Document:

Exhibit
10.3

 

EXCHANGE
AGREEMENT

 

THIS
EXCHANGE AGREEMENT, is dated as of August 30, 2022 (this “Agreement”), by and between Progressive Care Inc.,
a Delaware corporation (the “Company”) and Yelena Braslavskaya 2020 Gift Trust (“Holder”).

 

WHEREAS,
Holder owns an aggregate of 51 shares of the Company’s Series
A Preferred Stock (the “Series A Shares”),

 

WHEREAS,
the Company and Holder have agreed pursuant hereto to an exchange of the Series A Shares for 4.6% of the total issued and outstanding
shares of the Company’s common stock (the “Common Shares”); and

 

WHEREAS,
the exchange provided for hereby is being made in reliance upon the exemption from registration provided by Section 4(a)(2) of the Securities
Act of 1933, as amended (the “Securities Act”).

 

NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto,
intending to be legally bound hereby, agree as follows:

 

1.
Exchange. Effective as of the date hereof, Holder shall exchange all of Holder’s Series A Shares
for the Common Shares. Holder shall exchange the Series A Shares owned by it by surrendering to the Company such Series A Shares (and
the corresponding certificates, if any, evidencing the same) (the “Holder Deliveries”). Upon such surrender,
the Company shall issue to Holder the Common Shares. Upon surrender of the Holder Deliveries, the Series A Shares owned by Holder shall
be canceled on the books of the Company and all of Holder’s rights with respect thereto shall automatically
cease and terminate, and Holder, by executing and becoming a party to this Agreement, shall be deemed to have consented to the cancellation
of Holder’s Series A Shares.

 

2.
Representations and Warranties of the Company. The Company hereby represents and warrants to Holder
that:

 

(a)
the Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware;

 

(b)
all corporate action on the part of the Company necessary for the authorization, execution and delivery of this Agreement, and the performance
of all obligations hereunder, have been taken on or prior to the date hereof. This Agreement has been validly
authorized, executed and delivered by the Company, and constitutes the legal, valid and binding obligations of the Company, enforceable
against them in accordance with their terms, except as such enforceability may be limited by general principles of equity or by applicable
bankruptcy, insolvency, reorganization, moratorium, liquidation and other similar laws relating to, or affecting generally, the enforcement
of applicable creditors’ rights and remedies; and

 

(c)
the Common Shares issued in accordance herewith have been duly authorized and validly issued and are fully paid and non-assessable.

 

    	 

     

    

 

3.
Representations and Warranties of the Holder. Holder hereby represents and warrants to the Company that:

 

(a)
Holder is a legal person duly organized, validly existing and in good standing under the laws of
its jurisdiction of its organization;

 

(b)
all actions on the part of Holder necessary for the authorization, execution and delivery of this Agreement, and the performance of all
obligations hereunder, have been taken on or prior to the date hereof; this Agreement is validly authorized,
executed and delivered by Holder and constitutes the legal, valid and binding obligations of Holder, enforceable against Holder
in accordance with its terms, except as such enforcement may be limited by general principles of equity or by applicable bankruptcy,
insolvency, reorganization, moratorium, liquidation and other similar laws relating to, or affecting generally, the enforcement of applicable
creditors’ rights and remedies;

 

(c)
Holder is acquiring the Common Shares for its own account only and not with view towards, or for sale in
connection with, the public sale or distribution thereof;

 

(d)
Holder is an “accredited investor” as that term is defined in Rule 501 of Regulation D, as promulgated
under the Securities Act;

 

(e)
Holder understands that the Common Shares are being issued to it in reliance on specific exemptions from
the registration requirements of United States federal and state securities laws and that the Company is relying in part upon
the truth and accuracy of, and Holder’s compliance with, the representations, warranties, acknowledgements, and understandings
of Holder set forth herein in order to determine the availability of such exemptions and the eligibility of Holder to acquire the Common
Shares;

 

(f)
Holder and its advisors, if any, have been furnished with all materials relating to the business, finances and operations of the Company
and materials relating to the offer and issuance of the Common Shares; Holder has had the opportunity to review the Company’s filings
with the Securities and Exchange Commission; Holder and its advisors, if any, have been afforded the opportunity to ask questions of
the Company; neither such inquiries nor any other due diligence investigations conducted by Holder or its advisors, if any, or its representatives
shall modify, amend or affect Holder’s right to rely on the Company’s representations and warranties contained herein; Holder
has sought such accounting, legal and tax advice as it has considered necessary to make an informed investment decision with respect
to its acquisition of the Common Shares; Holder is relying solely on its own accounting, legal and tax advisors, and not on any statements
of the Company or any of its agents or representatives, for such accounting, legal and tax advice with respect to its acquisition of
the Common Shares and the transactions contemplated by this Agreement;

 

(g)
Holder understands that no United States federal or state agency or any other government or governmental agency has passed on or made
any recommendation or endorsement of the Common Shares or the fairness or suitability of the investment nor have such authorities passed
upon or endorsed the merits of the offering of the Common Shares; and

 

    	 

     

    

 

(h)
Holder understands and acknowledges that, upon its execution of this Agreement, any and all Series A Shares owned by it will be automatically
cancelled, without further action on the part of the Company or Holder except as otherwise set forth herein, and Holder releases the
Company from any and all obligations of the Company to Holder under the Series A Shares owned by it; without limiting the generality
of the preceding sentence, Holder hereby surrenders and waives all rights that it has in respect of all of its Series A Shares.

