Document:

Exhibit 10.3

 

INDEMNIFICATION AGREEMENT

 

This Agreement, made
and entered into as of the 20th day of March, 2017 (“Agreement”), by and between PAVmed Inc., a Delaware
corporation (“Corporation”), and Dennis M. McGrath (“Indemnitee”):

 

WHEREAS, highly competent
persons recently have become more reluctant to serve as directors, officers, or in other capacities of publicly held corporations
and other corporations that have non-employee investors among their stockholders or conduct operations in regulated industries
unless they are provided with better protection from the risk of claims and actions against them arising out of their services
to and activities on behalf of such corporation; and

 

WHEREAS, the adoption
of The Sarbanes-Oxley Act of 2002 and other laws, rules and regulations being promulgated have increased the potential for liability
of officers and directors; and

 

WHEREAS, the Corporation
has determined that the inability to attract and retain such persons is detrimental to the best interests of the Corporation’s
stockholders and that such persons should be assured that they will have better protection in the future; and

 

WHEREAS, it is reasonable,
prudent and necessary for the Corporation to obligate itself contractually to indemnify such persons to the fullest extent permitted
by applicable law so that such persons will serve or continue to serve the Corporation free from undue concern that they will not
be adequately indemnified; and

 

WHEREAS, this Agreement
is a supplement to and in furtherance of the Certificate of Incorporation and Bylaws of the Corporation, each as may be amended
from time to time, and any resolutions adopted pursuant thereto and shall neither be deemed to be a substitute therefor nor diminish
or abrogate any rights of Indemnitee thereunder; and

 

WHEREAS, Indemnitee is
willing to continue to serve and to take on additional service for or on behalf of the Corporation on the condition that he or
she be indemnified according to the terms of this Agreement;

 

NOW, THEREFORE, in consideration
of the premises and the covenants contained herein, the Corporation and Indemnitee do hereby covenant and agree as follows:

 

1.         Definitions.
For purposes of this Agreement:

 

1.1       “Change
in Control” means a change in control of the Corporation occurring after the date hereof of a nature that would be required
to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or in response to any similar

 

     

     

    

 

item on any similar schedule
or form) promulgated under the Securities Exchange Act of 1934, as amended (“Act”), whether or not the Corporation
is then subject to such reporting requirement provided, however, that, without limitation, such a Change in Control shall be deemed
to have occurred if after the date hereof (i) any “person” (as such term is used in Sections 13(d) and 14(d) of the
Act), other than a person who is an officer or director of the Corporation on March 20, 2017 (and any of such person’s affiliates),
is or becomes “beneficial owner” (as defined in Rule 13d-3 under the Act) directly or indirectly, of securities of
the Corporation representing 50% or more of the combined voting power of the then outstanding securities of the Corporation without
the prior approval of at least two-thirds of the members of the Board in office immediately prior to such person attaining such
percentage interest; (ii) the Corporation is a party to a merger, consolidation, sale of assets or other reorganization, or a proxy
contest, as a consequence of which members of the Board of Directors (“Board”) in office immediately prior to such
transaction or event constitute less than a majority of the Board thereafter; (iii) during any period of two consecutive years,
individuals who at the beginning of such period constituted the Board (including for this purpose any new director whose election
or nomination for election by the Corporation’s stockholders was approved by a vote of at least two-thirds of the directors
then still in office who were directors at the beginning of such period) cease for any reason to constitute at least a majority
of the Board; (iv) a sale or other disposition of all or substantially all of the assets of the Company; or (v) a liquidation or
dissolution of the Company.

 

1.2       “Corporate
Status” means the status of a person who is or was a director, officer, employee, agent or fiduciary of the Corporation or
of any subsidiary of the Corporation or any other corporation, partnership, joint venture, trust, employee benefit plan or other
enterprise which such person is or was serving at the request of the Corporation.

 

1.3       “Disinterested
Director” means a director of the Corporation who is not and was not a party to the Proceeding in respect of which indemnification
is sought by Indemnitee.

 

1.4       “Expenses”
means all reasonable attorneys’ fees, retainers, court costs (including trial and appeals), transcript costs, fees of experts,
witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees,
and all other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing
to prosecute or defend, appealing, preparing to appeal, investigating, or being or preparing to be a witness in a Proceeding.

 

1.5       “Independent
Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently
is, nor in the past five years has been, retained to represent: (i) the Corporation or Indemnitee in any other matter material
to either such party, or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding
the foregoing, the term “Independent Counsel” does not include any person who, under the applicable standards

 

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of professional conduct
then prevailing, would have a conflict of interest in representing either the Corporation or Indemnitee in an action to determine
Indemnitee’s rights under this Agreement. Except as provided in the first sentence of Section 9.3 hereof, Independent Counsel
shall be selected by (a) the Disinterested Directors or (b) a committee of the Board consisting of two or more Disinterested Directors
or if (a) and (b) above are not possible, then by a majority of the full Board.

 

1.6       “Proceeding”
means any action, suit, arbitration, alternate dispute resolution mechanism, investigation, administrative hearing or any other
proceeding, whether civil, criminal, administrative or investigative, except one initiated by an Indemnitee pursuant to Section
11 of this Agreement to enforce his rights under this Agreement.

 

2.         Services
by Indemnitee.

 

Indemnitee agrees to
continue to serve as a director, officer or employee of the Corporation or one or more of its subsidiaries. Indemnitee may at any
time and for any reason resign from such position (subject to any other contractual obligation or any obligation imposed by operation
of law).

 

3.         Indemnification
- General.

 

The Corporation shall
indemnify, and advance Expenses to, Indemnitee as provided in this Agreement to the fullest extent permitted by applicable law
in effect on the date hereof and to such greater extent as applicable law may thereafter from time to time permit. The rights of
Indemnitee provided under the preceding sentence shall include, but not be limited to, the rights set forth in the other Sections
of this Agreement.

 

4.         Proceedings
Other Than Proceedings by or in the Right of the Corporation.

 

Indemnitee shall be
entitled to the rights of indemnification provided in this Section if, by reason of his Corporate Status, he was or is threatened
to be made, a party to any threatened, pending or completed Proceeding, other than a Proceeding by or in the right of the Corporation.
Pursuant to this Section, Indemnitee shall be indemnified against Expenses, judgments, penalties, fines and amounts paid in settlement
actually and reasonably incurred by him or on his behalf in connection with any such Proceeding or any claim, issue or matter therein,
if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Corporation,
and, with respect to any criminal Proceeding, had no reasonable cause to believe his conduct was unlawful.

