Document:

Exhibit 4.1

 

	NUMBER	 	UNITS
	 	 	 
	U-__________	 	 
	 	 	 
	 	 	 
	SEE REVERSE FOR CERTAIN DEFINITIONS	 	 

 

 

 

INCORPORATED UNDER THE LAWS OF DELAWARE

 

CUSIP 70423R 201

 

UNITS CONSISTING OF
ONE SHARE OF COMMON STOCK AND

ONE WARRANT

 

	THIS 	CERTIFIES	THAT
	 	 	 

 

	is	the	owner	of
	 	 	 	 	Units.

 

Each Unit (“Unit”) consists
of one (1) share of common stock, par value $.001 per share (“Common Stock”), of PAVmed Inc., a Delaware corporation
(the “Company”), and one (1) warrant (the “Warrants”). Each Warrant entitles the holder to purchase one
share of Common Stock for $5.00 per share (subject to adjustment) commencing six (6) months from the consummation of the Company’s
initial public offering (“IPO”) and expiring unless exercised before 5:00 p.m., New York City Time, on ______, 2021
(the “Expiration Date”). The Common Stock and Warrant(s) comprising the Unit(s) represented by this certificate are
not transferable separately until the 90th day after the consummation of the Company’s initial public offering.
The terms of the Warrants are governed by a Warrant Agreement, dated as of _______, 2015, between the Company and Continental Stock
Transfer & Trust Company, as Warrant Agent, and are subject to the terms and provisions contained therein, all of which terms
and provisions the holder of this certificate consents to by acceptance hereof. Copies of the Warrant Agreement are on file at
the office of the Warrant Agent at 17 Battery Place, New York, New York 10004, and are available to any Warrant holder on written
request and without cost.

This certificate
is not valid unless countersigned by the Transfer Agent and Registrar of the Company.

Witness the facsimile
seal of the Company and the facsimile signatures of its duly authorized officers.

 

	Dated:		 
	 	 
	 	 
	CHAIRMAN	SECRETARY

 

    	 	 	 

     

    

 

PAVmed Inc.

 

The Company will furnish
without charge to each shareholder who so requests, a statement of the powers, designations, preferences and relative, participating,
optional or other special rights of each class of stock or series thereof of the Company and the qualifications, limitations, or
restrictions of such preferences and/or rights.

 

The following abbreviations,
when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according
to applicable laws or regulations:

 

	TEN COM –	as tenants in common	UNIF GIFT MIN ACT -	_____ Custodian ______
	TEN ENT –	as tenants by the entireties	 	(Cust)	(Minor)

	JT TEN –	as joint tenants with right of survivorship	under Uniform Gifts to Minors
	 	and not as tenants in common	Act ______________
	 	 	 	(State)

 

Additional Abbreviations may also be used
though not in the above list.

 

For value received, ___________________________
hereby sell, assign and transfer unto

 

	PLEASE INSERT SOCIAL SECURITY OR OTHER	 	 
	       IDENTIFYING NUMBER OF ASSIGNEE	 	 
	 	 	 
	 	 	 
	 	 	 

 

 

 

(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS,
INCLUDING ZIP CODE, OF ASSIGNEE)

 

 

 

 

 

 

  

	  	Units

 

represented by the within Certificate,
and do hereby irrevocably constitute and appoint

 

	 	Attorney

to transfer the said Units on the books
of the within named Company will full power of substitution in the premises.

 

	Dated  	 	 

 

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

 

Signature(s) Guaranteed:

 

	 	 

THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION

(BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH

MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM,

PURSUANT TO S.E.C. RULE 17Ad-15).Exhibit 4.2

 

	 	NUMBER	SHARES
	 	 	 
	 	C	 

 

 

INCORPORATED UNDER
THE LAWS OF DELAWARE

 

COMMON STOCK

 

SEE REVERSE FOR

CERTAIN DEFINITIONS

 

	 	This Certifies that	CUSIP 70423R 102

 

	 	is the owner of

 

FULLY PAID AND NON-ASSESSABLE
SHARES OF COMMON STOCK OF THE PAR VALUE OF $.001 EACH OF

 

PAVMED INC.

 

transferable
on the books of the Company in person or by duly authorized attorney upon surrender of this certificate properly endorsed.

