Document:

Exhibit 4.13

 

THIS
WARRANT HAS NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON
AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY
NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION
FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE
SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY
ACCEPTABLE TO THE COMPANY.

 

The
number of shares of common stock issuable upon exercise of this warrant may be less than the amounts set forth on the face hereof.

 

This
Warrant is issued pursuant to that certain Unit Purchase Agreement dated January 24, 2022 by and between the Company and the Holder (as
defined below) (the “Purchase Agreement”). Capitalized terms used and not otherwise defined herein shall have the
meanings set forth for such terms in the Purchase Agreement. Receipt of this Warrant by the Holder shall constitute acceptance and agreement
to all of the terms contained herein.

 

No.
12

MARIZYME,
INC.

 

Class
C COMMON STOCK PURCHASE WARRANT

 

Marizyme,
Inc., a Nevada corporation (together with any corporation which shall succeed to or assume the obligations of Marizyme, Inc. hereunder,
the “Company”), hereby certifies that, for value received, Univest Securities, LLC, an entity (the “Holder”),
is entitled, subject to the terms set forth below, to purchase from the Company at any time during the Exercise Period (as defined in
Section 9) up to One Hundred Thirty-Seven Thousand One Hundred Forty-Two (137,142) fully paid and non-assessable shares of Common
Stock (as defined in Section 9), at a purchase price per share equal to the Exercise Price (as defined in Section 9). The
number of shares of Common Stock for which this Class C Common Stock Purchase Warrant (this “Warrant”) is exercisable
and the Exercise Price are subject to adjustment as provided herein.

 

1. DEFINITIONS.
Certain terms are used in this Warrant as specifically defined in Section 9.

 

2. EXERCISE
OF WARRANT.

 

2.1.
Exercise. This Warrant may be exercised prior to its expiration pursuant to Section 2.5 hereof by the Holder at any time
or from time to time during the Exercise Period, by submitting the form of subscription attached hereto (the “Exercise Notice”)
duly executed by the Holder, to the Company at its principal office, indicating whether the Holder is electing to purchase a specified
number of shares by paying the Aggregate Exercise Price as provided in Section 2.2 or is electing to exercise this Warrant as
to a specified number of shares pursuant to the net exercise provisions of Section 2.3. On or before the first Trading Day following
the date on which the Company has received the Exercise Notice, the Company shall transmit by electronic mail an acknowledgement of confirmation
of receipt of the Exercise Notice. Subject to Section 2.4, this Warrant shall be deemed exercised for all purposes as of the close
of business on the day on which the Holder has delivered the Exercise Notice to the Company. The Aggregate Exercise Price, if any, shall
be paid by wire transfer to the Company within five (5) Business Days of the date of exercise and prior to the time the Company issues
the certificates evidencing the shares issuable upon such exercise. In the event this Warrant is not exercised in full, the Company may,
at its expense, require the Holder, after such partial exercise, to promptly return this Warrant to the Company and the Company will
forthwith issue and deliver to or upon the order of the Holder a new Warrant or Warrants of like tenor, in the name of the Holder or
as the Holder (upon payment by the Holder of any applicable transfer taxes) may request, calling in the aggregate on the face or faces
thereof for the number of shares of Common Stock equal (without giving effect to any adjustment therein) to the number of such shares
called for on the face of this Warrant minus the number of such shares (without giving effect to any adjustment therein) for which this
Warrant shall have been exercised.

 

    	 	 	 

    	 

    

 

2.2.
Payment of Exercise Price by Wire Transfer. If the Holder elects to purchase a specified number of shares by paying the Aggregate
Exercise Price, the Holder shall pay such amount by wire transfer of immediately available funds to the account designated by the Company
in its acknowledgement of receipt of such Exercise Notice pursuant to Section 2.1.

 

2.3. Net
Exercise. If a registration statement covering the shares of Common Stock that are the subject of the Notice of Exercise (the
“Unavailable Warrant Shares”) is not available for the resale of such Unavailable Warrant Shares to the public or
upon exercise of this Warrant in connection with a Fundamental Transaction, the Holder may elect to exercise this Warrant by
receiving shares of Common Stock equal to the number of shares determined pursuant to the following formula:

 

X
= Y (A - B)

A

where,

 

	 	X
    =	the
    number of shares of Common Stock to be issued to Holder;
	 	 	 
	 	Y
    =	the
    number of shares of Common Stock as to which this Warrant is to be exercised (as indicated on the Exercise Notice);
	 	 	 
	 	A
    =	VWAP
    for the Trading Day immediately preceding the date of exercise; and
	 	 	 
	 	B
    =	the
    Exercise Price.

 

2.4.
Antitrust Notification. If the Holder determines, in its sole judgment upon the advice of counsel, that the issuance of any Warrant
Shares pursuant to the terms hereof would be subject to the provisions of the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as
amended (the “HSR Act”), the Company shall file as soon as practicable after the date on which the Company receives
notice from the Holder of the applicability of the HSR Act and a request to so file with the United States Federal Trade Commission and
the United States Department of Justice the notification and report form required to be filed by it pursuant to the HSR Act in connection
with such issuance.

 

2.5.
Termination. This Warrant shall terminate upon the earlier to occur of (i) exercise in full or (ii) the expiration of the Exercise
Period.

 

2.6
Company Exercise. At any time following the sixty (60) day anniversary of the final Closing Date or termination of the Offering,
if (i) the Company is listed on a Trading Market that is a senior exchange such as The NASDAQ Global Market, The NASDAQ Global Select
Market, The NASDAQ Capital Market, or the New York Stock Exchange, (ii) the Warrant Shares are registered, which registration is and
remains effective, or the Holder otherwise has the ability to trade the Warrant Shares without restriction, (iii) the daily VWAP for
the prior twenty (20) consecutive Trading Days is $6.00 or more (adjusted for splits and similar distributions) and (iv) the daily trading
volume is at least $1,000,000 during such twenty (20)-day period (the events set forth in clauses (i) through (iv) above, collectively,
the “Conditions”), then the Company can demand, upon five (5) Business Days’ notice that the Holder exercise
this Warrant, pursuant to Section 2.1 hereof and subject to the limitations of Section 10, as long as the Conditions remain
in effect. The exercise referenced in this Section 2.6 shall be at the Exercise Price, including any Exercise Price modified pursuant
to the provisions of Section 5 hereof (exclusive of Section 5.4). For the avoidance of doubt, in no instance may the Company
demand an exercise under this Section 2.6 if there is no effective registration statement covering the shares underlying the Warrant.

 

    	-2-

    	 

    

 

3.
REGISTRATION RIGHTS. The Holder’s registration rights are set forth in the Registration Rights Agreement.

 

4.
DELIVERY OF STOCK CERTIFICATES ON EXERCISE.

 

4.1.
Delivery of Exercise Shares. As soon as practicable after any exercise of this Warrant and in any event within two (2) Trading
Days thereafter (such date, the “Exercise Share Delivery Date”), the Company shall, at its expense (including the
payment by it of any applicable issue or stamp taxes), cause to be issued in the name of and delivered to the Holder, or as the Holder
may direct, a certificate or certificates evidencing the number of fully paid and non-assessable shares of Common Stock (which number
shall be rounded down to the nearest whole share in the event any fractional share may otherwise be issuable upon such exercise and the
Company shall pay a cash adjustment to the Holder in respect of such final fraction in an amount equal to such fraction multiplied by
the Exercise Price) to which the Holder shall be entitled on such exercise, in such denominations as may be requested by the Holder,
which certificate or certificates shall be free of restrictive and trading legends (except for any such legends as may be required under
the Securities Act). In lieu of delivering physical certificates for the shares of Common Stock issuable upon any exercise of this Warrant,
provided the Warrant Shares are not restricted securities and the Company’s transfer agent is participating in the Depository Trust
Company (“DTC”) Fast Automated Securities Transfer program or a similar program, upon request of the Holder, the Company
shall cause its transfer agent to electronically transmit such shares of Common Stock issuable upon exercise of this Warrant to the Holder
(or its designee), by crediting the account of the Holder’s (or such designee’s) broker with DTC through its Deposit Withdrawal
Agent Commission system (provided that the same time periods herein as for stock certificates shall apply) as instructed by the Holder
(or its designee). If the Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by
the Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000
of Warrant Shares subject to such exercise (based on the VWAP of the Common Stock on the date of the applicable Notice of Exercise),
$5 per Trading Day for each Trading Day after such Warrant Share Delivery Date until such Warrant Shares are delivered or Holder rescinds
such exercise. The Company agrees to maintain a transfer agent that is a participant in the FAST program so long as this Warrant remains
outstanding and exercisable. As used herein, “Standard Settlement Period” means the standard settlement period, expressed
in a number of Trading Days, on the Company’s primary Trading Market with respect to the Common Stock as in effect on the date
of delivery of the Notice of Exercise.

 

    	-3-

    	 

    

 

4.2.
Compensation for Buy-In on Failure to Timely Deliver Exercise Shares. In addition to any other rights available to the Holder,
if the Company fails to cause its transfer agent to transmit to the Holder Exercise Shares pursuant to an exercise on or before the Exercise
Share Delivery Date, and if after such date the Holder is required by its broker to purchase (in an open market transaction or otherwise)
or the Holder’s brokerage firm otherwise purchases, shares of Common Stock to deliver in satisfaction of a sale by the Holder of
the Exercise Shares which the Holder anticipated receiving upon such exercise (a “Buy-In”), then the Company shall
(a) pay in cash to the Holder the amount, if any, by which (x) the Holder’s total purchase price (including brokerage commissions,
if any) for the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (1) the number of Exercise Shares
that the Company was required to deliver to the Holder in connection with the exercise at issue times 0(2) the price at which the sell
order giving rise to such purchase obligation was executed, and (b) at the option of the Holder, either reinstate the portion of the
Warrant and equivalent number of Exercise Shares for which such exercise was not honored (in which case such exercise shall be deemed
rescinded) or deliver to the Holder the number of shares of Common Stock that would have been issued had the Company timely complied
with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common Stock having a total purchase price
of $11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate sale price giving rise
to such purchase obligation of $10,000, under clause (a) of the immediately preceding sentence the Company shall be required to pay the
Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In
and evidence of the amount of such loss. Nothing herein shall limit a Holder’s right to pursue a decree of specific performance
and/or injunctive relief with respect to the Company’s failure to timely deliver shares of Common Stock upon exercise of the Warrant
as required pursuant to the terms hereof.

