Document:

Employment Agreement between DrugMax, Inc. and Jugal Taneja

 Exhibit 10.2 
  
 EMPLOYMENT AGREEMENT 
  

This Employment Agreement (the “Agreement”) is made and entered into effective as of the first day of December, 2004, by and between DRUGMAX,
INC., a Nevada corporation (the “Company”), and JUGAL K. TANEJA, an individual (“Executive”). 
  
 W I T N E S S E T H: 
  
 WHEREAS, the Company provides a wide variety of prescription and non-prescription healthcare-related diagnostic products used for the treatment of chronic
diseases through its specialty pharmacies and online, and distributes pharmaceuticals, overt-the-counter products, health and beauty aids, nutritional supplements and other related products through its wholesale distribution centers (such
activities, together with all other activities of the Company and its subsidiaries, as conducted at or prior to the termination of this Agreement, and any future activities reasonably related thereto which are contemplated by the Company and/or its
subsidiaries at the termination of this Agreement identified in writing by the Company to Executive at the date of such termination, are hereinafter referred to as the “Business Activities”); 
  
 WHEREAS, the Company desires to employ Executive upon the terms and subject
to the terms and conditions set forth in this Agreement; and, 
  
 WHEREAS, Executive desires to be employed by the Company upon the terms and subject to the conditions set forth in this Agreement. 
  
 NOW, THEREFORE, in consideration of the premises, the mutual promises, covenants and conditions herein contained and for other good and valuable
considerations, the receipt and sufficiency of which are hereby acknowledged, the parties hereto intending to be legally bound hereby agree as follows: 
  
 Section 1. Employment. The Company hereby employs Executive, and Executive hereby accepts employment with the Company, all upon the terms and
subject to the conditions set forth in this Agreement. 
  
 Section
2. Capacity and Duties. Executive is and shall be employed in the capacity of Co-Chairman of the Board of Directors of the Company and shall have such duties, responsibilities and authorities as are assigned to him by the Board of Directors
of the Company (the “Board”). Subject to the control and general directions of the Chief Executive Officer and the general policies and guidelines established by the Board and except as otherwise herein provided, Executive shall devote
such of his business time, best efforts and attention as necessary to promote and advance the business of the Company and its subsidiaries and to perform diligently and faithfully all the duties, responsibilities and obligations of Executive to be
performed by him under this Agreement. During the Employment Period (as hereinafter defined), Executive may engage in other business activities; provided, however, that such activities do not unreasonably interfere with Executive’s performance
of his obligations hereunder or violate Section 15 or Section 18 hereof and provided, further, that any such activity is fully disclosed to the Company. 
  
 Section 3. Term of Employment. The initial term of employment of Executive by the Company pursuant to this Agreement shall be for the period (the
“Initial Term”) commencing on December 1, 2004 (the “Commencement Date”) and ending on November 30, 2005, or such earlier date that Executive’s employment is terminated in accordance with the provisions of this Agreement.
The Initial Term automatically shall be extended for successive additional one year periods (each, an “Extended Term”) unless written notice is given by either party to the other party no later than 30 days prior to the expiration of the
Initial Term or any Extended Term. (The Initial Term, together with each and any Extended Term, is sometimes hereinafter called the “Employment Period”). 
  
 Section 4. Place of Employment. Executive’s principal place of work shall be located at the offices of the
Company in Clearwater, Florida. 

 Section 5. Compensation. During the Employment Period, subject to all the terms and conditions of
this Agreement and as compensation for all services to be rendered by Executive under this Agreement, the Company shall pay to or provide Executive with the following: 
  
 5.01 Base Salary. The Company shall compensate Executive during the Initial Term for his services
hereunder with a base annual salary of Three Hundred Forty-Six Thousand Four Hundred and Sixty-Six and 12/100 Dollars ($346,466.12), payable at such intervals (at least biweekly), net of applicable federal state and local taxes of any kind required
by law to be withheld with respect to such payment, as salaries are paid generally to other executive officers of the Company. Executive’s salary may be adjusted on an annual basis for the first and each successive Extended Term. The Company
shall give notice to Executive of any such adjustment no later than 45 days prior to the expiration of the Initial Term or any Extended Term. 
  
 5.02 Cash Bonus. The Company may pay to Executive a cash or other bonus on an annual or other basis in the sole discretion of the
Compensation Committee of the Board and Executive shall become a participant in any incentive compensation or bonus plan adopted by the Board for any highly compensated officers or other significant employees of the Company on such terms as shall be
determined by the Compensation Committee of the Board. Any amounts paid or payable to or on behalf of Employee shall be prorated through the Date of Termination. 
  
 5.03 Other Benefits. The Company shall provide Executive with the other benefits specified on Exhibit
5.03 attached hereto. 
  
 Section 6. Adherence to
Standards. Executive shall comply with the written policies, standards, rules and regulations of the Company from time to time established for all executive officers of the Company. 
  
 Section 7. Review of Performance. The Board and/or the Chief Executive Officer of the Company shall periodically
review and evaluate the performance of Executive under this Agreement with Executive. 
  
 Section 8. Expenses. The Company shall reimburse Executive for all reasonable, ordinary and necessary expenses (including, but not limited to, automobile and other business travel and customer entertainment
expenses) incurred by him in connection with his employment hereunder in accordance with Company policy; provided, however, Executive shall render to the Company a complete and accurate accounting of all such expenses in accordance with the
substantiation requirements of Section 274 of the Internal Revenue Code of 1986, as amended (the “Code”), as a condition precedent to such reimbursement. 
  
 Section 9. Termination with Cause by the Company. This Agreement may be terminated with Cause (as hereinafter
defined) by the Company provided that the Company shall (i) give Executive the Notice of Termination (as hereinafter defined), and (ii) pay Executive his annual base salary through the Termination Date (as hereinafter defined) at the rate in effect
at the time the Notice of Termination is given, plus any bonus or incentive compensation which has been earned or has become payable pursuant to the terms of any compensation or benefit plan as of the Termination Date, but which has not yet been
paid. Notwithstanding the foregoing, if Executive is terminated with Cause pursuant to Section 11.02(ii) and, subsequently, charges are dropped, Executive is found not guilty or otherwise cleared of wrongdoing, before or after trial or following
appeal, then in such event, the Company shall promptly thereupon recommence payments to Executive (or to his estate in the event of Executive’s death) in the amount of the compensation and other benefits described in Section 5 of this Agreement
for a period of 24 months, increased by such amount as may be necessary to make Executive whole for any incremental taxes due as a result of such continuance of payments. 
  
