<SEC-DOCUMENT>0001493152-25-017859.txt : 20251010
<SEC-HEADER>0001493152-25-017859.hdr.sgml : 20251010
<ACCEPTANCE-DATETIME>20251010214503
ACCESSION NUMBER:		0001493152-25-017859
CONFORMED SUBMISSION TYPE:	SCHEDULE 13D/A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20251010
DATE AS OF CHANGE:		20251010

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Lucid Diagnostics Inc.
		CENTRAL INDEX KEY:			0001799011
		STANDARD INDUSTRIAL CLASSIFICATION:	SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
		ORGANIZATION NAME:           	08 Industrial Applications and Services
		EIN:				825488042
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-92965
		FILM NUMBER:		251389125

	BUSINESS ADDRESS:	
		STREET 1:		360 MADISON AVENUE
		STREET 2:		25TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		212 949 4319

	MAIL ADDRESS:	
		STREET 1:		360 MADISON AVENUE
		STREET 2:		25TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PAVmed Inc.
		CENTRAL INDEX KEY:			0001624326
		STANDARD INDUSTRIAL CLASSIFICATION:	SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
		ORGANIZATION NAME:           	08 Industrial Applications and Services
		EIN:				471214177
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A

	BUSINESS ADDRESS:	
		STREET 1:		360 MADISON AVENUE
		STREET 2:		25TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		(212) 949-4319

