Document:

Exhibit 10.37

 

EMPLOYMENT AGREEMENT 

 

This Agreement made
and entered into effective the 11th day of August, 2012 by and between Robert Myers, an individual residing at 4765 Beacon Hill
Road, Eagan, Minnesota 55122 (“Employee”), and BioDrain Medical, Inc., 2915 Commers Drive, Suite 900, Eagan, Minnesota
55121, a Minnesota corporation (“Company”), collectively referred to as “the Parties”.

 

WITNESSETH:

 

WHEREAS, Company
desires to employ Employee to render services for Company as its Chief Financial Officer on the terms and conditions hereinafter
set forth, and Employee desires to be employed by Company on such terms and conditions;

 

NOW, THEREFORE,
in consideration of the promises and of the mutual covenants and agreements contained herein, the Parties hereby agree as follows:

 

		1.	Employee’s Acknowledgment and Certifications. Employee hereby represents and certifies
that Employee is not subject to any other agreement or restrictive covenant that Employee violates
by working with Company. Further, Employee represents that no conflict of interest or breach of Employee’s fiduciary duties
will result by working with and performing duties for Company. Employee further agrees and certifies that Employee will not use
or disclose to Company any confidential, proprietary or trade secret information belonging to another individual or entity which
may not properly be used or disclosed by Employee to Company.

 

		2.	Employment and Term. Company hereby employs Employee and Employee
hereby accepts employment with Company upon the terms and conditions of this Agreement. Employee’s employment with Company
is at-will and will commence on 1 July 2012. This Agreement does not modify the at-will nature
of Employee’s employment nor is it intended to guarantee Employee a specific term of employment with Company. Either Employee
or Company may terminate the employment relationship at any time, for any lawful reason. Employee agrees to abide by all Company
rules, policies, and procedures.

 

		3.	Duties. Employee shall have the title of Chief Financial Officer.
Employee will devote Employee’s full working time, attention, loyalty, skills and efforts to diligently perform all the duties,
responsibilities, and requirements assigned to Employee while employed by Company. Employee’s title, position and duties
are at all times subject to change at Company’s sole discretion.

 

		4.	Compensation.

 

		a.	Base Salary. Employee will receive an initial annualized base
salary of $125,000 (gross, less applicable legally required withholdings and such other deductions as Employee voluntarily authorizes
in writing). Employee’s base salary and other compensation will be subject to review and adjustment by Company at any time,
as Company deems appropriate; provided, that Employee’s base salary will not be reduced without Employee’s consent
unless a salary reduction is imposed upon substantially all employees of the Company as part of a general reduction.

 

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		b.	Commission. Not Applicable. 

 

		c.	Bonus. In each calendar year during the term of this Agreement,
beginning in calendar year 2012, Employee shall be eligible to receive an annual incentive bonus determined annually at the discretion
of the Board, subject to the attainment of certain objectives, which shall be established in writing by the Employee and the Board
prior to each bonus period (in the case of 2012, established prior to the date of this Agreement). The maximum bonus that may be
earned by Employee for any year will be not less than 150% of Employee’s then-current base salary. The minimum bonus that
may be earned by Employee for any year will be not less than 20% of Employee’s then-current base salary. Any payments made
under this Section 5(c) shall be paid within 3 1/2 months of the end of the bonus period, provided that Employee
was employed by the Company on the last day of the bonus period.

 

		d.	Stock Options. The Employee will receive 10 year term non-qualified stock options to purchase
1,000,000 shares of the Company’s common stock at $.08 (market value at time of contract) per share pursuant to the 2012
Stock Incentive Plan (the “2012 Plan”). The shares will vest as follows: 700,000 immediately on grant date, August
13, 2012, and the remaining 300,000 shares 18 months from the grant date, February 13, 2014.

 

		e.	Directors & Officers Insurance. While employed by Company, Employee shall be considered
an officer of Company and shall be covered by D&O Insurance, or any other similar type of insurance, that provides coverage
for Employee’s acts or omissions undertaken during the course and scope of Employee’s employment and maintain coverage
for Employee for at least three (3) years following Employee’s employment.

 

		5.	Additional Benefits.

 

		a.	Automobile. Company shall reimburse Employee for deductible automobile mileage according
to its Expense Reporting Procedures.

 

		b.	Business Expenses. Company will reimburse Employee for all preapproved, reasonable, deductible
and substantiated business expenses per its Expense Reporting Procedures. This includes, but is not limited to such expenses as
cell phones and business meetings.

 

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		c.	Vacation. Employee will receive two (2) weeks of vacation for 2012. Employee shall thereafter
be entitled to four (4) weeks of paid vacation per each calendar year earned ratably over each calendar year, to be taken at such
times as Employee and Company shall determine and provided that no vacation time shall unreasonably interfere with the duties required
to be rendered by Employee hereunder. Any vacation time not taken by Employee during any calendar year may be carried forward into
one succeeding calendar year. Accrued but unused vacation will be paid out to Employee at the time of termination of employment.

 

		d.	Benefits. Employee will be eligible for the additional benefits as described in Exhibit
[B].

 

		6.	Non-Competition. Employee agrees that while employed by Company and for a period of twelve
(12) months after the date Employee’s employment with Company terminates, regardless of the reason for termination, Employee
will not, without the prior written consent of Company, directly or indirectly, as an employee, owner, consultant or in any other
capacity whatsoever, for Employee’s own behalf or on behalf of any other person or entity, anywhere in the United States
of America:

		a.	Prohibition on Competition. Engage
in or render services, directly or indirectly, to any person or organization engaged in or about to become engaged in the development,
production, marketing or selling of any product, process or service in existence or under development which is similar to or competes
with a product, process or service of Company; or

 

		b.	Company Clients. Work or perform services as an
employee, agent, independent contractor or otherwise, for any client, customer, supplier or business partner of Company with whom
Employee worked, solicited, marketed or obtained confidential information about during Employee’s employment with Company;
or

 

		c.	Non-Solicitation. (i) Solicit, contact, sell to, provide services to, or attempt
to divert, take away or induce clients or prospective clients of Company with whom Employee worked,
solicited, marketed, or obtained confidential information about during Employee’s employment with Company, regarding services
or products that are competitive with any of Company’s services or products; or (ii) solicit, divert, take away or induce
any employee or independent contractor of Company to leave the employ or service of Company.

