Document:

Exhibit
10.2

 

 

Certain
identified information has been excluded from this exhibit because it is both not material and would likely cause competitive harm to
the registrant if publicly disclosed. Such information has been marked with a “[***]”.

 

 

AMENDED
AND RESTATED license agreement

 

CWRU
Western Reserve University – Lucid Diagnostics Inc.

 

This
Amended and Restated License Agreement (hereinafter “Agreement”) entered into as of this 23rd day of August 2021
(“A&R Effective Date”) by and between Case Western Reserve University, an Ohio non-profit corporation, having a principal
place of business at 10900 Euclid Avenue, Cleveland, Ohio 44106 (“CWRU”) and Lucid Diagnostics Inc., a Delaware corporation,
having a principal place of business at One Grand Central Place, Suite 4600, New York, NY 10165 (“Licensee”). Upon the A&R
Effective Date, this Agreement shall amend and restate in its entirety the Existing License Agreement, which existing agreement shall
thereafter be of no force and effect.

 

WITNESSETH

 

WHEREAS,
Licensee is a subsidiary of PAVmed Inc. (“PAVmed”), a for-profit corporation, having a principal place of business at One
Grand Central Place, Suite 4600, New York, NY 10165;

 

whereas,
CWRU owns certain rights in certain technology relating
to “Esophageal Collection device and Aberrant Vimentin DNA Methylation as a Biomarker of Upper Gastrointestinal Neoplasias”
and applications thereof and is interested in licensing same;

 

WHEREAS,
Licensee desires to acquire rights in and to the technology upon the terms and conditions herein set forth;

 

WHEREAS,
CWRU and Licensee entered into a License Agreement effective May 12, 2018 (the “Effective Date”) which was subsequently amended
by mutual agreement effective November 20, 2019. The License Agreement and First Amendment to the License Agreement are collectively
referred to as the “Existing License Agreement”; and

 

WHEREAS,
CWRU and Licensee desire to amend and restate the Existing License Agreement as set forth hereinafter;

 

    	 

    	 

    

 

NOW
THEREFORE, in consideration of the mutual covenants contained herein and intending to be legally bound hereby, the parties agree
as follows:

 

1.
DEFINITIONS

 

1.1
The term “CLIA” shall mean the Clinical Laboratory Improvements Amendments and associated regulations set forth in 42 C.F.R.
Part 493 (Laboratory Requirements).

 

1.2
The term “Clinical Trial” shall mean the use of a Licensed Product(s) in human subjects in a clinical trial conducted by
Licensee accordance with 21 C.F.R. Part 312.

 

1.3
The term “Copyrights” shall mean CWRU’s copyrights in the Licensed Technology.

 

1.4
The term “Derivative” shall mean intellectual property (whether in the nature of trade secrets, copyrights, patent applications,
patents or other rights) developed by Licensee, which includes, or is based in whole or in part on, the Licensed Technology, including,
but not limited to computer software, translations of the Licensed Technology to other foreign languages, adaptation of the Licensed
Technology to hardware platforms, abridgments, condensations, revisions, and software incorporating all or any part of the Licensed Technology
which may also include Licensee-created modifications, enhancements or other software. Licensee shall be entitled to establish its ownership
interest in all Derivatives (but not the Licensed Technology incorporated therein which is not itself a Derivative), other than any Derivatives
that incorporate claims in respect of intellectual property that is deemed owned by CWRU by virtue of the application of Section 9, which
Derivatives shall be owned by CWRU, provided (a) that all Derivatives (whether owned by Licensee or CWRU) shall be considered Licensed
Technology and subject to the terms of this Agreement, including but not limited to, Royalties, and Field of Use (b) Derivatives may
not be made, used, or disposed of prior to the end of twenty (20) years from the Effective Date or the expiration date of the last to
expire Patent, whichever comes later, unless the License granted under 2.1 of this Agreement is then in effect, and (c) Licensee shall
promptly notify CWRU of Licensee-originated bug fixes to the Licensed Technology, which shall be part of the Licensed Product and owned
by CWRU. Any copyright registration by Licensee for Derivatives shall give full attribution to CWRU’s Copyrights. CWRU, [***],
and any non-profit health care institutions affiliated with CWRU, shall have the right to use Derivatives for research, educational,
academic and administrative purposes. If this Agreement terminates or is terminated before the end of the term specified in Section 3
all right, title, and interest in any Derivatives owned by Licensee shall be transferred to CWRU. For clarity, all Derivatives existing
as of the A&R Effective Date are listed on Schedule 1.4, attached hereto.

 

1.5
The term “Dispose” or “Disposition” shall mean the sale, lease or other transfer of Licensed Product(s).

 

1.6
The term “Dollar”, “U.S. Dollar” and “U.S. $” shall mean lawful money of the United States of America.

 

1.7
The term “esophagus” means the muscular tube connecting the throat with the stomach, the gastroesophageal junction any other
organs related thereto.

 

1.8
The term “FDA” shall mean the U.S. Food & Drug Administration.

 

    	2

    	 

    

 

1.9
The term “FDA Clearance” shall mean the receipt by the Licensee of a 510(k) clearance letter from the FDA submission for
a Licensed Product.

 

1.10
The term “Field of Use” shall mean Use of the Licensed Technology in humans for the detection of changes in the esophagus,
including but not limited to Gastroesophageal Reflux Disease, Barrett’s Esophagus and esophageal cancer and tumors for the purpose
of collection of esophageal samples, analysis of esophageal samples, and screening, diagnosing, disease staging, disease monitoring and
disease prognosis.

 

1.11
The term “First Commercial Sale” shall mean, with respect to any Licensed Product(s), the first sale for which Revenue has
been recognized by Licensee for use or consumption by the general public of such Licensed Product in any country after all required Regulatory
Approvals have been granted in such country.

 

1.12
The term “Fiscal Quarter” or “Quarter” shall refer to the normal quarterly accounting periods of Licensee; if
Licensee does not have normal quarterly accounting periods, then “Fiscal Quarters” shall mean the calendar three months periods
commencing with January of each year.

 

1.13
The term “Foreign Equivalent” shall mean the performance or occurrence of activities in non-U.S. jurisdictions similar to
the performance or occurrence of activities in the United States covered by the terms “Clinical Trial,” “Regulatory
Clearance”, “510(k) Clearance”, “PMA” and “Regulatory Approval,” as each such term is defined
in this Article.

 

1.14
The term “Licensed Product” or “Product” shall consist of any product, service and/or process that either takes
a sample from the esophagus and/or tests a sample from the esophagus for one or more DNA biomarkers within the Field of Use, which incorporates
either:

 

(a)
a sampling device which incorporates or utilizes Licensed Technology or a Derivative (the “Licensed Device”); or

 

(b)
a DNA biomarker test which incorporates or utilizes Licensed Technology or a Derivative thereof (a “Licensed Biomarker Test”).

 

For
clarity, a Licensed Product or Product may, but shall not be required to, incorporate both the Licensed Device and a Licensed Biomarker
Test.

 

1.14.1
The term “Licensed Technology” or “Technology” shall mean (i) the technology described in Attachment A on an
“as is” basis on the Effective Date; (ii) the trade secrets, know-how, design architecture and the software and algorithm
related to the technology described in Attachment A, including related code and related Copyrights, on an “as is” basis on
the Effective Date; (iii) any claims issuing on Patents covering the foregoing parts i or ii; (iv) Derivatives.

 

1.14.2
“Licensed Technology” or “Technology” also includes (i) the technology described on Attachment B on an “as
is” basis on November 20, 2019 (the “First Amendment Effective Date”); (ii) the trade secrets, know-how, design architecture
and the software and algorithm related to the technology described in Attachment B, including related code and related Copyrights, on
an “as is” basis on the First Amendment Effective Date; (iii) any claims issuing on Patents covering the foregoing parts
i or ii; (iv) Derivatives, subject to the restriction in Sections 2.2.1 and 5.9.

 

    	3

    	 

    

 

1.15
The term “Market Exclusivity Period” refers to any exclusive marketing rights granted by the FDA or other U.S. government
agency for a specified period upon Regulatory Clearance or Regulatory Approval.

 

1.16
The term “Management Services Agreement” shall mean a contract between one or more management consultants and Licensee to
assist in the management of Licensee.

 

1.17
The term “Net Sales” shall mean the total Revenues received from the manufacture, use, Disposition or, with respect to Licensed
Products that are used in connection with a Licensed Biomarker Test, processing of, Licensed Products or the samples therein, less the
total of all:

 

	 	a.	discounts
    allowed in amounts customary in the trade;
	 	b.	sales
    tariffs, duties and/or taxes imposed on the Licensed Products;
	 	c.	outbound
    transportation prepaid or allowed;
	 	d.	amounts
    received in respect of product trials or samples offered in the ordinary course of business on customary terms; and
	 	e.	amounts
    allowed or credited on returns.

 

No
deduction shall be made for commissions paid to individuals (whether independent sales agents or persons regularly employed by Licensee).
Notwithstanding the foregoing, the Net Sales from the Disposition of any Licensed Product that makes use of a Licensed Device to take
a sample which is later evaluated in a test other than with a Licensed Biomarker Test (a “Hybrid Licensed Product”), shall
equal [***] of the direct per unit cost associated with manufacturing the Licensed Device, excepting, if the Hybrid Licensed Product
makes use of a Licensed Device to take a sample which is later evaluated in a test other than a Licensed Biomarker Test for detecting
Barrett’s Esophagus or esophageal cancer, in which case, the Net Sales from such Disposition shall equal [***] of the direct per
unit cost associated with manufacturing the Licensed Device; provided that if a portion of the Net Sales from the Disposition of any
Hybrid Licensed Product is by the terms of the Disposition expressly allocated to the Licensed Device and such allocated portion exceeds
the amount that would be derived under the above formula, the Net Sales from the Disposition of such Hybrid Licensed Product shall be
such higher amount. The direct per unit cost associated with manufacturing the Licensed Device shall be the average price per unit paid
by Licensee to third parties it has engaged for the manufacturing of the device during the six-month period prior to any applicable date
of determination; provided that, under no circumstances shall the direct per unit cost be below [***].

