Document:

Exhibit 4.4

 

WARRANT AGREEMENT

 

Agreement made as of _____________, 2015 between
PAVmed Inc., a Delaware corporation, with offices at 420 Lexington Avenue, Suite 300, New York, New York 10170 (“Company”),
and Continental Stock Transfer & Trust Company, a New York corporation, with offices at 17 Battery Place, New York, New York
10004 (“Warrant Agent”).

 

WHEREAS, the Company has previously sold an
aggregate of 3,895,000 warrants (“Warrants”), each Warrant evidencing the right of the holder thereof to purchase one
share of common stock, par value $0.001 per share (“Common Stock”), of the Company to certain private investors; and

 

WHEREAS, the Company is engaged in a public
offering (“Public Offering”) of units (“Units”), each Unit consisting of one share of Common Stock and
one Warrant and, in connection therewith, will issue and deliver up to __________ Warrants to public investors; and

 

WHEREAS, the Company has also previously sold
an aggregate of 995,000 Units to certain private investors; and

 

WHEREAS, the Company has filed with the Securities
and Exchange Commission (the “SEC”) a Registration Statement on Form S-1, No. 333-______ (“Registration Statement”),
for the registration, under the Securities Act of 1933, as amended (“Act”) of, among other securities, the Warrants
to be issued in the Public Offering; and

 

WHEREAS, the Company desires the Warrant Agent
to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with the issuance, registration, transfer,
exchange, redemption and exercise of all of the Warrants; and

 

WHEREAS, the Company desires to provide for
the form and provisions of the Warrants, the terms upon which they shall be issued and exercised, and the respective rights, limitation
of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants; and

 

    	 

    	 

    

 

WHEREAS, all acts and things have been done
and performed which are necessary to make the Warrants, when executed on behalf of the Company and countersigned by or on behalf
of the Warrant Agent, as provided herein, the valid, binding and legal obligations of the Company, and to authorize the execution
and delivery of this Agreement.

 

NOW, THEREFORE, in consideration of the mutual
agreements herein contained, the parties hereto agree as follows:

 

1.         Appointment
of Warrant Agent. The Company hereby appoints the Warrant Agent to act as agent for the Company for the Warrants, and the Warrant
Agent hereby accepts such appointment and agrees to perform the same in accordance with the terms and conditions set forth in this
Agreement.

 

2.         Warrants.

 

2.1.          Form
of Warrant. Each Warrant shall be issued in registered form only, shall be in substantially the form of Exhibit A hereto, the
provisions of which are incorporated herein and shall be signed by, or bear the facsimile signature of, the Chairman of the Board
or Chief Executive Officer and Treasurer, Secretary or Assistant Secretary of the Company and shall bear a facsimile of the Company’s
seal. In the event the person whose facsimile signature has been placed upon any Warrant shall have ceased to serve in the capacity
in which such person signed the Warrant before such Warrant is issued, it may be issued with the same effect as if he or she had
not ceased to be such at the date of issuance.

 

2.2.          Uncertificated
Warrants. Notwithstanding anything herein to the contrary, any Warrant, or portion thereof, may be issued as part of, and be
represented by, a Unit, and any Warrant may be issued in uncertificated or book-entry form through the Warrant Agent and/or the
facilities of The Depository Trust Company (the “Depositary”) or other book-entry depositary system, in each case as
determined by the Board of Directors of the Company or by an authorized committee thereof. Any Warrant so issued shall have the
same terms, force and effect as a certificated Warrant that has been duly countersigned by the Warrant
Agent in accordance with the terms of this Agreement.

 

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2.3.      Effect
of Countersignature. Except with respect to uncertificated Warrants as described above, unless and until countersigned by the
Warrant Agent pursuant to this Agreement, a Warrant shall be invalid and of no effect and may not be exercised by the holder thereof.

 

2.4.      Registration.

 

2.4.1.      Warrant
Register. The Warrant Agent shall maintain books (“Warrant Register”) for the registration of original issuance
and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants, the Warrant Agent shall issue and
register the Warrants in the names of the respective holders thereof in such denominations and otherwise in accordance with instructions
delivered to the Warrant Agent by the Company.

 

2.4.2.      Registered
Holder. Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant Agent may deem and
treat the person in whose name such Warrant shall be registered upon the Warrant Register (“registered holder”) as
the absolute owner of such Warrant and of each Warrant represented thereby (notwithstanding any notation of ownership or other
writing on the Warrant Certificate made by anyone other than the Company or the Warrant Agent), for the purpose of any exercise
thereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary.

 

2.5.      Detachability
of Warrants Included in Units. The securities comprising the Units will not be separately transferable until the __ (__nd)
day after the date hereof or, if such __nd day is not on a day on which banks in New York City are generally open for
business (including Saturdays, Sundays or federal holidays) (a “Business Day”), then on the immediately succeeding
Business Day following such date, unless the Company and CRT Capital Group LLC mutually agree on an earlier date.

 

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3.         Terms
and Exercise of Warrants

 

3.1.      Warrant
Price. Each Warrant shall, when countersigned by the Warrant Agent, entitle the registered holder thereof, subject to the provisions
of such Warrant and of this Warrant Agreement, to purchase from the Company the number of shares of Common Stock stated therein,
at the price of $__ per share, subject to the adjustments provided in Section 4 hereof and in the last sentence of this Section
3.1. The term “Warrant Price” as used in this Warrant Agreement refers to the price per share at which shares of Common
Stock may be purchased at the time a Warrant is exercised. The Company in its sole discretion may lower the Warrant Price at any
time prior to the Expiration Date (as defined below) for a period of not less than 10 Business Days; provided, however, that the
Company shall provide at least 10 Business Days prior written notice of such reduction to registered holders of the Warrants; provided,
further, however, that any such reduction shall be applied consistently to all of the Warrants.

 

3.2.      Duration
of Warrants. A Warrant may be exercised only during the period (“Exercise Period”) commencing on __________, 2015
[90 days after the date of this agreement] and terminating at 5:00 p.m., New York City time on the earlier to occur of (i) ____,
20__ and (ii) the Redemption Date as provided in Section 6.2 of this Agreement (“Expiration Date”); provided, however,
that the exercise of any Warrant shall be subject to the satisfaction of any applicable conditions, as set forth in Section 7.4
below. Except with respect to the right to receive the Redemption Price (as set forth in Section 6 hereunder), each Warrant not
exercised on or before the Expiration Date shall become void, and all rights thereunder and all rights in respect thereof under
this Agreement shall cease at the close of business on the Expiration Date. The Company in its sole discretion may extend the duration
of the Warrants by delaying the Expiration Date; provided, however, that the Company will provide written notice to registered
holders of the Warrants of such extension of not less than 20 days.

