Document:

THIS
NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED IN THE
ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM UNDER SUCH ACT.

 

THE
TRANSFER, SALE AND ASSIGNMENT OF THIS NOTE ARE SUBJECT TO RESTRICTIONS. NO TRANSFER, SALE OR ASSIGNMENT OF THIS NOTE SHALL BE
EFFECTIVE UNLESS MADE IN COMPLIANCE WITH THE PROVISIONS HEREOF AND PROPERLY REFLECTED IN THE REGISTER.

 

PAVMED
INC.

 

15.0%
SENIOR SECURED NOTE DUE 2019

 

	Principal
    Amount: $5,000,000.00	June
    30, 2017

 

FOR
VALUE RECEIVED, the undersigned, PAVMED INC., a Delaware corporation (the “Company”), hereby irrevocably
promises to pay to SCOPIA HOLDINGS LLC (the “Noteholder”), or its registered assigns, in lawful money
of the United States of America, (A) the principal amount set forth above and (B) all accrued and unpaid interest in accordance
with Section 2 below. PAVMED SPARCC, INC. and PAVMED SUBSIDIARY CORP., wholly-owned subsidiaries of the Company (each a
“Guarantor” and, together, the “Guarantors”), are willing to and shall guarantee
pursuant to the Guaranty (as defined herein) any and all indebtedness and/or obligations of the Company to each of the Noteholders
and the payment to each of the Noteholders of all sums due, presently or in the future, under this Note.

 

This
15.0% Senior Secured Note due 2019 (the “Note”) is issued pursuant to and in accordance with Section
2.1 of the Note and Securities Purchase Agreement, dated as of June 30, 2017 (as amended, supplemented or otherwise modified from
time to time, the “Purchase Agreement”) among the Company, the Noteholder and the other Purchasers party
thereto.

 

1.
Defined Terms. (a) Capitalized terms used but not defined herein shall have the meaning assigned to such terms in the Purchase
Agreement.

 

(b)
As used in this Note, the following terms shall have the meanings set forth below:

 

“Change
of Control” means, a change in ownership of either (a) the equity interests of the Company having the power, directly
or indirectly, to designate a majority of the Board of Directors of the Company or (b) a majority of the economic interest in
the equity interests of the Company.

 

“Maximum
Rate” means, for the Noteholder, the maximum non-usurious rate of interest and maximum non-usurious amount of interest
that, under applicable Law, the Noteholder is permitted to contract for, charge, take, reserve or receive on the Obligations.

 

“Note
Documents” means this Note, the Guaranty, the Note and Guaranty Security Agreement and the Purchase Agreement.

 

    	 	A-1	 

    	 	 	 

    

 

2.
Interest. Interest shall accrue on the
principal balance of this Note from and including the date hereof to but excluding the date on which the Note is paid in full,
at a rate per annum equal to 15.0%. Interest will be computed on the basis of a 360-day year comprised of twelve 30-day months
(and in respect of any partial month in any period of calculation, based on the number of days elapsing in such month during such
period). Interest shall be payable in cash semiannually in arrears on the 30th day of June and December of each calendar year
or, if such day is not a Business Day, on the next succeeding Business Day (each such date, a “Payment Date”),
commencing on December 30, 2017, and on the Stated Maturity; provided that any interest on overdue amounts or accrued during
the continuation of an Event of Default shall be payable on demand and on each Payment Date; provided, further,
that the Company may elect, in its sole discretion, to pay up to 50.0% of the interest due and payable on this Note on any Payment
Date (such interest, the “PIK Interest”) by increasing the outstanding principal balance of this Note by the
amount of such PIK Interest on such Payment Date upon written notice to the Noteholder at least three Business Days prior to such
Payment Date.

 

3.
Method of Payment. All amounts payable
hereunder shall be payable in lawful money of the United States of America by check at the offices of Noteholder or, at the written
request of the Noteholder, by check mailed to the address of the Noteholder specified in such request or, at the option of the
Company, by wire transfer to an account designated in a notice by Noteholder maintained by Noteholder with a bank located in the
United States.

 

4.
Optional Prepayments. The Company
may voluntarily prepay, in whole or in part, any principal amount of this Note outstanding together with any interest accrued
and unpaid (up to but excluding the date of prepayment) on such principal amount of this Note then being prepaid, at any time
and from time to time without premium or penalty; provided that if the Note is prepaid in part, such optional prepayments
shall be applied to reduce the amount required to be paid pursuant to Section 5 below. Notice of each optional prepayment
of this Note pursuant to this Section 4 shall be given in accordance with Section 17 hereof not fewer than three
Business Days before the prepayment date, in each case by mailing to the Noteholder a notice of intention to prepay, which such
notice specifies the date of prepayment, the aggregate amount of this Note held by the Noteholder to be prepaid on such date and
any condition to such prepayment.

 

5.
Mandatory Payments.

 

(a)
On June 30, 2019 (the “Stated Maturity”),
to the extent any amounts under this Note remain outstanding, the Company shall make such payments to Noteholder in an amount
equal to the outstanding principal amount of this Note together with any accrued and unpaid interest to, but excluding the date
of payment.

