Exhibit
10.6


 


INDEMNIFICATION
AGREEMENT


 


This
Indemnification Agreement (“Agreement”) is entered into as of the 1st day of November, 2020 by and
between Marizyme, Inc. a Nevada corporation (the “Company”), and Bruce H. Harmon (“Indemnitee”).


 


RECITALS


 


A.
The Company and Indemnitee recognize the challenges in obtaining liability insurance at the necessary level required for coverage
of a pre-NASDAQ Company for the Company’s directors and officers, the significant increases in cost of such insurance and
the general reductions in the coverage of such insurance.


 


B.
The Company and Indemnitee further recognize, currently, the substantial increase in corporate litigation in general, subjecting
directors and officers to expensive litigation risks at the same time as the availability and coverage of liability insurance
has been severely limited.


 


C.
The Company desires to attract and retain the services of highly qualified individuals, such as Indemnitee, to serve the Company
and, in part, in order to induce Indemnitee to continue to provide services to the Company, wishes to provide for the indemnification
and advancing of expenses to Indemnitee to the maximum extent permitted by law.


 


D.
In view of the considerations set forth above, the Company desires that Indemnitee be indemnified by the Company as set forth
herein.


 


NOW,
THEREFORE, the Company and Indemnitee hereby agree as follows:


 


AGREEMENT


 


1.
Indemnification.


 


(a)
Indemnification of Expenses. The Company shall indemnify Indemnitee to the fullest extent permitted by law if Indemnitee
was or is or becomes a party to or witness or other participant in, or is threatened to be made a party to or witness or other
participant in, any threatened, pending or completed action, suit, proceeding or alternative dispute resolution mechanism, or
any hearing, inquiry or investigation that Indemnitee in good faith believes might lead to the institution of any such action,
suit, proceeding or alternative dispute resolution mechanism, whether civil, criminal, administrative, investigative or other
(hereinafter a “Claim”) by reason of (or arising in part out of) any event or occurrence related to the fact
that Indemnitee is or was a director or officer of the Company, or any subsidiary of the Company, or is or was serving at the
request of the Company as a director, officer, employee, agent or fiduciary of another corporation, partnership, joint venture,
trust or other enterprise, or by reason of any action or inaction on the part of Indemnitee while serving in such capacity (hereinafter
an “Indemnifiable Event” ) against any and all expenses (including attorneys’ fees and all other costs,
expenses and obligations incurred in connection with investigating, defending, being a witness in or participating in (including
on appeal), or preparing to defend, be a witness in or participate in, any such action, suit, proceeding, alternative dispute
resolution mechanism, hearing, inquiry or investigation), losses, claims, damages, liabilities, judgments, fines, penalties and
amounts paid in settlement (if such settlement is approved in advance by the Company, which approval shall not be unreasonably
withheld) of such Claim and any federal, state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed
receipt of any payments under this Agreement, including all interest, assessments and other charges paid or payable in connection
with or in respect of such Expenses (collectively, hereinafter “Expenses”) if Indemnitee acted in good faith
and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company, and, with respect
to any criminal action, suit or proceeding, Indemnitee had no reasonable cause to believe Indemnitee’s conduct was unlawful.


 




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(b)
Mandatory Payment of Expenses. Notwithstanding any other provision of this Agreement other than Section 7 hereof, to the
extent that Indemnitee has been successful on the merits or otherwise, including, without limitation, the dismissal of a Claim
without prejudice, in defense of any Claim referred to in Section (1)(a) hereof or in the defense of any Claim, issue or matter
therein, Indemnitee shall be indemnified against all Expenses incurred by Indemnitee in connection therewith.


 


2.
Expenses; Indemnification Procedure.


 


(a)
Advancement of Expenses. The Company shall pay all Expenses incurred by Indemnitee in connection with the investigation,
defense, settlement or appeal of any civil or criminal Claim referenced in Section 1(a) hereof in advance of the final disposition
of such Claim. Indemnitee shall deliver to the Company an Undertaking, substantially in the form of Exhibit A hereto, whereby
Indemnitee undertakes to repay such amounts advanced only if, and to the extent that, it shall ultimately be determined that Indemnitee
is not entitled to be indemnified by the Company as authorized hereby. The advances to be made hereunder shall be paid by the
Company to Indemnitee following a request therefor, but in any event no later than thirty (30) days after receipt by the Company
of written demand from Indemnitee for such advances.