 

5.         Proceedings
by or in the Right of the Corporation.

 

Indemnitee shall be
entitled to the rights of indemnification provided in this Section if, by reason of his Corporate Status, he is, was or is threatened
to be made, a party to any threatened, pending or completed Proceeding brought by or in the right of the Corporation to procure
a judgment in its favor. Pursuant to this Section, Indemnitee

 

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shall be indemnified
against Expenses and amounts paid in settlement (such settlement amounts not to exceed, in the judgment of the Board, the estimated
expense of litigating the Proceeding to conclusion) actually and reasonably incurred by him or on his behalf in connection with
any such Proceeding if he or she acted in good faith and in a manner he reasonably believed to be in or not opposed to the best
interests of the Corporation. Notwithstanding the foregoing, no indemnification against such Expenses or amounts paid in settlement
shall be made in respect of any claim, issue or matter in any such Proceeding as to which Indemnitee has been adjudged to be liable
to the Corporation if applicable law prohibits such indemnification unless the court in which such Proceeding shall have been brought,
was brought or is pending, shall determine that indemnification against Expenses or amounts paid in settlement may nevertheless
be made by the Corporation.

 

6.         Indemnification
for Expenses of Party Who is Wholly or Partly Successful.

 

Notwithstanding any
other provision of this Agreement, to the extent that Indemnitee is, by reason of his Corporate Status, a party to and is successful,
on the merits or otherwise, in any Proceeding, he or she shall be indemnified against all Expenses (and, when eligible hereunder,
amounts paid in settlement) actually and reasonably incurred by him or on his behalf in connection therewith. If Indemnitee is
not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims,
issues or matters in such Proceeding, the Corporation shall indemnify Indemnitee against all Expenses (and, when eligible hereunder,
amounts paid in settlement) actually and reasonably incurred by him or on his behalf in connection with each successfully resolved
claim, issue or matter. For purposes of this Section, the term “successful, on the merits or otherwise,” includes,
but is not limited to, (i) any termination, withdrawal, or dismissal (with or without prejudice) of any Proceeding against the
Indemnitee without any express finding of liability or guilt against him, and (ii) the expiration of 90 days after the making of
any claim or threat of a Proceeding without the institution of the same and without any promise or payment made to induce a settlement.

 

7.         Indemnification
for Expenses as a Witness.

 

Notwithstanding any
other provision of this Agreement, to the extent that Indemnitee is, by reason of his Corporate Status, a witness in any Proceeding,
he shall be indemnified against all Expenses actually and reasonably incurred by him on his behalf in connection therewith.

 

8.         Advancement
of Expenses and Other Amounts.

 

The Corporation shall
advance all Expenses, judgments, penalties, fines and, when eligible hereunder, amounts paid in settlement, incurred by or on behalf
of Indemnitee in connection with any Proceeding within thirty (30) days after the receipt by the Corporation of a statement or
statements from Indemnitee requesting such advance or advances from time to time, whether prior to or after final disposition of
such Proceeding.

 

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Such statement or statements
shall reasonably evidence the Expenses, judgments, penalties, fines and amounts paid in settlement, incurred by Indemnitee and
shall include or be preceded or accompanied by an agreement by or on behalf of Indemnitee to repay any Expenses, judgments, penalties,
fines and amounts paid in settlement advanced if it shall ultimately be determined that Indemnitee is not entitled to be indemnified
against such Expenses, judgments, penalties, fines and, when eligible hereunder, amounts paid in settlement.

 

9.         Procedure
for Determination of Entitlement to Indemnification.

 

9.1       To
obtain indemnification under this Agreement in connection with any Proceeding, and for the duration thereof, Indemnitee shall submit
to the Corporation a written request, including therein or therewith such documentation and information as is reasonably available
to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification. The
Secretary of the Corporation shall, promptly upon receipt of any such request for indemnification, advise the Board in writing
that Indemnitee has requested indemnification.

 

9.2       Upon
written request by Indemnitee for indemnification pursuant to Section 9.1 hereof, a determination, if required by applicable law,
with respect to Indemnitee’s entitlement thereto shall be made in such case: (i) if a Change in Control shall have occurred,
by Independent Counsel (unless Indemnitee shall request that such determination be made by the Board or the stockholders, in which
case in the manner provided for in clauses (ii) or (iii) of this Section 9.2) in a written opinion to the Board, a copy of which
shall be delivered to Indemnitee; (ii) if a Change of Control shall not have occurred, (A) by the Board by a majority vote of a
quorum consisting of Disinterested Directors, or (B) if a quorum of the Board consisting of Disinterested Directors is not obtainable,
by a majority of a committee of the Board consisting of two or more Disinterested Directors, or (C) by Independent Counsel in a
written opinion to the Board, a copy of which shall be delivered to Indemnitee, or (D) by the stockholders of the Corporation,
by a majority vote of a quorum consisting of stockholders who are not parties to the proceeding, or if no such quorum is obtainable,
by a majority vote of stockholders who are not parties to such proceeding; or (iii) as provided in Section 10.2 of this Agreement.
If it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten (10) days
after such determination. Indemnitee shall cooperate with the person, persons or entity making such determination with respect
to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance
request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably
available to Indemnitee and reasonably necessary to such determination. Any costs or expenses (including attorneys’ fees
and disbursements) incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall
be borne by the Corporation (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the
Corporation hereby indemnifies and agrees to hold Indemnitee harmless therefrom.

