Document:

Exhibit
4.6

 

THE
REGISTERED HOLDER OF THIS PURCHASE OPTION BY ITS ACCEPTANCE HEREOF, AGREES THAT THIS PURCHASE OPTION SHALL NOT BE SOLD, TRANSFERRED,
ASSIGNED, PLEDGED, OR HYPOTHECATED, OR BE THE SUBJECT OF ANY HEDGING, SHORT SALE, DERIVATIVE, PUT, OR CALL TRANSACTION THAT WOULD
RESULT IN THE EFFECTIVE ECONOMIC DISPOSITION OF THE SECURITIES FOR A PERIOD OF ONE HUNDRED EIGHTY (180) DAYS IMMEDIATELY FOLLOWING
THE EFFECTIVE DATE, AS HEREAFTER DEFINED. THIS PURCHASE OPTION IS NOT EXERCISABLE AFTER FIVE YEARS FROM THE EFFECTIVE DATE.

 

UNIT
PURCHASE OPTION

 

FOR
THE PURCHASE OF

 

[●]
UNITS

 

OF

 

PAVMED
INC.

 

1.
Purchase Option.

 

THIS
CERTIFIES THAT, for good and valuable consideration delivered by or on behalf of [●] (“Holder”), as registered
owner of this Purchase Option, to PAVmed Inc. (“Company”), the receipt and sufficiency of which are hereby
acknowledged, Holder is entitled, at any time or from time to time from the date hereof (“Commencement Date”),
and at or before 5:00 p.m., New York City local time, January 29, 2021 (“Expiration Date”), but not thereafter,
to subscribe for, purchase and receive, in whole or in part, up to [●] ([●]) units (“Units”) of the
Company, each Unit consisting of one share of the Company’s common stock, par value $0.001 per share (“Common Stock”),
and one Series Z warrant (“Warrant(s)”) expiring April 30, 2024. The Units and Warrants are the same as the
units (“Public Units”) and warrants (“Public Warrants”) included in the Public Units being
registered for sale to the public by way of the Company’s Registration Statement on Form S-1, file number 333-222581. If
the Expiration Date is a day on which banking institutions are authorized by law to close, then this Purchase Option may be exercised
on the next succeeding day which is not such a day in accordance with the terms herein. During the period ending on the Expiration
Date, the Company agrees not to take any action that would terminate this Purchase Option. This Purchase Option is initially exercisable
at $5.50 per Unit so purchased; provided, however, that upon the occurrence of any of the events specified in Section 6 hereof,
the rights granted by this Purchase Option, including the exercise price per Unit and the number of Units (and Common Stock and
Warrants) to be received upon such exercise, shall be adjusted as therein specified. The term “Exercise Price”
shall mean the initial exercise price or the adjusted exercise price, depending on the context.

 

2.
Exercise.

 

2.1.
Exercise Form. In order to exercise this Purchase Option, the exercise form attached hereto must be duly executed and completed
and delivered to the Company, together with this Purchase Option and payment of the Exercise Price for the Units being purchased
payable in cash or by certified check or official bank check. If the subscription rights represented hereby shall not be exercised
at or before 5:00 p.m., New York City local time, on the Expiration Date this Purchase Option shall become and be void without
further force or effect, and all rights represented hereby shall cease and expire.

 

    	 	 	 

     

    

 

2.2.
Legend. Each certificate for the securities purchased under this Purchase Option shall bear a legend as follows unless
such securities have been registered under the Securities Act of 1933, as amended (“Act”):

 

“The
securities represented by this certificate have not been registered under the Securities Act of 1933, as amended (“Act”)
or applicable state law. The securities may not be offered for sale, sold or otherwise transferred except pursuant to an effective
registration statement under the Act, or pursuant to an exemption from registration under the Act and applicable state law.”

 

2.3.
Cashless Exercise.

 

2.3.1.
Determination of Amount. In lieu of the payment of the Exercise Price multiplied by the number of Units for which this
Purchase Option is exercisable (and in lieu of being entitled to receive Common Stock and Warrants) in the manner required by
Section 2.1, the Holder shall have the right (but not the obligation) to convert any exercisable but unexercised portion of this
Purchase Option into Units (“Cashless Exercise Right”) as follows: upon exercise of the Cashless Exercise Right,
the Company shall deliver to the Holder (without payment by the Holder of any of the Exercise Price in cash) that number of Units
(or that number of shares of Common Stock and Warrants comprising that number of Units) equal to the quotient obtained by dividing
(x) the Value (as defined below) of the portion of the Purchase Option being converted by (y) the Current Market Value (as defined
below). The “Value” of the portion of the Purchase Option being converted shall equal the remainder derived
from subtracting (a) (i) the Exercise Price multiplied by (ii) the number of Units underlying the portion of this Purchase Option
being converted from (b) the Current Market Value of a Unit multiplied by the number of Units underlying the portion of the Purchase
Option being converted. As used herein, the term “Current Market Value” per Unit at any date means: (A) in
the event that neither the Public Units nor Public Warrants are still trading, the remainder derived from subtracting (x) the
exercise price of the Warrants multiplied by the number of shares of Common Stock issuable upon exercise of the Warrants underlying
one Unit from (y) (i) the Current Market Price of the Common Stock multiplied by (ii) the number of shares of Common Stock underlying
one Unit, which shall include the shares of Common Stock underlying the Warrants included in such Unit; (B) in the event that
the Public Units, Common Stock and Public Warrants are still trading, (i) if the Units are listed on a national securities exchange
or quoted on the OTC Bulletin Board, the last sale price of the Units in the principal trading market for the Units as reported
by the exchange or upon the OTC Bulletin Board, as the case may be, on the last trading day preceding the date in question; or
(ii) if the Units are not listed on a national securities exchange or quoted on the OTC Bulletin Board (or successor exchange),
but are traded in the residual over-the-counter market, the closing bid price for Units on the last trading day preceding the
date in question for which such quotations are reported by the publisher of such quotations; and (C) in the event that the Public
Units are not still trading but the Common Stock and Public Warrants underlying the Units are still trading the Current Market
Price of the Common Stock plus the product of (x) the Current Market Price of the Public Warrants and (y) the number of Shares
underlying the Warrants included in one Unit. The “Current Market Price” shall mean (i) if the Common Stock
(or Public Warrants, as the case may be) is listed on a national securities exchange or quoted on the OTC Bulletin Board, the
last sale price of the Common Stock (or Public Warrants) in the principal trading market for the Common Stock as reported by the
exchange or the OTC Bulletin Board, as the case may be, on the last trading day preceding the date in question; (ii) if the Common
Stock (or Public Warrants, as the case may be) is not listed on a national securities exchange or quoted on the OTC Bulletin Board
but are traded in the residual over-the-counter market, the closing bid price for the Common Stock (or Public Warrants) on the
last trading day preceding the date in question for which such quotations are reported by the OTC Market or similar publisher
of such quotations; and (iii) if the fair market value of the Common Stock cannot be determined pursuant to clause (i) or (ii)
above, such price as the Board of Directors of the Company shall determine, in good faith. In the event the Public Warrants have
expired and are no longer exercisable, no “Value” shall be attributed to the Warrants underlying this Purchase Option.

