Exhibit 10.8


 


EMPLOYMENT AGREEMENT


 


AGREEMENT dated as of October 8, 2015 between
Richard Fitzgerald, residing at 330 Bair Road, Berwyn, Pennsylvania 19312 (“Executive”), and PAVmed Inc., a Delaware
corporation having its principal office at 420 Lexington Avenue, Suite 300, New York, New York 10170 (“Company”);


 


WHEREAS, the Company desires to employ Executive,
and Executive desires to be employed by the Company, on the terms and conditions herein set forth;


 


IT IS AGREED:


 


1.             Employment,
Duties and Acceptance.


 


1.1        General.  The
Company hereby agrees to employ the Executive as its Chief Financial Officer.  All of Executive’s powers and authority
in any capacity shall at all times be subject to the direction and control of the Company’s Chief Executive Officer and Board
of Directors (“Board”).  The Board may assign to Executive such management and supervisory responsibilities
and executive duties for the Company or any subsidiary of the Company, including serving as an executive officer and/or director
of any subsidiary, as are consistent with Executive’s status as chief financial officer.  


 


1.2        Full-Time
Position.  Executive accepts such employment and agrees to devote substantially all of his business time, energies
and attention to the performance of his duties hereunder; provided that nothing herein shall be construed as preventing Executive
from making and supervising personal investments.  Executive shall not serve as a consultant to, or on boards of directors
of, or in any other capacity to other companies, for profit and not for profit, without the prior consent of the Board.


 


1.3        Location.  Executive
will perform his duties in New York, New York.  Executive shall undertake such occasional travel, within or outside the
United States, as is reasonably necessary in the interests of the Company.


 


2.             Term.  The
term of Executive’s employment hereunder shall commence on October 26, 2015 (“Commencement Date”) and terminate
on the two year anniversary of such Commencement Date (“Term”) unless
terminated earlier as hereinafter provided in this Agreement, or unless extended by mutual written agreement of the Company and
Executive.  Unless the Company and Executive have otherwise agreed in writing, if Executive continues to work for the
Company after the expiration of the Term, his employment thereafter shall be under the same terms and conditions provided for in
this Agreement, except that his employment will be on an “at will” basis and the provisions of Sections 4.4 and 4.6(c)
shall no longer be in effect.


 




     


     


    

 





 


3.             Compensation
and Benefits.


 


3.1       Salary.
The Company shall pay to Executive a salary (“Base Salary”) at the annual rate of $275,000. Executive’s compensation
shall be paid in equal, periodic installments in accordance with the Company’s normal payroll procedures.


 


3.2       Bonus.  In
addition to the Base Salary, Executive shall be eligible to receive a discretionary performance bonus (“Bonus”) with
a target of thirty five percent (35%) of the Executive’s annualized Base Salary based on Executive’s and the Company’s
performance over the preceding year in the sole discretion of the Board.


 


3.3       Stock
Options.  Upon consummation of the Company's initial public offering of securities (“IPO”), the Company
shall grant Executive an option (“Option”) to purchase 125,000 shares of the Company’s Common Stock under the
Company’s 2014 Long-Term Incentive Plan, such Option to have an exercise price equal to the offering price in the IPO.


 


3.4       Benefits.  Executive
shall be entitled to such medical, life, disability and other benefits as are generally afforded to other executives of the Company,
subject to applicable waiting periods and other conditions, as well as participation in all other company-wide employee benefits,
including a defined contribution pension plan and 401(k) plan, as may be made available generally to executive employees from time
to time.


 


3.5       Vacation.  Executive
shall be entitled to twenty (20) days of paid vacation in each year during the Term and to a reasonable number of other days off
for religious and personal reasons in accordance with customary Company policy.


 


3.6       Expenses.  The
Company shall pay or reimburse Executive for all transportation, hotel and other expenses reasonably incurred by Executive on business
trips and for all other ordinary and reasonable out-of-pocket
expenses actually incurred by him in the conduct of the business of the Company, including expenses relating to his laptop, cell
phone and Blackberry or other similar devices, against itemized vouchers submitted with respect to any such expenses and approved
in accordance with customary procedures.


 




     


     


    

 





 


3.7       Housing.  The
Company and Executive anticipate that Executive will relocate his permanent home to the Greater New York City area prior to the
completion of the Term.  The Company shall pay Executive an aggregate of up to $2,200 per month to cover temporary housing
and travel expenses until the earlier of 12 months from the date hereof and the date the Executive relocates.  Upon relocation,
Executive will be entitled to be reimbursed for relocation expenses to be mutually agreed upon between the Company and Executive.


 


4.             Termination.


 


4.1       Death.  If
Executive dies during the Term, Executive’s employment hereunder shall terminate and the Company shall pay to Executive’s
estate the amount set forth in Section 4.6(a).


