sell
all shares of the Company held by Seller and sell and assign its loan receivable from the Company
to Purchaser pursuant to this Agreement and
Purchaser desires to purchase such shares and Loan on the terms and conditions
set forth below.

NOW, THEREFORE, in consideration of the
mutual promises and covenants contained herein, Seller and Purchaser agree as follows:

December 04, 2006

Page 2

	
 

	
 

	
Article 1

	
Sale of Shares and Loan

Subject to the terms and
conditions of this Agreement, Seller hereby agrees to sell one hundred sixty three thousand seven hundred and
eighty two (163,782) shares of common
stock of the Company equivalent to seventy and one tenth percent (70.1%) of the total issued and outstanding shares of the
Company (“Shares”) and a loan receivable from the Company in the
aggregate amount, including all interest accrued thereon, of Eight Hundred
Thousand U.S. Dollars (USD 800,000) (“Loan”) to Purchaser, and Purchaser agrees to purchase Shares and Loan from
Seller.

	
 

	
 

	
Article 2

	
Purchase Price

In
consideration of the sale and purchase of Shares and Loan, Purchaser agrees to
pay to Seller, and Seller agrees to receive from Purchaser, nine hundred and
fifty thousand U.S. Dollars (USD 950,000) (“Purchase Price of Shares”) for
Shares and eight hundred thousand U.S. Dollars (USD 800,000) (“Principal Amount”)
for Loan.

	
 

	
 

	
Article 3

	
Conditions Precedent to Closing

3.1 Seller and Purchaser
shall cooperate in filing all necessary reports with and obtaining approvals from
any of the governmental agencies or public authorities required for execution
of this Agreement and consummation of any transaction contemplated hereunder (“Governmental
Approvals”), including but not limited to, the report of the share transfer with a foreign exchange bank and the report
of the loan assignment with the Bank
of Korea under the Foreign Investment Promotion Act, Foreign Exchange Transaction Act and other
applicable laws and regulations.

3.2 Consummation of the
transactions contemplated by this Agreement (“Closing”) shall occur together
with the following transactions, which transactions shall be deemed to take
place simultaneously and no transaction shall be deemed to have been completed or any document
delivered until all such transactions have been completed: (i) fulfillment of the
Government Approvals; and (ii) consummation of the purchase by Seller of forty four
thousand two hundred thirteen (44,213) ordinary shares of the Company, from certain existing
shareholders of the Company.

December 04, 2006

Page 3

	
 

	
 

	
Article 4

	
Closing

4.1 The
transaction contemplated by this Agreement shall be consummated on December 15, 2006 at ____________ or such
other time and place as the parties may mutually
agree in writing (“Closing Date”).

4.2 On
Closing Date, Seller shall transfer and deliver the share certificates representing fifty percent (50%) of Shares to
Purchaser and Purchaser shall pay to Seller fifty percent (50%) of Purchase Price of Shares, namely USD 475,000. The
remaining fifty percent (50%) of Purchase Price of Shares, namely USD
475,000, shall be paid to Seller by Purchaser
within a period not to exceed two (2) years from Effective Date. In
order to facilitate compliance with the obligations of Purchaser to pay the
remaining fifty percent (50%) of Purchase
Price of Shares, Purchaser shall deliver to Seller an irrevocable bank guarantee in the form of Schedule
A, issued by a bank previously approved
by Seller, securing payment of the remaining fifty percent (50%) of Purchase Price
of Shares, namely USD 475,000, no later than December 31, 2006. Upon receipt of the irrevocable bank guarantee, Seller shall
transfer and deliver the share certificates representing fifty percent (50%) of Shares to Purchaser. In the event
Seller does not receive the remaining
fifty percent (50%) of Purchase Price of Shares, namely USD 475,000, by
two (2) years from Effective Date, or December 4, 2008, the Seller may in its sole and absolute discretion, immediately
exercise the bank guarantee.

4.3 Upon receipt of the guarantee
insurance referred to in the following sentence, Seller shall deliver
the notice of assignment of Loan to the Company in the form consistent with the
Korean law and Purchaser shall pay the fifty percent (50%) of Principal Amount,
namely USD 400,000, within a period not to exceed two (2) years from Effective Date and the remaining fifty
percent (50%) of Principal Amount, namely USD 400,000, within a period not to exceed two and one half (2 1/2) years
from Effective Date, subject to any deductions as provided under Section
3 of the attached Employee Retention Agreement. In order to facilitate
compliance with the obligations of
Purchaser to pay the full Principal Amount according to the scheduled set forth
in this paragraph, Purchaser shall
deliver to Seller no later than December 31, 2006 a guarantee insurance in the form of Schedule B from a company
previously approved by Seller covering
the full Principal Amount for two and one half (2 1/2) years from Effective
Date. In the event Seller does not receive fifty percent (50%) of Principal
Amount, by two (2) years from Effective Date and/or fifty percent (50%) of
Principal Amount, by two and one half (2 1/2) years from Effective Date, the
Seller may, in its sole and absolute discretion, immediately take all necessary
action to receive the portion of the Principal Amount the Purchaser was to have paid at
such time from the guarantee insurance.