 

4.
Miscellaneous.

 

(a)
Governing Law. This Agreement will be governed by and construed in accordance with the laws of the State of Delaware without giving
effect to principles of conflicts of law.

 

(b)
Entire Agreement. This Agreement contains the entire agreement between the parties regarding the subject matter hereof and supersedes
all prior agreements or understandings between the parties with respect thereto.

 

(c)
Successors. This Agreement will inure to the benefit of any successor in interest to a party or any person that after the date
hereof may acquire any subsidiary or division of a party.

 

(d)
Counterparts. This Agreement may be executed in counterparts, each of which will be deemed an original, and all of which will
constitute the same agreement.

 

[Signature
Page(s) Follow this Page]

 

    	 

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date and year set forth above.

 

	 	PROGRESSIVE
    CARE INC.
	 	 	                         
	 	By:
    	 
	 	Name:
    	 
	 	Title:
    	 

 

	 	Yelena
    Braslavskaya 2020 Gift Trust
	 	 	                           
	 	By:
    	 
	 	Name:
    	 
	 	Title:Exhibit
10.4

 

CONFIDENTIAL
PURCHASE AND RELEASE AGREEMENT

 

THIS
CONFIDENTIAL PURCHASE AND RELEASE AGREEMENT (this “Agreement”) is entered into as of August 30, 2022, by
and among, Iliad Research and Trading, L.P., a Utah limited partnership (“Iliad”), Progressive Care Inc., a
Delaware corporation (the “Company”), PharmCo, L.L.C., a Florida limited liability company (“PharmCo”),
NextPlat Corp, a Nevada corporation (“NextPlat”), Charles Fernandez (“Fernandez”),
Rodney Barreto (“Barreto”), Daniyel Erdberg (“Erdberg”), and Sixth Borough Capital
Fund, LP, a Delaware limited partnership (“6B”, and together with NextPlat, Bareto, Fernandez and Erdberg,
the “Purchasers”), each a “Party” and collectively the “Parties”,
upon the following premises:

 

WHEREAS,
On March 6, 2019, the Company sold and issued to Iliad a certain Secured Convertible Promissory Note dated March 6, 2019 in the original
principal amount of $3,310,000.00 (as heretofore amended or modified, the “Iliad Note”) pursuant to a certain
Securities Purchase Agreement dated as of March 6, 2019 between Company and Iliad (the “Iliad Purchase Agreement”);

 

WHEREAS,
the Iliad Note is secured by a lien upon and security interest in all of the tangible and intangible property of the Company’s
subsidiary, PharmCo, as more fully described in that certain Security Agreement, dated as of March 6, 2019, made by PharmCo in favor
of Iliad (as heretofore amended or modified, the “Security Agreement”);

 

WHEREAS,
the obligations of the Company under the Iliad Note are guaranteed by PharmCo, as more fully described in that certain Guaranty, dated
as of March 6, 2019, made by PharmCo for the benefits Iliad (as heretofore amended or modified, the “Guaranty”
and together with the Iliad Note, Iliad Purchase Agreement, Security Agreement, and all other documents entered into in conjunction therewith,
the “Financing Documents”);

 

WHEREAS,
on January 20, 2022, Iliad and the Company entered into that certain Settlement Agreement, Waiver and Release of Claims which inter
alia modified the terms of such Note;

 

WHEREAS,
Iliad wishes to sell to Purchasers, and Purchasers wish to purchase, (a) all of Iliad’s right, title and interest in the Iliad
Note and (b) all of Iliad’s right, title and interest in the Financing Documents other than the Iliad Note, including without limitation
the Guaranty, the Security Agreement, and Iliad’s rights, title and interest in and to the Collateral (collectively with the Iliad
Note, the “Purchased Assets”), for the aggregate purchase price of $2,300,000;

 

WHEREAS,
the Parties intend that this Agreement become effective on the date and time that the Remittance (as defined below) from all Purchasers
is received by Iliad pursuant to Section 4.1(b) hereof (the “Effective Date”);

 

NOW
THEREFORE, on the stated premises and for and in consideration of the mutual covenants and agreements hereinafter set forth and the
mutual benefits to the Parties to be derived herefrom, and for other good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, it is hereby agreed as follows:

 

    	 

    	 

    

 

ARTICLE
I

DEFINITIONS

 

Each
of the foregoing recitals is incorporated herein and together form part of this Agreement.

 

Section
1.1 Definitions. In addition to the terms defined elsewhere in this Agreement, for all purposes of this Agreement, the following
terms have the meanings set forth in this Section 1.1:

 

“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control
with a Person, as such terms are used in and construed under Rule 405 under the Securities Act, or is serving as counsel to such Person;
without limiting the foregoing the term “Affiliate” shall with respect to a limited liability company, corporation, or partnership,
include parent and subsidiary corporations, liability companies, corporations, or partnership divisions, shareholders, members, managers,
predecessors, successors and assigns, officers, directors, trustees, fiduciaries, managers, administrators, agents, attorneys, insurers
and representatives.

