Document:

The
sale, transfer assignment or other disposition of the Warrant represented hereby, whether voluntary, involuntary, or by operation
of law, is subject to substantial restrictions on transfer as set forth in a Purchase Agreement among PAVmed Inc. and purchasers
of certain securities thereunder. Copies of such agreement may be obtained from PAVmed Inc. by requesting such agreement in writing
addressed to the Chief Executive Officer of PAVmed at its principal executive offices or by inspecting them at such office.

 

IF
ISSUED PRIOR TO REGISTRATION OF SERIES X-1 WARRANTS:

 

NEITHER
THIS SECURITY NOR THE SECURITIES FOR WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE
COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO,
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. THIS SECURITY AND
THE SECURITIES ISSUABLE UPON EXERCISE OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN
SECURED BY SUCH SECURITIES.

 

SERIES
X-1

COMMON
STOCK PURCHASE WARRANT

 

PAVMED
inc.

 

Warrant
Shares: _______

 

THIS
COMMON STOCK PURCHASE WARRANT (this “Warrant”) certifies that, for value received, _____________ or its assigns
(the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter
set forth, at any time after the later of (i) the date the final stockholder approval has been obtained under Nasdaq Stock Market
Rule 5635(d) or a successor rule allowing for the issuance of certain of the Securities being issued under the Purchase Agreement
(as defined below) and (ii) October 31, 2018 (the “Initial Exercise Date”) and on or prior to the close of
business on April 30, 2024 (the “Termination Date”) but not thereafter, to subscribe for and purchase from
PAVmed Inc., a Delaware corporation (the “Company”), up to ______ shares (as subject to adjustment hereunder,
the “Warrant Shares”) of Common Stock. The purchase price of one share of Common Stock under this Warrant shall
be equal to the Exercise Price, as defined in Section 2(b). This Warrant is one of a series of warrants issued in a private placement
of the Company’s securities (collectively, the “Series X-1 Warrants”).

 

    	 

     

    

 

Section
1. Definitions. Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain
Securities Purchase Agreement, dated as of August 4, 2017 (as amended, the “Purchase Agreement”), among the
Company and the purchasers signatory thereto.

 

Section
2. Exercise.

 

a)
Exercise of Warrant. Exercise of the purchase rights represented by this Series X-1 Warrant may be made, in whole or in
part, at any time on or after the Initial Exercise Date up to and including the Termination Date by delivery to the Company (or
such other office or agency of the Company as it may designate by notice in writing to the registered Holder at the address of
the Holder appearing on the books of the Company) of a duly executed copy of the Notice of Exercise in the form annexed hereto
and this original Warrant being exercised. No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee
(or other type of guarantee or notarization of any Notice of Exercise form be required) unless required by the Company’s
Transfer Agent. If this Warrant has not been exercised in full, within three (3) Trading Days from the Warrant Share Delivery
Date, the Company shall issue a new Series X-1 Warrant, dated as of the date of this Warrant surrendered, for the number of Warrant
Shares which were not purchased under the Series X-1 Warrant which was surrendered. Under no circumstances will the Company be
required to net cash settle this Warrant upon its exercise, or to pay any liquidated damages on account of any failure to satisfy
any of its obligations under this Warrant.

 

b)
Exercise Price. The exercise price per share of the Common Stock under this Warrant shall be $6.00, subject to adjustment
hereunder (the “Exercise Price”).

 

c)
Cashless Exercise. If at any time after the six (6) month anniversary of the date of the Closing, there is no effective
Registration Statement registering, or no current prospectus available for, the resale of the Warrant Shares by the Holder, then
this Warrant may also be exercised, in whole or in part, at such time by means of a “cashless exercise” in which the
Holder shall be entitled to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A),
where:

 

(A)
= the average of the VWAP for the ten (10) Trading Days immediately preceding the date on which Holder elects to exercise this
Warrant by means of a “cashless exercise,” as set forth in the applicable Notice of Exercise;

 

(B)
= the Exercise Price of this Warrant, as adjusted hereunder; and

 

(X)
= the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant
if such exercise were by means of a cash exercise rather than a cashless exercise.

 

    	 

     

    

 

If
Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9)
of the Securities Act and the holding period of this Warrant may be tacked on to the holding period of the Warrant Shares for
purposes of Rule 144 under the Securities Act. The Company agrees not to take any position contrary to this Section 2(c).

 

Notwithstanding
anything herein to the contrary, on the Termination Date, this Warrant shall be automatically exercised via cashless exercise
pursuant to this Section 2(c). In no event, however, shall any cashless exercise occur if the Exercise Price is greater than the
VWAP which would apply on the Termination Date.

 

d)
Mechanics of Exercise.

 

i.
Delivery of Warrant Shares Upon Exercise. Warrant Shares purchased hereunder shall be transmitted by the Transfer Agent
to the Holder by crediting the account of the Holder’s or its designee’s balance account with The Depository Trust
Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant
in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or
resale of the Warrant Shares by the Holder or (B) the Warrant Shares are eligible for resale by the Holder without volume or manner-of-sale
limitations pursuant to Rule 144, and otherwise by physical delivery of a certificate, registered in the Company’s share
register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder is entitled pursuant
to such exercise to the address specified by the Holder in the Notice of Exercise by the date that is three (3) Trading Days after
the delivery to the Company of both the Notice of Exercise and this original Warrant being exercised (such date, the “Warrant
Share Delivery Date”). Within three (3) Trading Days of the date said Notice of Exercise and this Warrant are delivered
to the Company or, if available, pursuant to the cashless exercise procedure specified in Section 2(c) above, the Warrant Shares
shall be deemed to have been issued, and Holder or any other person so designated to be named therein shall be deemed to have
become a holder of record of such shares for all purposes, as of the date this Warrant has been exercised, with payment to the
Company of the Exercise Price by a certified check drawn on a United States Bank or wire transfer (or by cashless exercise, if
permitted) and all taxes required to be paid by the Holder, if any, pursuant to Section 2(d)(vi) prior to the issuance of such
shares, having been paid.