	MAIL ADDRESS:	
		STREET 1:		360 MADISON AVENUE
		STREET 2:		25TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PAXmed Inc.
		DATE OF NAME CHANGE:	20141105
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13D" xmlns:com="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>SCHEDULE 13D/A</submissionType>
    <previousAccessionNumber>0001493152-21-026551</previousAccessionNumber>
    <filerInfo>
      <filer>
        <filerCredentials>
          <!-- Field: Pseudo-Tag; ID: Name; Data: PAVmed Inc. -->
          <cik>0001624326</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <amendmentNo>5</amendmentNo>
      <securitiesClassTitle>Common Stock, par value $0.001 per share</securitiesClassTitle>
      <dateOfEvent>10/09/2025</dateOfEvent>
      <previouslyFiledFlag>false</previouslyFiledFlag>
      <issuerInfo>
        <issuerCIK>0001799011</issuerCIK>
        <issuerCUSIP>54948X109</issuerCUSIP>
        <issuerName>Lucid Diagnostics Inc.</issuerName>
        <address>
          <com:street1>360 MADISON AVENUE</com:street1>
          <com:street2>25TH FLOOR</com:street2>
          <com:city>NEW YORK</com:city>
          <com:stateOrCountry>NY</com:stateOrCountry>
          <com:zipCode>10017</com:zipCode>
        </address>
      </issuerInfo>
      <authorizedPersons>
        <notificationInfo>
          <personName>Lishan Aklog, M.D.</personName>
          <personPhoneNum>917-813-1828</personPhoneNum>
          <personAddress>
            <com:street1>360 MADISON AVENUE, 25TH FLOOR</com:street1>
            <com:city>NEW YORK</com:city>
            <com:stateOrCountry>NY</com:stateOrCountry>
            <com:zipCode>10017</com:zipCode>
          </personAddress>
        </notificationInfo>
      </authorizedPersons>
    </coverPageHeader>
    <reportingPersons>
      <reportingPersonInfo>
        <reportingPersonCIK>0001624326</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>PAVmed Inc.</reportingPersonName>
        <fundType>WC</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>DE</citizenshipOrOrganization>
        <soleVotingPower>38816903.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>31302444.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
        <aggregateAmountOwned>38816903.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>28.3</percentOfClass>
        <typeOfReportingPerson>CO</typeOfReportingPerson>
        <commentContent>This Amendment No. 5 (this "Amendment") to the Schedule 13D, which was originally filed on October 27, 2021 and was previously amended on December 2, 2022, February 2, 2024, February 20, 2024 and December 12, 2024 (as amended to date, this "Schedule 13D"), is filed on behalf of PAVmed Inc., a Delaware corporation (the "Reporting Person"), with respect to the common stock, par value $0.001 per share ("Common Stock"), of Lucid Diagnostics Inc. (the "Issuer"). Except as modified or supplemented by this Amendment, the Schedule 13D as in effect prior to this Amendment remains unchanged. Capitalized terms used but not defined in this Amendment have the meanings ascribed to them in the Schedule 13D as in effect prior to this Amendment.</commentContent>
      </reportingPersonInfo>
    </reportingPersons>
    <items1To7>
      <item1>
        <securityTitle>Common Stock, par value $0.001 per share</securityTitle>
        <issuerName>Lucid Diagnostics Inc.</issuerName>
        <issuerPrincipalAddress>
          <com:street1>360 MADISON AVENUE</com:street1>
          <com:street2>25TH FLOOR</com:street2>
          <com:city>NEW YORK</com:city>
          <com:stateOrCountry>NY</com:stateOrCountry>
          <com:zipCode>10017</com:zipCode>
        </issuerPrincipalAddress>
      </item1>
      <item2>
        <filingPersonName>This statement is filed by the Reporting Person. All disclosures herein with respect to the Reporting Person are made only by the Reporting Person. Any disclosures herein with respect to persons other than the Reporting Person are made on information and belief after making inquiry to the appropriate party. The executive officers and directors of the Reporting Person are Lishan Aklog, M.D., Chairman and Chief Executive Officer, Dennis M. McGrath, President and Chief Financial Officer, Shaun O'Neil, Chief Operating Officer, Michael A. Gordon, General Counsel, Michael J. Glennon, Vice Chairman, and Sundeep Agrawal, M.D., Tim Baxter, Ronald M. Sparks, and Debra J. White, each a member of the board of directors (the "Principals").</filingPersonName>
        <principalBusinessAddress>The address of the principal office of the Reporting Person and the business address of each of the Principals is 360 Madison Avenue, 25th Floor, New York, New York 10017.</principalBusinessAddress>
        <principalJob>The Reporting Person is a diversified commercial-stage medical technology company operating in the medical device, diagnostics, and digital health sector. The Principals are the executive officers and directors of the Reporting Person. Dr. Aklog also serves as the Chairman and Chief Executive Officer of the Issuer, Mr. McGrath also serves as the Chief Financial Officer of the Issuer, Mr. O'Neil also serves as President and Chief Operating Officer of the Issuer, Mr. Gordon also serves as General Counsel of the Issuer, and Mr. Sparks and Ms. White also serve as members of the board of directors of the Issuer.</principalJob>
        <hasBeenConvicted>None of the Reporting Person or the Principals has, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).</hasBeenConvicted>
        <convictionDescription>None of the Reporting Person or the Principals has, during the last five years, been a party to civil proceeding of a judicial administrative body of competent jurisdiction and, as a result of such proceeding, was, or is subject to, a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, Federal or state securities laws or finding any violation with respect to such laws.</convictionDescription>
        <citizenship>The Reporting Person is a Delaware corporation. Each of Dr. Aklog, Mr. McGrath, Mr. O'Neil, Mr. Gordon, Mr. Glennon, Dr. Agrawal, Mr. Baxter and Mr. Sparks is a citizen of the United States. Ms. White is a citizen of the United Kingdom.</citizenship>
      </item2>
      <item3>
        <fundsSource>On February 20, 2025, the Issuer granted to each of Dr. Aklog, Mr. McGrath, Mr. O'Neil and Mr. Gordon, in his capacity as an officer of the Issuer, a restricted stock award covering 300,000 shares of Common Stock. Each of the awards vests on May 30, 2028, subject to acceleration in certain circumstances. These individuals did not pay any consideration for the awards.