 

1.18
The term “Other Proceeds” shall mean a percentage of other, non-royalty, proceeds received by Licensee pursuant to a sublicense
by Licensee of rights to commercialize Licensed Product(s). Other Proceeds shall include but not be limited to all sublicense issue fees,
maintenance fees and non-sales related sublicense milestone payments received by Licensee directly related to the sublicense.

 

    	4

    	 

    

 

1.19
The following applies to Technology as defined in 1.14.1 listed in Attachment A:

 

The
term “Patent(s)” shall mean any patent, continuation, continuation-in-part, divisional, or reissue in the U.S.A. or in any
other country, which issues to CWRU and is based on intellectual property in existence at the date of the signing of this Agreement.

 

The
following applies to Technology as defined in 1.14.2 listed in Attachment B:

 

The
term “Patent(s) shall mean any patent, continuation, continuation-in-part, divisional, or reissue in the U.S.A. or in any other
country, which issues to CWRU and is based on intellectual property in existence at the First Amendment Effective Date.

 

1.20
The term “PMA” shall mean Premarket Approval Application submitted under Section 515 of the Act.

 

1.21
The term “Prime Rate” shall mean the interest rate per Year announced from time to time by Key Bank, Cleveland, Ohio, as
its prime rate.

 

1.22
The term “Regulatory Approval” shall mean FDA approval, clearance, or Foreign Equivalent which may include PMA Approval and/or
510(k) Clearance

 

1.23
The term “Revenue” shall mean the U.S. Dollar value of all consideration (excluding Other Proceeds) realized by Licensee
for the Disposition of Licensed Product(s) as determined in accordance with U.S. generally accepted accounting principles.

 

1.24
The term “Royalties” shall mean Disposition royalties which are calculated as a percentage of Net Sales and will be payable
by Licensee to CWRU under the provisions of this Agreement.

 

1.25
The term “PMA Submission” shall mean the initial filing of a PMA with the FDA or Foreign Equivalent.

 

1.26
The term “Third Party(ies)” shall mean any party other than the Licensee or CWRU.

 

1.27
The term “Year” refers to contract years of the License Agreement, i.e., a 12-month period starting with the date (or anniversary)
of the Effective Date.

 

1.28
The term “510(k)” shall mean a premarket notification submitted pursuant to 21 C.F.R. § 807 and containing either a
510(k) summary or a 510(k) statement.

 

1.29
The term “510(k) Clearance” shall mean the determination by the FDA under 21 C.F.R. § 807.100 that the device has been
found to be substantially equivalent to a legally marketed predicate device.

 

    	5

    	 

    

 

2.
License grant

 

2.1.
Subject to the terms of this Agreement, including without
limitation the reserved rights of CWRU and [***], CWRU hereby grants to Licensee, and
Licensee hereby accepts, an exclusive, world-wide right to use the Licensed Technology to make, have made, use and Dispose of Licensed
Products within the Field of Use.

 

2.2
CWRU hereby grants to Licensee the right to grant sublicenses, provided that: (i) the sublicensee agrees to abide by and be subject to
all the terms and provisions of this Agreement applicable to Licensee; (ii) the sublicensee shall have no further right to grant sublicenses
under this Agreement; (iii) in the event any sublicensee (or any entity or person acting on its behalf) initiates any proceeding or otherwise
asserts any claim challenging the validity or enforceability of any Patent in any court, administrative agency or other forum, Licensee
shall, upon written request by CWRU, terminate forthwith the sublicense agreement with such sublicensee, and the sublicense agreement
shall provide for such right of termination by Licensee; (iv) the sublicense agreement shall provide that, in the event of any inconsistency
between the sublicense agreement and this Agreement, this Agreement shall control; (v) Licensee remains fully liable for the performance
of its and its sublicensee’s obligations hereunder; (vi) Licensee notifies CWRU of any proposed grant of a sublicense and provides
to CWRU, upon request, a copy of any proposed sublicense agreement seven (7) business days prior to execution thereof; (vii) no such
sublicense or attempt to obtain a sublicensee shall relieve Licensee of its obligations under Section 4 hereof, nor relieve Licensee
of its obligations to pay CWRU any and all license fees, royalties and other payments due under the Agreement; and (viii) each sublicensee
must be subject to a written agreement that contains obligations, terms and conditions in favor of [***], as applicable, that are substantially
similar to those undertaken by Licensee in favor of [***], as applicable, under this Agreement and intended for the protection of the
[***], including, without limitation, the obligations, terms and conditions regarding indemnification, insurance and [***]’s third
party beneficiary status. In addition, Licensee shall also provide CWRU with a copy of the executed sublicense within seven (7) days
after its execution.

 

2.2.1
Notwithstanding the foregoing, CWRU also grants to Licensee the right to grant to PAVmed, the majority shareholder of Licensee, and its
subsidiaries and controlled affiliates, a perpetual, royalty-free, world-wide right to use Technology defined in 1.14.2 (2) that is listed
in Attachment B hereto (and related Patents and any Derivatives thereof) outside the Field of Use for internal, non-commercial research
purposes only.

 

2.2.2
Notwithstanding the foregoing, any sublicense must include a grant of rights with respect to both the Licensed Device and a Licensed
Biomarker Test and may not allow for the Disposition of solely a Licensed Biomarker Test or solely the Licensed Device without written
consent from CWRU, not to be unreasonably withheld.

 

2.3
CWRU, [***], and any non-profit health care institutions affiliated with CWRU, shall have
the right to use, free of charge, any product or process, developed by Licensee which contains or is based on any of Licensed Technology,
and/or Derivatives, for research (including but not limited to clinical research by itself or in conjunction with a healthcare institution),
educational, academic, or administrative purposes.

 

    	6

    	 

    

 

2.4
No provision of this Agreement shall restrict CWRU’s ability to conduct further research and development in the area of Licensed
Technology or other areas.

 

2.5
All Licensed Products shall be manufactured, sold and performed by Licensee in compliance with all applicable governmental laws, rules
and regulations. Licensee shall keep CWRU fully informed of, and shall move expeditiously to resolve, any complaint by a governmental
body relevant to Licensed Products, except for complaints subject to the Section of this Agreement entitled “Infringement”.

 

2.6
CWRU retains the right to grant either exclusive or non-exclusive licenses for the Licensed Technology in fields of use other than the
Field of Use for which the license hereunder is granted after the Effective Date (a “Permitted License”). CWRU shall provide
prompt written notice to Licensee of any Permitted License granted by CWRU, and any material changes to the field of use under any Permitted
License or any other outstanding license agreements with any Third Party(ies) or status thereof from and after the Effective Date. Each
such notice shall include a reasonably detailed description of the field of use of such Permitted License, or of the material changes
to the field of use or status thereof, as applicable, provided that in no event shall CWRU be required to disclose pursuant to the foregoing
the identity of any licensee under such Permitted License or any other outstanding license agreements with any Third Party(ies), or any
information it is otherwise required to keep confidential pursuant to the terms of such Permitted License or any other outstanding license
agreements with any Third Party(ies) (although CWRU shall use diligent efforts to ensure the terms of each Permitted License permit the
disclosure to Licensee of the field of use for such Permitted License, and any material changes to the field of use or status thereof,
and if despite such efforts CWRU is restricted from making any such disclosure regarding the field of use under such Permitted License,
CWRU shall certify in writing to Licensee that the field of use under such Permitted License or the change thereto under such Permitted
License or under other outstanding license agreements with any Third Party(ies) does not overlap with the Field of Use hereunder).

 

2.7
If Licensed Technology was supported under a United States Government funding agreement, then (a) the United States Government has been
or will be granted licensing rights as required under the terms of those federal agreements, (b) all rights and requirements of the United
States Government and others under Public Law 96-517, and Public Law 98-620, including but not limited to government purpose license,
march-in rights, and obligations to provide materials to other researchers shall remain and shall in no way be affected by this Agreement
and any right granted in this Agreement greater than that permitted under Public Law 96-517, or Public Law 98-620, shall be subject to
modification as may be required to conform to the provisions of those statutes, and (c) products sold in the United States of America,
embodying or produced through use of Licensed Technology, will be manufactured substantially in the United States of America, unless
a waiver has been obtained from the federal funding agency under whose funding agreement the Licensed Technology was generated.

 

    	7

    	 

    

 

2.8
Retained Rights to the Licensed Technology. Notwithstanding the license granted in this Agreement, CWRU, and any non-profit health care
institutions affiliated with CWRU, shall retain all rights to use the Licensed Technology for non-commercial research (including but
not limited to clinical research by itself or in conjunction with a healthcare institution), educational, academic, or administrative
purposes, even in the Field of Use, and shall have the right to permit other academic and nonprofit institutions to use the Licensed
Technology for the same purposes. Licensee acknowledges that it has been informed that the Licensed Technology was developed, at least
in part, by employees of [***] and that [***] has a paid-up, non-exclusive, irrevocable license to use the Licensed Technology for [***]’s
research purposes, but with no right to assign or sublicense (the “[***]”). This license is explicitly made subject to the
[***].

 

2.9
Supply of Research Materials. At Licensee’s expense,
and subject to a materials transfer and confidentiality agreement to be negotiated in good faith by the parties, Licensee will provide
to CWRU reasonable quantities of all research materials produced, or in the future developed, by the Licensee for the use by CWRU, [***],
and other academic and nonprofit institutions in a manner consistent with Section 2.8 above. CWRU shall not use such research materials
in a manner detrimental to the Licensee’s legitimate commercial interests in the Licensed Technology granted under this Agreement
or transfer such research materials to any Third Party(ies) obtained under this Section 2.9 without the prior written consent of the
Licensee. Commercializing or seeking to commercialize such research materials and their derivatives within the Field of Use shall be
deemed “detrimental to the Licensee’s commercial interests” within the intent of this Section.