 


(b)
Notice/Cooperation by Indemnitee. Indemnitee shall, as a condition precedent to Indemnitee’s right to be indemnified
under this Agreement, give the Company notice in writing as soon as practicable of any Claim made against Indemnitee for which
indemnification or advancement will or could be sought under this Agreement. Notice to the Company shall be directed to the General
Counsel of the Company at the address shown on the signature page of this Agreement (or such other address as the Company shall
designate in writing to Indemnitee). The failure to promptly notify the Company of the commencement of the action, suit or proceeding,
or of Indemnitee’s request for indemnification, will not relieve the Company from any liability that it may have to Indemnitee
hereunder or otherwise, except to the extent the Company is actually and materially prejudiced in its defense of such action,
suit or proceeding as a result of such failure or delay, and any such failure or delay shall not constitute a waiver by Indemnitee
of any rights under this Agreement or otherwise. To obtain indemnification under this Agreement, Indemnitee shall submit to the
Company a written request therefor including such documentation and information as is reasonably available to Indemnitee and is
reasonably necessary to enable the Company to determine whether and to what extent Indemnitee is entitled to indemnification.


 


(c)
Procedure. Any indemnification and advances of Expenses provided for in Section 1 and Section 2 of this Agreement shall
be paid by the Company to Indemnitee within thirty (30) days after receipt of written request from Indemnitee for such indemnification
or advances along with appropriate written documentation verifying such Expenses, but in any event no later than forty-five (45)
days after receipt of such request. If the Company believes that Indemnitee has not met the standards of conduct which make it
permissible under applicable law for the Company to indemnify Indemnitee for the Expenses claimed, the Company may file an action
in the Court of Chancery of the State of Delaware to obtain a declaratory judgment that Indemnitee is not entitled under applicable
law to receive indemnification or advancement from the Company (hereinafter a “Declaratory Action”). If the
Company files a Declaratory Action, Indemnitee shall be entitled to receive interim payments of Expenses pursuant to Subsection
2(a) including Expenses incurred in defending a Declaratory Action unless and until the Court of Chancery of the State of Delaware
issues an order or judgment that Indemnitee is not entitled under applicable law to receive indemnification or advancement from
the Company. If the Court of Chancery of the State of Delaware issues an order or judgment in a Declaratory Action that Indemnitee
is not entitled under applicable law to receive indemnification or advancement from the Company, the Company shall have no further
obligation under this Agreement, the Company’s Certificate of Incorporation, the Company Bylaws or any other applicable
law, statute or rule to provide indemnification or advances of Expenses to Indemnitee and Indemnitee shall be responsible for
repaying all such amounts previously advanced to Indemnitee as provided in Section 2(a).


 




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(d)
No Presumptions. For purposes of this Agreement, the termination of any Claim by judgment, order, settlement (whether with
or without court approval) or conviction, or upon a plea of nolo contendere, or its equivalent, shall not create a presumption
that Indemnitee did not meet any particular standard of conduct or have any particular belief or that a court has determined that
indemnification is not permitted by applicable law. In addition, neither the failure of the Company (including its Board of Directors,
any committee or subgroup of the Board of Directors, independent legal counsel, or its stockholders) to have made a determination
that indemnification of Indemnitee is proper in the circumstances because Indemnitee has met the applicable standard of conduct
required by applicable law, nor an actual determination by the Company (including its Board of Directors, any committee or subgroup
of the Board of Directors, independent legal counsel, or its stockholders) that Indemnitee has not met such applicable standard
of conduct, shall create a presumption that Indemnitee has or has not met the applicable standard of conduct.


 


(e)
Burden of Proof. In a Declaratory Action, the burden of proof shall be on the Company to establish that Indemnitee is not
entitled to indemnification or advances.


 


(f)
Notice to Insurers. If, at the time of the receipt by the Company of a notice of a Claim pursuant to Section 2(b) hereof,
the Company has liability insurance in effect which may cover such Claim, the Company shall give prompt notice of the commencement
of such Claim to the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter
take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result
of such Claim in accordance with the terms of such policies.