 


4.2       Disability.  The
Company, by written notice to Executive, may terminate Executive’s employment hereunder if Executive shall fail because of
illness or incapacity to render services of the character contemplated by this Agreement for one hundred eighty (180) days.  Upon
such termination, the Company shall pay to Executive the amount set forth in Section 4.6(a).


 


4.3       By
Company for “Cause”.  The Company, by written notice to Executive, may terminate Executive’s employment
hereunder for “Cause”.  As used herein, “Cause” shall mean: (a) the refusal or failure by Executive
to carry out specific directions of the Board which are of a material nature and consistent with his status as Chief Financial
Officer (or whichever positions Executive holds at such time), or the refusal or failure by Executive to perform a material part
of Executive’s duties hereunder; (b) the commission by Executive of a material breach of any of the provisions of this Agreement;
(c) fraud or dishonest action by Executive in his relations with the Company or any of its subsidiaries or affiliates (“dishonest”
for these purposes shall mean Executive’s knowingly or recklessly making of a material misstatement or omission for his personal
benefit); or (d) the conviction of Executive of a felony under federal or state law.  Notwithstanding the foregoing,
no “Cause” for termination shall be deemed to exist with respect to Executive’s acts described
in clauses (a) or (b) above, unless the Company shall have given written notice to Executive within a period not to exceed ten
(10) calendar days of the initial existence of the occurrence, specifying the “Cause” with reasonable particularity
and, within thirty (30) calendar days after such notice, Executive shall not have cured or eliminated the problem or thing giving
rise to such “Cause;” provided, however, no more than two cure periods need be provided during any twelve-month period.  Upon
such termination, the Company shall pay to Executive the amount set forth in Section 4.6(b).


 




     


     


    

 





 


4.4       By
Executive for “Good Reason”.  The Executive, by written notice to the Company, may terminate Executive’s
employment hereunder if a “Good Reason” exists.  For purposes of this Agreement, “Good Reason”
shall mean the occurrence of any of the following circumstances without the Executive’s prior written consent: (a) a substantial
and material adverse change in the nature of Executive’s title, duties or responsibilities with the Company that represents
a demotion from his title, duties or responsibilities as in effect immediately prior to such change (such change, a “Demotion”);
(b) material breach of this Agreement by the Company; (c) a failure by the Company to make any payment to Executive when due, unless
the payment is not material and is being contested by the Company, in good faith; or (d) a liquidation, bankruptcy or receivership
of the Company.  Notwithstanding the foregoing, no “Good Reason” shall be deemed to exist with respect to
the Company’s acts described in clauses (a), (b) or (c) above, unless Executive shall have given written notice to the Company
within a period not to exceed ten (10) calendar days of the initial existence of the occurrence, specifying the “Good Reason”
with reasonable particularity and, within thirty (30) calendar days after such notice, the Company shall not have cured or eliminated
the problem or thing giving rise to such “Good Reason”; provided, however, that no more than two cure periods shall
be provided during any twelve-month period of a breach of clauses (a), (b) or (c) above.  Upon such termination, the
Company shall pay to Executive the amount set forth in Section 4.6(c).  


 


4.5       By
Company Without “Cause”.  The Company may terminate Executive’s employment hereunder without “Cause”
by giving at least thirty (30) days written notice to Executive. Upon such termination, the Company shall pay to Executive the
amount set forth in Section 4.6(c).


 




     


     


    

 


4.6       Compensation
Upon Termination.  In the event that Executive’s employment hereunder is terminated, the Company shall pay
to Executive the following compensation:


 


(a)       Payment
Upon Death or Disability.  In the event that Executive’s employment is terminated pursuant to Sections 4.1
or 4.2, the Company shall no longer be under any obligation to Executive or his legal representatives pursuant to this Agreement
except for: (i) the Base Salary due Executive pursuant to Section 3.1 hereof through the date of termination; (ii) any Bonus which
would have become payable under Section 3.2 for the year in which the employment was terminated prorated by multiplying the full
amount of the Bonus by a fraction, the numerator of which is the number of “full calendar months” worked by Executive
during the year of termination and the denominator of which is 12 (a “full calendar month” is a month in which the
Executive worked at least two weeks); (iii) all earned and previously approved but unpaid Bonuses for any year prior to the year
of termination; (iv) all valid expense reimbursements, and (v) all accrued but unused vacation pay.


 


(b)       Payment
Upon Termination by the Company For “Cause”.  In the event that the Company terminates Executive’s
employment hereunder pursuant to Section 4.3, the Company shall have no further obligations to the Executive hereunder, except
for: (i) the Base Salary due Executive pursuant to Section 3.1 hereof through the date of termination (ii) all valid expense reimbursements
and (ii) all unused vacation pay through the date of termination required by law to be paid.