 

4.3.
Charges, Taxes and Expenses. Issuance of Exercise Shares shall be made without charge to the Holder for any issue or transfer
tax or other incidental expense in respect of the issuance of such Exercise Shares, all of which taxes and expenses shall be paid by
the Company, and such Exercise Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder;
provided, however, that in the event Exercise Shares are to be issued in a name other than the name of the Holder, this
Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto (the “Assignment Form”)
duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for
any transfer tax incidental thereto.

 

5.
CERTAIN ADJUSTMENT.

 

5.1.
Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (a) pays a stock dividend or otherwise
makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares
of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon exercise of this
Warrant), (b) subdivides outstanding shares of Common Stock into a larger number of shares, (c) combines (including by way of reverse
stock split) outstanding shares of Common Stock into a smaller number of shares, or (d) issues by reclassification of shares of the Common
Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the
numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately before such event
and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event and the number of
shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant
shall remain unchanged. Any adjustment made pursuant to this Section 5.1 shall become effective immediately after the record date
for the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after
the effective date in the case of a subdivision, combination or re-classification.

 

5.2
Pro Rata Distributions. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or
other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of capital
or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options by way of a dividend,
spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”),
at any time after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution
to the same extent that the Holder would have participated therein if the Holder had held the number of shares of Common Stock acquirable
upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial
Ownership Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the
date as of which the record holders of shares of Common Stock are to be determined for the participation in such Distribution (provided,
however, that, to the extent that the Holder’s right to participate in any such Distribution would result in the Holder exceeding
the beneficial ownership limitation provided for in Section 10, then the Holder shall not be entitled to participate in such Distribution
to such extent (or in the beneficial ownership of any shares of Common Stock as a result of such Distribution to such extent) and the
portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would
not result in the Holder exceeding the beneficial ownership limitation).

 

    	-4-

    	 

    

 

5.3
Fundamental Transaction. If, at any time while this Warrant is outstanding, (a) the Company effects any merger or consolidation
of the Company with or into another Person, (b) the Company effects any sale of all or substantially all of its assets in one or a series
of related transactions, (c) any tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which
holders of Common Stock are permitted to tender or exchange their shares for other securities, cash or property, or (d) the Company effects
any reclassification of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted
into or exchanged for other securities, cash or property (each, a “Fundamental Transaction”), then, upon the closing
of a Fundamental Transaction and payment of the exercise price therefore (including at the election of the Holder by cashless exercise),
the Holder shall receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence
of such Fundamental Transaction, the number of shares of Common Stock of the successor or acquiring corporation or of the Company, if
it is the surviving corporation, and any additional consideration (the “Alternate Consideration”) receivable as a
result of such merger, consolidation or disposition of assets by a holder of the number of shares of Common Stock for which this Warrant
is exercisable immediately prior to such event. For purposes of any such exercise, the determination of the Exercise Price shall be appropriately
adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of
Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in
a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common Stock
are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given
the same choice as to the Alternate Consideration it receives upon exercise of this Warrant upon the closing of such Fundamental Transaction.
The foregoing notwithstanding, if the Company effects any reclassification of the Common Stock or any compulsory share exchange, in each
case, into another security of the Company, this Warrant shall remain outstanding and the Holder shall be entitled to receive the Alternative
Consideration upon any subsequent exercise of this Warrant and the payment of the exercise price therefor. The terms of any agreement
pursuant to which a Fundamental Transaction is effected shall include terms requiring any such successor or surviving entity to comply
with the provisions of this Section 5.3.

 

5.4
Adjustment to Exercise Price Upon Issuance of Common Stock. If the Company shall, at any time after the Issue Date, other than
pursuant to a Qualified Financing, issue or sell any shares of Common Stock (other than Exempted Securities), whether directly or indirectly
by way of Convertible Securities or any rights or warrants or options to purchase any such Convertible Securities (“Additional
Shares of Common Stock”), with any term that the Holder reasonably believes is more favorable to the holder of such security
or with a term in favor of the holder of such security that the Holder reasonably believes was not similarly provided to the Holder in
this Warrant, then (i) the Holder, after receipt of written notice thereof from the Company, shall notify the Company of such additional
or more favorable term within five (5) Business Days of the issuance or amendment (as applicable) of the respective security or, if later,
within five (5) Business Days after receipt of the previously described notice, and (ii) such term, at Holder’s option, shall become
a part of this Warrant (regardless of whether the Company or Holder complied with the notification provision of this Warrant or the Purchase
Agreement). The types of terms contained in another security that may be more favorable to the holder of such security include, but are
not limited to, terms addressing conversion or exercise discounts, conversion or exercise lookback periods, and discounts to the effective
price per share of a Qualified Financing. If Holder elects to have the term become a part of this Warrant, then the Company shall immediately
deliver acknowledgment of such adjustment in form and substance reasonably satisfactory to the Holder (the “Acknowledgment”)
within five (5) Business Days of Company’s receipt of request from Holder (the “Adjustment Deadline”), provided that
Company’s failure to timely provide the Acknowledgement shall not affect the automatic amendments contemplated hereby.

 

    	-5-

    	 

    

 

5.5
Calculations. All calculations under this Section 5 shall be made to the nearest cent or the nearest 1/100th of a share,
as the case may be. For purposes of this Section 5, the number of shares of Common Stock deemed to be issued and outstanding as
of a given date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding at
the close of the Trading Day on or, if not applicable, most recently preceding, such given date.

 

5.6
Notice to Holder.

 

(a)
Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 5, the
Company shall promptly mail to the Holder a notice setting forth the Exercise Price after such adjustment and setting forth a brief statement
of the facts requiring such adjustment.

 

(b)
Notice to Allow Exercise by Holder. If (i) the Company shall declare a dividend (or any other distribution in whatever form) on
the Common Stock; (ii) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock; (iii) the
Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares of
capital stock of any class or of any rights; (iv) the approval of any stockholders of the Company shall be required in connection with
any reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale or transfer of all or
substantially all of the assets of the Company, of any compulsory share exchange whereby the Common Stock is converted into other securities,
cash or property; or (v) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs
of the Company; then, in each case, the Company shall cause to be mailed to the Holder at its last address as it shall appear upon the
Warrant Register of the Company, at least twenty (20) calendar days prior to the applicable record or effective date hereinafter specified,
a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or
warrants, or if a record is not to be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend,
distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger,
sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the
Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other property deliverable
upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to mail such notice or
any defect therein or in the mailing thereof shall not affect the validity of the corporate action required to be specified in such notice.
Subject to applicable law, the Holder is entitled to exercise this Warrant during the period commencing on the date of such notice to
the effective date of the event triggering such notice. Notwithstanding the foregoing, the delivery of the notice described in this Section
5.6 is not intended to and shall not bestow upon the Holder any voting rights whatsoever with respect to outstanding unexercised
Warrants.

 

    	-6-

    	 

    

 

6.
NO IMPAIRMENT. The Company will not, by amendment of the Articles of Incorporation or through any reorganization, transfer of
assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance
or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms
and in taking all such action as may be necessary or appropriate in order to protect the rights of the Holder against impairment. Without
limiting the generality of the foregoing, the Company (a) will not increase the par value of any shares of Common Stock receivable on
the exercise of this Warrant above the amount payable therefor on such exercise and (b) will take all such action as may be necessary
or appropriate in order that the Company may validly and legally issue fully paid and non-assessable shares of stock on the exercise
of this Warrant from time to time outstanding.

 

7.
NOTICES OF RECORD DATE. In the event of:

 

(a)
any taking by the Company of a record of the holders of any class of securities for the purpose of determining the holders thereof who
are entitled to receive any dividend or other distribution, or any right to subscribe for, purchase or otherwise acquire any shares of
stock of any class or any other securities or property, or to receive any other right;

 

(b)
any capital reorganization of the Company, any reclassification or recapitalization of the capital stock of the Company or any transfer
of all or substantially all the assets of the Company to or any consolidation or merger of the Company with or into any other Person
or any other Change of Control; or

 

(c)
any voluntary or involuntary dissolution, liquidation or winding-up of the Company;

 

then,
and in each such event, the Company will mail or cause to be mailed to the Holder a notice specifying (i) the date on which any such
record is to be taken for the purpose of such dividend, distribution or right, and stating the amount and character of such dividend,
distribution or right, or (ii) the date on which any such reorganization, reclassification, recapitalization, transfer, consolidation,
merger, dissolution, liquidation or winding-up is anticipated to take place, and the time, if any is to be fixed, as of which the holders
of record of Common Stock shall be entitled to exchange their shares of Common Stock for securities or other property deliverable on
such reorganization, reclassification, recapitalization, transfer, consolidation, merger, dissolution, liquidation or winding-up. Such
notice shall be mailed at least fifteen (15) days prior to the date specified in such notice on which any such action is to be taken.

 

8.
RESERVATION OF STOCK ISSUABLE ON EXERCISE OF WARRANT; REGULATORY COMPLIANCE.

 

8.1.
Reservation of Stock Issuable on Exercise of Warrant. The Company shall at all times while this Warrant shall be outstanding,
reserve and keep available out of its authorized but unissued Common Stock, such number of shares of Common Stock as shall from time
to time be sufficient to effect the exercise of all or any portion of the Warrant Shares (disregarding for this purpose any and all limitations
of any kind on such exercise). The Company shall, from time to time in accordance with Chapter 78 of the Nevada Revised Statutes, increase
the authorized number of shares of Common Stock or take other effective action if at any time the unissued number of authorized shares
shall not be sufficient to satisfy the Company’s obligations under this Section 8.

