Document:

Exhibit 10.2

 

PROGRESSIVE CARE INC.

STOCK OPTION AGREEMENT

 

This
STOCK OPTION AGREEMENT (the “Option Agreement”), effective as of September 13, 2022 (the “Grant
Date”), is between Progressive Care Inc., a Delaware corporation (the “Company”), and Rodney
Barreto (the “Optionee”),
the Co-Vice Chairman of the Company’s Board of Directors.

 

WHEREAS, the Company desires
to give the Optionee the opportunity to purchase up to four percent (4%) of the issued and outstanding shares of the Company’s common
stock, par value $0.0001 per share (“Common Shares”).

 

NOW, THEREFORE, in consideration
of the mutual covenants hereinafter set forth and for other good and valuable consideration, the parties hereto, intending to be legally
bound hereby, agree as follows:

 

AGREEMENT

 

1. Grant of Option. The
Company hereby grants to the Optionee the right and option (the “Option”) to purchase up to four percent of
the Company’s Common Shares. The Option is in all respects limited and conditioned as hereinafter provided.

 

2. Exercise Price. The
exercise price of the Common Shares covered by this Option shall be $0.022 per share, subject to adjustment hereunder (the
“Exercise Price”).

 

3. Term. Unless earlier
terminated pursuant to any provision of this Option Agreement, this Option shall expire ten (10) years from the Grant Date (the “Expiration
Date”). This Option shall not be exercisable on or after the Expiration Date.

 

4. Vesting and Exercise of
Option. The Option shall vest as follows:

 

	Incremental Number of Common

Shares Vesting Under Option	 	Vesting Date
	6,288,111 Common Shares1	 	Fully vested upon Grant Date
	6,288,111 Common Shares1	 	The first Trading Day following the date on which the Company’s market capitalization is $50 million or more for five consecutive Trading Days. 
	6,288,111 Common Shares1  	 	The first Trading Day following the date on which the Company’s market capitalization is $100 million or more for five consecutive Trading Days.
	6,288,111 Common Shares1  	 	The first Trading Day following the date on which the Company’s market capitalization is $200 million or more for five consecutive Trading Days.

 

 

1
Amount to be equal to 1% of the fully diluted Common Shares outstanding as of the Grant Date.

 

    	1

     

     

The Option shall remain exercisable
until it is exercised or until it terminates and shall not be forfeited or cancelled. All Options shall vest immediately upon a Change
in Control.

 

“Trading Day”
means a day on which the principal Trading Market is open for trading.

 

“Trading Market”
means any of the following markets or exchanges on which the Common Shares are listed or quoted for trading on the date in question: the
NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New York Stock Exchange, OTCQB
or OTCQX as applicable; if the Common Shares are not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common
Shares are then reported on the Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices).

 

5. Method of Exercising Option.

 

(a) Subject
to the terms and conditions of this Option Agreement, the Option may be exercised by written notice to the Company at its principal office.
The form of such notice is attached hereto and shall state the election to exercise the Option and the number of whole shares with respect
to which it is being exercised; shall be signed by the person or persons so exercising the Option; and shall be accompanied by payment
of the full exercise price of such shares. Only full shares will be issued.

 

(b) The
exercise price shall be paid to the Company

 

(i) in Common
Shares newly acquired by the Optionee upon cashless exercise of the Option: or

 

(ii) at the
sole option of the Optionee:

 

(1) in
cash, or by certified check, bank draft, or postal or express money order;

 

(2) through
the delivery of Common Shares previously acquired by the Optionee; or

 

(3) by
delivering a properly executed notice of exercise of the Option to the Company and a broker, with irrevocable instructions to the broker
promptly to deliver to the Company the amount necessary to pay the exercise price of the Option;

 

(4) in
any combination of (i), (ii)(1), (ii)(2) or (ii)(3) above.

 

In the event the exercise price
is paid, in whole or in part, with Common Shares, the Company shall issue to the Optionee such number of fully paid and non-assessable
Common Shares as are computed using the following formula: X = Y(A-B)/A where: X = the number of Shares to be issued to the Optionee;
Y = the number of Shares with respect to which the Option is being exercised (inclusive of the Shares surrendered to the Company in payment
of the aggregate exercise price); A = the Fair Market Value of one Share; and B = the exercise price, in this case $0.022 per
share.

