PAVmed insider Timothy Baxter receives 150,000 restricted shares

Rhea-AI Filing Summary

Timothy E. Baxter, a director of PAVmed Inc. (PAVM), received a grant of 150,000 restricted shares of common stock on 09/30/2025. After the grant, Mr. Baxter beneficially owned 215,000 shares in total. The restricted shares vest on a single date, May 20, 2028, and are subject to forfeiture if the required service period is not completed. The award was made under the company's Sixth Amended and Restated 2014 Long-Term Incentive Equity Plan and was reported on a Form 4.

Positive

• 150,000 restricted shares granted to a director, aligning long-term incentives
• Total beneficial ownership increased to 215,000 shares, reflecting greater insider stake

Negative

• Restricted shares subject to forfeiture until May 20, 2028, limiting immediate liquidity or transfer

Insights

Corporate Governance Expert

Director award increases insider alignment while remaining restricted until 05/20/2028.

The grant of 150,000 restricted shares to Timothy E. Baxter ties future compensation to continued service, as the shares vest only on May 20, 2028. This structure is typical for long-term retention and aligns the director's interests with shareholders over a multi-year horizon.

Because the award is restricted and subject to forfeiture if service is not completed, the recipient cannot freely sell these shares until vesting conditions are satisfied.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Baxter Timothy E

(Last) (First) (Middle)

360 MADISON AVENUE

25TH FLOOR

(Street)

NEW YORK NY 10017

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
PAVmed Inc. [ PAVM ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/30/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common stock	09/30/2025		A		150,000(1)	A	$0(1)	215,000	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents restricted stock granted to the reporting person under the issuer's Sixth Amended and Restated 2014 Long-Term Incentive Equity Plan with a single vesting date of May 20, 2028. Such restricted stock is subject to forfeiture if the requisite service period is not completed.

	/s/ Michael A. Gordon, by power of attorney	10/02/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did PAVmed (PAVM) report on the Form 4 for Timothy E. Baxter?

The Form 4 reports a grant of 150,000 restricted common shares to director Timothy E. Baxter on 09/30/2025.

How many PAVmed shares does Timothy E. Baxter beneficially own after the transaction?

Following the reported transaction, Mr. Baxter beneficially owned 215,000 shares.

When do the restricted shares granted to the PAVmed director vest?

The restricted shares have a single vesting date of May 20, 2028.

Under which plan were the restricted shares issued?

The award was granted under the issuer's Sixth Amended and Restated 2014 Long-Term Incentive Equity Plan.

Are the granted shares immediately transferable or saleable?

No. The shares are restricted and subject to forfeiture if the requisite service period is not completed, so they are not immediately transferable.