Document:

Separation Agreement

 Exhibit 10.1 
 SEPARATION AGREEMENT 
 This is a SEPARATION AGREEMENT (the “Agreement”)
between WALLACE D. RUIZ (“Ruiz”), a Florida resident, and SRI/SURGICAL EXPRESS, INC. (the “Company”), a Florida corporation. 
 Background 
 The Company is terminating Ruiz’s employment as Senior Vice President, Chief
Financial Officer, and Secretary of the Company. This Agreement provides for the Company to provide specified severance benefits to Ruiz as part of this termination. Ruiz and the Company are parties to an Employment Agreement dated as of
July 1, 2005, as amended by a First Amendment to Employment Agreement dated as of December 24, 2008 (collectively, the “Employment Agreement”). 
 Operative Terms 
 Ruiz and the Company agree as follows: 
 1. Termination; Separation Compensation. The Company terminates Ruiz’s employment as Senior Vice President, Chief Financial Officer,
and Secretary of the Company, effective April 17, 2009 (the “Termination Date”). Through the date that is nine months after the Termination Date (i.e., January 17, 2010), the Company shall continue to pay to Ruiz his monthly base
salary, at Ruiz’s monthly base salary level in effect on the date of this Agreement. These salary continuation payments shall commence upon the second payroll date following the expiration of the Revocation Period (as defined in
Section 7.5) and continue for the remaining term of the nine month severance period after the Termination Date; provided, such first payment shall include all such amounts that otherwise would have been paid prior to the expiration of the
Revocation Period had the payments commenced on the first payroll date following the Termination Date. Subsequent payments shall be made on the Company’s regular pay days as are in effect on the Termination Date, and such payment dates shall
not be affected by any subsequent change in the Company’s payroll practices. The foregoing payments will be subject to applicable tax withholding and other deductions. The Company shall also pay to Ruiz, within five (5) business days after
expiration of the Revocation Period, (i) the amount of $9,000 in a single lump sum payment to help defray any lease termination penalty incurred by Ruiz and occasioned by this termination, (ii) any accrued but unused vacation or holiday
time, and (iii) any outstanding expense reimbursements that it owes, in accordance with its expense reimbursement policy. 
 2.
Benefits. Through the date that is nine months after the Termination Date (i.e., January 17, 2010), the Company shall pay Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”) premiums in order for Ruiz to
maintain medical insurance coverage at the level in effect on the Termination Date; provided, the Company’s obligation to pay Ruiz’s COBRA premiums will cease immediately in the event Ruiz becomes eligible for group health insurance during
such nine month period, and Ruiz agrees to promptly notify the Company if he becomes eligible to be covered by group health insurance during such period. Ruiz is responsible for making an effective election to continue coverage under the group
medical in accordance with COBRA, and Ruiz understands that if he fails to do so, his coverage will terminate; however, a failure by Ruiz to elect COBRA coverage will not constitute a breach of this Agreement. Ruiz acknowledges that he owns the
stock and option rights set forth in Schedule B, that he does not own any other equity or option rights with respect to the Company, that his unvested stock options have expired, that he has 90 days from the Termination Date within which to exercise
vested options, and that any vested options not so exercised will expire 90 days after the Termination Date. As of the date of this Agreement, Ruiz will no longer be eligible to participate in any other benefit programs offered to employees by the
Company, including without limitation vacation, 401(k) plan, short-term and long-term disability, travel and accident, and independent life insurance programs. 
  