 

    	2

     

     

Upon receipt of notice of exercise
and payment, the Company shall deliver a book entry confirmation representing the Common Shares with respect to which the Option is so
exercised. The Optionee shall obtain the rights of a shareholder upon receipt of such confirmation.

 

Common Shares purchased upon
exercise of the Option shall be registered in the name of the person so exercising the Option (or, if the Option is exercised by the Optionee
and if the Optionee so requests in the notice exercising the Option, shall be registered in the name of the Optionee and the Optionee’s
spouse, jointly, with right of survivorship), and shall be delivered as provided above to, or upon the written order of, the person exercising
the Option. In the event the Option is exercised by any person after the death or disability of the Optionee, the notice shall be accompanied
by appropriate proof of the right of such person to exercise the Option. All Common Shares that are purchased upon exercise of the Option
as provided herein shall be fully paid and non-assessable.

 

Upon exercise of the Option,
Optionee shall be responsible for all employment and income taxes then or thereafter due (whether Federal, State or local).

 

6. Certain Adjustments.

 

(a) Stock
Dividends and Splits. If the Company, at any time while this Option Agreement is outstanding: (i) pays a stock dividend or otherwise
makes a distribution or distributions on Common Shares or any other equity or equity equivalent securities payable in Common Shares (which,
for avoidance of doubt, shall not include any Common Shares issued by the Company upon exercise of this Option Agreement), (ii) subdivides
outstanding Common Shares into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding Common
Shares into a smaller number of shares, or (iv) issues by reclassification of the Common Shares any shares of capital stock of the Company,
then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of Common Shares (excluding
treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number of Common Shares outstanding
immediately after such event and the number of shares issuable upon exercise of this Option shall be proportionately adjusted such that
the aggregate Exercise Price of this Option shall remain unchanged. Any adjustment made pursuant to this Section 6(a) shall become effective
immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become
effective immediately after the effective date in the case of a subdivision, combination or re classification.

 

(b) Subsequent
Equity Sales. If the Company or any subsidiary thereof, as applicable, at any time while this Option is outstanding, shall sell, enter
into an agreement to sell, or grant any option to purchase, or sell or grant any right to reprice, or otherwise dispose of or issue (or
announce any offer, sale, grant or any option to purchase or other disposition) any Common Shares or Common Stock Equivalents, at an effective
price per share less than the Exercise Price then in effect (such lower price, the “Base Share Price” and such
issuances collectively, a “Dilutive Issuance”) (it being understood and agreed that if the holder of the Common
Shares or Common Stock Equivalents so issued shall at any time, whether by operation of purchase price adjustments, reset provisions,
floating conversion, exercise or exchange prices or otherwise, or due to warrants, options or rights per share which are issued in connection
with such issuance, be entitled to receive Common Shares at an effective price per share that is less than the Exercise Price, such issuance
shall be deemed to have occurred for less than the Exercise Price on such date of the Dilutive Issuance at such effective price), then
simultaneously with the consummation (or, if earlier, the announcement) of each Dilutive Issuance the Exercise Price shall be reduced
to equal the Base Share Price. Notwithstanding the foregoing, no adjustments shall be made, paid or issued under this Section 6(b) in
respect of an Exempt Issuance. The Company shall notify the Optionee, in writing, no later than the Trading Day following the issuance
or deemed issuance of any Common Shares or Common Stock Equivalents subject to this Section 6(b), indicating therein the applicable issuance
price, or applicable reset price, exchange price, conversion price and other pricing terms (such notice, the “Dilutive Issuance
Notice”). For purposes of clarification, whether or not the Company provides a Dilutive Issuance Notice pursuant to this
Section 6(b), upon the occurrence of any Dilutive Issuance, the Holder is entitled to receive a number of Common Shares based upon the
Base Share Price regardless of whether the Optionee accurately refers to the Base Share Price in the Notice of Exercise. If the Company
enters into a Variable Rate Transaction, the Company shall be deemed to have issued Common Stock or Common Stock Equivalents at the lowest
possible price, conversion price or exercise price at which such securities may be issued, converted or exercised.