 Section 10. Termination without Cause by the Company or for Good Reason by Executive; Non-Renewal. This Agreement may
be terminated by (i) the Company by reason of the death or Disability (as hereinafter defined) of Executive or for no reason at all, or (ii) Executive for Good Reason (as hereinafter defined); provided that if this Agreement is terminated pursuant
to either of subsections (i) or (ii) of this Section 10 prior to November 30, 2007, or if the Company fails to renew this Agreement (as permitted by Section 3) through November 30, 2007, the Company shall continue to pay to Executive (or to his
estate in the event of termination due to Executive’s death) the compensation and other benefits described in Section 5 of this Agreement until November 30, 2007, increased 

 by such amount as may be necessary to make Executive whole for any incremental taxes due because such payments are deemed
to be an excess parachute payment, as such term is defined in Section 280G(b)(2) of the Internal Revenue Code of 1986, as amended (whether such payments are paid in cash or stock, as permitted pursuant to this Section 10). If the Executive should
fail to renew this Agreement at any time or if the Company should fail to renew the Agreement after November 30, 2007, the Company shall not be required to pay any compensation to Executive other than his annual base salary through the last day of
the then current term of the Employment Period, plus any bonus or incentive compensation which has been earned or has become payable pursuant to the terms of any compensation or benefit plan as of such date but which has not yet been paid.

  
 Executive’s right to terminate his employment for Good
Reason shall not be affected by his incapacity due to physical or mental illness. In the event of termination by reason of Executive’s death or Disability, medical, hospitalization or disability benefits coverage comparable to those provided by
the Company during Executive’s lifetime shall be provided to his spouse and dependents for the remaining term of this Agreement. The benefits provided under this Section 10 shall not be less favorable to Executive in terms of amounts,
deductibles and costs to him, if any, than such benefits provided by the Company to him and his dependents as of the Termination Date. This Section 10 shall not be interpreted so as to limit any benefits to which Executive, as a terminated employee
of the Company, or his family may be entitled under the Company’s life insurance, medical, hospitalization or disability plans following his Termination Date or under applicable law. 
  
 Any sums payable to Executive pursuant to this Section 10 may be paid to Executive either in cash or shares of common stock
of the Company, in the Company’s sole discretion. Any portion of such sums that are paid in cash shall be paid to Executive at such intervals (at least biweekly), net of applicable federal state and local taxes of any kind required by law to be
withheld with respect to such payment, as salaries are paid generally to other executive officers of the Company. Upon the breach by Executive of Section 18 of this Agreement, the Company shall be entitled to cease making any such cash payments to
Executive. 
  
 If the Company elects to pay any portion of such
sum in common stock, the number of shares due to Executive shall be determined by dividing such sum by the average closing price per share of the common stock during the ten trading days immediately preceding the termination or expiration, as
applicable, of this Agreement. One-third of such shares shall be paid within thirty days of termination or non-renewal, as applicable, and two-thirds of such shares shall be paid on the last day of the non-competition period contemplated by Section
18 of this Agreement; provided, however, that if the non-competition period extends for more than one year after such termination or expiration, as applicable, one-third of such shares shall be paid within thirty days of termination or non-renewal,
as applicable, one-third of the shares shall be paid on the first anniversary of such termination or expiration, as applicable, and the remaining shares shall be paid on the last day of the non-competition period contemplated by Section 18 of this
Agreement; provided, further, that should Executive breach Section 18 of this Agreement, any shares that have not yet been paid shall be canceled and returned to the Company. Upon receipt of each tranche of shares of common stock pursuant hereto by
Executive, such shares shall constitute “Registrable Securities” pursuant to the Registration Rights and Lock Up Agreement between Executive and the Company dated November 12, 2004, and as promptly as commercially reasonable thereafter,
but in any event within 60 days, pursuant to the terms and conditions of such Registration Rights and Lock Up Agreement, the Company shall register the resale of such shares and keep the registration statement in effect for not less than three (3)
years. 
  
 Section 11. Definitions. In addition to the
words and terms elsewhere defined in this Agreement, certain capitalized words and terms used in this Agreement shall have the meanings given to them by the definitions and descriptions in this Section 11 unless the context or use indicates another
or different meaning or intent, and such definition shall be equally applicable to both the singular and plural forms of any of the capitalized words and terms herein defined. The following words and terms are defined terms under this Agreement:

  
 11.01 “Disability” shall mean a
physical or mental illness which, in the judgment of the Company after consultation with the licensed physician attending Executive, impairs Executive’s ability to substantially perform his duties under this Agreement as an employee and as a
result of which he shall have been absent from his duties with the Company on a full-time basis for six consecutive months. 

 11.02 A termination with “Cause” shall mean a termination of this Agreement by
reason of (i) Executive’s conviction of a felony or a crime involving moral turpitude or any other crime involving dishonesty, disloyalty or fraud with respect to the Company; (ii) Executive’s arrest or indictment of any lesser crime or
offense committed in connection with the performance of Executive’s duties hereunder; or (iii) a good faith determination by the Board that Executive (a) failed or refused to substantially perform his duties with the Company (other than a
failure resulting from his incapacity due to physical or mental illness) after a written demand for substantial performance has been delivered to him by the Board, which demand specifically identifies the manner in which the Board believes he has
not substantially performed his duties and provides a reasonable cure period, and Executive continues to refuse or fail to substantially perform as directed by the Board through the duration of the cure period; or (b) Executive’s breach of any
of the covenants set forth in Sections 15, 16 or 18 hereof. No act, or failure to act, on Executive’s part shall be grounds for termination with Cause unless he has acted or failed to act with an absence of good faith or without a reasonable
belief that his action or failure to act was in or at least not opposed to the best interests of the Company. Notwithstanding the foregoing, Executive shall not be deemed to have been terminated with Cause unless there shall have been delivered to
him a copy of a resolution duly adopted by the affirmative vote of not less than a majority of the entire membership of the Board (exclusive of Executive) at a meeting of the Board called and held for the purpose of terminating Executive (after
reasonable notice to Executive and opportunity for him, together with his counsel, to be heard before the Board), finding that in the good faith opinion of the Board, Executive failed to perform his duties or engaged in conduct in the manner or of
the type set forth above in the first sentence of this Section 11.02 and specifying the particulars thereof in detail. 
  