 

8.2.
Regulatory Compliance. If any shares of Common Stock to be reserved for the purpose of exercise of the Warrant Shares require
registration or listing with or approval of any Governmental Authority, stock exchange or other regulatory body under any federal or
state law or regulation or otherwise before such shares may be validly issued or delivered upon exercise, the Company shall, at its sole
cost and expense, in good faith and as expeditiously as possible, secure such registration, listing or approval, as the case may be.

 

    	-7-

    	 

    

 

8.3.
Stockholder Approval. The Company shall not be required to issue any Warrant Shares if such issuance would cause the Company to
be required to obtain the Stockholder Approval either pursuant to the rules and regulations of the Trading Market or otherwise until
such Stockholder Approval has been obtained.

 

9.
DEFINITIONS. As used herein the following terms, unless the context otherwise requires, have the following respective meanings:

 

“Affiliate”
means a Person that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under common control
with, the Person specified, as such terms are used in and construed under Rule 405 under the Securities Act.

 

“Aggregate
Exercise Price” means, in connection with the exercise of this Warrant at any time, an amount equal to the product obtained
by multiplying (i) the Exercise Price times (ii) the number of shares of Common Stock for which this Warrant is being exercised at such
time.

 

“Articles
of Incorporation” means the Company’s Articles of Incorporation.

 

“Automatic
Conversion Price” means the lesser of (i) 75% of the cash price per share paid by the other purchasers of Next Round Securities
in the Qualified Financing and (ii) the Conversion Price ($2.25), subject to Customary Antidilution Adjustments).

 

“Business
Day” means any day other than a Saturday, Sunday or any other day on which the Federal Reserve Bank of New York is closed in
New York City.

 

“Change
of Control” has the meaning set forth in the Purchase Agreement.

 

“Common
Stock” means (i) the Company’s Common Stock, $0.001 par value per share, and (ii) any other securities into which or
for which any of the securities described in clause (i) above have been converted or exchanged pursuant to a plan of recapitalization,
reorganization, merger, sale of assets or otherwise.

 

“Convertible
Securities” means any debt, equity or other securities that are, directly or indirectly, convertible into or exchangeable for
Common Stock.

 

“Customary
Antidilution Adjustments” means customary anti-dilution protection for stock splits, stock dividends, stock combinations, recapitalizations
and similar transactions.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder from time
to time in effect.

 

“Exercise
Period” means the period commencing on the Issue Date and ending 11:59 P.M. (New York City time) on the five-year anniversary
of the Issue Date or earlier closing of a Fundamental Transaction (other than a Fundamental Transaction of the type described in clause
(d) of the definition thereof resulting in the conversion into or exchange for another security of the Company).

 

“Exercise
Price” means the lower of (i) $2.25 per share, or (ii) the Automatic Conversion Price.

 

“Exercise
Shares” means the shares of Common Stock for which this Warrant is then being exercised.

 

    	-8-

    	 

    

 

“Fair
Market Value” means, with respect to any security or other property, the fair market value of such security or other property
as determined by the Board of Directors, acting in good faith. “Governmental Authority” means the government of the
United States or any other nation, or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality,
regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative
powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central
Bank).

 

“Issue
Date” means January 24, 2022.

 

“Next
Round Securities” means equity or equity equivalent securities sold in a Company equity financing while the Note is outstanding.

 

“Note”
means the 10% secured convertible promissory note issued by the Company to the Holder pursuant to the Purchase Agreement.

 

“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

“Qualified
Financing” means an equity financing of Next Round Securities with a gross aggregate amount of securities sold of not less
than $10,000,000, excluding any and all indebtedness under the Notes that is converted into Next Round Securities, and with the principal
purpose of raising capital; provided, that the Company is listed on a Trading Market that is a senior exchange such as The NASDAQ Global
Market, The NASDAQ Global Select Market, The NASDAQ Capital Market, or the New York Stock Exchange.

 

“Registration
Rights Agreement” means the Registration Rights Agreement, dated as of January 24, 2022 (as the same may be amended from time
to time), by and between the Company and the Holder.

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder from time to time in
effect.

 

“Subsidiary”
means, as of any time of determination and with respect to any Person, any United States corporation, partnership, limited liability
company or limited liability partnership, all of the stock (or other equity interest) of every class of which, except directors’
qualifying shares (or any equivalent), shall, at such time, be owned by such Person either directly or through Subsidiaries and of which
such Person or a Subsidiary shall have 100% control thereof, except directors’ qualifying shares. Unless the context otherwise
clearly requires, any reference to a “Subsidiary” is a reference to a Subsidiary of the Company.

 

“Trading
Day” means a day on which the Common Stock is traded on a Trading Market.

 

“Trading
Market” means any of the following markets or exchanges on which the Common Stock (or any other common stock of any other Person
that references the Trading Market for its common stock) is listed or quoted for trading on the date in question: the OTC Bulletin Board,
The NASDAQ Global Market, The NASDAQ Global Select Market, The NASDAQ Capital Market, the New York Stock Exchange, NYSE Arca, the NYSE
MKT, or the OTCQX Marketplace, the OTCQB Marketplace, the OTC Pink Marketplace or any other tier operated by OTC Markets Group Inc. (or
any successor to any of the foregoing)

 

    	-9-

    	 

    

 

“VWAP”
means, for or as of any date, the dollar volume-weighted average price for such security on the Trading Market (or, if the Trading Market
is not the principal trading market for such security, then on the principal securities exchange or securities market on which such security
is then traded) during the period beginning at 9:30 a.m., New York time, and ending at 4:02 p.m., New York time, as reported by Bloomberg
through its “HP” function (set to weighted average) or, if the foregoing does not apply, the dollar volume-weighted average
price of such security in the over-the-counter market on the electronic bulletin board for such security during the period beginning
at 9:30 a.m., New York time, and ending at 4:02 p.m., New York time, as reported by Bloomberg, or, if no dollar volume-weighted average
price is reported for such security by Bloomberg for such hours, the average of the highest closing bid price and the lowest closing
ask price of any of the market makers for such security as reported in the “pink sheets” by OTC Markets Group Inc. (formerly
Pink Sheets LLC). If the VWAP cannot be calculated for such security on such date on any of the foregoing bases, the VWAP of such security
on such date shall be the fair market value as mutually determined by the Company and the Holder. All such determinations shall be appropriately
adjusted for any stock dividend, stock split, stock combination, recapitalization or other similar transaction during such period.

 

“Warrant
Shares” means collectively the shares of Common Stock of the Company issuable upon exercise of this Warrant in accordance with
its terms, as such number may be adjusted pursuant to the provisions thereof.

 

10.
LIMITATION ON BENEFICIAL OWNERSHIP. Notwithstanding anything to the contrary contained herein, the Holder shall not be entitled
to receive shares of Common Stock or other securities (together with Common Stock, “Equity Interests”) upon exercise
of this Warrant to the extent (but only to the extent) that such exercise or receipt would cause the Holder Group to become, directly
or indirectly, a “beneficial owner” (within the meaning of Section 13(d) of the Exchange Act and the rules and regulations
promulgated thereunder) of a number of Equity Interests of a class that is registered under the Exchange Act which exceeds the Maximum
Percentage (as defined below) of the Equity Interests of such class that are outstanding at such time. Any purported delivery of Equity
Interests in connection with the exercise of the Warrant prior to the termination of this restriction in accordance herewith shall be
void and have no effect to the extent (but only to the extent) that such delivery would result in the Holder Group becoming the beneficial
owner of more than the Maximum Percentage of the Equity Interests of a class that is registered under the Exchange Act that is outstanding
at such time. If any delivery of Equity Interests owed to the Holder following exercise of this Warrant is not made, in whole or in part,
as a result of this limitation, the Company’s obligation to make such delivery shall not be extinguished and the Company shall
deliver such Equity Interests as promptly as practicable after the Holder gives notice to the Company that such delivery would not result
in such limitation being triggered or upon termination of the restriction in accordance with the terms hereof. To the extent limitations
contained in this Section 10 apply, the determination of whether this Warrant is exercisable and of which portion of this Warrant
is exercisable shall be the sole responsibility and in the sole determination of the Holder, and the submission of an Exercise Notice
shall be deemed to constitute the Holder’s determination that the issuance of the full number of Warrant Shares requested in the
Exercise Notice is permitted hereunder, and neither the Company nor any Warrant agent shall have any obligation to verify or confirm
the accuracy of such determination. For purposes of this Section 10, (i) the term “Maximum Percentage” shall
mean 4.99%; provided, that if at any time after the date hereof the Holder Group beneficially owns in excess of 4.99% of any class of
Equity Interests in the Company that is registered under the Exchange Act (excluding any Equity Interests deemed beneficially owned by
virtue of this Warrant or the Note), then the Maximum Percentage shall automatically increase to 9.99% so long as the Holder Group owns
in excess of 4.99% of such class of Equity Interests (and shall, for the avoidance of doubt, automatically decrease to 4.99% upon the
Holder Group ceasing to own in excess of 4.99% of such class of Equity Interests); and (ii) the term “Holder Group”
shall mean the Holder plus any other Person with which the Holder is considered to be part of a group under Section 13 of the Exchange
Act or with which the Holder otherwise files reports under Sections 13 and/or 16 of the Exchange Act. In determining the number of Equity
Interests of a particular class outstanding at any point in time, the Holder may rely on the number of outstanding Equity Interests of
such class as reflected in (x) the Company’s most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q filed with
the Securities and Exchange Commission, as the case may be, (y) a more recent public announcement by the Company or (z) a more recent
notice by the Company or its transfer agent to the Holder setting forth the number of Equity Interests of such class then outstanding.
For any reason at any time, upon written or oral request of the Holder, the Company shall, within one (1) Trading Day of such request,
confirm orally and in writing to the Holder the number of Equity Interests of any class then outstanding. Anything herein to the contrary,
any increase in the Beneficial Ownership Limitation will not be effective until the 61st day after such notice is delivered to the Company.
The provisions of this Section 10 shall be construed, corrected and implemented in a manner so as to effectuate the intended beneficial
ownership limitation herein contained.