 

    	3

     

     

(c) Subsequent
Rights Offerings. If the Company, at any time while this Option Agreement is outstanding, shall issue rights, options or warrants
to all holders of Common Shares (and not to the Optionee) entitling them to subscribe for or purchase Common Shares at a price per share
less than the closing price on the record date mentioned below, then the Exercise Price shall be multiplied by a fraction, of which the
denominator shall be the number of Common Shares outstanding on the date of issuance of such rights, options or warrants plus the number
of additional Common Shares offered for subscription or purchase, and of which the numerator shall be the number of Common Shares outstanding
on the date of issuance of such rights, options or warrants plus the number of shares which the aggregate offering price of the total
number of shares so offered (assuming receipt by the Company in full of all consideration payable upon exercise of such rights, options
or warrants) would purchase at such closing price. Such adjustment shall be made whenever such rights, options or warrants are issued,
and shall become effective immediately after the record date for the determination of stockholders entitled to receive such rights, options
or warrants.

 

(d) Pro
Rata Distributions. If the Company, at any time while this Option Agreement is outstanding, shall distribute to all holders of Common
Shares (and not to the Optionee) evidences of its indebtedness or assets (including cash and cash dividends) or rights or warrants to
subscribe for or purchase any security other than the Common Shares), then in each such case the Exercise Price shall be adjusted by multiplying
the Exercise Price in effect immediately prior to the record date fixed for determination of stockholders entitled to receive such distribution
by a fraction of which the denominator shall be the closing price determined as of the record date mentioned above, and of which the numerator
shall be such closing price on such record date less the then per share fair market value at such record date of the portion of such assets
or evidence of indebtedness or rights or warrants so distributed applicable to one outstanding Common Share, as determined by the Board
of Directors in good faith. In either case the adjustments shall be described in a statement provided to the Optionee of the portion of
assets or evidences of indebtedness so distributed or such subscription rights applicable to one Common Share. Such adjustment shall be
made whenever any such distribution is made and shall become effective immediately after the record date mentioned above.

 

    	4

     

     

(e) Fundamental
Transaction. If, at any time while this Option Agreement is outstanding, (i) the Company, directly or indirectly, in one or more related
transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company (or any subsidiary of the
Company), directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially
all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange
offer (whether by the Company or another Person) is completed pursuant to which holders of Common Shares are permitted to sell, tender
or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding
Common Shares, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization
or recapitalization of the Common Shares or any compulsory share exchange pursuant to which the Common Shares are effectively converted
into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions
consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization,
spin-off, merger or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than
30% of the outstanding Common Shares (not including any Common Shares held by the other Person or other Persons making or party to, or
associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business combination)
(each a “Fundamental Transaction”), then, upon any subsequent exercise of this Option Agreement, the Optionee
shall receive, for each Common Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental
Transaction, the number of Common Shares of the successor or acquiring corporation or of the Company, if it is the surviving corporation,
and any additional consideration (the “Alternate Consideration”) receivable as a result of such Fundamental
Transaction by a holder of the number of Common Shares for which this Option is exercisable immediately prior to such Fundamental Transaction,
as adjusted in accordance with provisions of this Option Agreement. If holders of Common Shares are given any choice as to the securities,
cash or property to be received in a Fundamental Transaction, then the Optionee shall be given the same choice as to the Alternate Consideration
it receives upon any exercise of this Option Agreement following such Fundamental Transaction. The Company shall cause any successor entity
in a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in
writing all of the obligations of the Company under this Option Agreement and the other Transaction Documents in accordance with the provisions
of this Section 6(d) pursuant to written agreements in form and substance reasonably satisfactory to the Optionee and approved by the
Optionee (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Optionee, deliver to the Optionee
in exchange for this Option Agreement a security of the Successor Entity evidenced by a written instrument substantially similar in form
and substance to this Option Agreement which is exercisable for a corresponding number of shares of capital stock of such Successor Entity
(or its parent entity) equivalent to the Common Shares acquirable and receivable upon exercise of this Option Agreement (without regard
to any limitations on the exercise of this Option Agreement) prior to such Fundamental Transaction, and with an exercise price which applies
the exercise price hereunder to such shares of capital stock (but taking into account the relative value of the Common Shares pursuant
to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise
price being for the purpose of protecting the economic value of this Option Agreement immediately prior to the consummation of such Fundamental
Transaction), and which is reasonably satisfactory in form and substance to the Optionee. Upon the occurrence of any such Fundamental
Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction,
the provisions of this Option Agreement referring to the “Company” shall refer instead to the Successor Entity), and may exercise
every right and power of the Company and shall assume all of the obligations of the Company under this Option Agreement with the same
effect as if such Successor Entity had been named as the Company herein. “Person” means an individual or corporation,
partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government
(or an agency or subdivision thereof) or other entity of any kind.