 

ii.
Rescission Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant
to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.

 

    	 

     

    

 

iii.
No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise
of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the
Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction
multiplied by the Exercise Price or round up to the next whole share.

 

iv.
Charges, Taxes and Expenses. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer
tax or other incidental expense in respect of the issuance of Warrant Shares, all of which taxes and expenses shall be paid by
the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by
the Holder; provided, however, that in the event that Warrant Shares are to be issued in a name other than the name
of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed
by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer
tax incidental thereto. The Company shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise
and all fees to the Depository Trust Company (or another established clearing corporation performing similar functions) required
for same-day electronic delivery of the Warrant Shares.

 

v.
Closing of Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise
of this Warrant, pursuant to the terms hereof.

 

Section
3. Certain Adjustments.

 

a)
Stock Dividends and Stock Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend
or otherwise makes a distribution or distributions payable in shares of Common Stock on shares of Common Stock or any Common Stock
Equivalents (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon exercise of
this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by
way of a reverse stock split) outstanding shares of Common Stock into a smaller number of shares or (iv) issues, in the event
of a reclassification of shares of the Common Stock, any shares of capital stock of the Company, then the Exercise Price shall
be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding any treasury shares
of the Company) outstanding immediately before such event and of which the denominator shall be the number of shares of Common
Stock outstanding immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately
adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section
3(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)
Pro Rata Distributions. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend
or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of
capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options
by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction)
(a “Distribution”), at any time after the issuance of this Warrant, then, in each such case, the Holder shall
be entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder
had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations
on exercise hereof, immediately before the date of which a record is taken for such Distribution, or, if no such record is taken,
the date as of which the record holders of shares of Common Stock are to be determined for the participation in such Distribution.

 

c)
Fundamental Transaction. If, at any time while this Warrant 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,
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 Stock are permitted to sell,
tender or exchange their shares for other securities, cash or property and has been accepted by the holders of fifty percent (50%)
or more of the outstanding Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects
any reclassification, reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which
the Common Stock is 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 or scheme of arrangement) with another Person whereby
such other Person acquires more than fifty percent (50%) of the outstanding shares of Common Stock (not including any shares of
Common Stock 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 Warrant, the Holder shall have the right to receive, for each Warrant Share that would
have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the
Holder, the number of shares of Common Stock 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 shares of Common Stock for which this Warrant is exercisable immediately
prior to such Fundamental Transaction. For purposes of any such exercise, the determination of the Exercise Price shall be appropriately
adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share
of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration
in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of
Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the
Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant 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 Warrant and the other Transaction Documents in accordance with the provisions of this Section 3(i) pursuant to written agreements
in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such
Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security
of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is
exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to
the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise
of this Warrant) 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 shares of Common Stock 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 Warrant immediately prior to the consummation of such Fundamental Transaction),
and which is reasonably satisfactory in form and substance to the Holder. 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 Warrant and the other Transaction Documents 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 Warrant and the other Transaction Documents with the same effect as if such Successor Entity had been named
as the Company herein.

 

    	 

     

    

 

d)
Calculations. All calculations under this Section 3 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 3, the number of shares of Common Stock deemed to be issued and outstanding as
of a given date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

 

e)
Notice to Holder. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall
promptly deliver to each Holder a notice setting forth the Exercise Price after such adjustment and setting forth a brief statement
of the facts requiring such adjustment.

 

f)
Notice to Allow Exercise by Holder. In the event (i) that the Company shall take a record of the holders of its Common
Stock (or other capital stock or securities at the time issuable upon exercise of this Warrant) for the purpose of entitling or
enabling them to receive any dividend or other distribution, to vote at a meeting (or by written consent), to receive any right
to subscribe for or purchase any shares of capital stock of any class or any other securities, to receive any other security or
to participate in any offer made to all holders Common Stock as a class; or (ii) of any capital reorganization of the Company,
any reclassification of the Common Stock of the Company, any consolidation or merger of the Company with or into another Person,
or sale of all or substantially all of the Company’s assets to another Person; or (iii) of the voluntary or involuntary
dissolution, liquidation or winding-up of the Company; then, and in each such case, the Company shall send or cause to be sent
to the Holder at least twenty (20) days prior to the applicable record date or the applicable expected effective date, as the
case may be, for the event, a written notice specifying, as the case may be, (A) the record date for such dividend, distribution,
meeting or consent or other right or action, and a description of such dividend, distribution or other right or action to be taken
at such meeting or by written consent, or (B) the effective date on which such reorganization, reclassification, consolidation,
merger, sale, dissolution, liquidation or winding-up is proposed to take place, and the date, if any is to be fixed, as of which
the books of the Company shall close or a record shall be taken with respect to which the holders of record of Common Stock (or
such other capital stock or securities at the time issuable upon exercise of this Warrant) shall be entitled to exchange their
shares of Common Stock (or such other capital stock or securities) for securities or other property deliverable upon such reorganization,
reclassification, consolidation, merger, sale, dissolution, liquidation or winding-up, and the amount per share and character
of such exchange applicable to this Warrant and the Warrant Shares.

