Document:

Exhibit 10.9

     

    

    
      
        
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    GENERAL DELIVERY SERVICE AGREEMENT

    

    

    between

    

    

    ParcelPal Technology Inc.

    

    

    and

    

    

    CareRx Corporation

    

    

    
      

      

      

    

    

    

    
      

      
        

      
        
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  Table of Contents
     

    

    	
            Parties

          	
            1

          
	
            Agreed terms

          	
            1

          
	
            1.Interpretation

          	
            1

          
	
            1.1 Definitions.

          	
            1

          
	
            2. CareRx’s Responsibilities / Obligations

          	
            3

          
	
            2.1 CareRx shall:

          	
            3

          
	
            3. ParcelPal’s Responsibilities / Obligations

          	
            4

          
	
            3.1 ParcelPal shall:

          	
            4

          
	
            4. Charges and payment

          	
            5

          
	
            5. Consequences of termination

          	
            6

          
	
            6. Force majeure

          	
            7

          
	
            7. Cargo Loss

          	
            8

          
	
            8. Counterparts

          	
            8

          
	
            8. Confidentiality and Publicity

          	
            8

          
	
            9. Mutual Indemnification

          	
            9

          
	
            10. Relationship Between the Parties

          	
            9

          
	
            11. Governing laws

          	
            9

          
	12. Jurisdiction

          	 9
	
            13. Assignment

          	
            9

          
	
            14. Time of Essence

          	
            9

          
	
            Signatures

          	
            10

          
	
            Appendix A: Delivery Rates / Additional Charges

          	
            11

          
	
            Appendix A: Delivery Rates / Additional Charges

          	
            12

          
	
            Appendix B: Service Map

          	
            13

          
	
            Appendix B: Service Map

          	
            14

          
	
            Appendix C: Hours of Operations

          	
            15

          
	
            Appendix D: Personnel Contact List

          	
            16

          

    
      

      
        

      
        
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    Parties

    

    

    (1)          ParcelPal Technology Inc., a corporation existing under the laws of the Province of British Columbia, Canada, having a
      registered office at 190 Alexander Street, Suite 305, Vancouver, British Columbia, V6A 2S5 (“ParcelPal”).

    

    

    (2)          CareRx Corporation, a corporation existing under the laws of Canada, having a registered office at 20 Eglinton Ave West, Suite
      2100 Toronto ON, M4R-1K8 (“CareRx”).

    

    

    Agreed terms

    

    

    	

          	1.	
            Interpretation

          

    

    

    The following definitions and rules of interpretation apply in this agreement.

    

    

    	

          	1.1	
            Definitions.

          

    

    

    ●          Affiliate: any entity that directly or indirectly Controls, is Controlled by, or is under common Control with another entity.

    

    

    ●          Applicable Laws: all laws, statutes, regulations, judgments and decrees and all official directives, rules, consents, approvals, by-laws, permits, authorizations,
      guidelines, orders and policies of any governmental or regulatory body, that are applicable to a party in the performance of this Agreement.

    

    

    ●          Business Day: any day other than a Saturday or Sunday or statutory holiday, when banks are open for commercial banking business during normal banking hours in Calgary,
      Alberta.

    

    

    ●          Control: the possession, directly or indirectly, of the power to direct the management and policies of a person, whether through the ownership of voting securities or
      otherwise.

    

    

    
      ●          Customer: a customer of CareRx.

    

    

    

    ●          ParcelPal Materials: all documents, information, items and materials in any form, whether owned by ParcelPal or a third party, which are provided by ParcelPal to
      CareRx in connection with the DP Platform, DP Service and DP Service Levels.

    

    

    
      ●          DP Platform the technology platform used by ParcelPal.

    

    

    

    ●          DP Service: the provision by ParcelPal via the DP Platform of delivery drivers/couriers to make deliveries and the facilitation of the dispatch of delivery orders to
      such drivers/couriers.

    

    

    ●          DP Service Levels: means the service levels in relation to the DP Service set out in this agreement in section 3 and 4 for both parties responsibilities and
      obligations.

    

    

    
      ●          Effective Date: November 1, 2020.

    

    
      

      1

      
        

      
        
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    ●          Force Majeure Event: any circumstance not within a party’s reasonable control which has not been caused by such party’s negligence and which such party was unable to
      prevent or provide against by the exercise of reasonable diligence at a reasonable cost, including, but not limited to the following:

     

    

    	

          	a.	
            acts of God, flood, drought, earthquake or other natural disaster;

          

    

    

    	

          	b.	
            epidemic or pandemic;

          

    

    

    	

          	c.	
            terrorist attack, civil war, civil commotion or riots, war, threat of or preparation for war, armed conflict, imposition of sanctions, embargo, or breaking off of diplomatic relations;

          

    

    

    	

          	d.	
            nuclear, chemical or biological contamination or sonic boom;

          

    

    

    	

          	e.	
            any law or any action taken by a government or public authority, including imposing an export or import restrictions, quota or prohibition, or failing to grant a necessary license or consent;

          

    

    

    	

          	f.	
            collapse of buildings, fire, explosion or accident; and

          

    

    

    	

          	g.	
            Interruption or failure of utility service.

          

    

    

    
      ●          Taxes: goods and services tax and harmonized sales tax payable under the Excise Tax Act (Canada), plus any similar value
        added or multi-staged tax imposed by any applicable provincial or territorial legislation.

       

    

    
      1.2          Clause, Schedule and paragraph headings shall not affect the interpretation of this agreement.

    

    

    

    1.3          A person includes a natural person, corporate or unincorporated body (whether or not having separate legal personality).

    

    

    1.4          A reference to a company shall include any company, corporation or other body corporate, wherever and however incorporated or established.

    

    

    1.5          Unless the context otherwise requires, words in the singular shall include the plural and, in the plural, shall include the singular.