 11.03 “Good Reason” shall mean the occurrence of any of the following events without Executive’s prior express written
consent: (i) any material change in Executive’s status, title, authorities or responsibilities (including reporting responsibilities) under this Agreement which represents a demotion from such status, title, position or responsibilities
(including reporting responsibilities); (ii) the reassignment of Executive to a location more than 30 miles from Clearwater, Florida; (iii) the failure by the Company to continue in effect any incentive, bonus or other compensation plan in which
Executive participates, unless an equitable arrangement (embodied in an ongoing substitute or alternative plan) has been made with respect to the failure to continue such plan, or the failure by the Company to continue Executive’s participation
therein, or any action by the Company which would directly or indirectly materially reduce his participation therein or reward opportunities thereunder; provided, however, that Executive continues to meet all eligibility requirements thereof; (iv)
the failure by the Company to continue in effect any Executive benefit plan (including any medical, hospitalization, life insurance or disability benefit plan in which Executive participates), or any material fringe benefit or prerequisite enjoyed
by him unless an equitable arrangement (embodied in an ongoing substitute or alternative plan) has been made with respect to the failure to continue such plan, or the failure by the Company to continue Executive’s participation therein, or any
action by the Company which would indirectly or indirectly materially reduce his participation therein or reward opportunities thereunder, or the failure by the Company to provide him with the benefits to which he is entitled under this Agreement;
provided, however, that Executive continues to meet all eligibility requirements thereof; (v) any other material breach by the Company of any provision of this Agreement; (vi) the failure of the Company to obtain a satisfactory agreement from any
successor or assign of the Company to assume and agree to perform this Agreement, as contemplated in Section 21 hereof; or (vii) any purported termination of Executive’s employment which is not effected pursuant to a Notice of Termination
satisfying the requirements of this Agreement; and for purposes of this Agreement, no such purported termination shall be effective. 
  
 11.04 Notice of Termination. “Notice of Termination” shall mean a written notice which shall indicate the specific
termination provision in this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Executive’s employment under the provision so indicated; provided, however,
no such purported termination shall be effective without such Notice of Termination; provided further, however, any purported termination by the Company or by Executive shall be communicated by a Notice of Termination to the other party hereto in
accordance with Section 4 of this Agreement. 
  
 11.05 Termination Date. “Termination Date” shall mean the date specified in the Notice of Termination (which, in the case of a termination pursuant to Section 9 of this Agreement shall not be less than 

 60 days, and in the case of a termination pursuant to Section 10 of this Agreement shall not be more than
60 days, from the date such Notice of Termination is given); provided, however, that if within 30 days after any Notice of Termination is given the party receiving such Notice of Termination notifies the other party that a dispute exists concerning
the termination, the Termination Date shall be the date finally determined by either mutual written agreement of the parties or by the final judgment, order or decree of a court of competent jurisdiction (the time for appeal therefrom having expired
and no appeal having been taken). 
  
 Section 12. Fees and
Expenses. The Company shall pay all legal fees and related expenses (including the costs of experts, evidence and counsel) incurred by Executive as a result of a contest or dispute over Executive’s termination of employment if such contest
or dispute is resolved in Executive’s favor. 
  
 Section 13.
Notices. For the purposes of this Agreement, notices and all other communications provided for in the Agreement shall be in writing and shall be deemed to have been duly given when personally delivered or sent by certified mail, return
receipt requested, postage prepaid, or by expedited (overnight) courier with established national reputation, shipping prepaid or billed to sender, in either case addressed to the respective addresses last given by each party to the other (provided
that all notices to the Company shall be directed to the attention of the Board with a copy to the Secretary of the Company) or to such other address as either party may have furnished to the other in writing in accordance herewith. All notices and
communication shall be deemed to have been received on the date of delivery thereof, on the third business day after the mailing thereof, or on the second day after deposit thereof with an expedited courier service, except that notice of change of
address shall be effective only upon receipt. 
  
 Section 14.
Life Insurance. The Company may, at any time after the execution of this Agreement, apply for and procure as owner and for its own benefit, life insurance on Executive, in such amounts and in such form or forms as the Company may determine.
Executive shall, at the request of the Company, submit to such medical examinations, supply such information, and execute such documents as may be required by the insurance company or companies to whom the Company has applied for such insurance.
Executive hereby represents that to his knowledge he is in excellent physical and mental condition and is not under the influence of alcohol, drugs or similar substance. 
  
 Section 15. Proprietary Information and Inventions. Executive understands and acknowledges that: 
  
 15.01 Trust. Executive’s employment creates a
relationship of confidence and trust between Executive and the Company with respect to certain information applicable to the business of the Company and its subsidiaries (collectively, the “Group”) or applicable to the business of any
vendor or customer of any of the Group, which may be made known to Executive by the Group or by any vendor or customer of any of the Group or learned by Executive during the Employment Period. 
  
 15.02 Proprietary Information. The Group possesses
and will continue to possess information that has been created, discovered, or developed by, or otherwise become known to, the Group (including, without limitation, information created, discovered, developed or made known to by Executive during the
period of or arising out of my employment by the Company) or in which property rights have been or may be assigned or otherwise conveyed to the Group, which information has commercial value in the business in which the Group is engaged and is
treated by the Group as confidential. Except as otherwise herein provided, all such information is hereinafter called “Proprietary Information,” which term, as used herein, shall also include, but shall not be limited to, data, functional
specifications, computer programs, know-how, research, technology, improvements, developments, designs, marketing plans, strategies, forecasts, new products, unpublished financial statements, budgets, projections, licenses, franchises, prices,
costs, and customer, supplier and potential acquisition candidates lists. Notwithstanding anything contained in this Agreement to the contrary, the term “Proprietary Information” shall not include (i) information which is in the public
domain, (ii) information which is published or otherwise becomes part of the public domain through no fault of Executive, (iii) information which Executive can demonstrate was in Executive’s possession at the time of disclosure and was not
acquired by Executive directly or indirectly from any of the Group on a confidential basis, (iv) information which becomes available to Executive on a non-confidential basis from a source other than any of the Group and which source, to the best of
Executive’s knowledge, did not acquire the information on a confidential basis, or (v) information required to be disclosed by any federal or state law, rule or regulation or by any applicable judgment, order or decree or any court or
governmental body or agency having jurisdiction in the premises. 