 

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3.3.      Exercise
of Warrants.

 

3.3.1.      Payment.
Subject to the provisions of the Warrant and this Warrant Agreement, a Warrant, when countersigned by the Warrant Agent, may be
exercised by the registered holder thereof by surrendering it, at the office of the Warrant Agent, or at the office of its successor
as Warrant Agent, in the Borough of Manhattan, City and State of New York, with the subscription form, as set forth in the Warrant,
duly executed, and by paying in full the Warrant Price for each share of Common Stock as to which the Warrant is exercised and
any and all applicable taxes due in connection with the exercise of the Warrant, as follows:

 

(a)          good
certified check or good bank draft payable to the order of the Company (or as otherwise agreed to by the Company); or

 

(b)          in
the event of redemption pursuant to Section 6 hereof in which the Company has elected to require all holders of Warrants to exercise
such Warrants on a “cashless basis,” by surrendering the Warrants for that number of shares of Common Stock equal to
the quotient obtained by dividing (x) the product of the number of shares of Common Stock underlying the Warrants, multiplied by
the difference between the Warrant Price and the “Fair Market Value” (defined below) by (y) the Fair Market Value.
Solely for purposes of this Section 3.3.1(b), the “Fair Market Value” shall mean the average reported last sale price
of the Common Stock for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption
is sent to holders of Warrant pursuant to Section 6 hereof; or

 

(c)          in
the event the post-effective amendment or registration statement required by Section 7.4 hereof is not effective and current at
a time while the Warrants are exercisable, holders of the Warrants shall have the right, until such time as such post-effective
amendment or registration statement has been declared effective by the SEC, and during any other period after such date of effectiveness
when the Company shall fail to have maintained an effective registration statement covering the shares of Common Stock issuable
upon exercise of the Warrants, by surrendering such Warrants for that number of shares of Common Stock equal to the quotient obtained
by dividing (x) the

 

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product of the number of shares of Common Stock underlying
the Warrants, multiplied by the difference between the exercise price of the Warrants and the “Fair Market Value” by
(y) the Fair Market Value; provided, however, that no cashless exercise shall be permitted unless the Fair Market Value is higher
than the exercise price. Solely for purposes of this Section 3.3.1(c), the “Fair Market Value” shall mean the average
reported last sale price of the Common Stock for the 10 trading days ending on the day prior to the date of exercise.

 

3.3.2.      Issuance
of Certificates. As soon as practicable after the exercise of any Warrant and the clearance of the funds in payment of the
Warrant Price (if any), the Company shall issue to the registered holder of such Warrant a certificate or certificates for the
number of full shares of Common Stock to which he is entitled, registered in such name or names as may be directed by him, her
or it, and if such Warrant shall not have been exercised in full, a new countersigned Warrant for the number of shares as to which
such Warrant shall not have been exercised. Notwithstanding the foregoing, in no event will the Company be required to net cash
settle the Warrant exercise. Warrants may not be exercised by, or securities issued to, any registered holder in any state in which
such exercise would be unlawful.

 

3.3.3.      Valid
Issuance. All shares of Common Stock issued upon the proper exercise of a Warrant in conformity with this Agreement shall be
validly issued, fully paid and nonassessable.

 

3.3.4.      Date
of Issuance. Each person in whose name any such certificate for Common Stock is issued shall for all purposes be deemed to
have become the holder of record of such shares on the date on which the Warrant was surrendered and payment of the Warrant Price
was made, irrespective of the date of delivery of such certificate, except that, if the date of such surrender and payment is a
date when the share transfer books of the Company are closed, such person shall be deemed to have become the holder of such shares
at the close of business on the next succeeding date on which the share transfer books are open.

 

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4.         Adjustments.

 

4.1.      Stock
Dividends - Split Ups. If after the date hereof, the number of outstanding shares of Common Stock is increased by a stock dividend
payable in Common Stock, or by a split up of the Common Stock, or other similar event, then, on the effective date of such stock
dividend, split up or similar event, the number of shares of Common Stock issuable on exercise of each Warrant shall be increased
in proportion to such increase in outstanding shares of Common Stock.

 

4.2.      Aggregation
of Shares. If after the date hereof, the number of outstanding shares of Common Stock is decreased by a consolidation, combination,
reverse share split or reclassification of the Common Stock or other similar event, then, on the effective date of such consolidation,
combination, reverse share split, reclassification or similar event, the number of shares of Common Stock issuable on exercise
of each Warrant shall be decreased in proportion to such decrease in outstanding shares of Common Stock.

 

4.3       Extraordinary
Dividends.  If the Company, at any time while the Warrants are outstanding and unexpired, shall pay a dividend or
make a distribution in cash, securities or other assets to the holders of the Common Stock on account of such shares of Common
Stock (or other shares of the Company’s capital stock into which the Warrants are convertible), other than (a) as described
in subsection 4.1 above or (b) Ordinary Cash Dividends (as defined below) (any such non-excluded event being referred to herein
as an “Extraordinary Dividend”), then the Warrant Price shall be decreased, effective immediately after the effective
date of such Extraordinary Dividend, by the amount of cash and the fair market value (as determined by the Company’s board
of directors, in good faith) of any securities or other assets paid on each share of the Common Stock in respect of such Extraordinary
Dividend. For purposes of this subsection 4.3, “Ordinary Cash Dividends” means any cash dividend or cash distribution
which, when combined on a per share basis with the per share amounts of all other cash dividends and cash distributions paid on
the Common Stock during the 365-day period ending on the date of declaration of such

 

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dividend or distribution (as adjusted to appropriately reflect any
of the events referred to in other subsections of this Section 4 and excluding cash dividends or cash distributions that resulted
in an adjustment to the Warrant Price or to the number of shares of Common Stock issuable on exercise of each Warrant) does not
exceed __% of the offering price of the Units in the Public Offering.

 

4.4       Adjustments
in Exercise Price. Whenever the number of shares of Common Stock purchasable upon the exercise of the Warrants is adjusted,
as provided in Section 4.1 and 4.2 above, the Warrant Price shall be adjusted (to the nearest cent) by multiplying such Warrant
Price immediately prior to such adjustment by a fraction (x) the numerator of which shall be the number of shares of Common Stock
purchasable upon the exercise of the Warrants immediately prior to such adjustment, and (y) the denominator of which shall be the
number of shares of Common Stock so purchasable immediately thereafter.