 


(c)       Payment
Upon Termination by Company Without Cause or by Executive for Good Reason.  In the event that Executive’s employment
is terminated pursuant to Sections 4.4 or 4.5, the Company shall have no further obligations to Executive hereunder except for:
(i) the Base Salary due Executive pursuant to Section 3.1 hereof for nine (9) months from the date of termination or until the
end of the Term, whichever is earlier, payable in accordance with Section 3.1; (ii) any Bonus which would have become payable under
Section 3.2 for the year in which the employment was terminated prorated by multiplying the full amount of the Bonus by a fraction,
the numerator of which is the number of “full calendar months” worked by Executive during the year of termination and
the denominator of which is 12 (a “full calendar month” is a month in which the Executive worked at least two weeks);
(iii) all valid expense reimbursements; and (iv) all accrued but unused vacation pay.


 




     


     


    

 


(d)       Executive
shall have no duty to mitigate awards paid or payable to him pursuant to this Agreement, and any compensation paid or payable to
Executive from sources other than the Company will not offset or terminate the Company’s obligation to pay to Executive the
full amounts pursuant to this Agreement.


 


5.             Protection
of Confidential Information; Non-Competition.


 


5.1       Acknowledgment.  Executive
acknowledges that:


 


(a)       As
a result of his current and prior employment with the Company, Executive has obtained and will obtain secret and confidential information
concerning the business of the Company and its subsidiaries (referred to collectively in this Section 5 as the “Company”),
including, without limitation, financial information, proprietary rights, trade secrets and “know-how,” customers and
sources (“Confidential Information”).


 


(b)       The
Company will suffer substantial damage which will be difficult to compute if, during the period of his employment with the Company
or thereafter, Executive should enter a business competitive with the Company or divulge Confidential Information.


 


(c)       The
provisions of this Agreement are reasonable and necessary for the protection of the business of the Company.


 


5.2       Confidentiality.  Executive
agrees that he will not at any time, during the Term or thereafter, divulge to any person or entity any Confidential Information
obtained or learned by him as a result of his employment with the Company, except (i) in the course of performing his duties hereunder,
(ii) with the Company’s prior written consent; (iii) to the extent that any such information is in the public domain other
than as a result of Executive’s breach of any of his obligations hereunder; or (iv) where required to be disclosed by law,
regulation, stock exchange rule, court order, subpoena or other government process.  If Executive shall be required to
make disclosure pursuant to the provisions of clause (iv) of the preceding sentence, Executive promptly, but in no event more than
48 hours after learning of such subpoena, court order, or other government process, shall notify, confirmed by mail, the Company
and, at the Company’s expense, Executive shall: (a) take all reasonably necessary and lawful steps required by the Company
to defend against the enforcement of such subpoena, court order or other government process, and (b) permit the Company
to intervene and participate with counsel of its choice in any proceeding relating to the enforcement thereof.


 




     


     


    

 





 


5.3       Documents.  Upon
termination of his employment with the Company, Executive will promptly deliver to the Company all memoranda, notes, records, reports,
manuals, drawings, blueprints and other documents (and all copies thereof) relating to the business of the Company and all property
associated therewith, which he may then possess or have under his control; provided, however, that Executive shall be entitled
to retain copies of such documents reasonably necessary to document his financial relationship with the Company.


 


5.4       Non-competition.  During
the Term and for a period of two (2) years thereafter, Executive, without the prior written permission of the Company, shall not,
anywhere in the world, (i) be employed by, or render any services to, any person, firm or corporation engaged in the medical device
industry or any other business which is directly in competition with any “material” business conducted by the Company
or any of its subsidiaries at the time of termination (as used herein “material” means a business which generated at
least 10% of the Company’s consolidated revenues for the last full fiscal year for which audited financial statements are
available) (“Competitive Business”); (ii) engage in any Competitive Business for his or its own account; (iii) be associated
with or interested in any Competitive Business as an individual, partner, shareholder, creditor, director, officer, principal,
agent, employee, trustee, consultant, advisor or in any other relationship or capacity; (iv) employ or retain, or have or cause
any other person or entity to employ or retain, any person who was employed or retained by the Company while Executive was employed
by the Company (other than Executive’s personal secretary and assistant); or (v) solicit, interfere with, or endeavor to
entice away from the Company, for the benefit of a Competitive Business, any of its customers or other persons with whom the Company
has a contractual relationship.  Notwithstanding the foregoing, nothing in this Agreement shall preclude Executive from
investing his personal assets in any manner he chooses, provided, however, that Executive may not, during the period referred to
in this Section 5.4, own more than 4.9% of the equity securities of any Competitive Business.