 

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9.3       If
a Change of Control shall have occurred, Independent Counsel shall be selected by Indemnitee (unless Indemnitee shall request that
such selection be made by the Board), and Indemnitee shall give written notice to the Corporation advising it of the identity of
Independent Counsel so selected. In either event, Indemnitee or the Corporation, as the case may be, may, within seven days after
such written notice of selection shall have been given, deliver to the Corporation or to Indemnitee, as the case may be, a written
objection to such selection. Such objection may be asserted only on the ground that Independent Counsel so selected does not meet
the requirements of “Independent Counsel” as defined in Section 1 of this Agreement, and the objection shall set forth
with particularity the factual basis of such assertion. If such written objection is made, Independent Counsel so selected may
not serve as Independent Counsel unless and until a court has determined that such objection is without merit. If, within 20 days
after submission by Indemnitee of a written request for indemnification pursuant to Section 9.1 hereof, no Independent Counsel
shall have been selected and not objected to, either the Corporation or Indemnitee may petition the Court of Chancery of the State
of Delaware or other court of competent jurisdiction, for resolution of any objection which has been made by the Corporation or
Indemnitee to the other’s selection of Independent Counsel and/or for the appointment as Independent Counsel of a person
selected by such court or by such other person as such court shall designate, and the person with respect to whom an objection
is so resolved or the person so appointed shall act as Independent Counsel under Section 9.2 hereof. The Corporation shall pay
any and all reasonable fees and expenses of Independent Counsel incurred by such Independent Counsel in connection with its actions
pursuant to this Agreement, and the Corporation shall pay all reasonable fees and expenses incident to the procedures of this Section
9.3, regardless of the manner in which such Independent Counsel was selected or appointed. Upon the due commencement date of any
judicial proceeding pursuant to Section 11.1(iii) of this Agreement, Independent Counsel shall be discharged and relieved of any
further responsibility in such capacity (subject to the applicable standards of professional conduct then prevailing).

 

10.       Presumptions
and Effects of Certain Proceedings.

 

10.1       In
making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination
shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification
in accordance with Section 9.1 of this Agreement, and the Corporation shall have the burden of proof to overcome that presumption
by clear and convincing evidence in connection with the making by any person, persons or entity of any determination contrary to
that presumption.

 

10.2       If
the person, persons or entity empowered or selected under Section 9 of this Agreement to determine whether Indemnitee is entitled
to indemnification shall not have made a determination within thirty (30) days after receipt by the Corporation of the request
therefor, the requisite determination of entitlement to indemnification shall be deemed to have been made and Indemnitee shall
be entitled to such indemnification, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material

 

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fact necessary to make
Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) prohibition
of such indemnification under applicable law; provided, however, that such 30-day period may be extended for a reasonable time,
not to exceed an additional thirty (30) days, if the person, persons or entity making the determination with respect to entitlement
to indemnification in good faith require(s) such additional time for the obtaining or evaluating of documentation and/or information
relating thereto; and provided, further, however, that the foregoing provisions of this Section 10.2 shall not apply (i) if the
determination of entitlement to indemnification is to be made by the stockholders pursuant to Section 9.2 of this Agreement and
if (A) within 15 days after receipt by the Corporation of the request for such determination the Board has resolved to submit such
determination to the stockholders for their consideration at an annual meeting thereof to be held within 75 days after such receipt
and such determination is made thereat, or (B) a special meeting of stockholders is called within 15 days after such receipt for
the purpose of making such determination, such meeting is held for such purpose within 60 days after having been so called and
such determination is made thereat, or (ii) if the determination of entitlement to indemnification is to be made by Independent
Counsel pursuant to Section 9.2 of this Agreement. In connection with each meeting at which a stockholder determination will be
made, the Corporation shall solicit proxies that expressly include a proposal to indemnify or reimburse the Indemnitee. The Corporation
shall afford the Indemnitee ample opportunity to present evidence of the facts upon which the Indemnitee relies for indemnification
in any Corporation proxy statement relating to such shareholder determination. Subject to the fiduciary duties of its members under
applicable law, the Board will not recommend against indemnification or reimbursement in any proxy statement relating to the proposal
to indemnify or reimburse the Indemnitee.

 

10.3       The
termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a
plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely
affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner
which he or she reasonably believed to be in or not opposed to the best interests of the Corporation or, with respect to any criminal
Proceeding, that Indemnitee had reasonable cause to believe that his conduct was unlawful.

 

10.4       Reliance
as Safe Harbor. For purposes of this Agreement, the Indemnitee shall be deemed to have acted in good faith and in a manner
he reasonably believed to be in or not opposed to the best interests of the Corporation, or, with respect to any criminal Proceeding,
to have had no reasonable cause to believe his conduct was unlawful, if his action is based on (i) the records or books of account
of the Corporation, or another enterprise, including financial statements, (ii) information supplied to him by the officers of
the Corporation or another enterprise in the course of their duties, (iii) the advice of legal counsel for the Corporation or another
enterprise, or of an independent certified public accountant or an appraiser or other expert selected with reasonable care by the
Corporation or another enterprise. The term “another enterprise” as used in this Section shall mean any other corporation
or any partnership, joint venture, trust, employee benefit

 

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plan or other enterprise
of which the Indemnitee is or was serving at the request of the Corporation as a director, officer, partner, trustee, employee
or agent. The provisions of this Section shall not be deemed to be exclusive or to limit in any way the other circumstances in
which the Indemnitee may be deemed to have met the applicable standard of conduct set forth herein. Whether or not the foregoing
provisions of this Section 10.4 are satisfied, it shall in any event be presumed that Indemnitee has at all times acted in good
faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Corporation, or, with respect
to any criminal Proceeding, to have had no reasonable cause to believe Indemnitee’s conduct was unlawful. Anyone seeking
to overcome this presumption shall have the burden of proof and the burden of persuasion by clear and convincing evidence.

 

11.       Remedies
of Indemnitee.

 

11.1       In
the event that (i) a determination is made pursuant to Section 9 of this Agreement that Indemnitee is not entitled to indemnification
under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 8 of this Agreement, (iii) the determination
of indemnification is to be made by Independent Counsel pursuant to Section 9.2 of this Agreement and such determination shall
not have been made and delivered in a written opinion within 30 days after receipt by the Corporation of the request for indemnification,
(iv) payment of indemnification is not made pursuant to Section 7 of this Agreement within thirty (30) days after receipt by the
Corporation of a written request therefor, or (v) payment of indemnification is not made within thirty (30) days after a determination
has been made that Indemnitee is entitled to indemnification or such determination is deemed to have been made pursuant to Section
9 or 10 of this Agreement, Indemnitee shall be entitled to an adjudication in an appropriate court of the State of Delaware, or
in any other court of competent jurisdiction, of his entitlement to such indemnification or advancement of Expenses, judgments,
penalties, fines or, when eligible hereunder, amounts paid in settlement. The Corporation shall not oppose Indemnitee’s right
to seek any such adjudication.