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 3. Benefits of the Agreement. Ruiz acknowledges that he would not be entitled to the
severance benefits described in Sections 1 and 2 of this Agreement in the absence of his signing this Agreement. All of these severance benefits are conditioned on Ruiz’s performance of all of his obligations under this Agreement and the
obligations and covenants of the Employment Agreement incorporated into this Agreement by Section 5.1 of this Agreement; provided, however, the Company and Ruiz agree, and the Employment Agreement is hereby amended to provide, that the two year
restrictive covenant period described in Section 5(a)(i) of the Employment Agreement is hereby reduced to one year. 
 4.
Ruiz’s Full General Release of Claims against the Company.  
 4.1 Ruiz, for himself and for his
heirs, successors, and assigns, irrevocably and unconditionally releases and forever discharges the Company, its subsidiaries and affiliates, and all of their successors, assigns, officers, directors, representatives, agents, employees, associates
and all other persons acting for or on behalf of them (each, a “Released Party”), from all claims, complaints, liabilities, agreements (other than pursuant to this Agreement), damages, costs, debts, and expenses of any kind, whether known
or unknown, including all claims in connection with Ruiz’s employment with the Company, including without limitation, any claim for continued or future employment or for payment of wages or salary, or any other payment, pursuant to any
agreement, whether written or unwritten, or arising out of any employment relationship with the Company (collectively, the “Released Claims”). Without limitation, Ruiz releases and waives all claims under Title VII of the Civil Rights Act
of 1964, as amended; (42 U.S. C. § 2000e, et seq.); the Civil Rights Acts of 1866, 1871 and 1991, all as amended; 42 U.S.C. § 1981; the Family and Medical Leave Act of 1993, as amended (29 U.S.C. § 2601, et seq.); the Americans With
Disabilities Act, as amended (42 U.S.C. § 12101, et seq.); the Rehabilitation Act of 1973, as amended (29 U.S.C. § 793-94); the Fair Labor Standards Act, as amended (29 U.S.C. § 201, et. seq.); the Equal Pay Act of 1963, as amended
(29 U.S.C. § 206); the Employee Retirement Income Security Act, as amended (29 U.S.C. § 1001, et seq.); the Consolidated Omnibus Budget Reconciliation Act of 1985 (29 U.S.C. § 1161, et seq.); the Age Discrimination in Employment Act
(29 U.S.C. § 621 et seq.); the Older Workers Benefit Protection Act of 1990 (29 U.S.C. § 623); the National Labor Relations Act (NLRA); the Occupational Safety and Health Act (OSHA); and any other federal or state whistle-blower statute or
regulation; Chapter 760 of the Florida Civil Rights Act of 1992, as amended; any provision of Chapters 250, 440, 443, 447, 448, and 760 of Florida Statutes; the Florida General Labor Regulations, as amended; any other state law, rule or regulation
of any other state; any local ordinance; workers’ compensation statutes; unemployment compensation laws; and any other federal, state or local statute, rule, regulation or ordinance; any obligations under, arising out of, or related to the
Employment Agreement or any other actual or quasi-contract, including but not limited to, salary payments, bonus payments, benefits, stock, or stock options (to the extent Ruiz does not exercise such options in accordance with Section 2 above);
common law claims, including but not limited to claims of intentional or negligent infliction of emotional distress, negligent hiring, retention, training or supervision, defamation, invasion of privacy, breach of a covenant of good faith and fair
dealing, breach of fiduciary duty, breach of express or implied contract, promissory estoppel, negligence or wrongful termination of employment; any claims for or to past or future unpaid salary, commissions, bonuses, incentive payments, expense
reimbursements, health care benefits, life insurance, disability insurance and any other income or benefits Ruiz received or claims he should receive; and all other claims of any kind, including but not limited to any claims for attorneys’
fees. 
 4.2 Ruiz covenants not to sue any Released Party for any Released Claim. Ruiz warrants that he has not filed any
complaint, claim or charge against a Released Party with any local, state or federal 

  

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agency or court. Ruiz agrees that, if any such agency or court assumes the prosecution or jurisdiction of any complaint or charge against a Released Party,
he will immediately dismiss the complaint or charge and/or will immediately request such agency or court to dismiss and withdraw from the matter, and will not support the effort of anyone else or any entity that might file an action against a
Released Party. In the event Ruiz fails or refuses to undertake these obligations, he agrees that this Agreement shall operate to effectuate his dismissal or withdrawal of such complaint, charge or claim and that he will forward to the Released
Party any monies he receives from such complaint, charge or claim. 
 4.3 Ruiz has not assigned or otherwise transferred any
interest in any Released Claim. Ruiz shall not commence, join in, or in any manner seek relief through any suit arising out of, based upon, or relating to any Released Claim. 
 4.4 If any provision of this release is held invalid, unenforceable or void to any extent by a court of competent jurisdiction, the
provision shall be modified, if possible, by reducing its duration and scope to allow enforcement of the maximum permissible duration and scope. The Company reserves the right to rescind this Agreement and recover all amounts paid under it if any
provision of this release is held invalid, unenforceable or void. 
 5. Confidentiality and Other Obligations. 
 5.1 Ruiz agrees that he will not, at any time, use for any reason or in any manner any of the Company’s trade secrets or other
confidential information relating to the Company’s business or financial affairs, including the name of any customer or supplier or the business plans, methods, processes, and operating procedures of the Company, and reconfirms his obligations
and covenants set forth in Sections 5, 6 and 7 of the Employment Agreement (as expressly amended in the last sentence of Section 3 of this Agreement), which obligations and covenants are incorporated herein by reference, survive Ruiz’s
termination from the Company, and remain in full force and effect. 
 5.2 No later than seven days after the Termination Date,
Ruiz shall return to the Company all property of the Company in his possession or under his control, including but not limited to all Company records, files, equipment, supplies, keys, confidential or proprietary information, laptop, and Blackberry.
In addition, Ruiz shall return to the Company on a computer disk any files Ruiz has on his home or other computer, permanently and completely delete and remove those files from that computer(s), and provide written verification of doing so.

