Document:

Exhibit 10.37

PROMISSORY NOTE

RECITATIONS:

	
   

  	
  Date of Note:

  	
  November 29, 2006

  
	
   

  	
   

  	
   

  
	
   

  	
  Principal Amount:

  	
  $100,000.00

  
	
   

  	
   

  	
   

  
	
   

  	
  Borrower:

  	
  ProUroCare, Inc.

  
	
   

  	
   

  	
   

  
	
   

  	
  Borrower’s Address:

  	
  One Carlson Parkway, Suite 124

  
	
   

  	
   

  	
  Plymouth, MN 55447

  
	
   

  	
   

  	
   

  
	
   

  	
  Lender:

  	
  Adron Holdings, LLC,

  
	
   

  	
   

  	
  a Minnesota limited liability partnership

  
	
   

  	
  Lender’s Address:

  	
   

  
	
   

  	
   

  	
  715 Florida Ave. S.

  
	
   

  	
   

  	
  Suite 411

  
	
   

  	
   

  	
  Golden Valley, MN 55426

  
	
   

  	
   

  	
   

  
	
   

  	
  Collateral:

  	
  This Promissory Note is unsecured.

  

 

PROMISE TO PAY.  ProUroCare Inc. (“Borrower”)
promises to pay to Adron
Holdings, LLC (“Lender”) the principal amount of One Hundred Thousand & 00/100
Dollars ($100,000.00), together with accrued interest thereon computed as
described below, until paid in full.

INTEREST.  Interest shall
accrue on the unpaid principal at the rate of $5,000.00 per month on the unpaid
principal balance from November 29, 2006.  Interest shall accrue on the unpaid
principal at the rate $166.67 per day for less than whole-month periods.

PAYMENT TERMS.  This Note is due and payable on January 2, 2007.  Borrower will pay Lender at Lender’s address
shown above or at such other place as Lender may designate in writing.

WARRANT COVERAGE.  As an
inducement to Lender to make this loan, Borrower will issue to Lender a
five-year warrant to acquire up to 50,000 shares of ProUroCare Medical Inc.
common stock at an exercise price of $0.50 per share.  If the Borrower fails to pay principal and
interest due hereunder on or before January 2, 2007, Borrower will issue to
Lender a second five-year warrant to acquire up to 50,000 shares of ProUroCare
Medical Inc. common stock at an exercise price of $0.50 per share.

BORROWER’S PRE-PAYMENT RIGHT.  Borrower reserves the right to prepay
this Note in whole or in part, prior to maturity, without penalty.  Amounts
prepaid shall be first applied to accrued and prepaid interest and then to
principal.

SEVERABILITY.  If any provision of this Note or the application thereof shall,
for any reason and to any extent, be invalid or unenforceable, neither the remainder
of this Note nor the application of the provision to other persons, entities or
circumstances shall be affected thereby, but instead shall be enforced to the
maximum extent permitted by law.

 1
 

BINDING EFFECT.  The covenants, obligations and conditions herein contained
shall be binding on and inure to the benefit of the heirs, legal
representatives, and assigns of the parties hereto.

DESCRIPTIVE HEADINGS.  The descriptive headings used herein
are for convenience of reference only and they are not intended to have any
effect whatsoever in determining the rights or obligations under this Note.

GOVERNING LAW.  This Note shall be governed, construed and interpreted by,
through and under the Laws of the State of Minnesota, USA.

Both
parties hereby agree to the terms of this agreement as stated above.

EXECUTED this 29th day of November, 2006.

	
   

  	
  ProUroCare, Inc.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/Richard C. Carlson

  	
   

  
	
   

  	
  Richard C. Carlson

  
	
   

  	
  Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Adron Holdings, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Adrian Johnson

  
	
   

  	
   

  
	
   

  	
  Its:

  	
  Chief Manager

  	
   

  
					

 

 2
 

AMENDMENT #1 TO PROMISSORY NOTE
DATED

NOVEMBER
29, 2006 BETWEEN PROUROCARE MEDICAL, INC. (“BORROWER”)

AND ADRON HOLDINGS, LLC (“LENDER”)

This
Amendment #1 to Promissory Note dated November 29, 2006 between ProUroCare Medical,
Inc. (“Borrower”) and Adron Holdings, LLC (“Lender”) (the “Note”) is made to
amend the interest terms of the Note.