 All Proprietary Information shall be the sole property of the Group and their respective assigns. Executive assigns to
the Company any rights Executive may have or acquire in such Proprietary Information. At all times, both during Executive’s employment by the Company and after its termination, Executive shall keep in strictest confidence and trust all
Proprietary Information, and Executive shall not use or disclose any Proprietary Information without the written consent of the Group, except as may be necessary in the ordinary course of performing Executive’s duties as an Executive of the
Company. 
  
 Section 16. Surrender of Documents; No
Disparagement. Executive shall, at the request of the Company, promptly surrender to the Company or its nominee any Proprietary Information or document, memorandum, record, letter or other paper in his possession or under his control relating to
the operation, business or affairs of the Group. Executive further agrees that he shall not, either during the Employment Period or at any time thereafter, in any way disparage the Company. 
  
 Section 17. Other Agreements. Executive represents and warrants that
Executive’s performance of all the terms of this Agreement and as an Executive of the Company does not, and will not, breach any agreement to keep in confidence proprietary information acquired by Executive in confidence or in trust prior to
Executive’s employment by the Company. Executive has not entered into, and shall not enter into, any agreement, either written or oral, which is in conflict with this Agreement or which would be violated by Executive entering into, or carrying
out his obligations under, this Agreement. 
  
 Section 18.
Restrictive Covenant. Executive acknowledges and recognizes Executive’s possession of Proprietary Information and the highly competitive nature of the business of the Group and, accordingly, agrees that in consideration of the premises
contained herein Executive will not, during the period of Executive’s employment by the Company and for the period ending on the later of November 30, 2007, or the first anniversary of the Termination Date, (i) directly or indirectly engage in
any Business Activities in the United States, whether such engagement shall be as an employer, officer, director, owner, employee, consultant, stockholder, partner or other participant in any Business Activities, (ii) assist others in engaging in
any Business Activities in the manner described in the foregoing clause (i), or (iii) induce employees of the Company to terminate their employment with the Company or engage in any Business Activities in the United States; provided, however, that
the ownership of no more than two percent of the outstanding capital stock of a corporation whose shares are traded on a national securities exchange or on the over-the-counter market shall not be deemed engaging in any Business Activities.
Notwithstanding the foregoing, if the Company fails to make any payment required by Section 10 of this Agreement within five days of notice of non-payment by Executive to the Company, then the covenants in this Section 18 immediately shall
terminate. Notwithstanding anything to the contrary, the types of activities conducted as of the date hereof by GeoPharma, Inc., Dynamic Health Products, Inc. and Vertical Health Solutions, Inc. (and their subsidiaries) shall not constitute Business
Activities. 
  
 Section 19. Remedies. Executive
acknowledges and agrees that the Company’s remedy at law for a breach or a threatened breach of the provisions herein would be inadequate, and in recognition of this fact, in the event of a breach or threatened breach by Executive of any of
Sections 15, 16, 17 or 18 of this Agreement, it is agreed that the Company shall be entitled to equitable relief in the form of specific performance, a temporary restraining order, a temporary or permanent injunction or any other equitable remedy
which may then be available, without posting bond or other security. Executive acknowledges that the granting of a temporary injunction, a temporary restraining order or other permanent injunction merely prohibiting Executive from engaging in any
Business Activities would not be an adequate remedy upon breach or threatened breach of this Agreement, and consequently agrees upon any such breach or threatened breach to the granting of injunctive relief prohibiting Executive from engaging in any
activities prohibited by this Agreement. No remedy herein conferred is intended to be exclusive of any other remedy, and each and every such remedy shall be cumulative and shall be in addition to any other remedy given hereunder now or hereinafter
existing at law or in equity or by statute or otherwise. 
  
 Section 20. Successive Employment Notice. Within five business days after the Termination Date, Executive shall provide notice to the Company of Executive’s next intended employment. If such employment is not known by Executive
at such date, Executive shall notify the Company immediately upon determination of such 

 information. Executive shall continue to provide the Company with notice of Executive’s place and nature of
employment and any change in place or nature of employment during the period ending two years after the Termination Date. Failure of Executive to provide the Company with such information in an accurate and timely fashion shall be deemed to be a
breach of this Agreement and shall entitle the Company to all remedies provided for in this Agreement as a result of such breach. 
  
 Section 21. Successors. This Agreement shall be binding on the Company and any successor to any of its businesses or assets. Without limiting the
effect of the prior sentence, the Company shall use its best efforts to require any successor or assign (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the
Company to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession or assignment had taken place. As used in this Agreement,
“Company” shall mean the Company as hereinbefore defined and any successor or assign to its business and/or assets as aforesaid which assumes and agrees to perform this Agreement or which is otherwise obligated under this Agreement by the
first sentence of this Section 21, by operation of law or otherwise. 
  
 Section 22. Binding Effect. This Agreement shall inure to the benefit of and be enforceable by Executive’s personal and legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. If
Executive should die while any amounts would still be payable to him hereunder if he had continued to live, all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of this Agreement to Executive’s estate.

  
 Section 23. Modification and Waiver. No provision of
this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing and signed by Executive and such officer as may be specifically designated by the Board. No waiver by either party hereto at
any time of any breach by the other party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at
any prior or subsequent time. 
  
 Section 24. Headings.
Headings used in this Agreement are for convenience only and shall not be used to interpret or construe its provisions. 
  
 Section 25. Amendments. No amendments or variations of the terms and conditions of this Agreement shall be valid unless the same is in writing and
signed by each of the parties hereto. 
  
