Amendment to Employment Agreement between David Dauwalter and BioDrain Medical, Inc.
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Summary
This amendment updates the employment agreement between David Dauwalter and BioDrain Medical, Inc., originally dated August 11, 2008. It changes the terms for stock option vesting, specifying that 10,000 options vest immediately, with the remaining 40,000 options vesting upon meeting certain milestones, such as FDA approval, beta site approvals, and sales targets for a medical device. The amendment is effective as of September 11, 2008, and is signed by both parties.
EX-10.38 3 v136814_ex10-38.htm Unassociated Document
EXHIBIT 10.38
(DATE) September 11, 2008
AMENDMENT TO EMPLOYMENT AGREEMENT
The Agreement dated August 11, 2008 by and between David Dauwalter and BioDrain Medical, Inc. has been amended as follows:
4 d. Stock Options line 4 shall be changed to read: “The options will vest as follows: 10,000 shares upon execution of this Agreement, to be issued to Employee upon establishment of the Plan; the balance (40,000) will vest upon achievement of the following specific milestones:
| | · | An additional 10,000 shares to vest upon approval of the 510(k) by the FDA, |
| | · | An additional 10,000 shares to vest upon the establishment of four (4) beta site approvals via purchase order, letter of intent or testimonial Please revise as appropriate |
| | · | An additional 10,000 shares to vest upon the sale of the first commercial-ready FMS unit, |
| | · | An additional 10,000 shares to vest upon the sale of the 50th commercial-ready FMS unit.” |
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed effective as of the day and year first written above.
| BioDrain Medical Incorporated By: /s/ Kevin R. Davidson Kevin R. Davidson, President & CEO By: /s/ David J. Dauwalter David J. Dauwalter |