 

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2.3.2.
Mechanics of Cashless Exercise. The Cashless Exercise Right may be exercised by the Holder on any business day on or after
the Commencement Date and not later than the Expiration Date by delivering the Purchase Option with the duly executed exercise
form attached hereto with the cashless exercise section completed to the Company, exercising the Cashless Exercise Right and specifying
the total number of Units the Holder will purchase pursuant to such Cashless Exercise Right.

 

2.4.
No Obligation to Net Cash Settle. Notwithstanding anything to the contrary contained in this Purchase Option, in no event
will the Company be required to net cash settle the exercise of the Purchase Option or the Warrants underlying the Purchase Option.
The holder of the Purchase Option and the Warrants underlying the Purchase Option will not be entitled to exercise the Purchase
Option or the Warrants underlying such Purchase Option unless a registration statement is effective, or an exemption from the
registration requirements is available at such time and, if the holder is not able to exercise the Purchase Option or underlying
Warrants, the Purchase Option and/or the underlying Warrants, as applicable, will expire worthless.

 

3.
Transfer.

 

3.1.
General Restrictions. Transfers of this Purchase Option may be made subject to compliance with or exemptions from applicable
securities laws. In order to make any permitted assignment, the Holder must deliver to the Company the assignment form attached
hereto duly executed and completed, together with the Purchase Option and payment of all transfer taxes, if any, payable in connection
therewith. The Company shall within five business days transfer this Purchase Option on the books of the Company and shall execute
and deliver a new Purchase Option or Purchase Options of like tenor to the appropriate assignee(s) expressly evidencing the right
to purchase the aggregate number of Units purchasable hereunder or such portion of such number as shall be contemplated by any
such assignment.

 

3.2.
Restrictions Imposed by the Act. The securities evidenced by this Purchase Option shall not be transferred unless and until
(i) the Company has received the opinion of counsel for the Holder that the securities may be transferred pursuant to an exemption
from registration under the Act and applicable state securities laws, the availability of which is established to the reasonable
satisfaction of the Company (the Company hereby agreeing that the opinion of Greenberg Traurig, LLP shall be deemed satisfactory
evidence of the availability of an exemption), or (ii) a registration statement or a post-effective amendment to the Registration
Statement relating to such securities has been filed by the Company and declared effective by the Securities and Exchange Commission
(the “Commission”) and compliance with applicable state securities law has been established.

 

    	 	3	 

     

    

 

4.
New Purchase Options to be Issued.

 

4.1.
Partial Exercise or Transfer. Subject to the restrictions in Section 3 hereof, this Purchase Option may be exercised or
assigned in whole or in part. In the event of the exercise or assignment hereof in part only, upon surrender of this Purchase
Option for cancellation, together with the duly executed exercise or assignment form and funds sufficient to pay any Exercise
Price and/or transfer tax, the Company shall cause to be delivered to the Holder without charge a new Purchase Option of like
tenor to this Purchase Option in the name of the Holder evidencing the right of the Holder to purchase the number of Units purchasable
hereunder as to which this Purchase Option has not been exercised or assigned.

 

4.2.
Lost Certificate. Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation
of this Purchase Option and of reasonably satisfactory indemnification or the posting of a bond, the Company shall execute and
deliver a new Purchase Option of like tenor and date. Any such new Purchase Option executed and delivered as a result of such
loss, theft, mutilation or destruction shall constitute a substitute contractual obligation on the part of the Company.

 

5.
Registration Rights.

 

5.1.
Demand Registration.

 

5.1.1.
Grant of Right. The Company, upon written demand (“Initial Demand Notice”) of the Holder(s) of at least
51% of the Units subject to Purchase Options and/or the underlying Units and/or the underlying securities (“Majority
Holders”), agrees to use its best efforts to register (the “Demand Registration”) under the Act on
one occasion, all or any portion of the Purchase Option requested by the Majority Holders in the Initial Demand Notice and all
of the securities underlying such Purchase Option, including the Units, the Common Stock, the Warrants and the Common Stock underlying
the Warrants (collectively, the “Registrable Securities”). On such occasion, the Company will use its best
efforts to file a registration statement or a post-effective amendment to the Registration Statement covering the Registrable
Securities within sixty (60) days after receipt of the Initial Demand Notice and use its best efforts to have such registration
statement or post-effective amendment declared effective as soon as possible thereafter. The demand for registration may be made
at any time during a period of five years beginning on January 29, 2016, the date that the Company’s initial registration
statement filed with the U.S. Securities and Exchange Commission, file number 333-203659, was declared effective (“Effective
Date”). The Initial Demand Notice shall specify the number of shares of Registrable Securities proposed to be sold and
the intended method(s) of distribution thereof. The Company will notify all holders of the Purchase Option and/or Registrable
Securities of the demand within ten (10) days from the date of the receipt of any such Initial Demand Notice. Each holder of Registrable
Securities who wishes to include all or a portion of such holder’s Registrable Securities in the Demand Registration (each
such holder including shares of Registrable Securities in such registration, a “Demanding Holder”) shall so
notify the Company within fifteen (15) days after the receipt by the holder of the notice from the Company. Upon any such request,
the Demanding Holders shall be entitled to have their Registrable Securities included in the Demand Registration, subject to Section
5.1.4.

 

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5.1.2.
Effective Registration. A registration will not count as a Demand Registration until the registration statement filed with
the Commission with respect to such Demand Registration has been declared effective and the Company has complied with all of its
obligations under this Agreement with respect thereto; provided, however, that if, after such registration statement has been
declared effective, the offering of Registrable Securities pursuant to a Demand Registration is interfered with by any stop order
or injunction of the Commission or any other governmental agency or court, the registration statement with respect to such Demand
Registration will be deemed not to have been declared effective, unless and until, (i) such stop order or injunction is removed,
rescinded or otherwise terminated, and (ii) a majority-in-interest of the Demanding Holders thereafter elect to continue the offering.

 

5.1.3.
Underwritten Offering. If the Majority Holders so elect and such holders so advise the Company as part of the Initial Demand
Notice, the offering of such Registrable Securities pursuant to such Demand Registration shall be in the form of an underwritten
offering. In such event, the right of any holder to include its Registrable Securities in such registration shall be conditioned
upon such holder’s participation in such underwriting and the inclusion of such holder’s Registrable Securities in
the underwriting to the extent provided herein. All Demanding Holders proposing to distribute their securities through such underwriting
shall enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting
by the Majority Holders.

 

5.1.4.
Reduction of Offering. If the managing underwriter or underwriters for a Demand Registration that is to be an underwritten
offering advises the Company and the Demanding Holders in writing that the dollar amount or number of shares of Registrable Securities
which the Demanding Holders desire to sell, taken together with all other shares of Common Stock or other securities which the
Company desires to sell and the shares of Common Stock, if any, as to which registration has been requested pursuant to written
contractual piggy-back registration rights held by other stockholders of the Company who desire to sell, exceeds the maximum dollar
amount or maximum number of shares that can be sold in such offering without adversely affecting the proposed offering price,
the timing, the distribution method, or the probability of success of such offering (such maximum dollar amount or maximum number
of shares, as applicable, the “Maximum Number of Shares”), then the Company shall include in such registration:
(i) first, the Registrable Securities as to which Demand Registration has been requested by the Demanding Holders (pro rata in
accordance with the number of shares that each such Person has requested be included in such registration, regardless of the number
of shares held by each such Person (such proportion is referred to herein as “Pro Rata”)) that can be sold
without exceeding the Maximum Number of Shares; (ii) second, to the extent that the Maximum Number of Shares has not been reached
under the foregoing clause (i), the shares of Common Stock or other securities that the Company desires to sell that can be sold
without exceeding the Maximum Number of Shares; (iii) third, to the extent that the Maximum Number of Shares has not been reached
under the foregoing clauses (i) and (ii), the shares of Common Stock or other securities registrable pursuant to the terms of
the Registration Rights Agreement between the Company and the initial investors in the Company (the “Registration Rights
Agreement” and such registrable securities, the “Investor Securities”) as to which “piggy-back”
registration has been requested by the holders thereof, Pro Rata, that can be sold without exceeding the Maximum Number of Shares;
and (iv) fourth, to the extent that the Maximum Number of Shares have not been reached under the foregoing clauses (i), (ii),
and (iii), the shares of Common Stock or other securities for the account of other persons that the Company is obligated to register
pursuant to written contractual arrangements with such persons and that can be sold without exceeding the Maximum Number of Shares.

