DATE) September 11, 2008 AMENDMENT TO EMPLOYMENT AGREEMENT
EXHIBIT
10.38
(DATE)
September 11, 2008
AMENDMENT
TO EMPLOYMENT AGREEMENT
The
Agreement dated August 11, 2008 by and between Xxxxx Xxxxxxxxx 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:
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·
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An
additional 10,000 shares to vest upon approval of the 510(k) by the
FDA,
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·
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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
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·
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An
additional 10,000 shares to vest upon the sale of the first
commercial-ready FMS unit,
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An
additional 10,000 shares to vest upon the sale of the 50th
commercial-ready FMS unit.”
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IN WITNESS WHEREOF, the
parties hereto have caused this Amendment to be executed effective as of the day
and year first written above.
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BioDrain
Medical Incorporated
By:
/s/ Xxxxx X.
Xxxxxxxx
Xxxxx
X. Xxxxxxxx, President & CEO
By:
/s/ Xxxxx X.
Xxxxxxxxx
Xxxxx
X. Xxxxxxxxx
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