 

4.5.      Replacement
of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding shares of Common
Stock (other than a change covered by Section 4.1 or 4.2 hereof or that solely affects the par value of such shares of Common
Stock), or in the case of any merger or consolidation of the Company with or into another corporation (other than a consolidation
or merger in which the Company is the continuing corporation and that does not result in any reclassification or reorganization
of the outstanding shares of Common Stock), or in the case of any sale or conveyance to another corporation or entity of the assets
or other property of the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved,
the Warrant holders shall thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified
in the Warrants and in lieu of the shares of Common Stock of the Company immediately theretofore purchasable and receivable upon
the exercise of the rights represented thereby, the kind and amount of shares of stock or other securities or property (including
cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such
sale or transfer, that the Warrant holder would have received if such Warrant holder had exercised his, her or its Warrant(s) immediately
prior to such event; and

 

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if any reclassification also results in a change in shares of Common
Stock covered by Section 4.1 or 4.2, then such adjustment shall be made pursuant to Sections 4.1, 4.2, 4.4 and this Section 4.5.
The provisions of this Section 4.5 shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations,
sales or other transfers.

 

4.6.      Notices
of Changes in Warrant. Upon every adjustment of the Warrant Price or the number of shares issuable upon exercise of a Warrant,
the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Warrant Price resulting from such
adjustment and the increase or decrease, if any, in the number of shares purchasable at such price upon the exercise of a Warrant,
setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based. Upon the occurrence
of any event specified in Sections 4.1 to 4.5, then, in any such event, the Company shall give written notice to each Warrant holder,
at the last address set forth for such holder in the warrant register, of the record date or the effective date of the event. Failure
to give such notice, or any defect therein, shall not affect the legality or validity of such event.

 

4.7.      No
Fractional Shares. Notwithstanding any provision contained in this Warrant Agreement to the contrary, the Company shall not
issue fractional shares upon exercise of Warrants. If, by reason of any adjustment made pursuant to this Section 4, the holder
of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share, the Company shall,
upon such exercise, round up to the nearest whole number the number of the shares of Common Stock to be issued to the Warrant holder.

 

4.8.      Form
of Warrant. The form of Warrant need not be changed because of any adjustment pursuant to this Section 4, and Warrants issued
after such adjustment may state the same Warrant Price and the same number of shares as is stated in the Warrants initially issued
pursuant to this Agreement; provided, however, that the Company may at any time in its sole discretion make any change in the form
of Warrant that the Company may deem appropriate and that does not affect the substance thereof, and any Warrant thereafter issued
or countersigned, whether in exchange or substitution for an outstanding Warrant or otherwise, may be in the form as so changed.

 

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5.         Transfer
and Exchange of Warrants.

 

5.1.      Registration
of Transfer. The Warrant Agent shall register the transfer, from time to time, of any outstanding Warrant upon the Warrant
Register, upon surrender of such Warrant for transfer, properly endorsed with signatures properly guaranteed and accompanied by
appropriate instructions for transfer. Upon any such transfer, a new Warrant representing an equal aggregate number of Warrants
shall be issued and the old Warrant shall be cancelled by the Warrant Agent. The Warrants so cancelled shall be delivered by the
Warrant Agent to the Company from time to time upon request.

 

5.2.      Procedure
for Surrender of Warrants. Warrants may be surrendered to the Warrant Agent, together with a written request for exchange or
transfer, and thereupon the Warrant Agent shall issue in exchange therefor one or more new Warrants as requested by the registered
holder of the Warrants so surrendered, representing an equal aggregate number of Warrants; provided, however, that in the event
that a Warrant surrendered for transfer bears a restrictive legend, the Warrant Agent shall not cancel such Warrant and issue new
Warrants in exchange therefor until the Warrant Agent has received an opinion of counsel for the Company stating that such transfer
may be made and indicating whether the new Warrants must also bear a restrictive legend.

 

5.3.      Fractional
Warrants. The Warrant Agent shall not be required to effect any registration of transfer or exchange which will result in the
issuance of a warrant certificate for a fraction of a warrant.

 

5.4.      Service
Charges. No service charge shall be made for any exchange or registration of transfer of Warrants.

 

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5.5.      Warrant
Execution and Countersignature. The Warrant Agent is hereby authorized to countersign and to deliver, in accordance with the
terms of this Agreement, the Warrants required to be issued pursuant to the provisions of this Section 5, and the Company, whenever
required by the Warrant Agent, will supply the Warrant Agent with Warrants duly executed on behalf of the Company for such purpose.

 

6.         Redemption.

 

6.1.      Redemption.
Subject to Section 6.4 hereof, not less than all of the outstanding Warrants may be redeemed, at the option of the Company, at
any time while they are exercisable and prior to their expiration, at the office of the Warrant Agent, upon the notice referred
to in Section 6.2, at the price of $.01 per Warrant (“Redemption Price”), provided that the last sales price of the
Common Stock has been at least $__.00 per share (subject to adjustment in accordance with Section 4 hereof), on each of twenty
(20) trading days within any thirty (30) trading day period ending on the third Business Day prior to the date on which notice
of redemption is given and provided further that there is a current registration statement in effect with respect to the shares
of Common Stock underlying the Warrants.

 

6.2.      Date
Fixed for, and Notice of, Redemption. In the event the Company shall elect to redeem all of the Warrants, the Company shall
fix a date for the redemption (the “Redemption Date”). Notice of redemption shall be mailed by first class mail, postage
prepaid, by the Company not less than ___ days prior to the Redemption Date to the registered holders of the Warrants to be redeemed
at their last addresses as they shall appear on the registration books. Any notice mailed in the manner herein provided shall be
conclusively presumed to have been duly given whether or not the registered holder received such notice.

 

6.3.      Exercise
After Notice of Redemption. The Warrants may be exercised, for cash (or on a “cashless basis” in accordance with
Section 3 of this Agreement) at any time after notice of redemption shall have been given by the Company pursuant to Section 6.2
hereof and prior to the Redemption Date. In the event the Company determines to require all holders of Warrants to exercise their
Warrants on a “cashless basis” pursuant to Section 3.3.1(b), the notice of

 

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redemption will contain the information necessary to calculate the
number of shares of Common Stock to be received upon exercise of the Warrants, including the “Fair Market Value” in
such case. On and after the Redemption Date, the record holder of the Warrants shall have no further rights except to receive,
upon surrender of the Warrants, the Redemption Price.

 

6.4       Exclusion
of Certain Warrants. The Company has contractually agreed that it will not exercise its redemption rights provided for herein
with respect to certain Warrants held by the Company’s founders, members of management and their respective affiliates while
such Warrants continue to be held by such holders. However, once such Warrants are transferred from the Company’s founders,
members of management and their respective affiliates, the Company may redeem such Warrants provided that the criteria for redemption
is met. 