    

    

    1.6          Unless the context otherwise requires, a reference to one gender shall include a reference to the other genders.

    

    

    1.7          This agreement shall be binding on, and ensure to the benefit of, the parties to this agreement and their respective personal representatives, successors and permitted assigns, and references to any party
      shall include that party’s personal representatives, successors and permitted assigns.

    

    

    1.8          A reference to a statute or statutory provision is a reference to it as amended, extended or re- enacted from time to time.

    

    

    1.9          A reference to a statute or statutory provision shall include all subordinate legislation made from time to time under that statute or statutory provision.

    

    

    
      1.10        A reference to writing or written includes fax and email.

    

    
      

      2

      
        

      
        
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    1.11          Any obligation on a party not to do something includes an obligation not to allow that thing to be done.

    

    

    1.12          A reference to this agreement or to any other agreement or document referred to in this agreement is a reference of this agreement or such other agreement or
      document as varied or novated (in each case, other than in breach of the provisions of this agreement) from time to time.

    

    

    1.13          References to clauses and Schedules are to the clauses and Schedules of this agreement and references to paragraphs are to paragraphs of the relevant Schedule.

    

    

    1.14          Where the word including or include is used in this agreement, it means “including (or includes) without limitation”, and
      any words following the terms including, include, in particular, for example or any
      similar expression shall be construed as illustrative and shall not limit the sense of the words, description, definition, phrase or term preceding those terms.

    

    

    	

          	2.	
            CareRx’s Responsibilities / Obligations

          

    

    

    	

          	2.1	
            CareRx shall:

          

    

    

    	

          	(a)	
            Provide ParcelPal with daily service requirements with [***] advance notice;

          

    

    

    	

          	(b)	
            Uploaded csv manifest to the ParcelPal delivery portal for all orders

          

    	

          	a.	
            Next Day Service: Manifest / order requests must be submitted by [***]

          

    	

          	b.	
            Same Day Service: Manifest / order requests must be submitted by [***]

          

    	

          	i.	
            “*[***] rates apply for [***] service in Appendix A.”

          

    

    

    	

          	(c)	
            Provide a non-binding [***] forecast of demand by [***] (i.e. [***] scheduled deliveries / updates on new onboarded care homes);

          

    

    

    	

          	(d)	
            Tender packages individually identified by ParcelPal order number, customer name, address / postal and any specific notes for drop offs; and

          

    

    

    	

          	(e)	
            Co-operate with ParcelPal in all matters relating to the DP Service through proper channels of communication for each request.

          

    

    

    2.2          If the performance of ParcelPal’s obligations under this agreement is prevented or delayed by any act or omission of CareRx its agents, sub-contractors, consultants or employees, then, without prejudice to
      any other right or remedy it may have, ParcelPal shall be allowed an extension of time to perform its obligations equal to the delay caused by CareRx.

    

    

    2.3          CareRx shall appoint a named individual (whose contact details shall be provided to ParcelPal and updated as necessary from time to time) who shall have authority to bind CareRx contractually on all matters
      relating to this agreement.

    
      

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          	3.	
            ParcelPal’s Responsibilities / Obligations

          

    

    

    	

          	3.1	
            ParcelPal shall:

          

    

    

    	

          	(a)	
            Provide CareRx with delivery services as requested;

          

    

    

    	

          	(b)	
            Provide [***]delivery;

          

    	

          	i.	
            Between [***]

          

    	

          	ii.	
            Within [***]

          

    	

          	iii.	
            On all manifests provided [***]in advance

          

    	

          	iv.	
            Pick up at [***], unless changed with written notice / request to ParcelPal [***] in advance

          

    

    

    	

          	(c)	
            Provide [***]delivery between;

          

    	

          	I.	
            Between [***]

          

    	

          	ii.	
            Within [***]

          

    	

          	iii.	
            On all manifests provided [***]

          

    	

          	iv.	
            Pick up at [***], unless changed with written notice / request to ParcelPal [***] in advance

          

    

    

    	

          	(d)	
            All [***] Deliveries;

          

    	

          	i.	
            Between [***]

          

    	

          	ii.	
            Directly from pick up location to point of delivery

          

    	

          	iii.	
            On all manifests provided with [***]

          

    	

          	iv.	
            With package pick up to [***]

          

    

    

    	

          	(e)	
            Provide to CareRx in a timely manner all ParcelPal Materials required in order for CareRx to avail the DP Services and ensure that they are accurate and complete;

          

    

    

    	

          	(f)	
            Provide to CareRx from time to time such assistance as CareRx may reasonably require accessing the DP Service;

          

    

    

    	

          	(g)	
            Obtain and maintain all necessary licenses and consents and comply Applicable Laws to provide the DP Services;

          

    

    

    	

          	(h)	
            Allow and provide CareRx access to such information as CareRx may reasonably require (including data, security access information and software interfaces of other business software application of ParcelPal) to provide a delivery service to
              the Customers;

          

    

    

    	

          	(i)	
            Ensure that during the Term the DP Platform makes available to CareRx in a timely manner time stamped updates from the delivery vehicles/riders and a method of vehicle/driver tracking which can be pushed through API; and

          

    

    

    	

          	(j)	
            Ensure that all drivers maintain commercial insurance in amounts as may be required by CareRx from time to time, including a minimum of [***] in automobile liability insurance for the delivery driver who works with any of CareRx’s
              deliveries.

          

    

    

    3.2          If CareRx’s performance of its obligations under this agreement is prevented or delayed by any act or omission of ParcelPal, its agents, subcontractors, consultants or employees, then, without prejudice to
      any other right or remedy it may have, CareRx shall be allowed an extension of time to perform its obligations equal to the delay caused by ParcelPal.

    
      

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      3.3          ParcelPal shall use its best endeavors during the Term to ensure that the fleet of delivery vehicles adhere to the service level agreements with Customers, details of which shall be
        provided to ParcelPal by CareRx as requested.