 

11.2       In
the event that a determination shall have been made pursuant to Section 9 of this Agreement that Indemnitee is not entitled to
indemnification, any judicial proceeding commenced pursuant to this Section shall be conducted in all respects as a de novo trial
on the merits and Indemnitee shall not be prejudiced by reason of that adverse determination.

 

11.3       If
a determination shall have been made or deemed to have been made pursuant to Section 9 or 10 of this Agreement that Indemnitee
is entitled to indemnification, the Corporation shall be bound by such determination in any judicial proceeding commenced pursuant
to this Section, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make
Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) prohibition
of such indemnification under applicable law.

 

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11.4       The
Corporation shall be precluded from asserting in any judicial proceeding commenced pursuant to this Section that the procedures
and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court that the Corporation
is bound by all the provisions of this Agreement.

 

11.5       In
the event that Indemnitee, pursuant to this Section, seeks a judicial adjudication of his or her rights under, or to recover damages
for breach of, this Agreement, Indemnitee shall be entitled to recover from the Corporation, and shall be indemnified by the Corporation
against, any and all expenses (of the kinds described in the definition of Expenses) actually and reasonably incurred by him or
her in such judicial adjudication, but only if he or she prevails therein. If it shall be determined in such judicial adjudication
that Indemnitee is entitled to receive less than all of the indemnification or advancement of expenses sought, the expenses incurred
by Indemnitee in connection with such judicial adjudication shall be appropriately prorated.

 

12.       Procedure
Regarding Indemnification.

 

With respect to any
Proceedings, the Indemnitee, prior to taking any action with respect to such Proceeding, shall consult with the Corporation as
to the procedure to be followed in defending, settling, or compromising the Proceeding and may not consent to any settlement or
compromise of the Proceeding without the written consent of the Corporation (which consent may not be unreasonably withheld or
delayed). The Corporation shall be entitled to participate in defending, settling or compromising any Proceeding and to assume
the defense of such Proceeding with counsel of its choice and shall assume such defense if requested by the Indemnitee. Notwithstanding
the election by, or obligation of, the Corporation to assume the defense of a Proceeding, the Indemnitee shall have the right to
participate in the defense of such Proceeding and to employ counsel of Indemnitee’s choice, but the fees and expenses of
such counsel shall be at the expense of the Indemnitee unless (i) the employment of such counsel has been authorized in writing
by the Company, or (ii) the Indemnitee has reasonably concluded that there may be defenses available to him or her which are different
from or additional to those available to the Corporation (in which latter case the Corporation shall not have the right to direct
the defense of such Proceeding on behalf of the Indemnitee), in either of which events the fees and expenses of not more than one
additional firm of attorneys selected by the Indemnitee shall be borne by the Corporation. If the Corporation assumes the defense
of a Proceeding, then counsel for the Corporation and Indemnitee shall keep Indemnitee reasonably informed of the status of the
Proceeding and promptly send to Indemnitee copies of all documents filed or produced in the Proceeding, and the Corporation shall
not compromise or settle any such Proceeding without the written consent of the Indemnitee (which consent may not be unreasonably
withheld or delayed) if the relief provided shall be other than monetary damages and shall promptly notify the Indemnitee of any
settlement and the amount thereof.

 

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		13.	Non-Exclusivity; Survival of Rights; Insurance; Subrogation; Contribution.

 

13.1       The
rights of indemnification and to receive advancement of Expenses as provided by this Agreement shall not be deemed exclusive of
any other rights to which Indemnitee may at any time be entitled under applicable law, the certificate of incorporation or by-laws
of the Corporation, each as may be amended from time to time, any agreement, a vote of stockholders or a resolution of directors,
or otherwise. No amendment, alteration or repeal of this Agreement or any provision hereof shall be effective as to any Indemnitee
with respect to any action taken or omitted by such Indemnitee in his Corporate Status prior to such amendment, alteration or repeal.

 

13.2       To
the extent that the Corporation maintains an insurance policy or policies providing liability insurance for directors, officers,
employees, agents or fiduciaries of the Corporation or of any other corporation, partnership, joint venture, trust, employee benefit
plan or other enterprise which such person serves at the request of the Corporation, Indemnitee shall be covered by such policy
or policies in accordance with its or their terms to the maximum extent of the coverage available for any such director, officer,
employee, agent or fiduciary under such policy or policies.

 

13.3       In
the event of any payment under this Agreement, the Corporation shall be subrogated to the extent of such payment to all of the
rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including
execution of such documents as are reasonably necessary to enable the Corporation to bring suit to enforce such rights.

 

13.4       The
Corporation shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder if and to
the extent that Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise.

 

13.5       (a)     If a
determination is made that Indemnitee is not entitled to indemnification, after Indemnitee submits a written request therefor,
under this Agreement, then in respect of any threatened, pending or completed Proceeding in which the Corporation is jointly liability
with the Indemnitee (or would be if joined in such Proceeding), the Corporation shall contribute to the amount of Expenses, judgments,
fines and amounts paid in settlement by the Indemnitee in such proportion as is appropriate to reflect (i) the relative benefits
received by the Corporation on the one hand and the Indemnitee on the other hand from the transaction from which Proceeding arose,
and (ii) the relative fault of the Corporation on the one hand and of the Indemnitee on the other hand in connection with the events
that resulted in such Expenses, judgments, fines or amounts paid in settlement, as well as any other relevant equitable considerations.
The relative fault of the Corporation on the one hand and of the Indemnitee on the other hand shall be determined by reference
to, among other things, the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent
the circumstances resulting in such Expenses, judgments, fines or amounts paid in settlement. The Corporation agrees that it would
not be just and equitable if contribution pursuant to this

 

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Section were determined
by pro rata allocation or any other method of allocation that does not take into account the foregoing equitable considerations.

 

(b)       The
determination as to the amount of the contribution, if any, shall be made by:

 

(i)       a
court of competent jurisdiction upon the applicable of both the Indemnitee and the Corporation (if the Proceeding had been brought
in, and final determination had been rendered by such court);

 

(ii)       the
Board by a majority vote of a quorum consisting of Disinterested Directors; or

 

(iii)       Independent
Counsel, if a quorum is not obtainable for purpose of (ii) above, or, even if obtainable, a quorum of Disinterested Directors so
directs.