 Section 26.
Severability. The invalidity or unenforceability of any provision of this Agreement, whether in whole or in part, shall not in any way affect the validity or enforceability of any other provision herein contained. Any invalid or unenforceable
provision shall be deemed severable to the extent of any such invalidity or unenforceability. It is expressly understood and agreed that, while the Company and Executive consider the restrictions contained in this Agreement reasonable for the
purpose of preserving for the Company the goodwill, other proprietary rights and intangible business value of the Company, if a final judicial determination is made by a court having jurisdiction that the time or territory or any other restriction
contained in this Agreement is an unreasonable or otherwise unenforceable restriction against Executive, the provisions of such clause shall not be rendered void but shall be deemed amended to apply as to maximum time and territory and to such other
extent as such court may judicially determine or indicate to be reasonable. 
  
 Section 27. Governing Law; Venue. This Agreement shall be construed and enforced pursuant to the laws of the State of Florida, excluding its choice of law provisions. Both parties submit to the jurisdiction of
the U.S. District Court for the Middle District of Florida and the Circuit Court in and for Pinellas County, Florida, as the exclusive proper forum in which to adjudicate any case or controversy arising hereunder. The prevailing party shall be
entitled to an award of its reasonable attorneys’ fees incurred in connection with any such judicial proceedings. 
  
 Section 28. Counterparts. This Agreement may be executed in more than one counterpart and each counterpart shall be considered an original.

 Section 29. Exhibits. The Exhibits attached hereto are incorporated herein by reference and are an
integral part of this Agreement. 
  
 IN WITNESS WHEREOF, this
Agreement has been duly executed by the Company and Executive in four counterparts as of the date first above written. 
  

			
	DRUGMAX, INC.
		
	By:	 	 /s/ Peter Grua

	 	 	Peter Grua, Chairman, Compensation Committee
	
	EXECUTIVE
	
	 /s/ Jugal K. Taneja

	JUGAL K. TANEJAEmployment Agreement between DrugMax, Inc. and James Searson

 Exhibit 10.3 
  
 EMPLOYMENT AGREEMENT 
 SENIOR VICE PRESIDENT AND CHIEF FINANCIAL OFFICER 
  
 Agreement made as of this 23rd day of May, 2005, by and between James E. Searson (the “Employee”) and DrugMax, Inc. (the “Company”). 
  
 PREAMBLE 
  
 The Company desires to employ the Employee as Senior Vice President and Chief Financial Officer and to compensate him therefore. Employee desires to be
employed by the Company and to commit himself to serve the Company on the terms herein provided. In connection with his employment, Employee shall be eligible to participate in the Company’s stock option programs and stock purchase programs
which may be in effect from time to time for key employees, and performance bonus program in accordance with the terms and conditions adopted by the Company governing such programs. 
  
 NOW, THEREFORE, in consideration of the foregoing and of the respective covenants and agreement of the parties, the parties
agree as follows: 
  
 1. Definitions. 
  
 “Affiliates” shall mean any corporation,
partnership or other legal entity which is controlled by or under common control with the Company. 
  
 “Benefits” shall mean all the fringe benefits approved by the Board from time to time and established by the Company in its
discretion for the benefit of the employees generally and/or for key employees of the Company as a class, including, but not limited to, regular holidays, vacations, absences resulting from illness or accident, health insurance, disability and
medical plans (including dental and prescription drug), group life insurance, automobile allowance, pharmacy allowance, un-reimbursed medical allowance, fitness or club fee allowance, stock option plans and stock purchase plans, and pension,
profit-sharing or their equivalent. 
  
 “Board” shall mean the Board of Directors of the Company, together with an executive committee thereof (if any), as the same shall be constituted from time to time. 
  
 “Cause” for termination shall mean (i) Employee’s final conviction of or admission to a
felony involving a crime of moral turpitude, (ii) acts of Employee which, in the judgment of the Board, constitute willful fraud on the part of Employee in connection with his duties under this Agreement, including but not limited to
misappropriation or embezzlement in the performance of duties as an employee of the Company, or (iii) intentional or repeated acts of the Employee which in the judgment of the Board are injurious to the Company including the Employee’s failure
to perform his duties hereunder. 
  
 “Chairman” shall mean the person designated by the Board from time to time as its Chairman. 
  
 “Change of Control” shall mean the (i) a merger or consolidation of the Company with or into another corporation which is not an
affiliate of the Company or a recapitalization or reorganization of the Company and, immediately upon the consummation of such merger, consolidation, reorganization or recapitalization, the persons who were the shareholders of the Company
immediately thereafter own more than fifty percent (50%) of the total voting power of the merged, consolidated, reorganized or recapitalized Company’s voting securities entitled to vote generally in the election of directors; (ii) the sale of
all or substantially all of the assets of the Company to another person or entity which is not an affiliate of the Company; (iii) the acquisition by any person, entity or “group” (excluding, for this purpose, the Company, any affiliate of
the Company, or any employee benefit plan of the Company or of any affiliate of the Company which acquires beneficial ownership of voting securities of the Company) within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act, of
beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of either fifty percent (50%) or more of the then outstanding shares of Common Stock or fifty percent (50%) or more of the combined voting power of the
Company’s then outstanding voting securities entitled to vote generally in the elation of directors, which, in the case of clause (i), 

 (ii) and (iii) of this definition, such merger, consolidation, reorganization or recapitalization sale or
acquisition is not approved by a vote of at least eighty percent (80%) of the directors that constitute the Board immediately prior to the effectiveness of such merger, consolidation, reorganization or recapitalization, sale or acquisition, as the
case may be; or (iv) during any period of two consecutive years, if persons who at the beginning of such period constitute the Board cease for any reason to constitute at least a majority of the Board unless the election, or the nomination for
election by the Company’s shareholders, of each new director was approved by a vote of at least eighty percent (80%) of the directors then still in office who were directors at the beginning of such period. For purposes of this definition, (A)
an “affiliate” is any person or entity which, directly or indirectly through one or more intermediaries, controls, is controlled by or is under common control with the Company and “control” (including the terms
“controlling,” “controlled by” and “under common control with”) means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a person or entity, whether
through the ownership of voting securities, by contract or otherwise and (B) “Board” means the board of directors of the Company as constituted at the time a determination thereof is required to be made pursuant to this definition.

  
 “Chief Executive Officer” shall
mean the individual having responsibility to the Board for direction and management of the executive and operational affairs of the Company and who reports and is accountable only to the Board. 
  