 5.3 Effective as of the Separation Date, Ruiz agrees that he shall have no authority to and shall not enter or attempt to
enter into any agreements with third parties on behalf of or purportedly on behalf of the Company. Ruiz shall also not represent himself as being employed by or associated with the Company. 
 5.4 Ruiz acknowledges and agrees that he has completely disclosed to Company management, in writing, any and all incidents, events,
procedures, practices or occurrences, that he is aware of, which have the potential of exposing the Company to any federal, state, or local civil monetary penalty or exclusion claim or any other claim that Ruiz believes may have resulted in a
violation of any other federal, state, or local statutes, rules, regulations or guidelines. Additionally, Ruiz acknowledges that he is not aware of any unreported situation where the Company may be subjected to any “qui tam” or related
action, nor is Ruiz aware of any unreported work related illness or injury that he has suffered that would entitle his to Workers’ Compensation benefits. 
  

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 5.5. Ruiz shall refrain from making any disparaging statements, written or oral, in any
forum or media, regarding the Company or its policies, products, processes, operations, facilities, or personnel. 
 6.
Cooperation. As reasonably requested by the Company, Ruiz shall cooperate and consult with the Company in connection with its pending litigation and other legal proceedings, as well as any transition of projects. Ruiz shall not receive
any more compensation for this cooperation and consulting, but the Company shall pay reasonable out-of-pocket expenses that it approves in advance. Ruiz will refer to the Company (and not personally make any comment in response to) any press
inquiries regarding the circumstances of his termination. Except for the press release issued on the Termination Date, the Form 8-K filed with the Securities and Exchange Commission on the Termination Date, and other disclosures required by its
disclosure obligations under applicable law, the Company shall not make any public announcements referencing Ruiz. The Company shall provide Ruiz with a “neutral” reference that addresses his last position with the Company, his tenure with
the Company, and his last salary. 
 7. Ruiz’s Review of this Agreement; Legal Counsel. 
 7.1 Ruiz acknowledges that he has read each section of this Agreement, that the Agreement is written in a manner calculated to be
understood by Ruiz, and that Ruiz in fact understands his rights and obligations under the Agreement, including the fact that he is waiving and releasing his rights to sue the Company pursuant to Section 4 of this Agreement. 
 7.2 Ruiz is advised to consult with legal counsel before executing this Agreement. 
 7.3 Ruiz acknowledges that the money being paid pursuant to this Agreement and any other consideration is in excess of all monies or
anything else of value owed to him. 
 7.4 Ruiz has up to 21 calendar days following the receipt of this Agreement to consider
this Agreement before signing it. Ruiz may consider and sign this Agreement in less time if he so chooses, and by signing this Agreement prior to expiration of such 21-day period, Ruiz acknowledges that he has fully considered this Agreement and
accepts the Agreement prior to expiration of the 21-day period. 
 7.5 Ruiz may revoke this Agreement within seven days after
his execution of this Agreement (the “Revocation Period”). To revoke this Agreement, Ruiz shall deliver notice of such election in writing to Company’s representative, Gerald Woodard, before 5:00 p.m. on the seventh day after
execution. If the seventh day does not fall on a business day, then the Revocation Period shall be deemed extended to 5:00 p.m. the next business day. 
 7.6 This Agreement is not effective or enforceable until the Revocation Period has expired, and no monies or other consideration will be sent to Ruiz until after the Revocation Period has expired (assuming Ruiz has
not timely exercised his right to revoke the Agreement). 
 7.7 Each party to this Agreement acknowledges that Hill Ward
Henderson acted as counsel to the Company in this transaction. 
 8. Costs and Expenses with Respect to this Agreement. Ruiz
and the Company shall each bear their own costs and expenses expended in connection with this Agreement. 
 9. Complete
Agreement. This Agreement (including the obligations and covenants of the 