 

14.       Duration
of Agreement.

 

This Agreement shall
continue until and terminate upon the later of: (a) ten (10) years after the date that Indemnitee shall have ceased to serve as
a director and/or officer of the Corporation, or (b) the final termination of all pending Proceedings in respect of which Indemnitee
is granted rights of indemnification or advancement of Expenses, judgments, penalties, fines or amounts paid in settlement hereunder
and or any proceeding commenced by Indemnitee pursuant to Section 11 of this Agreement. This Agreement shall be binding upon the
Corporation and its successors and assigns and shall inure to the benefit of Indemnitee and his spouse, heirs, executors, personal
representatives and administrators.

 

15.       Severability.

 

If any provision or
provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity,
legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any Section
of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal
or unenforceable) shall not in any way be affected or impaired thereby; and (b) to the fullest extent possible, the provisions
of this Agreement (including, without limitation, each portion of any Section of this Agreement containing any such provision held
to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give
effect to the intent manifested by the provision held invalid, illegal or unenforceable.

 

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16.       Entire
Agreement.

 

This Agreement constitutes
the entire agreement between the Corporation and the Indemnitee with respect to the subject matter hereof and supercedes all prior
agreements, understanding, negotiations and discussion, both written and oral, between the parties hereto with respect to such
subject matter (the “Prior Agreements”); provided, however, that if this Agreement shall ever be held void or unenforceable
for any reasons whatsoever, and is not reformed pursuant to Section 15 hereof, then (i) this Agreement shall not be deemed to have
superceded any Prior Agreements; (ii) all of such Prior Agreements shall be deemed to be in full force and effect notwithstanding
the execution of this Agreement; and (iii) the Indemnitee shall be entitled to maximum indemnification benefits provided under
any Prior Agreements, as well as those provided under applicable law, the certificate of incorporation or by-laws of the Corporation,
a vote of stockholders or resolution of directors.

 

17.       Exception
to Right of Indemnification or Advancement of Expenses.

 

Except as provided
in Section 11.5, Indemnitee shall not be entitled to indemnification or advancement of Expenses under this Agreement with respect
to any Proceeding, or any claim therein, brought or made by him against the Corporation.

 

18.       Covenant
Not to Sue; Limitation of Actions; Release of Claims.

 

No legal action shall
be brought and no cause of action shall be asserted by or on behalf of the Corporation (or any of its subsidiaries) against the
Indemnitee, his spouse, heirs, executors, personal representatives or administrators after the expiration of two (2) years from
the date of accrual of such cause of action and any claim or cause of action of the Corporation (or any of its subsidiaries) shall
be extinguished and deemed released unless asserted by the filing of a legal action within such two (2) year period; provided,
however, that if any shorter period of limitation is otherwise applicable to any such cause of action, such shorter period shall
govern.

 

19.       Identical
Counterparts.

 

This Agreement may
be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which together
shall constitute one and the same Agreement.

 

20.       Headings.

 

The headings of the
paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or
to affect the construction thereof.

 

     12

     

    

 

21.       Modification
and Waiver.

 

No supplement, modification
or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the
provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar)
nor shall such waiver constitute a continuing waiver.

 

22.       Notice
by Indemnitee.

 

Indemnitee agrees promptly
to notify the Corporation in writing upon being served with any summons, citation, subpoena, complaint, indictment, information
or other document relating any Proceeding or matter which may be subject to indemnification or advancement of Expenses, judgments,
penalties, fines or amounts paid in settlement covered hereunder.

 

23.       Notices.

 

All notices, requests,
demands and other communications hereunder shall be in writing and shall be deemed to have been duly given if (i) delivered by
hand and receipted for by the party to whom such notice or other communication shall have been directed, or (ii) mailed by certified
or registered mail with postage prepaid, on the third business day after the date on which it is so mailed:

 

If to Indemnitee, to
the address set forth on the signature page.

 

If to the Corporation, to:

 

PAVmed Inc.

One Grand Central Place, Suite
4600

New York, New York 10165

Attention: Chief Executive Officer

 

or to such other address or such other
person as Indemnitee or the Corporation shall designate in writing in accordance with this Section, except that notices regarding
changes in notices shall be effective only upon receipt.

 

24.       Governing
Law.

 

The parties agree that
this Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware applicable
to contracts made and performed in that state without giving effect to the principles of conflicts of laws.

 

     13

     

    

 

25.       Miscellaneous.

 

Use of the masculine
pronoun shall be deemed to include usage of the feminine pronoun where appropriate.

 

     14

     

    

 

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

 

	 	PAVMED INC.
	 	 	 
	 	By:	/s/ Lishan Aklog
	 	 	Name:   LISHAN AKLOG
	 	 	Title:     Chairman & CEO 

 

	 	INDEMNITEE
	 	 
	 	/s/ Dennis M. McGrath
	 	 
	 	Address for Notice:
	 	 
	 	Dennis  McGrath
	 	2 Colonial Ct Medford, NJ 08055
	 	Phone:	609-432-6861
	 	E-mail:	dennis.mcgrath@gmail.com

 

     15Exhibit 10.4

 

STOCK OPTION AGREEMENT

 

THIS STOCK OPTION AGREEMENT is made as of the 20th
day of March, 2017 (the “Grant Date”) by and between PAVmed Inc., a Delaware corporation (the “Company”),
and Dennis M. McGrath (“Grantee”).

 

WHEREAS, in accordance with that certain Employment Agreement
(“Employment Agreement”), dated as of March 20, 2017, between the Company and the Grantee, the Board of Directors
of the Company (the “Board”) authorized the grant to the Grantee of an option (the “Option”)
to purchase an aggregate of 250,000 shares of the authorized but unissued common stock of the Company, $.001 par value (“Common
Stock”), conditioned upon the Grantee’s acceptance thereof upon the terms and conditions set forth in this Agreement
and, notwithstanding that the Option is not issued under the Plan, subject to the terms of the Company’s 2014 Long-Term Incentive
Equity Plan (the “Plan”) (capitalized terms used herein and not otherwise defined have the meanings set forth
in the Plan); and

 

WHEREAS, the Grantee desires to acquire the Option on the terms
and conditions set forth in this Agreement and, notwithstanding that the Option is not issued under the Plan, subject to the terms
of the Plan;

 

IT IS AGREED:

 

1.         Grant of Stock
Option. The Company hereby grants to the Grantee the right and option to purchase all or any part of an aggregate of 250,000
shares of the Common Stock (the “Option Shares”) on the terms and conditions set forth herein and, notwithstanding
that the Option is not issued under the Plan, subject to the provisions of the Plan, which shall be deemed incorporated herein
by reference.