 

    	 	5	 

     

    

 

5.1.5.
Withdrawal. If a majority-in-interest of the Demanding Holders disapprove of the terms of any underwriting or are not entitled
to include all of their Registrable Securities in any offering, such majority-in-interest of the Demanding Holders may elect to
withdraw from such offering by giving written notice to the Company and the underwriter or underwriters of their request to withdraw
prior to the effectiveness of the registration statement filed with the Commission with respect to such Demand Registration. If
the majority-in-interest of the Demanding Holders withdraws from a proposed offering relating to a Demand Registration, then the
Company does not have to continue its obligations under Section 5.1 with respect to such proposed offering.

 

5.1.6.
Terms. The Company shall bear all fees and expenses attendant to registering the Registrable Securities, including the
expenses of any legal counsel selected by the Holders to represent them in connection with the sale of the Registrable Securities,
but the Holders shall pay any and all underwriting commissions. The Company agrees to use its reasonable best efforts to qualify
or register the Registrable Securities in such states as are reasonably requested by the Majority Holder(s); provided, however,
that in no event shall the Company be required to register the Registrable Securities in a state in which such registration would
cause (i) the Company to be obligated to qualify to do business in such state, or would subject the Company to taxation as a foreign
corporation doing business in such jurisdiction or (ii) the principal stockholders of the Company to be obligated to escrow their
shares of capital stock of the Company. The Company shall use its best efforts to cause any registration statement or post-effective
amendment filed pursuant to the demand rights granted under Section 5.1.1 to remain effective for a period of nine consecutive
months from the Effective Date of such registration statement or post-effective amendment.

 

5.2.
Piggy-Back Registration.

 

5.2.1.
Piggy-Back Rights. If at any time during the seven year period commencing on the Effective Date the Company proposes to
file a registration statement under the Act with respect to an offering of equity securities, or securities or other obligations
exercisable or exchangeable for, or convertible into, equity securities, by the Company for its own account or for stockholders
of the Company for their account (or by the Company and by stockholders of the Company including, without limitation, pursuant
to Section 5.1), other than a registration statement (i) filed in connection with any employee stock option or other benefit plan,
(ii) for an exchange offer or offering of securities solely to the Company’s existing stockholders, (iii) for an offering
of debt that is convertible into equity securities of the Company or (iv) for a dividend reinvestment plan, then the Company shall
(x) give written notice of such proposed filing to the holders of Registrable Securities as soon as practicable but in no event
less than ten (10) days before the anticipated filing date, which notice shall describe the amount and type of securities to be
included in such offering, the intended method(s) of distribution, and the name of the proposed managing underwriter or underwriters,
if any, of the offering, and (y) offer to the holders of Registrable Securities in such notice the opportunity to register the
sale of such number of shares of Registrable Securities as such holders may request in writing within five (5) days following
receipt of such notice (a “Piggy-Back Registration”). The Company shall cause such Registrable Securities to
be included in such registration and shall use its best efforts to cause the managing underwriter or underwriters of a proposed
underwritten offering to permit the Registrable Securities requested to be included in a Piggy-Back Registration on the same terms
and conditions as any similar securities of the Company and to permit the sale or other disposition of such Registrable Securities
in accordance with the intended method(s) of distribution thereof. All holders of Registrable Securities proposing to distribute
their securities through a Piggy-Back Registration that involves an underwriter or underwriters shall enter into an underwriting
agreement in customary form with the underwriter or underwriters selected for such Piggy-Back Registration.

 

    	 	6	 

     

    

 

5.2.2.
Reduction of Offering. If the managing underwriter or underwriters for a Piggy-Back Registration that is to be an underwritten
offering advises the Company and the holders of Registrable Securities in writing that the dollar amount or number of shares of
Common Stock which the Company desires to sell, taken together with shares of Common Stock, if any, as to which registration has
been demanded pursuant to written contractual arrangements with persons other than the holders of Registrable Securities hereunder,
the Registrable Securities as to which registration has been requested under this Section 5.2, and the shares of Common Stock,
if any, as to which registration has been requested pursuant to the written contractual piggy-back registration rights of other
stockholders of the Company, exceeds the Maximum Number of Shares, then the Company shall include in any such registration:

 

(a)
If the registration is undertaken for the Company’s account: (A) first, the shares of Common Stock or other securities that
the Company desires to sell that can be sold without exceeding the Maximum Number of Shares; (B) second, to the extent that the
Maximum Number of Shares has not been reached under the foregoing clause (A), the shares of Common Stock or other securities,
if any, comprised of Registrable Securities and Investor Securities, as to which registration has been requested pursuant to the
applicable written contractual piggy-back registration rights of such security holders, Pro Rata, that can be sold without exceeding
the Maximum Number of Shares; and (C) third, to the extent that the Maximum Number of shares has not been reached under the foregoing
clauses (A) and (B), the shares of Common Stock or other securities for the account of other persons that the Company is obligated
to register pursuant to written contractual piggy-back registration rights with such persons and that can be sold without exceeding
the Maximum Number of Shares;

 

(b)
If the registration is a “demand” registration undertaken at the demand of holders of Investor Securities, (A) first,
the shares of Common Stock or other securities for the account of the demanding persons, Pro Rata, that can be sold without exceeding
the Maximum Number of Shares; (B) second, to the extent that the Maximum Number of Shares has not been reached under the foregoing
clause (A), the shares of Common Stock or other securities that the Company desires to sell that can be sold without exceeding
the Maximum Number of Shares; (C) third, to the extent that the Maximum Number of Shares has not been reached under the foregoing
clauses (A) and (B), the shares of Registrable Securities, Pro Rata, as to which registration has been requested pursuant to the
terms hereof, that can be sold without exceeding the Maximum Number of Shares; and (D) fourth, to the extent that the Maximum
Number of Shares has not been reached under the foregoing clauses (A), (B) and (C), the shares of Common Stock or other securities
for the account of other persons that the Company is obligated to register pursuant to written contractual arrangements with such
persons, that can be sold without exceeding the Maximum Number of Shares; and

 

    	 	7	 

     

    

 

(c)
If the registration is a “demand” registration undertaken at the demand of persons other than either the holders of
Registrable Securities or of Investor Securities, (A) first, the shares of Common Stock or other securities for the account of
the demanding persons that can be sold without exceeding the Maximum Number of Shares; (B) second, to the extent that the Maximum
Number of Shares has not been reached under the foregoing clause (A), the shares of Common Stock or other securities that the
Company desires to sell that can be sold without exceeding the Maximum Number of Shares; (C) third, to the extent that the Maximum
Number of Shares has not been reached under the foregoing clauses (A) and (B), collectively the shares of Common Stock or other
securities comprised of Registrable Securities and Investor Securities, Pro Rata, as to which registration has been requested
pursuant to the terms hereof and of the Registration Rights Agreement, as applicable, that can be sold without exceeding the Maximum
Number of Shares; and (D) fourth, to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses
(A), (B) and (C), the shares of Common Stock or other securities for the account of other persons that the Company is obligated
to register pursuant to written contractual arrangements with such persons, that can be sold without exceeding the Maximum Number
of Shares.