On February 20, 2025, the Issuer granted to each of Mr. Sparks and Ms. White, in his or her capacity as a director of the Issuer, a restricted stock award covering 112,800 shares of Common Stock. Each of the awards vests on May 30, 2028, subject to acceleration in certain circumstances. These individuals did not pay any consideration for the awards.

On September 25, 2025, a trust controlled by Mr. Glennon purchased 129,000 shares of Common Stock in open market transactions at a weighted average price per share of approximately $1.04 per share, for an aggregate purchase price of $133,782.70. Mr. Glennon used his personal funds for the purchases.</fundsSource>
      </item3>
      <item4>
        <transactionPurpose>The Reporting Person is the parent company of the Issuer. As a result of its ability to vote 28.3% of the Common Stock (and an estimated 27.2% of all the capital stock of the Issuer), the Reporting Person has the power to significantly influence the election of directors and all other matters that would require the vote of the outstanding shares of capital stock of the Issuer. Subject to the restrictions on transfer described in Item 6, the Reporting Person or any of the Principals, respectively, may acquire additional securities of the Issuer and may sell all or a portion of the securities then held in the open market or in privately negotiated transactions, although none of the Reporting Person or the Principals has any present intention to acquire or sell any securities of the Issuer except as described in Item 6. Each of the Reporting Person and each of the Principals, respectively, intends to review its ownership of the Issuer on a continuing basis. Any actions the Reporting Person or any Principal might undertake with respect to the Common Stock may be made at any time and from time to time without prior notice and will be dependent upon the Reporting Person's review of numerous factors, including, but not limited to: an ongoing evaluation of the Issuer's business, financial condition, operations and prospects; price levels of the Issuer's securities; general market, industry and economic conditions; the relative attractiveness of alternative business and investment opportunities; and other future developments relating to the Reporting Person, the Principals and/or the Issuer.

Other than as described above, and except in accordance with the Reporting Person's role as the parent company of the Issuer and the Principals' roles as officers and directors of the Reporting Person and the Issuer, the Reporting Person and Principals do not currently have any plans or proposals that relate to, or would result in, any of the matters listed in Items 4(a)-(j) of Schedule 13D, although, depending on the factors discussed herein, the Reporting Persons may change their purpose or formulate different plans or proposals with respect thereto at any time.</transactionPurpose>
      </item4>
      <item5>
        <percentageOfClassSecurities>Reporting Person:
38,816,903 shares, 28.3%

Dr. Aklog:
1,541,627 shares, 1.1%

Mr. McGrath:
1,393,569 shares, 1.0%

Mr. O'Neil:
876,763 shares, 0.6%

Mr. Gordon:
900,000 shares, 0.7%

Mr. Glennon:
422,432 shares, 0.3%

Dr. Agrawal:
0 shares, 0.0%

Mr. Baxter:
0 shares, 0.0%

Mr. Sparks:
504,376 shares, 0.4%

Ms. White:
440,716 shares, 0.3%</percentageOfClassSecurities>
        <numberOfShares>Reporting Person:
Sole voting power: 38,816,903 shares
Sole dispositive power: 31,302,444 shares
Shared voting and dispositive power: 0 shares

Dr. Aklog:
Sole voting power: 0 shares
Sole dispositive power: 1,541,627 shares
Shared voting and dispositive power: 0 shares

Mr. McGrath:
Sole voting power: 0 shares
Sole dispositive power: 1,393,569 shares
Shared voting and dispositive power: 0 shares

Mr. O'Neil:
Sole voting power: 0 shares
Sole dispositive power: 876,763 shares
Shared voting and dispositive power: 0 shares

Mr. Gordon:
Sole voting power: 0 shares
Sole dispositive power: 900,000 shares
Shared voting and dispositive power: 0 shares

Mr. Glennon:
Sole voting and dispositive power: 422,432 shares
Shared voting and dispositive power: 0 shares

Dr. Agrawal:
Sole voting and dispositive power: 0 shares
Shared voting and dispositive power: 0 shares