  

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Employment Agreement incorporated into this Agreement by Section 5 of this Agreement, as expressly amended in the last sentence of Section 3 of
this Agreement) records the final, complete and exclusive understanding between the parties with respect to the transactions described in it and supersedes any prior or contemporaneous agreement, understanding or representation, oral or written, by
any of them. 
 10. Execution in Counterparts. The parties may execute this Agreement in counterparts. Each executed
counterpart will be considered an original document and all executed counterparts, together, will constitute the same Agreement. 
 11.
Amendment and Assignment. An amendment or modification of this Agreement or any provision of it will be valid and effective only if it is in writing and signed by each party to this Agreement. This Agreement is not assignable by either
party without the prior written consent of the other party, and any attempted assignment by either party without the prior written consent of the other party will be invalid and unenforceable. 
 12. Legal Proceedings; Governing Law. Each party to this Agreement (a) consents to the personal jurisdiction of
the state and federal courts having jurisdiction in Hillsborough County, Florida, (b) stipulates that the proper, exclusive, and convenient venue for any legal proceeding arising out of or related to this Agreement is Hillsborough County,
Florida, for state court proceedings, or the Middle District of Florida, Tampa Division, for federal court proceedings, and (c) waives any defense, whether asserted by a motion or pleading, that Hillsborough County, Florida, or the Middle
District of Florida, Tampa Division, is an improper or inconvenient venue. RUIZ KNOWINGLY, VOLUNTARILY, AND INTENTIONALLY WAIVES THE RIGHT TO A JURY TRIAL IN ANY LAWSUIT BETWEEN RUIZ AND THE COMPANY WITH RESPECT TO THIS AGREEMENT. 

In any mediation or litigation (including appellate proceedings) arising out of or related to this Agreement, the losing party shall reimburse the
prevailing party, on demand, for all costs and expenses (including legal fees, costs, and expenses) that are incurred by the prevailing party as a result of the mediation or litigation. The laws of the State of Florida and the federal laws of the
United States of America, excluding the laws of those jurisdictions pertaining to the resolution of conflicts with laws of other jurisdictions, govern the validity, construction, enforcement, and interpretation of this Agreement. 
 13. Notices. Unless this Agreement expressly permits it to be given orally, every demand, notice, consent, or approval required or
permitted to be given by a party under this Agreement will be valid only if it is (a) in writing (whether or not the applicable provision of this Agreement states that it must be in writing), (b) delivered personally or by telecopy,
commercial courier, or first class, postage prepaid, United States mail (whether or not certified or registered and regardless of whether a return receipt is requested or received by the sender), and (c) addressed by the sender to the intended
recipient as follows: 
  

	 	(a)	If to the Company: 

 SRI/Surgical Express,
Inc. 
 12425 Racetrack Road 
 Tampa, Florida 33626 
 Attention: Gerald Woodard 
 with a copy to: 
 Hill Ward Henderson 
 101 East Kennedy Blvd.- Suite 3700 
 Tampa, Florida 33602 
 Attention: David S. Felman 
  

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	 	(b)	If to Wallace D. Ruiz: 

 Wallace D. Ruiz

 114 E. Davis Blvd., Unit 13 
 Tampa, Florida 33606 
 or to such other address as the intended recipient may designate by notice given to every other party
to this Agreement in the manner provided in this Section. A validly given demand, notice, consent, or approval will be effective on the earlier of its receipt by personal delivery or by telecopy or commercial courier. Each party to this Agreement
shall promptly notify every other party of any change in its mailing address. 
 EXECUTED: As of April 17, 2009. 
  