 

(b)
Upon the sale of the PortIO Product, the Noteholder shall have the option to require the Company to redeem the outstanding principal
amount of this Note (in whole or in part) (any such redemption, a “Redemption”), together with any accrued
interest thereon, on any Business Day from the proceeds of the sale of the PortIO Product. The aggregate principal amount of any
Redemption (taken as a whole), together with any other Notes then being redeemed by other Purchasers, shall be limited to the
amount of any net proceeds from the sale of the PortIO Product. The Company shall notify the Noteholder within three Business
Days of the sale of the PortIO Product. Upon receipt of such notice from the Company, the Noteholder shall have 20 Business Days
to effect a Redemption by providing notice to the Company and each other Noteholder of its intention to effect such Redemption
(such notice, the “Notice of Redemption”), which notice shall specify the Business Day on which such
Redemption shall occur (the “Redemption Date”) and the principal amount of this Note that the
Noteholder desires to redeem on the Redemption Date (such amount being a stated amount). After any such notice is given, the principal
amount of this Note specified in the Notice of Redemption, together with any accrued interest thereon, shall be payable by 11:00
a.m., New York City time, on the Redemption Date; provided that such notice may be revoked on or prior to the Business
Day prior to the Redemption Date. Accrued interest on the principal amount of the Note so redeemed shall be paid to the Noteholder
on the Redemption Date.

 

    	 	A-2	 

    	 	 	 

    

 

6.
[Reserved].

 

7.
[Reserved].

 

8.
Events of Default. The occurrence and
continuation of any of the following events shall constitute an “Event of Default” hereunder:

 

(a)
the Company shall fail to pay (i) any amount
under this Note when due and payable in accordance with the terms hereof (other than principal) (whether at Stated Maturity, any
Payment Date, by mandatory payment or otherwise), and the continuation of such default for five days after the date such amounts
became due and payable if such date is provided in this Note, the Purchase Agreement or the applicable Transaction Document (or,
if no such date is provided or such amount is not fixed, after notice shall have been given to the Company by the Noteholder or
any other holder of Notes or by the intended recipient of such amounts, specifying such amount that has become due and payable);
or (ii) any amount of principal under this Note when due and payable in accordance with the terms hereof (whether at Stated Maturity,
any Payment Date, by mandatory payment or otherwise);

 

(b)
the Company fails to comply with its obligations
under Article V or Sections 6.1, 6.2, 6.3, 6.4 or 6.5 of the Purchase Agreement, and, if such failure is cureable, the Company
fails to cure such noncompliance within five days (or ten days if the Company is diligently seeking to cure such noncompliance)
after the earlier of (i) receipt of notice from Noteholder or any other holder of Notes and (ii) actual knowledge of such failure
by an officer of the Company;

 

(c)
the Company fails for 30 days after the earlier of (i) receipt of notice from Noteholder or any other holder of Notes and (ii)
actual knowledge of such failure by an officer the Company to comply with any of its other agreements contained in this Note or
any other Note Document (other than those described in clauses (a) and (b) of this Section 8);

 

(d)
(i) except for trade accounts payable in the ordinary course of business, the Company or any Guarantor fails to pay when due (after
lapse of any applicable grace period and/or delivery of notice requirements) any amount (individually or in the aggregate) of
Indebtedness in an amount equal to $50,000 or more, or any default exists under any agreement which permits any Person to cause
an amount (individually or in the aggregate) of Indebtedness in an amount equal to $50,000
or more to become due and payable by the Company or any Guarantor before its stated maturity;

 

(ii)
the Company or any Guarantor breaches or defaults (after giving effect to any applicable notice or cure period) under any term,
condition, provision, representation or warranty contained in any agreement and the effect of such breach or default could reasonably
be expected to result in a Material Adverse Event;

 

    	 	A-3	 

    	 	 	 

    

 

(e)
any representation, warranty, certification or statement of fact made or deemed made by the Company herein or in any document
required to be delivered in connection herewith or with any Note Document shall be incorrect in any material respect when made
or deemed made;

 

(f)
the Company or any Guarantor (1) commences a voluntary case under the federal Bankruptcy Code, Title 11 of the United States Code
(the “Bankruptcy Code”), or authorizes, by appropriate proceedings of its Board of Directors or other governing
body, the commencement of such a voluntary case, (2) has filed against it a petition commencing an involuntary case under the
Bankruptcy Code and (x) the petition is not controverted within ten Business Days and is not dismissed within 60 days, or (y)
an order for relief is entered under Title 11 of the United States Code, (3) seeks relief as a debtor under any applicable law,
other than the Bankruptcy Code, of any jurisdiction relating to the liquidation or reorganization of debtors or to the modification
or alteration of the rights of creditors, or consent to or acquiesce in such relief, (4) has entered against it an order by a
court of competent jurisdiction (x) finding it to be bankrupt or insolvent, (y) ordering or approving its liquidation, reorganization
or any modification or alteration of the rights of its creditors or (z) assuming custody of, or appointing a receiver or other
custodian for, all or a substantial portion of its property or (5) makes an assignment for the benefit of, or enters into a composition
with, its creditors, or appoints, or consents to the appointment of, or suffers to exist
a receiver or other custodian for, all or a substantial portion of its property;

 