December 04, 2006

Page 4

	
 

	
 

	
Article 5

	
Taxes

Purchaser
shall pay the securities transaction tax in connection with the sale and purchase of Shares
contemplated hereby with the amount withheld from the payment of Purchase Price
of Shares under Article 4.2 above, and each of the parties shall pay on its own
for all other taxes, duties and charges as levied against such party under the
Korean law.

	
 

	
 

	
Article 6

	
Effective Date

This
Agreement shall come into force and effect on the date first written above (“Effective Date”).

	
 

	
 

	
Article 7

	
Entire
  Agreement

Together
with Employee Retention Agreement attached this Agreement contains the entire understanding and
agreement of the parties with respect to the subject matter hereof and supersedes
any and all prior and contemporaneous negotiations, oral and written agreements
and/or drafts thereof.

	
 

	
 

	
Article 8

	
Assignment

This
Agreement and each and every covenant, term and condition herein is binding upon and inures to the
benefit of the parties hereto and their respective successors and assigns, but neither party shall assign this Agreement or
any rights hereunder directly or indirectly without receiving
the prior written consent of the other parties.

December 04, 2006

Page 5

	
 

	
 

	
Article 9

	
Language

This
Agreement is written in the English language, and the English language text of
this Agreement
shall prevail over any translation thereof.

	
 

	
 

	
Article
  10

	
Interpretation

This Agreement shall be governed by and construed in
accordance with the laws of Korea, without regard to the conflict of laws
principles thereof. Any dispute arising under or in relation to this
Agreement shall be exclusively resolved in the competent Korean
court where Purchaser is located, and each of the parties hereby submits irrevocably
to the jurisdiction of such court. The losing party in any dispute shall compensate
all and every reasonable costs and expenses of a prevailing party including attorney’s fees.

	
 

	
 

	
Article 11

	
Counterparts

This Agreement may be executed in one or more
counterparts and each counterpart shall be
deemed an original hereof.

December 04, 2006

Page 6

IN WITNESS WHEREOF, Seller and Purchaser have
caused this Agreement to be executed by their duly authorized representatives
in original copies as of the date first above written.

SELLER
Elbit Vision Systems Ltd.

	By: /s/ Nir Alon
——————————————

Name: Nir Alon
Title: Director		

PURCHASER
UB Precision Co., Ltd...

	By: /s/ An Yun Tae
——————————————

Name: An Yun Tae
Title:		 

	
   

  	
   

  
	
  Attachment:

  	
  Employee Retention Agreement

  
	
  Schedule A:

  	
  Bank Guarantee

  
	
  Schedule B:

  	
  Guarantee Insurance

  
	
  Schedule C:

  	
  General Employment Terms of UB Precision Co.,
  Ltd.

  

December 04, 2006

Page 7

Attachment: Employee Retention Agreement

December 04, 2006

Page 8

Schedule A: Bank Guarantee

December 04, 2006

Page 9

Schedule B: Guarantee Insurance

December 04, 2006

Page 10

Schedule C: General Employment Terms of UB Precision Co., Ltd.20-F

Exhibit 4.11  

November 29, 2006

Page l

EMPLOYEE RETENTION AGREEMENT

This Employee Retention Agreement
(“Agreement”) is entered into between UB Precision Co., Ltd. (“Purchaser”) and
Elbit Vision System Ltd. (“Seller”), which hereinafter together will be referred to as “Parties” and individually
as “Party,” as an attachment to the Stock and Loan Purchase Agreement
(“Stock and Loan Purchase Agreement”)
between Purchaser and Seller dated December 1, 2006 (“Effective Date”). Parties
agree that capitalized terms used but not otherwise defined herein shall
have the meaning set forth in Stock and Loan Purchase Agreement.

WHEREAS, Parties acknowledge and
agree that the value of shares (“Shares”) of Yuravision Co., Ltd. (“the
Company”) being transferred under Stock and Loan Purchase Agreement is
significantly based on the continued employment of certain key employees of the
Company named below either with the Company or with the Purchaser following the
merger of the Company into the Purchaser (which hereinafter will be referred to as “Employees” as a group and
individually as “Employee”);

WHEREAS, Purchaser desires to be
compensated from Seller for any decrease in the value of Shares
resulting from departure of Employees as set forth herein and Seller agrees to provide certain compensation for such
decrease as long as the terms, conditions and covenants set forth below are
satisfied; and

WHEREAS, Purchaser has received
written consent from Employees to continue their employment with Company
or with the Purchaser following the merger of the Company into the Purchaser, as applicable, until the Expiration Date.

NOW, THEREFORE, in order to provide incentives for the
continued services of Employees, Seller and Purchaser agree on the following
terms and conditions:

November 29, 2006

Page 2

	
   

  	
   

  	
   

  	
   

  
	
   

  	
  1.

  	
  This Agreement shall be
  effective until November 30, 2008 (“Expiration Date”).