 

Section
4. Transfer of Warrant.

 

a)
Transferability. This Warrant shall only be transferable to the extent set forth in Section 4.1 of the Purchase Agreement.
Upon any such transfer, the Holder shall surrender this Warrant for transfer and, the Company shall execute and deliver a new
Warrant or Warrants in the name of the transferee or transferee and in the denominations specified in such instrument of assignment,
and shall issue to the Holder a new Warrant evidencing the portion of this Warrant, if any, not so assigned and this Warrant shall
promptly be cancelled.

 

    	 

     

    

 

b)
New Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office
of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued,
signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved
in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for this Warrant
or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated
the Initial Exercise Date and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant
thereto.

 

c)
Warrant Register. The Company shall register or shall cause this Warrant to be registered, upon records to be maintained
by the Company for that purpose (the “Warrant Register”), in the name of the record Holder hereof from time
to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of
any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary.

 

d)
Representation by the Holder. The Holder, by the acceptance hereof, represents and warrants that it is acquiring this Warrant
and, upon any exercise hereof, will acquire the Warrant Shares issuable upon such exercise, for its own account and not with a
view to or for distributing or reselling such Warrant Shares or any part thereof in violation of the Securities Act or any applicable
state securities law, except pursuant to sales registered or exempted under the Securities Act.

 

Section
5. Redemption.

 

a)
Conditions for Redemption. At any time after April 30, 2019, the Company, may at its option, redeem all, but not less than
all, of the outstanding Series X-1 Warrants at a price of $0.01 per Warrant (“Redemption Price”); provided,
that the:

 

i.
VWAP of the Common Stock has been at least $18.00 per share (as adjusted for stock splits, stock dividends, or similar events
occurring after the Closing date) for twenty (20) Trading Days out of the thirty (30) Trading Day period ending three (3) Business
Days prior to the notice of redemption;

 

ii.
Average daily trading volume during such thirty (30) Trading Day period is at least 20,000 (as adjusted for stock splits, stock
dividends and similar events) shares; and

 

iii.
A current registration statement is in effect with respect to the sale of Common Stock underlying the Warrants.

 

b)
Date Fixed for, and Notice of Redemption. In the event the Company shall elect to redeem all of the Series X-1 Warrants,
the Company shall fix a date for the redemption. Notice of redemption shall be mailed by first class mail, postage prepaid, by
the Company not less than thirty (30) days prior to the date fixed for redemption (or such longer period of time as may be required
by applicable laws and regulations) to record Holders of the Series X-1 Warrants to be redeemed at their last addresses as they
shall appear on the Warrant Register. Any notice mailed in the manner herein provided shall be conclusively presumed to have been
duly given, whether or not the Holder received such notice.

 

    	 

     

    

 

c)
Exercise After Notice of Redemption. The Series X-1 Warrants may be exercised in accordance with Section 2 above at any
time after notice of redemption shall have been given by the Company pursuant to Section 5(b) hereof and prior to the time and
date fixed for redemption. On and after the redemption date, the Holder of this Warrant shall have no further rights except to
receive, upon surrender of this Warrant, the Redemption Price.

 

Section
6. Miscellaneous.

 

a)
No Rights as Stockholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other
rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth
in Section 4.

 

b)
Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant
Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case
of this Warrant, shall not include the posting of any bond), and upon surrender and cancellation of this Warrant or stock certificate,
if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation,
in lieu of such Warrant or stock certificate.

 

c)
Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right
required or granted herein shall not be a Business Day, then, such action may be taken or such right may be exercised on the next
succeeding Business Day.

 

d)
Authorized Shares. The Company covenants that, during the period this Warrant is outstanding, it will reserve from its
authorized and unissued Common Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the
exercise of any purchase rights under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute
full authority to its officers who are charged with the duty of issuing the necessary Warrant Shares upon the exercise of the
purchase rights under this Warrant. The Company will take all such reasonable action as may be necessary to assure that such Warrant
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 Stock may be listed. The Company covenants that all Warrant Shares which may be issued upon the exercise
of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and
payment for such Warrant 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).

 

    	 

     

    

 

Except
and to the extent as waived or consented to by the Holder, 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 Warrant, 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 Holder as set forth in this Warrant against impairment.
Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant 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 Warrant Shares
upon the exercise of this Warrant 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 Warrant.

 

Before
taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or
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.

 

e)
Jurisdiction. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall
be determined in accordance with the provisions of the Purchase Agreement.

 

f)
Restrictions. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered
and the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities
laws.

 

g)
Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder
shall operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies, notwithstanding
the fact that all rights hereunder terminate on the Termination Date. If the Company willfully and knowingly fails to comply with
any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts
as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including
those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing
any of its rights, powers or remedies hereunder.

 

    	 

     

    

 

h)
Notices. Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company
shall be delivered in accordance with the notice provisions of the Purchase Agreement.

 

i)
Limitation of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant
to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability
of the Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted
by the Company or by creditors of the Company.

 

j)
Remedies. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages,
will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not
be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees
to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.