    

    

    

    3.4          ParcelPal shall appoint a named individual (whose contact details shall be provided to CareRx and updated as necessary from time to time) who shall have the authority to bind ParcelPal
      contractually on all matters relating to this agreement.

    

    

    	

          	4.	
            Charges and payment

          

    

    

    4.1          CareRx shall pay the following charges according to the following rates and those set forth in Appendices A, B and C:

    

    

    	

          	(a)	
            Delivery charges are based on a tiered system based on the daily volume. Each package will be delivered within the defined delivery zone to a customer of CareRx at their request. The current zones are outlined within the shipping table and
              maps in Appendices B and C. Pricing is as specified in Appendix A, and may be changed upon the prior written agreement of CareRx with [***]notice.

          

    

    

    	

          	(b)	
            The defined delivery zone shall comprise the area within each map in Appendix B for CareRx based on geographic location of each pickup facility;

          

    	

          	a.	
            Calgary Pick up: [***]

          

    	

          	b.	
            Edmonton Pick up: [***]

          

    

    

    	

          	(c)	
            The rates are defined in Appendix A and based on volume.

          

    

    

    	

          	(d)	
            Rates in Appendix A are based on [***]delivery, with [***]notice on the manifest. (cut off time is [***]).

          

    

    

    	

          	(e)	
            All [***]orders need to be submitted by [***]prior to delivery or they will be charged at [***]rate.

          

    

    

    
      	

            	(f)	
              Any orders provided with [***]notice require rental of a courier at [***] (additional delivery at [***])

            

    

    
      

      

    

    
      	

            	(g)	
              Deliveries outside of the zone defined in Appendix B will have an additional charge of [***]exceeding or part thereof.

            

    

    

    

    	

          	(h)	
            All orders that have the same address will be charged the [***] rate per [***]based on the [***]and all orders / packages exceeding that will be charged at [***]

          

    

    

    	

          	a.	
            Once exceeding [***], with all drop offs to the same location address will be charged at [***]if multiple drops are required

          

    

    

    	

          	(i)	
            All return and re-attempt deliveries are at the [***] rate of [***].

          

    

    

    	

          	a.	
            Limited to standard parcel sizes and weight restrictions

          

    

    

    	

          	(j)	
            ParcelPal will offer refunds on a case by case basis where the services were not fulfilled within the time requirements of this agreement.

          

    

    

    4.2          ParcelPal shall invoice CareRx at the end of [***] for DP Service performed during that month. Billing will be sent out no later than [***]after the month end and will begin the month following the agreement
      date.

    
      

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    4.3          CareRx shall pay each undisputed invoice or amounts within such invoice as are undisputedly submitted to it by ParcelPal within [***]of receipt to a bank account nominated in writing by ParcelPal from time to
      time.

    

    

    4.4          All sums payable to ParcelPal under this agreement are exclusive of Taxes, and CareRx shall in addition pay an amount equal to any Taxes chargeable on those sums on delivery of an invoice for such Taxes.

    

    

    	

          	5.	
            Consequences of termination

          

    

    

    5.1          This agreement shall commence on the Effective Date and expire on November 1, 2021 (the “Initial Term”), unless earlier terminated in accordance with this agreement,
      provided that if a termination notice is not provided by either party on or prior to [***]prior to the end of the Initial Term, this agreement shall automatically renew for successive one-year terms (each, a “Renewal
        Term”, and together with the Initial Term, the “Term”).

    

    

    
      5.2         This Agreement may be terminated in the following circumstances:

    

    

    

    
      	

            	(a)	
              By CareRx for convenience upon [***] written notice to ParcelPal;

            

    

    

    

    	

          	(b)	
            Immediately by a party if the other party fails to perform or is otherwise in breach of its obligations under this agreement, provided that the non-breaching party first provides a written notice to the breaching party, and in the event
              that the breach is capable of remedy, the breaching party shall have [***]to remedy the breach;

          

    

    

    	

          	(c)	
            By a party upon a Force Majeure Event in accordance with Section 6.4;

          

    

    

    	

          	(d)	
            Automatically if either party shall cease to have the licenses and/or accreditations necessary for it to conduct the business or perform its obligations contemplated for it hereunder, or if such party otherwise ceases to conduct business;
              or

          

    

    

    	

          	(e)	
            Immediately by a party if the other party is subject to an order, judgment, or decree shall be entered by a court of competent jurisdiction or upon an application of a creditor, adjudicating a party to be bankrupt or insolvent, or
              approving a petition seeking reorganization of such party or appointing a receiver, trustee or liquidator of such party or of all or a substantial part of its assets.

          

    

    

    5.3         On termination or expiry of this agreement:

    

    

    (a)          CareRx shall pay to ParcelPal all charges outstanding to ParcelPal and, in respect of the DP Service supplied but for which no invoice has been submitted, ParcelPal may submit an invoice;

    

    

    
      (b)          ParcelPal shall immediately end provision of the DP Service;

    

    

    

    (c)          ParcelPal shall immediately return to CareRx any property of CareRx provided by CareRx to ParcelPal as part of the Service;

    

    

    (d)          CareRx shall on request return any of ParcelPal materials used up in the provision of the service; and

    

    

    (e)          any provisions that by their nature survive termination of this agreement shall continue to apply.

    
      

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    5.2 Termination or expiry of this agreement shall not affect any rights, remedies, obligations or liabilities of the parties that have accrued up to the date of termination or expiry, including the right to claim damages
      in respect of any breach of the agreement which existed at or before the date of termination or expiry.

    

    

    	

          	6.	
            Force majeure

          

    

    

    6.1          Provided it has complied with clause 6.3, if a party is prevented, hindered or delayed in or from performing any of its obligations under this agreement by a Force Majeure Event (such party, an “Affected Party”), the Affected Party shall not be in breach of this agreement or otherwise liable for any such failure or delay in the performance of such obligations. The time for performance of such obligations
      shall be extended accordingly.