 

7.         Other
Provisions Relating to Rights of Holders of Warrants.

 

7.1.      No
Rights as Shareholder. A Warrant does not entitle the registered holder thereof to any of the rights of a shareholder of the
Company, including, without limitation, the right to receive dividends, or other distributions, exercise any preemptive rights
to vote or to consent or to receive notice as shareholders in respect of the meetings of shareholders or the election of directors
of the Company or any other matter.

 

7.2.      Lost,
Stolen, Mutilated, or Destroyed Warrants. If any Warrant is lost, stolen, mutilated, or destroyed, the Company and the Warrant
Agent may on such terms as to indemnity or otherwise as they may in their discretion impose (which shall, in the case of a mutilated
Warrant, include the surrender thereof), issue a new Warrant of like denomination, tenor, and date as the Warrant so lost, stolen,
mutilated, or destroyed. Any such new Warrant shall constitute a substitute contractual obligation of the Company, whether or not
the allegedly lost, stolen, mutilated, or destroyed Warrant shall be at any time enforceable by anyone.

 

7.3.      Reservation
of Common Stock. The Company shall at all times reserve and keep available a number of its authorized but unissued shares of
Common Stock that will be sufficient to permit the exercise in full of all outstanding Warrants issued
pursuant to this Agreement.

 

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7.4.      Registration
of Common Stock. The Company agrees to use its commercially reasonable best efforts to have an effective and current registration
statement, whether as a post-effective amendment to the Registration Statement or a new registration statement, for the registration,
under the Act, of the shares of Common Stock issuable upon exercise of the Warrants. In either case, the Company will use its best
efforts to cause the same to become effective and to maintain the effectiveness of such registration statement until the expiration
of the Warrants in accordance with the provisions of this Agreement. In addition, the Company agrees to use its commercially reasonable
best efforts to register such securities under the blue sky laws of the states of residence of the exercising warrant holders to
the extent an exemption is not available. If any such post-effective amendment or registration statement has not been declared
effective at a time while the Warrants are exercisable, holders of the Warrants shall have the right, until such time as such post-effective
amendment or registration statement has been declared effective by the SEC, and during any other period after such date of effectiveness
when the Company shall fail to have maintained an effective registration statement covering the shares of Common Stock issuable
upon exercise of the Warrants, to exercise such Warrants on a “cashless basis” as determined in accordance with Section
3.3.1(c). For the avoidance of any doubt, unless and until all of the Warrants have been exercised on a cashless basis, the Company
shall continue to be obligated to comply with its registration obligations under this Section 7.4.

 

8.         Concerning
the Warrant Agent and Other Matters.

 

8.1.      Payment
of Taxes. The Company will from time to time promptly pay all taxes and charges that may be imposed upon the Company or the
Warrant Agent in respect of the issuance or delivery of shares of Common Stock upon the exercise of Warrants, but the Company shall
not be obligated to pay any transfer taxes in respect of the Warrants or such shares.

 

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8.2.      Resignation,
Consolidation, or Merger of Warrant Agent.

 

8.2.1.   Appointment
of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and be discharged
from all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the Company. If the
office of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing
a successor Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment within a period of
30 days after it has been notified in writing of such resignation or incapacity by the Warrant Agent or by the holder of the Warrant
(who shall, with such notice, submit his Warrant for inspection by the Company), then the holder of any Warrant may apply to the
Supreme Court of the State of New York for the County of New York for the appointment of a successor Warrant Agent at the Company’s
cost. Any successor Warrant Agent, whether appointed by the Company or by such court, shall be a corporation organized and existing
under the laws of the State of New York, in good standing and having its principal office in the Borough of Manhattan, City and
State of New York, and authorized under such laws to exercise corporate trust powers and subject to supervision or examination
by federal or state authority. After appointment, any successor Warrant Agent shall be vested with all the authority, powers, rights,
immunities, duties, and obligations of its predecessor Warrant Agent with like effect as if originally named as Warrant Agent hereunder,
without any further act or deed; but if for any reason it becomes necessary or appropriate, the predecessor Warrant Agent shall
execute and deliver, at the expense of the Company, an instrument transferring to such successor Warrant Agent all the authority,
powers, and rights of such predecessor Warrant Agent hereunder; and upon request of any successor Warrant Agent the Company shall
make, execute, acknowledge, and deliver any and all instruments in writing for more fully and effectually vesting in and confirming
to such successor Warrant Agent all such authority, powers, rights, immunities, duties, and obligations.

 

8.2.2.   Notice
of Successor Warrant Agent. In the event a successor Warrant Agent shall be appointed, the Company shall give notice thereof
to the predecessor Warrant Agent and the transfer agent for the Common Stock not later than the effective date of any such appointment.

 

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8.2.3.   Merger
or Consolidation of Warrant Agent. Any corporation into which the Warrant Agent may be merged or with which it may be consolidated
or any corporation resulting from any merger or consolidation to which the Warrant Agent shall be a party shall be the successor
Warrant Agent under this Agreement without any further act.

 

8.3.      Fees
and Expenses of Warrant Agent.

 

8.3.1.   Remuneration.
The Company agrees to pay the Warrant Agent reasonable remuneration for its services as such Warrant Agent hereunder and will reimburse
the Warrant Agent upon demand for all expenditures that the Warrant Agent may reasonably incur in the execution of its duties hereunder.

 

8.3.2.   Further
Assurances. The Company agrees to perform, execute, acknowledge, and deliver or cause to be performed, executed, acknowledged,
and delivered all such further and other acts, instruments, and assurances as may reasonably be required by the Warrant Agent for
the carrying out or performing of the provisions of this Agreement.

 

8.4.      Liability
of Warrant Agent.

 

8.4.1.   Reliance
on Company Statement. Whenever in the performance of its duties under this Warrant Agreement, the Warrant Agent shall deem
it necessary or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action
hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be
conclusively proved and established by a statement signed by the Chief Executive Officer or Chairman of the Board of the Company
and delivered to the Warrant Agent. The Warrant Agent may rely upon such statement for any action taken or suffered in good faith
by it pursuant to the provisions of this Agreement.

 

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8.4.2.   Indemnity.
The Warrant Agent shall be liable hereunder only for its own gross negligence, willful misconduct or bad faith. The Company agrees
to indemnify the Warrant Agent and save it harmless against any and all liabilities,
including judgments, costs and reasonable counsel fees, for anything done or omitted by the Warrant Agent in the execution of this
Agreement except as a result of the Warrant Agent’s gross negligence, willful misconduct, or bad faith.