 


5.5       Injunctive
Relief.  If Executive commits a breach, or threatens to commit a breach, of any of the provisions of Sections 5.2
or 5.4, the Company shall have the right and remedy to seek to have the provisions of this Agreement specifically enforced by any
court having equity jurisdiction, it being acknowledged and agreed by Executive that the services being rendered hereunder to the Company are
of a special, unique and extraordinary character and that any such breach or threatened breach will cause irreparable injury to
the Company and that money damages will not provide an adequate remedy to the Company.  The rights and remedies enumerated
in this Section 5.5 shall be in addition to, and not in lieu of, any other rights and remedies available to the Company under law
or equity.  In connection with any legal action or proceeding arising out of or relating to this Agreement, the prevailing
party in such action or proceeding shall be entitled to be reimbursed by the other party for the reasonable attorneys’ fees
and costs incurred by the prevailing party.


 




     


     


    

 





 


5.6       Modification.  If
any provision of Sections 5.2 or 5.4 is held to be unenforceable because of the scope, duration or area of its applicability, the
tribunal making such determination shall have the power to modify such scope, duration, or area, or all of them, and such provision
or provisions shall then be applicable in such modified form.


 


5.7       Survival.  The
provisions of this Section 5 shall survive the termination of this Agreement for any reason, except in the event Executive is terminated
by the Company without “Cause,” or if Executive terminates this Agreement with “Good Reason,” in either
of which events, clauses (i), (ii) and (iii) of Section 5.4 shall be null and void and of no further force or effect.  The
non-renewal of this Agreement at the end of the Term shall not be a termination by the Company without “Cause”.


 


6.             Miscellaneous
Provisions.


 


6.1       Notices.  All
notices provided for in this Agreement shall be in writing, and shall be deemed to have been duly given when (i) delivered personally
to the party to receive the same, or (ii) when mailed first class postage prepaid, by certified mail, return receipt requested,
addressed to the party to receive the same at his or its address set forth below, or such other address as the party to receive
the same shall have specified by written notice given in the manner provided for in this Section 6.1.  All notices shall
be deemed to have been given as of the date of personal delivery or mailing thereof.


 


If to Executive:


 


Richard Fitzgerald


[Address]


If to the Company:


 


PAVmed Inc.


420 Lexington Ave, Suite 300


New York, NY 10170


 


With a copy in either case to:


 


Graubard Miller


The Chrysler Building


405 Lexington Ave, 11th Floor


New York, NY 10170

 




     


     


    

 



 


6.2       Entire
Agreement; Waiver.  This Agreement sets forth the entire agreement of the parties relating to the employment of Executive
and is intended to supersede all prior negotiations, understandings and agreements.  No provisions of this Agreement
may be waived or changed except by a writing by the party against whom such waiver or change is sought to be enforced.  The
failure of any party to require performance of any provision hereof or thereof shall in no manner affect the right at a later time
to enforce such provision.


 


6.3       Governing
Law.  All questions with respect to the construction of this Agreement, and the rights and obligations of the parties
hereunder, shall be determined in accordance with the law of the State of New York applicable to agreements made and to be performed
entirely in New York.


 


6.4       Binding
Effect; Nonassignability.  This Agreement shall inure to the benefit of and be binding upon the successors and assigns
of the Company.  This Agreement shall not be assignable by Executive, but shall inure to the benefit of and be binding
upon Executive’s heirs and legal representatives.


 


6.5       Severability.  Should
any provision of this Agreement become legally unenforceable, no other provision of this Agreement shall be affected, and this
Agreement shall continue as if the Agreement had been executed absent the unenforceable provision.


 


6.6       Section
409A.  This Agreement is intended to comply with the provisions of Section 409A of the Internal Revenue Code (“Section
409A”).  To the extent that any payments and/or benefits provided hereunder are not considered compliant with Section
409A, the parties agree that the Company shall take
all actions necessary to make such payments and/or benefits become compliant.


 




     


     


    

 





 


6.7       Preparation
of Agreement.  This Agreement has been prepared by Graubard Miller (“GM”) solely as counsel to the Company. 
GM is not acting as legal counsel nor providing any legal representation or consultative services to Executive in connection with
the Agreement and the Company has advised Executive to seek the advice of other counsel in connection with the negotiation and
preparation of this Agreement.


 




     


     


    

 


IN WITNESS WHEREOF, the parties have executed
this Agreement on the date first above written.


 


	 	PAVMED INC.	 
	 	 	 
	 	/s/ Lishan Aklog	 
	 	By:	Lishan Aklog, CEO	 
	 	 	 
	 	/s/ Richard Fitzgerald	 
	 	Richard Fitzgerald