 

3.
TERM OF THIS AGREEMENT

 

The
term of the License shall conclude on the expiration date of the last-to-expire Patent, or at the end of twenty (20) years from the Effective
Date in countries where no Patents exist or upon expiration of any exclusive marketing rights, which have been granted by the FDA or
other U.S. government agency for a Licensed Product in the United States, whichever comes later, unless otherwise terminated pursuant
to another provision of the Agreement.

 

4.
DUE DILIGENCE

 

4.1
Licensee shall agree to use commercially best efforts to diligently develop, seek Regulatory Approval for, manufacture, market, and otherwise
commercialize Licensed Product(s). Thereafter, until the termination of the License Agreement, Licensee shall continue to use its commercially
best efforts to market and maintain reasonable availability of the Licensed Products for distribution to, and use by, the public.

 

4.2
Licensee shall use its commercially best efforts to manufacture, market, and otherwise commercialize Licensed Product(s). Without limiting
the generality of the foregoing, it is hereby acknowledged and agreed that Licensee has timely met the following development, regulatory
and commercialization performance milestones:

 

Milestone
I: FDA submission for a first Licensed Product

.

Milestone
II: FDA Clearance for a first Licensed Product

 

Milestone
III: First Commercial Sale of a first Licensed Product

 

    	8

    	 

    

 

4.3
On the Effective Date PAVmed and Licensee shall enter into a Management Services Agreement, whereby PAVmed shall manage Licensee’s
operations until such time as Licensee’s board of directors determines that an independent management team is appropriate.

 

5.
ROYALTIES AND FEES

 

5.1
Licensee shall pay CWRU royalties (the “Royalties”) on Net Sales of Licensed Products covered by the Patents according to
the following schedule:

 

	Royalty	 	Net
    Sales
	5%
    Royalty	 	Payable
on Net Sales less than $100,000,000 per Year

	 	 	 
	8%
    Royalty	 	Payable
    on Net Sales greater than or equal to $100,000,000 per Year

 

If,
on a country-by-country basis and Licensed Product-by-Licensed Product basis, a Licensed Product is not covered by the Patents, Licensee
shall pay CWRU Royalties as follows:

 

	Royalty	 	Net
    Sales
	4%
    Royalty	 	Payable
    on Net Sales of such Licensed Product in such country, regardless of the amount of Net Sales 

 

Royalties
shall be payable on a Licensed Product-by-Licensed Product and country-by-country basis until the later of:

 

	 	(a)	The
    expiration of the last-to-expire patent covering such Licensed Product in such country;
	 	 	 
	 	(b)	Twenty
    (20) Years after the Effective Date if such Licensed Product is not covered by the Patents in such country; or
	 	 	 
	 	(c)	The
    expiration date of any Market Exclusivity rights, which have been granted by the FDA or other United States government agency for
    such Licensed Product in the United States.

 

5.2
Licensee shall pay CWRU a percentage of all Other Proceeds according to the following schedule (such payments, “Other Payments”):

 

	30%	Prior
                                            to First Commercial Sale of a Licensed Product

     

	15%	Following
                                            First Commercial Sale of a Licensed Product

     

 

    	9

    	 

    

 

Licensee
may deduct from Other Payments to CWRU for a calendar year the sums distributed to CWRU as a shareholder in Licensee (“Distributions”)
in the same calendar year. In the event that Distributions exceed the amount due to CWRU for Other Payments in a calendar year, Licensee
shall not be obligated to remit to CWRU Other Payments in that calendar year, but no credit (or deduction) shall be applied to Other
Payments due to CWRU for the following year(s).

 

Other
Proceeds shall exclude:

 

	 	(a)	proceeds
    derived from any equity or debt financing provided such financing is reasonably priced relative to prevailing market conditions;
    and
	 	 	 
	 	(b)	proceeds
    received pursuant to assignment of the License Agreement to a Third Party that acquires all or substantially all of the business
    to which the Agreement relates by merger, sale of assets or otherwise (including a trade sale).

 

5.3
As of the A&R Effective Date, CWRU has been issued 943,464 shares of common stock, par value $0.001 per share (“Common Stock”)
in Licensee representing seven and seven tenths percent (7.7%) of the shares in Licensee, on a fully diluted basis, taking into account
any equity securities then issued and outstanding. [***]

 

5.4
So long as the Shareholders Agreement remains in effect, CWRU shall have the right, but not the obligation to appoint one observer to
attend and participate in, but who will not have any voting rights with respect to, all meetings of the managing board of directors of
Licensee (the “Board”), all committees of the Board and all subcommittees of the Board (the “Board Observer”).
The Board Observer will have the right to receive all meeting materials sent to the members of the Board, committee members and subcommittee
members; provided, however, the Licensee, in its sole discretion, shall have the right to withhold materials or exclude the Board Observer
from a portion of a meeting to the extent that delivery of such material or attendance at such portion of a meeting would be reasonably
likely, in the reasonable judgment of the Licensee’s counsel, to render any attorney-client privilege of the Licensee ineffective
or otherwise limited in any material respect; and provided, further that, prior to any such attendance or participation, the Board Observer
has executed a confidentiality agreement in substance and form reasonably acceptable to the Licensee.

 

    	10

    	 

    

 

5.5
Licensee shall pay CWRU a minimum annual royalty, which shall be fully creditable against Royalties payable during the same calendar
year, as follows:

 

	 	$50,000
    per Year	Beginning
on January 1 following the first anniversary of the First Commercial Sale of a Licensed Product.

	 	 	 
	 	$150,000
    per Year	If
Licensee’s Net Sales for a Year equal or exceed twenty-five million Dollars ($25,000,000) the minimum royalty per year shall increase
to one hundred fifty thousand Dollars ($150,000) per year on the following anniversary of the Effective Date and subsequent Years.

	 	 	 
	 	$300,000
    per Year	If
Licensee’s Net Sales for a Year equal or exceed fifty million Dollars ($50,000,000) the minimum royalty per year shall increase
to three hundred thousand U.S. Dollars ($300,000) per year on the following anniversary of the Effective Date and subsequent Years.

	 	 	 
	 	$600,000
    per Year	If
    Licensee’s Net Sales for a Year equal or exceed one hundred million Dollars ($100,000,000) the minimum royalty per year shall
    increase to six hundred thousand U.S. Dollars ($600,000) per year on the following anniversary of the Effective Date and subsequent
    Years.

 

5.6
Annual Minimum Royalty payments are to be adjusted by the cumulative percentage change in the CPI-W Consumer Price Index between the
December preceding the Effective Date and the December preceding the date on which the payment in question is payable.

 

5.7
The Licensee will pay $200,000 to CWRU within thirty (30) days of PMA submission for a Licensed Product (the “PMA Milestone Payment”).
Licensee shall promptly notify CWRU upon the PMA submission for a Licensed Product.

 

5.8
Royalty if Licensee Challenges the Patent(s). Notwithstanding the above, should Licensee bring an action seeking to invalidate any Patent
included in the Licensed Technology, Licensee will pay Royalties to CWRU at the rate of two (2) times the applicable royalty rate of
Net Sales during the pendency of such action. These Royalties shall not be refundable. Moreover, should the outcome of such action determine
that any claim of a Patent(s) challenged by Licensee is both valid and infringed by a Licensed Product, Licensee will pay Royalties at
the rate of three (3) times the applicable royalty rate of Net Sales thereafter. Further, during the pendency of any action seeking to
invalidate any Patent(s) included in the Licensed Technology, Licensee shall not pay Royalties into any escrow or other similar account
but shall continue to pay amounts due to CWRU.

 

    	11

    	 

    

 

5.9
Should PAVmed, its subsidiaries and/or controlled affiliates desire to expand their rights to the Technology listed in Attachment B of
this Agreement (and related Patents and any Derivatives thereof) outside the Field of Use to include commercial purposes, such as the
sales of product(s), the parties shall meet and negotiate in good faith to discuss the Royalty to be applied to such product. Such negotiation
shall take into account whether or not the Technology listed in Attachment B is being sold as a standalone product or included as part
of a combination product (it being agreed and understood that so long as the Technology listed in Attachment B is not being sold as a
standalone product, the maximum Royalty percentage shall be [***]). Any such negotiations shall be memorialized in writing through a
written amendment to this Agreement to include the applicable provisions regarding Royalties payable.

 

5.10
As partial consideration for entering into this Agreement, Licensee shall pay to CWRU a one-time fee of ten thousand Dollars ($10,000)
due and payable within thirty (30) days of the A&R Effective Date.

 

5.11
Licensee acknowledges and agrees that, in establishing the pricing for any Licensed Product, it shall, and shall ensure that its Sublicensees
will, act in good faith and not take any action the purpose of which is to avoid or reduce, or seek to avoid or reduce, any Royalties
payable hereunder.

 

6.
DNA BIOMARKERS.

 

If
Licensee or any of its subsidiaries or controlled affiliates files a patent application with respect to, licenses or acquires from any
Third Party or partners with any Third Party with respect to, any diagnostic technology for use with the Licensed Device within the Field
of Use, Licensee shall give CWRU written notice of such patent application or license, within thirty (30) days of the filing of such
patent application or the completion of such license, acquisition or partnership.

 

7.
PAYMENT TERMS

 

7.1
Royalties shall be paid by Licensee to CWRU, as defined in the Section entitled “Royalties” for each Fiscal Quarter within
sixty (60) days of the end of such Fiscal Quarter, until this Agreement expires or is terminated in accordance with this Agreement. If
this Agreement terminates before the end of a Fiscal Quarter, the payment for that terminal fractional portion of a Fiscal Quarter shall
be made within ninety (90) days of the date of termination of this Agreement.