 

2.         Non-Incentive
Stock Option. The Option represented hereby is not intended to be an Option that qualifies as an “Incentive Stock Option”
under Section 422 of the Internal Revenue Code of 1986, as amended.

 

3.         Exercise
Price. The exercise price (the “Exercise Price”) of the Option is $5.95 per share which is the fair value
at date of grant, subject to adjustment as hereinafter provided.

 

     

     

    

 

4.         Exercisability.
Subject to the terms and conditions of the Plan and this Agreement, this Option shall become exercisable as to one-twelfth (1/12)
of the Option Shares on the last day of the fiscal quarter in which the Grant Date occurs, unless the Grant Date occurs more than
forty-five (45) days after the commencement of such fiscal quarter, in which case the Option shall become exercisable as to one-twelfth
(1/12) of the Option Shares on the last day of the next succeeding fiscal quarter, and shall become exercisable as to one-twelfth
(1/12) of the Option Shares on the last day of each successive fiscal quarter for the following eleven (11) fiscal quarters. After
a portion of the Option becomes exercisable, it shall remain exercisable except as otherwise provided herein, until the close of
business on the day that is ten years from the Grant Date (the “Exercise Period”).

 

5.         Effect of Termination
of Employment.

 

5.1.      Termination
Due to Death. If Grantee’s employment by the Company terminates by reason of death, the portion of the Option, if any,
that was exercisable as of the date of death may thereafter be exercised by the legal representative of the estate or by the legatee
of the Grantee under the will of the Grantee, for a period of one year from the date of such death or until the expiration of the
Exercise Period, whichever period is shorter. The portion of the Option, if any, that was not exercisable as of the date of death
shall immediately terminate upon death.

 

5.2.      Termination
Due to Disability. If Grantee’s employment by the Company terminates by reason of Disability, the portion of the Option,
if any, that was exercisable as of the date of termination of employment may thereafter be exercised by the Grantee or legal representative
for a period of one year from the date of such termination or until the expiration of the Exercise Period, whichever period is
shorter. The portion of the Option, if any, that was not exercisable as of the date of Disability shall immediately terminate upon
disability.

 

5.3.      Termination
Due to Retirement. If Grantee’s employment by the Company terminates due to Normal Retirement, then the portion of the
Option that was exercisable as of the date of termination of employment may be exercised for a period of one year from the date
of such termination or until the expiration of the Exercise Period, whichever is shorter. The portion

 

    	 	2	 

     

    

 

of the Option not yet exercisable on the date of termination
of employment shall immediately expire.

 

5.4.      Termination
by the Company without Cause or by the Grantee without Good Reason. If Grantee’s employment is terminated by the Company
without “Cause” (as defined in the Employment Agreement) or by the Grantee without “Good Reason” (as defined
in the Employment Agreement), then the portion of the Option that was exercisable as of the date of termination of employment may
be exercised for a period of three months from the date of such termination or until the expiration of the Exercise Period, whichever
is shorter. The portion of the Option not yet exercisable on the date of termination of employment shall immediately expire.

 

5.5.      Termination
by the Grantee with Good Reason. If Grantee’s employment is terminated by the Grantee with Good Reason, then the Option
immediately shall become exercisable as to all of the Option Shares and may be exercised for a period of three months from the
date of such termination or until the expiration of the Exercise Period, whichever is shorter.

 

5.6.      Change
of Control. If a Change of Control (as defined in the Indemnification Agreement between the Company and the Grantee dated as
of the date hereof) occurs at or prior to a termination of Grantee’s employment, then the Option immediately shall become
exercisable as to all the Option Shares and may be exercised until the expiration of the Exercise Period or such shorter period
set forth in Sections 5.1 to 5.5 or 5.7.

 

5.7.      Other
Termination. If Grantee’s employment is terminated for any reason other than (i) death, (ii) Disability, (iii) Normal
Retirement, (iv) without Cause by the Company or without Good Reason by the Grantee or (v) with Good Reason by the Grantee, the
Option shall expire on the date of termination of employment.

 

5.8.      Competing
With the Company. If Grantee’s employment with the Company or a Subsidiary is terminated for any reason whatsoever and
Grantee violates any of the provisions of Section 5 of the Employment Agreement as determined by judgment issued in a court of
law, then the Board, in its sole discretion, may require the Grantee to return to the Company the

 

    	 	3	 

     

    

 

economic value of any award that was realized or obtained by
such Grantee at any time during the period beginning on the date that is 6 months prior to the date such Grantee’s employment
is terminated; provided, however, that if Grantee is a resident of the State of California, such right must be exercised by the
Company for cash within six months after the date of termination of Grantee’s service to the Company or within six months
after exercise of the Option, whichever is later. In such event, Grantee agrees to remit to the Company, in cash, an amount equal
to the difference between the Fair Market Value of the Option Shares on the date of termination (or the sales price of such Option
Shares if the Option Shares were sold during such 6 month period) and the Exercise Price of such Option Shares.

 

6.         Withholding Tax.
Not later than the date as of which an amount first becomes includible in the gross income of the Grantee for Federal income tax
purposes with respect to the Option, the Grantee shall pay to the Company, or make arrangements satisfactory to the Board regarding
the payment of, any Federal, state and local taxes of any kind required by law to be withheld or paid with respect to such amount
(“Withholding Tax”). The obligations of the Company under the Plan and pursuant to this Agreement shall be conditional
upon such payment or arrangements with the Company and the Company shall, to the extent permitted by law, have the right to deduct
any Withholding Taxes from any payment of any kind otherwise due to the Grantee from the Company.

 

7.         Adjustments.
In the event of any change in the shares of Common Stock of the Company as a whole occurring as the result of a common stock split,
or reverse split, common stock dividend payable on shares of Common Stock, combination or exchange of shares, or other extraordinary
or unusual event occurring after the grant of the Option, the terms of this Option shall be equitably adjusted. Any such adjustments
will be made by the Board, whose determination will be final, binding and conclusive, provided such determination is made in good
faith and the adjustment to the Exercise Price and the number of shares of Common Stock or other property issuable upon exercise
of this Option appropriately reflects the change in the shares of Common Stock, and provided further that the aggregate purchase
price payable for the Option Shares shall remain the same.