			
	SRI/SURGICAL EXPRESS, INC.,
	a Florida corporation
		
	By:	 	 /s/ Gerald Woodard

	Name:	 	 Gerald Woodard

	Title:	 	 Chief Executive Officer

	
	 /s/ Wallace D. Ruiz

	WALLACE D. RUIZ, individually

  

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 Schedule B 
  

										
	 Grant Date
	  	Plan	  	Grant Type	  	Option
Price	  	Exercisable
	 7/1/05
	  	2004 Plan	  	Incentive
Stock Option	  	$	5.28	  	45,000

 Exercise of the foregoing options is subject to the terms of the Company’s 2004 Stock Compensation Plan, as
amended, and the Stock Option Agreement dated as of July 1, 2005, between the Company and Ruiz. Ruiz acknowledges that these options will not be exercisable after 90 days following the Termination Date. 
  

										
	 Grant Date
	  	Plan	  	Grant Type	  	Option
Price	  	Exercisable
	 3/14/07
	  	1998 Plan	  	Non-Qualified
Stock Option	  	$	4.60	  	4,000
	 7/31/07
	  	1998 Plan	  	Non-Qualified
Stock Option	  	$	4.85	  	1,500

 Exercise of the foregoing options is subject to the terms of the Company’s 1998 Stock Option Plan, as
amended, and the Stock Option Agreements dated as of March 14, 2007, and July 31, 2007, between the Company and Ruiz. Ruiz acknowledges that these options will not be exercisable after 90 days following the Termination Date. 
 All other stock options not listed in the two tables above are forfeited. 
  

							
	 Grant Date
	  	Plan	  	Grant Type	  	Vested and
Owned
	 1/17/06
	  	2004 Plan	  	Restricted Stock	  	15,000

 The foregoing restricted stock is subject to the terms of the Company’s 2004 Stock Compensation Plan, as
amended, and the Notice of Restricted Stock Grant and Stock Restriction Agreement dated as of January 17, 2006, between the Company and Ruiz. 
 All
other restricted stock grants are unvested and forfeited. 
  

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 Exhibit 10.2 
 

 
 January 26, 2009 
 Mr. William J. Braun 
 30991 Inverness Circle 
 Westlake, OH 44145 
 Dear Bill: 
 I am pleased to
confirm our offer to you for a position with SRI Surgical (the “Company”) as the Senior Vice President of Operations at our Tampa office location beginning on or about March 30, 2009 (exact date to be determined). In this position,
you will report directly to Gerald Woodard-Chief Executive Officer and be paid the following compensation package: 
  

	 	•	 	 A bi-weekly rate of $9,615.38 equating to an annualized amount of $250,000, subject to deductions for taxes and other withholdings as required by law or the
policies of the company. 

  

	 	•	 	 Your bonus opportunity will be 40% of your base salary. During the 2009 calendar year, you will be provided a bonus guarantee of $30,000 to be paid by March 15
of 2010 dependent upon your continued employment at time of payment. During your second year of employment 30% of your bonus potential will be based on mutually agreed upon individual performance objectives and will be “line of sight” in
terms of earning potential. Additional details of this plan will be discussed with you in detail during your first few weeks of employment. 

  

	 	•	 	 You will be eligible for four weeks of vacation per year. 

  

	 	•	 	 You will be eligible to participate in the Company’s Stock Compensation Plan. Under this plan, you will be offered a stock option grant for the purchase of
45,000 shares. The grant vests annually over 5 years. The exercise price of the option is determined by the commencement date of your employment and is normally the closing price of the stock on the first trading day of the month after your
employment commences. 

  

	 	•	 	 As part of this offer of employment, you will also be provided with the following relocation package: 

  

	 	•	 	 Up to $30,000 to assist with the closing costs associated with the sale of your current residence in Westlake Ohio. This would be paid at time of sale and
presentation of the appropriate documents. This benefit will expire one (1) year from the date of this offer. 

  

	 	•	 	 Up to $20,000 to cover packing and moving expenses. The transportation of any collectibles, boats or automobiles beyond three (3) are excluded from this offer.
SRI to pay direct to the company providing such services. This benefit will expire one (1) year from the date of this offer. 

  

	 	•	 	 Up to $6,500 to assist with closing costs associated with the purchase of a primary residence in the Tampa area. This benefit will expire one (1) year from the
date of this offer. 