 

7.2
All payments hereunder shall be paid in U.S. Dollars and shall be made by wire transfer to CWRU’s account [***], or by Licensee’s
check sent in accordance with the Section entitled “Notices”.

 

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7.3
All payments including but not limited to Royalties, Annual Minimum Royalties and the PMA Milestone Payment payable hereunder which are
overdue shall bear interest until paid at a rate equal to the Prime Rate in effect at the date such payments were due plus four percent
(4%) per Year, but in no event to exceed the maximum rate of interest permitted by applicable law. This provision for interest shall
not be construed as a waiver of any rights CWRU has as a result of Licensee’s failure to make timely payment of any amounts.

 

8.
REPORTS AND AUDITS

 

8.1
Licensee shall report Quarterly, within thirty (30) days following the end of each Quarter, to CWRU its Net Sales and Revenues for the
just-ended Quarter, which are subject to Royalty payments, in reasonable detail sufficient to allow CWRU to confirm the calculation of
Net Sales and the Royalties due. Additionally, Licensee shall include in the foregoing reports (i) the number of Licensed Biomarker Tests
and Licensed Devices distributed to Third Party commercial entities and (ii) the number of samples taken using Licensed Devices that
Licensee (or its Affiliates or Sublicensees or any Third Party acting on behalf of Licensee, its Affiliates or Sublicensee), received,
and the tests that Licensee (or its Affiliates or Sublicensees or any Third Party acting on behalf of Licensee, its Affiliates or Sublicensee)
performed on the same, in each case during such just-ended Quarter.

 

8.2
No later than sixty (60) days after June 30 of each calendar year, Licensee shall provide to CWRU a written annual progress report (“Progress
Report”) describing progress on research and development, regulatory approvals, manufacturing, sublicensing, marketing and sales
during the most recent twelve (12) month period ending June 30 and plans for the forthcoming year. If multiple Licensed Products are
being developed, the Progress Report shall provide the information set forth above for each Licensed Product.

 

8.3
Reserved.

 

8.4
Licensee shall maintain accurate books and records such that the Royalties due and payable (including, without limitation, pursuant to
Section 5.1) can be easily ascertained. Such books and records shall be maintained at Licensee’s principal place of business and
shall be available for inspection by CWRU or its representatives during the normal business day upon not less than ten (10) days prior
written notice, provided that CWRU or its representatives agree to protect the confidentiality of the information as to the customers
of Licensee.

 

8.5
Licensee shall make available Licensee’s books and records for audit by an accounting firm or representative of CWRU’s selection,
and Licensee agrees to cooperate fully in any such audit, provided that the auditors agree to protect the confidentiality of the information
as to the customers of Licensee. Any such audit shall not be more frequent than annually and shall only be in respect of the prior thirty-six
month period; provided that in no event may CWRU conduct any such audit in respect of any previously audited period. In the event that
such audit determines that the amount of Royalties paid to CWRU during the applicable period was in error by more than five (5%) percent,
Licensee shall pay the costs of the auditors.

 

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9.
IMPROVEMENTS AND COLLABORATIONS

 

9.1
Subject to Section 9.2, (a) Licensee will own all of the right, title and interest in and to any patents, copyrights, mask work rights,
trade secrets and any other intellectual property rights (but excluding Patents) that result from the collaboration between the parties
or that are developed solely by Licensee employees, consultants (including any of the Inventors that is acting within the scope of services
described on Schedule 9.1) or agents, in each case, acting in their capacity as employees, consultants or agents of Licensee, and (b)
CWRU will own all of the right, title and interest in and to patents, Patents, copyrights, mask work rights, trade secrets and any other
intellectual property rights that are developed solely by CWRU employees (including any of the Inventors), consultants or agents, in
each case, acting in their capacity as employees, consultants or agents of CWRU. Notwithstanding the foregoing, nothing in this Agreement
shall in and of itself be construed as automatically transferring or conveying, or requiring any CWRU employee, consultant or agent to
transfer or convey, the intellectual property rights of CWRU to Licensee. For purposes of this Agreement the term “Inventors”
shall mean, collectively, Sanford Markowitz, M.D., Ph.D., Amitabh Chak, M.D. and Joseph Willis, M.D.

 

9.2
All intellectual property developed by Licensee (solely or jointly with one or more Third Parties) (such intellectual property, the “Licensee
Developed IP”) shall be owned by Licensee in accordance with the terms hereof, subject to the remainder of this Section 9.2. The
Licensee Developed IP shall be considered “Derivatives” if such intellectual property includes, or is based, in whole or
in part, on the Licensed Technology. Notwithstanding the foregoing, such Licensee Developed IP (including all intellectual property developed
by Lucid consultants acting within the scope of services described on Schedule 9.1) shall be considered owned by CWRU if, and only if
(a) with respect to any Licensee Developed IP that would constitute a Derivative, CWRU has established that it had developed such intellectual
property prior to the Effective Date, by way of written records prepared contemporaneously with the development thereof, or (b) CWRU
has disclosed in writing to Licensee such intellectual property, which intellectual property shall have been developed by CWRU after
the Effective Date but prior to Licensee advising CWRU that it has developed such intellectual property; provided, that, in the case
of this clause (b), such intellectual property was not previously disclosed by CWRU (or any of its employees, consultants or agents)
to Licensee in the course of any collaboration between the parties, or (c) the Parties determine that such Licensee Developed IP has
been developed using or contains information developed from university, federal or other third party funding or resources received by
CWRU (collectively, “Outside Funding”) in accordance with Section 9.3.

 

9.3
If, after the A&R Effective Date, Licensee desires to file a patent that names any of the Inventors as an inventor of such patent,
prior to filing such patent (i) Licensee shall obtain written representations from the Inventors that such invention was not developed
using and does not contain any information from any Outside Funding, (ii) Licensee shall provide CWRU such patent and a copy of the written
representations in order to confirm the accuracy of such representations. CWRU shall have fifteen (15) business days to review such proposed
patent filing and to dispute any representations of the Inventor(s). If CWRU determines in good faith, after consultation with Licensee,
that the representations of the Inventor(s) are inaccurate regarding the use of Outside Funding, CWRU shall promptly notify Licensee
of such determination, and, upon request, provide reasonable documentation to support such determination. Thereafter, such invention
shall be considered owned by CWRU. If CWRU does not dispute any representations of the Inventor(s) regarding a proposed patent filing
within the fifteen (15) business day review period described herein, such invention shall be considered owned by Licensee and a Derivative
(if applicable).

 

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9.4
Except as provided in this Section 9, nothing herein shall be deemed to grant any license or rights in any other technology, including
any intellectual property developed by the Inventors using Outside Funding and not within the scope of services under Schedule 9.1, in
addition to the Licensed Technology.

 

10.
PATENTS AND OTHER INTELLECTUAL PROPERTY

 

10.1
CWRU Property. Intellectual property rights to Licensed Technology such as Patent(s), patent(s), and Copyrights which may be obtainable
will remain the property of CWRU, subject to the proprietary rights concerning Derivatives provided in Section 1.4. Trademarks existing
on the Effective Date belong to CWRU.

 

10.2
Subject to Sections 10.3 and 10.6, Licensee shall bear all expenses associated with the Patent preparation, filing, prosecution and maintenance
to protect any Licensed Technology for which there is an invention disclosure (the “Covered Expenses”), and Licensee will
reimburse CWRU for all past and future Covered Expenses, within thirty (30) days of the receipt of a reasonably detailed invoice therefor.

 

10.3
In the event that all or any portion of the Patents are optioned and/or licensed by CWRU to other Third Parties outside the Field of
Use, or there is otherwise in effect any Permitted License, Licensee’s obligation to reimburse Covered Expenses shall be reduced
on a per capita basis based on the number of such options and/or licenses in effect at any given time. CWRU shall provide Licensee with
such information that it requests as is reasonably necessary to verify that any invoices for Covered Expenses have been reduced in accordance
with the foregoing (it being agreed and understood that CWRU shall in no event be obligated to provide to Licensee pursuant to this Section
10.3 the identity of any licensee or any other information it is restricted from disclosing).

 

10.4
CWRU has applied for, and/or will apply for and prosecute Patent coverage, at Licensee’s expense, in any country if so requested
by Licensee, for any and all Patents listed in Attachment A and Attachment B, to the extent that such protection is reasonably obtainable.

 

10.5
CWRU may, at its option and sole discretion and after giving prior written notice to Licensee, pursue patent, copyright and/or trademark
rights for Licensed Technology in any country for which coverage has not been requested by Licensee in accordance with Section 10.4 above.
CWRU will promptly notify Licensee of all fees it incurs in pursuing such patent, copyright and trademark for Licensed Technology (which
notification shall include a reasonably detailed invoice describing the fees incurred). If Licensee does not reimburse CWRU for such
fees within thirty (30) days of the receipt of each notification, then Licensee shall have no rights under any Patent in that country.

 

    	15

    	 

    

 

10.6
CWRU has incurred two hundred seventy-two thousand five hundred fifty-two Dollars and ninety-one cents ($272,552.91) in patent expenses
for protection of any Licensed Technology for which there is an invention disclosure, invoiced as of May 4, 2018 (together with any Covered
Expenses in respect of the period prior to the Effective Date that have not yet been invoiced, the “Past Patent Expenses”).
As of the A&R Effective Date, Licensee has paid $50,000 in Past Patent Expenses. Licensee hereby agrees to pay all remaining unpaid
Past Patent Expenses on the A&R Effective Date.

 

10.7
Licensee shall not contest the validity of the Patents.

 

11.
MARKINGS, TRADEMARKS AND TRADE NAMES; DESIGNATED ASSET ASSIGNMENT

 

11.1
Licensee shall have included in all sales, marketing literature and invoices relating to Licensed Product, a statement to the effect
that “this product or portions thereof is manufactured under license from CWRU Western Reserve University” and, if applicable,
either “Patent Pending” or, if applicable, reference the Patent number.

