AMENDMENT TO EMPLOYMENT CONTRACT
EXHIBIT
10.22
AMENDMENT
TO EMPLOYMENT CONTRACT
This Amendment to Employment Contract
(this “Amendment”) is entered into on the date(s) indicated in the signatures
block below with the intention that it be effective as of December 31, 2008
(“Amendment Effective Date”) by and among Xxxx Xxxxx, an individual residing at
000 0xx Xxxxxx,
Xxx Xxxxxxxxxxx, XX, X0X 0X0, Xxxxxx (“Executive”), Braintech Canada, Inc, a
Canadian company incorporated in the province of British Columbia with its
principal offices at Xxxxx 000, 000 Xxxx 0xx Xxxxxx,
Xxxxx Xxxxxxxxx, XX, X0X 0X0, Xxxxxx (“Braintech Canada”), and Braintech, Inc.,
a Nevada corporation with its principal offices at 0000 Xxxxxx Xxxxxxxxx, Xxxxx
000, XxXxxx, Xxxxxxxx 00000, XXX (“Braintech”) Braintech and Braintech Canada
are hereinafter referred to collectively as the “Company”. Executive,
Braintech and Braintech Canada are hereinafter referred to collectively as the
“Parties”.
WHEREAS, the Parties entered into an
Employment Contract dated as of October 22, 2007 (“Employment Contract”);
and
WHEREAS, the Parties now wish to amend
the Employment Contract as indicated herein;
NOW, THEREFORE, for good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, it
is hereby agreed as follows:
1.
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Term. Article
2 of the Employment Contract (entitled “Term”) is hereby amended by
deleting the text of Article 2 in its entirety and inserting in lieu
thereof the following text: “The term of this Agreement shall
commence as of October 22, 2007 and shall terminate on December 31,
2008.”
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2.
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Outstanding Options and
Warrants. Pursuant to Article 7 of the Employment
Contract (entitled “Outstanding Options and Warrants”), all of Executive’s
outstanding warrants and options will vest as of December 31, 2008, and
regardless of any documentation to the contrary, the exercise period of
all of Executive’s outstanding warrants and options will extend to
December 31, 2011.
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3.
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Satisfaction of Employment
Agreement. Executive 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. The Company acknowledges that no
further services are required from Executive under Section 4 of the
Employment Contract.
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4.
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No Further
Amendment. Nothing else is hereby
amended.
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IN WITNESS WHEREOF, the Parties have
caused this Amendment to be signed as of the date(s) set forth in the signature
block below, with the intention that it be effective as of the Amendment
Effective Date.
XXXX
XXXXX
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/s/ Xxxx Xxxxx
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Date:
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March 16, 2009
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BRAINTECH
CANADA, INC.
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By:
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/s/ Xxxxxx Xxxxx
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Xxxxxx
Xxxxx
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Chief
Financial Officer, Treasurer & Secretary
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Date:
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March 17, 2009
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BRAINTECH,
INC.
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By:
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/s/ Xxxx Xxxxxxxxx
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Xxxx
Xxxxxxxxx
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Chairman,
President & CEO
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Date:
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March 17, 2009
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