 

    	 	4	 

     

    

 

8.         Method of Exercise.

 

8.1.      Notice
to the Company. The Option shall be exercised in whole or in part by written notice in substantially the form attached hereto
as Exhibit A directed to the Company at its principal place of business accompanied by full payment as hereinafter provided
of the exercise price for the number of Option Shares specified in the notice and of the Withholding Taxes, if any.

 

8.2.      Delivery
of Option Shares. The Company shall deliver a certificate for the Option Shares to the Grantee as soon as practicable after
payment therefor.

 

8.3.      Payment
of Purchase Price.

 

8.3.1.   Cash
Payment. The Grantee shall make cash payments by wire transfer, certified or bank check or personal check, in each case payable
to the order of the Company; the Company shall not be required to deliver certificates for Option Shares until the Company has
confirmed the receipt of good and available funds in payment of the purchase price thereof.

 

8.3.2.   Cashless
Payment. Provided that prior approval of the Company has been obtained, the Grantee may use Common Stock of the Company owned
by him to pay the purchase price for the Option Shares by delivery of stock certificates in negotiable form which are effective
to transfer good and valid title thereto to the Company, free of any liens or encumbrances. Shares of Common Stock used for this
purpose shall be valued at the Fair Market Value.

 

8.3.3.   Payment
of Withholding Tax. Any required Withholding Tax may be paid in cash or with Common Stock in accordance with Sections 8.3.1
and 8.3.2.

 

8.3.4.   Exchange
Act Compliance. Notwithstanding the foregoing, the Company shall have the right to reject payment in the form of Common Stock
if in the opinion of counsel for the Company, (i) it could result in an event of “recapture” under Section 16(b) of
the Securities Exchange Act of 1934; (ii) such shares of Common Stock may not be sold or transferred to the Company; or (iii) such
transfer could create legal difficulties for the Company.

 

9.         Transfer.
Except as may be set forth in the next sentence of this Section, the Option shall not be transferable by the Grantee other than
by will or by the laws of descent and distribution,

 

    	 	5	 

     

    

 

and the Option shall be exercisable, during the Grantee’s
lifetime, only by the Grantee (or, to the extent of legal incapacity or incompetency, the Grantee’s guardian or legal representative).
Notwithstanding the foregoing, the Grantee, with the approval of the Board, may transfer all or a portion of the Option (i) (A)
by gift, for no consideration, or (B) pursuant to a domestic relations order, in either case, to or for the benefit of the Grantee’s
“Immediate Family” (as defined below), or (ii) to an entity in which the Grantee and/or members of Grantee’s
Immediate Family own more than fifty percent of the voting interest, in exchange for an interest in that entity, subject to such
limits as the Board may establish, and the transferee shall remain subject to all the terms and conditions applicable to the Option
prior to such transfer. The term “Immediate Family” shall mean any child, stepchild, grandchild, parent, stepparent,
grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law
or sister-in-law, including adoptive relationships, any person sharing the Grantee’s household (other than a tenant or employee),
a trust in which these persons have more than fifty percent beneficial interest, and a foundation in which these persons (or the
Grantee) control the management of the assets.

 

10.       Company Representations.
The Company hereby represents and warrants to the Grantee that:

 

10.1.    the
Company, by appropriate and all required action, is duly authorized to enter into this Agreement and consummate all of the transactions
contemplated hereunder; and

 

10.2.    the
Option Shares, when issued and delivered by the Company to the Grantee in accordance with the terms and conditions hereof, will
be duly and validly issued and fully paid and non-assessable.

 

11.       Grantee Representations.
The Grantee hereby represents and warrants to the Company that:

 

11.1.    he
is acquiring the Option and shall acquire the Option Shares for his own account and not with a view towards the distribution thereof;

 

11.2.    he
has received a copy of the Plan as in effect as of the date of this Agreement;

 

    	 	6	 

     

    

 

11.3.    he
has received a copy of all reports and documents required to be filed by the Company with the Securities and Exchange Commission
pursuant to the Exchange Act, within the last 24 months and all reports issued by the Company to its stockholders;

 

11.4.    he
understands that he is subject to the Company’s Insider Trading Policy and has received a copy of such policy as of the date
of this Agreement;

 

11.5.    he
understands that he must bear the economic risk of the investment in the Option Shares, which cannot be sold by him unless they
are registered under the Securities Act of 1933 (“1933 Act”) or an exemption therefrom is available thereunder
and that the Company is under no obligation to register the Option Shares for sale under the 1933 Act;

 

11.6.    in
his position with the Company, he has had both the opportunity to ask questions and receive answers from the officers and directors
of the Company and all persons acting on its behalf concerning the terms and conditions of the offer made hereunder and to obtain
any additional information to the extent the Company possesses or may possess such information or can acquire it without unreasonable
effort or expense necessary to verify the accuracy of the information obtained pursuant to Section 11.3 above;

 

11.7.    he
is aware that the Company shall place stop transfer orders with its transfer agent against the transfer of the Option Shares in
the absence of registration under the 1933 Act or an exemption therefrom as provided herein; and

 

11.8.    if,
at the time of issuance of the Option Shares, the issuance of such shares have not been registered under the 1933 Act, the certificates
evidencing the Option Shares shall bear the following legends:

 

“The shares represented by this certificate have been
acquired for investment and have not been registered under the Securities Act of 1933. The shares may not be sold or transferred
in the absence of such registration or an exemption therefrom under said Act.”

 

“The shares represented by this certificate have been
acquired pursuant to a Stock Option Agreement dated as of March 20, 2017, a copy of which is on file with the Company, and may

 

    	 	7	 

     

    

 

not be transferred, pledged or disposed of except in accordance
with the terms and conditions thereof.”

 

12.       Restriction
on Transfer of Option Shares. Anything in this Agreement to the contrary notwithstanding, the Grantee hereby agrees that he
shall not sell, transfer by any means or otherwise dispose of the Option Shares acquired by him unless (i) the Option Shares are
registered under the 1933 Act, or in the event that they are not so registered, an exemption from the 1933 Act registration requirements
is available thereunder and the Grantee has furnished the Company with notice of such proposed transfer and the Company’s
legal counsel, in its reasonable opinion, shall deem such proposed transfer to be so exempt, and (ii) such transfer is in compliance
with the Company’s Insider Trading Policy, as in effect at such time.