(g)
a final judgment (i) which, with other outstanding final judgments against the Company or any Guarantor exceeds an aggregate of
$50,000 in excess of applicable insurance coverage shall be rendered against the Company or any Guarantor, or (ii) which grants
injunctive relief that results, or creates a material risk of resulting, in a Material Adverse Effect and in either case if (i)
within 30 days after entry thereof, such judgment shall not have been discharged or execution thereof stayed pending appeal or
(ii) within 30 days after the expiration of any such stay, such judgment shall not have been discharged;

 

(h)
a Material Adverse Effect shall occur;

 

(i)
a Change of Control shall occur;

 

(j)
except in accordance with its terms or as otherwise expressly permitted by this Note, any Note Document at any time after its
execution and delivery ceases to be in full force and effect in any material respect or is declared by a governmental authority
to be null and void or its validity or enforceability is contested by the Company or any Guarantor or the Company or the applicable
Guarantor denies that it has any further liability or obligations under any Note Document, unless the Company or the applicable
Guarantor does not have any further liability or obligations under such Note Document as a result of a transaction permitted by
this Note;

 

    	 	A-4	 

    	 	 	 

    

 

(k)
the Company or any Guarantor sells, transfers, assigns, licenses, leases or otherwise disposes of any Collateral (as defined in
the Note and Guaranty Security Agreement) or any rights and claims associated therewith without the prior written consent of the
Noteholder; provided that no consent shall be required for any sales of assets in the ordinary course of business at fair
market value therefor, or otherwise for transfers explicitly required or permitted by the Purchase Agreement; or

 

(l)
any credit agreement, indenture or other agreement or instrument to which the Company or any Guarantor is a party or is subject,
whether now or hereafter existing, shall prohibit or limit cash payments of principal or interest on this Note or any other Obligations
when such payments become due or shall prohibit or limit the Liens created by the Note Documents.

 

9.
Remedies.

 

(a)
Upon the occurrence and during the continuance
of any Event of Default, the Noteholder may proceed to protect and enforce its rights by suit in equity, action at law and/or
other appropriate proceeding, and/or may by notice to the Company declare all or any part of the unpaid principal amount of this
Note then outstanding to be forthwith due and payable (each, an “Acceleration”), and thereupon such
unpaid principal amount or part thereof, together with interest accrued thereon and all other sums, if any, payable under this
Note, and all other Obligations, shall become so due and payable. The Noteholder shall have all rights and remedies available
to it at law and in equity.

 

(b)
Notwithstanding clause (a) above, in the
event of any Event of Default specified in Section 8(f) occurs and is continuing, then the Obligations shall automatically
become and be immediately due and payable without any notice, declaration or other act on the part of the Noteholder.

 

(c)
All remedies hereunder and at law and in equity
are and shall be, to the extent permitted by law, cumulative and concurrent and shall be in addition to every other right, power
and remedy pursuant to this Note at law and in equity, and the exercise or beginning of exercise by the Noteholder of any one
or more of such rights or remedies shall not preclude simultaneous or later exercise by the Noteholder of any or all such other
rights, powers and remedies.

 

(d)
Failure by the Noteholder to exercise any of
its rights upon an Event of Default by the Company shall not constitute a waiver of the right to exercise the same or any other
option at any subsequent time in respect of the same or any other event. The acceptance by the Noteholder of any payment hereunder
that is less than payment in full of all amounts due and payable at the time of such payment shall not constitute a waiver by
the Noteholder of any of its rights to collect payment at that time, or at any subsequent time, or nullify any prior exercise
of any such option, without the express written consent of the Noteholder.

 

10.
Waivers. Company hereby waives presentment,
demand, notice of nonpayment, protest and notice of protest, bringing of suit against another and diligence in taking any action
to collect any amount owing under this Note or in any proceeding against any of the rights and properties securing payment of
this Note.

 

    	 	A-5	 

    	 	 	 

    

 

11.
Payments Not on a Business Day. If any
payment hereunder becomes due and payable on a day other than a Business Day (as that term is defined in the Note and Guaranty
Security Agreement), the due date for such payment shall be extended to the next succeeding Business Day.

 

12.
Transfers; Lost, Stolen or Mutilated Notes.

 

(a)
The Noteholder may transfer or assign this Note
or any interest herein in full or in part to any Person with the prior written consent of the Company; provided that no
consent shall be required from the Company (i) for any transfer to an Affiliate of the Noteholder or (ii) upon the occurrence
and during the continuance of an Event of Default; provided, further, that the Noteholder and the prospective assignee
execute and deliver an assignment and assumption agreement to the Company substantially in the form of Exhibit A attached
hereto prior to the effectiveness of such assignment, after which such assignment shall be recorded on the Register.

 

(b)
Upon receipt by the Company from a registered
Noteholder of evidence reasonably satisfactory to it of the ownership of and the loss, theft, destruction or mutilation of this
Note, and (i) in the case of loss, theft or destruction, of indemnity reasonably satisfactory to it, or (ii) in the case of mutilation,
upon surrender and cancellation thereof, the Company shall, at its own expense, execute and deliver, in lieu thereof, a new Note,
dated and bearing interest from the date to which interest shall have been paid on such lost, stolen, destroyed or mutilated Note
or dated the date of such lost, stolen, destroyed or mutilated Note if no interest shall have been paid thereon.

