PAVmed Form 4: Lishan Aklog Receives 150K Restricted Shares

Rhea-AI Filing Summary

Dr. Lishan Aklog, Chairman and CEO of PAVmed Inc. (PAVM), reported on Form 4 the grant of 150,000 restricted shares on 09/30/2025. The shares were granted under the company's Sixth Amended and Restated 2014 Long-Term Incentive Equity Plan at a $0 purchase price and vest on May 20, 2028, subject to forfeiture if service requirements are not met. After the transaction Dr. Aklog directly beneficially owns 228,418 shares and indirectly holds additional positions: 154 shares via his daughter, 152 via his son, 297,105 through Pavilion Venture Partners LLC (of which he is sole manager), and 1,333 through HCFP/AG LLC (co-managed). The filing was signed by power of attorney on 10/02/2025.

Positive

• 150,000 restricted shares granted to the Chairman and CEO, indicating executive alignment with shareholders
• Grant vests on a fixed date (May 20, 2028), tying compensation to continued service
• Form 4 discloses indirect holdings and managerial roles, improving transparency about voting power

Negative

• Restricted shares are subject to forfeiture until May 20, 2028, so immediate economic alignment is limited
• Grant at $0 increases diluted share count once vested, potentially affecting existing shareholders

Insights

Corporate Governance Expert

CEO received restricted stock with multi-year vesting, aligning pay with tenure.

The reported 150,000 restricted shares vest on May 20, 2028, tying a portion of executive compensation to continued service through that date. Grants at $0 are typical for restricted stock awards and reflect compensation rather than open‑market purchases.

The filing also shows indirect holdings through Pavilion Venture Partners LLC and HCFP/AG LLC, where Dr. Aklog has voting or managerial roles; he disclaims beneficial ownership except for pecuniary interest. This clarifies governance relationships and voting power decomposition.

Insider Trading Compliance Specialist

Transaction is a compensatory grant reported under Section 16; standard disclosure steps were followed.

The Form 4 records a compensatory issuance rather than a market purchase or sale, and the signature by power of attorney on 10/02/2025 completes timely reporting. The restricted nature of the shares and explicit vesting date indicate they are subject to forfeiture until May 20, 2028, which affects when they become tradable by the insider.

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^*

Aklog Lishan

(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
X	Officer (give title below)		Other (specify below)
	Chairman and CEO

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)	228,418	D
Common Stock								154	I	By daughter
Common Stock								152	I	By son
Common Stock								297,105	I(2)	By Pavilion Venture Partners LLC
Common Stock								1,333	I(3)	By HCFP/AG LLC

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.

2. Dr. Aklog is a member and sole manager of Pavilion Venture Partners LLC, and therefore has sole voting and dispositive power over the securities held by this entity. Dr. Aklog disclaims beneficial ownership of securities held by this entity, except to the extent of his proportionate pecuniary interest therein.

3. Dr. Aklog is a co-manager of HCFP/AG LLC, and therefore has joint voting and dispositive power over the securities held by this entity. Dr. Aklog disclaims beneficial ownership of securities held by this entity, except to the extent of his proportionate pecuniary interest therein.

	/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.
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FAQ

What did PAVmed CEO Lishan Aklog report on Form 4 (PAVM)?

He reported a grant of 150,000 restricted shares on 09/30/2025 under the company's long‑term incentive plan.

When do the restricted shares granted to Dr. Aklog vest?

The restricted shares vest on May 20, 2028 and are subject to forfeiture if service requirements are not met.

What is Dr. Aklog's beneficial ownership after the reported transaction?

He directly beneficially owns 228,418 shares and indirectly holds additional positions of 154, 152, 297,105, and 1,333 through family and managed entities.

Was the Form 4 filed timely and who signed it?

The filing shows execution by power of attorney (Michael A. Gordon) on 10/02/2025 as the signature date.

Were the granted shares purchased or granted as compensation?

The shares were granted at a $0 price under the company’s equity plan, indicating a compensatory award.