 

Company is providing Employee
with adequate and valuable consideration to compensate Employee for the reasonable restrictions on Employee’s post-employment
competitive activities contained within this Agreement. Employee hereby acknowledges the consideration, Employee’s stock
option grant and access to certain of Company’s proprietary information and goodwill, constitute adequate and sufficient
consideration for the restrictive covenants in this Agreement. Employee agrees that the restrictions set forth in this Agreement
are reasonable considering Employee’s position.

 

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If any of the above restrictions
are deemed by a court of competent jurisdiction to be unreasonable in duration or in geographical scope, it will be considered
modified and valid for such duration and geographical scope as the court determines to be reasonable under the circumstances. The
duration of the above restrictions will be extended beyond the twelve (12) month period for a period equal to the duration of any
breach or default of such covenant by Employee. Upon terminating employment with Company (for whatever reason), Employee has an
affirmative obligation to inform any prospective employer and/or actual employer, of Employee’s post-employment obligations
contained within this Agreement including Employee’s non-competition and non-solicitation obligations.

 

		7.	Intellectual Property. Employee agrees that all right, title and interest of every kind
and nature whatsoever, whether now known or unknown, in and to any “Intellectual Property,” defined to include, but
not be limited to, any patent rights, trademarks, copyrights, ideas, creations and properties invented, created, written, developed,
furnished, produced or disclosed by Employee in the course of rendering his/her services to Company (both before the execution
of this Agreement and thereafter) shall, as between the Parties, be and remain the sole and exclusive property of Company for any
and all purposes and uses whatsoever, and Employee shall have no right, title or interest of any kind or nature therein or thereto,
or in and to any results and proceeds there from. Employee agrees to assign, and hereby expressly and irrevocably assigns, to Company
all worldwide rights, title and interest, in perpetuity, in respect of any and all rights Employee may have or acquire in the Intellectual
Property. The assignment of the rights as above shall not lapse if Company has not exercised its rights under the assignment for
any period of time or in any jurisdiction or territory. Pursuant to Section 181.78 of the Minnesota Statutes, the preceding sentence
does not apply to an invention for which no equipment, supplies, facility or trade secret information of Company was used and which
was developed entirely on the Employee's own time, and (1) which does not relate (a) directly to the business of Company or (b)
to Company's actual or demonstrably anticipated research or development, or (2) which does not result from any work performed by
Employee for Company. To the extent any of the rights, title, and interest in and to the Intellectual Property cannot be assigned
to Company (and to the extent any of Employee’s retained rights under Section 181.78 were incorporated by Employee (directly
or indirectly) in any of Company's past, current or future products or services), Employee hereby grants to Company an exclusive,
royalty-free, transferable, perpetual, irrevocable, unrestricted, worldwide license (with rights to sublicense through one or more
tiers of sublicense) to such non-assignable (or non-assigned) rights. To the extent any rights, title and interest in and to Intellectual
Property rights can be neither assigned nor so licensed by Employee to Company, Employee hereby irrevocably waives and agrees never
to assert such non-assignable and non-licensable rights, title and interest against Company, any of Company's successors in interest,
and the customers and licensees of either. Further, Employee agrees to waive, and hereby waives, any "moral rights" Employee
may have or may obtain in the Intellectual Property. Employee further agrees to assist Company in every proper way to apply for,
obtain, perfect and enforce rights in the Intellectual Property in any and all countries, and to that end Employee will execute
all documents for use in applying for, obtaining and perfecting such rights and enforcing same, as Company may desire, together
with any assignments thereof to Company or persons designated by it. Employee appoints Company as its attorney in fact to execute
any documents necessary to achieve such results. To the maximum extent possible, Company shall be shown in all documentation as
the owner of all rights in the Intellectual Property.

 

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		8.	Nondisclosure of Confidential Information. Employee shall keep confidential and not disclose
to anyone or use, either during or after Employee’s employment with Company, any Confidential Information of Company, except
as required by Employee’s employment with Company or as expressly authorized in writing by Company. For the purposes of this
Agreement, “Confidential Information” is any and all sensitive, confidential, proprietary and trade secret information
concerning or relating to Company and its direct and indirect parents, subsidiaries and/or affiliated organizations, including
any information or compilation of information which derives independent economic value from not being generally known to and not
being readily ascertainable by proper means by other persons who can obtain economic value from its disclosure or use. Examples
of Confidential Information not to be disclosed or used except as expressly permitted by Company include, but are not limited to,
the following:

	 	 	 
		a.	All patterns, compilations, programs, know how; designs, processes or formulae; software; market
or sales information or plans, devices, methods, concepts, techniques, processes, source codes, data capture innovations, algorithms,
user interface designs and database designs relating to Company’s products, services, systems or business;

 

		b.	Information acquired or compiled by Company concerning actual or potential clients/customers, suppliers
and business partners, including their identities, financial information concerning their actual or prospective business operations,
identity and quantity of services and/or products provided by Company, and any unpublished written materials furnished by or about
them to Company; and

 

		c.	Information concerning Company’s ownership, management, financial condition, financial operations,
business activities or practices, sales activities, marketing activities or plans, research and development, pricing practices,
legal matters, and strategic business plans.

 

Employee acknowledges
that Company shall at all times be and remain the owner of all Confidential Information disclosed to/acquired by Employee during
Employee’s employment with Company, and Employee acknowledges that Employee may use the Confidential Information only for
the limited purposes for which it was disclosed under this Agreement. Employee shall use his/her best efforts to preserve the confidentiality
of such Confidential Information which he/she knows or reasonably should know Company deems to be Confidential Information. Employee
agrees that he/she will not knowingly use, disclose or permit the use or disclosure of Company’s Confidential Information
in any manner which may injure Company’s business, impair its investments and goodwill, and/or adversely impact Company’s
relationships with its actual or potential customers and suppliers. The obligations of this Section shall continue in full force
and effect after the termination of this Agreement and the termination of Employee’s employment with Company. As used in
this Section 8, the term “Company” shall include Company and each of its direct and indirect parent, subsidiary and
affiliated organizations on a collective basis.