 

13.       Miscellaneous.

 

13.1.    Notices.
All notices, requests, deliveries, payments, demands and other communications which are required or permitted to be given under
this Agreement shall be in writing and shall be either delivered personally or sent by registered or certified mail, or by private
courier to the parties at their respective addresses set forth herein, or to such other address as either party shall have specified
by notice in writing to the other. Notice shall be deemed duly given hereunder when delivered or mailed as provided herein.

 

13.2.    Conflicts
with the Plan. In the event of a conflict between the provisions of the Plan and the provisions of this Agreement, the provisions
of the Plan shall in all respects be controlling.

 

13.3.    Grantee
and Stockholder Rights. The Grantee shall not have any of the rights of a stockholder with respect to the Option Shares until
such shares have been issued after the due exercise of the Option. Nothing contained in this Agreement shall be deemed to confer
upon Grantee any right to continued employment with the Company or any subsidiary thereof, nor shall it interfere in any way with
the right of the Company to terminate Grantee in accordance with the provisions regarding such termination set forth in the Employment
Agreement.

 

13.4.    Waiver.
The waiver by any party hereto of a breach of any provision of this Agreement shall not operate or be construed as a waiver of
any other or subsequent breach.

 

    	 	8	 

     

    

 

13.5.    Entire
Agreement. This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof. This
Agreement may not be amended except by writing executed by the Grantee and the Company.

 

13.6.    Binding
Effect; Successors. This Agreement shall inure to the benefit of and be binding upon the parties hereto and, to the extent
not prohibited herein, their respective heirs, successors, assigns and representatives. Nothing in this Agreement, expressed or
implied, is intended to confer on any person other than the parties hereto and as provided above, their respective heirs, successors,
assigns and representatives any rights, remedies, obligations or liabilities.

 

13.7.    Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware (without regard
to choice of law provisions).

 

13.8.    Headings.
The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit or affect the
meaning or interpretation of any of the terms or provisions of this Agreement.

 

[Signature Page Follows]

 

    	 	9	 

     

    

 

IN WITNESS WHEREOF, the parties hereto have signed this Agreement
as of the day and year first above:

 

	 	PAVMED INC.
	 	 	 
	 	By:	/s/ Lishan Aklog
	 	 	Name:	
	 	 	Title:	
	 	 	 
	 	GRANTEE:
	 	 
	 	/s/ Dennis M. McGrath

 

     

     

    

 

EXHIBIT A

 

FORM OF NOTICE OF EXERCISE OF OPTION

 

 

	 	 	 
	 	DATE	 

 

PAVMED INC.

525 Washington Blvd, Suite 2620

Jersey City, New Jersey 07310

Attention: General Counsel

 

		Re:	Purchase of Option Shares

 

Gentlemen:

 

In accordance with my Stock Option Agreement, dated as of March
20, 2017, with PAVmed Inc. (“Company”), under the Company’s 2014 Long-Term Incentive Equity Plan, I hereby
irrevocably elect to exercise the right to purchase _____________ shares of the Company’s common stock, par value $.0001
per share (“Common Stock”), which are being purchased for investment and not for resale.

 

As payment for my shares, enclosed is (check and complete applicable
boxes):

 

		☐	a ☐personal check or  ̈
certified check or ☐ bank check payable
to the order of “PAVmed Inc.” in the sum of $_____________;

 

		☐	confirmation of wire transfer in the amount of $_____________; and/or

 

		☐	with the consent of the Company, a certificate for _____________ shares of the Company’s Common Stock, free and clear
of any encumbrances, duly endorsed, having a Fair Market Value (as such term is defined in the 2014 Long-Term Incentive Equity
Plan) of $_____________.

 

I hereby represent and warrant to, and agree with, the Company
that:

 

		(i)	I am acquiring the Option Shares for my own account, for investment, and not with a view towards the distribution thereof;

 

		(ii)	I have received a copy of the Plan and all reports and documents required to be filed by the Company with the Commission pursuant
to the Exchange Act within the last 24 months and all reports issued by the Company to its stockholders;

 

		(iii)	I understand that I must bear the economic risk of the investment in the Option Shares, which cannot be sold by me unless they
are registered under the Securities Act of 1933 (“1933 Act”) or an exemption therefrom is available thereunder and

 

     

     

    

 

that the Company is under no obligation to register
the Option Shares for sale under the 1933 Act;

 

		(iv)	I agree that I will not sell, transfer by any means or otherwise dispose of the Option Shares acquired by me hereby except
in accordance with Company’s policy, if any, regarding the sale and disposition of securities owned by employees and/or directors
of the Company;

 

		(v)	in my position with the Company, I have had both the opportunity to ask questions and receive answers from the officers and
directors of the Company and all persons acting on its behalf concerning the terms and conditions of the offer made hereunder and
to obtain any additional information to the extent the Company possesses or may possess such information or can acquire it without
unreasonable effort or expense necessary to verify the accuracy of the information obtained pursuant to clause (ii) above;

 

		(vi)	my rights with respect to the Option Shares shall, in all respects, be subject to the terms and conditions of the Company’s
2014 Long-Term Incentive Equity Plan and the Agreement.

 

		(vii)	I am aware that the Company shall place stop transfer orders with its transfer agent against the transfer of the Option Shares
in the absence of registration under the 1933 Act or an exemption therefrom as provided herein; and

 

		(viii)	if, at the time of issuance of the Option Shares, the issuance of such shares have not been registered under the 1933 Act,
the certificates evidencing the Option Shares shall bear the following legends:

 

“The shares represented by this certificate have
been acquired for investment and have not been registered under the Securities Act of 1933. The shares may not be sold or transferred
in the absence of such registration or an exemption therefrom under said Act.”

 

“The shares represented by this certificate have
been acquired pursuant to a Stock Option Agreement dated as of March 20, 2017, a copy of which is on file with the Company, and
may not be transferred, pledged or disposed of except in accordance with the terms and conditions thereof.”

 

		(ix)	I am aware and understand that I may be subject to an Insider Trading Policy.

 

Kindly forward to me my certificate at your earliest convenience.

 

     2

     

    

 

Very truly yours,

 

	 	 	 
	(Signature)	 	(Address)
	 	 	 
	 	 	 
	(Print Name)	 	(Address)
	 	 	 
	 	 	 
	(Social Security Number)	 	 

 

     3

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