 


(g)
Selection of Counsel. In the event the Company shall be obligated hereunder to pay the Expenses of any Claim, the Company
shall be entitled to assume the defense of such Claim with counsel approved by Indemnitee, which approval shall not be unreasonably
withheld, upon the delivery to Indemnitee of written notice of its election so to do. After delivery of such notice, approval
of such counsel by Indemnitee and the retention of such counsel by the Company, the Company will not be liable to Indemnitee under
this Agreement for any fees of counsel subsequently incurred by Indemnitee with respect to the same Claim. Notwithstanding the
Company’s assumption of the defense of any Claim, the Company shall be obligated to pay the Expenses of any Claim if (A)
the employment of counsel by Indemnitee has been previously authorized by the Company, (B) the Company shall have reasonably concluded
that there is a conflict of interest between the Company and Indemnitee in the conduct of any such defense such that Indemnitee
needs to be separately represented, or (C) the Company shall not continue to retain counsel to defend such Claim, then the fees
and expenses of counsel retained by Indemnitee shall be at the expense of the Company. The Company shall have the right to conduct
such defense as it sees fit in its sole discretion, including the right to settle any Claim against Indemnitee without the consent
of the Indemnitee; provided, that in no event shall the Company have the right to settle any Claim that imposes non-monetary penalties
on Indemnitee without the prior written consent of Indemnitee which may be granted or withheld in Indemnitee’s sole discretion.


 


3.
Additional Indemnification Rights; Nonexclusivity.


 


(a)
Scope. The Company hereby agrees to indemnify Indemnitee to the fullest extent permitted by law, notwithstanding that such
indemnification is not specifically authorized by the other provisions of this Agreement, the Company’s Certificate of Incorporation,
the Company’s Bylaws or by statute. In the event of any change after the date of this Agreement in any applicable law, statute
or rule which expands the right of a Delaware corporation to indemnify a member of its Board of Directors or an officer, employee,
agent or fiduciary, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits
afforded by such change. In the event of any change in any applicable law, statute or rule which narrows the right of a Delaware
corporation to indemnify a member of its Board of Directors or an officer, employee, agent or fiduciary, such change, to the extent
not otherwise required by such law, statute or rule to be applied to this Agreement, shall have no effect on this Agreement or
the parties’ rights and obligations hereunder except as set forth in Section 7(a) hereof.


 


(b)
Nonexclusivity. The indemnification provided by this Agreement shall be in addition to any rights to which Indemnitee may
be entitled under the Company’s Certificate of Incorporation, its Bylaws, any agreement, any vote of stockholders or disinterested
directors, the General Corporation Law of the State of Delaware, or otherwise. The indemnification provided under this Agreement
shall continue as to Indemnitee for any action Indemnitee took or did not take while serving in an indemnified capacity even though
Indemnitee may have ceased to serve in such capacity.


 




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4.
No Duplication of Payments. The Company shall not be liable under this Agreement to make any payment in connection with
any Claim made against Indemnitee to the extent Indemnitee has otherwise actually received payment (under any insurance policy,
Certificate of Incorporation, Bylaw or otherwise) of the amounts otherwise indemnifiable hereunder.


 


5.
Partial Indemnification. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company
for a portion of Expenses incurred in connection with any Claim, but not, however, for the total amount thereof, the Company shall
nevertheless indemnify Indemnitee for the portion of such Expenses to which Indemnitee is entitled.


 


6.
Mutual Acknowledgement. Both the Company and Indemnitee acknowledge that in certain instances, Federal law or applicable
public policy may prohibit the Company from indemnifying its directors, officers, employees, agents or fiduciaries under this
Agreement or otherwise. Indemnitee understands and acknowledges that the Company has undertaken or may be required in the future
to undertake with the Securities and Exchange Commission to submit the question of indemnification to a court in certain circumstances
for a determination of the Company’s right under public policy to indemnify Indemnitee.


 


7.
Exceptions. Any other provision herein to the contrary notwithstanding, the Company shall not be obligated pursuant to
the terms of this Agreement:


 


(a)
Excluded Action or Omissions. To indemnify (i) any Claim by or in the right of the Company as to which Indemnitee shall
have been adjudged to be liable to the Company unless and to the extent that the Court of Chancery of the State of Delaware or
such other court in which such Claim was brought, shall determine upon application that despite the adjudication of liability,
in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnity for such Expenses such
court shall deem proper, or (ii) any other acts, omissions or transactions from which Indemnitee may not be relieved of liability
under applicable law;


 


(b)
Claims Initiated by Indemnitee. To indemnify or advance expenses to Indemnitee with respect to Claims initiated or brought
voluntarily by Indemnitee and not by way of defense, except (i) with respect to Claims brought to establish or enforce a right
to indemnification or advancement under this Agreement or any other agreement or insurance policy or under the Company’s
Certificate of Incorporation or Bylaws, as now or hereafter in effect relating to Claims for Indemnifiable Events, (ii) in specific
cases if the Board of Directors has approved the initiation or bringing of such Claim, or (iii) as otherwise required under Section
145 of the Delaware General Corporation Law, regardless of whether Indemnitee ultimately is determined to be entitled to such
indemnification, advance expense payment or insurance recovery, as the case may be;


 


(c)
Claims Under Section 16(b). To indemnify Indemnitee for Expenses and the payment of profits arising from the purchase and
sale by Indemnitee of securities in violation of Section 16(b) of the Securities Exchange Act of 1934, as amended, or any similar
successor statute.