 

“Allonge”
has the meaning set forth in Section 4.2(b).

 

“Business
Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or any
day on which banking institutions in the State of New York are authorized or required by law or other governmental action to close.

 

“Closing”
has the meaning set forth in Section 4.2(a).

 

“Collateral”
has the meaning set forth in the Security Agreement.

 

“Commission”
means the United States Securities and Exchange Commission.

 

“Company
Acknowledgement” has the meaning set forth in Section 4.2(b).

 

“Effective
Date” has the meaning set forth in the recitals to this Agreement.

 

“Financing
Statements” means: (a) that certain UCC-1 financing statement filed with the State of Delaware on May 31, 2019 with Chicago
Venture Partners, L.P. as the secured party and the Company as the debtor; and (b) that certain UCC-1 financing statement filed with
the State of Florida on May 29, 2019 with Chicago Venture Partners, L.P. as the secured party and the Company as the debtor.

 

“Iliad
Note” has the meaning set forth in the recitals to this Agreement.

 

“Liens”
means a lien, charge pledge, right to purchase, security interest, encumbrance, right of first refusal, preemptive right or other restriction.

 

    	2

    	 

    

 

“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.

 

“Proceeding”
means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial proceeding,
such as a deposition), whether commenced or threatened.

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Transaction
Documents” means:

 

	 	●	this
    Agreement,
	 	 	 
	 	●	the
    Allonge,
	 	 	 
	 	●	UCC
    assignments transferring the Financing Statements,
	 	 	 
	 	●	any
    and all guarantees, security interests, and any other documents and agreements executed and delivered by the Iliad in connection
    with the Financing Documents, and
	 	 	 
	 	●	any
    and all other agreements and documents reasonably requested by the Purchasers relating to the transactions contemplated hereunder.

 

ARTICLE
II

REPRESENTATIONS,
COVENANTS, AND WARRANTIES OF ILIAD

 

Section
2.1 Iliad Representation and Warranties.

 

Iliad
hereby makes the following representations and warranties to each of the Purchasers:

 

(a)
Authorization; Enforcement. It has the requisite limited partnership power and authority to enter into and to consummate the transactions
contemplated by each of the Transaction Documents and otherwise to carry out its obligations thereunder. The execution and delivery of
each of the Transaction Documents by it and the consummation by it of the transactions contemplated thereby have been duly authorized
by all necessary action on its part and no further action is required by it in connection therewith. Each Transaction Document has been
(or upon delivery will have been) duly executed by it and, when delivered in accordance with the terms hereof, will constitute a valid
and binding obligation enforceable against it in accordance with its terms, except as such enforceability may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws relating to, or affecting generally the enforcement of,
creditors’ rights and remedies or by other equitable principles of general application.

 

    	3

    	 

    

 

(b)
No Conflicts. The execution, delivery and performance of the Transaction Documents by it and the consummation by it of the transactions
contemplated thereby do not and will not (i) conflict with or violate any provision of its certificate of limited partnership, partnership
agreement or other organizational or charter documents, or (ii) conflict with, or constitute a default (or an event that with notice
or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation
(with or without notice, lapse of time or both) of, any agreement, credit facility, debt or other instrument or other understanding to
which it is a party or by which any of its property or assets is bound or affected, or (iii) is subject to any consent, waiver, authorization
or order of, give any notice to, or make any filing or registration with, any United States court or other federal, state, local or other
governmental authority or other Person in connection with its execution, delivery and performance of the Transaction Documents, that
could result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental
authority to which it is subject (including federal and state securities laws and regulations), or by which any of its property or assets
is bound or affected.

 

(c)
Filings, Consents and Approvals. It is not required to obtain any consent, waiver, authorization or order of, give any notice
to, or make any filing or registration with, any federal, state, local or other governmental authority or other Person, or any court
or other federal, state, local or other governmental authority or other Person in connection with the execution, delivery and performance
by it of the Transaction Documents.

 

(d)
Purchased Assets. The Purchased Assets are owned by Iliad. No other person has an interest in the Purchased Assets or the right
to approve, disapprove or oppose the transactions contemplated by this Agreement. The Purchased Assets have not been transferred, pledged,
sold, assigned, encumbered or hypothecated, and are free and clear of all Liens and contract claims.

 

(e)
Positive & Negative Assurances. Neither Iliad nor any Affiliate of Iliad owns any securities issued by the Company other than
those included in the Purchased Assets and 1,296,163 shares of the Company’s common stock owned by Iliad not being transferred
as part of this Agreement (the “Iliad Shares”). Iliad is not aware of any facts that would give rise to a claim
against the Company or any of its Affiliates by it.

 

(f)
Non-Reliance on and Disclaimer of Representations or Promises Not Reflected in This Agreement. No representations or promises
that are not reflected in this Agreement have been made to Iliad to induce it to execute this Agreement and the Transaction Documents,
and it disclaims reliance on any representation or promise not set forth in this Agreement or the Transaction Documents, and expressly
disclaims any right to assert negligent or intentional misrepresentation or fraud on the basis of any pre-suit communication.

 

(g)
Broker’s, Finder’s or Similar Fees. To Iliad’s knowledge, except for the Company’s agreement with Dawson
James Securities, Inc., there are no brokerage commissions, finder’s fees or similar fees or commissions payable by any party in
connection with the transactions contemplated hereby based on any agreement, arrangement or understanding with Iliad or any action taken
by Iliad.