 

    	-10-

    	 

    

 

11.
REGISTRATION AND TRANSFER OF WARRANT.

 

11.1.
Registration of Warrant. The Company shall register and record transfers, exchanges, reissuances and cancellations of this Warrant,
upon the records to be maintained by the Company for that purpose, in the name of the record holder hereof from time to time. The Company
may deem and treat the registered holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution
to the Holder, and for all other purposes, absent actual notice to the contrary. The Company shall be entitled to rely and held harmless
in acting or refraining from acting in reliance upon, any notices, instructions or documents it believes in good faith to be from an
authorized representative of the Holder.

 

11.2
Transferability. This Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable,
in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written
assignment of this Warrant substantially in the form of assignment (the “Assignment Notice”) attached hereto duly
executed by the Holder or its agent or attorney. The Company may require the transferor thereof to provide to the Company an opinion
of counsel selected by the transferor, the form and substance of which opinion shall be reasonably satisfactory to the Company, to the
effect that such transfer does not require registration of the transferred Warrant under the Securities Act. Upon such surrender, the
Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination
or denominations specified in such Assignment Notice, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant
not so assigned, and this Warrant shall promptly be cancelled. This Warrant, if properly assigned in accordance herewith, may be exercised
by a new holder for the purchase of Exercise Shares without having a new Warrant issued.

 

11.3.
New Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of
the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by
the Holder or its agent or attorney. Subject to compliance with Section 11.2, as to any transfer which may be involved in such
division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for this Warrant or Warrants to
be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the original Issue
Date and shall be identical with this Warrant except as to the number of Exercise Shares issuable pursuant thereto.

 

12.
LOSS, THEFT, DESTRUCTION OR MUTILATION OF WARRANT. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Exercise Shares,
and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of this Warrant,
shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the
Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant
or stock certificate.

 

    	-11-

    	 

    

 

13.
REMEDIES. The Company stipulates that the remedies at law of the Holder in the event of any default or threatened default by the
Company in the performance of or compliance with any of the terms of this Warrant are not and will not be adequate, and that such terms
may be specifically enforced by a decree for the specific performance of any agreement contained herein or by an injunction against a
violation of any of the terms hereof or otherwise.

 

14.
NO RIGHTS AS A STOCKHOLDER. Except as otherwise specifically provided herein, the Holder, solely in such Person’s capacity
as a holder of this Warrant, shall not be entitled to vote or receive dividends or be deemed the holder of share capital of the Company
for any purpose, nor shall anything contained in this Warrant be construed to confer upon the Holder, solely in such Person’s capacity
as the Holder of this Warrant, any of the rights of a stockholder of the Company or any right to vote, give or withhold consent to any
corporate action (whether any reorganization, issue of stock, reclassification of stock, consolidation, merger, conveyance or otherwise),
receive notice of meetings, receive dividends or subscription rights, or otherwise, prior to the issuance to the Holder of the Exercise
Shares.

 

15.
NOTICES. All notices, requests, demands and other communications that are required or may be given pursuant to the terms of this
Warrant shall be in writing and shall be deemed delivered (i) on the date of delivery when delivered by hand on a Business Day during
normal business hours or, if delivered on a day that is not a Business Day or after normal business hours, then on the next Business
Day, (ii) on the date of transmission when sent by facsimile transmission or email during normal business hours on a Business Day with
telephone confirmation of receipt or, if transmitted on a day that is not a Business Day or after normal business hours, then on the
next Business Day, or (iii) on the second Business Day after the date of dispatch when sent by a reputable courier service that maintains
records of receipt. The addresses for notice shall be as set forth in the Purchase Agreement.

 

16.
CONSENT TO AMENDMENTS. Any term of this Warrant may be amended, and the Company may take any action herein prohibited, or compliance
therewith may be waived, only if the Company shall have obtained the written consent (and not without such written consent) to such amendment,
action or waiver from the Holder. No course of dealing between the Company and the Holder nor any delay in exercising any rights hereunder
shall operate as a waiver of any rights of the Holder.

 

17.
MISCELLANEOUS. In case any provision of this Warrant shall be invalid, illegal or unenforceable, or partially invalid, illegal
or unenforceable, the provision shall be enforced to the extent, if any, that it may legally be enforced and the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby. If any provision of this Warrant is
found to conflict with the Purchase Agreement, the provisions of this Warrant shall prevail. If any provision of this Warrant is found
to conflict with the Note, the provisions of the Note shall prevail. THIS WARRANT SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH,
AND THE RIGHTS OF THE PARTIES SHALL BE GOVERNED BY, THE INTERNAL LAW OF THE STATE OF NEW YORK EXCLUDING CHOICE-OF-LAW PRINCIPLES OF THE
LAW OF SUCH STATE THAT WOULD PERMIT THE APPLICATION OF THE LAWS OF A JURISDICTION OTHER THAN SUCH STATE. The headings in this Warrant
are for purposes of reference only, and shall not limit or otherwise affect any of the terms hereof.

 

[Remainder
of Page Intentionally Left Blank]

 

    	-12-

    	 

    

 

IN
WITNESS WHEREOF, the Company has caused this Warrant to be executed by its duly authorized officer.

 

Dated
as of January 24, 2022

 

	 	marizyme, INC.
	 	 	 
	 	By:	/s/
    David Barthel
	 	 	 
	 	Name: 	David
    Barthel
	 	 	 
	 	Title:	Chief
    Executive Officer

 

    	-13-

    	 

    

 

FORM
OF SUBSCRIPTION

 

(To
be signed only on exercise

of
attached Warrant)

 

TO:
Marizyme, Inc.

 

1.
The undersigned Holder of the attached Warrant hereby elects to exercise its purchase right under such Warrant to purchase shares of
Common Stock of Marizyme, Inc., a Nevada corporation (the “Company”), as follows (check one or more, as applicable):

 

	 	☐	to
    exercise the Warrant to purchase __________ shares of Common Stock and to pay the Aggregate Exercise Price therefor by wire transfer
    of United States funds to the account of the Company, which transfer has been made prior to or as of the date of delivery of this
    Form of Subscription pursuant to the instructions of the Company;
	 	 	 
	 	 	and/or
	 	 	 
	 	☐	to
    exercise the Warrant with respect to ____________ shares of Common Stock pursuant to the net exercise provisions specified in Section
    2.3 of the Warrant.

 

2.
In exercising this Warrant, the undersigned Holder hereby confirms and acknowledges that the shares of Common Stock are being acquired
solely for the account of the undersigned and not as a nominee for any other party, and for investment, and that the undersigned shall
not offer, sell or otherwise dispose of any such shares of Common Stock except under circumstances that will not result in a violation
of the Securities Act or any state securities laws. The undersigned hereby further confirms and acknowledges that it is an “accredited
investor”, as that term is defined under the Securities Act.

 

3.
Please issue a stock certificate or certificates representing the appropriate number of shares of Common Stock in the name of the undersigned
or in such other name(s) as is specified below:

 

	 	Name:		 
	 	Address:	 	 
	 	 	 	 
	 	 	 	 
	 	TIN:	 	 

 

	 	 	Dated:
	(Signature
    must conform exactly to name of Holder as specified on the face of the Warrant)	 	 

 

    	 

    	 

    

 

FORM
OF ASSIGNMENT

(To
be signed only on transfer of Warrant)

 

For
value received, the undersigned hereby sells, assigns, and transfers unto ________________ the right represented by the within Warrant
to purchase shares of Common Stock of Marizyme, Inc., a Nevada corporation, to which the within Warrant relates, and appoints _________________
attorney to transfer such right on the books of Marizyme, Inc., with full power of substitution in the premises.

 

	 	 	 	[insert
    name of Holder]
	 	 	 	 	 
	Dated: 		 	By:	   
	 	 	 	 	 
	 	 	 	Title:	
	 	 	 	 	 
	 	 	 	[insert
    address of Holder]

 

	Signed in the presence of:Exhibit
10.26

 

EXECUTION
COPY

 

GUARANTORS
SECURITY AGREEMENT

 

GUARANTORS
SECURITY AGREEMENT (this “Agreement”), dated as of May 20, 2021, by and among the grantors signatory hereto (individually,
a “Grantor” and collectively, the “Grantors”) and the secured parties signatory hereto (collectively,
the “Secured Party”).

 

WHEREAS,
Marizyme, Inc., a Nevada corporation (the “Borrower”) is the holder of 100% of the equity interests of each Grantor;
and

 

WHEREAS,
(a) the Borrower and the Secured Party have entered into that certain Unit Purchase Agreement dated as of the date hereof (as amended
and in effect from time to time, the “UPA”) and (b) the Borrower has issued to the Secured Party those certain Units
and those certain Secured Convertible Promissory Notes dated as of the date hereof (as amended and in effect from time to time, the “Notes”);

 

WHEREAS,
in connection with the UPA and the Notes, each Grantor has entered into that certain Guaranty dated as of the date hereof in favor of
the Secured Party (as amended and in effect from time to time, the “Guaranty”) pursuant to which each Grantor has
guaranteed all of the obligations of the Borrower owing to the Secured Party under the UPA, the Notes and certain other related agreements;
and

 

WHEREAS,
it is a condition precedent to the Secured Party agreeing to make loans or otherwise extend credit to the Borrower and purchase the Units
under the UPA and the Notes that each Grantor execute and deliver to the Secured Party a security agreement in substantially the form
hereof; and

 

WHEREAS,
each Grantor wishes to grant security interests in favor of the Secured Party as herein provided;

 

NOW,
THEREFORE, in consideration of the promises contained herein and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto agree as follows:

 

1. Definitions.
All capitalized terms used herein without definitions shall have the respective meanings provided therefor in the UPA. All terms defined
in the Uniform Commercial Code of the State (as hereinafter defined) and used herein shall have the same definitions herein as specified
therein, however, if a term is defined in Article 9 of the Uniform Commercial Code of the State differently than in another Article of
the Uniform Commercial Code of the State, the term has the meaning specified in Article 9, and the following terms shall have the following
meanings:

 

“Event
of Default” means the occurrence of any “Event of Default” under and as defined in each of the UPA and the Notes,
or the failure of each Grantor to comply with any term or covenant of any Transaction Document (including this Agreement) to which it
is a party.