 

k)
Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby
shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted
assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant
and shall be enforceable by the Holder or holder of Warrant Shares.

 

l)
Applicable Law. The validity, interpretation, and performance of this Offering shall be governed in all respects by the
laws of Delaware, without giving effect to conflicts of law principles that would result in the application of the substantive
laws of another jurisdiction. The Company hereby agrees that any action, proceeding or claims against it arising out of or relating
in any way to this Offering shall be brought and enforced in the courts of the State of New York or the United States District
Court for the Southern District of New York, and irrevocably submits tot such jurisdiction, which jurisdiction shall be exclusive.

 

m)
Amendment. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company
and the holders of Series X-1 Warrants representing at least two-thirds of the shares of Common Stock issuable upon exercise of
such Series X-1 Warrants.

 

n)
Severability. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such
provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions
or the remaining provisions of this Warrant.

 

o)
Exchange. If the Company issues additional Series X-1 Warrants in the future in certificated form under a warrant agreement
between the Company and a warrant agent, the Holder agrees, upon notice from the Company, to exchange this Warrant for a warrant
certificate evidencing the rights of the Holders hereunder.

 

p)
Headings. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be
deemed a part of this Warrant.

 

(Signature
Page Follows)

 

    	 

     

    

 

IN
WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first
above indicated.

 

	 	PAVMED
    inc.
	 	 	 
	 	By:	 
	 	Name:	Dr.
    Lishan Aklog
	 	Title:	Chairman
    and Chief Executive Officer

 

    	 

     

    

 

NOTICE
OF EXERCISE

 

To:
PAVMED inc.

 

(1)
The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant
(only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer
taxes, if any.

 

(2)
Payment shall take the form of (check applicable box):

 

[  ]
in lawful money of the United States; or

 

[  ]
[if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection
2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise
procedure set forth in subsection 2(c).

 

(3)
Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

 

_______________________________

 

The
Warrant Shares shall be delivered to the following DWAC Account Number:

 

_______________________________

 

_______________________________

 

_______________________________

 

(4)
Accredited Investor. The undersigned is an “accredited investor” as defined in Regulation D promulgated under
the Securities Act of 1933, as amended.

 

[SIGNATURE
OF HOLDER]

 

Name
of Investing Entity:

________________________________________________________________________

Signature
of Authorized Signatory of Investing Entity:

 

_________________________________________________

Name
of Authorized Signatory:

___________________________________________________________________

Title
of Authorized Signatory:

____________________________________________________________________

 

Date:
_______________________________________________________________

 

    	 

     

    

 

ASSIGNMENT
FORM

 

(To
assign the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.)

 

FOR
VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to

 

	Name:	 
	 	(Please
    Print)
	Address:	 
	 	(Please
    Print)

 

	Dated:
    _______________ __, ______	 
	 	 
	Holder’s
    Signature:____________________	 
	 	 
	Holder’s
    Address:_____________________AMENDMENT
AGREEMENT

 

This
Amendment Agreement (this “Agreement”) is made and entered into as of October 18, 2017, by and among PAVmed,
Inc., a Delaware corporation (the “Company”), and each of the holders of (i) shares of the Company’s
Series A-1 Preferred Stock and (ii) Series A-1 Warrants (as such terms are defined below) who are identified on the signature
page of this Agreement as a “Holder” (each, a “Holder” and collectively, the “Holders”).
The Company and the Holders are sometimes referred to in this Agreement individually as a “Party” and collectively
as the “Parties.”

 

WHEREAS,
the Company and the Holders are parties to (i) that certain Securities Purchase Agreement, dated as August 4, 2017 (the “Purchase
Agreement”), pursuant to which the Holders purchased from the Company shares of the Company’s Series A-1 Convertible
Preferred Stock, par value $0.001 per share (“Series A-1 Preferred Stock”), and Series A-1 Common Stock Purchase
Warrants (“Series A-1 Warrants”); and (ii) that certain Registration Rights Agreement, dated as of August 4,
2017 (the “Registration Rights Agreement”);

 

WHEREAS,
the Purchase Agreement may be amended by means of a written instrument signed by the Company and Purchasers (as such term is defined
in the Purchase Agreement) holding and having the right to hold at least two-thirds of the shares of Common Stock issuable (i)
upon conversion of the Series A-1 Preferred Stock then outstanding and (ii) upon exercise of the Series A-1 Warrants (the “Required
Majority”);

 

WHEREAS,
the Registration Rights Agreement may be amended with the written consent of the Company and the holders of at least two-thirds
of the shares of Common Stock (i) issued and issuable upon conversion of the issued and outstanding Preferred Stock, (ii) issued
and issuable upon exercise of the issued and outstanding Series A-1 Warrants, and (iii) issued and issuable upon exercise of the
issued and outstanding Series X Warrants issued in exchange for the Series A-1 Warrants (the “Required Holders”);

 

WHEREAS,
the Series A-1 Warrants may be amended with the written consent of the Company and the holders of Series A-1 Warrants representing
at least two-thirds of the shares of Common Stock issuable upon exercise of such Series A-1 Warrants;

 

WHEREAS,
the undersigned Holders constitute (i) the Required Majority, (ii) the Required Holders and (iii) holders of Series A-1 Warrants
representing at least two-thirds of the shares of Common Stock issuable upon exercise of such Series A-1 Warrants; and

 

WHEREAS,
the Parties desire to amend certain provisions of the Purchase Agreement, the Registration Rights Agreement and the Series A-1
Warrants, all as set forth herein.