 

(h)
Limitations on Representations and Warranties. Except for the foregoing representations and warranties, this Agreement is made
by Iliad without representation or warranty of any nature or kind, express or implied, and Iliad specifically disclaims any warranty,
guaranty or representation, oral or written, past, present or future with respect to the Iliad Note, any portion thereof, or any instruments
evidencing same.

 

    	4

    	 

    

 

Section
2.2 Iliad’s Covenant Not to Purchase Any Securities of the Company. Iliad represents, warrants and agrees that for a period
of three years from the Effective Date none of Iliad or any Affiliate of Iliad will purchase or cause any other Person to purchase any
securities issued by the Company.

 

ARTICLE
III

REPRESENTATIONS
AND WARRANTIES OF PURCHASERS

 

Section
3.1 Purchasers Representations and Warranties.

 

As
an inducement to, and to obtain the reliance of Iliad, each Purchaser, severally and not jointly, represents and warrants to Iliad that:

 

(a)
Legal Capacity; Organization. If an entity, Purchaser is duly organized and validly existing under the laws of the jurisdiction
of its formation; and has the requisite power and authority to execute, deliver and perform its obligations hereunder. If an individual,
Purchaser is an individual over the age of 21 and the legal capacity to execute, deliver and perform his or her obligations set forth
in this Agreement.

 

(b)
Authorization; No Contravention. If an entity, the execution, delivery and performance by Purchaser of this Agreement and the
transactions contemplated hereby (a) have been duly authorized by all necessary officers, partners, managers or members of Purchaser,
(b) do not contravene the terms of Purchaser’s organizational documents, or any amendment thereof, (c) do not materially violate,
conflict with or result in any material breach or contravention of, or the creation of any Lien under, any contractual obligation of
Purchaser or any requirement of law applicable to Purchaser, and (d) do not materially violate any orders of any governmental authority
against, or binding upon, Purchaser to the knowledge of Purchaser.

 

(c)
Governmental Authorization; Third Party Consents. No approval, consent, compliance, exemption, authorization or other action by,
or notice to, or filing with, any governmental authority or any other Person, and no lapse of a waiting period under any requirement
of law, is necessary or required in connection with the execution, delivery or performance by, or enforcement against, Purchaser, of
this Agreement.

 

(d)
Binding Effect. This Agreement has been duly executed and delivered by Purchaser and constitutes the legal, valid and binding
obligations of Purchaser, enforceable against Purchaser in accordance with its terms, except as enforceability may be limited by applicable
bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting the enforcement of creditors’
rights generally or by equitable principles relating to enforceability (regardless of whether considered in a proceeding at law or in
equity).

 

(e)
Restricted Securities. Purchaser understands that the Iliad Note and any shares received from conversions thereunder will not
be registered under the Securities Act at the time of purchase and, therefore, cannot be resold unless registered under the Securities
Act and applicable state securities laws or unless an exemption from such registration requirements is available. Purchaser is aware
that the Company is under no obligation to effect any such registration with respect to the Iliad Note or any shares received from conversions
thereunder or to file for or comply with any exemption from registration.

 

    	5

    	 

    

 

(f)
Accredited Investor. Purchaser is an “Accredited Investor” within the meaning of Rule 501 of Regulation D under the
Securities Act, as presently in effect.

 

(g)
Affiliate Status. Erdberg and 6B are not Affiliates of any of the other Purchasers. Fernandez and Barreto are Affiliates of NextPlat.
No Purchaser is, and has at any time been, an Affiliate of the Company.

 

(h)
Broker’s, Finder’s or Similar Fees. Except for the Company’s agreement with Dawson James Securities, Inc., there
are no brokerage commissions, finder’s fees or similar fees or commissions payable by any party in connection with the transactions
contemplated hereby based on any agreement, arrangement or understanding with Purchaser or any action taken by Purchaser.

 

(i)
Disclosure of Information. Purchaser has been furnished with, and has had access to, such information as it considers necessary
or appropriate for deciding whether to enter into this Agreement, and Purchaser has had an opportunity to ask questions and receive answers
from the Company and its officers concerning the Company’s financial situation, business, prospects, and any other matter that
Purchaser has deemed relevant or important in determining whether to enter into this Agreement. Among other things, Purchaser is aware
that the Company’s business prospects are speculative. Purchaser has had the opportunity to consult with counsel of its choosing
with respect to this Agreement and the transactions contemplated herein. No representations or warranties have been made to Purchaser
by Iliad, or any of its respective officers, directors, employees, agents, sub-agents, affiliates or subsidiaries, other than the representations
of Iliad contained herein, and in purchasing the Iliad Note hereunder, Purchaser is not relying upon any representations of Iliad other
than those contained herein.

 

(j)
Financing Statements. Purchaser acknowledges and agrees that the assignment and acceptance of the Financing Statements is made
on an “AS IS,” “WHERE IS” basis, with all faults and defects. Purchaser acknowledges and agrees that Iliad has
made no warranties or representations, express or implied, or arising by operation of law, relating to the Financing Statements, including,
without limitation, with respect to the validity, existence or priority of any lien or security interest evidenced by the Financing Statements.