 

(f) Calculations.
All calculations under this Section 6 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For purposes
of this Section 6, the number of Common Shares deemed to be issued and outstanding as of a given date shall be the sum of the number of
Common Shares (excluding treasury shares, if any) issued and outstanding.

 

    	5

     

     

(g) Notice
to Optionee.

 

(i) Adjustment
to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 6, the Company shall promptly
deliver to the Optionee by facsimile or email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment
to the number of Common Shares issuable upon exercise of this Option and setting forth a brief statement of the facts requiring such adjustment.

 

(ii) Notice
to Allow Exercise by Optionee. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Common
Shares, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Shares, (C) the Company shall
authorize the granting to all holders of the Common Shares rights or warrants to subscribe for or purchase any shares of capital stock
of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection with any reclassification
of the Common Shares, any consolidation or merger to which the Company (or any of its Subsidiaries) is a party, any sale or transfer of
all or substantially all of its assets, or any compulsory share exchange whereby the Common Shares are converted into other securities,
cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs
of the Company, then, in each case, the Company shall cause to be delivered by facsimile or email to the Optionee at its last facsimile
number or email address as it shall appear upon the Option Register of the Company, at least 20 calendar days prior to the applicable
record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such
dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common
Shares of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on
which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the
date as of which it is expected that holders of the Common Shares of record shall be entitled to exchange their shares of the Common Shares
for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange;
provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the
corporate action required to be specified in such notice. To the extent that any notice provided in this Option Agreement constitutes,
or contains, material, non-public information regarding the Company or any of its subsidiaries, the Company shall simultaneously file
such notice with the Commission pursuant to a Current Report on Form 8-K. The Optionee shall remain entitled to exercise this Option Agreement
during the period commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise
be expressly set forth herein.

 

(h) Voluntary
Adjustment By Company. Subject to the rules and regulations of the Trading Market, the Company may at any time during the term of
this Option Agreement, subject to the prior written consent of the Optionee, reduce the then current Exercise Price to any amount and
for any period of time deemed appropriate by the board of directors of the Company.

 

7. Non-Transferability of
Option. This Option is not assignable or transferable, in whole or in part, by the Optionee other than by will or by the laws of descent
and distribution. During the lifetime of the Optionee, the Option shall be exercisable only by the Optionee or, in the event of his or
her disability, by his or her guardian or legal representative.

 

8. Disability. If the
Optionee becomes disabled prior to the Expiration Date, then this Option may be exercised by the Optionee or by the Optionee’s legal
representative.

 

9. Death. If the Optionee
dies prior to the Expiration Date, then this Option may be exercised by the Optionee’s estate, personal representative or beneficiary
who acquired the right to exercise this Option by bequest or inheritance or by reason of the Optionee’s death, to the extent of
the number of Common Shares with respect to which the Optionee could have exercised it on the date of his or her death, at any time prior
to the earlier of (i) the Expiration Date or (ii) one year after the date of the Optionee’s death. Any part of the Option that was
not exercisable immediately before the Optionee’s death shall terminate at that time.

