Exhibit
10.1. Amendment to Employment Agreement dated as of July 1, 2009
between Braintech, Inc. and Jerry Osborn
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BRAINTECH,
Inc.
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1750
Tyson’s Boulevard
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www.BRAINTECH.com
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A Nevada
corporation
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Suite
350
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with its
principal offices at:
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McLean,
Virginia 22102
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Amendment to
Employment Agreement
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CONFIDENTIAL
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AMENDMENT entered into as of the
date(s) set forth in the signature block below and intended to be
effective as of July 1, 2009 (“Amendment Effective
Date”) to EMPLOYMENT AGREEMENT dated January 28,
2009
BETWEEN:
Jerry L. Osborn
6985 Woodlyn Ct.
Clarkson, MI 48348
("EXECUTIVE")
AND:
BRAINTECH, INC.
("BRAINTECH")
WHEREAS, BRAINTECH
and EXECUTIVE wish to amend the Employment Agreement dated as of
January 28, 2009 between BRAINTECH and EXECUTIVE (the
“Employment Agreement”).
IN CONSIDERATION of the mutual
promises contained herein, the parties agree as follows:
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1.
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Paragraph 5 of the Employment
Agreement (entitled “ BASE SALARY ”) is hereby
amended by adding the following new text at the end of Paragraph
5:
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Effective July 1, 2009, the Base Salary and
shall be paid in the form of restricted BRAINTECH common stock.
Such stock shall be issued following each calendar month of
EXECUTIVE’s employment. The number of shares shall be
determined by dividing (i) the applicable amount of the Base Salary
per month, by (ii) the average closing price of Braintech common
stock during the applicable month.
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2.
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Subparagraph 11(c) of the
Employment Agreement (entitled “ Car Allowance
”) is hereby amended by adding the following new text at the
end of Subparagraph 11(c):
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Effective July 1, 2009, EXECUTIVE’s
monthly car allowance shall be paid in the form of restricted
BRAINTECH common stock. Such stock shall be issued
following