  

	 	•	 	 $15,000 (net) cash to assist with any and all relocation expenses not included in the above to include traveling to Ohio until the sale of your home is complete.

  

	 	•	 	 For those expenses associated with your relocation that are taxable, SRI will “gross-up” those expenses in an effort to provide financial support to cover
any tax liability you might incur. It is an expectation of the Company that your relocation to the Tampa area be completed within one year of the date of this offer. In the event that your relocation is not completed within this timeframe, several
of the relocation benefits identified as part of this offer will expire and no longer be available to you. 

  

	 	•	 	 A retention agreement, outside of this offer of employment, has been developed between the Company and William Braun. Details are outlined in the supplemental
agreement. 

 In the event you voluntarily terminate employment with SRI within one year of your start date, you agree to return the total
value of the above relocation package estimated to be worth $90,000 to include any expenses incurred by SRI, within 15 days of such notification. In the event you voluntarily terminate employment with SRI within two years of your date of hire, you
will be required to reimburse SRI a prorated portion of the above relocation package. Terms of this offer are considered confidential information to the Company and trust that you will treat it as such. You will be provided a full set of work
policies and expectations for your performance. 

 Non-Compete Agreement: Our standard non-compete agreement must be signed prior to your start date. 
 

 
 In accepting this offer, you are representing to us that (i) you are not a party to any employment agreement or other
contract or arrangement which prohibits your full–time employment with SRI Surgical, (ii) you do not know of any conflict which would restrict your employment with SRI Surgical, and (iii) you have not and will not bring with you to
your employment with SRI Surgical any documents, records or other confidential information belonging to former employers. 
 You are eligible for benefits
such as medical, dental, vision, long-term disability, life insurance, and our 401(K) plan. Exact timing of eligibility is dependent upon each specific plan, ranging from first of the month following 30 days employment for medical benefits up to 6
months for 401(K).Our human resources liaison at your location will review all company benefits with you within your first two weeks of employment. 
 SRI
Surgical is a drug-free workplace. As such, this offer is contingent upon your passing a drug screening test. The drug screen must be taken within three days of receipt of this offer or the offer may be withdrawn. This offer is also contingent upon
your successful completion of a background screening. This information will be sent to the address noted above for Saturday delivery. 
 SRI Surgical has a
corporate culture that allows our employees and our organization to flourish. We strive to have our employees act locally and think globally in all things. 
  

	 	•	 	 We are committed to making SRI Surgical the market leader by providing the highest quality products and services, while assuring a fair return for our shareholders.

  

	 	•	 	 As an equal opportunity employer, SRI Surgical strongly believes in being open-minded and respectful of the ideas and thoughts of others.

  

	 	•	 	 We support the personal growth of employees and are committed to being responsive to the needs of co-workers, shareholders, vendors, customers and communities.

 Your first day of work is scheduled to begin on or about March 30, 2009 (exact date to be determined). Please bring appropriate
documentation for the completion of your new hire forms, including proof that you are presently eligible to work in the United States for I-9 purposes. Failure to provide appropriate documentation within three (3) days of hire will result in
immediate termination of employment in accordance with the terms of the Immigration Reform and Control Act. 
 Bill, we are very excited about having you as
a part of SRI Surgical. Everyone is eager to have you on our team and move forward with your added participation. However, we recognize that you retain the option, as does the Company, of ending your employment with the Company at any time, with or
without notice and with or without cause. As such, your employment with the Company is at-will and neither this letter nor any other oral or written representations may be considered a contract for any specific period of time. 
 You acknowledge that this offer letter, (along with the final form of any referenced documents), represents the entire agreement between you and SRI Surgical and that no
verbal or written agreements, promises or representations that are not specifically stated in this offer, are or will be binding upon SRI Surgical. 
 If you
are in agreement with the above outline, please sign below. This offer is in effect for five business days. 
 Should you have any questions about starting
with the Company, please do not hesitate to contact me. 
 Welcome to SRI Surgical! 
 Sincerely, 
  

	
	 /s/ Ray Reilly

	Ray Reilly
	Vice President, Human Resources & Client Relations

 Terms Agreed: 
  

					
	 /s/ William J. Braun
	 	 3/30/09
	 	
	Signature	 	Date

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