 

11.2
Licensee shall have marked the appropriate portions of all Licensed Product with any applicable United States of America and foreign
Patent numbers in accordance with the applicable laws of the countries in which the materials are intended to be used. Licensee shall
neither register nor use any CWRU trademarks or trade names.

 

11.3
Licensee acknowledges that it does not have any rights or any title whatsoever in or to CWRU’s technology, trade name or in or
to any of CWRU’s trademarks, except as provided under this Agreement. Any reference by Licensee to CWRU beyond the above may only
be done with express written permission of CWRU’s Associate Vice President for Technology Transfer.

 

11.4
Licensee acknowledges that under [***] policy, Licensee may not use the name of [***] or of any [***] employee in a manner that reasonably
could constitute an endorsement of a commercial product or service; but that use for other purposes, even if commercially motivated,
is permitted provided that (1) the use is limited to accurately reporting factual events or occurrences, and (2) any reference to the
name of [***] or any [***] employees in press releases or similar materials intended for public release is approved by [***] in advance.

 

11.5
In consideration of the obligations undertaken by Licensee hereunder, CWRU hereby assigns to Licensee, and Licensee hereby assumes, all
right, title and interest in all of the assets within the categories set forth on Attachment C (the “Designated Assets”)
in CWRU’s possession as of the Effective Date. CWRU hereby represents and warrants that it has good and marketable title to the
Designated Assets, free and clear of all liens or encumbrances, and that no consent of any Third Party that has not been obtained is
required to make the foregoing assignment, and that the Designated Assets are all of the tangible assets used by CWRU and its agents
in the development of the Licensed Technology. CWRU hereby agrees to execute such other agreements and instruments, and to take such
other actions, as may be reasonably requested by Licensee from time to time to vest title in the Designated Assets in Licensee.

 

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12.
TERMINATION

 

12.1
In the event that Licensee defaults in the payment in full of any amount required to be paid under this Agreement on the date such payment
is due, and the payment of such amount is not made within thirty (30) days after written notice of such payment default from CWRU and
is not otherwise being disputed by Licensee in good faith, in addition to utilizing any other legal and/or equitable remedies, CWRU shall
have the right by written notice to Licensee after such default either (i) to terminate the exclusivity, if any, of the license hereunder
(by amending the word “exclusive” in the License Grant to read “non-exclusive”) without any reduction in any
of the payments due from Licensee or (ii) to terminate this Agreement. If CWRU terminates this Agreement pursuant to this Section, Licensee
shall still pay CWRU any Annual Minimum Royalties due for the next Year thereafter, notwithstanding termination of Licensee’s rights
hereunder. In addition, and subject to Section 1.4, in the event of a termination under this Section, Licensee hereby grants to CWRU
a fully paid up, perpetual license to use any Licensee Patent(s) necessary to practice any Patent(s) for research, educational and/or
administrative purposes.

 

12.2
In the event that either party to this Agreement defaults in the performance of any of its obligations hereunder (other than any such
default described in Section 12.1) and fails to cure such default within sixty (60) days after written notice of such default from such
other party, the other party shall have the right by written notice to the defaulting party within sixty (60) days after the expiration
of such sixty (60) day period to terminate this Agreement; provided that such sixty (60) day cure period shall be extended by up to an
additional ninety (90) days so long as the non-defaulting party reasonably determines in good faith that the defaulting party is diligently
taking steps to cure such default.

 

12.3
The termination of this Agreement shall not terminate (i) the obligation of Licensee to pay any amounts, which have accrued or which
are otherwise to be paid by Licensee under Section 12.1 of this Agreement, or (ii) the obligations of Licensee under the Sections entitled
“Reports and Audits,” “Patents and Other Intellectual Property,” “Termination,” “Taxes,”
“Confidentiality and Trade Secrets,” “Indemnification,” “Insurance,” “Dispute Resolution,”
“Infringement,” and “Third Party Beneficiary” hereunder.

 

12.4
Upon termination of this Agreement, Licensee will immediately discontinue any further use of Licensed Technology and discontinue production
of any Licensed Products, except that Licensee’s rights hereunder to use and sublicense to PAVmed, its subsidiaries and/or controlled
affiliates the Technology listed in Attachment B (and related Patents and Derivatives thereof) on a royalty-free basis for internal,
non-commercial research purposes only, and the parties’ rights and obligations under Section 5.9 (if PAVmed, its subsidiaries and/or
controlled affiliates desire to expand such rights outside the Field of Use), shall survive any such termination of this Agreement indefinitely.

 

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13.
TAXES

 

Licensee
shall pay all taxes which may be assessed or levied on, or on account of, the Licensed Technology, Licensed Product made, used or Disposed
of hereunder and all taxes (other than taxes imposed by the United States of America or the State of Ohio or jurisdictions within such
State) levied on or on account of the amounts payable to, or for the account of, CWRU under this Agreement.

 

14.
NO WARRANTY

 

CWRU
hereby represents and warrants that: (a) to the best of the knowledge of the CWRU Technology Transfer Office, (i) it is the owner by
assignment from the inventors of record of all Patents, (ii) it has provided full, accurate and complete disclosure to Licensee of all
material information it is aware of and in its possession relating to the Patents and the Licensed Technology, and (iii) it has not granted
licenses or other rights under the Patents, the Licensed Technology or otherwise that are in conflict with the terms and conditions of
this Agreement; (b) it has the power and authority to enter into this Agreement; (c) it has taken all necessary action to authorize the
execution and delivery of this Agreement by its representatives who carried out such execution and delivery, and to authorize the performance
of its obligations hereunder, and (d) there are no outstanding license agreements with any Third Party(ies) that have a field of use
that overlaps with the Field of Use.

 

ALL
LICENSED TECHNOLOGY, information, materials, services, intellectual property or other property or rights, granted or provided by CWRU
pursuant to this agreement (“DELIVERABLES”) are PROVIDED on an “as is” basis. EXCEPT AS PROVIDED IN SECTION 11.5
AND THIS SECTION 14, CWRU makes no warranties of any kind, either expressed or implied, as to any matter including, but not limited to,
warranty of fitness for particular purpose, or merchantability, exclusivity or results obtained from use, nor shall EITHER party HERETO
be liable tO the OTHER for THE OTHER’s indirect, special, or consequential damages such as loss of profits or INABILITY to use
said intellectual property or any applications and derivations thereof. CWRU does not make any warranty of any kind with respect to freedom
from patent, trademark, or copyright infringement, or theft of trade secrets and does not assume any liability hereunder for any infringement
of any patent, trademark, or copyright arising from the use of DELIVERABLES. licensee agrees that it will not make any warranty on behalf
of CWRU, expressed or implied, to any entity concerning the application of or the results to be obtained with DELIVERABLES.

 

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15.
costs

 

All
costs and expenses incurred by Licensee in carrying out Licensee’s obligations under this Agreement shall be paid by Licensee,
and Licensee shall not be entitled to reimbursement from Royalties hereunder or otherwise therefor from CWRU. Licensee shall possess
or obtain at its own expense all necessary licenses and permits and shall comply with all laws, ordinances, rules or regulations affecting
the exportation, use, and/or sale or transfer of the Licensed Product, Licensed Technology and/or Derivatives.

 

16.
confidentiality and trade secrets

 

16.1
“Confidential Information” shall mean any information relating to the Licensed Technology, the terms of this Agreement (as
from time to time amended), Patents, copyrights, algorithms, and software covered by this Agreement or information disclosed to either
party hereto (the “Receiving Party”) in connection with performance of this Agreement, provided that such information is
marked “Confidential” or designated in writing as “Confidential” within thirty (30) days after disclosure to
the Receiving Party by the other party (the “Disclosing Party”); provided that for purposes of CWRU’s confidentiality
obligations hereunder as the Receiving Party, “Confidential Information” shall only mean the terms of this Agreement (as
amended from time to time), and information concerning Licensee’s business, financial condition and prospects, and commercial activities.
All such information shall be Confidential Information, including information disclosed prior to the date of this Agreement, unless such
information (i) was already in the Receiving Party’s possession prior to the disclosure thereof by the Disclosing Party as provided
in this Section 16.1; (ii) has been published or is published hereafter, unless such publication is a breach of this Agreement; (iii)
is received by the Receiving Party from a Third Party not under an obligation of confidentiality with respect thereto; or (iv) is independently
developed by the Receiving Party’s employees who did not have access to Confidential Information. In the event that such information
shall be established to have been known to the Receiving Party prior to the disclosure thereof by the Disclosing Party by reference to
any publication thereof by the Receiving Party or by reference to any internal writing or other business record maintained by the Receiving
Party in the ordinary course of business, such information shall not be deemed to be Confidential Information for purposes of this Agreement
following notification to the Disclosing Party of such fact.

 

16.2
The Receiving Party shall maintain in confidence and shall not disclose to any person not a party hereto, nor shall the Receiving Party
use or exploit in any way without the Disclosing Party’s written agreement, any Confidential Information until three (3) years
after the later of the date of the termination of this Agreement or the end of the term of the last to expire Patent, unless such information
ceases to be Confidential Information prior to the end of such period through no fault of the Receiving Party or the Receiving Party
and the Disclosing Party enter into an agreement authorizing same. Notwithstanding anything to the contrary herein, CWRU may disclose
(on a confidential basis) Confidential Information of Licensee to employees and trustees of [***] who have a need to know such information
in connection with any activities related to the Licensed Technology by [***] that are permitted hereunder.

 

16.3
The Receiving Party shall maintain with respect to such Confidential Information a standard of care which is no less than that standard
which the Receiving Party maintains to prevent the disclosure of its own most valuable confidential information but in no event shall
the Receiving Party exercise less than reasonable care to prevent the disclosure of Confidential Information by its employees or representatives.