 

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		9.	Use, Removal, and Return of Company’s Property. Employee shall not use, duplicate,
disseminate or remove from Company’s premises any information contained in any records, documents, data, or other tangible
items of Company in original, duplicate or copied form, except as needed in the ordinary course of performing his/her employment
duties for and subject to the approval by Company. Employee shall immediately deliver to Company, upon termination of Employee’s
employment with Company, or at any other time upon Company’s request, any records, documents, data, and other tangible items
in Employee’s possession or control belonging to or relating to the products, services, systems or business of Company. Employee
will not retain any copies or reproductions of records, documents, data or other tangible items of Company or any of its direct
or indirect parent, subsidiary or affiliated organizations.

 

		10.	Termination by Company for Cause.  Company may terminate Employee’s employment for
“Cause” at any time, without notice. For purposes of this Agreement, the term “Cause” shall mean any of
the following:

 

		·	Employee engages in willful misconduct or fails to follow the reasonable and lawful instructions
of the Board of Directors, if such conduct is not cured within thirty (30) calendar days after Company sends notice to the Employee
of the alleged Cause,

 

		·	Employee embezzles or misappropriates assets of Company or any of its subsidiaries;

 

		·	Employee’s violation of Employee’s obligations in this Agreement, if such conduct is
not cured within thirty (30) calendar days after Company sends written notice to the Employee of the alleged Cause;

 

		·	Breach of any agreement between Employee and Company or to which Company and Employee are parties,
or a breach by Employee of a fiduciary duty or responsibility to Company;

 

		·	The commission by Employee of fraud or other willful conduct that adversely affects the business
or reputation of Company, as determined in Company’s sole discretion; or,

 

		·	Company has a reasonable belief Employee engaged in some form of harassment or other improper conduct
prohibited by Company policy or the law.

 

In the event of a termination
for Cause, Employee shall only be entitled to receive payment of base salary, in effect at the time of termination, through Employee’s
last date of employment and accrued, unused vacation pay. Employee will not be entitled to any other payments, salary, commission
or bonus. Employee shall have absolutely no right to receive or retain any other payment or compensation whatsoever under this
Agreement. The Employee’s rights and obligations regarding stock options, restricted stock or other equity incentives owned
by Employee shall be determined in accordance with and be governed by the 2012 Plan or the 2009 Equity Incentive Plan.

 

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		11.	Termination by Company without Cause. Company may terminate Employee’s employment
without Cause at any time, for any reason, without notice. In the event Employee’s employment is terminated by Company without
Cause, Employee shall be entitled to receive from Company severance pay in an amount equal to (a) before the first anniversary
of the date of this Agreement, three (3) months of Employee’s base salary, then in effect at the time of termination, or
(b) on or after the first anniversary of the date of this Agreement, twelve (12) months of Employee’s base salary, then in
effect at the time of termination, in either case less applicable taxes and withholdings. Employee shall receive bonus payment
on a pro-rata basis through the date of Employee’s termination and any accrued, unused vacation pay. The severance pay, bonus
payment, and other consideration provided in this Section are conditioned upon Employee’s execution of a full and final waiver
of all claims against Company, and not rescinding or revoking (to the extent permitted under such release) Employee’s release,
in a form acceptable to Company.

 

		12.	Termination by Employee for Good Reason. For purposes of this Agreement, “Good Reason”
shall mean (i) a material diminution in Employee’s position, duties, base salary, and responsibilities; or (ii) Company’s
notice to Employee that his or her position will be relocated to an office which is greater than 100 miles from Employee’s
prior office location. In all cases of Good Reason, Employee must have given notice to Company that an alleged Good Reason event
has occurred and the circumstance must remain uncorrected by Company after the expiration of thirty (30) days after receipt by
Company of such notice. If Employee terminates his or her employment for Good Reason, Employee shall be entitled to receive from
Company severance pay in an amount equal to (a) before the first anniversary of the date of this Agreement, three (3) months of
Employee’s base salary, then in effect at the time of termination, or (b) on or after the first anniversary of the date of
this Agreement, twelve (12) months of Employee’s base salary, then in effect at the time of termination, in either case less
applicable taxes and withholdings. Employee shall receive bonus payment on a pro-rata basis through the date of Employee’s
termination and any accrued, unused vacation. The severance pay, bonus payment, and other consideration provided in this Section
are conditioned upon Employee’s execution of a full and final waiver of all claims against Company, and not rescinding or
revoking (to the extent permitted under such release) Employee’s release, in a form acceptable to Company.

 

		13.	Termination by Employee without Good Reason. If Employee terminates his or her employment
with Company without Good Reason, Employee is only entitled to his or her base salary, then in effect at the time of termination,
through Employee’s last day of employment and accrued, unused vacation pay. Employee will not be entitled to any other payments,
salary, or bonus.

 

		14.	Termination Due to a Change in Control. “Change in Control” means:

 

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		a.	there is consummated a merger, consolidation, statutory exchange or reorganization, unless securities
representing more than fifty percent (50%) of the total combined voting power of the outstanding voting securities of the successor
corporation are immediately thereafter beneficially owned directly or indirectly and in substantially the same proportion, by the
persons who beneficially owned Company’s outstanding voting securities immediately prior to such transaction;

 

		b.	any transaction or series of related transactions pursuant to which any person or any group of
persons comprising a “group” within the meaning of Rule 13d-5(b)(1) under the Securities Exchange Act of 1934, as amended
(other than Company or a person that, prior to such transaction or series of related transactions, directly or indirectly controls,
is controlled by or is under common control with, Company) becomes directly or indirectly the beneficial owner (within the meaning
of Rule 13d-3 of the Securities Exchange Act of 1934, as amended) of securities possessing (or convertible into or exercisable
for securities possessing) thirty percent (30%) or more of the total combined voting power of the securities (determined by the
power to vote with respect to the elections of Board members) outstanding immediately after the consummation of such transaction
or series of related transactions, whether such transaction involves a direct issuance from Company or the acquisition of outstanding
securities held by one or more of Company’s shareholders;

 

		c.	there is consummated a sale, lease, exclusive license, or other disposition of all or substantially
all of the consolidated assets of the Company and its subsidiaries, other than a sale, lease, license, or other disposition of
all or substantially all of the consolidated assets of the Company and its subsidiaries to an entity, more than fifty percent (50%)
of the combined voting power of the voting securities of which are owned by shareholders of the Company in substantially the same
proportions as their ownership of the Company immediately prior to such sale, lease, license, or other disposition

 

		d.	individuals who, on the date of this Agreement, are members of the Board of Directors of Company
(the “Incumbent Board”) cease for any reason to constitute at least a majority of the members of the Board of Directors;
provided, however, that if the appointment or election (or nomination for election) of any new director was approved or recommended
by a majority vote of the members of the Incumbent Board then still in office, such new director shall, for purposes of sentence,
be considered as a member of the Incumbent Board.