 “Disability” shall mean a written determination by
a physician mutually agreeable to the Company and Employee (or, in the event of Employee’s total physical or mental disability, Employee’s legal representative) that Employee is physically or mentally unable to perform his duties of Senior
Vice President and Chief Financial Officer under this Agreement and that such disability can reasonably be expected to continue for a period of six (6) consecutive months or for shorter periods aggregating one hundred and eighty (180) days in any
twelve (12) month period. 
  
 “Employee” shall mean James E. Searson and, if the context requires, his heirs, personal representatives, and permitted successors and assigns. 
  
 “Person” shall mean any natural person, incorporated entity, limited or general partnership,
business trust, association, agency (governmental or private), division, political sovereign, or subdivision or instrumentality, including those groups identified as “persons” in Section 13(d)(3) and 14(d)(2) of the Securities Exchange Act
of 1934. 
  
 “Territory” shall mean the
world wide web and any state of the United States and any equivalent section or area of any country in which the Company has operating brick and mortar pharmacies or has franchised brick and mortar operations at the time of the termination of this
Agreement. 
  
 “Company” shall mean
DrugMax, Inc., a Connecticut corporation, together with such subsidiaries or Affiliates of the Company as may from time to time exist. 
  
 2. Position, Responsibilities and Term of Employment 
  
 2.01 Position. Employee shall be engaged on a full time basis and shall serve as Senior Vice President and Chief Financial Officer
and in such additional management position(s) as the Board shall designate. In this capacity, Employee shall be subject to the bylaws of the Company and to the direction of the Board. Employee shall serve the Company and any Affiliates by performing
such duties and carrying out such responsibilities as are normally related to the position of Senior Vice President and Chief Financial Officer in accordance with the standards of the industry. The Employee shall report to the President and Chief
Executive Officer. The Employee shall have such other responsibilities as the Company may reasonably determine from time to time, including, without limitation, such management duties as may be necessary or desirable to further the interests of the
Affiliates of the Company. Nevertheless, it is understood and agreed that the Employee shall not be given duties or responsibilities that are inconsistent in any material way with his position as a member of the senior management of the Company.
Employee’s responsibilities and capacities shall include, without limitation, the following: 
  
 (a) overall responsibility for all financial and accounting facts of the Company, including reporting, compliance and asset management;

 (b) developing banking and financial investment relationships; 
  
 (c) treasury functions and activities; 
  
 (d) planning and strategic framework for all financial
systems and control mechanisms; 
  
 (e) handling
all banking and financial relationships; 
  
 (f)
set standards for control and audit of Company financial matters; 
  
 (g) in conjunction with operations store-level and distribution accounting systems and controls; and 
  
 (h) overall supervision and responsibility for all accounting and finance staff. 
  
 2.02 Term. The term of this Agreement shall commence
on May 23, 2005 and, unless sooner terminated as provided in Section 4 hereof, terminate on May 23, 2006; provided, however, that this Agreement shall automatically renew for successive one (1) year periods thereafter without the necessity of any
action or notice by either party to the other, except that either party may terminate this Agreement following the Initial Term by giving the other party written notice of its intention to terminate this Agreement at least ninety (90) days prior to
the proposed termination date. 
  
 2.03 Best
Efforts Covenant. Employee will, to the best of his ability, devote his full professional and business time and best efforts to the performance of his duties for the Company and its Affiliates. The Employee shall at all times comply with all
state and federal laws, rules and regulations with respect to the operations of the Company, or its Affiliates. 
  
 2.04 Exclusivity Covenant. During the Agreement’s term, Employee will not undertake or engage in any other employment,
occupation or business enterprise other than a business enterprise in which Employee does not actively participate. Further, Employee agrees not to acquire, assume, or participate in, directly or indirectly, any position, investment, or interest
adverse or antagonistic to the Company, its business prospects, financial or otherwise, or take any action towards any of the foregoing. The provisions of this Section shall not prevent Employee from owning shares of any competitor of the company as
long as such shares (i) do not constitute more than 1% of the outstanding equity of such competitor, and (ii) are regularly traded on a recognized exchange, or listed for trading by NASDAQ in the over-the-counter market. 
  
 2.05 Intentionally Omitted. 
  
 2.06 Confidential Information. Employee recognizes
and acknowledges that the Company’s trade secrets, proprietary information and know-how, as they may exist from time to time (“Confidential Information”), are valuable, special and unique assets of the Company’s business, and
that access to and knowledge of the Confidential Information is the term of his employment by the Company, in whole or in part, disclose such secrets, information or know-how to any Person for any reason or purpose whatsoever, nor shall Employee
make use of any such Confidential Information for his own purposes or for the benefit of any Person (except the Company) under any circumstances during or after the term of his employment. Notwithstanding the foregoing, after the term of
Employee’s employment the foregoing restrictions shall not apply to such secrets, information and know-how which are then in the public domain (provided that Employee was not responsible, directly or indirectly, for such secrets, information or
know-how entering the public domain without the Company’s consent). Employee shall have no obligation hereunder to keep confidential any Confidential Information if and to the extent its disclosure is specifically required by law; provided,
however, that in the event disclosure is required by applicable law, the Employee shall provide the Company with prompt notice of such requirement, prior to making any disclosure, so that the Company may seek an appropriate protective order.
Employee agrees to hold as the Company’s 

 property all memoranda, books, papers, letters, customer lists, processes, computer software, records,
financial information, policy and procedure manuals, training and recruiting procedures and other data, and all copies thereof and therefrom, in any way relating to the Company’s business and affairs, whether made by him or otherwise coming
into his possession, and on termination of his employment, or on demand of the Company at any time, to deliver the same to the Company. 
  
 Employee shall use his best efforts to prevent any removal of any Confidential Information from the premises of the Company, except as
required in his normal course of employment by the Company. Employee shall use his best efforts to cause all persons or entities to whom any Confidential Information shall be disclosed by him hereunder to observe the terms and conditions set forth
herein as though each such person or entity was bound hereby. 
  
 2.07 Records, Files. All records, file drawings, documents, equipment and the like relating to the business of the Company which are prepared or used by Employee during the terms of this employment under this
Agreement shall be and shall remain the sole property of the Company. 
  