 

“Lien”
means any mortgage, charge, pledge, hypothecation, security interest, assignment by way of security, lien (statutory or otherwise), encumbrance,
conditional sale agreement, capital lease, financing lease, deposit arrangement, title retention agreement, and any other agreement,
trust or arrangement that in substance secures payment or performance of an obligation.

 

    	 

     

    

 

“Obligations”
means, collectively, (a) all debts, liabilities and obligations, present or future, direct or indirect, absolute or contingent, matured
or unmatured, at any time or from time to time due or accruing due and owing by or otherwise payable by each Grantor or the Borrower
to the Secured Party in any currency, under, in connection with or pursuant to any Transaction Document (including, without limitation,
the UPA, the Notes, the Guaranty and this Agreement), and whether incurred by such Grantor or the Borrower, as the case may be, alone
or jointly with another or others and whether as principal, guarantor or surety and in whatever name or style and (b) all expenses, costs
and charges incurred by or on behalf of the Secured Party in connection with any Transaction Document (including, without limitation,
the UPA, the Notes, the Guaranty, the Security Agreement and this Agreement) or the Collateral, including all legal fees, court costs,
receiver’s or agent’s remuneration and other expenses of taking possession of, repairing, protecting, insuring, preparing
for disposition, realizing, collecting, selling, transferring, delivering or obtaining payment for the Collateral, and of taking, defending
or participating in any action or proceeding in connection with any of the foregoing matters or otherwise in connection with the Secured
Party’s interest in any Collateral, whether or not directly relating to the enforcement of this Agreement or any other Transaction
Document.

 

“Permitted
Lien” means any of the following: (a) mechanics and materialman Liens and other statutory Liens (including Liens for taxes,
fees, assessments and other governmental charges or levies) in respect of any amount (i) which is not at the time overdue or (ii) which
may be overdue but the validity of which is being contested at the time in good faith by appropriate proceedings, in each case so long
as the holder of such Lien has not taken any action to foreclose or otherwise exercise any remedies with respect to such Lien; and (b)
Liens which are permitted in writing by the Secured Party in its sole and absolute discretion.

 

“State”
means the State of New York.

 

2. Grant
of Security Interest.

 

2.1. Grant;
Collateral Description. Each Grantor hereby grants

 

2.1.1. to
the Secured Party, to secure the payment and performance in full of all of the Obligations, a security interest in and pledges and assigns
to the Secured Party the following properties, assets and rights of such Grantor, wherever located, whether now owned or hereafter acquired
or arising, and all proceeds and products thereof (all of the same being hereinafter called the “Collateral”): all
personal and fixture property of every kind and nature including all goods (including inventory, equipment and any accessions thereto),
instruments (including promissory notes), documents (whether tangible or electronic), accounts (including health-care-insurance receivables),
chattel paper (whether tangible or electronic), deposit accounts, letter-of-credit rights (whether or not the letter of credit is evidenced
by a writing), commercial tort claims, securities and all other investment property, supporting obligations, any other contract rights
or rights to the payment of money, insurance claims and proceeds, and all general intangibles (including all payment intangibles).

 

    	2

    	 

    

 

2.1.2. Each
Grantor’s obligations under this Agreement shall be limited to the actual dollar amount of the Obligations. Any actions taken by
the Secured Party or its agent(s) under the provisions of this Agreement upon the occurrence and during the continuance of an Event of
Default, including with respect to the authorization to sell, transfer, pledge, make any agreement with respect to or otherwise dispose
of or deal with any of the Collateral, shall be limited to the actual dollar amount of the Obligations.

 

2.2. Commercial
Tort Claims. The Secured Party acknowledges that the attachment of its security interest in any commercial tort claim as original
collateral is subject to such Grantor’s compliance with §4.7.

 

3. Authorization
to File Financing Statements. Each Grantor hereby
irrevocably authorizes the Secured Party at any time and from time to time to file in any filing office in any Uniform Commercial Code
jurisdiction any initial financing statements and amendments thereto that (a) indicate the Collateral (i) as all assets of such Grantor
or words of similar effect, regardless of whether any particular asset comprised in the Collateral falls within the scope of Article
9 of the Uniform Commercial Code of the State or such jurisdiction, or (ii) as being of an equal or lesser scope or with greater detail,
and (b) provide any other information required by part 5 of Article 9 of the Uniform Commercial Code of the State or such other jurisdiction
for the sufficiency or filing office acceptance of any financing statement or amendment, including whether such Grantor is an organization,
the type of organization and any organizational identification number issued to such Grantor. Each Grantor agrees to furnish any such
information to the Secured Party promptly upon the Secured Party’s reasonable request.

 

4. Other
Actions. Further to insure the attachment, perfection
and first priority of, and the ability of the Secured Party to enforce, the Secured Party’s security interest in the Collateral,
each Grantor agrees, in each case at such Grantor’s expense, to take the following actions with respect to the following Collateral
and without limitation on such Grantor’s other obligations contained in this Agreement:

 

4.1. Promissory
Notes and Tangible Chattel Paper. If a Grantor shall, now or at any time hereafter, hold or acquire any promissory notes
or tangible chattel paper with an aggregate value for all such promissory notes or tangible chattel paper in excess of $50,000, such
Grantor shall forthwith endorse, assign and deliver the same to the Secured Party, accompanied by such instruments of transfer or assignment
duly executed in blank as the Secured Party may from time to time specify.

 

    	3

    	 

    

 

4.2. Deposit
Accounts. For each deposit account that a Grantor, now or at any time hereafter, opens or maintains such Grantor shall, at the
Secured Party’s request and option, pursuant to an agreement in form and substance satisfactory to the Secured Party, either (a)
cause the depositary bank to agree to comply without further consent of such Grantor, at any time with instructions from the Secured
Party to such depositary bank directing the disposition of funds from time to time credited to such deposit account, or (b) arrange for
the Secured Party to become the customer of the depositary bank with respect to the deposit account, with such Grantor being permitted,
only with the consent of the Secured Party, to exercise rights to withdraw funds from such deposit account. The Secured Party agrees
with such Grantor that the Secured Party shall not give any such instructions or withhold any withdrawal rights from such Grantor, unless
an Event of Default has occurred and is continuing, or, if effect were given to any withdrawal not otherwise permitted by the Transaction
Documents, would occur. The provisions of this paragraph shall not apply to any deposit accounts specially and exclusively used for payroll,
payroll taxes and other employee wage and benefit payments to or for the benefit of such Grantor’s salaried employees.

 

4.3. Investment
Property. If a Grantor shall, now or at any time hereafter, hold or acquire any certificated securities, such Grantor
shall forthwith endorse, assign and deliver the same to the Secured Party, accompanied by such instruments of transfer or assignment
duly executed in blank as the Secured Party may from time to time specify. If any securities now or hereafter acquired by such Grantor
are uncertificated and are issued to such Grantor or its nominee directly by the issuer thereof, such Grantor shall promptly (but in
any event within two Business Days) notify the Secured Party thereof and, at the Secured Party’s request and option, pursuant to
an agreement in form and substance satisfactory to the Secured Party, either (a) cause the issuer to agree to comply without further
consent of such Grantor or such nominee, at any time with instructions from the Secured Party as to such securities, or (b) arrange for
the Secured Party to become the registered owner of the securities. If any securities, whether certificated or uncertificated, or other
investment property now or hereafter acquired by such Grantor are held by such Grantor or its nominee through a securities intermediary
or commodity intermediary, such Grantor shall promptly (but in any event within two Business Days) notify the Secured Party thereof and,
at the Secured Party’s request and option, pursuant to an agreement in form and substance satisfactory to the Secured Party, either
(i) cause such securities intermediary or (as the case may be) commodity intermediary to agree to comply, in each case without further
consent of such Grantor or such nominee, at any time with entitlement orders or other instructions from the Secured Party to such securities
intermediary as to such securities or other investment property, or (as the case may be) to apply any value distributed on account of
any commodity contract as directed by the Secured Party to such commodity intermediary, or (ii) in the case of financial assets or other
investment property held through a securities intermediary, arrange for the Secured Party to become the entitlement holder with respect
to such investment property, with such Grantor being permitted, only with the consent of the Secured Party, to exercise rights to withdraw
or otherwise deal with such investment property. The Secured Party agrees with such Grantor that the Secured Party shall not give any
such entitlement orders or instructions or directions to any such issuer, securities intermediary or commodity intermediary, and shall
not withhold its consent to the exercise of any withdrawal or dealing rights by such Grantor, unless an Event of Default has occurred
and is continuing, or, after giving effect to any such investment and withdrawal rights not otherwise permitted by the Transaction Documents,
would occur. The provisions of this paragraph shall not apply to any financial assets credited to a securities account for which the
Secured Party is the securities intermediary.

 

    	4

    	 

    

 

4.4. Collateral
in the Possession of a Bailee. If any Collateral with an aggregate value in excess of $100,000 is, now or at any time
hereafter, in the possession of a bailee, such Grantor shall promptly notify the Secured Party thereof and, at the Secured Party’s
reasonable request and option, shall promptly obtain an acknowledgement from the bailee, in form and substance satisfactory to the Secured
Party, that the bailee holds such Collateral for the benefit of the Secured Party and such bailee’s agreement to comply, without
further consent of such Grantor, at any time with instructions of the Secured Party as to such Collateral.