Mr. Baxter:
Sole voting and dispositive power: 0 shares
Shared voting and dispositive power: 0 shares

Mr. Sparks:
Sole voting and dispositive power: 504,376 shares
Shared voting and dispositive power: 0 shares

Ms. White:
Sole voting and dispositive power: 440,716 shares
Shared voting and dispositive power: 0 shares</numberOfShares>
        <transactionDesc>None, except as described in Item 3 above.</transactionDesc>
        <listOfShareholders>None, except the holders of the shares of Common Stock covered by the voting proxies described in Item 6 have the right to receive dividends thereon and proceeds from the sale thereof.</listOfShareholders>
        <date5PercentOwnership>Not applicable.</date5PercentOwnership>
      </item5>
      <item6>
        <contractDescription>The Reporting Person entered into an agreement, dated as of October 9, 2025 ("Voting Agreement"), with a stockholder of the Issuer, pursuant to which such stockholder granted the Reporting Person a voting proxy over the shares of the Issuer's capital stock owned by such person, covering shares of Common Stock representing 3,177,500 votes and other shares of capital stock representing 3,862,911 votes. The Reporting Person previously entered into voting agreements with certain of the officers of the Issuer, covering shares of Common Stock representing 4,336,959 votes.

The Reporting Person also is party to (i) an exchange agreement with the holder of all its outstanding 7.875% Senior Secured Convertible Notes Due 2025 (the "Holder"), dated November 15, 2024 (the "Debt Exchange Agreement"), (ii) a security and pledge agreement with the Holder, dated as of April 4, 2022 (the "Security and Pledge Agreement"), (iii) a management services agreement with the Issuer, dated as of May 12, 2018 and most recently amended as of May 12, 2025 (the "MSA"), and (iv) a payroll and benefit expense reimbursement agreement with the Issuer, dated as of November 30, 2022 (the "PBERA"), each of which contain obligations relating to the acquisition, transfer or voting of the Common Stock. In addition, the Reporting Person undertook certain voting obligations in connection with the sale by the Issuer of convertible notes pursuant to a securities purchase agreement, dated as of November 12, 2024 (the "Issuer Note SPA"). The Debt Exchange Agreement and Security and Pledge Agreement are described in the Reporting Person's Current Reports on Form 8-K filed on April 4, 2022 and November 21, 2024, the MSA and PBERA are described in the Issuer's Annual Report on Form 10-K filed on March 24, 2025, and the obligations in connection with the Issuer Note SPA are described in Amendment No. 4 to this Schedule 13D filed on December 12, 2024, and such descriptions are incorporated herein by reference.

Certain of the Principals have been granted restricted stock and/or stock option awards as compensation by the Issuer, which awards provide for the acquisition of Common Stock in the case of the options, and which awards are subject to vesting and restrictions on transfer, all pursuant to the applicable award agreement. In addition, in connection with an underwritten offering of Common Stock by the Issuer on September 10, 2025, each of Dr. Aklog, Mr. McGrath, Mr. O'Neil, Mr. Gordon, Mr. Sparks and Ms. White entered into a lockup agreement, providing for restrictions on transfer of the Common Stock held by them for a period of 45 days.

