<PAGE>
                                                                   Exhibit 10.34

                              EXECUTIVE AGREEMENT
                              -------------------

     This Executive Agreement is made and effective this 1 day of November, 2001
by and between Cardima, Inc. (the "Company") and Marianne Baldwin ("Ms. Baldwin"
or "the Employee").

                                    Recitals

     WHEREAS, Ms. Baldwin is currently employed by the Company as a Vice
President of Regulatory, Clinical, and Quality; and;

     WHEREAS, the Company and Ms. Baldwin would like to enter into a new
Executive Agreement that sets forth the basic terms and conditions of Ms.
Baldwin's continued employment with the Company;

     THE PARTIES AGREE AS FOLLOWS:

                                  Compensation

     1.   Ms. Baldwin's salary shall be $145,000 on an annualized basis, which
          will be paid biweekly, less regular payroll deductions, and will cover
          all hours worked. Ms. Baldwin's salary will be reviewed annually based
          generally on performance and market conditions. In addition, subject
          to approval of the Board of Directors, Ms. Baldwin will be eligible
          for annual executive bonuses.

                                  Stock Grants

     2.   Pursuant to earlier agreements with the Company, Ms. Baldwin has been
          granted options to purchase Company Common Stock. In the event of a
          "Change in Control" as defined in Appendix A, all of Ms. Baldwin's
          stock options granted will become fully vested and exercisable at this
          time.

               Termination Without Cause and/or Change of Control

     3.   Ms. Baldwin and the Company agree that if Ms. Baldwin is terminated
          without "Cause" (as defined in Appendix A), Ms. Baldwin (i) will
          receive an additional six months of base salary, (ii) will receive a
          pro rata bonus based upon the bonus Ms. Baldwin received in the
          preceding year, (iii) will vest as to 100% of the then remaining
          unvested Shares, if any, and (iv) Ms. Baldwin will have ninety (90)
          days from the date of termination of her employment to exercise any
          options.

            Ms. Baldwin and the Company agree that in the event of a "Change in
     Control" (as defined in Appendix A) of the Company, Ms. Baldwin will vest
     as to 100% of the then remaining unvested Shares, if any.


                                       1

<PAGE>

                                     Duties

     4.   Ms. Baldwin and the Company agree that Ms. Baldwin will continue to
          act as a Vice President of Regulatory, Clinical, and Quality. Ms.
          Baldwin acknowledges that her duties may change from time to time on
          reasonable notice, based on the needs of the Company and based on her
          skills, both as reasonably determined by the Company.

     As an exempt employee Ms. Baldwin agrees that she will, to the best of her
     ability and experience, loyally and conscientiously perform the duties and
     obligations required of her pursuant to the terms of this Agreement. Ms.
     Baldwin is required to follow office policies and procedures adopted from
     time to time by the Company and to take such general direction consistent
     with her positions within the Company as her superiors may give her from
     time to time. The Company reserves the right to change these policies and
     procedures at any time upon reasonable notice. (Also see Adjustments and
     Changes in Employment Status). Ms. Baldwin is required to devote her full
     business energies, efforts and abilities to her employment, unless the
     Company expressly agrees in writing otherwise.

                  Adjustment and Changes in Employment Status

     5.   Ms. Baldwin understands that the Company reserves the right to make
          personnel decisions regarding her employment, including but not
          limited to decisions regarding any promotion, salary adjustment,
          transfer or disciplinary action, up to and including termination,
          consistent with the needs of the business; provided that any of the
          foregoing changes shall be subject to her rights under this Agreement.

                Proprietary Information and Inventions Agreement

     6.   Ms. Baldwin agrees that she is bound by the terms of the Company's
          Proprietary Information and Inventions Agreement that she executed on
          January 31, 2001 (the "Proprietary Information Agreement"), which is
          incorporated into this Agreement by reference.

                               Employee Benefits

     7.   Ms. Baldwin will continue to be eligible for the Company's standard
          benefits package which includes, but is not limited to, health
          insurance benefits. Ms. Baldwin acknowledges that these benefits may
          change from time to time. Ms. Baldwin will be covered by workers'
          compensation insurance and State Disability Insurance, as required by
          California State law.


                                       2

<PAGE>

                               Term of Employment

     8.   Ms. Baldwin acknowledges that her employment with the Company is
          "at-will." In other words, either she or the Company can terminate Ms.
          Baldwin's employment at any time for any reason, with or without cause
          and with or without notice. Ms. Baldwin and the Company acknowledge
          that any such termination will be subject to this Agreement.

                              Integrated Agreement

     9.   This Agreement supercedes any prior agreements, representations or
          promises of any kind, whether written, oral, express or implied
          between the parties hereto with respect to the subject matters herein.
          It constitutes the full, complete and exclusive agreement between Ms.
          Baldwin and the Company with respect to the subject matters herein.
          This Agreement cannot be changed unless in writing, signed by Ms.
          Baldwin and the Chief Executive Officer from the Company.

                                  Severability

     10.  If any term of this Agreement is held to be invalid, void or
          unenforceable, the remainder of this Agreement shall remain in full
          force and effect and shall in no way be affected, and the parties
          shall use their best efforts to find an alternative way to achieve the
          same result. This Agreement shall be governed by California law.

     Ms. Baldwin and the Company agree to and accept the terms expressed in this
     Agreement. Ms. Baldwin acknowledges that this is not an employment contract
     for any fixed period, and that either party may end the employment
     relationship at any time for any reason subject to the terms set forth
     above.


     /s/ Marianne Baldwin                           11/01/01
     -------------------------------                --------------------
     Marianne Baldwin                               Date



     -------------------------------                --------------------
     Cardima, Inc.                                  Date


                                       3

<PAGE>

                                   APPENDIX A
                                   ----------

     DEFINITIONS

          "Change in Control" shall mean the consummation of one of the
          following:

     (a)  the acquisition of 50.1% or more of the outstanding stock of the
          Company pursuant to a tender offer validly made under any federal or
          state law (other than a tender offer by the Company);

     (b)  a merger, consolidation or other reorganization of the Company (other
          than a reincorporation of the Company), if after giving effect to such
          merger, consolidation or other reorganization of the Company, the
          stockholders of the Company immediately prior to such merger,
          consolidation or other reorganization do not represent a majority in
          interest of the holders of voting securities (on a fully diluted
          basis) with the ordinary voting power to elect directors of the
          surviving or resulting entity after such merger, consolidation or
          other reorganization;

     (c)  the sale of all or substantially all of the assets of the Company to a
          third party who is not an affiliate of the Company; or

     (d)  the dissolution of the Company pursuant to action validly taken by the
          stockholder of the Company in accordance with applicable state law.


               "Cause" shall mean (a) Employee's willful misconduct or gross
          negligence in performance of his duties hereunder or material breach
          of this Agreement, including Employee's refusal to comply in any
          material respect with the legal directives of the Company's Chief
          Executive Officer or Board of Directors so long as such directives are
          not inconsistent with the Employee's position and duties, and such
          refusal to comply is not remedied within 20 working days after written
          notice from the Chief Executive Officer or Board of Directors, which
          written notice shall state that failure to remedy such conduct may
          result in Termination for Cause; (b) dishonest or fraudulent conduct,
          a deliberate attempt to do an injury to the Company, or conduct that
          materially discredits the Company or is materially detrimental to the
          reputation of the Company, including conviction of a felony related to
          or adversely reflecting on the Company; or (c) Employee's incurable
          material breach of any element of the Company's Proprietary
          Information Agreement, including without limitation, Employee's theft
          or other misappropriation of the Company's proprietary information.


                                       4