    

    

    6.2          The corresponding obligations of the other party will be suspended, and it’s time for performance of such obligations extended, to the same extent as those of the Affected Party.

    

    

    
      6.3          The Affected Party shall:

    

    

    

    (a)          as soon as reasonably practicable after the start of the Force Majeure Event but no later than 3 days from its start, notify the other party in writing of the Force Majeure Event, the date on which it
      started, its likely or potential duration, and the effect of the Force Majeure Event on its ability to perform any of its obligations under the agreement; and

    

    

    (b)          use all reasonable endeavors to mitigate the effect of the Force Majeure Event on the performance of its obligations.

    

    

    6.4          If the Force Majeure Event prevents, hinders or delays the Affected Party’s performance of its obligations for a continuous period of more than four weeks, the party not affected by the Force Majeure Event
      may terminate this agreement by giving one week’s written notice to the Affected Party.

    
      

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          	7.	
            Cargo Loss

          

    

    

    ParcelPal be liable to CareRx for loss, damage, or injury to the shipment(s) while such shipment(s) are in the possession or under the control of ParcelPal (including its subcontractors or agents) or resulting from
      ParcelPal (including its subcontractors or agents) performance of or failure to properly perform the transportation services provided for in this agreement or arising from any cause while in the possession of or under the control of ParcelPal
      (including its negligence); provided, however, that ParcelPal shall not be liable for any loss, damage or injury arising out of the acts or omissions of CareRx’s or CareRx’s consignees, employees or subcontractors of either, Force Majeure Event, the
      inherent nature of the shipment, their packing or packaging or the loading and unloading of the shipments by CareRx.

    

    

    	

          	8.	
            Counterparts

          

    

    

    8.1          This agreement may be executed in any number of counterparts, each of which when executed and delivered shall constitute a duplicate original, but all the counterparts shall together constitute the one
      agreement.

    

    

    8.2          Transmission of an executed counterpart of this agreement (but for the avoidance of doubt not just a signature page) by email (in PDF, JPEG or other agreed format) shall take effect as delivery of an executed
      counterpart of this agreement. If such method of delivery is adopted, without prejudice to the validity of the agreement thus made, each party shall provide the other with the original of such counterpart as soon as reasonably possible thereafter.

    

    

    8.3          No counterpart shall be effective until each party has executed and delivered at least one counterpart.

    

    

    	

          	8.	
            Confidentiality and Publicity

          

    

    

    	

          	(a)	
            As used in this Agreement, the words “Confidential Information” means all information which is disclosed at any time by one party (the “Disclosing Party”) to
              the other party (the “Receiving Party”) which the Disclosing Party considers confidential, regardless of whether such information is in oral, visual, electronic, written or other form and whether or not
              identified as confidential information, including, without limitation, technical, business, financial and marketing information, information on patients or residents, personal health information and other information about identifiable
              individuals. “Confidential Information” shall not include such portions of the Confidential Information which (i) become generally available to the public other than as a result of a disclosure by the Receiving Party in breach hereof, (ii)
              are received by the Receiving Party from an independent third party who had obtained the Confidential Information lawfully, (iii) the Receiving Party can show were in its lawful possession before it received such Confidential Information from
              the Disclosing Party, or (iv) the Receiving Party can show was independently developed by the Receiving Party or on the Receiving Party’s behalf.

          

    

    

    	

          	(b)	
            The Receiving Party agrees to (i) hold in strict confidence all Confidential Information of the Disclosing Party, (ii) use the Confidential Information solely to perform its obligations or to exercise its rights under this Agreement, and
              (iii) use the same degree of care to protect Confidential Information in its possession as it uses to protect its own Confidential Information of like nature, but in no circumstances less than reasonable care.

          

    

    

    	

          	(c)	
            In the event that the Receiving Party becomes legally compelled to disclose any of the Confidential Information, the Receiving Party will promptly provide the Disclosing Party with written notice so that the Disclosing Party may seek a
              protective order or other appropriate remedy and/or waive compliance with the provisions of this agreement.

          

    

    

    	

          	(d)	
            Except as required by Applicable Law, neither party shall make any public reference in any manner (including without limitation in any press release, customer list, website, presentation or other media or method) to the other party, this
              agreement, or the relationship created thereby without the prior written consent of the other party.

          

    
      

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          	9.	
            Mutual Indemnification

          

    

    

    Each party agrees to indemnify and hold harmless the other with respect to any loss, damage or claim resulting from or relating to third party claims arising from or relating to its negligent acts or omissions or those of
      its representatives under this agreement.

    

    

    	

          	10.	
            Relationship Between the Parties

          

    

    

    The relationship between ParcelPal and CareRx is one of independent contractor. This agreement is not intended to create, and shall not be construed as creating, between the parties the relationship
      of principal and agent, joint venturers, partners or any similar relationship, the existence of which is hereby expressly denied, nor shall ParcelPal be considered in any sense an affiliate of the CareRx or vice versa.

    

    

    	

          	11.	
            Governing laws

          

    

    

    This agreement and any dispute or claim (including non-contractual disputes or claims) arising out of or in connection with it or its subject matter or formation shall be governed by and construed in accordance with the
      laws of the Province of Alberta and the federal laws of Canada applicable therein.

    

    

    	

          	12.	
            Jurisdiction

          

    

    

    Each party irrevocably agrees that the courts of the Province of Alberta in the City of Calgary shall have exclusive jurisdiction to settle any dispute or claim (including non-contractual disputes or claims) arising out
      of or in connection with this agreement or its subject matter or formation. This agreement has been entered into as of the date first set out above.

    

    

    	

          	13.	
            Assignment

          

    

    

    Neither party may assign this agreement without the prior written consent of the other party.

    

    

    	

          	14.	
            Time of Essence

          

    

    

    Time shall, in all respects, be of the essence of each and every part of this agreement.