 

NOW,
THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration,
the receipt and adequacy of which are hereby acknowledged, the Parties agree as follows:

 

    	 	1	 

     

    

 

1.
Definitions. Capitalized terms used and not defined herein shall have the respective meanings ascribed to them in the Purchase
Agreement.

 

2.
Amendment of Purchase Agreement. Effective as of the date hereof, the Purchase Agreement shall be amended as follows:

 

(a)
The following new definition shall be added to Section 1.1 of the Purchase Agreement:

 

“Series
W Warrant” shall have the meaning ascribed to such term in the Series A-1 Warrant.”

 

(b)
The defined term “Series X Warrant” in Section 1.1 of the Purchase Agreement shall be deleted in its entirety and
replaced with the following:

 

“Series
X-1 Warrant” shall have the meaning ascribed to such term in the Series A-1 Warrant.”

 

(c)
All remaining references in the Purchase Agreement to the term “Series X Warrant” shall be deleted and replaced with
the term “Series X-1 Warrant.”

 

(d)
So as to establish that no right of redemption or liquidated damages shall apply to the Series X-1 Warrants and Series W Warrants
Section 4.14 of the Purchase Agreement shall be deleted in its entirety and replaced with the following:

 

“4.14
No Net Cash Settlement. The Series A-1 Preferred Stock, the Series A-1 Warrants and any security into which the Series
A-1 Preferred Stock or the Series A-1 Warrants may be convertible or exchangeable (including the Series X-1 Warrants and the Series
W Warrants) shall not be redeemable for cash and under no circumstance will the Company be required to (a) net cash settle the
Series A-1 Preferred Stock, the Series A-1 Warrants or any other security into which the Series A-1 Preferred Stock or the Series
A-1 Warrants may be convertible or exchangeable (including the Series X-1 Warrants and the Series W Warrants), or (b) pay any
liquidated damages on account of any failure to satisfy any of its obligations under this Agreement, any other Transaction Document
or any other security into which the Series A-1 Preferred Stock or the Series A-1 Warrants may be convertible or exchangeable
(including the Series X-1 Warrants and the Series W Warrants).”

 

3.
Amendment of Registration Rights Agreement. Effective as of the date hereof, the Registration Rights Agreement shall be
amended as follows:

 

(a)
So as to reference Series X-1 Warrants as opposed to Series X Warrants, clause (ii) of recital (A) to the Registration Rights
Agreement shall be deleted in its entirety and replaced with the following:

 

“(ii)
warrants (the “Series A-1 Warrants”), which will be exercisable to purchase shares of Common Stock or exchangeable
into Series X-1 Warrants (“Series X-1 Warrants”) or Series W Warrants (as such term is defined in the Series
A-1 Warrants) (Series A-1 Warrants, Series X-1 Warrants and Series W Warrants issuable in exchange for Series A-1 Warrants collectively,
the “Warrants” and the shares issued upon the exercise of the Warrants collectively, the “Warrant
Shares”)”

 

    	 	2	 

     

    

 

(b)
All remaining references in the Registration Rights Agreement to the term “Series X Warrant” shall be deleted and
replaced with the term “Series X-1 Warrant.”

 

(c)
So as to eliminate the obligation to file a registration statement within 60 days after the Closing Date under the Purchase Agreement,
the defined term “Filing Deadline” in Section 1 of the Registration Rights Agreement shall be deleted in its entirety.

 

(d)
So as to change the references from Series X Warrants to Series X-1 Warrants and to include Series W Warrants and the shares of
Common Stock issuable thereunder, the defined term “Registrable Securities” in Section 1 of the Registration Rights
Agreement shall be deleted in its entirety and replaced with the following:

 

“Registrable
Securities” means (i) the Conversion Shares issued or issuable upon conversion of the Preferred Stock, including shares
of Preferred Stock issued as a dividend on the Preferred Stock, (ii) the Warrant Shares issued or issuable upon exercise of the
Warrants, including the Series X-1 Warrants and the Series W Warrants, (iii) the Series X-1 Warrants, (iv) the Series W Warrants
issuable in exchange for Series A-1 Warrants, (v) any shares of Common Stock issued as a dividend under the Preferred Stock, and
(vi) any shares of capital stock of the Company issued or issuable with respect to the Conversion Shares, the Preferred Stock,
the Warrant Shares and the Warrants as a result of any stock split, stock dividend, recapitalization, exchange or similar event
or otherwise, without regard to any limitations on conversions of the Preferred Stock or exercises of the Warrants.”

 

(e)
So as to include the shares of Common Stock issuable under all of the Warrants and not just Series A Warrants and Series X-1 Warrants,
the defined term “Required Holders” in Section 1 of the Registration Rights Agreement shall be deleted in its entirety
and replaced with the following:

 

“Required
Holders” mean the holders of at least two-thirds of the shares of Common Stock (i) issued and issuable upon conversion
of the issued and outstanding Preferred Stock, and (ii) issued and issuable upon exercise of the issued and outstanding Warrants.”