The foregoing summaries of the Voting Agreements, Debt Exchange Agreement, Security and Pledge Agreement, MSA and PBERA are qualified in their entirety by reference to the full text of the agreements, which are attached or incorporated by reference as Exhibits 99.1, 99.2, 99.3, 99.4 and 99.5.</contractDescription>
      </item6>
      <item7>
        <filedExhibits>99.1 Form of Voting Agreement (attached)
99.2 Debt Exchange Agreement
(https://www.sec.gov/Archives/edgar/data/0001624326/000149315224047156/ex10-1.htm)
99.3 Security and Pledge Agreement
(https://www.sec.gov/Archives/edgar/data/0001624326/000149315222009057/ex10-2.htm)
99.4.1 MSA
(https://www.sec.gov/Archives/edgar/data/1799011/000149315221024865/ex10-4_1.htm)
99.4.2 Eight Amendment to MSA
(https://www.sec.gov/Archives/edgar/data/1799011/000149315224011161/ex10-4_9.htm)
99.4.3 Ninth Amendment to MSA
(https://www.sec.gov/Archives/edgar/data/1799011/000149315224031168/ex10-2.htm)
99.5 PBERA
(https://www.sec.gov/Archives/edgar/data/1799011/000149315222034355/ex10-2.htm)</filedExhibits>
      </item7>
    </items1To7>
    <signatureInfo>
      <signaturePerson>
        <signatureReportingPerson>PAVmed Inc.</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Lishan Aklog, M.D.</signature>
          <title>Lishan Aklog, M.D.</title>
          <date>10/10/2025</date>
        </signatureDetails>
      </signaturePerson>
    </signatureInfo>
  </formData>