 2.08 Hired to Invent. Employee agrees that every improvement, invention, process apparatus, method, design, and any other creation that Employee may invent, discover, conceive, or originate by himself or in
conjunction with any other Person during the term of Employee’s employment under this Agreement that relates to the business carried on by the Company during the term of Employee’s employment under this Agreement or contemplated by the
Company during the term hereof even if not implemented during the term of this Agreement (“Work For Hire”) shall be the exclusive property of the Company. Employee agrees to disclose to the Company every patent application, notice of
copyright, or other action taken by Employee or any affiliate or assignee to protect intellectual property during the 12 months following Employee’s termination of employment at the Company, for whatever reason, so that the Company may
determine whether to assert a claim under this Section or any other provision of this Agreement. The Employee does hereby assign to the Company all of the Work For Hire and hereby appoints the Company as his attorney-in-fact coupled with an interest
to execute such documents as may be required to evidence such assignment. 
  
 2.09 Equitable Relief. Employee acknowledges that his services to the Company are of a unique character which give them a special value to the Company. Employee further recognizes that violations by Employee of
any one or more of the provisions of this Section 2 may give rise to losses or damages for which the Company cannot be reasonably or adequately compensated in an action at law and that such violations may result in irreparable and continuing harm to
the Company. Employee agrees that, therefore, in addition to any other remedy which the Company may have at law and equity, including the right to withhold any payment of compensation under Section 3 of this Agreement, the Company shall be entitled
to injunctive relief to restrain any violation, actual or threatened, by Employee of the provisions of this Agreement. 
  
 3. Compensation. 
  
 3.01 Minimum Annual Compensation. The Company shall pay to Employee for the services to be rendered herein a base salary at the
initial annual rate of Two Hundred Fifty Thousand ($250,000.00) Dollars (“Minimum Annual Compensation”) effective as of the date hereof, which base salary shall be subject to annual review and increase to be determined by the Compensation
Committee of the Board. Employee’s salary shall be payable bi-weekly. 
  
 3.02 Incentive Compensation. In addition to Minimum Annual Compensation, Employee shall be entitled to participate in, at the discretion of the Board, any bonus or incentive compensation plan adopted by the
Compensation Committee of the Board for key employees of the Company, up to forty five percent (45%) of Minimum Annual Compensation, provided the Employee attained the goals (the “Performance Goals”) which may be set by the Board from time
to time. 
  
 3.03 Participating in
Benefits. Employee shall be entitled to all Benefits made available to similarly situated employees of the Company, other than medical and dental benefits, for as long as such Benefits may remain in effect. In addition, Employee shall be
entitled to any substitute or additional Benefits made available in the future to similarly situated employees of the Company. 

 Employee’s entitlement to the aforementioned Benefits shall be subject to and on a basis consistent
with the terms, conditions and overall administration of such Benefits adopted by the Company and in the discretion of the Company. Benefits paid to Employee shall not be deemed to be in lieu of other compensation to Employee hereunder as described
in this Section 3. 
  
 3.04 Specific
Benefits. During the term of this Agreement (and thereafter to the extent this Agreement shall require): 
  
 (a) Vacation. Commencing on May 25, 2005, Employee shall be entitled to four (4) weeks of paid vacation time per year, to be taken
at time mutually acceptable to the Company and Employee. 
  
 (b) Insurance Policies. The Company may, at its discretion, and at any time after the execution of this Agreement, and for so long as Employee remains employed by the Company, apply for and procure, as owner
and for its own benefit, insurance on the life of the Employee, in such amounts and in such form or forms as the Company may choose. The Employee shall have no interest whatsoever in the policy or policies, but the Employee shall, at the request of
the Company, subject himself to such medical examinations, supply such information, and execute such documents as may be required by the insurance company or companies to which it has applied for such insurance. At the termination of employment
hereunder either for cause or otherwise, the Company shall either: (i) surrender such policies to the issuer; or (ii) transfer ownership of any policies procured pursuant to this Agreement to the Employee who shall thereafter be responsible for the
payment of any premiums thereunder. It is the intention of the parties that the Company shall retain no insurance on the life of the Employee after employment hereunder has been terminated for any reason whatsoever. 
  
 (c) Disability. If Employee is unable to perform his
obligations under this Agreement because of illness and/or disability, Employee shall continue to receive his full compensation and benefits under this Agreement for a period not to exceed six (6) consecutive months; provided, however,
Employee’s base salary from the Company shall be reduced by the amount, if any, of income payments received by Employee as a result of group or individual disability insurance coverage maintained at the cost of the Company. 
  
 (d) Purchasing Allowance. The Company shall reimburse
Employee for expenditures made by the Employee at any Arrow Prescription Center location in an amount not to exceed Two Hundred Dollars ($200) per month. 
  
 (e) Medical Reimbursement. The Company shall reimburse Employee for medical expenses incurred by Employee for himself or his
immediate family which are not covered expenses pursuant to the health insurance policies provided by Company pursuant to paragraph (b), above, in an amount not to exceed Three Thousand Dollars ($3,000) per annum. 
  
 (f) Expense Reimbursement. Employee shall be entitled
to receive prompt reimbursements for all reasonable expenses incurred by him (in accordance with the policies and procedures established by the Company or the Board for the similarly situated employees of the Company) in performing services
hereunder. 
  
 (g) Automobile Allowance.
Employee shall be entitled to an automobile allowance in an amount not to exceed six hundred dollars ($600) per month. 
  
 (h) Fitness or Club Allowance. Employee shall be entitled to a fitness or club allowance in an amount not to exceed two hundred
dollars ($200) per month. 
  
 3.05 Sign On
Bonus. Upon execution of this Agreement, Employee shall be paid a sign on bonus of twenty-five thousand dollars ($25,000). 

 4. Termination. 
  
 4.01 Termination by Company for Other Than Cause. If during the term of this Agreement the Company
terminates the employment of Employee and such termination is not for Cause then the Company shall pay to Employee an amount equal to the monthly portion of Employee’s Minimum Annual Compensation multiplied by the greater of twelve (12) months
or the number of months remaining in the term of this Agreement (the “Severance Period”). If during the term of this Agreement there is a Change of Control resulting in a change of position of Employee’s employment, and if
Employee’s annual compensation in his new position shall be less than the Minimum Annual Compensation, then the difference shall be paid to Employee for the balance of the Severance Period. If the Employee’s employment in a new position
shall terminate, then for the purposes of this paragraph 4.01, Employee shall be entitled to continuation of the Minimum Annual Compensation until the earlier of the conclusion of the Severance Period or the date when he shall again become
reemployed, in which case only the difference shall be payable as aforesaid. If the Employee’s reemployment in a new position shall terminate, Employee shall use his best efforts to become reemployed as soon as reasonable possible in a position
consistent with Employee’s experience and stature. Any amounts due hereunder shall be paid at such times and in such manner as the Employee had previously been paid his Minimum Annual Compensation. The payments provided herein are in lieu of
any other payments due the Employee hereunder, including but not limited to, any claim for breach of contract. 
  
