Document:

Exhibit 10.2

  

EMPLOYMENT AGREEMENT

 

 

THIS EMPLOYMENT AGREEMENT (“Agreement”)
shall be effective as of the 19th day of July, 2016 by and between JAMES D. MEIER (“Employee”) and NEVADA
GOLD & CASINOS, INC., a Nevada corporation (“Employer” or “the Company”).

 

WHEREAS, Employer is in the business of
developing, owning, and operating gaming facilities and entertainment facilities in the United States; and

 

WHEREAS, the Employee and the Company are
parties to that certain Employment Agreement dated October 30, 2014 (the “Original Employment Agreement”);

 

WHEREAS, the Original Employment Agreement,
as amended, expires on October 30, 2016 and Employee and the Company have agreed to enter into a new employment agreement replacing
and superceding the Original Employment Agreement in its entirety as follows:

 

1.           EMPLOYMENT.
Employee agrees to continue his employment as Vice President, Secretary and Chief Financial Officer of the Company, commencing
on July 19, 2016, under the terms and conditions of this Agreement.

 

2.           TERM. The
term of this Agreement is for a three year period commencing on the date hereof.

 

3.           DUTIES AND TITLE.
Employee’s title shall be that of Vice President, Secretary and Chief Financial Officer. Employee shall have such powers
and perform such duties as are customarily performed by a Vice President, Secretary and Chief Financial Officer, including, but
not limited to, overall responsibility for and authority over finance and accounting, and serving as principal financial officer
of the Company. Employee shall report to the Chief Executive Officer of the Company. Employee shall perform his duties to the best
of is abilities and shall devote substantially all of the working time to such duties.

 

4.           COMPENSATION.
Employer hereby agrees to provide Employee with the following compensation package which shall be reviewed annually by Employer’s
Compensation Committee:

 

(a).           Salary. Employer shall
pay Employee an annual salary in the amount of Two Hundred Fifteen Thousand Dollars ($215,000) payable in the same manner as Employer
pays its other executive employees, less required state and federal withholdings (the “Annual Salary”).

 

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(b).           Vacation and Fringe Benefits.
Employee shall be entitled to one (1) month paid vacation each year. In addition, and subject to the terms of any plans or policies
governing such matters, Employee shall be entitled to receive (i) contributions to Employer’s savings and other retirement
plans at a rate at least as great as Employer contributes for its other executive employees; (ii) major medical and health insurance;
and (iii) customary reimbursement for travel and entertainment.

 

(c).           Performance Bonuses.
Employee shall be eligible for yearly bonuses up to 50% of his annual salary for achieving reasonable goals related to profitability
and/or strategic goals established in the first 30 day of the fiscal year by the Board of Directors and/or the Compensation Committee.

 

(d).           Stock Options. All Stock
Options previously granted to Employee shall continue to be in effect and be subject to the same terms and conditions under the
Employer’s stock option plan.

 

5.           TERMINATION AND COMPENSATION
UPON TERMINATION.

 

(a)           Termination without Cause by
Employer. Employer may terminate Employee’s employment at any time without Cause (as defined in Section 5(c) below) by
giving prior, written notice to Employee. In such case, Employer shall pay the Annual Salary to Employee for a twelve month period
following termination of employment, plus a pro rata performance bonus, accrued vacation and fringe benefits. Employer shall pay
Employee on the same pay dates on which and in the same manner by which its pays its current employees. All stock options granted
but not vested at such time shall immediately become fully vested in Employee. For purposes of calculating the performance bonus,
if same is due to Employee in the event of such termination, Employer shall apply the same percentage of performance bonus paid
in the fiscal year proceeding the fiscal year during which the termination becomes effective, prorated for the portion of the fiscal
year that transpired prior to the termination.

 

(b)           Change of Control. Employee
may terminate Employee’s employment in the event of a “Change of Control” defined as the sale of substantially
all of the Employer’s assets, acquisition by a third party of more than 50% of Employer’s stock, merger, or other business
combination with an unaffiliated entity or person. In the event of such a termination, Employer shall pay to Employee in a lump
sum an amount equal to twelve months Annual Salary plus pro rata performance bonus, accrued vacation, and fringe benefits. In addition,
all stock options granted but not yet vested shall immediately become fully vested in Employee. Employee must give notice of any
termination under this subsection within thirty (30) days of the occurrence of the event he believes gives rise to a Change of
Control. For purposes of calculating the performance bonus, if same is due to Employee in the event of such termination, Employer
shall apply the same percentage of performance bonus paid in the fiscal year preceding the fiscal year during which the termination
becomes effective, prorated for the portion of the fiscal year that transpired prior to the termination.