 


(d)
Disgorgement of Profits and Bonuses Pursuant to Section 304. To indemnify Indemnitee for (i) any bonus or other incentive-based
or equity-based compensation received by Indemnitee or (ii) any profits arising from the sale of securities made by Indemnitee
that Indemnitee is required pursuant to Section 304 of the Sabarnes-Oxley Act of 2002 to reimburse to the Company.


 


8.
Period of Limitations. No legal action shall be brought and no cause of action shall be asserted by or in the right of
the Company against Indemnitee, Indemnitee’s estate, spouse, heirs, executors or personal or legal representatives after
the expiration of five (5) years from the date of accrual of such cause of action, and any claim or cause of action of the Company
shall be extinguished and deemed released unless asserted by the timely filing of a legal action within such five-year period;
provided , however , that if any shorter period of limitations is otherwise applicable to any such cause of action,
such shorter period shall govern.


 




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9.
Construction of Certain Phrases.


 


(a)
For purposes of this Agreement, references to the “Company” shall include, in addition to the resulting corporation,
any affiliate, subsidiary, joint venture, constituent corporation (including any constituent of a constituent) absorbed in a consolidation
or merger which, if its separate existence had continued, would have had power and authority to indemnify its directors, officers,
employees, agents or fiduciaries, so that if Indemnitee is or was a director, officer, employee, agent or fiduciary of such constituent
corporation, or is or was serving at the request of such constituent corporation as a director, officer, employee, agent or fiduciary
of another corporation, partnership, joint venture, employee benefit plan, trust or other enterprise, Indemnitee shall stand in
the same position under the provisions of this Agreement with respect to the resulting or surviving corporation as Indemnitee
would have with respect to such constituent corporation if its separate existence had continued.


 


(b)
For purposes of this Agreement, references to “other enterprises” shall include employee benefit plans; references
to “fines” shall include any excise taxes assessed on Indemnitee with respect to an employee benefit plan; and references
to “serving at the request of the Company” shall include any service as a director, officer, employee, agent or fiduciary
of the Company which imposes duties on, or involves services by, such director, officer, employee, agent or fiduciary with respect
to an employee benefit plan, its participants or its beneficiaries; and if Indemnitee acted in good faith and in a manner Indemnitee
reasonably believed to be in the interest of the participants and beneficiaries of an employee benefit plan, Indemnitee shall
be deemed to have acted in a manner “not opposed to the best interests of the Company” as referred to in this Agreement.


 


10.
Counterparts. This Agreement may be executed in one or more counterparts, each of which shall constitute an original.


 


11.
Binding Effect; Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of and be enforceable
by the parties hereto and their respective successors, assigns, including any direct or indirect successor by purchase, merger,
consolidation or otherwise to all or substantially all of the business and/or assets of the Company, spouses, heirs, and personal
and legal representatives. The Company shall require and cause any successor (whether direct or indirect by purchase, merger,
consolidation or otherwise) to all, substantially all, or a substantial part, of the business and/or assets of the Company, by
written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in
the same manner and to the same extent that the Company would be required to perform if no such succession had taken place. This
Agreement shall continue in effect with respect to Claims relating to Indemnifiable Events regardless of whether Indemnitee continues
to serve as a director, officer, employee, agent or fiduciary of the Company or of any other enterprise at the Company’s
request.


 


12.
Notice. All notices and other communications required or permitted hereunder shall be in writing, shall be effective when
given, and shall in any event be deemed to be given (a) fifteen (15) days after deposit with the U.S. Postal Service or other
applicable postal service, if delivered by first class mail, postage prepaid, (b) upon delivery, if delivered by hand, (c) one
business day after the business day of deposit with Federal Express or similar overnight courier, freight prepaid, or (d) one
day after the business day of delivery by facsimile transmission with confirmation of receipt, if delivered by facsimile transmission,
with a mandatory written copy by first class mail, postage prepaid, or Express Courier, and shall be addressed if to Indemnitee,
at the Indemnitee address as set forth beneath Indemnitee signatures to this Agreement and if to the Company at the address of
its principal corporate offices (attention: Secretary) or at such other address as such party may designate by ten days’
advance written notice to the other party hereto.