 

5.2.3.
Withdrawal. Any holder of Registrable Securities may elect to withdraw such holder’s request for inclusion of Registrable
Securities in any Piggy-Back Registration by giving written notice to the Company of such request to withdraw prior to the effectiveness
of the registration statement. The Company (whether on its own determination or as the result of a withdrawal by persons making
a demand pursuant to written contractual obligations) may withdraw a registration statement at any time prior to the effectiveness
of the registration statement. Notwithstanding any such withdrawal, the Company shall pay all expenses incurred by the holders
of Registrable Securities in connection with such Piggy-Back Registration as provided in Section 5.2.4.

 

5.2.4.
Terms. The Company shall bear all fees and expenses attendant to registering the Registrable Securities, including the
expenses of any legal counsel selected by the Holders to represent them in connection with the sale of the Registrable Securities
but the Holders shall pay any and all underwriting commissions related to the Registrable Securities. In the event of such a proposed
registration, the Company shall furnish the then Holders of outstanding Registrable Securities with not less than fifteen days
written notice prior to the proposed date of filing of such registration statement. Such notice to the Holders shall continue
to be given for each applicable registration statement filed (during the period in which the Purchase Option is exercisable) by
the Company until such time as all of the Registrable Securities have been registered and sold. The Holders of the Registrable
Securities shall exercise the “piggy-back” rights provided for herein by giving written notice, within ten days of
the receipt of the Company’s notice of its intention to file a registration statement. The Company shall use its best efforts
to cause any registration statement filed pursuant to the above “piggyback” rights to remain effective for at least
nine months from the date that the Holders of the Registrable Securities are first given the opportunity to sell all of such securities.

 

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5.3.
General Terms.

 

5.3.1.
Indemnification. The Company shall indemnify the Holder(s) of the Registrable Securities to be sold pursuant to any registration
statement hereunder and each person, if any, who controls such Holders within the meaning of Section 15 of the Act or Section
20(a) of the Securities Exchange Act of 1934, as amended (“Exchange Act”), against all loss, claim, damage,
expense or liability (including all reasonable attorneys’ fees and other expenses reasonably incurred in investigating,
preparing or defending against litigation, commenced or threatened, or any claim whatsoever whether arising out of any action
between the underwriter and the Company or between the underwriter and any third party or otherwise) to which any of them may
become subject under the Act, the Exchange Act or otherwise, arising from such registration statement but only to the same extent
and with the same effect as the provisions pursuant to which the Company has agreed to indemnify the selling agents contained
in Section 7 of the Sales Agency Agreement between the Company and the other selling agents named therein dated January 29, 2016.
The Holder(s) of the Registrable Securities to be sold pursuant to such registration statement, and their successors and assigns,
shall severally, and not jointly, indemnify the Company, its officers and directors and each person, if any, who controls the
Company within the meaning of Section 15 of the Act or Section 20(a) of the Exchange Act, against all loss, claim, damage, expense
or liability (including all reasonable attorneys’ fees and other expenses reasonably incurred in investigating, preparing
or defending against any claim whatsoever) to which they may become subject under the Act, the Exchange Act or otherwise, arising
from information furnished by or on behalf of such Holders, or their successors or assigns, in writing, for specific inclusion
in such registration statement to the same extent and with the same effect as the provisions contained in Section 7 of the Sales
Agency Agreement pursuant to which the selling agents have agreed to indemnify the Company.

 

5.3.2.
Exercise of Purchase Options. Nothing contained in this Purchase Option shall be construed as requiring the Holder(s) to
exercise their Purchase Options or Warrants underlying such Purchase Options prior to or after the initial filing of any registration
statement or the effectiveness thereof

 

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5.3.3.
Documents Delivered to Holders. The Company shall furnish a signed counterpart, addressed to the participating Holders,
of (i) an opinion of counsel to the Company, dated the Effective Date of such registration statement (and, if such registration
includes an underwritten public offering, an opinion dated the date of the closing under any underwriting agreement related thereto),
and (ii) a “cold comfort” letter dated the Effective Date of such registration statement (and, if such registration
includes an underwritten public offering, a letter dated the date of the closing under the underwriting agreement) signed by the
independent public accountants who have issued a report on the Company’s financial statements included in such registration
statement, in each case covering substantially the same matters with respect to such registration statement (and the prospectus
included therein) and, in the case of such accountants’ letter, with respect to events subsequent to the date of such financial
statements, as are customarily covered in opinions of issuer’s counsel and in accountants’ letters delivered to underwriters
in underwritten public offerings of securities. The Company shall also deliver promptly to the Holders participating in the offering,
the correspondence and memoranda described below and copies of all correspondence between the Commission and the Company, its
counsel or auditors and all memoranda relating to discussions with the Commission or its staff with respect to the registration
statement and permit the Holders, to do such investigation, upon reasonable advance notice, with respect to information contained
in or omitted from the registration statement as it deems reasonably necessary to comply with applicable securities laws or rules
of FINRA. Such investigation shall include access to books, records and properties and opportunities to discuss the business of
the Company with its officers and independent auditors, all to such reasonable extent and at such reasonable times and as often
as the Holders, shall reasonably request. The Company shall not be required to disclose any confidential information or other
records to the Holders, or to any other person, until and unless such persons shall have entered into reasonable confidentiality
agreements (in form and substance reasonably satisfactory to the Company), with the Company with respect thereto.

 

5.3.4.
Underwriting Agreement. The Company shall enter into an underwriting agreement with the managing underwriter(s), if any,
selected by any Holders whose Registrable Securities are being registered pursuant to this Section 5, which managing underwriter
shall be reasonably acceptable to the Company. Such agreement shall be reasonably satisfactory in form and substance to the Company,
each Holder and such managing underwriters, and shall contain such representations, warranties and covenants by the Company and
such other terms as are customarily contained in agreements of that type used by the managing underwriter. The Holders shall be
parties to any underwriting agreement relating to an underwritten sale of their Registrable Securities and may, at their option,
require that any or all the representations, warranties and covenants of the Company to or for the benefit of such underwriters
shall also be made to and for the benefit of such Holders. Such Holders shall not be required to make any representations or warranties
to or agreements with the Company or the underwriters except as they may relate to such Holders and their intended methods of
distribution. Such Holders, however, shall agree to such covenants and indemnification and contribution obligations for selling
stockholders as are customarily contained in agreements of that type used by the managing underwriter. Further, such Holders shall
execute appropriate custody agreements and otherwise cooperate fully in the preparation of the registration statement and other
documents relating to any offering in which they include securities pursuant to this Section 5. Each Holder shall also furnish
to the Company such information regarding itself, the Registrable Securities held by it, and the intended method of disposition
of such securities as shall be reasonably required to effect the registration of the Registrable Securities.