 

(f)
So as to change the reference from Series X Warrants to Series X-1 Warrants and to include the Series W Warrants and the shares
of Common Stock issuable upon exercise thereof, the defined term “Required Registration Amount” in Section 1 of the
Registration Rights Agreement shall be deleted in its entirety and replaced with the following:

 

“Required
Registration Amount” for the Registration Statement means the sum of (i) 150% of the aggregate of the maximum number
of Conversion Shares issued and issuable pursuant to the Preferred Stock (assuming the payment-in-kind of the dividend thereafter
for the next ten years, at the then applicable Conversion Price as of the trading day immediately preceding the applicable date
of determination (without regard to any limitations on conversion of the Preferred Stock), (ii) the number of Warrant Shares issued
and issuable pursuant to the Series X-1 Warrants as of the trading day immediately preceding the applicable date of determination
(treating the Series X-1 Warrants as if they were outstanding), (iii) the maximum number of Series X-1 Warrants that would be
issued if all such then outstanding Series A-1 Warrants were exchanged therefor as of the trading date immediately preceding the
applicable date of determination, (iv) the number of Warrant Shares issued and issuable pursuant to the Series W Warrants issuable
in exchange for the Series A-1 Warrants as of the trading day immediately preceding the applicable date of determination (treating
such Series W Warrants as if they were outstanding), and (v) the maximum number of Series W Warrants that would be issued if all
such then outstanding Series A-1 Warrants were exchanged therefor as of the trading date immediately preceding the applicable
date of determination.”

 

    	 	3	 

     

    

 

(g)
So as to change the reference from Series X Warrants to Series X-1 Warrants and to include the Series W Warrants and the shares
of Common Stock issuable upon exercise thereof, the first sentence of Section 2(a) of the Registration Rights Agreement shall
be deleted in its entirety and replaced with the following:

 

“The
Company shall prepare and file with the SEC the Registration Statement on Form S-1, unless the Company is eligible to file on
Form S-3, in which event on Form S-3, covering the resale of at least the number of shares of Common Stock, Series X-1 Warrants
and Series W Warrants equal to the Required Registration Amount determined as of the date the Registration Statement is initially
filed with the SEC.”

 

(h)
So as to change the reference from Series X Warrants to Series X-1 Warrants and to include the Series W Warrants and the shares
of Common Stock issuable upon exercise thereof, Section 2(e) of the Registration Rights Agreement shall be deleted in its entirety
and replaced with the following:

 

“e.
Sufficient Number of Shares and Warrants Registered. In the event the number of shares, Series X-1 Warrants and Series
W Warrants available under a Registration Statement filed pursuant to Section 2(a) is insufficient to cover all of the Registrable
Securities required to be covered by such Registration Statement or an Investor’s allocated portion of the Registrable Securities
pursuant to Section 2(b), the Company shall amend the applicable Registration Statement, or file a new Registration Statement
(on the short form available therefor, if applicable), or both, so as to cover at least the Required Registration Amount as of
the trading day immediately preceding the date of the filing of such amendment or new Registration Statement, in each case, as
soon as practicable, but in any event not later than fifteen (15) days after the necessity therefor arises. The Company shall
use its commercially reasonable best efforts to cause such amendment and/or new Registration Statement to become effective as
soon as practicable following the filing thereof. For purposes of the foregoing provision, the number of shares, Series X-1 Warrants
and Series W Warrants available under a Registration Statement shall be deemed “insufficient to cover all of the Registrable
Securities” if at any time the number of shares of Common Stock, Series X-1 Warrants and Series W Warrants available for
resale under the Registration Statement is less than the product determined by multiplying (i) the Required Registration Amount
as of such time by (ii) 0.90. The calculation set forth in the foregoing sentence shall be made without regard to any limitations
on the conversion of the Preferred Stock or the exercise or exchange of the Warrants and such calculation shall assume that the
Preferred Stock are then convertible into shares of Common Stock at the then prevailing Conversion Price (as defined in the Certificate
of Designation), that the Series A-1 Warrants are exchangeable for the Series X-1 Warrants or the Series W Warrants on a one-for-one
basis calculated on the basis of the underlying Warrant Shares and that the Warrants are then exercisable for shares of Common
Stock at the then applicable prevailing Exercise Price (as defined in the Warrants).”

 

    	 	4	 

     

    

 

(i)
So as to eliminate any penalty associated with the filing of the initial registration statement by a specified date, Section 2(f)
of the Registration Rights Agreement shall be deleted in its entirety and replaced with the following:

 

“f.
Effect of Failure to Obtain and Maintain Effectiveness of Registration Statement. If (i) a Registration Statement covering
all of the Registrable Securities required to be covered thereby (exclusive of any Registrable Securities that an Investor has
opted to exclude from a Registration Statement) and required to be filed by the Company pursuant to this Agreement is not declared
effective by the SEC on or before the Effectiveness Deadline (an “Effectiveness Failure”) or (ii) on any day
after the Effective Date sales of all of the Registrable Securities required to be included on such Registration Statement cannot
be made (other than during an Allowable Grace Period (as defined in Section 3(r)) pursuant to such Registration Statement (including,
without limitation, because of a failure to keep such Registration Statement effective, to disclose such information as is necessary
for sales to be made pursuant to such Registration Statement or to register a sufficient number of shares of Common Stock) (a
“Maintenance Failure”) then, as partial relief for the damages to any holder by reason of any such delay in
or reduction of its ability to sell the underlying shares of Common Stock (which remedy shall not be exclusive of any other remedies
available at law or in equity), the Company shall pay to each holder of Registrable Securities relating to such Registration Statement
an amount in cash equal to two percent (2.0%) of the aggregate Subscription Amount (as such term is defined in the Securities
Purchase Agreement) of such Investor’s Registrable Securities included in such Registration Statement on each of the following
dates: (i) the day of an Effectiveness Failure and on every thirtieth day (pro-rated for periods totalling less than thirty (30)
days) thereafter until such Effectiveness Failure is cured; and (ii) the initial day of a Maintenance Failure and on every thirtieth
day (pro-rated for periods totalling less than thirty (30) days) thereafter until such Maintenance Failure is cured. The payments
to which a holder shall be entitled pursuant to this Section 2(f) are referred to herein as “Registration Delay Payments.”
Registration Delay Payments shall be paid on the earlier of (I) the last day of the calendar month during which such Registration
Delay Payments are incurred and (II) the third Business Day after the event or failure giving rise to the Registration Delay Payments
is cured. In the event the Company fails to make Registration Delay Payments in a timely manner, such Registration Delay Payments
shall bear interest at the rate of one and one-half percent (1.5%) per month (prorated for partial months) until paid in full.
Notwithstanding anything herein or in the Securities Purchase Agreement to the contrary, in no event shall the aggregate amount
of Registration Delay Payments exceed, in the aggregate, ten percent (10%) of the aggregate Subscription Amount of the Common
Stock.”

