Document:

ex_113713.htm

Exhibit 10.3

 

AMENDMENT NO. 2 TO 

EMPLOYMENT AGREEMENT

 

This Amendment No. 2 to Employment Agreement dated effective as of May 9, 2018 (this “Amendment”) is entered into by and between Christos P. Traios (“Executive”) and Petrogress, Inc. (“Employer”, and together with Executive, the “Parties” and each individually, a “Party”).

 

WHEREAS, the Parties entered into that certain Employment Agreement dated as of April 1, 2016 as further amended by that certain Amendment to Employment Agreement dated January 12, 2018 (as amended, the “Agreement”); and

 

WHEREAS, the Parties desire to amend certain provisions of the Agreement relating to compensation payable to the Executive;

 

NOW THEREFORE, for good and valuable consideration, the receipt of which is hereby acknowledged, the Parties agree to modify and amend the Agreement as follows:

 

1.           Amendment of Section 4(a). Section 4(a) of the Agreement is hereby amended and restated in its entirety to read as follows:

 

“(a) During the Term of Employment the Employer shall pay the Executive a salary at an annual rate of U.S. $60,000.00 (Sixty-Thousand U.S. dollars (the Base Salary). The Base Salary will be payable in monthly installments of ($5,000) Five Thousand U.S. Dollars on the 1st day of each month effective as of May 1, 2018.”

 

2.          Miscellaneous.

 

2.01     Effect. Except as amended hereby, the Agreement shall remain in full force and effect.

 

2.02     No Waiver. This Amendment is effective only in the specific instance and for the specific purpose for which it is executed and shall not be considered a waiver or agreement to amend as to any provision of the Agreement in the future.

 

2.03     Defined Terms. All capitalized terms used but not specifically defined herein shall have the same meanings given such terms in the Agreement unless the context clearly indicates or dictates a contrary meaning.

 

2.04     Governing Law. This Amendment shall be governed by, and construed and enforced in accordance with, the internal laws of the State of Delaware, without regard to conflicts of laws principles.

 

2.05     Counterparts. This Amendment may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument, and each of the parties hereto may execute this Amendment by signing any of such counterparts.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

 

 

 

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

 

 

	 	Employer:
	 	 
	 	
			Petrogress, Inc.,

			a Delaware corporation

			
	 	 
	 	 
	 	 
	 	By:	 
	 	
			Name: Christos P. Traios

			
	 	Title: Chief Executive Officer
	 	 
	 	 
	 	Executive:
	 	 
	 	 
	 	 
	 	Christos P. Traios

  

 

[Amendment No. 2 to Employment Agreement]Exhibit
4.8

 

FORM
OF NON-TRANSFERABLE SUBSCRIPTION RIGHTS CERTIFICATE

 

	RIGHTS
    CERTIFICATE # [______]	NUMBER
    OF RIGHTS: [______]

 

THE
TERMS AND CONDITIONS OF THE RIGHTS OFFERING ARE SET FORTH IN THE COMPANY’S PROSPECTUS DATED _______   ___ ,
2018, AS AMENDED (THE “PROSPECTUS”) AND ARE INCORPORATED HEREIN BY REFERENCE. COPIES OF THE PROSPECTUS ARE
AVAILABLE UPON REQUEST FROM MORROW SODALI LLC, THE INFORMATION AGENT.

 

PAVMED
INC.

(Incorporated
under the laws of the State of Delaware)

 

SUBSCRIPTION
RIGHTS CERTIFICATE

 

Evidencing
non-transferable Subscription Rights to purchase Units, each Unit consisting of one share of our common stock and one Series Z
Warrant

Subscription
Price: $2.25 per Unit

 

THE
SUBSCRIPTION RIGHTS WILL EXPIRE IF NOT EXERCISED ON OR BEFORE 5:00 P.M., EASTERN TIME, ON _____   ___ , 2018

 

SUBJECT
TO EXTENSION OR EARLIER TERMINATION.

 

THIS
CERTIFIES THAT:

 

The
registered owner whose name is inscribed hereon is the owner of the number of subscription rights (“Subscription Rights”)
set forth above (subject to the pro rata reductions as described in the Prospectus resulting from the Subscription Cap (as defined
below)). Each Subscription Right entitles the holder thereof to subscribe for and purchase (the “Basic Subscription Right”)
one unit at a price of $2.25 per Unit (the “Subscription Price”), pursuant to a rights offering (the “Rights
Offering”), on the terms and subject to the conditions set forth in the Prospectus including the fact that PAVmed Inc.
(the “Company”) will only accept subscriptions for 9,000,000 units (the “Subscription Cap”).
Each unit, which the Company refers to as a “Unit” consists of one share of our common stock, par value of $0.001,
and one Series Z Warrant. Each Series Z Warrant will be exercisable for one share of our common stock, par value of $0.001. If
the Units do not qualify for listing on the Nasdaq Capital Market, only the shares of common stock and Series Z Warrants will
issue at the same subscription price per Unit. Holders who fully exercise their Basic Subscription Rights are entitled to
subscribe for additional Units that remain unsubscribed for as a result of any unexercised Basic Subscription Rights pursuant
to the terms and conditions of the Rights Offering (including the pro rata reductions described in the Prospectus resulting from
the Subscription Cap) at the Subscription Price (the “Over-subscription Privilege”). The Subscription Rights
represented by this Subscription Rights Certificate may be exercised by completing the appropriate forms on the reverse side hereof
and by returning the full payment of the subscription price for each Unit. If the Company is unable to issue the subscriber the
full amount of Units requested, the Subscription Agent will return to the subscriber any excess funds submitted as soon as practicable,
without interest or deduction.