Note Amendments

The clause “PAYMENT TERMS” is hereby deleted and
replaced by the following:

PAYMENT TERMS.  This Note is due and payable on the first of (1) Borrower’s
closing on an aggregate of $750,000 of new financing after the date of the
Amendment #1, or (2) April 30, 2007. 
Borrower will pay Lender at Lender’s address shown above or at such
other place as Lender may designate in writing.

The clause “INTEREST” is hereby deleted and replaced
by the following:

INTEREST.  Interest shall
accrue on the unpaid principal at the rate of $5,000.00 per month on the unpaid
principal balance from November 29, 2006 through January 29, 2007 ($10,000 for
this two-month period).  Beginning January 30, 2007
interest shall accrue at the rate of 0.08333% of the unpaid and outstanding
principal per day.  Accrued interest
shall be paid at each month end, and all unpaid accrued interest shall be paid
along with the final payment of principal.

The clause “WARRANT COVERAGE” is hereby deleted and
replaced by the following:

WARRANT COVERAGE.  As an
inducement to Lender to make this loan, Borrower will issue to Lender five-year
warrant to acquire the following number of shares of ProUroCare Medical Inc. at
$0.50 per share:

·      up to 50,000 shares, upon inception of the
Note; and

·      up to 50,000 shares, if the Borrower fails
to pay principal and interest due hereunder on or before January 2, 2007; and

·      up to 50,000 shares if the Borrower fails
to pay principal and interest due hereunder on or before February 1, 2007; and

·      up to 1,667 shares of ProUroCare Medical
Inc. common stock each day for each $100,000 of principal balance outstanding
on and after March 1, 2007.  For example,
$100,000 outstanding for 30 days would result in a warrant to acquire 50,010
shares (1,667/100,000 $100,000 * 30); 
$25,000 outstanding for 20 days would result in a warrant to acquire
8,335 shares (1,667/100,000 * 25,000 * 20).

Both
parties hereby agree to the terms of this Amendment #1 as stated above.

EXECUTED this 21st day of March, 2007.

	
  ProUroCare Medical Inc.

  	
  Adron Holdings, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/Richard C. Carlson

  	
   

  	
  /s/Ronald Musich

  	
   

  
	
   

  	
   

  
	
  Richard C. Carlson

  	
   

  	
   

  
	
   

  	
   

  
	
  Chief Executive Officer

  	
  Its:

  	
  Co-Chief Manager

  	
   

  
					

 

 3Exhibit
10.38

AMENDMENT #2 TO PROMISSORY NOTE
DATED JUNE 1, 2006

BETWEEN PROUROCARE MEDICAL, INC. (“BORROWER”)

AND ROMAN PAULY (“LENDER”)

This
Amendment #2 to Promissory Note dated June 1, 2006 between ProUroCare Medical,
Inc. (“Borrower”) and Roman Pauly (“Lender”) (the “Note”) is made to extend the
due date of the Promissory Note (as extended by Amendment #1 thereto) (October
29, 2006).

Note Amendments

The clause “PAYMENT TERMS” is hereby deleted and
replaced by the following:

PAYMENT TERMS.  This Note is due and payable upon
Lender’s first closing on $750,000 or more of financing following the date of
this Amendment #1.  Borrower will pay
Lender at Lender’s address shown above or at such other place as Lender may
designate in writing.

The
following clause is hereby added to the existing terms of the Note:

WARRANT
CONSIDERATION.  As consideration for the extension of payment
terms, Borrower agrees to issue to Lender a 5-year warrant to acquire shares of
ProUroCare Medical Inc. Common Stock at $0.50 per share upon repayment of all
principal amounts due hereunder.  The
number of shares subject to this warrant shall be 417 shares per day for each
day any portion of the Note principal remains unpaid beginning August 31, 2006.

Both
parties hereby agree to the terms of this Amendment #2 as stated above, with an
effective date of October 29, 2006.

EXECUTED this 20th day of March, 2006.

	
  ProUroCare Medical Inc.

  	
  Roman Pauly

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ Richard C. Carlson

  	
   

  	
  /s/Roman Pauly

  	
   

  
	
  Richard C. Carlson

  	
  Roman Pauly

  
	
  CEOExhibit
10.39

UROLOGIX

March
19, 2007

Richard
C. Carlson

Chief Executive Officer

ProUroCare Inc.