 

(k)
Investment Risk. Purchaser is aware that its purchase of the Iliad Note pursuant to this Agreement is a speculative investment
that is subject to the risk of complete loss. Purchaser is able, without impairing Purchaser’s financial condition, to suffer a
complete loss of such investment in the Company.

 

(l)
Sophisticated Purchaser. Purchaser has such knowledge and experience in financial and business matters that Purchaser is capable
of evaluating the merits and risks of such investment, is able to incur a complete loss of such investment and is able to bear the economic
risk of such investment for an indefinite period of time. Purchaser has not been formed solely for the purpose of making this investment
and is purchasing the Iliad Note for its own account for investment, not as a nominee or agent, and not with a view to, or for resale
in connection with, the distribution thereof.

 

    	6

    	 

    

 

ARTICLE
IV

PURCHASE
and Sale OF Purchased Assets

 

Section
4.1 The Purchase.

 

(a)
On the terms and subject to the conditions set forth in this Agreement, contemporaneous with the execution of this Agreement, Iliad shall
sell, assign, transfer and deliver to the Purchasers the Purchased Assets, free and clear of all Liens and known claims of any kind,
nature, or description effective as of the Effective Date. Each of the Parties represents, warrants and agrees that the aggregate purchase
price for the Purchased Assets is $2,300,000 (the “Purchase Price”). Each of Iliad and the Purchasers will
be responsible for its own costs and expenses, including legal fees.

 

(b)
Each Purchaser shall remit to Iliad its pro rata portion of the Purchase Price (as set forth on Exhibit A) (together, the “Remittance”)
by way of a federal funds wire to Iliad and in accordance with the wire instructions provided by Iliad. Each of the Parties represents
and warrants to the other Party that the Remittance once received from all Purchasers represents the aggregate consideration for the
purchase of the Purchased Assets and for the releases set forth in this Agreement, as well as the satisfaction of all financial obligations
owing from the Company to Iliad or its Affiliates, whether arising out of this Agreement or otherwise. On the Effective Date, all right
title and interest to the Purchased Assets shall transfer to the Purchasers. In connection with the sale of the Purchased Assets hereunder,
in advance of the initiation of the wire transfer of the Remittance, Iliad shall deliver to counsel for the Purchasers the Transaction
Documents, to be held in escrow by such counsel pending the occurrence of the Release Event (defined below), at which time it will be
released to the Purchasers. The electronically signed PDFs of the Transaction Documents shall be held in escrow by Purchaser’s
and Iliad’s respective counsel pending Iliad’s notification to Purchasers of Iliad’s receipt of the full Purchase Price
(together, the “Release Event”), at which time the Transaction Documents will be released from escrow to the
Parties.

 

(c)
The Company and PharmCo consent to the transfer of the Purchased Assets contemplated by Sections 4.1(a) and 4.1(b). The Company represents
and warrants that as of the date of this Agreement, the aggregate amount of principal and interest outstanding under the Iliad Note is
$2,790,885.63.

 

(d)
This Agreement shall become effective as of the Effective Date.

 

Section
4.2 Closing.

 

(a)
The closing (“Closing”) of the transaction contemplated by this Agreement shall occur on the Effective Date.

 

(b)
At Closing, Iliad shall deliver to the Purchasers an allonge to the Iliad Note (the “Allonge”) duly executed
by Iliad, assigning the Iliad Note to the Purchasers and (ii) deliver to NextPlat an electronically signed PDF version of the Iliad Note.

 

    	7

    	 

    

 

Section
4.3 Disposition of Iliad Shares. Iliad will, or will cause its Affiliates to use reasonable best efforts to, sell, transfer, exchange
or otherwise dispose of all of the Iliad Shares in a timely manner but in no event longer than sixty (60) days following Closing. Thereafter,
neither Iliad nor any of its Affiliates will acquire any securities of the Company for a period of three (3) years.

 

ARTICLE
V

WAIVER
AND RELEASE, INDEMNIFICATION

AND
CLAIMS

 

Section
5.1 Iliad Release of the Company.

 

(a)
As of the Effective Date, Iliad and each of its Affiliates (hereinafter collectively referred to as the “Releasors”)
hereby irrevocably and unconditionally waives, releases, and forever discharges and covenants not to sue each of the Company and its
past, present and future Affiliates and related entities, parent and subsidiary corporations, divisions, shareholders, members, managers,
predecessors, successors and assigns, and each of its and their respective past, present or future shareholders, members, owners, officers,
directors, trustees, fiduciaries, managers, administrators, agents, attorneys, insurers and representatives (hereinafter collectively
referred to as “Releasees”) from, any and all claims, charges, demands, sums of money, actions, rights, promises,
agreements (except this Agreement and any agreements included in the Transaction Documents), causes of action, obligations and liabilities
of any kind or nature whatsoever, at law or in equity, whether known or unknown, existing or contingent, suspected or unsuspected, apparent
or concealed (hereinafter collectively referred to as “claims”) which the Releasors now or in the future may have or claim
to have against any of the Releasees based upon or arising out of any facts, acts, conduct, omissions, transactions, occurrences, contracts,
claims, events, causes, matters or things of any conceivable kind or character whatsoever existing or occurring or claimed to exist or
to have occurred at any time on or before the Effective Date; and any and all claims for attorney’s fees, costs, disbursements
or the like.