This certificate is not valid unless countersigned by the Transfer Agent and registered by the Registrar.

Witness the facsimile seal of the Company and the facsimile signatures of its duly authorized officers.

 

	 	Dated:

 

	 		 
	CHAIRMAN	SECRETARY

 

    	 	 	 

     

    

 

The following abbreviations,
when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according
to applicable laws or regulations:

 

	 	TEN COM –	as tenants in common              UNIF GIFT MIN ACT - _____ Custodian ______
	 	TEN ENT – 	as tenants by the entireties	(Cust)                  (Minor)
	 	JT TEN – 	as joint tenants with right of survivorship	under Uniform Gifts to Minors
	 	 	and not as tenants in common	
        Act ______________

                        (State)

 

Additional Abbreviations
may also be used though not in the above list.

 

PAVmed Inc.

 

The Company will furnish
without charge to each shareholder who so requests the powers, designations, preferences and relative, participating, optional
or other special rights of each class of stock or series thereof of the Company and the qualifications, limitations, or restrictions
of such preferences and/or rights. This certificate and the shares represented thereby are issued and shall be held subject to
all the provisions of the Certificate of Incorporation and all amendments thereto and resolutions of the Board of Directors providing
for the issue of Preferred Shares (copies of which may be obtained from the secretary of the Company), to all of which the holder
of this certificate by acceptance hereof assents.

 

For value received, ___________________________
hereby sell, assign and transfer unto

 

	PLEASE INSERT SOCIAL SECURITY OR OTHER	 	 
	       IDENTIFYING NUMBER OF ASSIGNEE	 	 
	 	 	 
	 	 	 
	 	 	 

 

	 

(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS,
INCLUDING ZIP CODE, OF ASSIGNEE)

	 

 

	 	shares

 

of the capital stock represented by
the within Certificate, and do hereby irrevocably constitute and appoint

 

	 	Attorney

to transfer the said stock on the books
of the within named Company will full power of substitution in the premises.

 

	Dated  	 	 

 

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

 

Signature(s) Guaranteed:

 

	 	 

THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR
INSTITUTION

(BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT
UNIONS WITH

MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM,

PURSUANT TO S.E.C. RULE 17Ad-15).Exhibit 4.3

 

	
        NUMBER       

        ________-
	 	
        (SEE REVERSE SIDE FOR LEGEND)

        THIS WARRANT WILL BE VOID IF NOT EXERCISED
        PRIOR TO 

THE EXPIRATION DATE (DEFINED BELOW)
	 	WARRANTS

 

 

 

CUSIP 70423R
110

WARRANT

THIS CERTIFIES THAT, for value received

 

is the registered holder of a warrant or
warrants (the “Warrant”), expiring at 5:00 p.m., New York City time, on ________, 2021 to purchase one fully paid and
non-assessable share of common stock, par value $.001 per share (“Shares”), of PAXmed Inc., a Delaware corporation
(the “Company”) for each Warrant evidenced by this Warrant Certificate. The Warrant entitles the holder thereof to
purchase from the Company, commencing six months from the consummation of the Company’s initial public offering, such number
of Shares of the Company at the Warrant Price, upon surrender of this Warrant Certificate and payment of the Warrant Price at the
office or agency of the Warrant Agent, Continental Stock Transfer & Trust Company, but only subject to the conditions set forth
herein and in the Warrant Agreement between the Company and Continental Stock Transfer & Trust Company. In no event will the
Company be required to net cash settle any warrant exercise. The Warrant Agreement provides that upon the occurrence of certain
events the Warrant Price and the number of Shares purchasable hereunder, set forth on the face hereof, may, subject to certain
conditions, be adjusted. The term Warrant Price as used in this Warrant Certificate refers to the price per Share at which Shares
may be purchased at the time the Warrant is exercised. The initial Warrant Price per share of Common Stock for any Warrant is equal
to $5.00 per share.

Upon any exercise
of the Warrant for less than the total number of full Shares provided for herein, there shall be issued to the registered holder
hereof or the registered holder’s assignee a new Warrant Certificate covering the number of Shares for which the Warrant
has not been exercised.