 

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(c)           Termination for Cause. Employer
may terminate Employee’s employment for “Cause” at any time. Such a termination shall be effective as specified
by Employer. In the even of a termination by Employer for “Cause,” Employee shall be entitled only to his salary, accrued
vacation, and fringe benefits through the effective date of termination. Any unvested stock options shall be forfeited. All stock
options granted which have vested will be treated as prescribed under Employer’s Stock Option Plan and the Stock Option Agreement.
“Cause” means: (i) the Employee’s conviction of, or entry of a plea agreement or consent degree or similar arrangement
with respect to, a felony, other serious criminal offense or offense involving moral turpitude, or any violation of federal or
state securities law; (ii) Employee’s material violation of Employer’s written policies; (iii) Employee’s material
breach of this Agreement, (iv) the final revocation, suspension, or impairment (after all applicable appeals) of Employee’s
gaming license in any jurisdiction in which Employer is required to have a gaming license, or a finding (after all applicable appeals)
by any authority in any such jurisdiction that Employee is unsuitable to hold a gaming license; or (v) Employee’s gross misconduct
in the performance of Employee’s duties hereunder. Any termination of the Employee’s employment by Employer pursuant
to this Section 5 (c) shall be communicated by a notice of termination which shall set forth in reasonable detail the facts and
circumstances claimed to provide a basis for termination of the Employee’s employment under the provision invoked.

 

(d)           Termination due to Inability
to Perform Essential Functions. Employer may terminate Employee’s employment if Employee becomes unable to perform the
essential functions of his position due to disability for a period greater than six months despite any reasonable accommodation
required by law. In the event of a termination under this subsection, Employee shall be entitled only to his salary, accrued vacation,
and fringe benefits for a period of one (1) year following the effective date of termination and thereafter to any benefits to
which Employee is entitled under the Company’s disability policy. In the case of granted but unvested stock options, those
unvested stock options which would become vested within such one (1) year period shall become vested and the remaining granted
but unvested stock options shall be forfeited. Otherwise, the stock options will be treated as prescribed under Employer’s
Stock Option Plan and the Stock Option Agreement.

 

6.           CONFIDENTIALITY,
PROPERTY, COMPETITION, SOLICITATION.

 

(a)           Ownership.
Employee agrees that all inventions, copyrightable material, business and/or technical information, marketing plans, customer lists
and trade secrets which arise out of the performance of this Agreement are the property of Employer.

 

(b)           Confidentiality.
Except as is consistent with Employee’s duties and responsibilities within the scope of his employment with Employer, Employee
agrees to keep confidential indefinitely, and not to use or disclose to any unauthorized person, information which is not generally
known and which is proprietary to Employer, including all information that Employer treats as confidential, (“Confidential
Information”). Upon termination of Employee’s Employment, Employee will promptly turn over to Employer all software,
records, manuals, books, forms, documents, notes, letters, memoranda, reports, data, tables, compositions, articles, devise, apparatus,
marketing plans, customer lists and other items that disclose, describe or embody Confidential Information including all copies
of the Confidential Information in his possession, regardless of who prepared them.

 

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(c)           Non-competition.
If Employee’s employment hereunder is terminated as a result of the application of paragraph 5(c), then for a period of one
(1) year after the effective date of termination. Employee agrees not to compete, directly or indirectly (including as an officer,
director, partner, employee, consultant, independent contractor, or more than 5% equity holder of any equity) with Employer in
any way concerning the ownership, development or management of any gaming operations or facility within a 75-mile radius of any
gaming operations or facility with respect to which Employer (or any of its affiliates) owns or renders substantial, paid, consulting
or management services at the time of termination. Notwithstanding the foregoing, this provision will not apply to the metropolitan
area of Las Vegas, Nevada.

 

(d)           Non-solicitation.
Employee agrees not to solicit or recruit, directly or indirectly, any management employee of Employer for employment during the
one (1) year period after termination of his employment relationship with Employer.