 

5.3.5.
Rule 144 Sale. Notwithstanding anything contained in this Section 5 to the contrary, the Company shall have no obligation
pursuant to Sections 5.1 or 5.2 to use its best efforts to obtain the registration of Registrable Securities held by any Holder
(i) where such Holder would then be entitled to sell under Rule 144 within any three-month period (or such other period prescribed
under Rule 144 as may be provided by amendment thereof) all of the Registrable Securities then held by such Holder, and (ii) where
the number of Registrable Securities held by such Holder is within the volume limitations under paragraph (e) of Rule 144 (calculated
as if such Holder were an affiliate within the meaning of Rule 144).

 

    	 	10	 

     

    

 

5.3.6.
Supplemental Prospectus. Each Holder agrees, that upon receipt of any notice from the Company of the happening of any event
as a result of which the prospectus included in the registration statement, as then in effect, includes an untrue statement of
a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not
misleading in light of the circumstances then existing, such Holder will immediately discontinue disposition of Registrable Securities
pursuant to the registration statement covering such Registrable Securities until such Holder’s receipt of the copies of
a supplemental or amended prospectus, and, if so desired by the Company, such Holder shall deliver to the Company (at the expense
of the Company) or destroy (and deliver to the Company a certificate of such destruction) all copies, other than permanent file
copies then in such Holder’s possession, of the prospectus covering such Registrable Securities current at the time of receipt
of such notice.

 

5.3.7.
Rule 144. The Company covenants that it shall file any reports required to be filed by it under the Act and the Exchange
Act and shall take such further action as the holders of Registrable Securities may reasonably request, all to the extent required
from time to time to enable such holders to sell Registrable Securities without registration under the Act within the limitations
of the exemptions provided by Rule 144, as such rule may be amended from time to time, or any similar rule or regulation hereafter
adopted by the Securities and Exchange Commission.

 

6.
Adjustments.

 

6.1.
Adjustments to Exercise Price and Number of Securities. The Exercise Price and the number of Units underlying the Purchase
Option shall be subject to adjustment from time to time as hereinafter set forth:

 

6.1.1.
Stock Dividends - Split-Ups. If after the date hereof, and subject to the provisions of Section 6.2 below, the number of
outstanding shares of Common Stock is increased by a stock dividend payable in shares of Common Stock or by a split-up of shares
of Common Stock or other similar event, then, on the Closing Date thereof, the number of shares of Common Stock underlying each
of the Units purchasable hereunder shall be increased in proportion to such increase in outstanding shares. In such case, the
number of shares of Common Stock, and the exercise price applicable thereto, underlying the Warrants underlying each of the Units
purchasable hereunder shall be adjusted in accordance with the terms of the Warrants.

 

6.1.2.
Aggregation of Shares. If after the date hereof, and subject to the provisions of Section 6.2, the number of outstanding
shares of Common Stock is decreased by a consolidation, combination or reclassification of shares of Common Stock or other similar
event, then, on the Closing Date thereof, the number of shares of Common Stock underlying each of the Units purchasable hereunder
shall be decreased in proportion to such decrease in outstanding shares. In such case, the number of shares of Common Stock, and
the exercise price applicable thereto, underlying the Warrants underlying each of the Units purchasable hereunder shall be adjusted
in accordance with the terms of the Warrants.

 

    	 	11	 

     

    

 

6.1.3.
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 6.1.1 or 6.1.2 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 property of the Company as an entirety or substantially as an entirety in connection with which the Company is
dissolved, the Holder of this Purchase Option shall have the right thereafter (until the expiration of the right of exercise of
this Purchase Option) to receive upon the exercise hereof, for the same aggregate Exercise Price payable hereunder immediately
prior to such event, 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, by a Holder
of the number of shares of Common Stock of the Company obtainable upon exercise of this Purchase Option and the underlying Warrants
immediately prior to such event; and if any reclassification also results in a change in shares of Common Stock covered by Section
6.1.1 or 6.1.2, then such adjustment shall be made pursuant to Sections 6.1.1, 6.1.2 and this Section 6.1.3. The provisions of
this Section 6.1.3 shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or
other transfers.

 

6.1.4.
Changes in Form of Purchase Option. This form of Purchase Option need not be changed because of any change pursuant to
this Section, and Purchase Options issued after such change may state the same Exercise Price and the same number of Units as
are stated in the Purchase Options initially issued pursuant to this Agreement. The acceptance by any Holder of the issuance of
new Purchase Options reflecting a required or permissive change shall not be deemed to waive any rights to an adjustment occurring
after the Commencement Date or the computation thereof

 

6.2.
Substitute Purchase Option. In case of any consolidation of the Company with, or merger of the Company with, or merger
of the Company into, another corporation (other than a consolidation or merger which does not result in any reclassification or
change of the outstanding shares of Common Stock), the corporation formed by such consolidation or merger shall execute and deliver
to the Holder a supplemental Purchase Option providing that the holder of each Purchase Option then outstanding or to be outstanding
shall have the right thereafter (until the stated expiration of such Purchase Option) to receive, upon exercise of such Purchase
Option, the kind and amount of shares of stock and other securities and property receivable upon such consolidation or merger,
by a holder of the number of shares of Common Stock of the Company for which such Purchase Option might have been exercised immediately
prior to such consolidation, merger, sale or transfer. Such supplemental Purchase Option shall provide for adjustments which shall
be identical to the adjustments provided in Section 6. The above provision of this Section shall similarly apply to successive
consolidations or mergers.

 

6.3.
Elimination of Fractional Interests. The Company shall not be required to issue certificates representing fractions of
shares of Common Stock or Warrants upon the exercise of the Purchase Option, nor shall it be required to issue scrip or pay cash
in lieu of any fractional interests, it being the intent of the parties that all fractional interests shall be eliminated by rounding
any fraction up to the nearest whole number of Warrants, shares of Common Stock or other securities, properties or rights.

 

    	 	12	 

     

    

 

7.
Reservation and Listing.

 

The
Company shall at all times reserve and keep available out of its authorized shares of Common Stock, solely for the purpose of
issuance upon exercise of this Purchase Option or the Warrants underlying this Purchase Option, such number of shares of Common
Stock or other securities, properties or rights as shall be issuable upon the exercise thereof. The Company covenants and agrees
that, upon exercise of this Purchase Options and payment of the Exercise Price therefor, all shares of Common Stock and other
securities issuable upon such exercise shall be duly and validly issued, fully paid and non-assessable and not subject to preemptive
rights of any stockholder. The Company further covenants and agrees that upon exercise of the Warrants underlying this Purchase
Option and payment of the respective Warrant exercise price therefor, all shares of Common Stock and other securities issuable
upon such exercise shall be duly and validly issued, fully paid and non-assessable and not subject to preemptive rights of any
stockholder. As long as this Purchase Option shall be outstanding, the Company shall use its best efforts to cause all (i) Units
issuable upon exercise of this Purchase Option, (ii) shares of Common Stock included in the Units issuable upon exercise of this
Purchase Option, (iii) Warrants included in the Units issuable upon exercise of this Purchase Option and (iv) shares of Common
Stock issuable upon exercise of the Warrants included in the Units issuable upon exercise of this Purchase Option to be listed
(subject to official notice of issuance) on all securities exchanges (or, if applicable on the OTC Bulletin Board or any successor
trading market) on which the Public Units, the Common Stock or the Public Warrants issued to the public in connection herewith
may then be listed and/or quoted.