 

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Notwithstanding the foregoing,
(i) the definition of Change in Control (or any analogous term) in an individual written agreement between the Company and the
Participant shall supersede the foregoing definition with respect to Incentives subject to such agreement (it being understood,
however, that if no definition of Change in Control or any analogous term is set forth in such an individual written agreement,
the foregoing definition shall apply); (ii) for clarification, a “Change in Control” shall not be deemed to have occurred
for purposes of the foregoing clause (b) as the result of the acquisition of additional securities by Dr. Samuel Herschkowitz,
Joshua Kornberg or their affiliates; and (iii) a “Change in Control” shall not be deemed to have occurred for purposes
of the foregoing clause (b) solely as the result of a repurchase or other acquisition of securities by Company which, by reducing
the number of shares of Voting Securities outstanding, increases the proportionate number of Voting Securities beneficially owned
by any person to thirty percent (30%) or more of the combined voting power of all of the then outstanding Voting Securities; provided,
however, that if any person referred to in this clause (iii) shall thereafter become the beneficial owner of any additional shares
of Voting Securities (other than pursuant to a stock split, stock dividend, or similar transaction or as a result of an acquisition
of securities directly from Company) and immediately thereafter beneficially owns thirty percent (30%) or more of the combined
voting power of all of the then outstanding Voting Securities, then a “Change in Control” shall be deemed to have occurred
for purposes of the foregoing clause (b).

 

In the event of a termination,
without Cause, due to a Change of Control, Employee shall be entitled to receive from Company severance pay in an amount equal
to twelve (12) months of Employee’s base salary, then in effect at the time of termination, less applicable taxes and withholdings.
Employee shall receive bonus payment on a pro-rata basis through the date of Employee’s termination and any accrued, unused
vacation. The severance pay, bonus payment, and other consideration provided in this Section are conditioned upon Employee’s
execution of a full and final waiver of all claims against Company, and not rescinding or revoking (to the extent permitted under
such release) Employee’s release, in a form acceptable to Company.

 

		15.	Governing Law; Venue. This Agreement shall be governed by and construed in accordance with
the laws of the State of Minnesota. The venue for any action relating to this Agreement shall be the federal or state courts located
in Dakota County, Minnesota, to which venue each party hereby submits.

 

		16.	Notices. Any notice or other communication required or permitted hereunder shall be in writing
and shall be deemed to have been given, when received, if delivered by hand or by telegram, or three (3) working days after deposited,
if placed in the mail for delivery by certified mail, return receipt requested, postage prepaid and addressed to the appropriate
party at the following address:

 

	Company:	BioDrain Medical Inc.
	 	Attention:  Josh Kornberg, CEO
	 	2915 Commers Drive
	 	Suite 900
	 	Eagan, Minnesota 55121
	 	 
	Employee:	Robert Myers
	 	4765 Beacon Hill Road
	 	Eagan, Minnesota 55122

 

 

Addresses may be changed by written
notice given pursuant to this Section; however any such notice shall not be effective, if mailed, until three (3) working days
after depositing in the mails or when actually received, whichever occurs first.

 

		17.	Other Agreements. This Agreement contains the entire agreement between the Parties concerning
terms of employment and supersedes at the effective date hereof any other agreement, written or oral, except the 2012 Plan, the
2009 Equity Incentive Plan and the applicable award agreements under such plans.

 

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		18.	Modification and Waiver. A waiver by either party of a breach of any provision of this Agreement
shall not operate as or be construed as a waiver of any subsequent breach thereof. Any modification of this Agreement must be in
writing and signed by both parties.

 

		19.	Scope of Remedies. In the event Employee breaches the covenants contained in this Agreement,
Employee recognizes that irreparable injury will result to Company, that Company’s traditional remedies at law for damages
will be inadequate, and that Company shall be entitled to injunctive relief ordered by a judicial court of competent jurisdiction
to restrain the continuing breach by Employee, Employee’s partners, agents, or employees, or any other persons or entities
acting for or with Employee. Company shall further be entitled to seek remedies in a judicial court of competent jurisdiction for
damages, reasonable attorney’s fees, and all other costs and expenses incurred in connection with the enforcement of this
Agreement, in addition to any other rights and remedies which Company may have at law or in equity.

 

		20.	Binding Effect, Assigns, Successors, Etc. The benefits and obligations of this Agreement
shall inure to the successors and assigns of Company, to any person or entity which purchases substantially all of the assets of
Company, and to any subsidiary, affiliated corporation, or operating division of Company. This Agreement is not assignable by Employee.

 

		21.	Savings Clause. If any provision, portion or aspect of this Agreement is determined to be
void, or voidable by any legislative, judicial or administrative action as properly applied to this Agreement, then this Agreement
shall be construed to so limit such provision, portion or aspect thereof to render same enforceable to the greatest extent permitted
by or in the relevant jurisdiction.

 

		22.	Headings. The headings of this Agreement are intended solely for convenience and reference,
and shall give no effect in the construction or interpretation of this Agreement.

 

		23.	Survival. The restrictions on Employee’s post-employment activities (including Employee’s
confidentiality obligations and restrictive covenants), and those sections of this Agreement that pertain to interpretation and
enforcement of such restrictions, will survive the termination of this Agreement and/or Employee’s employment and will remain
in full force and effect.

  

		24.	Execution. This Agreement may be executed in two (2) or more counterparts, and each such
counterpart deemed an original. Original signatures on copies of the Agreement transmitted by facsimile will be deemed originals
for all purposes hereunder.

 

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IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be executed effective as of the day and year first written above.

 

	 	BioDrain Medical, Inc.
	 	 	 