 

8.4.3.   Exclusions.
The Warrant Agent shall have no responsibility with respect to the validity of this Agreement or with respect to the validity or
execution of any Warrant (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any
covenant or condition contained in this Agreement or in any Warrant; nor shall it be responsible to make any adjustments required
under the provisions of Section 4 hereof or responsible for the manner, method, or amount of any such adjustment or the ascertaining
of the existence of facts that would require any such adjustment; nor shall it by any act hereunder be deemed to make any representation
or warranty as to the authorization or reservation of any Common Stock to be issued pursuant to this Agreement or any Warrant or
as to whether any Common Stock will when issued be valid and fully paid and nonassessable.

 

8.5.      Acceptance
of Agency. The Warrant Agent hereby accepts the agency established by this Agreement and agrees to perform the same upon the
terms and conditions herein set forth and among other things, shall account promptly to the Company with respect to Warrants exercised
and concurrently account for, and pay to the Company, all moneys received by the Warrant Agent for the purchase of Common Stock
through the exercise of Warrants.

 

9.          Miscellaneous
Provisions.

 

9.1.      Successors.
All the covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent shall bind and inure
to the benefit of their respective successors and assigns.

 

9.2.      Notices.
Any notice, statement or demand authorized by this Warrant Agreement to be given or made by the Warrant Agent or by the holder
of any Warrant to or on the Company

 

    	16

    	 

    

 

shall be sufficiently given when so delivered if by hand or overnight
delivery or, if sent by certified mail or private courier service, within five days after deposit of such notice, statement or
demand, postage prepaid, addressed (until another address is filed in writing by the Company with the Warrant Agent), as follows:

 

PAVmed Inc.

420 Lexington Avenue, Suite 300

New York, New York 10170

Attn: Chief Executive Officer

 

Any notice, statement or demand authorized by this Agreement to
be given or made by the holder of any Warrant or by the Company to or on the Warrant Agent shall be sufficiently given when so
delivered if by hand or overnight delivery or, if sent by certified mail or private courier service within five days after deposit
of such notice, statement or demand, postage prepaid, addressed (until another address is filed in writing by the Warrant Agent
with the Company), as follows:

 

Continental Stock Transfer & Trust Company

17 Battery Place

New York, New York 10004

Attn: Compliance Department

 

with a copy in each case to:

 

Graubard Miller

The Chrysler Building

405 Lexington Avenue

New York, New York 10174

Attn: David Alan Miller, Esq.

 

9.3.      Applicable
Law. The validity, interpretation, and performance of this Agreement and of the Warrants shall be governed in all respects
by the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application
of the substantive laws of another jurisdiction. The Company hereby agrees that any action, proceeding or claim against it arising
out of or relating in any way to this Agreement shall be brought and

 

    	17

    	 

    

 

enforced in the courts of the State of New York or the United States
District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be
exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient
forum. Any such process or summons to be served upon the Company may be served by transmitting a copy thereof by registered or
certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section 9.2 hereof. Such
mailing shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding or claim.

 

9.4.      Persons
Having Rights under this Agreement. Nothing in this Agreement expressed and nothing that may be implied from any of the provisions
hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the parties hereto
and the registered holders of the Warrants, any right, remedy, or claim under or by reason of this Warrant Agreement or of any
covenant, condition, stipulation, promise, or agreement hereof. All covenants, conditions, stipulations, promises, and agreements
contained in this Warrant Agreement shall be for the sole and exclusive benefit of the parties hereto and their successors and
assigns and of the registered holders of the Warrants.

 

9.5.      Examination
of the Warrant Agreement. A copy of this Agreement shall be available at all reasonable times at the office of the Warrant
Agent in the Borough of Manhattan, City and State of New York, for inspection by the registered holder of any Warrant. The Warrant
Agent may require any such holder to submit his Warrant for inspection by it.

 

9.6.      Counterparts.
This Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts shall for all
purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.

 

9.7.      Effect
of Headings. The Section headings herein are for convenience only and are not part of this Warrant Agreement and shall not
affect the interpretation thereof.

 

    	18

    	 

    

 

9.8       Amendments.
This Agreement may be amended by the parties hereto without the consent of any registered holder for the purpose of curing any
ambiguity, or of curing, correcting or supplementing any defective provision contained herein or adding or changing any other provisions
with respect to matters or questions arising under this Agreement as the parties may deem necessary or desirable and that the parties
deem shall not adversely affect the interest of the registered holders. Except as otherwise set forth herein, all other modifications
or amendments, including any amendment to increase the Warrant Price or shorten the Exercise Period, shall require the written
consent or vote of the registered holders of at least a majority of the then outstanding Warrants (including any Warrants held
by the Company’s officers and directors or their respective affiliates). Notwithstanding the foregoing, the Company may lower
the Warrant Price or extend the duration of the Exercise Period pursuant to Sections 3.1 and 3.2, respectively, without the consent
of the registered holders.

 

9.9       Severability.
This Warrant Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall
not affect the validity or enforceability of this Warrant Agreement or of any other term or provision hereof. Furthermore, in lieu
of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Warrant
Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.

    	19

    	 

    

 

IN WITNESS WHEREOF, this Agreement has been
duly executed by the parties hereto as of the day and year first above written.

 

	 	PAVMED INC.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	CONTINENTAL STOCK TRANSFER
	 	& TRUST COMPANY
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	20Exhibit 10.1

 

OPTION AGREEMENT

 

This AGREEMENT (the “Agreement”)
is made and entered into as of September 21, 2014 (the “Effective Date”), by and between PAXmed Inc. having an address
at 420 Lexington Avenue, Suite #300, New York, New York 10170 (“PAXmed”) and PAVILLION HOLDINGS GROUP LLC, a Delaware
limited liability company, having an address at 50 Loring Drive, Norwell, MA 02061 (“PHG”).  PAXmed and PHG
are referred to collectively herein as the “Parties”.  

 

PRELIMINARY STATEMENT

 

WHEREAS, PHG is
the owner of United States Patent # US 8,622,976, issued January 7, 2014, “System and Methods for Infusion of Fluids Using
Stored Potential Energy and a Variable Flow Resistor” (the “Patent”) and the inventors of such Patent, Lishan
Aklog, Michael Glennon, Paul John Cronin and William Edgar Baker, had previously assigned to PHG all rights in such invention and
patent under application Serial # 13/041,296 filed with the US Patent and Trademark Office (“USPTO”) on March 4, 2011;

 

WHEREAS, PHG has not, and
is not currently in a position to, develop and/or commercialize products under such Patent and does not anticipate having the resources
to do so in the foreseeable future;

 

WHEREAS, PAXmed has developed
certain inventions and technology in medical infusion devices which may be considered improvements of the Patent or, alternatively,
may not be improvements of the Patent and instead may be independent inventions not derived from the Patent, and PAXmed needs as
time period to conduct further analysis to determine whether it would be desirable for PAXmed to acquire the Patent from PHG, and
accordingly, for the consideration set forth below, PHG is willing to grant to PAXmed an option to acquire the Patent, on the terms
and conditions set forth herein.  