 

    	6

     

     

10. Securities Matters.

 

(a) If,
at any time, counsel to the Company shall determine that the listing, registration or qualification of the Common Shares subject to the
Option upon any securities exchange or under any state or federal law, or the consent or approval of any governmental or regulatory body,
or that the disclosure of non-public information or the satisfaction of any other condition is necessary as a condition of, or in connection
with, the issuance or purchase of Common Shares hereunder, such Option may not be exercised, in whole or in part, unless such listing,
registration, qualification, consent or approval, or satisfaction of such condition shall have been effected or obtained on conditions
acceptable to the Board of Directors. The Company shall be under no obligation to apply for or to obtain such listing, registration or
qualification, or to satisfy such condition. The Board shall inform the Optionee in writing of any decision to defer or prohibit the exercise
of an Option. During the period that the effectiveness of the exercise of an Option has been deferred or prohibited, the Optionee may,
by written notice, withdraw the Optionee’s decision to exercise and obtain a refund of any amount paid with respect thereto.

 

(b) The
Company may require: (i) the Optionee (or any other Person exercising the Option in the case of the Optionee’s death or disability)
as a condition of exercising the Option, to give written assurances, in substance and form satisfactory to the Company, to the effect
that such Person is acquiring the Common Shares subject to the Option for his or her own account for investment and not with any present
intention of selling or otherwise distributing the same, and to make such other representations or covenants; and (ii) that any certificates
for Common Shares delivered in connection with the exercise of the Option bear such legends, in each case as the Company deems necessary
or appropriate, in order to comply with federal and applicable state securities laws, to comply with covenants or representations made
by the Company in connection with any public offering of its Common Shares or otherwise. The Optionee specifically understands and agrees
that the Common Shares, if and when issued upon exercise of the Option, may be “restricted securities,” as that term is defined
in Rule 144 under the Securities Act of 1933 and, accordingly, the Optionee may be required to hold the shares indefinitely unless they
are registered under such Securities Act of 1933, as amended, or an exemption from such registration is available.

 

(c) The
Optionee shall have no rights as a shareholder with respect to any Common Shares covered by the Option (including, without limitation,
any rights to receive dividends or non-cash distributions with respect to such shares) until the date of issue of a stock certificate
to the Optionee for such Common Shares. No adjustment shall be made for dividends or other rights for which the record date is prior to
the date such stock certificate is issued.

 

11. Authorized Shares.
The Company covenants that at all times following the Company’s reverse stock split of its Common Shares pursuant to the terms set
forth in that certain Securities Purchase Agreement dated as of August 30, 2022, it will reserve from its authorized and unissued Common
Shares a sufficient number of shares to provide for the issuance of Common Shares upon the exercise of any purchase rights under this
Option Agreement. The Company further covenants that its issuance of this Option Agreement shall constitute full authority to its officers
who are charged with the duty of issuing the necessary Common Shares upon the exercise of the purchase rights under this Option Agreement.
The Company will take all such reasonable action as may be necessary to assure that such Common Shares may be issued as provided herein
without violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common Shares may be
listed. The Company covenants that all Common Shares which may be issued upon the exercise of the purchase rights represented by this
Option Agreement will, upon exercise of the purchase rights represented by this Option Agreement and payment for such Common Shares in
accordance herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and charges created
by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue).

 

    	7

     

     

Except and to the extent as
waived or consented to by the Optionee, the Company shall not by any action, including, without limitation, amending its certificate of
incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any
other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Option Agreement, but will at
all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate
to protect the rights of Optionee as set forth in this Option Agreement against impairment. Without limiting the generality of the foregoing,
the Company will (i) not increase the par value of any Common Shares above the amount payable therefor upon such exercise immediately
prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly
and legally issue fully paid and nonassessable Common Shares upon the exercise of this Option Agreement, and (iii) use commercially reasonable
efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may
be, necessary to enable the Company to perform its obligations under this Option Agreement.

 

Before taking any action which
would result in an adjustment in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents
thereto, as may be necessary from any public regulatory body or bodies having jurisdiction thereof.

 

12. Governing Law. The
laws of the State of Delaware (without reference to the principles of conflict of laws) shall govern the operation of, and the rights
of the Optionee and the Options granted herein.

 

[SIGNATURE PAGE FOLLOWS]

 

    	8

     

     

IN WITNESS WHEREOF, the Company
has caused this Stock Option Agreement to be duly executed by its duly authorized officer, and the Optionee has hereunto set his hand
and seal, all as of the 13th day of September 2022.

 

	 	PROGRESSIVE CARE INC.
	 	 