 

4.5. Electronic
Chattel Paper, Electronic Documents and Transferable Records. If a Grantor, now or at any time hereafter, holds or acquires an
interest in any Collateral that is electronic chattel paper, any electronic document or any “transferable record,” as that
term is defined in Section 201 of the federal Electronic Signatures in Global and National Commerce Act, or in §16 of the Uniform
Electronic Transactions Act as in effect in any relevant jurisdiction, such Grantor shall promptly notify the Secured Party thereof and,
at the request and option of the Secured Party, shall take such action as the Secured Party may reasonably request to vest in the Secured
Party control, under §9-105 of the Uniform Commercial Code of the State or any other relevant jurisdiction, of such electronic chattel
paper, control, under §7-106 of the Uniform Commercial Code of the State or any other relevant jurisdiction, of such electronic
document or control, under Section 201 of the federal Electronic Signatures in Global and National Commerce Act or, as the case may be,
§16 of the Uniform Electronic Transactions Act, as so in effect in such jurisdiction, of such transferable record. The Secured Party
agrees with such Grantor that the Secured Party will arrange, pursuant to procedures satisfactory to the Secured Party and so long as
such procedures will not result in the Secured Party’s loss of control, for such Grantor to make alterations to the electronic
chattel paper, electronic document or transferable record permitted under UCC §9-105, UCC §7-106, or, as the case may be, Section
201 of the federal Electronic Signatures in Global and National Commerce Act or §16 of the Uniform Electronic Transactions Act for
a party in control to make without loss of control, unless an Event of Default has occurred and is continuing or would occur after taking
into account any action by such Grantor with respect to such electronic chattel paper, electronic document or transferable record. The
provisions of this §4.5 relating to electronic documents and “control” under UCC §7-106 apply in the event that
the 2003 revisions to Article 7, with amendments to Article 9, of the Uniform Commercial Code, in substantially the form approved by
the American Law Institute and the National Conference of Commissioners on Uniform State Laws, are now or hereafter adopted and become
effective in the State or in any other relevant jurisdiction.

 

4.6. Letter-of-Credit
Rights. If a Grantor is, now or at any time hereafter, a beneficiary under a letter of credit with a stated amount in excess
of $25,000, or if such Grantor is a beneficiary under letters of credit not assigned to the Secured Party with an aggregate stated amount
in excess of $50,000, such Grantor shall promptly notify the Secured Party thereof and, at the request and option of the Secured Party,
such Grantor shall, pursuant to an agreement in form and substance satisfactory to the Secured Party, either (a) arrange for the issuer
and any confirmer of such letter of credit to consent to an assignment to the Secured Party of the proceeds of the letter of credit or
(b) arrange for the Secured Party to become the transferee beneficiary of the letter of credit.

 

    	5

    	 

    

 

4.7. Commercial
Tort Claims. If a Grantor shall, now or at any time hereafter, hold or acquire a commercial tort claim, such Grantor shall
promptly notify the Secured Party in a writing signed by such Grantor of the particulars thereof and grant to the Secured Party in such
writing a security interest therein and in the proceeds thereof, all upon the terms of this Agreement, with such writing to be in form
and substance satisfactory to the Secured Party.

 

4.8. Other
Actions as to any and all Collateral. Each Grantor further agrees, upon the request of the Secured Party and at the Secured Party’s
option, to take any and all other actions as the Secured Party may determine to be necessary or useful for the attachment, perfection
and first priority of, and the ability of the Secured Party to enforce, the Secured Party’s security interest in any and all of
the Collateral, including (a) executing, delivering and, where appropriate, filing financing statements and amendments relating thereto
under the Uniform Commercial Code of any relevant jurisdiction, to the extent, if any, that such Grantor’s signature thereon is
required therefor, (b) causing the Secured Party’s name to be noted as secured party on any certificate of title for a titled good
if such notation is a condition to attachment, perfection or priority of, or ability of the Secured Party to enforce, the Secured Party’s
security interest in such Collateral, (c) complying with any provision of any statute, regulation or treaty of the United States as to
any Collateral if compliance with such provision is a condition to attachment, perfection or priority of, or ability of the Secured Party
to enforce, the Secured Party’s security interest in such Collateral, (d) obtaining governmental and other third party waivers,
consents and approvals, in form and substance satisfactory to the Secured Party, including any consent of any licensor, lessor or other
person obligated on Collateral, (e) obtaining waivers from mortgagees and landlords in form and substance satisfactory to the Secured
Party and (f) taking all actions under any earlier versions of the Uniform Commercial Code or under any other law, as reasonably determined
by the Secured Party to be applicable in any relevant Uniform Commercial Code or other jurisdiction, including any foreign jurisdiction.

 

4.9. Relation
to other Security Documents. Concurrently herewith each Grantor is also executing and delivering to the Secured Party the Trademark
Security Agreement pursuant to which such Grantor is assigning to the Secured Party certain Collateral consisting of trademarks, service
marks and trademark and service mark rights, together with the goodwill appurtenant thereto. The provisions of the Trademark Security
Agreement are supplemental to the provisions of this Agreement and nothing contained in the Trademark Security Agreement shall derogate
from any of the rights or remedies of the Secured Party hereunder. Nor will anything contained in the Trademark Security Agreement be
deemed to prevent or extend the time of attachment or perfection of any security interest in such Collateral created hereby.

 

    	6

    	 

    

 

5. Representations
and Warranties Concerning each Grantor’s Legal Status.
Each Grantor has, on the date hereof, delivered to the Secured Party a certificate signed by such Grantor and entitled “Perfection
Certificate” (the “Perfection Certificate”). such Grantor represents and warrants to the Secured Party as follows:
as of the date hereof (a) such Grantor’s exact legal name is that indicated on the Perfection Certificate and on the signature
page hereof, (b) such Grantor is an organization of the type, and is organized in the jurisdiction, set forth in the Perfection Certificate,
(c) the Perfection Certificate accurately sets forth such Grantor’s organizational identification number or accurately states that
such Grantor has none, (d) the Perfection Certificate accurately sets forth such Grantor’s place of business or, if more than one,
its chief executive office, as well as such Grantor’s mailing address, if different, (e) all other information set forth on the
Perfection Certificate pertaining to such Grantor is accurate and complete, and (f) there has been no change in any of such information
since the date on which the Perfection Certificate was signed by such Grantor.

 

6. Covenants
Concerning each Grantor’s Legal Status.
Each Grantor covenants with the Secured Party as follows: (a) without providing at least thirty (30) days prior written notice to the
Secured Party, such Grantor will not change its name, its place of business or, if more than one, chief executive office, or its mailing
address or organizational identification number if it has one, (b) if such Grantor does not have an organizational identification number
and later obtains one, such Grantor will forthwith notify the Secured Party of such organizational identification number, and (c) such
Grantor will not change its type of organization, jurisdiction of organization or other legal structure.

 

7. Representations
and Warranties Concerning Collateral, Etc. Each
Grantor further represents and warrants to the Secured Party as follows: (a) such Grantor is the owner of or has other rights in or power
to transfer the Collateral, free from any right or claim of any person or any adverse lien, except for the security interest created
by this Agreement and the Permitted Liens, (b) none of the account debtors or other persons obligated on any of the Collateral is a governmental
authority covered by the Federal Assignment of Claims Act or like federal, state or local statute or rule in respect of such Collateral,
(c) such Grantor holds no commercial tort claim except as indicated on such Grantor’s Perfection Certificate, (d) all other information
set forth on such Grantor’s Perfection Certificate pertaining to the Collateral is accurate and complete, and (e) there has been
no change in any of such information since the date on which such Grantor’s Perfection Certificate was signed by such Grantor.

 

8. Covenants
Concerning Collateral, Etc. Each Grantor further
covenants with the Secured Party as follows: (a) other than inventory sold in the ordinary course of business consistent with past practices,
the Collateral, to the extent not delivered to the Secured Party pursuant to §4, will be kept at those locations listed on the Perfection
Certificate and such Grantor will not remove the Collateral from such locations, without providing at least thirty (30) days prior written
notice to the Secured Party, (b) except for the security interest herein granted, such Grantor shall be the owner of or have other rights
in the Collateral free from any right or claim of any other person or any Lien (other than Permitted Liens), and such Grantor shall defend
the same against all claims and demands of all persons at any time claiming the same or any interests therein adverse to the Secured
Party, (c) other than in favor of the Secured Party, such Grantor shall not pledge, mortgage or create, or suffer to exist any right
of any person in or claim by any person to the Collateral, or any Lien in the Collateral in favor of any person, or become bound (as
provided in Section 9-203(d) of the Uniform Commercial Code of the State or any other relevant jurisdiction or otherwise) by a security
agreement in favor of any person as secured party, (d) such Grantor will permit the Secured Party, or its designee, to inspect the Collateral
at any reasonable time, wherever located, (e) such Grantor will pay promptly when due all taxes, assessments, governmental charges and
levies upon the Collateral or incurred in connection with the use or operation of the Collateral or incurred in connection with this
Agreement, and (f) such Grantor will not sell or otherwise dispose, or offer to sell or otherwise dispose, of the Collateral, or any
interest therein except for, so long as no Event of Default has occurred and is continuing, dispositions of obsolete or worn-out property,
the granting of non-exclusive licenses in the ordinary course of business, and the sale of inventory in the ordinary course of business
consistent with past practices.

 

    	7

    	 

    

 

9. Collateral
Protection Expenses; Preservation of Collateral.

 

9.1. Expenses
Incurred by Secured Party. In the Secured Party’s discretion, the Secured Party may discharge taxes and other encumbrances
at any time levied or placed on any of the Collateral, and pay any necessary filing fees or insurance premiums, in each case if a Grantor
fails to do so. Each Grantor agrees to reimburse the Secured Party on demand for all expenditures so made. The Secured Party shall have
no obligation to any Grantor to make any such expenditures, nor shall the making thereof be construed as a waiver or cure of any Event
of Default.

 

9.2. Secured
Party’s Obligations and Duties. Anything herein to the contrary notwithstanding, each Grantor shall remain obligated and
liable under each contract or agreement comprised in the Collateral to be observed or performed by such Grantor thereunder. The Secured
Party shall not have any obligation or liability under any such contract or agreement by reason of or arising out of this Agreement or
the receipt by the Secured Party of any payment relating to any of the Collateral, nor shall the Secured Party be obligated in any manner
to perform any of the obligations of such Grantor under or pursuant to any such contract or agreement, to make inquiry as to the nature
or sufficiency of any payment received by the Secured Party in respect of the Collateral or as to the sufficiency of any performance
by any party under any such contract or agreement, to present or file any claim, to take any action to enforce any performance or to
collect the payment of any amounts which may have been assigned to the Secured Party or to which the Secured Party may be entitled at
any time or times. The Secured Party’s sole duty with respect to the custody, safe keeping and physical preservation of the Collateral
in its possession, under §9-207 of the Uniform Commercial Code of the State or otherwise, shall be to deal with such Collateral
in the same manner as the Secured Party deals with similar property for its own account.