 

Section
5.2 Iliad Claims. To the fullest extent permitted by law, and subject to the provisions of this Agreement, Iliad represents, affirms,
agrees and covenants that (i) it has not filed or caused to be filed on its behalf any claim for relief against any Releasee, and, to
the best of its knowledge and belief, no outstanding claims for relief have been filed or asserted against any Releasee on its behalf;
(ii) Iliad has not reported any purported improper, unethical or illegal conduct or activities to any regulatory agency having jurisdiction
over the activities of the Company, or any of its Affiliates; and (iii) it will not file, commence, prosecute or participate in any judicial
or arbitral action or proceeding against any Releasee based upon or arising out of any act, omission, transaction, occurrence, contract,
claim or event existing or occurring on or before the Effective Date except as required by law.

 

Section
5.3 Company Release of Iliad. Each of the Company and its Affiliates (hereinafter collectively referred to as the “Company
Releasor”), hereby irrevocably and unconditionally waives, releases, and forever discharges and covenants not to sue Iliad,
and its respective managers, officers, directors, partners, Affiliates, predecessors, legal representatives, successors and assigns (hereinafter
collectively referred to as the “Iliad Releasees”) from, any and all claims, charges, demands, sums of money,
actions, rights, promises, agreements (except any agreements included in the Transaction Documents), causes of action, obligations and
liabilities of any kind or nature whatsoever, at law or in equity (hereinafter collectively referred to as “claims”), arising
from any facts, acts, conduct, omissions, transactions, occurrences, contracts, claims, events, causes, matters or things existing or
occurring or claimed to exist or to have occurred at any time on or before the Effective Date; provided, however, that in the event that
if Iliad materially breaches any of its obligations under any of the Transaction Documents, then in any action or proceeding against
it on account of such breach, Iliad covenants and agrees not to assert the foregoing release as a defense to any claim or demand in such
action.

 

    	8

    	 

    

 

Section
5.4 Company Claims. To the fullest extent permitted by law, and subject to the provisions of this Agreement, the Company represents,
affirms, agrees and covenants that (i) it has not filed or caused to be filed on its behalf any claim for relief against any Iliad Releasee,
and, to the best of its knowledge and belief, no outstanding claims for relief have been filed or asserted against any Iliad Releasee
on its behalf; (ii) the Company has not reported any purported improper, unethical or illegal conduct or activities to any regulatory
agency having jurisdiction over the activities of Iliad or any of its Affiliates; and (iii) it will not file, commence, prosecute or
participate in any judicial or arbitral action or proceeding against any Iliad Releasee based upon or arising out of any act, omission,
transaction, occurrence, contract, claim or event existing or occurring on or before the Effective Date except as required by law.

 

Section
5.5 Full and Final Release. It is understood and agreed that Sections 5.1, 5.2 5.3 and 5.4 are full and final releases
covering the respective released claims of the Parties and the Releasees and the Iliad Releasees. Therefore, each of the Parties expressly
waives any rights it may have under any statute or common law principle under which a general release does not extend to respective released
claims that such Party does not know or suspect to exist in its favor at the time of executing the release in this Agreement, which if
known by such Party would have affected such Party’s agreement with the other Party. In connection with such waiver and relinquishment,
each Party acknowledges that such Party or such Party’s attorneys or agents may hereafter discover claims or facts in addition
to or different from those which they now know or believe to exist with respect to the released claims, and which, if known on the date
of the execution of this Agreement, might have materially affected such Party’s decision to enter into and execute this Agreement,
but that it is their respective intention hereby fully, finally and forever to settle and release all of their respective released claims.
In furtherance of such intention, the respective releases herein given by the Parties shall be and remain in effect as full and complete
releases with regard to their respective released claims notwithstanding the discovery or existence of any such additional or different
claim or fact. Each Party further agrees that by reason of the releases contained herein, such Party is expressly assuming the risk of
such unknown released claims and agrees that this Agreement applies thereto.

 

Iliad,
on behalf of itself and its Affiliates, hereby covenants to each of the Purchasers and to the Company not to, with respect to any released
claim, directly or indirectly encourage or solicit or voluntarily assist or participate in any way in the filing, reporting or prosecution
by such Party or its Affiliates or any third party of an action against any other Party or its Affiliates relating to any released claims.
Each Party may plead this Agreement as a complete bar to any released claim brought in derogation of this Section 5.

 

    	9

    	 

    

 

Nothing
in this Section 5.5 shall: (i) apply to any action by any Party to enforce its rights or obligations pursuant to this Agreement;
or (ii) constitute a release by either Party for any claim arising under this Agreement. The covenants contained in this Section 5.5
shall survive the execution and delivery of this Agreement indefinitely regardless of any statute of limitations.

 

ARTICLE
VI

NON-DISCLOSURE
AND NON-DISPARAGEMENT

 

Section
6.1 Non-Disclosure; Confidentiality. Iliad agrees that neither it nor any of its Affiliates will disclose or use for its benefit
or the benefit of any other Person, any information regarding the Company and received by Iliad prior to the date of this Agreement or
pursuant to this Agreement that (i) has not been disclosed publicly by the Company, or (ii) is otherwise not a matter of public knowledge.