 

    	 	5	 

     

    

 

(j)
So as to change the reference from Series X Warrants to Series X-1 Warrants and to include the Series W Warrants, the last sentence
of Section 3(q) of the Registration Rights Agreement shall be deleted in its entirety and replaced with the following:

 

“Notwithstanding
anything to the contrary, the Company shall cause its transfer agent to deliver unlegended shares of Common Stock, Series X-1
Warrants or Series W Warrants to a transferee of an Investor in accordance with the terms of the Securities Purchase Agreement
in connection with any sale of Registrable Securities with respect to which an Investor has entered into a contract for sale,
and delivered a copy of the prospectus included as part of the applicable Registration Statement (unless an exemption from such
prospectus delivery requirement exists), prior to the Investor’s receipt of the notice of a Grace Period and for which the
Investor has not yet settled.”

 

4.
Amendment of Series A-1 Warrants. Effective as of the date hereof, the Series A-1 Warrants shall be amended as follows:

 

(a)
All references in the Series A-1 Warrants to the term “Series X Warrant” (including the defined term thereof in the
introductory paragraph of the Series A-1 Warrants) shall be deleted and replaced with the term “Series X-1 Warrant.”

 

(b)
The Series A-1 Warrants shall be exchangeable, at the option of the holder thereof, into either Series X-1 Warrants or the class
of warrants issued by the Company as part of its initial public offering of securities and currently registered under the Exchange
Act, and the last sentence of the introductory paragraph of the Series A-1 Warrants shall be deleted and replaced with the following:

 

“Each
Warrant then exercisable for one (1) full Warrant Share shall be exchangeable for either (i) four (4) Series X-1 Warrants each
then exercisable for one (1) full share of Common Stock or (ii) five (5) of the class of warrants issued by the Company as part
of its initial public offering of securities, listed on NASDAQ under the symbol PAVMW, and currently registered under the Exchange
Act, each exercisable for one (1) full share of Common Stock at an exercise price of $5.00 per share (the “Series W Warrants”).”

 

(c)
The defined term “Exchange Warrants” shall mean the Series X-1 Warrants or the Series W Warrants, as applicable.

 

(d)
Section 3(a) of the Series A-1 Warrants shall be deleted in its entirety and replaced with the following:

 

“(a)
Exchange of Warrant. Exchange of the Warrant may be made, beginning on the Initial Exercise Date up to and including the
Termination Date, in whole or in part, by exchanging this Warrant for either, at the option of the Holder, (i) four (4) Series
X-1 Warrants or (ii) five (5) Series W Warrants, by delivery to the Company (or such other office or agency of the Company as
it may designate by notice in writing to the registered Holder at the address of the Holder appearing on the books of the Company)
of a duly executed copy of a Notice of Exchange in the form annexed hereto and this original Warrant. Within three (3) Trading
Days of the date said Notice of Exchange and this Warrant are delivered to the Company, the Company shall issue to the Holder
the Series X-1 Warrants or Series W Warrants, as applicable, and a new Series A-1 Warrant representing the number of initial shares
issuable thereunder if this Warrant is not being exchanged in full. No ink-original Notice of Exchange shall be required, nor
shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exchange form be required unless otherwise
required by the Company’s Transfer Agent.”

 

    	 	6	 

     

    

 

(e)
The form of Notice of Exchange annexed to the Series A-1 Warrants shall be deleted in its entirety and replaced with the form
of Notice of Exchange attached hereto as Annex A.

 

(f)
The form of Series X Warrant attached to the Series A-1 Warrants as Exhibit A thereto shall be deleted in its entirety and replaced
with the form of Series X-1 Warrant attached hereto as Exhibit A.

 

5.
Entire Agreement; No Other Modifications. This Agreement and the Annexes and Exhibits hereto constitute the entire agreement
among the Parties with respect to the subject matter hereof and supersede all prior agreements and understandings, both written
and oral, among the Parties with respect to the subject matter hereof. Except as specifically modified pursuant hereto, each of
the Transaction Documents shall remain in full force and effect in accordance with its terms. From and after the date hereof,
all references in any of the Transaction Documents to the Purchase Agreement, the Registration Rights Agreement or the Series
A-1 Warrants shall be deemed to refer to the Purchase Agreement, Registration Rights Agreement or Series A-1 Warrants, as applicable,
as amended hereby.