 

(c)
The Company shall establish and maintain a register
(the “Register”) setting forth the name and address of each holder of this Note, the dates and amount
of any payment of principal and interest on this Note and the unpaid principal and interest amounts owed to each holder of this
Note. The entries in the Register shall be conclusive, absent manifest error, and all parties shall treat each person whose name
is recorded in the Register pursuant to the terms hereof as a holder of this Note. The Company shall promptly record any assignment
permitted pursuant to Section 12(a) above or any issuance of a new Note pursuant to Section 12(b) or Section
2 in the Register. This provision shall be construed so that this Note is at all times maintained in “registered form”
within the meaning of the United States Internal Revenue Code of 1986, as amended, and the United States Treasury Regulations
promulgated thereunder.

 

(d)
In the event of any transfers of this Note pursuant to this Section 12, the Company may continue to fulfill any notice
requirements to the Noteholder under this Note by providing such notice to the original holder of this Note without giving effect
to such transfer until such time as the transferee of this Note provides the Company with alternative notice instructions.

 

13.
Successors and Assigns. All covenants
and other agreements contained in this Note or pursuant to Section 14 by or on behalf of any of the parties hereto bind
and inure to the benefit of their respective successors and permitted assigns (including, without limitation, any subsequent holder
of this Note) whether so expressed or not.

 

    	 	A-6	 

    	 	 	 

    

 

14.
Amendment, Supplement and Waiver.

 

(a)
This Note may be amended or supplemented, and
any existing default or compliance with any provision of this Note may be waived, only with the written consent of Noteholder;
provided, however, that the prior written consent of all other Purchasers under the Purchase Agreement, or such
Purchasers’ successors and assigns, is also required for any amendment or supplement that would have the effect of modifying,
or otherwise be adverse to, the interests of any other Purchaser in any material respect.

 

(b)
Any amendment or waiver consented to as provided
in this Section 14 is binding upon the Noteholder and the Company without regard to whether this Note has been marked to
indicate such amendment or waiver. No such amendment or waiver will extend to or affect any obligation, covenant, agreement, default
or Event of Default not expressly amended or waived or impair any right consequent thereon. No course of dealing between the Company
and the Noteholder nor any delay in exercising any rights hereunder or under this Note shall operate as a waiver of any rights
of the Noteholder.

 

15.
Maximum Rate. In no event shall any interest
or fee to be paid hereunder or under this Note exceed the Maximum Rate. In the event any such interest rate or fee exceeds the
Maximum Rate, such rate shall be adjusted downward to the highest rate (expressed as a percentage per annum) or fee that the parties
could validly have agreed to by contract on the date hereof under law.

 

16.
Currency. Each payment under this Note
shall be made in lawful money of the United States of America.

 

17.
Notices. Any notices or other communications
required or permitted under this Note shall be deemed to have been properly given and delivered if given in accordance with Section
7.3 of the Purchase Agreement.

 

18.
Governing Law; Severability. This Note
shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York. Wherever possible,
each provision of this Note shall be interpreted in such manner as to be effective and valid under applicable law, but if any
provision of this Note shall be prohibited by or be invalid under such law, such provisions shall be severable, and be ineffective
to the extent of such prohibition or invalidity, without invalidating the remaining provisions of this Note.

 

19.
Taxes.

 

(a)
The Noteholder shall deliver, in a timely manner,
all documentation and provide such representations, if any, necessary for the Company not to be required to deduct or withhold
any taxes relating to any payments by or on account of any obligations of the Company hereunder.

 

(b)
The Noteholder will, upon each of (i) the execution
of this Note, (ii) whenever any documentation previously provided becomes obsolete or invalid, and (iii) from time to time, as
reasonably requested by the Company, in a timely manner, execute and deliver or cause to be delivered to the Company, two original
copies (or more as the Company may reasonably request) of a complete, accurate and valid Internal Revenue Service Form W-9 or
as otherwise reasonably requested by the Company, certifying as to the Noteholder’s exemption from withholding or deduction
of taxes and/or containing all required information in order for the Company to determine, if applicable, the required rate of
withholding or deduction.

 

    	 	A-7	 

    	 	 	 

    

 

(c)
The Company shall not deduct or withhold amounts for taxes from any payment.

 

(d) The
Company shall pay 100% of any and all present or future stamp or documentary taxes or any other excise or property taxes, charges
or similar levies (including interest, penalties or additions thereto) arising from the execution or delivery of this Note; provided,
however, that the Noteholder shall pay any and all such present or future stamp or documentary taxes or any other excise
or property taxes, charges or similar levies (including interest, penalties or additions thereto) arising from any transfer of
the Note to any successor or permitted assign or pursuant to Section 12(b).

 

20.
Cost of Collection. If the Noteholder commences a legal proceeding to enforce or collect amounts payable under this Note
and such proceeding results in a monetary judgment (or any settlement payment) against the Company, the Company agrees to pay
all reasonable expenses, including reasonable attorneys’ fees, incurred by the Noteholder in connection with such proceeding.

 

21.
Expenses. The Company shall promptly pay
upon demand (a) all costs, fees and expenses of the Noteholder incurred in any legal proceeding involving the interpretation and
enforcement of the obligations of the Company arising under the Note Documents or the exercise of any rights arising under the
Note Documents (including without limitation, reasonable attorneys’ fees, expenses and costs paid or incurred in connection
with any negotiation, workout, or restructure and any action taken in connection with any Bankruptcy Law or similar law) and (b)
all stamp or other similar documentary or recording taxes which may be payable in connection with this Note and the other Note
Documents or the performance of any transactions contemplated hereby or thereby, all of which shall be a part of the Obligation
and shall accrue interest until repaid. All Obligations provided for in this Section 21 shall survive repayment and termination
of this Note.