 

8.
Certain Notice Requirements.

 

8.1.
Holder’s Right to Receive Notice. Nothing herein shall be construed as conferring upon the Holders the right to vote
or consent as a stockholder for the election of directors or any other matter, or as having any rights whatsoever as a stockholder
of the Company. If, however, at any time prior to the expiration of this Purchase Option and its exercise, any of the events described
in Section 8.2 shall occur, then, in one or more of said events, the Company shall give written notice of such event at least
fifteen (15) days prior to the date fixed as a record date or the date of closing the transfer books for the determination of
the stockholders entitled to such dividend, distribution, conversion or exchange of securities or subscription rights, or entitled
to vote on such proposed dissolution, liquidation, winding up or sale. Such notice shall specify such record date or the date
of the closing of the transfer books, as the case may be. Notwithstanding the foregoing, the Company shall deliver to each Holder
a copy of each notice given to the other stockholders of the Company at the same time and in the same manner that such notice
is given to the stockholders.

 

8.2.
Events Requiring Notice. The Company shall be required to give the notice described in this Section 8 upon one or more
of the following events: (i) if the Company shall take a record of the holders of its shares of Common Stock for the purpose of
entitling them to receive a dividend or distribution payable otherwise than in cash, or a cash dividend or distribution payable
otherwise than out of retained earnings, as indicated by the accounting treatment of such dividend or distribution on the books
of the Company, or (ii) the Company shall offer to all the holders of its Common Stock any additional shares of capital stock
of the Company or securities convertible into or exchangeable for shares of capital stock of the Company, or any option, right
or warrant to subscribe therefor, (iii) a dissolution, liquidation or winding up of the Company (other than in connection with
a consolidation or merger) or a sale of all or substantially all of its property, assets and business shall be proposed, (iv)
if the Company shall deliver a notice to holders of the warrants of a redemption pursuant to Section 6.2 of the Warrant Agreement
or (v) if the Company shall deliver a notice to the Holder pursuant to Section 5 of this Purchase Option.

 

    	 	13	 

     

    

 

8.3.
Notice of Change in Exercise Price. The Company shall, promptly after an event requiring a change in the Exercise Price
pursuant to Section 6 hereof, send notice to the Holders of such event and change (“Price Notice”). The Price
Notice shall describe the event causing the change and the method of calculating same and shall be certified as being true and
accurate by the Company’s President and Chief Financial Officer.

 

8.4.
Transmittal of Notices. All notices, requests, consents and other communications under this Purchase Option shall be in
writing and shall be deemed to have been duly made when hand delivered, or mailed by express mail or private courier service:

 

(i)
if to the registered Holder of this Purchase Option, to the address of such Holder as shown on the books of the Company, with
a copy to:

 

Greenberg
Traurig, LLP

1750
Tysons Boulevard

Suite
1000

McLean,
Virginia 22102

Attn:
Mark J. Wishner

 

or

 

(ii)
if to the Company, to the following address or to such other address as the Company may designate by notice to the Holders:

 

PAVmed,
Inc.

420
Lexington Avenue

Suite
300

New
York, New York 10170

Attn:
Lishan Aklog

 

With
a copy to:

 

Graubard
Miller

The
Chrysler Building

405
Lexington Avenue

New
York, New York 10174

Attention
David Alan Miller, Esq.

 

    	 	14	 

     

    

 

9.
Miscellaneous.

 

9.1.
Amendments. The Company and the Holder may from time to time supplement or amend this Purchase Option without the approval
of any of the Holders in order to cure any ambiguity, to correct or supplement any provision contained herein that may be defective
or inconsistent with any other provisions herein, or to make any other provisions in regard to matters or questions arising hereunder
that the Company and the Holder may deem necessary or desirable and that the Company and the Holder deem shall not adversely affect
the interest of the Holders. All other modifications or amendments shall require the written consent of and be signed by the party
against whom enforcement of the modification or amendment is sought.

 

9.2.
Headings. The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way
limit or affect the meaning or interpretation of any of the terms or provisions of this Purchase Option.

 

9.3.
Entire Agreement. This Purchase Option (together with the other agreements and documents being delivered pursuant to or
in connection with this Purchase Option) constitutes the entire agreement of the parties hereto with respect to the subject matter
hereof, and supersedes all prior agreements and understandings of the parties, oral and written, with respect to the subject matter
hereof

 

9.4.
Binding Effect. This Purchase Option shall inure solely to the benefit of and shall be binding upon, the Holder and the
Company and their permitted assignees, respective successors, legal representative and assigns, and no other person shall have
or be construed to have any legal or equitable right, remedy or claim under or in respect of or by virtue of this Purchase Option
or any provisions herein contained.

 

9.5.
Governing Law; Submission to Jurisdiction. This Purchase Option shall be governed by and construed and enforced in accordance
with the laws of the State of New York, without giving effect to conflict of laws. The Company hereby agrees that any action,
proceeding or claim against it arising out of, or relating in any way to this Purchase Option shall be brought and enforced in
the courts of the State of New York or of the United States of America 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 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 8 hereof Such mailing shall be deemed personal service and shall be legal and binding upon
the Company in any action, proceeding or claim. The Company and the Holder agree that the prevailing party(ies) in any such action
shall be entitled to recover from the other party(ies) all of its reasonable attorneys’ fees and expenses relating to such
action or proceeding and/or incurred in connection with the preparation therefor.

 

9.6.
Waiver, Etc. The failure of the Company or the Holder to at any time enforce any of the provisions of this Purchase Option
shall not be deemed or construed to be a waiver of any such provision, nor to in any way affect the validity of this Purchase
Option or any provision hereof or the right of the Company or any Holder to thereafter enforce each and every provision of this
Purchase Option. No waiver of any breach, non-compliance or non-fulfillment of any of the provisions of this Purchase Option shall
be effective unless set forth in a written instrument executed by the party or parties against whom or which enforcement of such
waiver is sought; and no waiver of any such breach, non-compliance or non-fulfillment shall be construed or deemed to be a waiver
of any other or subsequent breach or non-compliance.

 

    	 	15	 

     

    

 

9.7.
Execution in Counterparts. This Purchase Option may be executed in one or more counterparts, and by the different parties
hereto in separate counterparts, each of which shall be deemed to be an original, but all of which taken together shall constitute
one and the same agreement, and shall become effective when one or more counterparts has been signed by each of the parties hereto
and delivered to each of the other parties hereto.

 

9.8.
Exchange Agreement. As a condition of the Holder’s receipt and acceptance of this Purchase Option, Holder agrees
that, at any time prior to the complete exercise of this Purchase Option by Holder, if the Company and the Holder may enter into
an agreement (“Exchange Agreement”) pursuant to which they agree that all outstanding Purchase Options will
be exchanged for securities or cash or a combination of both, then Holder shall agree to such exchange and become a party to the
Exchange Agreement.

 

[Signature
Page Follows]

 

    	 	16	 

     

    

 

IN
WITNESS WHEREOF, the Company has caused this Purchase Option to be signed by its duly authorized officer as of the [●] day
of [●], 2018.

 

	 	PAVmed, Inc.
	 	 	 