 

In consideration of the
mutual promises and other terms and conditions contained herein, the Parties hereby agree as follows:

 

1.            Grant
of Option; Terms of Option

 

(a) PHG does hereby grant
to PAXmed the right, but not the obligation, to acquire all right, title and interest in and to the Patent (the “Option”).

 

(b) In consideration for
the grant of the Option, PAXmed will pay to PHG the sum of One Thousand ($1,000) Dollars, in cash, upon the execution and delivery
of this Agreement.

 

(c) The term of the Option
shall be one (1) year, such that the Option must be exercised by PAXmed on or prior to one (1) year from the Effective Date (the
“Term”).  

 

    	 

    	 

    

 

 

(c) The Exercise Price
for exercise of the Option, such that PAXmed acquires all right, title and interest in the Patent, is Ten Thousand ($10,000) Dollars,
in cash, upon the exercise of the Option and closing of the transfer of title to the Patent.  

 

2.            Procedures
for Exercise of the Option and Assignment of Patent to PAXmed.

 

(a)          If PAXmed desires
to exercise the Option, it shall send written notice to PHG on or prior to one (1) year from the Effective Date, setting forth
a date (“Closing Date”) for the closing of transfer of title to the Patent and payment of the Exercise Price which
shall be no later than ten (10) days after the notice of exercise.

 

(b)          On such Closing Date, PAXmed shall pay to PHG the Exercise
Price of $10,000 and PHG shall transfer all right, title and interest in and to the Patent to PAXmed by execution and delivery
of a written assignment of Patent in form recordable in the USPTO satisfactory to PAXmed’s counsel, and PAXmed shall be authorized
to immediately file such assignment in the USPTO.  PHG shall also execute and delivery such other documents and instruments
as shall be reasonably necessary to effect the transfer of all right, title and interest in and to the Patent to PAXmed. 

 

(c)
         The assignment and transfer of title from PHG to PAXmed shall be free and clear of all licenses, contracts, liens, claims,
and encumbrances.  From and after such assignment and transfer, PHG shall be excluded from practicing under the Patent,
PHG shall not attack the title of PAXmed in and to the Patent and PHG shall not take any action adverse to PAXmed’s ownership
or use of the Patent or challenging the validity of the Patent.

 

3.            Restrictions
during Term of Option.  During the period commencing on the Effective Date, and continuing until one (1) year after
the Effective Date:

 

(a)         PHG shall maintain
all right, title and interest in and to the Patent free and clear of all liens, claims and encumbrances; PHG shall not license,
sublicense, transfer, assign, sale or otherwise dispose of or impair title to the Patent or enter into any contract to do so; and
PHG shall not practice under, manufacture, sell, distribute or market any products under the Patent..

 

(b) PHG shall maintain
the Patent in full force and effect and shall pay to the USPTO all maintenance fees, renewal fees and similar charges.

 

(c) PHG shall not file
any amendments, modifications, continuations in part (CIP), abandonments, or make any other changes to the Patent or any other
filings with the USPTO without the written consent of PAXmed in each instance.  

 

(d) PHG shall not file
any similar or related patents in any jurisdictions outside of the USPTO.  

 

(e) PHG does hereby grant
to PAXmed, an exclusive, but limited license for use of the Patent during the Term of the Option, solely for the purposes of (1)
PAXmed’s evaluation and investigation of the Patent and (2) PAXmed’s development of improvements to the Patent, and
not for any commercial sale or marketing of products under the Patent.  If PAXmed does not elect to exercise the Option
before the expiration of the Term, the limited license shall terminate

 

    	 

    	 

    

 

at the expiration of the Term.  The
limited license granted pursuant to this Section 4(e) above shall be royalty-free since no commercial sales will occur prior to
exercise of the Option. Such limited license shall be exclusive to PAXmed.  PAXmed shall not sell, transfer or assign
such limited license, but PAXmed may grant limited sublicenses to consultants and potential manufacturers, distributors and other
supply chain participants for research, development and evaluation purposes only.

 

4.           Confidentiality
and Protection of Technology.

 

(a) The confidentiality
and non-disclosure provisions of this Agreement are intended to protect the respective confidential, technological and business
information of each party.  

 

(b) During the Term of
the Option, and prior to the exercise of the Option by PAXmed, PAXmed shall maintain in strict confidence, and not copy,
disclose or transfer to any third party, all Confidential and Proprietary Information (as defined below) relating to Patent, and
utilize such information solely for PAXmed’s investigation and evaluation of the Patent, provided however, PAXmed may disclose
such information as is necessary to consultants and contractors assisting PAXmed in its investigation and evaluation of the Patent
solely for the purpose of enabling them to assist PAXmed in such functions.  

 

(c) Protection of PAXmed
Inventions/Improvements.  During the Term and prior to the exercise of the Option by PAXmed, Confidential and Proprietary
Information relating to improvements to the Patent, and/or independent inventions separate and apart from the Patent, may be developed
by PAXmed (collectively, “Additional IP”). PHG shall maintain in strict confidence, and not copy, disclose or transfer
to any third party, all Confidential and Proprietary Information (as defined below) relating to such Additional IP.  

 

(d)         Protection of Separate Technology of each of PHG and PAXmed.  PAXmed
shall not be obligated to disclose to PHG any medical devices, technologies or inventions it may be working on whether
originated internally or from sources other than PHG, and PHG shall not be obligated to disclose to PAXmed any medical
devices, technologies or inventions it may be working on except those relating to the
Patent.  Nevertheless, whether inadvertently or in the course of discussions between the Parties, each party may be
exposed to or have access to such separate technologies of the other party which are not the subject of any development
program between the Parties (“Separate Technologies”).  Each Party shall maintain in strict confidence,
and not copy, disclose or transfer to any third party, all Confidential and Proprietary Information relating to such Separate
Technologies of the other party hereto.  

 

(e)         Protection of Business
Information of each of PHG and PAXmed.  Each Party shall maintain in strict confidence, and not copy, disclose or transfer
to any third party, all Confidential and Proprietary Information relating to the business, operations, finances, systems, software
or information technology of the other party hereto.  