 

10. Securities
and Deposits. The Secured Party may at any time
following and during the continuance of a payment default or an Event of Default, at its option, transfer to itself or any nominee
any securities constituting Collateral, receive any income thereon and hold such income as additional Collateral or apply it to the Obligations.
Whether or not any Obligations are due, the Secured Party may, following and during the continuance of a payment default or an Event
of Default demand, sue for, collect, or make any settlement or compromise which it deems desirable with respect to the Collateral. Regardless
of the adequacy of Collateral or any other security for the Obligations, any deposits or other sums at any time credited by or due from
the Secured Party to such Grantor may at any time be applied to or set off against any of the Obligations then due and owing.

 

    	8

    	 

    

 

11. Notification
to Account Debtors and Other Persons Obligated on Collateral.
If an Event of Default shall have occurred and be continuing:

 

(a)
each Grantor shall, at the request and option of the Secured Party, notify account debtors and other persons obligated on any of the
Collateral of the security interest of the Secured Party in any account, chattel paper, general intangible, instrument or other Collateral
and that payment thereof is to be made directly to the Secured Party or to any financial institution designated by the Secured Party
as the Secured Party’s agent therefor;

 

(b)
the Secured Party may itself, without notice to or demand upon any Grantor, so notify account debtors and other persons obligated on
Collateral;

 

(c)
after the making of such a request or the giving of any such notification, such Grantor shall hold any proceeds of collection of accounts,
chattel paper, general intangibles, instruments and other Collateral received by such Grantor as trustee for the Secured Party, for the
benefit of the Secured Party, without commingling the same with other funds of such Grantor and shall turn the same over to the Secured
Party in the identical form received, together with any necessary endorsements or assignments; and

 

(d) the
Secured Party shall apply the proceeds of collection of accounts, chattel paper, general intangibles, instruments and other Collateral
and received by the Secured Party to the payment of the Obligations, such proceeds to be immediately credited after final payment in
cash or other immediately available funds of the items giving rise to them.

 

12. Power
of Attorney.

 

12.1. Appointment
and Powers of Secured Party. Each Grantor hereby irrevocably constitutes and appoints the Secured Party and any officer or agent
thereof, with full power of substitution, as its true and lawful attorneys-in-fact with full irrevocable power and authority in the place
and stead of such Grantor or in the Secured Party’s own name, for the purpose of carrying out the terms of this Agreement, to take
any and all appropriate action and to execute any and all documents and instruments that may be necessary or useful to accomplish the
purposes of this Agreement and, without limiting the generality of the foregoing, hereby gives said attorneys the power and right, on
behalf of such Grantor, without notice to or assent by such Grantor, to do the following:

 

(a) upon
the occurrence and during the continuance of an Event of Default, generally to sell, transfer, pledge, make any agreement with respect
to or otherwise dispose of or deal with any of the Collateral in such manner as is consistent with the Uniform Commercial Code of the
State or any other relevant jurisdiction and as fully and completely as though the Secured Party were the absolute owner thereof for
all purposes, and to do, at such Grantor’s expense, at any time, or from time to time, all acts and things which the Secured Party
deems necessary or useful to protect, preserve or realize upon the Collateral and the Secured Party’s security interest therein,
in order to effect the intent of this Agreement, all no less fully and effectively as such Grantor might do, including (i) upon written
notice to such Grantor, the exercise of voting rights with respect to voting securities, which rights may be exercised, if the Secured
Party so elects, with a view to causing the liquidation of assets of the issuer of any such securities and (ii) the execution, delivery
and recording, in connection with any sale or other disposition of any Collateral, of the endorsements, assignments or other instruments
of conveyance or transfer with respect to such Collateral; and

 

    	9

    	 

    

 

(b) to
the extent that any Grantor’s authorization given in §3 is not sufficient, to file such financing statements with respect
hereto, with or without such Grantor’s signature, or a photocopy of this Agreement in substitution for a financing statement, as
the Secured Party may deem appropriate and to execute in such Grantor’s name such financing statements and amendments thereto and
continuation statements which may require such Grantor’s signature.

 

12.2. Ratification
by each Grantor. To the extent permitted by law, each Grantor hereby ratifies all that said attorneys shall lawfully do or cause
to be done by virtue hereof. This power of attorney is a power coupled with an interest and is irrevocable.

 

12.3. No
Duty on Secured Party. The powers conferred on the Secured Party hereunder are solely to protect the interests of the Secured
Party in the Collateral and shall not impose any duty upon the Secured Party to exercise any such powers. The Secured Party shall be
accountable only for the amounts that it actually receives as a result of the exercise of such powers, and neither it nor any of its
officers, directors, employees or agents shall be responsible to any Grantor for any act or failure to act, except for the Secured Party’s
own gross negligence or willful misconduct.

 

13. Rights
and Remedies.

 

13.1. General.
If an Event of Default shall have occurred and be continuing, the Secured Party, without any other notice to or demand upon any Grantor,
shall have in any jurisdiction in which enforcement hereof is sought, in addition to all other rights and remedies, the rights and remedies
of a secured party under the Uniform Commercial Code of the State or any other relevant jurisdiction and any additional rights and remedies
as may be provided to a secured party in any jurisdiction in which Collateral is located, including the right to take possession of the
Collateral, and for that purpose the Secured Party may, so far as each Grantor can give authority therefor, enter upon any premises on
which the Collateral may be situated and remove the same therefrom. The Secured Party may in its discretion require such Grantor to assemble
all or any part of the Collateral at such location or locations within the jurisdiction(s) of such Grantor’s principal office(s)
or at such other locations as the Secured Party may reasonably designate. Unless the Collateral is perishable or threatens to decline
speedily in value or is of a type customarily sold on a recognized market, the Secured Party shall give to such Grantor at least ten
(10) Business Days prior written notice of the time and place of any public sale of Collateral or of the time after which any private
sale or any other intended disposition is to be made. Each Grantor hereby acknowledges that ten (10) Business Days prior written notice
of such sale or sales shall be reasonable notice. In addition, each Grantor waives any and all rights that it may have to a judicial
hearing in advance of the enforcement of any of the Secured Party’s rights and remedies hereunder, including its right following
an Event of Default to take immediate possession of the Collateral and to exercise its rights and remedies with respect thereto.

 

    	10

    	 

    

 

14. Standards
for Exercising Rights and Remedies. To the extent
that applicable law imposes duties on the Secured Party to exercise remedies in a commercially reasonable manner, each Grantor acknowledges
and agrees that it is not commercially unreasonable for the Secured Party (a) to fail to incur expenses reasonably deemed significant
by the Secured Party to prepare Collateral for disposition or otherwise to fail to complete raw material or work in process into finished
goods or other finished products for disposition, (b) to fail to obtain third party consents for access to Collateral to be disposed
of, or to obtain or, if not required by other law, to fail to obtain governmental or third party consents for the collection or disposition
of Collateral to be collected or disposed of, (c) to fail to exercise collection remedies against account debtors or other persons obligated
on Collateral or to fail to remove Liens on or any adverse claims against Collateral, (d) to exercise collection remedies against account
debtors and other persons obligated on the Collateral directly or through the use of collection agencies and other collection specialists,
(e) to advertise dispositions of the Collateral through publications or media of general circulation, whether or not the Collateral is
of a specialized nature, (f) to contact other persons, whether or not in the same business as such Grantor, for expressions of interest
in acquiring all or any portion of the Collateral, (g) to hire one or more professional auctioneers to assist in the disposition of the
Collateral, whether or not the collateral is of a specialized nature, (h) to dispose of the Collateral by utilizing Internet sites that
provide for the auction of assets of the types included in the Collateral or that have the reasonable capability of doing so, or that
match buyers and sellers of assets, (i) to dispose of assets in wholesale rather than retail markets, (j) to disclaim disposition warranties,
(k) to purchase insurance or credit enhancements to insure the Secured Party against risks of loss, collection or disposition of the
Collateral or to provide to the Secured Party a guaranteed return from the collection or disposition of such Collateral, or (l) to the
extent deemed appropriate by the Secured Party, to obtain the services of brokers, investment bankers, consultants and other professionals
to assist the Secured Party in the collection or disposition of any of the Collateral. Each Grantor acknowledges that the purpose of
this §14 is to provide non-exhaustive indications of what actions or omissions by the Secured Party would fulfill the Secured Party’s
duties under the Uniform Commercial Code of the State or any other relevant jurisdiction in the Secured Party’s exercise of remedies
against the Collateral and that other actions or omissions by the Secured Party shall not be deemed to fail to fulfill such duties solely
on account of not being indicated in this §14. Without limitation upon the foregoing, nothing contained in this §14 shall be
construed to grant any rights to any Grantor or to impose any duties on the Secured Party that would not have been granted or imposed
by this Agreement or by applicable law in the absence of this §14. Subject to the foregoing, the Secured Party agrees to use its
commercially reasonable efforts to foreclose only on such Collateral that may be required at any time to cure an Event of Default, which
has occurred and is continuing (inclusive of the Secured Party’s right to foreclose upon the acceleration of all the Obligations
under any of the Transaction Documents.) Provided, however, each Grantor acknowledges that there may be proceeds from any such foreclosure
in excess of the Obligations due to the nature of the Collateral foreclosed on or the net proceeds received by the Secured Party for
the disposition of any particular portion of the Collateral in any auction or other sale from any third party.