</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99-1.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
99.1</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FORM
OF</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IRREVOCABLE
PROXY</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: .5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: .5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the issuance by Lucid Diagnostics Inc., a Delaware corporation (the &ldquo;<B><I>Company</I></B>&rdquo;), of shares of
[common] / [restricted] stock of the Company (the &ldquo;[<B><I>Common Stock</I></B>] / [<B><I>Restricted Stock</I></B>]&rdquo;) to the
undersigned [officer] / [stockholder] of the Company (the &ldquo;<B><I>[Officer] / [Stockholder]</I></B>&rdquo;) on or about the date
hereof, the [Officer] / [Stockholder] agrees as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: .5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.
Grant of Irrevocable Proxy.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt .5in; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
The [Officer] / [Stockholder], with respect to all shares of capital stock now owned (or in the future that may be owned) by the [Officer]
/ [Stockholder] in the Company (including, without limitation, the shares of [Common Stock] / [Restricted Stock]) (collectively, the
&ldquo;<B><I>Shares</I></B>&rdquo;) hereby grants to PAVmed Inc., a Delaware corporation (the &ldquo;<B><I>Proxy Holder</I></B>&rdquo;),
an irrevocable proxy under Section 212 of the Delaware General Corporation Law to vote the Shares in any manner that the Proxy Holder
may determine in its sole and absolute discretion to be in the Proxy Holder&rsquo;s own best interest, at any meeting of shareholders
of the Company or in respect of any written consent of shareholders with respect to any matter or the transactions contemplated thereby[;
<I>provided, however</I>, that the rights granted by the [Officer] / [Stockholder] to the Proxy Holder contained herein shall not permit
the Proxy Holder to vote, and the [Officer] / [Stockholder] reserves the right to vote, with respect to any matter that would (i) amend,
alter or repeal any provision of the Certificate of Designation of Preferences, Rights and Limitation of Series [X] Convertible Preferred
Stock of the Company (the &ldquo;<B><I>Certificate of Designations</I></B>&rdquo;) in a manner that adversely affects the powers, preferences
or rights of the Series [X] Preferred Stock, (b) increase the number of authorized shares of Series [X] Preferred Stock or (c) result
in the issuance, or obligate the Company to issue, shares of any additional class or series of capital stock unless the same ranks junior
or pari passu to the Series [X] Preferred Stock with respect to the distribution of assets on liquidation]. It is expressly understood
and agreed that the foregoing irrevocable proxy [is hereby granted to the Proxy Holder by the Officer in partial consideration of the
issuance of the shares of Restricted Stock and of the Company&rsquo;s continued employment of the Officer, and] is coupled with an interest.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt .5in; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
The Proxy Holder shall have no duty, liability and obligation whatsoever to the [Officer] / [Stockholder] arising out of the exercise
by the Proxy Holder of the foregoing irrevocable proxy. The [Officer] / [Stockholder] expressly acknowledges and agrees that (i) the
[Officer] / [Stockholder] will not interfere with the exercise of the Proxy Holder&rsquo;s rights under the irrevocable proxy and (ii)
the [Officer] / [Stockholder] waives and relinquishes any claim, right or action the [Officer] / [Stockholder] might have, as a shareholder
of the Company or otherwise, against the Proxy Holder or any of its affiliates in connection with any exercise of the irrevocable proxy
granted hereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt .5in; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
The [Officer] / [Stockholder] has the right to notice of any and all special and general meetings of shareholders during the term of
this Irrevocable Proxy.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt .5in; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
[This irrevocable proxy shall automatically expire as to all Shares on the date that the Officer ceases to be an employee, officer or
director of the Company.] In addition, this irrevocable proxy shall automatically expire as to any Shares upon the [Officer] / [Stockholder]
ceasing to own the same.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: .5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.
Legend.</B>&nbsp;The [Officer] / [Stockholder] agrees to permit an appropriate legend on certificates evidencing the Shares reflecting
the grant of the irrevocable proxy contained in the foregoing Section 1. The Proxy Holder shall cooperate with the [Officer] / [Stockholder]
with respect to any requests to remove such legend in connection with any disposition by the [Officer] / [Stockholder] of the Shares
(including, without limitation, dispositions pursuant to an authorized 10b5-1 program or dispositions made to satisfy tax withholding
tax obligations).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: .5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.
Representations and Warranties.</B>&nbsp;The [Officer] / [Stockholder] represents and warrants to the Proxy Holder as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt .5in; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
The [Officer] / [Stockholder] has all necessary rights, power and authority to execute, deliver and perform his obligations under this
Irrevocable Proxy. This Irrevocable Proxy has been duly executed and delivered by the [Officer] / [Stockholder] and constitutes a legal
and valid obligation enforceable against the [Officer] / [Stockholder] in accordance with its terms.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt .5in; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
The [Officer] / [Stockholder] is the record owner of the Shares; there are no proxies, voting trusts or other agreements or understandings
to which such [Officer] / [Stockholder] is a party or bound by and which expressly require that any of the Shares be voted in any specific
manner, other than this Irrevocable Proxy; and such [Officer] / [Stockholder] has not entered into, and will not enter into, any agreement
or arrangement inconsistent with this Irrevocable Proxy.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: .5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.
Equitable Remedies.</B>&nbsp;The [Officer] / [Stockholder] acknowledges that irreparable damage would result if this Irrevocable Proxy
is not specifically enforced and that, therefore, the rights and obligations of the Proxy Holder may be enforced by a decree of specific
performance issued by a court of competent jurisdiction, and appropriate injunctive relief may be applied for and granted in connection
therewith. Such remedies shall, however, not be exclusive and shall be in addition to any other remedies which the Proxy Holder may otherwise
have available.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: .5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: .5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.
Governing Law; Dispute Resolution.</B> This Irrevocable Proxy shall be governed by and construed in accordance with the laws of the State
of New York (without regard to choice of law provisions). [Any dispute arising hereunder shall be subject to resolution in accordance
with the dispute resolution procedures set forth in the Officer&rsquo;s employment agreement with the Company.] This Irrevocable Proxy
may be executed in any number of counterparts (including by facsimile, pdf or other electronic document transmission), each of which
shall be deemed to be an original, but all such counterparts shall together constitute one and the same instrument. This Irrevocable
Proxy contains the entire agreement between the parties with respect to the matters addressed herein and supersedes all prior oral or
written agreements and understandings, if any, relating to the subject matter hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<I>signature
page follows</I>]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="text-align: center; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IN
WITNESS WHEREOF, the undersigned have executed this Irrevocable Proxy on this __th day of ________.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 45%">&nbsp;</TD>
    </TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
  <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD>&nbsp;</TD>
    </TR>

</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acknowledged
and agreed to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PAVMED
INC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 45%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<!-- Field: Page; Sequence: 3; Options: Last -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