 

(f)          For the purposes
of this Agreement, the term “Confidential and Proprietary Information” of a party or its technology shall be
deemed to include, without limitation, all designs, drawings, technology, systems, products, processes, methods, formulae, chemical
compositions, schematics, specifications, techniques, technical information, models, prototypes,

 

    	 

    	 

    

 

samples, test results, research and development
reports, software, data bases, computer programs, algorithms, source codes, object codes, program listings, platforms and architecture,
screens, formats, Website development and configuration, know how, trade secrets, files, books and records, cost, pricing, sales,
financial and tax information, business, marketing, product development and operational plans, projections, strategies, forecasts,
budgets, channels of distribution, policies and manuals, terms and conditions of contracts, licenses, leases and financing and
identification of personnel, and all other inventions, concepts, information, or tangible or intangible embodiments or records
thereof, including any such information that may be stored on any computer system, network, disk, tape, CD or DVD or any other
storage media.

 

(g)         It is understood
that Confidential and Proprietary Information excludes (i) information regarding one party (the “Disclosing Party”)
which is or hereafter becomes generally available to the public through no act or failure to act on the part of the other party
(the “Receiving Party”); (ii) information which is disclosed to the Receiving Party on a non-confidential basis by
a third party having no legal or contractual obligation to the Disclosing Party to refrain from so doing; (iii) information which
the Receiving Party can demonstrate by written record was independently developed prior to disclosure by the Disclosing Party by
persons who did not have access to the Disclosing Party’s Confidential and Proprietary Information; or (iv) information set
forth in an patent or patent application which has been officially published by the USPTO and available to the general public.

 

(h)         Notwithstanding
any other provision of this Agreement to the contrary, if a Receiving Party becomes the recipient of any subpoena, governmental
or other third party request under lawful process for any of the Confidential and Proprietary Information of the Disclosing Party,
the Receiving Party shall give prompt written notice to the Disclosing Party, prior to the disclosure or furnishing of such Confidential
and Proprietary Information.  The Receiving Party shall provide reasonable cooperation with the Disclosing Party at the
Disclosing Party’s expense, in seeking relief to prevent, limit or restrict the disclosure of Confidential and Proprietary
Information.  If the Receiving Party has already complied with the foregoing provisions, and the Disclosing Party has
either been denied relief as aforesaid or declined to seek such relief or only partial relief has been granted, the Receiving Party
may disclose those components of the Confidential and Proprietary Information which may still be required to be disclosed (and
shall redact or delete those components which are not required to be disclosed), upon the advice of counsel that such disclosure
is required by law, court order, regulation of a stock exchange or other similar lawful process.

 

5.           Non-Circumvention.   In
the event that PAXmed exercises the Option, then all business opportunities worldwide to research, develop, exploit, manufacture,
sell, market, and license the products or technology relating to the Patent shall be belong to and be undertaken by and through
PAXmed; PHG shall refer all such opportunities to PAXmed, and PHG shall not circumvent or participate in or undertake any such
business opportunities for such PHG Project for its own account or with third parties.  

 

    	 

    	 

    

  

		6.	PAXMED Reservation of Intellectual Property/Ownership
of Additional IP, and Proprietary Rights; Work for Hire.

 

(a)          PAXMED retains
exclusive title, sole ownership and all proprietary rights in all patents and related designs, drawings, systems, products, processes,
methods, formulae, chemical compositions, schematics, specifications, techniques, technical information, models, prototypes, samples,
test results, research and development reports, software, data bases, computer programs, algorithms, source codes, object codes,
program listings, platforms and architecture, screens, formats, know how, trade secrets, and all other inventions, concepts, information,
or tangible or intangible embodiments or records thereof, relating to any developments, improvements, upgrades, modifications,
customization, configuration or applications or derivatives thereof designed or developed by PAXmed in connection with the research,
development and commercialization of any Additional IP.  

 

(b)         Work For Hire.  PAXmed
shall have the exclusive rights to all copyrights, trademarks, patents and other intellectual property rights and proprietary rights
relating to any developments, improvements, upgrades, modifications, customizations, configuration or applications or derivatives
thereof designed or developed in connection with the research, development and commercialization of any Additional IP. Any developments,
improvements, inventions, creations, customizations, reductions to practice, or derivatives relating to any Additional IP undertaken
by PAXmed under this Agreement in which PHG or any of its personnel has participated, in its, his or her capacity as a employee,
clinical practitioner, consultant, director, officer, contractor, or otherwise, shall be considered works-for-hire for PAXmed,
which shall have the exclusive rights thereto; and PHG agrees to assign, and hereby irrevocably assigns all right, title and interest
in and to any such developments, improvements, inventions, creations, reductions to practice or derivatives, including all intellectual
property rights, and shall sign and deliver or cause to be signed and delivered to PAXmed any and all instruments necessary to
effect the assignment of such rights to PAXmed and for PAXmed to obtain all proprietary rights in connection therewith.  

 

(c)          All
rights to secure protection or other acknowledgement for the Additional IP, including any developments, improvements, upgrades,
modifications, customizations, configuration or applications or derivatives thereof pursuant to Federal, State or foreign law
(including without limitation patent, trademark or copyright laws) are expressly reserved to PAXmed, which may do so in its sole
discretion.  PHG shall not secure or attempt to secure protection or other acknowledgement for any such Additional
IP, even if PHG or its personnel have participated in the development thereof.  

 

		7.	Mutual Indemnification.

 

(a)          PHG shall defend,
indemnify and hold harmless PAXmed, its subsidiaries, employees, officers, directors, and agents (collectively, the “PAXmed
Indemnitees”), from and against all loss, demands, claims, fines, penalties, expenses, petitions, costs and damages, sustained
by PAXmed or any of the PAXmed Indemnitees (including without limitation, reasonable attorney’s fees and disbursements),
from or arising out of (i) PHG or PHG’s employees, agents, subcontractors, or their employee’s or agents’, acts
or omissions in

 

    	 

    	 

    

  

connection with the implementation of this
Agreement or (ii) breach by PHG of its obligations under this Agreement.

 

(b)          PAXmed shall
defend, indemnify and hold harmless PHG, its subsidiaries, employees, officers, directors, and agents (collectively, the “PHG
Indemnitees”), from and against all loss, demands, claims, fines, penalties, expenses, petitions, costs and damages, sustained
by PHG or any of the PHG Indemnitees (including without limitation, reasonable attorney’s fees and disbursements), from or
arising out of (i) PAXmed or PAXmed’s employees, agents, subcontractors, or their employee’s or agents’, acts
or omissions in connection with the implementation of this Agreement or (ii) breach by PAXmed of its obligations under this Agreement.

 

		8.	Injunctive Relief.

 

(a)          PHG acknowledges
and agrees that PAXmed would be irreparably injured by any violation of Sections 3, 4, 5, or 6 of this Agreement, that damages
at law would be difficult to determine, and that accordingly PAXmed shall be entitled to an injunction and other equitable relief
in court of competent jurisdiction to restrain any violation of such Sections without the need to post a bond or prove special
damages.  