 

    	11

    	 

    

 

15. No
Waiver by Secured Party, etc. The Secured Party
shall not be deemed to have waived any of its rights and remedies in respect of the Obligations or the Collateral unless such waiver
shall be in writing and signed by the Secured Party. No delay or omission on the part of the Secured Party in exercising any right or
remedy shall operate as a waiver of such right or remedy or any other right or remedy. A waiver on any one occasion shall not be construed
as a bar to or waiver of any right or remedy on any future occasion. All rights and remedies of the Secured Party with respect to the
Obligations or the Collateral, whether evidenced hereby or by any other instrument or papers, shall be cumulative and may be exercised
singularly, alternatively, successively or concurrently at such time or at such times as the Secured Party deems expedient.

 

16. Suretyship
Waivers by each Grantor. Each Grantor waives
demand, notice, protest, notice of acceptance of this Agreement, notice of loans made, credit extended, Collateral received or delivered
or other action taken in reliance hereon and all other demands and notices of any description. With respect to both the Obligations and
the Collateral, each Grantor assents to any extension or postponement of the time of payment or any other indulgence, to any substitution,
exchange or release of or failure to perfect any security interest in any such Collateral, to the addition or release of any party or
person primarily or secondarily liable, to the acceptance of partial payment thereon and the settlement, compromising or adjusting of
any thereof, all in such manner and at such time or times as the Secured Party may deem advisable. The Secured Party shall have no duty
as to the collection or protection of the Collateral or any income therefrom, the preservation of rights against prior parties, or the
preservation of any rights pertaining thereto beyond the safe custody thereof as set forth in §9.2. Each Grantor further waives
any and all other suretyship defenses.

 

17. Marshaling.
The Secured Party shall not be required to marshal any present or future collateral security (including but not limited to the Collateral)
for, or other assurances of payment of, the Obligations or any of them or to resort to such collateral security or other assurances of
payment in any particular order, and all of the rights and remedies of the Secured Party hereunder and of the Secured Party in respect
of such collateral security and other assurances of payment shall be cumulative and in addition to all other rights and remedies, however
existing or arising. To the extent that it lawfully may, each Grantor hereby agrees that it will not invoke any law relating to the marshaling
of collateral which might cause delay in or impede the enforcement of the Secured Party’s rights and remedies under this Agreement
or under any other instrument creating or evidencing any of the Obligations or under which any of the Obligations is outstanding or by
which any of the Obligations is secured or payment thereof is otherwise assured, and, to the extent that it lawfully may, each Grantor
hereby irrevocably waives the benefits of all such laws.

 

    	12

    	 

    

 

18. Proceeds
of Dispositions; Expenses. Each Grantor shall
pay to the Secured Party on demand any and all expenses, including attorneys’ fees and disbursements, incurred or paid by the Secured
Party in protecting or preserving the Secured Party’s rights and remedies under or in respect of any of the Obligations or any
of the Collateral and any such expenses incurred in releasing any security interest granted hereunder and, in addition, each Grantor
shall pay to the Secured Party on demand any and all expenses, including attorneys’ fees and disbursements, incurred or paid by
the Secured Party in enforcing the Secured Party’s rights and remedies under or in respect of any of the Obligations or any of
the Collateral. After deducting all of said expenses, the residue of any proceeds of collection or sale or other disposition of Collateral
shall, to the extent actually received in cash, be applied to the payment of the Obligations in such order or preference as is provided
in the UPA, proper allowance and provision being made for any Obligations not then due. Upon the final payment and satisfaction in full
of all of the Obligations and after making any payments required by Sections 9-608(a)(1)(C) or 9-615(a)(3) of the Uniform Commercial
Code of the State, any excess shall be returned to the Grantors. In the absence of final payment and satisfaction in full of all of the
Obligations, the Grantors shall remain liable for any deficiency.

 

19. Overdue
Amounts. Until paid, all amounts due and payable
by any Grantor hereunder shall be a debt secured by the Collateral and shall bear, whether before or after judgment, interest at the
rate of interest for overdue principal set forth in the Transaction Documents.

 

20. Governing
Law; Consent to Jurisdiction. This
Agreement IS A contract UNDER the laws of the state of NEW YORK and shall for all purposes be construed in accordance with and governed
by the laws of SAID state of NEW YORK. eACH Grantor and THE SECURED PARTY EACH agree that any suit for the enforcement of this agreement
or any other action brought by SUCH PERSON arising hereunder or in any way related to this agreement SHALL BE BROUGHT IN
THE COURTS OF THE STATE OF NEW YORK IN THE BOROUGH OF MANHATTAN OR ANY FEDERAL COURT SITTING THEREIN AND CONSENTS TO THE NONEXCLUSIVE
JURISDICTION OF SUCH COURT AND SERVICE OF PROCESS IN ANY SUCH SUIT BEING MADE UPON SUCH PERSON BY MAIL AT THE ADDRESS SPECIFIED ON THE
SIGNATURE PAGE OF EACH PARTY HERETO. eACH Grantor hereby waives any objection that it may now
or hereafter have to the venue of any suit BROUGHT IN the state of new york or any court SITTING THEREIN or that A suit BROUGHT THEREIN
is brought in an inconvenient court.

 

21. Waiver
of Jury Trial. THE COMPANY AND THE SECURED PARTY
WAIVES ITS RIGHT TO A JURY TRIAL WITH RESPECT TO ANY ACTION OR CLAIM ARISING OUT OF ANY DISPUTE IN CONNECTION WITH THIS AGREEMENT, ANY
RIGHTS OR OBLIGATIONS HEREUNDER OR THE PERFORMANCE OR ENFORCEMENT OF ANY SUCH RIGHTS OR OBLIGATIONS. Except as prohibited by law, each
Grantor waives any right which it may have to claim or recover in any litigation referred to in the preceding sentence any special, exemplary,
punitive or consequential damages or any damages other than, or in addition to, actual damages. Each Grantor (a) certifies that neither
the Secured Party nor any representative, agent or attorney of the Secured Party has represented, expressly or otherwise, that the Secured
Party would not, in the event of litigation, seek to enforce the foregoing waivers or other waivers contained in this Agreement and (b)
acknowledges that, in entering into this Agreement and any other Transaction Document to which the Secured Party is a party, the Secured
Party is relying upon, among other things, the waivers and certifications contained in this §21.

 

22. Notices.
All notices, requests and other communications hereunder shall be made in the manner set forth in the Guaranty.

 

23. Miscellaneous.
The headings of each section of this Agreement are for convenience only and shall not define or limit the provisions thereof. This Agreement
and all rights and obligations hereunder shall be binding upon each Grantor and its successors and assigns, and shall inure to the benefit
of the Secured Party and its successors and assigns. If any term of this Agreement shall be held to be invalid, illegal or unenforceable,
the validity of all other terms hereof shall in no way be affected thereby, and this Agreement shall be construed and be enforceable
as if such invalid, illegal or unenforceable term had not been included herein. Each Grantor acknowledges receipt of a copy of this Agreement.

 

[Signature
pages to follow]

 

    	13

    	 

    

IN
WITNESS WHEREOF, intending to be legally bound, each Grantor has caused this Agreement to be duly executed as of the date first above
written.

 

	 	GRANTORS:
	 	 
	 	Marizyme
    Sciences, Inc., a Florida corporation
	 	 	 
	 	By:
    	 
	 	Name:	James
    Sapirstein
	 	Title:
    	 
	 	 	 
	 	Somaceutica,
    Inc., a Florida corporation
	 	 	 
	 	By:
    	 
	 	Name:	James
    Sapirstein
	 	Title:
    	 
	 	 	 
	 	Somahlution,
    Inc., a Delaware corporation
	 	 	 
	 	By:
    	 
	 	Name:	James
    Sapirstein
	 	Title:
    	 

 

    	14

    	 

    

 

CERTIFICATE
OF ACKNOWLEDGMENT

 

	COMMONWEALTH
    OR STATE OF____________________________	)
	 	)
    ss.
	COUNTY
OF_______________________________________________	)

 

Before
me, the undersigned, a Notary Public in and for the county aforesaid, on this __ day of May, 2021, personally appeared __________________
to me known personally, and who, being by me duly sworn, deposes and says that he/she is the _____________ of Marizyme Sciences, Inc.
and that said instrument was signed and sealed on behalf of said corporation by authority of its __________________, and said ______________
acknowledged said instrument to be the free act and deed of said corporation/limited liability company.

 

	 	 
	 	(official
    signature and seal of notary)
	 	 
	 	My commission expires:

 

    	15

    	 

    

 

CERTIFICATE
OF ACKNOWLEDGMENT

 

	COMMONWEALTH
    OR STATE OF____________________________	)
	 	)
    ss.
	COUNTY
OF_______________________________________________	)

 

Before
me, the undersigned, a Notary Public in and for the county aforesaid, on this __ day of May, 2021, personally appeared __________________
to me known personally, and who, being by me duly sworn, deposes and says that he/she is the _____________ of Somaceutica, Inc. and that
said instrument was signed and sealed on behalf of said corporation by authority of its __________________, and said ______________ acknowledged
said instrument to be the free act and deed of said corporation/limited liability company.

 

	 	 
	 	(official
    signature and seal of notary)
	 	 
	 	My
    commission expires:

 

    	16

    	 

    

 

CERTIFICATE
OF ACKNOWLEDGMENT

 

	COMMONWEALTH
    OR STATE OF_______________________	)
	 	)
    ss.
	COUNTY
OF__________________________________________	)

 

Before
me, the undersigned, a Notary Public in and for the county aforesaid, on this __ day of May, 2021, personally appeared __________________
to me known personally, and who, being by me duly sworn, deposes and says that he/she is the _____________ of Somahlution, Inc. and that
said instrument was signed and sealed on behalf of said corporation by authority of its __________________, and said ______________ acknowledged
said instrument to be the free act and deed of said corporation/limited liability company.

 

	 	 
	 	(official
    signature and seal of notary)
	 	 
	 	My commission expires:

   

    	17

    	 

    

 

Signature
Pages of the Secured Parties

 

	Accepted
    and agreed to:	 	 
	 	 	 
	 	By:
    	 
	 	Name: 
    	 
	 	Title:
    	 
	 	 	 
	 	By:
    	 
	 	Name:
    	 
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    	18

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00339-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00339-of-00352.parquet"}]]