	 	By:	 
	 	Name:	    
	 	Title:	 

 

    	 	 	 

     

    

 

Form
to be used to exercise Purchase Option (To be executed by the registered Holder to effect an exercise of the within Purchase Option):

 

PAVmed,
Inc.

60
E. 42nd Street, Suite 4600

New
York, New York 10165

Attn:
Lishan Aklog

 

Date:
____________, 201___

 

The
undersigned hereby elects irrevocably to exercise all or a portion of the within Purchase Option and to purchase _______ Units
of PAVmed, Inc. and hereby makes payment of $_______ (at the rate of $_______ per Unit) in payment of the Exercise Price pursuant
thereto. Please issue the Common Stock and Warrants as to which this Purchase Option is exercised in accordance with the instructions
given below.

 

or

 

The
undersigned hereby elects irrevocably to convert its right to purchase _______ Units purchasable under the within Purchase Option
by surrender of the unexercised portion of the attached Purchase Option (with a “Value” based of $_______ based on
a “Market Price” of $_______). Please issue the securities comprising the Units as to which this Purchase Option is
exercised in accordance with the instructions given below.

 

Signature:

 

NOTICE:
The signature to this exercise form must correspond with the name as written upon the face of the purchase option in every particular,
without alteration or enlargement or any change whatever.

 

Signature(s)
Guaranteed:

 

THE
SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND
CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15).

 

INSTRUCTIONS
FOR REGISTRATION OF SECURITIES

 

Name
(Print in Block Letters):

 

Address:

 

    	 	 	 

     

    

 

Form
to be used to assign Purchase Option (To be executed by the registered Holder to effect a transfer of the within Purchase Option):

 

ASSIGNMENT

 

FOR
VALUE RECEIVED, ______________________ does hereby sell, assign and transfer unto ________________________ the right to purchase
_______ Units of PAVmed, Inc. (“Company”) evidenced by the within Purchase Option and does hereby authorize the Company
to transfer such right on the books of the Company.

 

Dated:
____________, 201___

 

Signature:

 

NOTICE:
The signature to this assignment must correspond with the name as written upon the face of the purchase option in every particular,
without alteration or enlargement or any change whatever.

 

Signature(s)
Guaranteed:

 

THE
SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND
CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15).Exhibit
10.1

 

PROMISSORY
NOTE

 

	$6,000,000.00	October
    1, 2018

 

FOR
VALUE RECEIVED, the undersigned, CTL Medical Corporation, a Delaware corporation
(“Maker”), promises to pay to the order of AMEDICA CORPORATION, a Delaware corporation (“Payee”),
the principal sum of SIX MILLION AND NO/100 DOLLARS ($6,000,000.00) or so much thereof as shall be advanced, on demand, or if
no demand is sooner made, then at the maturity of this Promissory Note (as may be amended, modified or supplemented, this “Note”),
with interest on the unpaid balance thereof from the date of this Note until maturity at the rate or rates specified below, both
principal and interest payable as provided below in lawful money of the United States of America at the address of Payee set forth
below or at such other place as from time to time may be designated by the holder of this Note.

 

I.
Asset Purchase Agreement

 

This
Note is executed and delivered in accordance with Section 2.1(b) of that certain Asset Purchase Agreement dated as of September
5, 2018, by and among Maker, as buyer, and Payee and US SPINE, INC., a Delaware corporation, collectively, as seller (the “Agreement”).
Capitalized terms not defined herein shall have the meanings assigned to them in the Agreement.

 

II.
Interest Rates and Payments

 

Provided
no Event of Default occurs and continues beyond any applicable notice and cure periods, the unpaid principal of this Note from
time to time outstanding shall bear no interest prior to maturity. As used in this Note, “Event of Default”
means the occurrence and continuance of any one or more of the following events:

 

(a)
Any representation or warranty made or deemed made by or on behalf of the Maker to the Payee under this Note, any other Loan Document
(as hereinafter defined), or any certificate delivered in connection with this Note or any other Loan Document shall be materially
false on the date made or confirmed;

 

(b)
Maker shall default in the payment of any amounts due hereunder and such default remains uncured for ten (10) days following written
notice thereof to Maker, provided, however, that if Maker has received one (1) such written notice within the preceding twelve
(12) months, Maker shall not be entitled to any additional notice and cure periods for payment defaults occurring within said
twelve-month period;

 

(c)
The material breach by the Maker of any of the other terms or provisions of this Note and such breach continues for fifteen (15)
calendar days after Maker’s receipt of written notice thereof;

 

    	PROMISSORY NOTE – Page 1	 

    	 

    

 

(d)
The Maker or any guarantor of the obligations of the Maker to the Payee under this Note or any other Loan Documents (each, a “Guarantor”)
shall (i) have an order for relief entered with respect to it under the federal bankruptcy laws as now or hereafter in effect,
(ii) make an assignment for the benefit of creditors, (iii) apply for, seek, consent to, or acquiesce in the appointment of a
receiver, custodian, trustee, examiner, liquidator, or similar official for it or substantially all of its property, (iv) institute
any proceeding seeking an order for relief under the federal bankruptcy laws as now or hereafter in effect or seeking to adjudicate
it a bankrupt or insolvent, or seeking dissolution, winding up, liquidation, reorganization, arrangement, adjustment, or composition
of it or its debts under any law relating to bankruptcy, insolvency, or reorganization or relief of debtors or fail to file an
answer or other pleading denying the material allegations of any such proceeding filed against it, (v) take any corporate, action
to authorize or effect any of the foregoing actions, (vi) fail to contest in good faith any appointment or proceeding described
in subsection (d) below, or (vii) not pay, or admit in writing its inability to pay, its debts generally as they become due;

 

(e)
Without the application, approval, or consent of the Maker or Guarantor, as applicable, a receiver, trustee, examiner, liquidator,
or similar official shall be appointed for the Maker, any Guarantor, or any substantial portion of its property, or a proceeding
described in subsection (c) above shall be instituted against the Maker or any Guarantor and such appointment continues undischarged
or such proceeding continues undismissed or unstayed for a period of thirty (30) consecutive days;

 

(f)
The occurrence of any “default,” as defined in the Security Agreement (as hereinafter defined), or the breach of any
of the terms or provisions of the Security Agreement, which default or breach continues beyond any period of grace therein provided;
or

 

(g)
Daniel Chon (a “Guarantor”) fails to comply with any of the terms or provisions of the guaranty to which he
is a party and which guarantees the Maker’s obligations under this Note (the “Guaranty”), or Guarantor
repudiates or purports to revoke his Guaranty, or Guarantor denies that he has any further liability under the Guaranty during
the term thereof or gives notice to such effect.

 

Monthly
payments equal to One Hundred Thirty-Eight Thousand Eight Hundred Eighty-Eight and 88/100 Dollars ($138,888.88) covering the unpaid
principal balance of this Note shall be due and payable in arrears commencing on November 1, 2018, and on the same day of each
succeeding calendar month until April 1, 2020. Monthly payments equal to One Hundred Ninety-Four Thousand Four Hundred Forty-Four
and 44/100 Dollars ($194,444.44) covering the unpaid principal balance of this Note shall be due and payable in arrears commencing
on May 1, 2020, and on the same day of each succeeding calendar month until October 1, 2021, on which date all unpaid principal
of and accrued interest on this Note, if any, shall be due and payable.