 

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16.4
Upon termination of this Agreement for any reason, the Receiving Party agrees to return at once to the Disclosing Party, without copying,
all originals and copies of all materials (other than this Agreement) containing any Confidential Information of the Disclosing Party
in its possession.

 

16.5
For purposes of this Section the term “Disclosing Party (as it applies to CWRU)” shall include inventors of the Licensed
Technology and those working with or under them except that such persons do not have authority to execute an authorizing agreement under
Section 16.2.

 

17.
indemnification

 

Licensee
hereby agrees to defend, indemnify and hold harmless CWRU, its trustees, officers, employees, attorneys and agents, including, without
limitation, [***] (collectively, the “Indemnified Parties”) from any and all claims relating directly or indirectly to this
Agreement (and any reasonable, out-of-pocket expenses or attorney’s fees), arising out of (a) any claims of product liability,
personal injury, death, damage to property or violation of any laws or regulations involving Licensee’s or its sublicensee(s)’s
acts or omissions in connection with any Patents or the development, use or sale of any Licensed Products, Licensed Technology, Deliverables
or Derivatives developed, manufactured, used or sold by Licensee or its sublicensees, (b) the gross negligence or willful misconduct
of Licensee, or (c) Licensee’s breach of this Agreement. The previous sentence will not apply to the extent that the relevant claim
is determined with finality by a court of competent jurisdiction to result from the gross negligence or willful misconduct of an Indemnified
Party. [***] and its trustees, officers, employees, and agents (collectively, “[***]”), will be indemnified, defended by
counsel acceptable to [***], and held harmless by Licensee from and against any claim, liability, cost, expense, damage, deficiency,
loss, or obligation, of any kind or nature (including, without limitation, reasonable attorneys’ fees and other costs and expenses
of defense) (collectively, “Claims”), based upon, arising out of, or otherwise relating to this Agreement or any sublicense,
or the use, handling, storage, or disposition of the Licensed Technology by Licensee or others who possess the Licensed Technology through
a chain of possession leading back, directly or indirectly, to Licensee, including without limitation any cause of action relating to
product liability. The previous sentence will not apply to the extent that the relevant Claim is determined with finality by a court
of competent jurisdiction to result from the gross negligence or willful misconduct of an [***]. Notwithstanding any other provision
of this Agreement, Licensee’s obligation to defend, indemnify and hold harmless the [***] under this paragraph will not be subject
to any limitation or exclusion of liability or damages or otherwise limited in any way.

 

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18.
insurance

 

18.1
Throughout the term of this Agreement and for a period of ten (10) years thereafter, Licensee shall obtain and maintain coverage, in
full force and effect and at no cost or expense to CWRU or [***], under one or more insurance policies providing:

 

	 	(i)	Commercial
    general liability insurance (including, without limitation any event, coverage and any necessary endorsements for products /completed
    operations, blanket broad form contractual liability as well as for clinical trials if any such trials are to be performed by or
    on behalf of Licensee) which provides, for each annual policy period, coverage and insurer’s liability of no less than the
    minimum limits specified in the Section below for injury, death and property damage resulting from each occurrence during the policy
    period; and
	 	 	 
	 	(ii)	Worker’s
    compensation insurance in respect of all of Licensee’s employees with limits of liability and coverage not less than statutory
    limits provided by the State of Ohio or other applicable laws and regulations.

 

18.2
Subject to the further provisions of this Section, the comprehensive commercial general liability coverage shall have the following minimum
limits:

 

	 	(i)	From
    the Effective Date until the date immediately prior to the Clinical Trial or the First Commercial Sale: one million Dollars ($1,000,000)
    each occurrence; one million Dollars ($1,000,000) general aggregate (other than product liability). Licensee shall have thirty (30)
    days following the Effective Date to obtain such coverage.
	 	 	 
	 	(ii)
     	From
    the date immediately prior to the first Clinical Trial: three million Dollars ($3,000,000) each occurrence, three million Dollars
    ($3,000,000) general aggregate (other than product liability); three million Dollars ($3,000,000) product liability aggregate.
	 	 	 
	 	(iii)
     	After
    the date immediately prior to the First Commercial Sale: five million Dollars ($5,000,000) each occurrence; five million Dollars
    ($5,000,000) general aggregate (other than product liability), five million Dollars ($5,000,000) product liability aggregate.

 

18.3
Notwithstanding the foregoing, Licensee is at all times required to obtain and maintain levels of insurance appropriate to meet its obligations
under this License Agreement, as determined by the Board. Should any of the requirements of this Section 18 not be available in the insurance
market at commercially reasonable rates or at all, the parties shall work together in good faith to achieve a commercially reasonable
resolution thereof. The specified minimum insurance coverage and limits above do not constitute a limitation on Licensee’s liability
or obligation to indemnify or defend any Indemnified Party under this Agreement.

 

18.4
Each policy of insurance which Licensee is required to obtain hereunder shall (a) be with reputable and financially secure insurance
carriers having at least an A rating (A rating or above by A.M. Best) and an A.M. Best Class Size of at least VIII, (b) list each of
CWRU and [***] and their respective trustees, officers, employees, faculty, staff, students, agents (including with respect to CWRU,
without limitation, [***]), and their respective successors, heirs and assigns as additional insured, (c) be endorsed to provide that
the insurer waives all subrogation rights which the insurer otherwise has or could have against any additional insured, (d) be primary
in respect of all additional insured, and (e) provide that the identified insurer will not cancel or fail to renew the identified insurance
without giving CWRU at least 30 days’ prior written notice thereof.

 

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18.5
Within thirty (30) days following the Effective Date, and thereafter no later than the day on which any such policy of insurance is renewed
or replaced, Licensee shall provide CWRU with a Certificate of Insurance from each such insurer which evidences compliance by Licensee
with its obligations hereunder. Upon the from time to time request of CWRU, Licensee shall provide CWRU with a copy of the policy, status
of claims and claims history respecting any of the insurance required to be maintained by Licensee hereunder.

 

18.6
For the avoidance of doubt, the minimum insurance coverage and limits set forth in this Agreement do not constitute a limitation on Licensee’s
liability or obligations to indemnify or defend CWRU or [***] and any other additional insured under this Agreement.

 

19.
breach

 

No
acquiescence in any breach of this Agreement by either party shall operate to excuse any subsequent or prior breach.

 

20.
prior agreement

 

Except
for any confidential disclosure agreement executed by the parties, this Agreement supersedes all previous agreements relating to the
subject matter hereof, whether oral or in a writing, and constitutes the entire agreement of the parties hereto and shall not be amended
or altered in any respect except in a writing executed by the parties.

 

21.
interpretation

 

This
Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Ohio, United States of America,
without regard to conflict of law principles.

 

22.
dispute resolution

 

The
parties consent to the exclusive jurisdiction of the courts of Cuyahoga County, Ohio to resolve any and all disputes relating to this
Agreement. Licensee hereby irrevocably and unconditionally:

 

	 	(i)	Waives
    any objection which it may have at any time to the laying of venue of any lawsuit relating to the Agreement being brought in any
    court located in Cuyahoga County, Ohio, waives any claim that any such lawsuit has been brought in an inconvenient forum, and waives
    any right to object, with respect to any lawsuit brought in any such court, that such court does not have jurisdiction over Licensee;
    and

 

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	 	(ii)	Consents
    and agrees to service of any summons, complaint or other legal process in any lawsuit by registered or certified mail, postage prepaid,
    to Licensee at the address for notices described in the Section entitled “Notices” hereof, and consents and agrees that
    such service shall constitute in every respect valid and effective service (but nothing herein shall affect the validity or effectiveness
    of process served in any other manner permitted by law).

 

23.
infringement

 

23.1
During the term of this Agreement, each party will promptly, and in any event no later than thirty (30) days, report in writing to the
other party any actual or threatened infringement of any Patent comprising the Licensed Products of which it becomes aware. With respect
to any such actual or threatened infringement in the Field or Use (each, an “Infringement”), each party will provide the
other party with all available evidence supporting such actual or threatened Infringement (“Infringement Notice”). The parties
will reasonably cooperate with each other to terminate or settle any such Infringement without litigation.

 

23.2
(a) Licensee will have the first right to commence an action against any such Infringement anywhere in the world at its own expense,
provided Licensee gives CWRU sufficient advance notice of its intent to take such action and the reasons therefor. Licensee will have
the sole and exclusive right to select counsel for any such Infringement action. Licensee shall bear all costs associated with such Infringement
action (including but not limited to attorney’s fees) except that CWRU will cooperate with Licensee in bringing and pursuing such
Infringement action as reasonably requested at no cost to Licensee except for reimbursement of reasonable out-of-pocket expenses incurred
in rendering such cooperation. Licensee will keep CWRU promptly informed, will regularly consult with CWRU regarding the status of any
such Infringement action, and will provide CWRU with copies of all documents filed in, and all material written communications relating
to, such Infringement action. If reasonably necessary, CWRU will join as a party to such Infringement action but will be under no obligation
to participate except to the extent that such participation is required as the result of being a named party to the Infringement action.
CWRU may, at its option and expense, join Licensee in the prosecution or defense of any such Infringement action. Licensee will not settle
any such Infringement action without obtaining the prior written consent of CWRU, which consent will not be unreasonably withheld.

 

(b)
If within one hundred and eighty (180) days from the date of the Infringement Notice, the alleged Infringement is not terminated or settled
and Licensee has failed to bring any action against the alleged or actual infringer, then CWRU will have the right to bring an action
against the alleged or actual infringer at its own expense. CWRU will have the sole and exclusive right to select counsel for any such
Infringement action. CWRU shall bear all costs associated with such Infringement action (including but not limited to attorneys’
fees) except that Licensee will cooperate with CWRU in bringing and pursuing such Infringement action as reasonably requested at no cost
to CWRU except for reimbursement of reasonable out-of-pocket expenses incurred in rendering such cooperation. CWRU will keep Licensee
promptly informed, will regularly consult with Licensee regarding the status of any such Infringement action and will provide Licensee
with copies of all documents filed in, and all material written communications relating to, such Infringement action. If reasonably necessary,
Licensee will join as a party to such Infringement action but will be under no obligation to participate except to the extent that such
participation is required as the result of being a named party to the Infringement action. Licensee may, at its option and expense, join
CWRU in the prosecution or defense of such Infringement action. CWRU will not settle any such Infringement action without obtaining the
prior written consent of Licensee, which consent will not be unreasonably withheld.