    

    

    IN WITNESS HEREOF each Party hereto has caused this agreement to be executed by its duly authorized representatives.

    
      

      9

      
        

      
        
          [***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED

          BY BRACKETS, IS OMITTED BECAUSE IT IS NOT MATERIAL AND WOULD BE

          COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED

        

      

    

    Signatures

    

    

    CareRx Corporation:

    

    

    Signature:  /s/ Ryan Stempfle

    

    

    Date of Signature: Nov 19, 2020

    

    

    Name: Ryan Stempfle

    Title: VP & General Manager, Western Canada

    

    

    ParcelPal Technology Inc.

    

    

    Signature:  /s/ Rich Wheeless

    

    

    Date of Signature: November 19,  2020

    

    

    Name: Rich Wheeless

    Title: Chief Executive Officer

    
      

      10

      
        

      
        
          [***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED

          BY BRACKETS, IS OMITTED BECAUSE IT IS NOT MATERIAL AND WOULD BE

          COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED

        

      

    

    Appendix A: Delivery Rates / Additional Charges

    

    

    [***]

    
      

      11

      
        

      
        
          [***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED

          BY BRACKETS, IS OMITTED BECAUSE IT IS NOT MATERIAL AND WOULD BE

          COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED

        

      

    

    Appendix A: Delivery Rates / Additional Charges

     

    

    [***]

    
      

      12

      
        

      
        
          [***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED

          BY BRACKETS, IS OMITTED BECAUSE IT IS NOT MATERIAL AND WOULD BE

          COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED

        

      

    

    Appendix B: Service Map

    

    

    [***]

    
      

      13

      
        

      
        
          [***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED

          BY BRACKETS, IS OMITTED BECAUSE IT IS NOT MATERIAL AND WOULD BE

          COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED

        

      

    

    Appendix B: Service Map

    

    

    [***]

    
      

      14

      
        

      
        
          [***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED

          BY BRACKETS, IS OMITTED BECAUSE IT IS NOT MATERIAL AND WOULD BE

          COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED

        

      

    

    Appendix C: Hours of Operations

    Note: All times in MST

    

    

    Next Day Delivery (24 HOURS NOTICE)

    

    

    	
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    Same Day Delivery / RUSH

    

    

    	
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    *Same day orders may be subjected to later pick up times

    
      

      15

      
        

      
        
          [***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED

          BY BRACKETS, IS OMITTED BECAUSE IT IS NOT MATERIAL AND WOULD BE

          COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED

        

      

    

    Appendix D: Personnel Contact List

    

    

    	
            Name

          	
            Company

          	
            Email

          	
            Phone

          
	
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  16Exhibit
10.1

 

Subscription
Agreement

 

This
subscription agreement (this “Subscription”) is dated as of the date set forth on the signature page hereto,
by and between the investor identified on the signature page hereto (the “Investor”) and PAVmed Inc., a Delaware
corporation (the “Company”), whereby the parties agree as follows:

 

WHEREAS,
the Company desires to sell, and the Investor desires to purchase shares of the Company’s common stock, $0.001 par value
per share (“Common Stock”), which currently trades on the Capital Market of The Nasdaq Stock Market (the “Principal
Market”).

 

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

 

1.
Subscription.

 

(a)
Investor agrees to buy and, subject to acceptance as provided below, the Company agrees to sell and issue to Investor, such number
of shares (the “Shares”) of Common Stock, free of restrictive legend and stop transfer orders, as are set forth
on the signature page hereto, for the aggregate purchase price set forth on the signature page hereto (the “Purchase
Price”).

 

(b)
The Shares have been registered pursuant to a Registration Statement on Form S-3, Registration No. 333-248709, which registration
statement (the “Registration Statement”) was declared effective by the Securities and Exchange Commission on
September 17, 2020, and is effective on the date hereof. A final prospectus supplement (the “Prospectus Supplement”)
will be delivered as required by law.

 

(c)
The Company may accept this Subscription at any time for all or any portion of the Shares subscribed for by executing a copy hereof
as provided and notifying the Investor within a reasonable time thereafter. The Company has the right to reject this subscription
for the Common Stock, in whole or in part for any reason and at any time prior to the Closing (as defined below) thereon, notwithstanding
prior receipt by the Investor of notice of acceptance of the Investor’s subscription. In the event the Investor’s
subscription is rejected, the Investor’s payment will be returned promptly to the Investor without interest or deduction
and this Subscription will have no force or effect. The Shares subscribed for herein will not be deemed issued to or owned by
the Investor until one copy of this Subscription has been executed by the Investor and countersigned by the Company and the Closing
with respect to the Investor’s subscription has occurred.

 

(d)
Provided the Purchase Price has been delivered to the Company and the Company has filed the Prospectus Supplement to the Registration
Statement pursuant to Rule 424(b) with respect to the offer and sale of the Shares, the closing of Investor’s purchase of
the Shares pursuant to this Subscription (the “Closing”) shall occur on or prior to the second business day
after the date of this Subscription (the date of the Closing, the “Closing Date”); provided that the Closing
Date shall occur on or prior to the third business day after the date of this Subscription if this Subscription is executed after
4:30 p.m. Eastern time. Upon the Closing, the Company shall cause the Shares to be delivered to the Investor, which delivery shall
be made through the facilities of The Depository Trust Company’s DWAC system in accordance with the instructions set forth
on the Investor’s signature page attached hereto under the heading “DWAC Instructions” or otherwise provided
in writing by the Investor.