Warrant Certificates,
when surrendered at the office or agency of the Warrant Agent by the registered holder hereof in person or by attorney duly authorized
in writing, may be exchanged in the manner and subject to the limitations provided in the Warrant Agreement, but without payment
of any service charge, for another Warrant Certificate or Warrant Certificates of like tenor and evidencing in the aggregate a
like number of Warrants.

Upon due presentment
for registration of transfer of the Warrant Certificate at the office or agency of the Warrant Agent, a new Warrant Certificate
or Warrant Certificates of like tenor and evidencing in the aggregate a like number of Warrants shall be issued to the transferee
in exchange for this Warrant Certificate, subject to the limitations provided in the Warrant Agreement, without charge except for
any applicable tax or other governmental charge.

The Company and the
Warrant Agent may deem and treat the registered holder as the absolute owner of this Warrant Certificate (notwithstanding any notation
of ownership or other writing hereon made by anyone), for the purpose of any exercise hereof, of any distribution to the registered
holder, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary.

This Warrant does
not entitle the registered holder to any of the rights of a stockholder of the Company.

The Company reserves
the right to call the Warrant at any time prior to its exercise commencing __ years from the closing of the Company’s initial
public offering, with a notice of call in writing to the holders of record of the Warrant, giving at least 30 days’ notice
of such call, at any time while the Warrant is exercisable, if the volume weighted average price of the Shares has been at least
$10.00 per share on each of 20 consecutive trading days ending on the third business day prior to the date on which notice of such
call is given provided that the average daily trading volume in the stock is at least 20,000 shares per day and if, and only if,
there is a current registration statement in effect with respect to the Shares underlying the Warrants. The call price of the Warrants
is to be $.01 per Warrant. Any Warrant either not exercised or tendered back to the Company by the end of the date specified in
the notice of call shall be canceled on the books of the Company and have no further value except for the $.01 call price.

 

	By	 	 	 	 
	 	 	 	 	 
	 	Chairman	 	 	Secretary 

 

     

     

    

 

SUBSCRIPTION FORM

To Be Executed by the Registered Holder
in Order to Exercise Warrants

 

The undersigned Registered Holder irrevocably
elects to exercise ______________ Warrants represented by this Warrant Certificate, and to purchase the Common Stock issuable
upon the exercise of such Warrants, and requests that Certificates for such shares shall be issued in the name of

 

	(PLEASE TYPE OR PRINT NAME AND ADDRESS)
	 
	 
	 
	 
	 

(SOCIAL SECURITY OR
TAX IDENTIFICATION NUMBER)

 

	and be delivered to 	 

(PLEASE PRINT OR TYPE NAME AND ADDRESS)

 

 

and, if such number of Warrants shall not
be all the Warrants evidenced by this Warrant Certificate, that a new Warrant Certificate for the balance of such Warrants be registered
in the name of, and delivered to, the Registered Holder at the address stated below:

 

	Dated: 	 	 	 
	 	 	(SIGNATURE)
	 	 	 
	 	 	(ADDRESS)
	 	 	 
	 	 	 
	 	 	(TAX IDENTIFICATION NUMBER)

 

ASSIGNMENT

To Be Executed by the Registered Holder
in Order to Assign Warrants

 

For Value Received, _______________________ hereby sell, assign,
and transfer unto

 

	(PLEASE TYPE OR PRINT NAME AND ADDRESS)
	 
	 
	 
	 
	 

(SOCIAL SECURITY OR
TAX IDENTIFICATION NUMBER)

 

	and be delivered to 	 

(PLEASE PRINT OR TYPE NAME AND ADDRESS)

 

______________________ of the Warrants represented by this Warrant
Certificate, and hereby irrevocably constitute and appoint _________________________________ Attorney to transfer this Warrant
Certificate on the books of the Company, with full power of substitution in the premises.

 

	Dated: 	 	 	 
	 	 	(SIGNATURE)

 

The
signature to the assignment of the Subscription Form must correspond to the name written upon the face of this Warrant Certificate
in every particular, without alteration or enlargement or any change whatsoever, and must be guaranteed by a commercial bank or
trust company or a member firm of the NYSE Amex, New York Stock Exchange, Pacific Stock Exchange or Chicago Stock Exchange.

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