 

    	23

    	 

    

 

(c)
If a Third Party brings a law suit or proceeding against CWRU that seeks damages from CWRU based on an allegation(s) that the Licensed
Technology infringes the intellectual property of said Third Party (a “Suit”), CWRU shall notify Licensee of such Suit and
Licensee shall, at its option, undertake the defense of such Suit at Licensee’s own expense and with counsel reasonably acceptable
to CWRU; provided that, Licensee shall not settle any such Suit without CWRU’s prior consent, which consent will not be unreasonably
withheld. CWRU shall reasonably cooperate with Licensee in such defense. All reasonable costs and expenses incurred in connection with
such cooperation will be borne by the Licensee. If (1) Licensee declines to undertake the defense of the Suit within thirty (30) days
of notification thereof; or (2) Licensee fails to subsequently undertake and maintain the defense of the Suit or fails to settle such
Suit within one hundred and eighty (180) days of its assumption of the defense thereof, then CWRU shall have the right, exercisable in
the sole discretion of CWRU and upon advance notice to Licensee within thirty (30) days after the end of the applicable period in clause
(1) or (2) above, to undertake the defense of the Suit at CWRU’s own expense and with counsel reasonably acceptable to Licensee;
provided that CWRU shall not settle any such Suit without Licensee’s prior consent, which consent will not be unreasonably withheld.
Licensee shall reasonably cooperate with CWRU in such defense. All reasonable costs and expenses incurred in connection with such cooperation
will be borne by CWRU. Nothing in this Section 23.2(c) shall be construed as (1) obligating either party to resolve any dispute or to
settle or defend any claim, suit or proceeding arising out of Licensee’s manufacture, use or sale of Licensed Products, or (2)
prohibiting any party from, at its option and expense, joining in the defense of any Suit in which it is named a party. The party that
has undertaken the defense of any Suit will keep the other party promptly informed, will regularly consult with the other party regarding
the status of any such Suit and will provide the other party with copies of all documents filed in, and all material written communications
relating to, such Suit. If the parties agree to grant a non-exclusive license to settle a Suit with a Third Party, the parties will negotiate
in good faith to modify the terms of this Agreement (taking into account that a portion of the equity interest in Licensee originally
allocated to CWRU was re-allocated to certain members of CWRU faculty), if necessary to address in an equitable manner the economic consequences
of such non-exclusive license.

 

23.3
Any recovery, whether by way of settlement or judgment, from a Third Party pursuant to a legal proceeding initiated in accordance with
Section 23.2 shall first be used to reimburse the party initiating such legal proceedings for its actual fees, costs and expenses incurred
in connection with such proceeding. The balance of such recovery shall be divided seventy-five percent (75%) to the party that initiated
the legal proceeding and twenty-five percent (25%) to the other party.

 

    	24

    	 

    

 

23.4
Without limiting the generality of Section 23.2, in the event a party initiates or defends a legal proceeding pursuant to Section 23,
the other party shall cooperate fully with and supply all assistance reasonably requested by the party initiating such proceeding, including
without limitation, joining the proceeding as a party if requested (at the initiating party’s sole cost). Subject to Section 23.2,
the party that institutes any legal proceeding concerning any Patent pursuant to Section 23 shall have sole control of that proceeding.

 

23.5
Notwithstanding the pendency of any Infringement (or other) claim or action by or against Licensee, Licensee shall have no right to terminate
or suspend (or escrow) payment of any amounts required to be paid to CWRU pursuant to this Agreement.

 

24.
notices

 

Any
notice under any of the provisions of this Agreement shall be deemed given when deposited in the mail, postage prepaid, registered or
certified first class mail and addressed to the applicable party at the address stated on the signature page hereof, or such other address
as such party shall specify for itself by like notice to other party. Each party shall transmit to the other a facsimile copy of each
such notice promptly after such deposit in the mail.

 

25.
assignment

 

The
Agreement and the rights or obligations contained therein may not be assigned by either party without the prior written consent of the
other party; provided, that, Licensee may, without the consent of the other party, assign the Agreement to a Third Party that acquires
all or substantially all of the business to which the Agreement relates by merger, sale of assets or otherwise (including a trade sale),
provided that the Third Party is bound by all terms, conditions, and obligations of this Agreement, including the payments of Royalties
to CWRU, and only if the Third Party agrees in writing to all terms of this Agreement as if the Third Party were Licensee hereunder and
Licensee provides such agreement to CWRU for its records.

 

26.
Headings

 

The
section headings contained in this Agreement are set forth for the convenience of the parties only, do not form a part of this Agreement
and are not to be considered a part hereof for the purpose of construction or interpretation hereof, or otherwise.

 

27.
EXPORT CONTROLS

 

It
is understood that CWRU is subject to United States laws and regulations controlling the export of technical data, computer software,
laboratory prototypes and other commodities (including the Arms Export Control Act, as amended and the Export Administration Act of 1979),
and that its obligations hereunder are contingent on compliance with applicable United States export laws and regulations. The transfer
of certain technical data and commodities may require a license from the cognizant agency of the United States Government and/or written
assurances by Member that Member shall not export data or commodities to certain foreign countries without prior approval of such agency.
CWRU neither represents that a license shall not be required nor that, if required, it shall be issued.

 

28.
THIRD PARTY BENEFICIARIES

 

[***]
is not a party to this Agreement and has no liability to any licensee, sublicensee, or user of anything covered by this Agreement, but
[***] is an intended third-party beneficiary of this Agreement and certain of its provisions are for the benefit of [***] and are enforceable
by [***] in its own name. Except as provided in the preceding sentence of this Agreement, no entity shall be considered a third party
beneficiary of this Agreement.

 

29.
BINDING AGREEMENT

 

Licensee
shall not attempt to invalidate or contest the validity of this Agreement.

 

(The
Balance Of This Page Intentionally Left Blank – Signature Page To Follow)

 

    	25

    	 

    

 

in
witness whereof, the parties hereto have caused this
Agreement to be duly executed in duplicate counterparts, each of which shall be deemed to constitute an original, effective as of the
date first above written.

 

The
undersigned verify subject to the penalties of Section 2921.13 of the Ohio Revised Code relating to unsworn falsification to authorities
that they have the authority to bind to this Agreement the party on behalf of which they are executing below.

 

	Case
    Western Reserve University	 	Lucid
    Diagnostics Inc.
	 	 	 	 	 
	By:	/s/
    Michael J. Haag	 	By:	/s/
    Lishan Aklog, M.D.
	 	 	 	 	 
	Name:	Michael
    J. Haag	 	Name:	Lishan
    Aklog, M.D.
	 	Executive
    Director Technology Management	 	 	 
	 	Technology
    Transfer Office	 	 	 
	Title:	Case
    Western Reserve University	 	Title:	Executive
    Chairman
	 	 	 	 	 
	Date:	9/7/21	 	Date:	September
    1, 2021
	 	 	 	 	 
	By:	/s/
    Michael Lee	 	 	 
	 	 	 	 	 
	Name:	Michael
    Lee	 	 	 
	 	 	 	 	 
	Title:	Treasurer	 	 	 
	 	 	 	 	 
	Date:	9/7/2021	 	 	 

 

	Address
    for Notices:	Address
    for Notices:
	Technology
    Transfer Office	 
	Case
    Western Reserve University	Lucid
    Diagnostics Inc.
	10900
    Euclid Avenue	One
    Grand Central Place, Suite 4600
	Cleveland,
    OH 44106	New
    York, NY 10165
	Attention:
    Executive Director	Attention:
    Lishan Aklog, MD
	of
    Technology Management	 

 

    	 

    	 

    

 

Attachment
A

 

Description
of Licensed Technology

 

Attachment
B

 

Description
of Licensed Technology

 

Attachment
C

 

Description
of Transferred Assets

 

Schedule
1.4

 

Derivatives
(as of A&R Effective Date)

 

Schedule
9.1

 

Scope
of ServicesExhibit
10.3

 

PATENT
LICENSE AGREEMENT

 

PAVmed
Inc. – Lucid Diagnostics Inc.

 

This
Agreement (hereinafter the “Agreement”) entered into as of this May 20, 2019 (“Effective Date”)
by and between PAVmed Inc., a Delaware corporation with offices located at One Grand Central Place, Suite 4600, New York, NY 10165 (“Licensor”)
and its subsidiary, Lucid Diagnostics Inc., a Delaware corporation, having a principal place of business at One Grand Central Place,
Suite 4600, New York, NY 10165 (“Licensee”).

 

WITNESSETH

 

WHEREAS,
Licensor has the right to grant certain rights under the Licensed Patents (as defined below) to enable Licensee to continue conducting
its business, including, without limitation, Licensee’s use of the Licensed Patents in its esophageal cell-sampling device and
applications thereof, and Licensor is interested in licensing the same;

 

WHEREAS,
Licensee desire to receive rights under the Licensed Patents upon the terms and conditions herein set forth;

 

NOW
THEREFORE, in consideration of the mutual covenants contained herein and intending to be legally bound hereby, the parties agree
as follows:

 

1.
Definitions. Capitalized terms have the meanings set forth or referred to in Appendix A attached hereto.

 

2. License
Grant. Subject to the terms and conditions of this Agreement, and conditioned on Licensee’s compliance therewith, Licensor
hereby grants to Licensee a perpetual, royalty-free, non-exclusive, revocable, non-assignable and nontransferable, limited license
to use the Licensed Patents solely for the Permitted Use during the Term.