 

22.
Collateral. The Obligations are secured by all of the assets of the Company and the Guarantors, as set forth in the Note
and Guaranty Security Agreement.

 

23.
No Third Party Beneficiaries. Nothing
in this Note shall be deemed or construed to give any Person, other than the Company and the Noteholder and their respective permitted
successors and assigns, any legal or equitable rights hereunder; provided, however, that each other Purchaser (and
its successors and assigns) under the Purchase Agreement shall be, and hereby is appointed, a third-party beneficiary to this
Note for the purposes of Section 14(a).

 

24.
Counterparts. This Note may be executed and delivered (including by facsimile or other Portable Document Format (pdf) transmission)
in any number of counterparts, which together shall constitute one instrument, and shall bind and inure to the benefit of the
parties hereto and their respective successors and assigns. Facsimile and other electronic copies of manually-signed originals
shall have the same effect as manually-signed originals and shall be binding on the parties hereto and their respective successors
and assigns.

 

    	 	A-8	 

    	 	 	 

    

 

[Remainder
intentionally left blank | signature pages follow]

 

    	 	A-9	 

    	 	 	 

    

 

IN
WITNESS WHEREOF, the undersigned has executed this Note as of the date first written above.

 

	 	PAVMED
    INC.
	 	 	 
	 	By:	/s/
    Lishan Aklog
	 	Name:	Lishan
    Aklog
	 	Title:	Chairman
    & CEO

 

ACKNOWLEDGED
AND ACCEPTED BY:

 

SCOPIA
HOLDINGS LLC

 

	By:	/s/
    Matthew Sirovich	 
	Name:
    	Matthew
    Sirovich	 
	Title:	Class
    A Member	 

 

ACKNOWLEDGED
AND AGREED BY:

 

PAVMED
SPARCC, INC.,

  as
Guarantor

 

	By:
    	/s/
    Lishan Aklog	 
	Name:
    	Lishan
    Aklog	 
	Title:
    	Chairman	 

 

PAVMED
SUBSIDIARY CORP.,

  as
Guarantor

 

	By:	/s/
    Lishan Aklog	 
	Name:	Lishan
    Aklog	 
	Title:	Chairman	 

 

    	 	A-10	 

    	 	 	 

    

 

EXHIBIT
A

 

[FORM
OF ASSIGNMENT AND ASSUMPTION]

 

This
ASSIGNMENT AND ASSUMPTION OF PROMISSORY NOTE (this “Agreement”) is made as of the [_] day of [_], by and among,
[ASSIGNEE] (the “Noteholder”) and [ASSIGNOR] (the “Substitute Noteholder”).

 

WHEREAS,
Company entered into a certain 15% Senior Secured Note dated as of [_____] (the “Note”), for the benefit of
and payable to the order of the Noteholder, in the original principal amount of U.S.$[_______];

 

NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto
hereby agree as follows:

 

1.
Assignment and Assumption. Subject to all of the terms and conditions set forth herein, Noteholder hereby assigns to the
Substitute Noteholder, and the Substitute Noteholder hereby assumes unconditionally, Noteholder’s rights, liabilities and
obligations under the Note and the other Note Documents (as defined in the Note). The Substitute Noteholder acknowledges, confirms
and agrees that at all times it will remain liable for each and all of its liabilities and obligations under the Note, in accordance
with the terms and provisions thereof.

 

2.
Release. Effective upon the execution and delivery of a note in the form attached hereto by the Company to Substitute Noteholder
(the “Effective Time”), Noteholder hereby releases Company from all liabilities and obligations under the Note,
and Noteholder shall mark the Note as of the Effective Time cancelled and deliver such cancelled note to the Company.

 

3.
The Substitute Noteholder. The Substitute Noteholder:

 

(a)
represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this
Agreement and to consummate the transactions contemplated hereby and to become the Noteholder under the Note, (ii) it is sophisticated
with respect to decisions to acquire assets of the type represented by the Note and either it, or the person exercising discretion
in making its decision to acquire the Note, is experienced in acquiring assets of such type, (iii) it has received a copy of the
Note, the other Note Documents and such other documents and information as it deems reasonably appropriate to make its own credit
analysis and decision to enter into this Agreement and to purchase the Note and (iv) it has, independently and without reliance
upon the Company or the Noteholder and based on such documents and information as it has deemed reasonably appropriate, made its
own credit analysis and decision to enter into this Agreement and to purchase the Note, and

 

    	 	A-11	 

    	 	 	 

    

 

(b)
agrees that (i) it will, independently and without reliance upon the Company or the Noteholder, and based on such documents and
information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action
under the Note and (ii) it will be bound, with respect to the Note, by the provisions of the Note Documents that apply to the
“Purchaser” in its capacity as a purchaser of the Notes, and it will perform in accordance with their terms all of
the obligations which by the terms of the Note and the other Note Documents are required to be performed by it as a Noteholder
and (iii) the representations and warranties contained in Section 4.2 of the Purchase Agreement (as defined in the Note) are true
and correct on the date hereof as if made by the Substitute Noteholder in place of the “Purchaser”.