 

7.           NOTICES.
All notices and communications shall be sent by certified mail, return receipt requested, or by hand delivery, to the following
parties:

 

	 	If to Employee:	James D. Meier
	 	 	80 Myrtle Beach Drive
	 	 	Henderson, NV 89074
	 	With a copy to:	 
	 	 	 
	 	If to Employer:	Michael P. Shaunnessy
	 	 	Chief Executive Officer
	 	 	133 E. Warm Springs Road
	 	 	Suite 102
	 	 	Las Vegas, Nevada 89119
	 	 	 
	 	With a copy to:	Ernest E. East
	 	 	Chief Compliance Officer
	 	 	Nevada Gold & Casinos, Inc
	 	 	133 E. Warm Springs Road
	 	 	Suite 102
	 	 	Las Vegas, Nevada 89119

 

8.           GOVERNING LAW AND
VENUE. This Agreement herein shall be construed, regulated and administered under the laws of the State of Nevada and of
the United States of America. Any lawsuit or other civil action brought arising from or related to Employee’s employment
with Employer or this Agreement shall be brought and maintained in a state or federal court in Clark County, Nevada, Except that
this provision does not preclude Employer from removing to federal court any action filed by Employee and, to the extent permissible,
Employee hereby consents to such removal.

 

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9.           BINDING EFFECT AND
ASSIGNMENT. This Agreement shall be binding on and inure to the benefit of the respective parties hereto, their heirs,
successors and assigns. Subject to the provisions of Section 5(d), Employer may assign this Agreement in connection with a merger,
consolidation, assignment, sale or other disposition of substantially all of its assets or business. This Agreement may not be
assigned by Employee.

 

10.           MODIFICATION.
This Agreement may not be amended in any manner without the express, written consent of the parties hereto.

 

11.           ENTIRE AGREEMENT.
This Agreement supersedes all previous and contemporaneous oral negotiations, commitments, writings and understandings between
the parties concerning the matters herein or therein.

 

IN WITNESS WHEREOF, the parties hereto have executed and delivered
this Agreement on this 19th day of July, 2016.

 

 

	EMPLOYER	 	EMPLOYEE	 
	 	 	 	 	 
	By: 	 	 	 	 
	 	Michael P. Shaunnessy	 	James D. Meier	 
	 	President & Chief Executive Officer	 	 	 

 

 

 

    	 	- 5 -Exhibit 10.1

 

EMPLOYMENT AGREEMENT

 

AGREEMENT dated as of July 1, 2016 between
Brian deGuzman, residing at ____________________________ (“Executive”), and PAVmed Inc., a Delaware corporation having
its principal office at One Grand Central Place, Suite 4600, New York, New York 10165 (“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 Executive Vice President and Chief Medical 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 executive vice president and chief medical officer.

 

1.2         Duties.
Executive accepts such employment and agrees to devote such time as he reasonably deems necessary to the performance of his duties
hereunder. Nothing herein shall be construed as preventing Executive from (i) making and supervising investments on a personal
or family basis (including trusts, funds and investment entities in which Executive or members of his family have an interest)
and (ii) in serving as a consultant to, or on boards of directors of, or in any other capacity to other companies, for profit and
not for profit, provided they will not interfere with the performance of Executive’s duties hereunder or violate the provisions
of Section 5.4 hereof.

 

1.3         Location.
Executive will perform his duties in New York, New York and in Phoenix, Arizona, as determined by the Board. 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 July 1, 2016 (“Commencement Date”) and terminate
on the five 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 $285,000. 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 paid an initial bonus of $50,000 on the execution of this Agreement in consideration
of the services previously provided to the Company and be eligible to receive an annual discretionary performance bonus (“Bonus”)
with a target of forty percent (40%) 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. The Board (or Compensation Committee) may, in its sole discretion, grant Employee options to purchase shares of the
Company’s common stock from time to time under the Company’s equity compensation plans, but Executive understands that
it is under no obligation to do so.

 

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
and Sick Days. Executive shall be entitled to twenty five (25) days of paid vacation and five (5) days of paid sick days 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.

 

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 Executive Vice President and Chief Medical
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 one hundred eighty (180) 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 through the end of the Term, payable in full; (ii) all valid expense
reimbursements; and (iii) 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 six (6) months 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:

 

Brian deGuzman

__________________

__________________

 

If to the Company:

 

PAVmed Inc.

One Grand Central Place, Suite
4600

New York, NY 10165

 

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, M.D.	 
	 	By:  Lishan Aklog, M.D.	 
	 	 	 
	 	/s/ Brian deGuzman, M.D.	 
	 	Brian deGuzman, M.D.

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