 

3.
Use Restrictions. Except as this Agreement expressly permits, Licensee shall not, and shall not permit any other Person to (a)
use the Licensed Patents in any manner or for any purpose that infringes, misappropriates or otherwise violates any Intellectual Property
Right or other right of any Person, or that violates any applicable law; (b) use the Licensed Patents for any purpose that is to Licensor’s
detriment or commercial disadvantage; or (c) use the Licensed Patents other than for the Permitted Use.

 

4.
Confidentiality.

 

4.1
Confidential Information. In connection with this Agreement each Party (as the “Disclosing Party”) may disclose
or make available to the other Party (as the “Receiving Party”) Confidential Information. “Confidential Information”
means information in any form or medium (whether oral, written, electronic or other) that the Disclosing Party considers confidential
or proprietary, including information consisting of or relating to the Disclosing Party’s technology, trade secrets, know-how,
business operations, plans, strategies, customers, and pricing, and information, whether or not marked, designated or otherwise identified
as “confidential”. Without limiting the foregoing, the Licensed Patents and the terms and existence of this Agreement are
the Confidential Information of Licensor. The Receiving Party agrees to keep confidential all Confidential Information of the Disclosing
Party. Confidential Information does not include information that: (a) was known to the Receiving Party without restriction on use or
disclosure prior to such information’s being disclosed or made available to the Receiving Party in connection with this Agreement;
(b) was or becomes generally known by the public other than by the Receiving Party’s or any of its Representatives’ noncompliance
with this Agreement; or (c) was developed by the Receiving Party without reference to or use of any Confidential Information.

 

    	 

     

    

 

4.2
Feedback. Notwithstanding any other provision in this Agreement, Licensor shall have the unconditional and irrevocable right to
use any ideas, information, understandings, knowledge, communications (including all suggestions, comments, feedback, ideas or know-how,
whether in oral, written, electronic or other form), modifications, and concepts derived from or related to the Licensed Patents or any
improvements, modifications, derivative works, adaptations or enhancements thereto, communicated or otherwise made available to Licensor
by or on behalf of Licensee or otherwise, without any restriction and without compensation to any other person or entity.

 

5.
Intellectual Property Rights.

 

5.1
Intellectual Property Ownership. Licensee acknowledges and agrees that: (a) Licensee does not and will not have or acquire under
or in connection with this Agreement any ownership interest in the Licensed Patents, or in any related Intellectual Property Rights;
(b) Licensor is and will remain the owner of all right, title and interest in and to the Licensed Patents, including all Intellectual
Property Rights relating thereto; and (c) Licensee hereby unconditionally and irrevocably assigns to Licensor its entire right, title
and interest in and to any Intellectual Property Rights that Licensee may now or hereafter have in or relating to the Licensed Patents
(including any rights in derivative works or patent improvements relating to either of them), whether held or acquired by operation of
law, contract, assignment or otherwise.

 

5.2
Licensee Cooperation and Notice of Infringement. Licensee shall, during the Term: (a) take all reasonable measures to safeguard
the Licensed Patents from infringement, misappropriation, theft or misuse; (b) take all such steps as Licensor may reasonably require
to assist Licensor in maintaining the validity, enforceability and Licensor’s ownership of the Intellectual Property Rights in
the Licensed Patents; (c) promptly notify Licensor in writing if Licensee becomes aware of: (i) any actual or suspected infringement,
misappropriation or other violation of Licensor’s Intellectual Property Rights in or relating to the Licensed Patents; or (ii)
any claim that the Licensed Patents, including any production, use, marketing, sale or other disposition of the Licensed Patents, in
whole or in part, infringes, misappropriates or otherwise violates the Intellectual Property Rights or other rights of any Person; and
(d) fully cooperate with and assist Licensor in all reasonable ways in the conduct of any claim, suit, action or proceeding by Licensor
to prevent or abate any actual or threatened infringement, misappropriation or violation of Licensor’s rights in, and to attempt
to resolve any claims relating to, the Licensed Patents, including having Licensee’s employees testify when requested and making
available for discovery or trial relevant records, papers, information, samples, specimens and the like.

 

6.
Term. With regard to the Licensed Patents, this Agreement will become effective on the Effective Date and will continue in effect
until all claims of the Licensed Patents (a) expire, or (b) are held invalid and/or unenforceable by a court of competent jurisdiction
from which no appeal can be taken (the “Term”). In addition, either party may terminate this Agreement upon breach
by the other party, and Licensor may terminate this Agreement if Licensee ceases to be a subsidiary of Licensor, in each case upon written
notice from the other party.

 

7.
Disclaimer. ALL LICENSED PATENTS AND OTHER PRODUCTS, INFORMATION, MATERIALS AND SERVICES PROVIDED BY LICENSOR ARE PROVIDED “AS
IS.” LICENSOR HEREBY DISCLAIMS ALL WARRANTIES, WHETHER EXPRESS, IMPLIED, STATUTORY OR OTHER (INCLUDING ALL WARRANTIES ARISING FROM
COURSE OF DEALING, USAGE OR TRADE PRACTICE), AND SPECIFICALLY DISCLAIMS ALL IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR
PURPOSE, TITLE AND NON-INFRINGEMENT.

 

8.
Miscellaneous.

 

8.1
Notices. Any notice, request, consent, claim, demand, waiver or other communication under this Agreement will have legal effect
only if in writing and addressed to a party as set forth below (or to such other address or such other person that such addressee party
may designate from time to time in accordance with this Section 8.1):

 

    	2

     

    

 

	Address
    for Notices:	Address
    for Notices:
	PAVmed
    Inc.	Lucid
    Diagnostics Inc.
	One
    Grand Central Place, Suite 4600	One
    Grand Central Place, Suite 4600
	New
    York, NY 10165	New
    York, NY 10165
	Attention:
    Lishan Aklog, MD	Attention:
    Lishan Aklog, MD

 

Notices
sent in accordance with this Section 8.1 will be deemed effectively given: (a) when received, if delivered by hand; (b) when received,
if sent by a nationally recognized overnight courier or by certified or registered mail; and (c) when sent if by email and if by facsimile
with confirmation of transmission.

 

8.2
Headings. The headings in this Agreement are for reference only and do not affect the interpretation of this Agreement.

 

8.3
Entire Agreement. This Agreement constitutes the sole and entire agreement of the Parties with respect to the subject matter of
this Agreement and supersedes all prior and contemporaneous understandings, agreements, representations and warranties, both written
and oral, with respect to such subject matter.

 

8.4
Successors and Assigns. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective
successors and assigns of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other than
the parties hereto or their respective successors and assigns any rights, remedies, obligations or liabilities under or by reason of
this Agreement, except as expressly provided in this Agreement.

 

8.5
Amendment and Modification; Waiver. No amendment to or modification of this Agreement is effective unless it is in writing and
signed by each Party. No waiver by any Party of any of the provisions hereof shall be effective unless explicitly set forth in writing
and signed by the Party so waiving. Except as otherwise set forth in this Agreement, no failure to exercise, or delay in exercising,
any rights, remedy, power or privilege arising from this Agreement shall operate or be construed as a waiver thereof; nor shall any single
or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise
of any other right, remedy, power or privilege.

 

8.6
Severability. The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability
of any other provision hereof.

 

8.7
Governing Law; Submission to Jurisdiction. This Agreement and any controversy arising out of or relating to this Agreement shall
be governed by and construed in accordance with the internal laws of the State of New York, without regard to conflict of law principles
that would result in the application of any law other than the law of the State of New York.

 

8.8
WAIVER OF JURY TRIAL. EACH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF
ANY LEGAL ACTION ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

8.9
Counterparts. This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original, but all
of which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including
PDF) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid
and effective for all purposes.

 

    	3

     

    

 

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

 

	 	LICENSOR:
	 	 
	 	PAVMED INC.

 

	 	By:	
	 	Name:	Lishan
    Aklog, MD
	 	Title:	Chairman
    & CEO

 

	 	LICENSEE:
	 	 
	 	LUCID DIAGNOSTICS INC.

 

	 	By:	
	 	Name:	Lishan
    Aklog, MD
	 	Title:	Executive
    Chairman

 

[Signature
Page to PAVmed – Lucid License Agreement]

 

    	 

     

    

 

APPENDIX
A

 

 DEFINITIONS

 

“Confidential
Information” has the meaning set forth in Section 4.1.

 

“Disclosing
Party” has the meaning set forth in Section 4.1.

 

“Intellectual
Property Rights” means any and all registered and unregistered rights granted, applied for or otherwise now or hereafter in
existence under or related to any patent, copyright, trademark, trade secret, database protection or other intellectual property rights
laws, and all similar or equivalent rights or forms of protection, in any part of the world.

 

“Licensed
Patents” means the patents described in Attachment A. “Licensee” has the meaning set forth in the
preamble.

 

“Licensor”
has the meaning set forth in the preamble.

 

“Lucid
License Agreement” means that agreement, dated as of May 12, 2018, by and between Licensee and Case Western Reserve University.

 

“Party”
or “Parties” the Licensee and/or the Licensor, as applicable.

 

“Permitted
Use” means, with respect to the Licensed Patents, the use thereof within the Field of Use (as defined in the Lucid License
Agreement), solely as a component of any sampling device which incorporates or utilizes Licensed Technology or a Derivative (both capitalized
terms as defined in the Lucid License Agreement) thereof.

 

“Person”
means an individual, corporation, partnership, joint venture, limited liability entity, governmental authority, unincorporated organization,
trust, association or other entity.

 

“Receiving
Party” has the meaning set forth in Section 4.1.

 

“Representatives”
means, with respect to a Party, that Party’s employees, officers, directors, agents and legal advisors.

 

“Term”
has the meaning set forth in Section 6.

 

    	 

     

    

 

ATTACHMENT
A

 

LICENSED PATENTS

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