5500 Wayzata Boulevard, Suite 310

Golden Valley, MN 55416

Re:                             Amendment
to MOU between Pro UroC’ are Inc. and Urologix, Inc.

Dear
Rick:

This Letter Agreement is to confirm the recent discussions between our two
companies with respect to
further development efforts under that certain Memorandum of Understanding
between ProUroCare Inc. and Urologix, Inc. having an effective date of July 27,
2005 (the “MOU”), and, in accordance with Section 14.2 of the MOU, to amend the
MOU as herein provided.

As you know and acknowledge, Phase I of the Project (as such term is
defined in the MOU) failed to develop an electrode array compatible with
Urologix’ requirements due to the presence of electrodes on the trans-urethral
catheter. For this and other reasons, ProUroCare does not dispute, and agrees,
that Urologix has the absolute right under the MOU to abandon the Project — without
further cost, obligation or liability of any kind.

We understand that ProUroCare would like to proceed with further
feasibility work on the Project. In that regard, ProUroCare has requested that
Urologix, as an accommodation to ProUroCare, postpone its decision to notify
ProUroCare of its abandonment of the Project.

Urologix
will agree to postpone its decision to abandon the Project, subject, however,
to the following conditions:

(a)                                ProUroCare shall conduct all further
development work on the Project without the requirement of further involvement
of any kind from Urologix (although Urologix may participate in such
development efforts in its sole discretion, from time to time, without
prejudice to its rights under this Letter Agreement), and ProUroCare shall be
solely responsible for finding all subsequent work on the Project. until such
time (if ever) as Urologix, in its sole discretion, agrees to recommence its
participation in the Project and, then, only on such tens as the parties may
mutually agree in writing.

(b)                               Unless and until the parties agree in writing
to recommence the Project in accordance with the immediately preceding
subparagraph (a), ProUroCare agrees that Urologix has the right, in its sole
discretion, to abandon the Project at any time and for any reason, without
further cost, obligation or liability of any kind, whether to ProUroCare or any
third party (including but not limited to RPI), by providing five (5) days’
written notice to ProuroCare.

(c)          Unless and until the parties agree in writing
to recommence the Project in accordance with the preceding subparagraph (a),
Urologix agrees that ProUroCare has the right, in its sole discretion, to
abandon the Project at any time and for any reason, without further cost,
obligation or liability of any kind to Urologix, by providing five (5) days’
written notice to Urologix.

(d)          Notices provided under this Letter Agreement shall be given in writing
and delivered personally, or sent by registered or certified mail (return
receipt requested with postage prepaid), to an appropriate representative of
the receiving party at such party’s last known address. A notice shall be
deemed to have been effectively given three (3) business days following its
deposit with the United States Postal Service if sent by registered or
certified mail, or when actually received if given in any other manner.

(e)          This Letter Agreement supersedes all prior discussions and
understandings between the parties with respect to the subject matter hereof.
Except as expressly modified and amended in this Letter Agreement, all other
provisions of the MOU shall remain in full force and effect and unchanged. In
the event of any ambiguity or conflict between this Letter Agreement and any of
the terms and conditions contained in the MOU, the terms and conditions of this
Letter Agreement shall control and govern. Capitalized terms not otherwise
defined herein shall have the meaning ascribed to such terms in the MOU. Each
individual executing this Letter Agreement on behalf of a corporation warrants
that he or she is authorized to do so and that this Letter Agreement will constitute the legally binding
obligation of the corporation that the individual represents.

If
the foregoing accurately states our agreement, kindly have a duly authorized
representative of ProUroCare sign below, and then return the fully executed
original to me, keeping a copy for your records.

	
   

  	
  Urologix, Inc.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Claude Tihon

  	
   

  
	
   

  	
   

  
	
   

  	
  Claude Tihon

  
	
   

  	
   

  
	
   

  	
  Chief Technology Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
  The foregoing is agreed to and acceptable.

  
	
   

  
	
  ProUroCare Inc.

  
	
   

  
	
   

  
	
  By:

  	
  /s/Richard Carlson

  	
   

  
	
  Title:

  	
  CEO

  	
   

  
	
  Date signed: March 21, 2007

  
	
   

  
	
   

  
	
  Copy via e-mail (to: rcarlson@prourocare.com)

  
								

 

Letter Agreement Amending Memorandum of Understanding

 2

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