 

(b)          PAXmed acknowledges
and agrees that PHG would be irreparably injured by any violation of Sections, 3 or 4 of this Agreement, that damages at law would
be difficult to determine, and that accordingly PHG shall be entitled to an injunction and other equitable relief in court of competent
jurisdiction to restrain any violation of such Sections without the need to post a bond or prove special damages.

 

		9.	Survival of Provisions.

 

(a)          PHG’s obligations
under Sections 3, 4, 5 and 6 hereof shall survive any termination of this Agreement, shall include all subsidiary and affiliated
companies and divisions of PHG.

 

(b)         PAXmed’s
obligations under Sections 3 and 4 hereof shall survive any termination of this Agreement, shall include all subsidiary and affiliated
companies and divisions of PAXmed.

 

		10.	General Provisions.

 

(a)          Governing
Law; Jurisdiction.

 

This Agreement will be
governed by and construed according with the laws of the State of New York, without regard to principles of conflicts of law or
choice of law.  Any and all actions or proceedings relating to the subject matter of this Agreement may be maintained
only in New York State or federal courts located in the State of New York.  Each of PAXmed and PHG hereby submits to
personal jurisdiction of the New York State and United States federal courts located in the State of New York for purposes of any
and all actions and proceeding relating to the subject matter of this Agreement.  Either party may serve any summons
or process in any such proceeding on the other in the manner for giving notices under Section 11(b) hereof.  

 

    	 

    	 

    

  

Notwithstanding the foregoing, PAXmed shall
be free to pursue its remedies in any court of competent jurisdiction throughout the world to protect the PAXmed Technology and
the Additional IP and its other intellectual property and proprietary rights and to restrain any violation of Sections 3, 4, 5
or 6 of this Agreement, and PHG shall be free to pursue its remedies in any court of competent jurisdiction throughout the world
to protect its intellectual property and proprietary rights and to restrain any violation of Sections 3 or 4 of this Agreement.  

 

(b)          Notices.

 

All notices required to be provided hereunder
shall be in writing and shall be deemed delivered if (i) sent by facsimile, upon confirmation of faxing, (ii) if sent by overnight
courier, by the date after mailing, (iii) if by hand delivery, upon actual receipt or (iv) if by certified mail, return receipt
requested and postage prepaid, on the third business day after deposit in the mails, to the addressee as follows or at such other
location as such Party notifies the other pursuant to this provision:

 

	 	PAXmed:	PAXmed Inc.
	 	 	420 Lexington Avenue, Suite 300
	 	 	New York, New York 10170
	 	 	Attn: Lishan Aklog, Chairman & CEO
	 	 	Telephone: 602-361-6005
	 	 	Email: laklog@paxmedinc.com
	 	 	 
	 	PHG:	Pavilion Holding Group LLC
	 	 	50 Loring Drive
	 	 	Norwell, MA 02061
	 	 	Attn: Michael Glennon, Manager
	 	 	Telephone: 617-699-0700
	 	 	Email: mglennon@pavilionhg.com

 

(c)          Severability.

 

If any part of this Agreement is determined
to be invalid or illegal by any court or agency of competent jurisdiction, then that part shall be limited or curtailed to the
extent necessary to make such provision valid, and all other remaining terms of this Agreement shall remain in full force and effect.  

 

(d)          Relationship
of the Parties.

 

The Parties acknowledge that they are independent
contractors, and neither party is an employee, partner, or joint venturer of the other party.  PHG shall not have any
authority or ability to bind or create any obligations on the part of PAXmed.  PAXmed shall not have any authority or
ability to bind or create any obligations on the part of PHG.  PHG does not assume, and is not liable for, any obligations
of PAXmed or its subcontractors.  PAXmed does not assume, and is not liable for, any obligations of PHG or its subcontractors.  Except
as otherwise provided herein, each party shall be responsible for all costs and expenses of carrying out its responsibilities under
this Agreement.

 

    	 

    	 

    

  

(e)          Corporate
Authorization, etc.

 

PAXmed represents and warrants
to PHG that this Agreement is the duly and validly authorized, legal and binding obligation of PAXmed.  PHG represents
and warrants to PAXmed that this Agreement is the duly and validly authorized, legal and binding obligation of PHG.  

 

(f)           Amendment
and Waiver.

 

This Agreement may be modified
or amended only in a writing signed by both Parties.  A Party’s failure to act hereunder shall not indicate a waiver
of its rights hereto. No waiver of any provision of this Agreement shall be valid unless made in writing and signed by the waiving
Party.  The failure of either Party to require the performance of any term or obligation of this Agreement or the waiver
by either Party of any breach of this Agreement, shall not prevent any subsequent enforcement of such term and shall not be deemed
a waiver of any subsequent breach.  

 

(g)          Counterparts.

 

This Agreement may be executed
in any number of counterparts, each of which shall be deemed an original and all of which together shall constitute one and the
same instrument.  

 

(h)          No
Third-Party Beneficiary.

 

The terms and provisions
of this Agreement are intended solely for the benefit of each party hereto and their respective successors or permitted assigns,
and it is not the intention of the parties to confer third-party beneficiary rights upon any other person or entity.  Without
limiting the generality of the foregoing, this Agreement is not intended to confer any rights on any employee, consultant, or clinical
practitioner of either Party.  

 

(i)           No
Assignment.

 

PHG may not assign, delegate or subcontract
its rights or obligations hereunder without PAXmed’s written approval in each instance, except in the case of a merger, acquisition
or reorganization of PHG, which shall not require PAXmed’s prior written approval if the resulting party assumes in writing
all of PHG’s obligations under this Agreement.  PAXmed may not assign, delegate or subcontract its rights or obligations
hereunder without PHG’s written approval in each instance, except in the case of a merger, acquisition or reorganization
of PAXmed, which shall not require PHG’s prior written approval, if the resulting party assumes in writing all of PAXmed’s
obligations under this Agreement.  No assignment by any party shall relieve such party of any of its obligations hereunder.  

 

(j)           Entire
Agreement.

 

This Agreement constitutes the entire agreement
between the Parties and supercedes all prior and contemporaneous agreements and understandings, whether written or oral, between
the Parties with respect to the subject matter hereof.

 

    	 

    	 

    

  

IN WITNESS WHEREOF, the
Parties hereto have signed this Agreement by their duly authorized representatives as of the date first above written.

 

	PAXmed INC.	 	PAVILION HOLDING GROUP LLC
	 	 	 	 	 
	By:	/s/ Lishan Aklog	 	By:	/s/ Mike Glennon

 

	Printed Name: 	Lishan Aklog	 	Printed Name:	Mike Glennon

 

	Title: 	Chairman & CEO	 	Title:	Member, PHG LLC

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