 

    	 

     

    

 

2.
Sales During Pre-Settlement Period. Notwithstanding anything herein to the contrary, if at any time on or after the time
of execution of this Agreement by the Company and an applicable Investor, through, and including the time immediately prior to
the Closing (the “Pre-Settlement Period”), such Investor sells to any Person all, or any portion, of any shares
of Common Stock to be issued hereunder to such Investor at the Closing (collectively, the “Pre-Settlement Shares”),
such Investor shall, automatically hereunder (without any additional required actions by such Investor or the Company), be deemed
to be unconditionally bound to purchase, and the Company shall be deemed unconditionally bound to sell, such Pre-Settlement Shares
to such Investor at the Closing; provided, that the Company shall not be required to deliver any Pre-Settlement Shares to such
Investor prior to the Company’s receipt of the purchase price of such Pre-Settlement Shares hereunder; and provided further
that the Company hereby acknowledges and agrees that the forgoing shall not constitute a representation or covenant by such Investor
as to whether or not during the Pre-Settlement Period such Investor shall sell any shares of Common Stock to any Person and that
any such decision to sell any shares of Common Stock by such Investor shall solely be made at the time such Investor elects to
effect any such sale, if any.

 

3.
Company Representations and Warranties. The Company represents and warrants that:

 

(a)
(i) The Company has full corporate power and authority to enter into this Subscription and to perform all of its obligations hereunder;
(ii) this Subscription has been duly authorized and executed by and, when delivered in accordance with the terms hereof, will
constitute a valid and binding agreement of the Company enforceable in accordance with its terms, except as such enforceability
may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the rights and remedies of creditors
generally or subject to general principles of equity; and (iii) the execution and delivery of this Subscription and the consummation
of the transactions contemplated hereby do not conflict with or result in a breach of (A) the Company’s Certificate of Incorporation,
as amended, or Bylaws, or (B) any material agreement to which the Company is a party or by which any of its property or assets
is bound.

 

(b)
The Company has filed all reports, schedules, forms, statements and other documents required to be filed by it with the United
States Securities and Exchange Commission (the “SEC”) pursuant to the reporting requirements of the 1934 Act
(all of the foregoing filed prior to the date hereof and all exhibits included therein and financial statements and schedules
thereto and documents incorporated by reference therein being hereinafter referred to as the “SEC Documents”).
As of their respective dates (except as they have been correctly amended), the SEC Documents complied in all material respects
with the requirements of the 1934 Act and the rules and regulations of the SEC promulgated thereunder applicable to the SEC Documents,
and none of the SEC Documents, at the time they were filed with the SEC (except as they may have been properly amended), contained
any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order
to make the statements therein, in light of the circumstances under which they were made, not misleading. As of their respective
dates (except as they have been properly amended), the financial statements of the Company included in the SEC Documents complied
as to form in all material respects with applicable accounting requirements and the published rules and regulations of the SEC
with respect thereto. Such financial statements have been prepared in accordance with generally accepted accounting principles,
consistently applied, during the periods involved (except (i) as may be otherwise indicated in such financial statements or the
notes thereto or (ii) in the case of unaudited interim statements, to the extent they may exclude footnotes or may be condensed
or summary statements) and fairly present in all material respects the financial position of the Company as of the dates thereof
and the results of its operations and cash flows for the periods then ended (subject, in the case of unaudited statements, to
normal year-end audit adjustments). Except for routine correspondence, such as comment letters and notices of effectiveness in
connection with previously filed registration statements or periodic reports publicly available on EDGAR, to the Company’s
knowledge, none of the Company or any of its subsidiaries (the “Subsidiaries”) are presently the subject of
any inquiry, investigation or action by the SEC.

 

    	 

     

    

 

(c)
Except as disclosed in the SEC Documents, (i) no shares of the Company’s capital stock are subject to preemptive rights
or any other similar rights or any liens or encumbrances suffered or permitted by the Company, (ii) there are no outstanding debt
securities of the Company or any of its Subsidiaries, (iii) other than pursuant to the Company’s equity incentive plans
and employee stock purchase plan, there are no outstanding options, warrants, scrip, rights to subscribe to, calls or commitments
of any character whatsoever relating to, or securities or rights convertible into, any shares of capital stock of the Company
or any of its Subsidiaries, or contracts, commitments, understandings or arrangements by which the Company or any of its Subsidiaries
is or may become bound to issue additional shares of capital stock of the Company or any of its Subsidiaries or options, warrants,
scrip, rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities or rights convertible
into, any shares of capital stock of the Company or any of its Subsidiaries, (iv) there are no material agreements or arrangements
under which the Company or any of its Subsidiaries is obligated to register the sale of any of their securities under the 1933
Act, (v) there are no outstanding securities or instruments of the Company or any of its Subsidiaries which contain any redemption
or similar provisions, and there are no contracts, commitments, understandings or arrangements by which the Company or any of
its Subsidiaries is or may become bound to redeem a security of the Company or any of its Subsidiaries, (vi) there are no securities
or instruments containing anti-dilution or similar provisions that will be triggered by the issuance of the Securities as described
in this Subscription, (vii) the Company does not have any “phantom stock” plans or agreements or any similar plan
or agreement, (viii) the Shares when issued and paid for in accordance with the terms of this Subscription will be duly authorized,
validly issued, fully paid and non-assessable, and shall be issued free of restrictive legends and stop transfer orders; (ix)
all preemptive rights or rights of first refusal held by stockholders of the Company and applicable to the transactions contemplated
hereby have been duly satisfied or waived in accordance with the terms of the agreements between the Company and such stockholders
conferring such rights; (x) the transactions contemplated hereby have been duly authorized by the Company’s Board of Directors;
and (xi) the Company is not subject to any notices or actions from or to the Principal Market other than routine matters incident
to listing on the Principal Market and not involving a violation of the rules of the Principal Market.