 

Section
6.2 Non-Disparagement.

 

During
the period ending on the later of five years following the date of this Agreement Iliad shall not make any disparaging comments or statements,
whether or not true, to any other Person or Persons, which could affect adversely the conduct of the Company’s business or its
reputation or the conduct of business or the business or reputation of any of the Company’s Affiliates. The Company, and each of
its respective officers and directors shall not make any disparaging comments or statements to any Person or Persons, which could affect
adversely Iliad’s or any of its Affiliates’ business reputation. Nothing in this Agreement shall prohibit or restrict any
of the Parties, or their respective Affiliates from: (i) making any disclosure of information required by law or necessary to further
their business; (ii) providing information to, or testifying or otherwise assisting in any investigation or proceeding brought by any
federal or state regulatory or law enforcement agency or legislative body, any self-regulatory organization; or (iii) testifying, participating
in or otherwise assisting in a proceeding relating to an alleged violation of the any federal, state or municipal law or regulation.

 

Section
6.3 Confidentiality of the Transaction Documents. Iliad agrees to, and to cause its Affiliates to, keep secret and strictly confidential
the terms of this Agreement and the other Transaction Documents and further represents and warrants that it will not disclose, make known,
discuss or relay any information concerning this Agreement or any of the other Transaction Documents, or any of the discussions leading
up to this Agreement or the other Transaction Documents, to anyone (other than its accountant, tax advisor or attorney who have first
agreed to keep said information confidential and not to disclose it to others), and that it has not done so as of the Effective Date.
The foregoing shall not prohibit or restrict such disclosure as required by law or as may be necessary for the prosecution of claims
relating to the performance or enforcement of this Agreement or prohibit or restrict Iliad (or its attorney) from responding to any such
inquiry about this separation or its underlying facts and circumstances by any governmental organization. Prior to making any disclosure
other than to its accountants, tax advisors or attorneys, Iliad shall provide the Company with as much notice as possible that it has
been requested or compelled to make disclosure and use its best efforts to ensure that if such disclosure occurs it does so in a manner
designed to fully maintain the confidentiality of this Agreement.

 

    	10

    	 

    

 

ARTICLE
VII

MISCELLANEOUS

 

Section
7.1 Further Assurances. Each Party shall, and shall cause its Affiliates to, cooperate with each other in the taking of all actions
necessary, proper or advisable under this Agreement and applicable laws to effectuate the purposes contemplated by this Agreement.

 

Section
7.2 Governing Law and Venue. This Agreement will be deemed to have been made and delivered in the State of Utah, and both the
binding provisions of this Agreement and the transactions contemplated hereby will be governed as to validity, interpretation, construction,
effect and in all other respects by the internal laws of the State of Utah, without regard to the conflict of laws principles thereof.
Each of the Parties: (i) agrees that any legal suit, action or proceeding arising out of or relating to Agreement and/or the transactions
contemplated hereby will be instituted exclusively in the courts located in Salt Lake City, Utah, (ii) waives any objection which it
may have or hereafter to the venue of any such suit, action or proceeding, and (iii) irrevocably consents to the exclusive jurisdiction
of the state courts located in Salt Lake City, Utah, in any such suit, action or proceeding, waiving any, and agreeing not to assert
any, basis for seeking transfer or removal of such action to any other court, whether federal or state, unless the Utah court in which
such action or proceeding was commenced first declines jurisdiction. Each of the Parties further agrees to accept and acknowledge service
of any and all process which may be served in any such suit, action or proceeding in such courts and agrees that service of process upon
Party mailed by certified mail to the Party’s address will be deemed in every respect effective service of process upon that Party.

 

Section
7.3 Entire Agreement. This Agreement and the Transaction Documents represent the entire agreement among the Parties relating to
the subject matter thereof and supersedes all prior agreements, term sheets, understandings and negotiations, written or oral, with respect
to such subject matter.

 

Section
7.3 Communication and Notice. All communications hereunder and under any of the other Transaction Documents, except as herein
otherwise specifically provided, shall be in writing and shall be mailed (registered or certified mail, return receipt requested), personally
delivered or sent by e-mail or facsimile transmission and confirmed and shall be deemed given when so delivered, e-mailed or faxed and
confirmed or if mailed, two (2) days after such mailing.

 

    	11

    	 

    

 

If
to the Purchasers:

 

NextPlat
Corp

3250
Mary Street

Suite
410

Coconut
Grove, Florida 33133

Attention:
Charles M. Fernandez

Email:
cfernandez@nextplat.com

 

with
a copy (which shall not constitute notice) to:

 

Ralph
V. De Martino, Esquire

Partner

ArentFox
Schiff LLP

1717
K Street NW

Washington,
DC 20006

Email:
ralph.demartino@afslaw.com

 

If
to Iliad:

 

Iliad
Research & Trading, L.P.

Attn:
John M. Fife

303
East Wacker Drive, Suite 1040

Chicago,
Illinois 60601

 

with
a copy (which shall not constitute notice) to:

 

Hansen
Black Anderson Ashcraft PLLC

Attn:
Jonathan K. Hansen

3051
West Maple Loop Drive, Suite 325

Lehi,
Utah 84043

 

If
to the Company or PharmCo:

 

Progressive
Care, Inc.