 

6.
Headings. The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed
to limit or affect any of the provisions hereof.

 

7.
Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction
to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein
shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use
their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result
as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention
of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any
of such that may be hereafter declared invalid, illegal, void or unenforceable.

 

8.
Applicable Law. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall
be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the
principles of conflicts of law thereof, except insofar a Delaware corporate law is required to govern. Each party agrees that
all legal Proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Agreement
(whether brought against a party hereto or its respective affiliates, directors, officers, shareholders, partners, members, employees
or agents) shall be commenced exclusively in the state and federal courts sitting in the City of New York. Each party hereby irrevocably
submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for
the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein,
and hereby irrevocably waives, and agrees not to assert in any Action or Proceeding, any claim that it is not personally subject
to the jurisdiction of any such court, that such Action or Proceeding is improper or is an inconvenient venue for such Proceeding.
Each party hereby irrevocably waives personal service of process and consents to process being served in any such Action or Proceeding
by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at
the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient
service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process
in any other manner permitted by law. If any party hereto shall commence an Action or Proceeding to enforce any provisions of
this Agreement, then the prevailing party in such Action or Proceeding shall be reimbursed by the non-prevailing party for its
reasonable attorneys’ fees and other costs and expenses incurred with the investigation, preparation and prosecution of
such Action or Proceeding.

 

    	 	7	 

     

    

 

9.
WAIVER OF JURY TRIAL. IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER
PARTY, THE PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY,
IRREVOCABLY AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY.

 

10.
Counterparts. This Agreement may be executed in two counterparts, each of which shall be deemed an original and both of
which shall be considered one and the same agreement; provided that a facsimile signature and a signature delivered electronically
(including by delivery via electronic mail of a signature page in “pdf” format) shall be considered due execution
and shall be binding upon the signatory thereto with the same force and effect as if the signature were an original, not a facsimile
or electronic signature.

 

[SIGNATURE
PAGES FOLLOWS]

 

    	 	8	 

     

    

 

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

 

	 	COMPANY:
	 	 	 
	 	PAVmed
    Inc.
	 	 	 
	 	By:	/s/
    Lishan Aklog, M.D
	 	Name:	Dr.
    Lishan Aklog
	 	Title:	Chairman
    and Chief Executive Officer 

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK

 

SIGNATURE
PAGES FOR HOLDERS FOLLOW]

 

    	 	9	 

     

    

 

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

 

	 	HOLDERS:
	 	 	 
	 	By:	/s/
    John A. Levin
	 	Name:	John
    A. Levin
	 	Title:	Trustee
    of the Trust U/W Carl M. Loeb FBO Jean L. Troubh

 

    	 

     

    

 

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

 

	 	HOLDERS:
	 	 	 
	 	By:	/s/
    Henry L. Levin
	 	Name:	Henry
    L. Levin
	 	Title:	General
    Partner HJJD Associates, L.P.

 

    	 

     

    

 

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

 

	 	HOLDERS:
	 	 	 
	 	By:	/s/
    Arthur L. Loeb
	 	Name:	Arthur
    L. Loeb
	 	Title:	 

 

    	 

     

    

 

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

 

	 	HOLDERS:
	 	 	 
	 	By:	/s/
    David Adams, M.D.
	 	Name:	David
    Adams, M.D.
	 	Title:	 

 

    	 

     

    

 

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

 

	 	HOLDERS:
	 	 	 
	 	By:	/s/
    Elisabeth L. Levin
	 	Name:	Elisabeth
    L. Levin
	 	Title:	 

 

    	 

     

    

 

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

 

	 	HOLDERS:
	 	 
	 	Lincoln
    Park Capital Fund, LLC
	 	 
	 	By:	Lincoln
    Park Capital, LLC
	 	 	 
	 	By:	Rockledge
    Capital Corporation
	 	 	 
	 	By:	/s/
    Joshua Scheinfeld
	 	Name:	Joshua
    Scheunfeld
	 	Title:	President

 

    	 

     

    

 

ANNEX
A

 

NOTICE
OF EXCHANGE

 

	To:	PAVMED
    inc.

 

(1)
The undersigned hereby elects to exchange Warrants currently exercisable for _______ shares of Common Stock for Exchange Warrants
of the Company, each exercisable for the same number of shares of Common Stock for which the Warrant is currently exercisable
pursuant to the terms of the attached Warrant.

 

(2)
Please issue said Exchange Warrants in the form of (check one):

 

[  ]
Series X-1 Warrants

 

[  ]
Series W Warrants

 

(3)
Please issue said Exchange Warrants in the name of the undersigned or in such other name as is specified below:

 

 

 

The
Exchange Warrants shall be delivered to the following address:

 

 

 

 

 

 

 

(4)
Accredited Investor. The undersigned is an “accredited investor” as defined in Regulation D promulgated under
the Securities Act of 1933, as amended.

 

[SIGNATURE
OF HOLDER]

 

Name
of Investing Entity:

 

 

 

Signature
of Authorized Signatory of Investing Entity:

 

 

 

Name
of Authorized Signatory:

 

 

 

Title
of Authorized Signatory:

 

 

 

Date:

 

 

 

    	 

     

    

 

EXHIBIT
A

 

SERIES
X-1 WARRANT

 

(See
attached)

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