	 	By:	/s/ Josh Kornberg
	 	 	  JOSH KORNBERG, CEO
	 	 	 
	 	By:	/s/ Robert Myers
	 	 	  ROBERT MYERS

 

    	11Exhibit 10.38

 

EMPLOYMENT AGREEMENT 

 

This Agreement made
and entered into effective the 11th day of August, 2012 by and between David Johnson, an individual residing at 9912 Brookside
Avenue, Bloomington, MN 55431 (“Employee”), and BioDrain Medical, Inc., 2915 Commers Drive, Suite 900, Eagan, Minnesota
55121, a Minnesota corporation (“Company”), collectively referred to as “the Parties”.

 

WITNESSETH:

 

WHEREAS, Company
desires to employ Employee to render services for Company as its Chief Operating Officer on the terms and conditions hereinafter
set forth, and Employee desires to be employed by Company on such terms and conditions;

 

NOW, THEREFORE,
in consideration of the promises and of the mutual covenants and agreements contained herein, the Parties hereby agree as follows:

 

		1.	Employee’s Acknowledgment and Certifications. Employee hereby represents and certifies
that Employee is not subject to any other agreement or restrictive covenant that Employee violates
by working with Company. Further, Employee represents that no conflict of interest or breach of Employee’s fiduciary duties
will result by working with and performing duties for Company. Employee further agrees and certifies that Employee will not use
or disclose to Company any confidential, proprietary or trade secret information belonging to another individual or entity which
may not properly be used or disclosed by Employee to Company.

 

		2.	Employment and Term. Company hereby employs Employee and Employee
hereby accepts employment with Company upon the terms and conditions of this Agreement. Employee’s employment with Company
is at-will and will commence on 1 July 2012. This Agreement does not modify the at-will nature
of Employee’s employment nor is it intended to guarantee Employee a specific term of employment with Company. Either Employee
or Company may terminate the employment relationship at any time, for any lawful reason. Employee agrees to abide by all Company
rules, policies, and procedures.

 

		3.	Duties. Employee shall have the title of Chief Operating Officer.
Employee will devote Employee’s full working time, attention, loyalty, skills and efforts to diligently perform all the duties,
responsibilities, and requirements assigned to Employee while employed by Company. Employee’s title, position and duties
are at all times subject to change at Company’s sole discretion.

 

		4.	Compensation.

 

		a.	Base Salary. Employee will receive an initial annualized base
salary of $150,000 (gross, less applicable legally required withholdings and such other deductions as Employee voluntarily authorizes
in writing). Employee’s base salary and other compensation will be subject to review and adjustment by Company at any time,
as Company deems appropriate; provided, that Employee’s base salary will not be reduced without Employee’s consent
unless a salary reduction is imposed upon substantially all employees of the Company as part of a general reduction.

 

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		b.	Commission. Not Applicable. 

 

		c.	Bonus. In each calendar year during the term of this Agreement,
beginning in calendar year 2012, Employee shall be eligible to receive an annual incentive bonus determined annually at the discretion
of the Board, subject to the attainment of certain objectives, which shall be established in writing by the Employee and the Board
prior to each bonus period (in the case of 2012, established prior to the date of this Agreement). The maximum bonus that may be
earned by Employee for any year will be not less than 150% of Employee’s then-current base salary. The minimum bonus that
may be earned by Employee for any year will be not less than 20% of Employee’s then-current base salary. Any payments made
under this Section 5(c) shall be paid within 3 1/2 months of the end of the bonus period, provided that Employee
was employed by the Company on the last day of the bonus period.

 

		d.	Stock Options. The Employee will receive ten year term non-qualified stock options to purchase
1,000,000 shares of Company’s common stock at $.08 (market value at time of contract) per share pursuant to the 2012 Stock
Incentive Plan (the “2012 Plan”). The shares will vest as follows: 700,000 immediately on grant date, August 13, 2012,
and the remaining 300,000 shares 18 months from the grant date, February 13, 2014.

 

		e.	Directors & Officers Insurance. While employed by Company, Employee shall be considered
an officer of Company and shall be covered by D&O Insurance, or any other similar type of insurance, that provides coverage
for Employee’s acts or omissions undertaken during the course and scope of Employee’s employment and maintain coverage
for Employee for at least three (3) years following Employee’s employment.

 

		5.	Additional Benefits.

 

		a.	Automobile. Company shall reimburse Employee for deductible automobile mileage according
to its Expense Reporting Procedures.

 

		b.	Business Expenses. Company will reimburse Employee for all preapproved, reasonable, deductible
and substantiated business expenses per its Expense Reporting Procedures. This includes, but is not limited to such expenses as
cell phones and business meetings.

 

		c.	Vacation. Employee will receive two (2) weeks of vacation for 2012. Employee shall thereafter
be entitled to four (4) weeks of paid vacation per each calendar year earned ratably over each calendar year, to be taken at such
times as Employee and Company shall determine and provided that no vacation time shall unreasonably interfere with the duties required
to be rendered by Employee hereunder. Any vacation time not taken by Employee during any calendar year may be carried forward into
one succeeding calendar year. Accrued but unused vacation will be paid out to Employee at the time of termination of employment.

 

    	2

    	 

    

 

		d.	Benefits. Employee will be eligible for the additional benefits as described in Exhibit
[B].

 

		6.	Non-Competition. Employee agrees that while employed by Company and for a period of twelve
(12) months after the date Employee’s employment with Company terminates, regardless of the reason for termination, Employee
will not, without the prior written consent of Company, directly or indirectly, as an employee, owner, consultant or in any other
capacity whatsoever, for Employee’s own behalf or on behalf of any other person or entity, anywhere in the United States
of America:

		a.	Prohibition on Competition. Engage
in or render services, directly or indirectly, to any person or organization engaged in or about to become engaged in the development,
production, marketing or selling of any product, process or service in existence or under development which is similar to or competes
with a product, process or service of Company; or

 

		b.	Company Clients. Work or perform services as an
employee, agent, independent contractor or otherwise, for any client, customer, supplier or business partner of Company with whom
Employee worked, solicited, marketed or obtained confidential information about during Employee’s employment with Company;
or

 

		c.	Non-Solicitation. (i) Solicit, contact, sell to, provide services to, or attempt
to divert, take away or induce clients or prospective clients of Company with whom Employee worked,
solicited, marketed, or obtained confidential information about during Employee’s employment with Company, regarding services
or products that are competitive with any of Company’s services or products; or (ii) solicit, divert, take away or induce
any employee or independent contractor of Company to leave the employ or service of Company.