400
Ansin Blvd, Suite A

Hallandale
Beach, FL 33009

 

with
a copy (which shall not constitute notice) to:

 

Lucosky
Brookman LLP

101
Wood Avenue South

Woodbridge,
New Jersey 08830

Attention:
Seth Brookman, Esq.

Email:
sbrookman@lucbro.com

 

Section
7.4 Third Party Beneficiaries. Each of the Releasees and Iliad Releasees addressed in Section 5 are intended third party beneficiaries
of this Agreement, with the full power and authority to enforce those provisions of this Agreement to the same extent as if they were
parties to this Agreement.

 

Section
7.5 Further Assurances. Each Party agrees that it shall take, or cause to be taken, all actions and to do, or cause to be done,
all things necessary, proper or advisable under applicable laws and regulations to consummate and make effective this Agreement and the
transactions contemplated herein.

 

    	12

    	 

    

 

Section
7.6 Remedies. The Parties agree that the covenants and obligations contained in this Agreement relate to special, unique and extraordinary
matters and that a violation of any of the terms hereof or thereof would cause irreparable injury in an amount which would be impossible
to estimate or determine and for which any remedy at law would be inadequate. As such, the Parties agree that if either Party fails or
refuses to fulfill any of its obligations under this Agreement or to make any payment or deliver any instrument required hereunder or
thereunder, then the other Party shall have the remedy of specific performance, which remedy shall be cumulative and nonexclusive and
shall be in addition to any other rights and remedies otherwise available under any other contract or at law or in equity and to which
such Party might be entitled.

 

Section
7.7 Construction. The Parties acknowledge that each of them has had the benefit of legal counsel of its own choice and has been
afforded an opportunity to review this Agreement with its legal counsel and that this Agreement shall be construed as if jointly drafted
by the Parties hereto. In this Agreement, the word “include”, “includes”, “including”
and “such as” are to be construed as if they were immediately followed by the words, without limitation.

 

Section
7.8 Severability. The invalidity or unenforceability of any term, phrase, clause, paragraph, restriction, covenant, agreement
or other provision of this Agreement shall in no way affect the validity or enforcement of any other provision or any part thereof.

 

Section
7.9 Headings; Gender. The paragraph headings contained in this Agreement are for convenience only and shall in no manner be construed
as part of this Agreement. All references in this Agreement as to gender shall be interpreted in the applicable gender of the Parties.

 

Section
7.10 Counterparts; Effect of Facsimile and Photocopied Signatures. This Agreement may be executed in several counterparts, each
of which is an original. It shall not be necessary in making proof of this Agreement or any counterpart hereof to produce or account
for any of the other counterparts. A copy of this Agreement signed by one Party and faxed or scanned and emailed to another Party (as
a PDF, DocuSign, or similar image file) shall be deemed to have been executed and delivered by the signing Party as though an original.
A photocopy or PDF of this Agreement shall be effective as an original for all purposes.

 

[Remainder
of page left intentionally blank. Signature page follows.]

 

    	13

    	 

    

 

IN
WITNESS WHEREOF, the Parties hereto have caused this Confidential Purchase and Release Agreement to be executed as of the date first-above
written.

 

	PURCHASERS:	 
	 	 
	NextPlat
    Corp	 
	 	 	 
	By:	/s/
    Charles M. Fernandez	 
	Name:	Charles
M. Fernandez	 
	Title:	Chief
Executive Officer	 

 

	Sixth
    Borough Capital Fund, LP	 
	 	 	 
	By:	/s/
    Robert D. Keiser	 
	Name:	Robert
    D. Keyser	 
	Title:	Chief
Executive Officer	 

 

	Charles
    Fernandez, Individually	 
	 	 
	/s/
    Charles M. Fernandez	 
	 	 
	Rodney
    Barreto, Individually	 
	 	 
	/s/
    Rodney Barreto	 
	 	 
	Daniyel
    Erdberg, Individually	 
	 	 
	/s/
    Daniyel Erdberg	 

 

    	14

    	 

    

 

	ILIAD:	 
	 	 
	Iliad
    Research and Trading, L.P.	 
	 	 	 
	By:	/s/
    John M. Fife	 
	Name:	John
M. Fife,	 
	Title:
    	President
    of the Manager of the General Partner	 

 

	THE
    COMPANY:	 
	 	 
	Progressive
    Care, Inc.	 
	 	 	 
	By:
    	/s/
    Alan Jay Weisberg	 
	 	Alan
    Jay Weisberg	 
	Title:
    	Chief
    Executive Officer	 
	 	 	 
	PharmCo:	 
	 	 
	PharmCo,
    L.L.C.	 
	 	 	 
	By:	/s/
    Alan Jay Weisberg	 
	 	Alan
    Jay Weisberg	 
	Title:
    	Chief
    Executive Officer	 

 

    	15

    	 

    

 

Exhibit
A

 

	Purchaser	 	Pro Rata Portion of Purchase Price	 
	NextPlat Corp	 	$	1,000,000	 
	Charles Fernandez	 	$	400,000	 
	Rodney Barreto	 	$	400,000	 
	Daniyel Erdberg	 	$	100,000	 
	Sixth Borough Capital Fund, LP	 	$	400,000	 
	Total:	 	$	2,300,000

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