 


13.
Consent to Jurisdiction. The Company and Indemnitee each hereby irrevocably consent to the jurisdiction of the courts of
the State of Delaware for all purposes in connection with any action which arises out of or relates to this Agreement and agree
that any action instituted under this Agreement shall be commenced, prosecuted and continued only in the Court of Chancery of
the State of Delaware in and for New Castle County, which shall be the exclusive and only proper forum for adjudicating such a
claim.


 




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14.
Severability. The provisions of this Agreement shall be severable in the event that any of the provisions hereof (including
any provision within a single section, paragraph or sentence) are held by a court of competent jurisdiction to be invalid, void
or otherwise unenforceable, and the remaining provisions shall remain enforceable to the fullest extent permitted by law. Furthermore,
to the fullest extent possible, the provisions of this Agreement (including, without limitations, each portion of this Agreement
containing any provision held to be invalid, void or otherwise unenforceable, that is not itself invalid, void or unenforceable)
shall be construed so as to give effect to the intent manifested by the provision held invalid, illegal or unenforceable.


 


15.
Choice of Law. This Agreement shall be governed by and its provisions construed and enforced in accordance with the laws
of the State of Delaware, as applied to contracts between Delaware residents, entered into and to be performed entirely within
the State of Delaware, without regard to the conflict of laws principles thereof.


 


16.
Subrogation. In the event of payment under this Agreement, the Company shall be subrogated to the extent of such payment
to all of the rights of recovery of Indemnitee who shall execute all documents required and shall do all acts that may be necessary
to secure such rights and to enable the Company effectively to bring suit to enforce such rights.


 


17.
Amendment and Termination. No amendment, modification, termination or cancellation of this Agreement shall be effective
unless it is in writing signed by both the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed
or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing
waiver.


 


18.
Integration and Entire Agreement. This Agreement sets forth the entire understanding between the parties hereto and supersedes
and merges all previous written and oral negotiations, commitments, understandings and agreements relating to the subject matter
hereof between the parties hereto.


 


19.
No Construction as Employment Agreement. Nothing contained in this Agreement shall be construed as giving Indemnitee any
right to be retained in the employ of the Company or any of its subsidiaries.


 




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


 


	 	

    Marizyme, Inc.
	 	 	 
	 	Signature:	/s/
    James Sapirstein
	 	By:	James
    Sapirstein
	 	Title:	Executive
    Chairman


 


	AGREED
    TO AND ACCEPTED BY:	 
	 	 
	Signature:	/s/
    Bruce H. Harmon	 
	By:	Bruce
    H. Harmon	 
	Title:	Chief
    Financial Officer	 


 




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EXHIBIT
A


 


GENERAL
FORM OF UNDERTAKING FOR ADVANCEMENT OF EXPENSES


 


1.
This instrument (this “Undertaking”) is being executed by the undersigned in favor of Marizyme, Inc. a Nevada
corporation (the “Corporation”), pursuant to that certain Indemnification Agreement, made as of September 1,
2020 (the “Indemnification Agreement”), by and between the Company and the undersigned.


 


2.
I am requesting advancement of expenses which have been or will be actually and reasonably incurred by me or on my behalf in connection
with a proceeding to which I am a party or am threatened to be made a party, or in which I am or may be participating, by reason
of my status as a director, officer or fiduciary of the Company.


 


3.
With respect to all matters related to such proceeding, I believe I acted in good faith and in a manner I reasonably believed
to be in or not opposed to the best interests of the Corporation or its affiliates, and, with respect to any criminal proceeding,
I had no reasonable cause to believe that my conduct was unlawful.


 


4.
I hereby undertake to repay any advancement of expenses if it shall ultimately be determined by final judicial decision from which
there is no further right to appeal or otherwise in accordance with Delaware law that I am not entitled to be so indemnified for
such Expenses.


 


5.
I am requesting advancement of Expenses in connection with the following matter: [PROVIDE DETAILS] 


 


	 	 
	Name
    of Indemnitee: Bruce H. Harmon	 
	Dated:	 


 




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