 

4.
General. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the
meaning hereof. The invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability
of any other term or provision hereof, and any invalid or unenforceable provision shall be modified so as to be enforced to the
maximum extent of its validity or enforceability. This Agreement may be executed and delivered (including by facsimile or other
Portable Document Format (pdf) transmission) in any number of counterparts, which together shall constitute one instrument, and
shall bind and inure to the benefit of the parties hereto and their respective successors and assigns. Facsimile and other electronic
copies of manually-signed originals shall have the same effect as manually-signed originals and shall be binding on the parties
hereto and their respective successors and assigns. This Agreement is not intended to and shall not confer any rights or remedies
upon any person other than the parties hereto and their respective successors and assigns. Except as set forth in the immediately
preceding sentence, no person or entity other than the parties hereto and their respective successors and assigns will have or
be construed to have any legal or equitable right, remedy or claim under, in respect of, or by virtue of this Agreement. This
Agreement shall be governed by and construed in accordance with the laws of The State of New York.

 

[5.
Consent. By its signature hereto, the
Company hereby consents to the assignment by the Noteholder to the Substitute Noteholder of all liabilities and obligations under
the Note.]1

 

[Remainder
intentionally left blank | signature pages follow]

 

 

 

1
Insert into the Assignment and Assumption if the Borrower’s consent is required (see Section 12(a) of the Note).

 

    	 	A-12	 

    	 	 	 

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Assignment and Assumption Agreement to be executed as of the date first above
written by their respective duly authorized officers.

 

	 	[INSERT NAME OF ASSIGNOR],

                                                                       as the Noteholder

	 		 
	 	By:	 
	 	 	Authorized
    Signatory
	 	 	 
	 	[INSERT NAME OF ASSIGNEE]

                                                                       as the Substitute Noteholder

	 	 	 
	 	By:
    	 
	 	 	Authorized
    Signatory

 

[Consented
to this ___ day of

____________,
____

 

PAVMED
INC.,

  as
the Company

 

	By:
    	 	 
	Name: 	 	 
	Title:]2	 	 

 

 

2
Insert into the Assignment and Assumption if the Borrower’s consent is required (see Section 12(a) of the Note).

 

    	 	A-13EXHIBIT
B

 

[FORM
OF WARRANT]

 

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 herein and in a Note and Warrant 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 S 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
S

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 on or prior to the close of business on June 30, 2032 (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 U.S.$0.01. This Warrant is one of a series of warrants issued in a
private placement of the Company’s securities (collectively, the “Series S Warrants”).

 

Section
1. Definitions.

 

(a)
Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain Note and Securities
Purchase Agreement (the “Purchase Agreement”), dated as of June 30, 2017, among the Company and the purchasers
signatory thereto.

 

(b)
In addition to the terms defined elsewhere in this Warrant or in the Purchase Agreement, the following terms have the meanings
set forth in this Section 1(b):

 

    	 	B-1	 

    	 	 	 

    

 

“Trading
Day”: A day on which the principal Trading Market is open for trading.

 

“VWAP”:
For any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed
or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding
date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading
Day from 9:30 a.m. (New York City time) to 4:00 p.m. (New York City time)), or (b) in all other cases, the fair market value of
a share of Common Stock as determined by an independent appraiser selected in good faith by the Purchaser and reasonably acceptable
to the Company, the fees and expenses of which shall be paid by the Company.

 

Section
2. Exercise.

 

(a)
Exercise of Warrant. Exercise of the purchase rights represented by this Series S Warrant may be made, in whole or in part,
at any time 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 a notice of exercise in the form annexed hereto (the “Notice of Exercise”) and this
original Warrant being exercised[; provided that no exercise of this Warrant shall be permitted if, immediately following
such exercise, the Holder would beneficially own greater than 4.75% of the outstanding Common Stock of the Company as calculated
in accordance with Rule 13d-3 promulgated under the Exchange Act]1. 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 Trading Days from
the Warrant Share Delivery Date (as defined below), the Company shall issue a new Series S Warrant, dated as of the date this
Warrant is surrendered, for the number of Warrant Shares which were not purchased under the Series S Warrant surrendered.

 

(b)
Exercise Price. The exercise price per share of the Common Stock under this Warrant shall be U.S.$0.01, subject to adjustment
hereunder (the “Exercise Price”).

 

(c)
Cashless Exercise. This Warrant may also be exercised, in whole or in part, 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 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, 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).

  

 

1
Insert only for warrants registered in the name of Matthew Sirovich and The Boomer Fund, L.P.

 

    	 	B-2	 

    	 	 	 

    

 

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 (x) 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, (B) the Warrant Shares are eligible for resale by the Holder without volume or manner-of-sale
limitations pursuant to Rule 144 and (C) the Holder delivers any certifications required by the Transfer Agent in connection with
the issuance of such Warrant Shares without a restrictive legend or (y) 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 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 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. If the Company fails for any reason to deliver to the Holder the Warrant Shares subject to a
Notice of Exercise by the Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and
not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Common Stock on the date
of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the fifth Trading Day after such
liquidated damages begin to accrue) for each Trading Day after such Warrant Share Delivery Date until such Warrant Shares are
delivered or Holder rescinds such exercise.