	 	By:	        
	 	Name:	Alan Jay Weisberg
	 	Title:	Chief Executive Officer

 

	ACCEPTED AND ACKNOWLEDGED	 
	 	 
	 	 
	Rodney Barreto

	 

 

    	9

     

     

PROGRESSIVE CARE INC.

Notice of Exercise of Stock Option

 

I hereby exercise the stock option granted to me pursuant
to the Stock Option Agreement effective as of September [__], 2022, by Progressive Care Inc. (the “Company”), with respect
to the following number of shares of the Company’s common stock (“Shares”), par value $0.0001 per Share, covered by
said option:

 

Number of Shares to be purchased:______________

 

Number of Options to be exercised:______________

 

Number Options used for cashless exercise: ______________

 

Purchase price per Share: $0.022

 

Total purchase price: Cashless Exercise, (see D, below).

 

	 	A.	Enclosed is cash or my certified check, bank draft, or postal or express money order in the amount of $_______ in full/partial [circle one] payment for such Shares;

 

and/or

 

	 	B.	Enclosed is/are Share(s) with a total Fair Market Value of $_______ in full/partial [circle one] payment for such Shares;

 

and/or

 

	 	C.	I have provided notice to [insert name of broker], a broker, who will render full/partial [circle one] payment for such Shares. [Optionee should attach to the notice of exercise provided to such broker a copy of this Notice of Exercise and irrevocable instructions to pay to the Company the full exercise price.]

 

and/or

 

	 	D.	I elect to satisfy the payment for Shares purchased hereunder by having the Company withhold ____________ newly acquired Shares pursuant to the exercise of the Option and/or [circle one] I elect to satisfy related federal and/or [circle one] state tax obligations by having the Company withhold ____________ newly acquired Shares pursuant to the exercise of the Option.

 

Please have the certificate or certificates representing
the purchased Shares registered in the following name or names*:

 

and sent to:_____________________

 

DATED:

 

__________________

 

Optionee’s Signature

 

*Certificates may be registered in the name of the
Optionee alone or in the joint names (with right of survivorship) of the Optionee and his or her spouse.

 

    	10Exhibit
10.3

 

FORM
OF AMENDMENT TO THE AMENDED AND RESTATED EMPLOYMENT AGREEMENT

 

THIS
FORM OF AMENDMENT TO THE AMENDED AND RESTATEDEMPLOYMENT AGREEMENT (“Agreement”), dated [●], and effective as
of [●] (the “Effective Date”) is between Progressive Care Inc., a Delaware Corporation, and its wholly owned
subsidiaries (the “Employer” or the “Company”), and [●], an individual (“Employee”).

 

R
E C I T A L S:

 

	A.	Company
    and Employee entered into that certain Employment Agreement, effective as of [●] (the “Original Agreement”).’
	 	 
	B.	Employee
    is knowledgeable with respect to the business of the Company.
	 	 
	C.	Company
    desires to continue employment to Employee and Employee desires to continue employment by Company.
	 	 
	D.	On
    [●], the Company and the Employee agreed to enter into an Amended and Restated Employment Agreement.
	 	 
	E.	The
    Company and Employee wish to amend certain compensation provisions of the Amended and Restated Employment Agreement.

 

NOW,
THEREFORE, in consideration of the premises, the parties agree as follows:

 

	1.	Section
    4, Compensation, is revised and amended as follows:
	 	 	 
	 	Paragraphs
    (d) and (e) are deleted in their entirety and replaced with the following:
	 	 	 
	 	(d)	Employee
    shall be granted [●] million restricted stock units (the “RSU’s”) under and subject to all of the provisions
    of the related Restricted Stock Unit Agreement (the “Founders Award Agreement”). The restricted shares shall be vested
    immediately.

 

[the
remainder of the page has intentionally been left blank. signature page follows]

 

    	1

    	 

    

 

 

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

 

	PROGRESSIVE
    CARE INC.	 	 
	 	 	 	 
	By:
    		 	Dated:
    October [●], 2022
	 	Alan
    Jay Weisberg	 	 
	 	Chief
    Executive Officer	 	 

 

	EMPLOYEE	 	 
	 	 	 
		 	Dated:
    October [●], 2022
	[  ], an individual	 	 

 

    	2

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