 

Company is providing Employee
with adequate and valuable consideration to compensate Employee for the reasonable restrictions on Employee’s post-employment
competitive activities contained within this Agreement. Employee hereby acknowledges the consideration, Employee’s stock
option grant and access to certain of Company’s proprietary information and goodwill, constitute adequate and sufficient
consideration for the restrictive covenants in this Agreement. Employee agrees that the restrictions set forth in this Agreement
are reasonable considering Employee’s position.

 

    	3

    	 

    

 

If any of the above restrictions
are deemed by a court of competent jurisdiction to be unreasonable in duration or in geographical scope, it will be considered
modified and valid for such duration and geographical scope as the court determines to be reasonable under the circumstances. The
duration of the above restrictions will be extended beyond the twelve (12) month period for a period equal to the duration of any
breach or default of such covenant by Employee. Upon terminating employment with Company (for whatever reason), Employee has an
affirmative obligation to inform any prospective employer and/or actual employer, of Employee’s post-employment obligations
contained within this Agreement including Employee’s non-competition and non-solicitation obligations.

 

		7.	Intellectual Property. Employee agrees that all right, title and interest of every kind
and nature whatsoever, whether now known or unknown, in and to any “Intellectual Property,” defined to include, but
not be limited to, any patent rights, trademarks, copyrights, ideas, creations and properties invented, created, written, developed,
furnished, produced or disclosed by Employee in the course of rendering his/her services to Company (both before the execution
of this Agreement and thereafter) shall, as between the Parties, be and remain the sole and exclusive property of Company for any
and all purposes and uses whatsoever, and Employee shall have no right, title or interest of any kind or nature therein or thereto,
or in and to any results and proceeds there from. Employee agrees to assign, and hereby expressly and irrevocably assigns, to Company
all worldwide rights, title and interest, in perpetuity, in respect of any and all rights Employee may have or acquire in the Intellectual
Property. The assignment of the rights as above shall not lapse if Company has not exercised its rights under the assignment for
any period of time or in any jurisdiction or territory. Pursuant to Section 181.78 of the Minnesota Statutes, the preceding sentence
does not apply to an invention for which no equipment, supplies, facility or trade secret information of Company was used and which
was developed entirely on the Employee's own time, and (1) which does not relate (a) directly to the business of Company or (b)
to Company's actual or demonstrably anticipated research or development, or (2) which does not result from any work performed by
Employee for Company. To the extent any of the rights, title, and interest in and to the Intellectual Property cannot be assigned
to Company (and to the extent any of Employee’s retained rights under Section 181.78 were incorporated by Employee (directly
or indirectly) in any of Company's past, current or future products or services), Employee hereby grants to Company an exclusive,
royalty-free, transferable, perpetual, irrevocable, unrestricted, worldwide license (with rights to sublicense through one or more
tiers of sublicense) to such non-assignable (or non-assigned) rights. To the extent any rights, title and interest in and to Intellectual
Property rights can be neither assigned nor so licensed by Employee to Company, Employee hereby irrevocably waives and agrees never
to assert such non-assignable and non-licensable rights, title and interest against Company, any of Company's successors in interest,
and the customers and licensees of either. Further, Employee agrees to waive, and hereby waives, any "moral rights" Employee
may have or may obtain in the Intellectual Property. Employee further agrees to assist Company in every proper way to apply for,
obtain, perfect and enforce rights in the Intellectual Property in any and all countries, and to that end Employee will execute
all documents for use in applying for, obtaining and perfecting such rights and enforcing same, as Company may desire, together
with any assignments thereof to Company or persons designated by it. Employee appoints Company as its attorney in fact to execute
any documents necessary to achieve such results. To the maximum extent possible, Company shall be shown in all documentation as
the owner of all rights in the Intellectual Property.

 

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		8.	Nondisclosure of Confidential Information. Employee shall keep confidential and not disclose
to anyone or use, either during or after Employee’s employment with Company, any Confidential Information of Company, except
as required by Employee’s employment with Company or as expressly authorized in writing by Company. For the purposes of this
Agreement, “Confidential Information” is any and all sensitive, confidential, proprietary and trade secret information
concerning or relating to Company and its direct and indirect parents, subsidiaries and/or affiliated organizations, including
any information or compilation of information which derives independent economic value from not being generally known to and not
being readily ascertainable by proper means by other persons who can obtain economic value from its disclosure or use. Examples
of Confidential Information not to be disclosed or used except as expressly permitted by Company include, but are not limited to,
the following:

 

		a.	All patterns, compilations, programs, know how; designs, processes or formulae; software; market
or sales information or plans, devices, methods, concepts, techniques, processes, source codes, data capture innovations, algorithms,
user interface designs and database designs relating to Company’s products, services, systems or business;

 

		b.	Information acquired or compiled by Company concerning actual or potential clients/customers, suppliers
and business partners, including their identities, financial information concerning their actual or prospective business operations,
identity and quantity of services and/or products provided by Company, and any unpublished written materials furnished by or about
them to Company; and

 

		c.	Information concerning Company’s ownership, management, financial condition, financial operations,
business activities or practices, sales activities, marketing activities or plans, research and development, pricing practices,
legal matters, and strategic business plans.

 

Employee acknowledges
that Company shall at all times be and remain the owner of all Confidential Information disclosed to/acquired by Employee during
Employee’s employment with Company, and Employee acknowledges that Employee may use the Confidential Information only for
the limited purposes for which it was disclosed under this Agreement. Employee shall use his/her best efforts to preserve the confidentiality
of such Confidential Information which he/she knows or reasonably should know Company deems to be Confidential Information. Employee
agrees that he/she will not knowingly use, disclose or permit the use or disclosure of Company’s Confidential Information
in any manner which may injure Company’s business, impair its investments and goodwill, and/or adversely impact Company’s
relationships with its actual or potential customers and suppliers. The obligations of this Section shall continue in full force
and effect after the termination of this Agreement and the termination of Employee’s employment with Company. As used in
this Section 8, the term “Company” shall include Company and each of its direct and indirect parent, subsidiary and
affiliated organizations on a collective basis.