 

(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)
Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition to any other rights available
to the Holder, if the Company fails for any reason to transmit to a Holder the Warrant Shares in accordance with the provisions
of Section 2(d)(i), and if after such Warrant Share Delivery Date such Holder is required by its brokerage firm to purchase (in
an open market transaction or otherwise), or the Holder’s brokerage firm otherwise purchases, shares of Common Stock to
deliver in satisfaction of a sale by such Holder of the Warrant Shares which such Holder was entitled to receive upon the exercise
at issue (a “Buy-In”), then the Company shall (A) pay in cash to such Holder (in addition to any other remedies
available to or elected by such Holder) the amount, if any, by which (x) such Holder’s total purchase price (including any
brokerage commissions) for the Common Stock so purchased exceeds (y) the product of (1) the aggregate number of shares of Warrant
Shares that such Holder was entitled to receive from the exercise at issue multiplied by (2) the actual sale price at which the
sell order giving rise to such purchase obligation was executed (including any brokerage commissions) and (B) at the option of
such Holder, either reissue (if surrendered) this Warrant for a number of Warrant Shares equal to the number of Warrant Shares
submitted for exercise (in which case, such exercise shall be deemed rescinded) or deliver to such Holder the number of shares
of Common Stock that would have been issued if the Company had timely complied with its delivery requirements under Section 2(d)(i).
For example, if a Holder purchases shares of Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect
to an attempted exercise of shares of Common Stock with respect to which the actual sale price of the Warrant Shares (including
any brokerage commissions) giving rise to such purchase obligation was a total of $10,000 under clause (A) of the immediately
preceding sentence, the Company shall be required to pay such Holder $1,000. The Holder shall provide the Company written notice
indicating the amounts payable to such Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount
of such loss. Nothing herein shall limit a Holder’s right to pursue any other remedies available to it hereunder, at law
or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s
failure to timely deliver Common Stock upon exercise of the Warrant Shares as required pursuant to the terms hereof.

 

    	 	B-3	 

    	 	 	 

    

 

(iv)
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.

 

(v)
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 (the “Assignment
Form”) 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.

 

(vi)
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-4	 

    	 	 	 

    

 

(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, excluding any Distribution pursuant to
which this Warrant is adjusted in accordance with Section 3(a) or 3(c), 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 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 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.

 

    	 	B-5	 

    	 	 	 

    

 

(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; (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 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.

 

    	 	B-6	 

    	 	 	 

    

 

Section
4. Transfer of Warrant.

 

(a)
Transferability. This Warrant shall only be transferable to the extent set forth in Section 4(e) hereof. 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 Closing 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.

 

(e)
Transfer Restrictions.

 

(i)
This Warrant may only be disposed of in compliance with state and federal securities laws. In connection with any transfer of
this Warrant other than pursuant to an effective registration statement or Rule 144, to the Company or to an Affiliate of the
Holder or in connection with a pledge as contemplated in Section 4(e)(ii), the Company may require the Holder to provide to the
Company an opinion of counsel selected by the Holder and reasonably acceptable to the Company, the form and substance of which
opinion shall be reasonably satisfactory to the Company, to the effect that such transfer does not require registration of this
Warrant under the Securities Act. As a condition of transfer, the transferee shall agree in writing to be bound by the terms of
the Purchase Agreement applicable to holders of the Warrants and shall have the rights and obligations of a Purchaser under the
Purchase Agreement to the extent such rights and obligations are applicable to the holders of the Warrants.

 

    	 	B-7	 

    	 	 	 

    

 

The
Holder acknowledges and agrees that the provisions of this Section 4 impose substantial restrictions on its ability to transfer
this Warrant, but also acknowledges and agrees that it has the ability to exercise this Warrant for other securities that are
not subject to such restrictions (except under the Securities Act).

 

(ii)
The Holder agrees to the imprinting, so long as is required by this Section 4, of a legend on this Warrant in the following form:

 

NEITHER
THIS WARRANT NOR THE SECURITIES INTO WHICH THIS WARRANT IS EXERCISABLE HAS 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 WARRANT AND
THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT WITH A REGISTERED
BROKER-DEALER OR OTHER LOAN WITH A FINANCIAL INSTITUTION THAT IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a)
UNDER THE SECURITIES ACT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

In
addition, the Holder agrees to imprinting of an additional legend on this Warrant in the following form:

 

THE
SALE, TRANSFER ASSIGNMENT OR OTHER DISPOSITION OF THE WARRANTS REPRESENTED HEREBY, WHETHER VOLUNTARY, INVOLUNTARY, OR BY OPERATION
OF LAW, IS SUBJECT TO SUBSTANTIAL RESTRICTIONS ON TRANSFER AS SET FORTH HEREIN AND IN A NOTE AND WARRANT 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.

 

The
Company acknowledges and agrees that the Holder may from time to time pledge pursuant to a bona fide margin agreement with a registered
broker-dealer or grant a security interest in some or all of the Warrants to a financial institution that is an “accredited
investor” as defined in Rule 501(a) under the Securities Act and who agrees to be bound by the provisions of the Purchase
Agreement and, if required under the terms of such arrangement, the Holder may transfer pledged or secured Warrants to the pledgees
or secured parties. Such a pledge or transfer would not be subject to approval of the Company and no legal opinion of legal counsel
of the pledgee, secured party or pledgor shall be required in connection therewith. Further, no notice shall be required of such
pledge. At the Holder’s expense, the Company will execute and deliver such reasonable documentation as a pledgee or secured
party of Warrants may reasonably request in connection with a pledge or transfer of the Warrants.