 

    	 

     

    

 

(d)
The Registration Statement has been declared effective by the SEC, and no stop order has been issued or is pending or, to the
knowledge of the Company, threatened by the SEC with respect thereto. As of the date hereof, the Company has a dollar amount of
securities registered and unsold under the Registration Statement, which is not less than the aggregate Purchase Price of this
Subscription and the other similar subscription agreements being signed concurrently herewith. The Company shall keep the Registration
Statement effective and available for sales of all Shares to the Buyer through and including the Closing Date. The Registration
Statement (including any amendments or supplements thereto and prospectuses or prospectus supplements, including the Prospectus
contained therein and the Prospectus Supplement) shall not contain any untrue statement of a material fact or omit to state a
material fact required to be stated therein, or necessary to make the statements therein, in light of the circumstances in which
they were made, not misleading.

 

4.
Investor Representations, Warranties and Acknowledgments.

 

(a)
The Investor represents and warrants that: (i) it has full right, power and authority to enter into this Subscription and to perform
all of its obligations hereunder; (ii) this Subscription has been duly authorized and executed by the Investor and , when delivered
in accordance with the terms hereof, will constitute a valid and binding agreement of the Investor enforceable against the Investor
in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium
or similar laws affecting the rights and remedies of creditors generally or subject to general principles of equity; (iii) the
execution and delivery of this Subscription and the consummation of the transactions contemplated hereby do not conflict with
or result in a breach of (A) the Investor’s certificate of incorporation or by-laws (or other governing documents), or (B)
any material agreement or any law or regulation to which the Investor is a party or by which any of its property or assets is
bound; (iv) it has had full access to the base prospectus included in the Registration Statement and the Company’s periodic
reports and other information incorporated by reference therein (the “Prospectus”), and was able to read, review,
download and print such materials; (v) in making its investment decision with respect to the Shares, the Investor and its advisors,
if any, have relied solely on the Prospectus; (vi) it is knowledgeable, sophisticated and experienced in making, and is qualified
to make, decisions with respect to investments in securities representing an investment decision like that involved in the purchase
of the Shares; and (vii) except as set forth below, the Investor is not, and it has no direct or indirect affiliation or association
with, a member of the Financial Industry Regulatory Authority as of the date hereof.

 

Exceptions:
_________________________________________________________

 

___________________________________________________________________

(If
no exceptions, write “none.” If left blank, response will be deemed to be “none.”)

 

(b)
The Investor also represents and warrants that, other than the transactions contemplated hereunder, the Investor has not directly
or indirectly, nor has any person acting on behalf of or pursuant to any understanding with the Investor, executed any disposition,
including “short sales” as defined in Rule 200 of Regulation SHO under the Securities Exchange Act of 1934 (the “Short
Sales”), in the securities of the Company during the period commencing from the time that the Investor first became
aware of the proposed transactions contemplated hereunder until the date hereof (“Discussion Time”). The Investor
has maintained the confidentiality of all disclosures made to it in connection with this transaction (including the existence
and terms of this transaction), except with respect to the Investor’s legal counsel and advisors subject to a duty of confidentiality
substantially similar to that contained herein. Investor shall be liable for any breach by its legal counsel or advisors of the
confidentiality obligations contained herein as if such breach were by Investor.

 

    	 

     

    

 

(c)
The Investor acknowledges that in connection with the offering of the Shares pursuant to the Registration Statement, the Company
has entered into a placement agent agreement with Maxim Group LLC and Lake Street Capital Markets, LLC, pursuant to which it has
agreed to pay Maxim Group LLC and Lake Street Capital Markets, LLC a commission of 7.0% of the Purchase Price of certain of the
Shares, and pursuant to which it has agreed to reimburse Maxim Group LLC for its expenses of up to $15,000.

 

5.
Investor Covenant Regarding Short Sales and Confidentiality. The Investor covenants that neither it nor any affiliates
acting on its behalf or pursuant to any understanding with it will execute any Short Sales or other disposition of securities
of the Company during the period after the Discussion Time and ending at the time that the transactions contemplated by this Subscription
are first publicly announced through a press release, prospectus supplement and/or Form 8-K. Furthermore, the Investor covenants
that no shares received from the offering will be used to cover any previously made short sales. The Investor covenants that until
such time as the transactions contemplated by this Subscription are publicly disclosed by the Company through a press release,
prospectus supplement and/or Form 8-K, the Investor will maintain the confidentiality of all disclosures made to it in connection
with this transaction (including the existence and terms of this transaction).

 

6.
Miscellaneous.

 

(a)
This Subscription constitutes the entire understanding and agreement between the parties with respect to its subject matter, and
there are no agreements or understandings with respect to the subject matter hereof which are not contained in this Subscription.
This Subscription may be modified only in writing signed by the parties hereto.

 

(b)
This Subscription may be executed in any number of counterparts, all of which taken together shall constitute one and the same
instrument and shall become effective when counterparts have been signed by each party and delivered to the other parties hereto,
it being understood that all parties need not sign the same counterpart. Execution may be made by delivery by facsimile or by
email delivery of a “.pdf” format data file.

 

(c)
The provisions of this Subscription are severable and, in the event that any court or officials of any regulatory agency of competent
jurisdiction shall determine that any one or more of the provisions or part of the provisions contained in this Subscription shall,
for any reason, be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability
shall not affect any other provision or part of a provision of this Subscription and this Subscription shall be reformed and construed
as if such invalid or illegal or unenforceable provision, or part of such provision, had never been contained herein, so that
such provisions would be valid, legal and enforceable to the maximum extent possible, so long as such construction does not materially
adversely effect the economic rights of either party hereto.