This
Subscription Rights Certificate is not valid unless countersigned by Continental Stock Transfer & Trust Company, the Subscription
Agent.

 

WITNESS
the seal of PAVmed Inc. and the signatures of its duly authorized officers.

 

Dated:
 _____  __ , 2018

 

	Lishan
    Aklog, M.D.	 	Dennis M McGrath 
	Chairman
    & Chief Executive Officer	 	Executive Vice President Chief Financial Office Corporate Secretaryr
	 	 	 	 
	 	 	COUNTERSIGNED AND REGISTERED:
	 	 	 	 
	 	 	By:
    	 
	 	 		Continental
    Stock Transfer & Trust Company

 

    	 	 	 

    	 

    

 

FORM
ELECTION TO PURCHASE

 

PLEASE
PRINT ALL INFORMATION CLEARLY AND LEGIBLY.

 

The
registered holder of this Subscription Rights Certificate is entitled to exercise the number of Subscription Rights shown in the
upper right hand corner of the Subscription Rights Certificate and may subscribe for additional Units upon the terms and conditions
specified in the Prospectus. The undersigned hereby represents, in connection with this election, that the undersigned has not
since the Record Date (as defined in the Prospectus) entered into any short sale or similar transaction with respect our common
stock. The undersigned hereby notifies the Subscription Agent of its irrevocable election to subscribe for Units in the following
amounts. To subscribe for Units pursuant to your Basic Subscription Right, please complete lines (a) and (c) below. To subscribe
for additional Units pursuant to your Over-subscription Privilege, please also complete line (b).

 

	(a)	EXERCISE
    OF BASIC SUBSCRIPTION RIGHT:

 

	Basic Subscription Right:	 	X	 	$	2.25	 	 	=	 	$		 
	Number of Units	 	 	 	 	Subscription price	 	 	 	 	 	Payment enclosed	 

 

	(b)	EXERCISE
    OF OVER-SUBSCRIPTION PRIVILEGE: If you have exercised your Basic Subscription Right in full, you may subscribe for additional
    Units pursuant to your Over-subscription Privilege

 

	Over-Subscription Privilege:	 	X	 	$	2.25	 	 	=	 	$		 
	Number of Units	 	 	 	 	Subscription price	 	 	 	 	 	Payment enclosed	 

 

	(c)	TOTAL
    AMOUNT OF PAYMENT ENCLOSED $

 

	(d)	IF
    YOU SPOKE WITH A BROKER WHO SOLICITED SUCH EXERCISE, PLEASE INDICATE THE NAME OF THE PERSON YOU SPOKE WITH: _____________

 

	METHOD
    OF PAYMENT (CHECK ONE):	 	[  ]	 	CERTIFIED
    CHECK DRAWN ON A U.S. BANK, payable to “Continental Stock Transfer & Trust Company, as Subscription Agent for PAVmed
    Inc.”
	 	 	 
	 	 	[  ]	 	Wire
    transfer of immediately available funds directly to the account maintained by Continental Stock Transfer & Trust Company,
    as Subscription Agent, for purposes of accepting subscriptions in this Rights Offering at __________, ABA: ________, Account
    #: ________ FBO PAVmed Inc., with reference to the name of the Subscription Rights holder.
	 	 	 
	 	 	[  ]	 	U.S.
    POSTAL MONEY ORDER, payable to “Continental Stock Transfer & Trust Company, as Subscription Agent PAVmed Inc.”
	 	 	 
	 	 	[  ]	 	UNCERTIFIED
    PERSONAL CHECK, payable to “Continental Stock Transfer & Trust Company, as Subscription Agent for PAVmed Inc.”
    (which must clear before the Expiration Date to be considered a valid form of payment; please see Prospectus and Instructions)

 

I
acknowledge receipt of the Prospectus in connection with the Rights Offering and agree to its terms. I agree to cooperate with
the Company and provide to the Company any and all information requested by the Company in connection with the exercise of the
Subscription Rights.

 

 

	Signature(s)
    of Subscriber(s)	 	Signature(s)
    of Subscriber(s)
	 	 	 
	Address:	 	Address:

 

IMPORTANT:
THE SIGNATURE(S) MUST CORRESPOND IN EVERY PARTICULAR, WITHOUT ALTERATION, WITH THE NAME(S) AS PRINTED ON THE FRONT OF THIS RIGHTS
CERTIFICATE. If signature is by trustee(s), executor(s), administrator(s), guardian(s), attorney(s)-in-fact, officer(s) of
a corporation or another acting in a fiduciary or representative capacity, please print name and title of authorized signer.

 

    	 	 	 

    	 

    

 

FOR
INSTRUCTIONS ON THE USE OF PAVMED INC. SUBSCRIPTION RIGHTS CERTIFICATES, CONSULT MORROW SODALI LLC., THE INFORMATION AGENT, AT:

 

Morrow
Sodali LLC

470
West Avenue

Stamford,
Connecticut 06902

Stockholders
please call toll-free: (800) 662-5200

Banks
and Brokerage Firms please call: (203) 658-9400

Email:
PAVM.info@morrowsodali.com

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