 

    	 	B-8	 

    	 	 	 

    

 

(iii)
Certificates evidencing the Warrant Shares shall not contain any legend (including the legend set forth in Section 4(e)(ii) hereof):
(i) while a registration statement covering the resale of any such security is effective under the Securities Act, (ii) following
any sale of such Warrant Shares pursuant to Rule 144, (iii) if such Warrant Shares are eligible for sale under Rule 144 or (iv)
if such legend is not required under applicable requirements of the Securities Act (including judicial interpretations and pronouncements
issued by the staff of the Commission), provided the Holder delivers any certifications required by the Transfer Agent in connection
with the issuance of such Warrant Shares without a restrictive legend. The Company shall cause its counsel to issue a legal opinion
to the Transfer Agent promptly following such time as such legend is no longer required under this Section 4(e)(iii), if required
by the Transfer Agent to effect the removal of the legend hereunder. If all or a portion of the Warrant is exercised at a time
when there is an effective registration statement to cover the resale of the Warrant Shares, or if such Warrant Shares may be
sold under Rule 144 or if such legend is not otherwise required under applicable requirements of the Securities Act (including
judicial interpretations and pronouncements issued by the staff of the Commission) then such Warrant Shares shall be issued devoid
of all legends. The Company agrees that following such time as such legend is no longer required under this Section 4(e)(iii),
it will, no later than three Trading Days following the delivery by the Holder to the Company or the Transfer Agent of a certificate
representing Warrant Shares, as applicable, issued with a restrictive legend (such third Trading Day, the “Legend Removal
Date”), deliver or cause to be delivered to the Holder a certificate representing such shares that is devoid from all
restrictive and other legends; provided that, upon written request by the Company, the Holder delivers a certificate as
to the factual basis for removing the legend at the time of such request. The Company may not make any notation on its records
or give instructions to the Transfer Agent that enlarge the restrictions on transfer set forth in this Section 4. Certificates
for Warrant Shares subject to legend removal hereunder shall be transmitted by the Transfer Agent to the Holder by crediting the
account of the Holder’s prime broker with the Depository Trust Company System as directed by the Holder.

 

(iv)
In addition to the Holder’s other available remedies, the Company shall pay to the Holder, in cash, the greater of (A) as
partial liquidated damages and not as a penalty, for each $1,000 of Warrant Shares (based on the VWAP of the Common Stock on the
date this Warrant is submitted to the Transfer Agent) delivered for removal of the restrictive legend and subject to Section 4(e)(iii),
$10 per Trading Day (increasing to $20 per Trading Day five Trading Days after such damages have begun to accrue) for each Trading
Day after the Legend Removal Date until such certificate is delivered without a legend and (B) if the Company fails to (1) issue
and deliver (or cause to be delivered) to the Holder by the Legend Removal Date a certificate representing this Warrant so delivered
to the Company by the Holder that is free from all restrictive and other legends or (2) if after the Legend Removal Date the Holder
purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by the Holder
of all or any portion of the number of shares of Common Stock, or a sale of a number of shares of Common Stock equal to all or
any portion of the number of shares of Common Stock that the Holder anticipated receiving from the Company without any restrictive
legend, then, an amount equal to the excess of the Holder’s total purchase price (including brokerage commissions and other
reasonable out-of-pocket expenses, if any) for the shares of Common Stock so purchased (including brokerage commissions and other
reasonable out-of-pocket expenses, if any) (the “Buy-In Price”) over the product of (x) such number of Warrant Shares
that the Company was required to deliver to the Holder by the Legend Removal Date multiplied by (y) the lowest closing
sale price of the Common Stock on any Trading Day during the period commencing on the date of the delivery by the Holder to the
Company of the applicable Warrant Shares (as the case may be) and ending on the date of such delivery and payment under this clause
(B).

 

    	 	B-9	 

    	 	 	 

    

 

(v)
The Holder agrees with the Company that it will sell or transfer any Warrants and/or Warrant Shares pursuant to either the registration
requirements of the Securities Act, including any applicable prospectus delivery requirements, or an exemption therefrom, and
that if this Warrant and/or any Warrant Shares are sold pursuant to a registration statement, they will be sold in compliance
with the plan of distribution set forth therein, and acknowledges that the removal of the restrictive legend from certificates
representing Warrants and/or Warrant Shares as set forth in this Section 4(e) is predicated upon the Company’s reliance
upon this understanding.

 

Section
5. 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.

 

    	 	B-10	 

    	 	 	 

    

 

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.

 

    	 	B-11	 

    	 	 	 

    

 

(l)
Applicable Law. The validity, interpretation, and performance of this Warrant 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 Warrant 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 S Warrants representing at least two-thirds of the shares of Common Stock issuable upon exercise of
such Series S 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 S 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.

 

[Remainder
intentionally left blank | signature page follows]

 

    	 	B-12	 

    	 	 	 

    

 

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

 

    	 	B-13	 

    	 	 	 

    

 

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

 

[  ]
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:

Title:

 

Date:
_______________________________________________________________

 

    	 	B-14	 

    	 	 	 

    

 

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: 	 	 	 

 

    	 	B-15

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