 

If
any payment shall not be paid when due and shall remain unpaid for ten (10) calendar days, Maker shall pay an additional charge
equal to five percent (5%) of the delinquent payment, or the Maximum Rate, whichever is less. Maker agrees to pay a returned check
charge of $30.00 for any loan payment (whether by check or automatic payment) returned for insufficient funds or returned as unpaid.

 

    	PROMISSORY NOTE – Page 2	 

    	 

    

 

All
principal payments which are past due under this Note shall bear interest from maturity or upon acceleration at the lesser of
eighteen percent (18%) per annum or the applicable Maximum Rate.

 

“Business
Day” means a day on which the office of the holder of this Note at which payments under this Note are to be made is
open for business. Payments received after the cut-off times established by the holder of this Note from time to time or on weekends
or bank holidays will be credited as of the next Business Day.

 

The
term “Maximum Rate”, as used herein, shall mean, with respect to each holder hereof, the maximum nonusurious
interest rate, if any, that at any time, or from time to time, may under applicable law be contracted for, taken, reserved, charged
or received on the indebtedness evidenced by this Note under the laws which are presently in effect of the United States and the
State of Utah applicable to such holder and such indebtedness or, to the extent allowed by law under such applicable laws of the
United States of America and State of Utah which may hereafter be in effect, which allow a higher maximum non-usurious interest
rate than applicable laws now allow; provided, that in determining the Maximum Rate, due regard shall be given, to the extent
required by applicable law, to any and all relevant payments, fees, charges, deposits, balances, agreements and calculations which
may constitute or be deemed to constitute interest, or be deducted from principal to calculate the interest rate or otherwise
affect interest rate determinations, so that in no event shall the Payee contract for, charge, receive, take, collect, reserve
or apply, on the Note, any amount in excess of the maximum non-usurious rate of interest permitted by applicable law. The Maximum
Rate shall not be limited to the applicable rate ceiling in Utah state law if Federal laws or other state laws now or hereafter
in effect and applicable to this Note (and the interest contracted for, charged and collected hereunder) shall permit a higher
rate of interest.

 

Maker
shall have the right to prepay, without penalty, at any time and from time to time prior to maturity, all or any part of the unpaid
principal balance of this Note. Any partial prepayments of principal shall be applied to installments thereof in the inverse order
of maturity.

 

III.
Security

 

This
Note is secured by a Security Agreement (as amended, modified, or supplemented, the “Security Agreement”) of
even date herewith to which reference is made for a description of the collateral covered thereby (the “Collateral”)
and the nature and extent of the rights and powers of the holder of this Note in respect of Collateral.

 

IV.
Right to Accelerate Upon Default

 

The
holder of this Note shall have the right of declaring the principal balance hereof and the interest accrued hereon to be immediately
due and payable upon the occurrence of an Event of Default or a similar event of default defined in the Security Agreement or
Guaranty (which default remains uncured beyond any applicable notice, grace, and/or cure period, if any). This Note, the Security
Agreement, and the Guaranty are sometimes referred to herein collectively as the “Loan Documents.”

 

    	PROMISSORY NOTE – Page 3	 

    	 

    

 

V.
Usury Savings Provision

 

In
no event shall interest contracted for, charged, or received hereunder, if any, plus any other charges in connection herewith
which constitute interest, exceed the Maximum Rate. The amounts of such interest or other charges previously paid to the holder
of the Note in excess of the Maximum Rate shall be applied by the holder of the Note to reduce the unpaid Principal Balance evidenced
by the Note, or, at the option of the holder of the Note, be refunded. To the extent permitted by applicable law, determination
of the legal maximum amount of interest shall at all times be made by amortizing, prorating, allocating, and spreading in equal
parts during the period of the full stated term of the loan and indebtedness, all interest for any time contracted for, charged,
or received from Maker in connection with this Note and indebtedness evidenced hereby, so that the actual rate of interest on
account of such indebtedness is uniform throughout the term hereof.

 

VI.
Set-Off Permitted

 

Notwithstanding
anything to the contrary in this Note or any other Loan Document, and without prejudice to any other right or remedy it has or
may have, Maker may set off, deduct, or recoup any amounts it owes to Payee hereunder against any amounts Payee owes to Maker
or its affiliates under the Agreement, in accordance with Article 8 of the Agreement.

 

VII.
Miscellaneous

 

Should
the indebtedness represented by this Note or any part thereof be collected at law or in equity or through any bankruptcy, receivership,
probate, or other court proceedings or if this Note is placed in the hands of attorneys for collection after default, Maker and
all endorsers, guarantors, and sureties of this Note jointly and severally agree to pay to the holder of this Note in addition
to the principal and interest due and payable hereon, all the costs and expenses of the holder in enforcing this Note including,
without limitation, reasonable attorneys’ fees and legal expenses.

 

This
Note and the rights, duties, and liabilities of the parties hereunder or arising from or relating in any way to the indebtedness
evidenced by this Note or the transaction of which such indebtedness is a part shall be governed by and construed in accordance
with the law of the State of Utah and the law of the United States applicable to transactions within such State.

 

No
amendment of this Note shall be binding unless expressed in a writing executed by Maker and the holder of this Note.

 

MAKER
IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY STATE OR FEDERAL COURT SITTING IN SALT LAKE COUNTY, UTAH OVER ANY
SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO ANY OF THE LOAN DOCUMENTS, AND MAKER HEREBY AGREES AND CONSENTS THAT,
IN ADDITION TO ANY METHODS OF SERVICE OF PROCESS PROVIDED FOR UNDER APPLICABLE LAW, ALL SERVICE OF PROCESS IN ANY SUCH SUIT, ACTION
OR PROCEEDING IN ANY STATE OR FEDERAL COURT SITTING IN SALT LAKE COUNTY, UTAH MAY BE MADE BY CERTIFIED OR REGISTERED MAIL, RETURN
RECEIPT REQUESTED, DIRECTED TO MAKER AT THE ADDRESS INDICATED BELOW, AND SERVICE SO MADE SHALL BE COMPLETE FIVE DAYS AFTER THE
SAME SHALL HAVE BEEN SO MAILED.

 

MAKER
HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVES ANY RIGHT TO TRIAL BY JURY FULLY
TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THIS NOTE, THE SECURITY AGREEMENT AND/OR ANY OTHER
LOAN DOCUMENT, OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION THEREWITH. THIS WAIVER OF RIGHT TO TRIAL BY JURY
IS GIVEN KNOWINGLY AND VOLUNTARILY BY MAKER, AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH
THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE. PAYEE IS HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING
AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY MAKER.

 

[remainder
of page left blank intentionally]

 

    	PROMISSORY NOTE – Page 4	 

    	 

    

 

This
Note has been executed by Maker and is effective for all purposes as of the date set forth above.

 

	Maker’s
    Address:	MAKER:
	 	 	 
	CTL
    Medical	CTL MEDICAL CORPORATION 
	4550
    Excel Parkway	A Delaware corporation 
	Suite
    300	 	 
	Addison,
    Texas 75001	 	 
	 	 	 
	 	By:	/s/
    Daniel Chon
	 	 	Daniel
    Chon
	 	 	President
    
	 	 	 
	Payee’s
    Address:	 	 
	 	 	 
	Amedica
    Corporation 	 	 
	1885
    West 2100 South	 	 
	Salt
    Lake City, Utah 84119	 	 
	Attention:
    David O’Brien	 	 

 

    	PROMISSORY NOTE – Signature Page

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