 

    	 

     

    

 

(d)
All communications hereunder shall be in writing and shall be mailed, hand delivered, sent by a recognized overnight courier service
such as Federal Express, or sent via facsimile or email, to the party to whom it is addressed at the following addresses or such
other address as such party may advise the other in writing:

 

	 	If
    to the Company:
	 	 	 
	 	 	PAVmed
    Inc.
	 	 	One
    Grand Central Place, Suite 4600
	 	 	NY,
    NY 10165
	 	 	Telephone:
    (212) 949-4319
	 	 	Attention:
    Lishan Aklog, Chief Executive Officer
	 	 	E-Mail:
    la@pavmed.com
	 	 	 
	 	 	With
    a copy (for informational purposes only) to:
	 	 	 
	 	 	Graubard
    Miller
	 	 	405
    Lexington Avenue, 11th Floor
	 	 	New
    York, NY 10174
	 	 	Telephone:
    (212) 818-8800
	 	 	Attention:
    Eric T. Schwartz, Esq., Jeffrey M. Gallant, Esq.
	 	 	Email:
    eschwartz@graubrd.com, jgallant@graubard.com
	 	 	 
	 	If
    to the Investor: as set forth on the signature page hereto.

 

All
notices hereunder shall be effective upon receipt by the party to which it is addressed.

 

(e)
This Subscription shall be governed by and interpreted in accordance with the laws of State of New York for contracts to be wholly
performed in such state and without giving effect to the principles thereof regarding the conflict of laws. Each party hereby
irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in New York, New York for the adjudication
of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and each irrevocably
waives any claim that it is not personally subject to the jurisdiction of such court, or that such court is an improper or inconvenient
venue for such action, suit, or proceeding. THE PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY
APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY, IRREVOCABLY AND EXPRESSLY WAIVE FOREVER TRIAL BY JURY.

 

(f)
This Subscription shall be binding upon and inure to the benefit of the parties and their respective successors and assigns. The
Company shall not assign this Subscription or any rights or obligations hereunder without the prior written consent of the Investor,
including by merger or consolidation; provided, however, that any transaction, whether by merger, reorganization, restructuring,
consolidation, financing or otherwise, whereby the Company remains the surviving entity immediately after such transaction, shall
not be deemed a succession or assignment. The Investor may not assign its rights or obligations under this Agreement.

 

    	 

     

    

 

(g)
In consideration of the Investor’s execution and delivery of the Subscription and acquiring the Shares hereunder and in
addition to all of the Company’s other obligations under the Subscription, the Company shall defend, protect, indemnify
and hold harmless the Investor and all of its affiliates, members, officers, directors, and employees, and any of the foregoing
person’s agents or other representatives (including, without limitation, those retained in connection with the transactions
contemplated by this Subscription) (collectively, the “Indemnitees”) from and against any and all actions,
causes of action, suits, claims, losses, costs, penalties, fees, liabilities and damages, and expenses in connection therewith
(irrespective of whether any such Indemnitee is a party to the action for which indemnification hereunder is sought), and including
reasonable attorneys’ fees and disbursements (the “Indemnified Liabilities”), incurred by any Indemnitee
as a result of, or arising out of, or relating to (a) any misrepresentation or breach of any representation or warranty made by
the Company in the Subscription or any other certificate, instrument or document contemplated hereby or thereby, (b) any untrue
statement of a material fact or omission to state a material fact required to be stated in the Registration Statement, Prospectus
and/or Prospectus Supplement, or necessary to make the statements therein, in light of the circumstances in which they were made,
not misleading, (c) any breach of any covenant, agreement or obligation of the Company contained in the Subscription or any other
certificate, instrument or document contemplated hereby or thereby, or (d) any cause of action, suit or claim brought or made
against such Indemnitee by any stockholder of the Company who is not an affiliate of Investor and arising out of or resulting
from the execution, delivery, performance or enforcement of the Subscription or any other certificate, instrument or document
contemplated hereby or thereby, other than with respect to Indemnified Liabilities which directly and primarily result from (A)
a breach of any of the Investor’s representations and warranties, covenants or agreements contained in this Subscription,
(B) the gross negligence, bad faith or willful misconduct of the Investor or any other Indemnitee, (C) any agreements or understandings
Investor may have with any stockholder of the Company, or (D) any violation by Investor of state or federal securities laws. To
the extent that the foregoing undertaking by the Company may be unenforceable for any reason, the Company shall make the maximum
contribution to the payment and satisfaction of each of the Indemnified Liabilities which is permissible under applicable law.

 

[signature
pages follow]

 

    	 

     

    

 

 

If
the foregoing correctly sets forth our agreement, please confirm this by signing and returning to us the duplicate copy of this
Subscription.

 

	 	 	PAVMED
    INC. 
	 	 	 	 
	 	 	By:	
	 	 	Name:	 
		 	Title:	
	Number
    of Shares:_______________________________	 	 	 
	Purchase
Price Per Share:$________________________	 	 	 
	Aggregate
    Purchase Price: $_______________________	 	 	 
	 	 	 	 
	INVESTOR:____________________________________	 	 	 
	 	 	 	 	 
	By:		 	 	 
	Name:	 	 	 	 
	Title:	                                                                                               	 	 	 
	 	 	 	 	 
	Address
    for Notice:	 	 	With
    a copy to (which shall not constitute
	 	 	 	notice):
	 	 	 	 
		 	 	
		 	 	
		 	 	
	 	 	 	 
	Facsimile:
    ______________________________________	 	 	Facsimile:__________________________________
	Attention:
    ______________________________________	 	 	Attention:__________________________________
	 	 	 	 	 
	DWAC
    Instructions:	 	 	 
	 	 	 	 	 
	Name
    of DTC Participant (broker-dealer at which the account or accounts to be credited with the Shares are maintained):	 	 	
	 	 	 	 	 
	DTC
    Participant Number:	 	 	
	 	 	 	 	 
	Name
                                         of Account at DTC Participant being

credited
with the Shares:

	 	 	
	 	 	 	 	 
	Account
                                         Number at DTC Participant being credited

                                                                     with
                                         the Shares

	 	 	

 

The
sale of the Shares is being made pursuant to a registration statement under the Securities Act. A final prospectus supplement
relating to the sale of the Shares will be filed with the Commission and will be available on the Commission’s website at
www.sec.gov.

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