 

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		9.	Use, Removal, and Return of Company’s Property. Employee shall not use, duplicate,
disseminate or remove from Company’s premises any information contained in any records, documents, data, or other tangible
items of Company in original, duplicate or copied form, except as needed in the ordinary course of performing his/her employment
duties for and subject to the approval by Company. Employee shall immediately deliver to Company, upon termination of Employee’s
employment with Company, or at any other time upon Company’s request, any records, documents, data, and other tangible items
in Employee’s possession or control belonging to or relating to the products, services, systems or business of Company. Employee
will not retain any copies or reproductions of records, documents, data or other tangible items of Company or any of its direct
or indirect parent, subsidiary or affiliated organizations.

 

		10.	Termination by Company for Cause.  Company may terminate Employee’s employment for
“Cause” at any time, without notice. For purposes of this Agreement, the term “Cause” shall mean any of
the following:

 

		·	Employee engages in willful misconduct or fails to follow the reasonable and lawful instructions
of the Board of Directors, if such conduct is not cured within thirty (30) calendar days after Company sends notice to the Employee
of the alleged Cause,

 

		·	Employee embezzles or misappropriates assets of Company or any of its subsidiaries;

 

		·	Employee’s violation of Employee’s obligations in this Agreement, if such conduct is
not cured within thirty (30) calendar days after Company sends written notice to the Employee of the alleged Cause;

 

		·	Breach of any agreement between Employee and Company or to which Company and Employee are parties,
or a breach by Employee of a fiduciary duty or responsibility to Company;

 

		·	The commission by Employee of fraud or other willful conduct that adversely affects the business
or reputation of Company, as determined in Company’s sole discretion; or,

 

		·	Company has a reasonable belief Employee engaged in some form of harassment or other improper conduct
prohibited by Company policy or the law.

 

In the event of a termination
for Cause, Employee shall only be entitled to receive payment of base salary, in effect at the time of termination, through Employee’s
last date of employment and accrued, unused vacation pay. Employee will not be entitled to any other payments, salary, commission
or bonus. Employee shall have absolutely no right to receive or retain any other payment or compensation whatsoever under this
Agreement. The Employee’s rights and obligations regarding stock options, restricted stock or other equity incentives owned
by Employee shall be determined in accordance with and be governed by the 2012 Plan or the 2009 Equity Incentive Plan.

 

    	6

    	 

    

 

		11.	Termination by Company without Cause. Company may terminate Employee’s employment
without Cause at any time, for any reason, without notice. In the event Employee’s employment is terminated by Company without
Cause, Employee shall be entitled to receive from Company severance pay in an amount equal to (a) before the first anniversary
of the date of this Agreement, three (3) months of Employee’s base salary, then in effect at the time of termination, or
(b) on or after the first anniversary of the date of this Agreement, twelve (12) months of Employee’s base salary, then in
effect at the time of termination, in either case less applicable taxes and withholdings. Employee shall receive bonus payment
on a pro-rata basis through the date of Employee’s termination and any accrued, unused vacation pay. The severance pay, bonus
payment, and other consideration provided in this Section are conditioned upon Employee’s execution of a full and final waiver
of all claims against Company, and not rescinding or revoking (to the extent permitted under such release) Employee’s release,
in a form acceptable to Company.

 

		12.	Termination by Employee for Good Reason. For purposes of this Agreement, “Good Reason”
shall mean (i) a material diminution in Employee’s position, duties, base salary, and responsibilities; or (ii) Company’s
notice to Employee that his or her position will be relocated to an office which is greater than 100 miles from Employee’s
prior office location. In all cases of Good Reason, Employee must have given notice to Company that an alleged Good Reason event
has occurred and the circumstance must remain uncorrected by Company after the expiration of thirty (30) days after receipt by
Company of such notice. If Employee terminates his or her employment for Good Reason, Employee shall be entitled to receive from
Company severance pay in an amount equal to (a) before the first anniversary of the date of this Agreement, three (3) months of
Employee’s base salary, then in effect at the time of termination, or (b) on or after the first anniversary of the date of
this Agreement, twelve (12) months of Employee’s base salary, then in effect at the time of termination, in either case less
applicable taxes and withholdings. Employee shall receive bonus payment on a pro-rata basis through the date of Employee’s
termination and any accrued, unused vacation. The severance pay, bonus payment, and other consideration provided in this Section
are conditioned upon Employee’s execution of a full and final waiver of all claims against Company, and not rescinding or
revoking (to the extent permitted under such release) Employee’s release, in a form acceptable to Company.

 

		13.	Termination by Employee without Good Reason. If Employee terminates his or her employment
with Company without Good Reason, Employee is only entitled to his or her base salary, then in effect at the time of termination,
through Employee’s last day of employment and accrued, unused vacation pay. Employee will not be entitled to any other payments,
salary, or bonus.

 

		14.	Termination Due to a Change in Control. “Change in Control” means:

 

		a.	there is consummated a merger, consolidation, statutory exchange or reorganization, unless securities
representing more than fifty percent (50%) of the total combined voting power of the outstanding voting securities of the successor
corporation are immediately thereafter beneficially owned directly or indirectly and in substantially the same proportion, by the
persons who beneficially owned Company’s outstanding voting securities immediately prior to such transaction;

 

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		b.	any transaction or series of related transactions pursuant to which any person or any group of
persons comprising a “group” within the meaning of Rule 13d-5(b)(1) under the Securities Exchange Act of 1934, as amended
(other than Company or a person that, prior to such transaction or series of related transactions, directly or indirectly controls,
is controlled by or is under common control with, Company) becomes directly or indirectly the beneficial owner (within the meaning
of Rule 13d-3 of the Securities Exchange Act of 1934, as amended) of securities possessing (or convertible into or exercisable
for securities possessing) thirty percent (30%) or more of the total combined voting power of the securities (determined by the
power to vote with respect to the elections of Board members) outstanding immediately after the consummation of such transaction
or series of related transactions, whether such transaction involves a direct issuance from Company or the acquisition of outstanding
securities held by one or more of Company’s shareholders;

 

		c.	there is consummated a sale, lease, exclusive license, or other disposition of all or substantially
all of the consolidated assets of the Company and its subsidiaries, other than a sale, lease, license, or other disposition of
all or substantially all of the consolidated assets of the Company and its subsidiaries to an entity, more than fifty percent (50%)
of the combined voting power of the voting securities of which are owned by shareholders of the Company in substantially the same
proportions as their ownership of the Company immediately prior to such sale, lease, license, or other disposition

 

		d.	individuals who, on the date of this Agreement, are members of the Board of Directors of Company
(the “Incumbent Board”) cease for any reason to constitute at least a majority of the members of the Board of Directors;
provided, however, that if the appointment or election (or nomination for election) of any new director was approved or recommended
by a majority vote of the members of the Incumbent Board then still in office, such new director shall, for purposes of sentence,
be considered as a member of the Incumbent Board.