  
	
   

  	
   

  	
   

  
	
   

  	
  2.

  	
  Purchaser agrees that in its
  dealings with Employees, Purchaser will utilize its best effort and
  manners and act in a commercially reasonable manner at all times to decrease
  the risk of the departure of any of Employees.

  
	
   

  	
   

  	
   

  
	
   

  	
  3.

  	
  Subject to Section 4 and the following two
  sentences, Seller agrees that: (i) 35% of the principal amount of Loan
  (“Principal Amount”), namely USD 280,000, shall be deducted from Principal
  Amount in the event that the employment of
  Sun Gi Kim, resident registration number (“RRN”) 720909-1067514, with
  the Company or with the Purchaser following the merger of the Company into the Purchaser, as applicable, is
  terminated before Expiration Date; and (ii) 20% of Principal Amount, namely
  USD 160,000, shall be deducted from Principal Amount upon the
  termination of the employment with the Company or with the Purchaser
  following the merger of the Company into the Purchaser, as applicable, before
  Expiration Date of any of Hyun Wook Shin, RRN 730802-1094828, Taek Kyu Lee,
  RRN 740406-1026024, Jong Min Kim, RRN
  731028-1031217, Ja Yong Park, RRN 770123-1531216, or Hee Min Kang, RRN
  780929-1708421, provided, however, that notwithstanding the above, the sum of
  the aggregate amount deducted from Principal Amount shall not exceed
  Principal Amount, namely USD 800,000. In
  case an Employee’s departure results from Company’s or Purchaser’s, as applicable, termination of such
  Employee, no deduction shall be made from Principal Amount. In the event
  termination or resignation of Employee is due to failure of Purchaser
  or Company, as applicable, to comply to any of the followings, then no
  deduction shall be made from Principal Amount:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  a.

  	
  Application of this Section shall be based on the
  condition that Employees comply with the
  Korean Labor Standards Act and the Employment Rules of Purchaser or Company, as applicable;

  

November 29, 2006

Page 3

	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  b.

  	
  Purchaser or Company, as applicable, shall not
  reduce title or the level of Employee’s
  reporting relationship, compensation or benefits without Employee’s consent;

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  c.

  	
  Purchaser or Company, as applicable, shall not
  relocate principal place of employment beyond 20 km from his/her current
  location; unless such relocation is necessary on a temporary basis in order
  to perform activities relating to
  equipment set-ups and customer services; and

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  d.

  	
  Purchaser or Company, as
  applicable, shall provide benefits that are equivalent to those provided to other employees of Purchaser or
  Company, as applicable, on a company-wide basis, including without
  limitation, fringe benefits, stock
  options, paid-leave days, or increase in salaries, bonuses, incentives or
  other payments to the employee, provided that incentives payments may
  be made based on performance of Employees.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  4.

  	
  In the event that the Company
  is not merged into Purchaser after Effective Date, Seller may appoint one director of the Company until Expiration
  Date as long as the Company remains as a separate entity from
  Purchaser. In the event that the Company
  is merged into Purchaser, Seller shall have right to visit, meet, and/or
  interview Employees as deemed necessary by Seller in order to monitor
  Purchaser’s obligations under Section 2 of this Agreement until Expiration
  Date. In case the employment of any Employee is terminated and as a
  result a deduction is to be made from the Purchase Price, Seller shall have an opportunity to replace such Employee with a
  person who is reasonably qualified,
  to perform the duties of such Employee. Purchaser may not unreasonably deny the replacement of such
  Employee and shall accept such person to replace such Employee, if that
  person is reasonably qualified to perform the duties of such Employee. Upon
  the Seller presenting a person to replace the Employee in accordance with the
  above provisions, no deduction shall be made from Principal Amount for the
  termination of the employment of such Employee.

  

November 29, 2006

Page 4

	
   

  	
   

  	
   

  
	
   

  	
  5.

  	
  This Agreement shall be
  construed in accordance with, and governed in all respects by, the, the laws of Korea (without
  giving effect to principles of conflicts of laws). Each Party to this
  Agreement consents to the exclusive jurisdiction and venue of the Suwon
  District Court of Korea.

  
	
   

  	
   

  	
   

  
	
   

  	
  6.

  	
  Together with Stock and Loan Purchase Agreement,
  this Agreement shall constitute the entire
  agreement of Parties with respect to its subject matter and supersedes
  all prior oral or written agreements in regard thereto.

  
	
   

  	
   

  	
   

  
	
   

  	
  7.

  	
  This Agreement is written in
  the English language, and the English language text of this Agreement
  shall prevail over any translation thereof.

  

IN WITNESS WHEREOF, Seller and Purchaser have caused
this Agreement to be executed by their duly authorized representatives in
original copies as of the date first above written.

Seller: Elbit Vision System Ltd.

	By: /s/ Nir Alon
——————————————

Name: Nir Alon
Title Director		

Purchaser: UB Precision Co., Ltd.

	By: /s/ An Yun Tae
——————————————

Name: An Yun Tae
Title:

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