 4.02 Termination by the Company for Cause. The Company shall have the right to terminate the employment of Employee for Cause,
however, nothing herein shall be deemed to constitute a waiver of the right of the Employee to challenge the Company’s determination of Cause. Effective as of the date that the employment of Employee terminates for Cause, this Agreement, except
for Sections 2.04 through 2.09, shall terminate and no further payments of the Compensation described in Section 3 (except for such remaining payments of Minimum Annual Compensation under Section 3.01 relating to periods during which Employee was
employed by the Company, benefits which are required by applicable law to be continued, and reimbursement of prior expenses under Section 3.04) shall be made. 
  

4.03 Termination on Account of Employee’s Death. 
  
 (a) In the event of Employee’s death during the term of this Agreement; 
  

	 	(1)	This Agreement shall terminate except as provided in this Section; and 

  

	 	(2)	The Company shall pay to Employee’s beneficiary or beneficiaries (or to his estate if he fails to make such designation) an amount equal to the Employee’s Minimum Annual
Compensation as in effect on the date of his death. This amount shall be paid in one lump sum as soon as practicable after the date of his death. 

  

(b) Employee may designate one or more beneficiaries for the purposes of this Section by making a written designation and delivering
such designation to the Treasurer of the Company. If Employee makes more than one such written designation, the designation last received before Employee’s death shall control. 
  
 4.04 Termination on Account of Disability. The Company shall have the right to terminate the
employment of Employee in case of Disability of the Employee. In such case, the provisions of Section 3.04(c) of this Agreement shall apply and the provisions of Section 4.01 of this Agreement shall not apply, notwithstanding the terms of said
Section 4.01. 
  
 4.05 Benefits Upon
Termination. Upon the termination of the Employee’s employment hereunder for Cause, the Employee shall not receive any other benefits except as required by law. In the case of termination without Cause, any health insurance, dental
insurance, life insurance and disability insurance coverage provided under the Company’s benefit programs shall be continued for a period of twelve months or such earlier date that the Employee obtains other employment. 

 5. Miscellaneous. 
  
 5.01 Assignment. The Company shall have the right to assign all of its rights under this Agreement to
any affiliate or to any purchaser of substantially all of the assets of the Company; provided, however, any such assignment shall not release the Company from any of its obligations under this Agreement. Upon any such assignment, this Agreement
shall be binding upon and inure to the benefit of such assigns and the Employee. If any such purchaser of substantially all of the assets of the Company is unwilling to accept an assignment of this Agreement and to assume the obligations hereof,
then Company shall remain fully liable hereunder notwithstanding the sale of its assets and the resulting cessation of its business operations. The Employee shall have no right to assign or delegate any rights or obligations under this Agreement.

  
 5.02 Governing Law. This Agreement
shall be construed in accordance with and governed for all purposes by the laws of the State of Connecticut. 
  
 5.03 Interpretation. In case any one or more of the provisions contained in this Agreement shall, for any reason, be held to be
invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Agreement, but this Agreement shall be construed as if such invalid, illegal or unenforceable provisions
had never been contained herein. 
  
 5.04
Notice. Any notice required or permitted to be given hereunder shall be effective when received and shall be sufficient if in writing and if personally delivered or sent by prepaid cable, telex or registered air mail, return receipt
requested, to the party to receive such notice at its address set forth at the end of this Agreement or at such other address as a party may by notice specify to the other. 
  
 5.05 Amendment and Waiver. This Agreement may not be amended, supplemented or waived except by a
writing signed by the party against which such amendment or waiver is to be enforced. The waiver by any party of a breach of any provision of this Agreement shall not operate to, or be construed as a waiver of, any other breach of that provision nor
as a waiver of any breach of another provision. 
  
 5.06 Binding Effect. This Agreement shall be binding on the successors and assigns of the parties hereto. 
  
 5.07 Survival of Rights and Obligations. All rights and obligations of Employee or the Company arising during the term of this
Agreement shall continue to have full force and effect after the termination of this Agreement unless otherwise provided herein. 
  
 5.08 Entire Agreement. This Agreement contains the entire understanding of the parties and supersedes all prior agreements between
the parties. There are no oral understandings, terms or conditions and no party has relied upon any representation, express or implied, not contained in this Agreement. The rights and protection afforded by any and all provisions of this Agreement
shall inure to the benefit of (and may be fully enforced by) any Affiliate of the Company, it being understood such Affiliates are intended third party beneficiaries of this Agreement. 
  
 5.09 Partial Invalidity. The invalidity of one or more of the phrases, sentences, clauses, sections
or articles contained in the Agreement shall not affect the validity of the remaining portions. 
  
 5.10 Genders. Any reference to the masculine gender shall be deemed to include the feminine and neuter genders, and vice versa, and
any reference to the singular shall include the plural, and vice versa, unless the context otherwise requires. 
  
 5.11 Company Policies. The Company’s Policies as amended from time to time will govern all terms, privileges and conditions of
employment of the Employment which are not specifically addressed in this Agreement and shall include all rules and regulations adopted by the Company from time to time in its sole discretion. 

 IN WITNESS WHEREOF, this Agreement has been duly executed as of the day and year first written above.

  

			
	DRUGMAX, INC.
		
	By:	 	 /s/ Edgardo Mercadante

	 	 	Edgardo Mercadante
	 	 	Its Chairman and Chief Executive Officer
	
	 /s/ James E. Searson

	James E. Searson

  
 ADDRESSES: 
  

			
	Company:	 	312 Farmington Avenue
	 	 	Farmington, CT 06032
		
	Employee:	 	57 Fenwick Drive
	 	 	Farmington, CT 06032

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