 

Notwithstanding the foregoing,
(i) the definition of Change in Control (or any analogous term) in an individual written agreement between the Company and the
Participant shall supersede the foregoing definition with respect to Incentives subject to such agreement (it being understood,
however, that if no definition of Change in Control or any analogous term is set forth in such an individual written agreement,
the foregoing definition shall apply); (ii) for clarification, a “Change in Control” shall not be deemed to have occurred
for purposes of the foregoing clause (b) as the result of the acquisition of additional securities by Dr. Samuel Herschkowitz,
Joshua Kornberg or their affiliates; and (iii) a “Change in Control” shall not be deemed to have occurred for purposes
of the foregoing clause (b) solely as the result of a repurchase or other acquisition of securities by Company which, by reducing
the number of shares of Voting Securities outstanding, increases the proportionate number of Voting Securities beneficially owned
by any person to thirty percent (30%) or more of the combined voting power of all of the then outstanding Voting Securities; provided,
however, that if any person referred to in this clause (iii) shall thereafter become the beneficial owner of any additional shares
of Voting Securities (other than pursuant to a stock split, stock dividend, or similar transaction or as a result of an acquisition
of securities directly from Company) and immediately thereafter beneficially owns thirty percent (30%) or more of the combined
voting power of all of the then outstanding Voting Securities, then a “Change in Control” shall be deemed to have occurred
for purposes of the foregoing clause (b).

 

    	8

    	 

    

 

In the event of a termination,
without Cause, due to a Change of Control, Employee shall be entitled to receive from Company severance pay in an amount equal
to twelve (12) months of Employee’s base salary, then in effect at the time of termination, less applicable taxes and withholdings.
Employee shall receive bonus payment on a pro-rata basis through the date of Employee’s termination and any accrued, unused
vacation. The severance pay, bonus payment, and other consideration provided in this Section are conditioned upon Employee’s
execution of a full and final waiver of all claims against Company, and not rescinding or revoking (to the extent permitted under
such release) Employee’s release, in a form acceptable to Company.

 

		15.	Governing Law; Venue. This Agreement shall be governed by and construed in accordance with
the laws of the State of Minnesota. The venue for any action relating to this Agreement shall be the federal or state courts located
in Dakota County, Minnesota, to which venue each party hereby submits.

 

		16.	Notices. Any notice or other communication required or permitted hereunder shall be in writing
and shall be deemed to have been given, when received, if delivered by hand or by telegram, or three (3) working days after deposited,
if placed in the mail for delivery by certified mail, return receipt requested, postage prepaid and addressed to the appropriate
party at the following address:

 

	Company:	 	BioDrain Medical Inc.
	 	 	Attention:  Josh Kornberg, CEO
	 	 	2915 Commers Drive
	 	 	Suite 900
	 	 	Eagan, Minnesota 55121
	 	 	 
	Employee:	 	David O. Johnson
	 	 	9912 Brookside Avenue
	 	 	Bloomington, MN 55431

 

Addresses may be changed by written
notice given pursuant to this Section; however any such notice shall not be effective, if mailed, until three (3) working days
after depositing in the mails or when actually received, whichever occurs first.

 

    	9

    	 

    

 

		17.	Other Agreements. This Agreement contains the entire agreement between the Parties concerning
terms of employment and supersedes at the effective date hereof any other agreement, written or oral, except the 2012 Plan, the
2009 Equity Incentive Plan and the applicable award agreements under such plans.

 

		18.	Modification and Waiver. A waiver by either party of a breach of any provision of this Agreement
shall not operate as or be construed as a waiver of any subsequent breach thereof. Any modification of this Agreement must be in
writing and signed by both parties.

 

		19.	Scope of Remedies. In the event Employee breaches the covenants contained in this Agreement,
Employee recognizes that irreparable injury will result to Company, that Company’s traditional remedies at law for damages
will be inadequate, and that Company shall be entitled to injunctive relief ordered by a judicial court of competent jurisdiction
to restrain the continuing breach by Employee, Employee’s partners, agents, or employees, or any other persons or entities
acting for or with Employee. Company shall further be entitled to seek remedies in a judicial court of competent jurisdiction for
damages, reasonable attorney’s fees, and all other costs and expenses incurred in connection with the enforcement of this
Agreement, in addition to any other rights and remedies which Company may have at law or in equity.

 

		20.	Binding Effect, Assigns, Successors, Etc. The benefits and obligations of this Agreement
shall inure to the successors and assigns of Company, to any person or entity which purchases substantially all of the assets of
Company, and to any subsidiary, affiliated corporation, or operating division of Company. This Agreement is not assignable by Employee.

 

		21.	Savings Clause. If any provision, portion or aspect of this Agreement is determined to be
void, or voidable by any legislative, judicial or administrative action as properly applied to this Agreement, then this Agreement
shall be construed to so limit such provision, portion or aspect thereof to render same enforceable to the greatest extent permitted
by or in the relevant jurisdiction.

 

		22.	Headings. The headings of this Agreement are intended solely for convenience and reference,
and shall give no effect in the construction or interpretation of this Agreement.

 

		23.	Survival. The restrictions on Employee’s post-employment activities (including Employee’s
confidentiality obligations and restrictive covenants), and those sections of this Agreement that pertain to interpretation and
enforcement of such restrictions, will survive the termination of this Agreement and/or Employee’s employment and will remain
in full force and effect.

 

		24.	Execution. This Agreement may be executed in two (2) or more counterparts, and each such
counterpart deemed an original. Original signatures on copies of the Agreement transmitted by facsimile will be deemed originals
for all purposes hereunder.

 

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IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be executed effective as of the day and year first written above.

  

	 	BioDrain Medical, Inc.
	 	 	 
	 	By:	/s/ Josh Kornberg
	 	 	  JOSH KORNBERG, CEO
	 	 	 
	 	By:	/s/ David Johnson
	 	 	  DAVID JOHNSON

 

 

    	11

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