Document:

Exhibit
10.27

 

EXECUTION COPY

 

GUARANTY

 

GUARANTY
(the “Guaranty”), dated as of May [ ], 2021, by among the guarantors signatory hereto (individually, a “Guarantor”
and collectively, the “Guarantors”) in favor of the lenders signatory hereto (collectively, the “Lender”).

 

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

 

WHEREAS,
(a) the Borrower and the Lender 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 Lender 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,
the Borrower and each Guarantor are members of a group of related entities, the success of any one of which is dependent in part on the
success of the other members of such group;

 

WHEREAS,
each Guarantor expects to receive substantial direct and indirect benefits from the transactions contemplated by the UPA and the Notes
(including, without limitation, the extensions of credit to the Borrower by the Lender and the purchase of the Units pursuant to the
UPA and the Notes (which benefits are hereby acknowledged);

 

WHEREAS,
it is a condition precedent to the Lender’s willingness to enter into the UPA and the Notes and make the loans to the Borrower
thereunder and purchase the Units that each Guarantor execute and deliver to the Lender a guaranty substantially in the form hereof;
and

 

WHEREAS,
each Guarantor wishes to guaranty the Borrower’s obligations to the Lender under or in respect of the UPA, the Notes and the other
Transaction Documents (as such term is defined in the UPA) as provided herein;

 

NOW,
THEREFORE, the Guarantor hereby agrees with the Lender as follows:

 

1. Definitions.
The term (a) “Obligations” means, collectively, all debts, liabilities and obligations (including, without limitation, any
expenses, costs and charges incurred by or on behalf of the Lender in connection with any Transaction Document), 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 the Borrower or the Guarantor to the Lender in any currency, under, in connection with or pursuant to the any Transaction
Document (including, without limitation, this Guaranty), and whether incurred by the Borrower or the Guarantor alone or jointly with
another or others and whether as principal, guarantor or surety and in whatever name or style; and (b) “Transaction Documents”
means, collectively, this Guaranty and the “Transaction Documents” as defined in the UPA. All other capitalized terms used
herein without definition shall have the respective meanings provided therefor in the UPA.

 

    	 

     

    

 

2. Guaranty
of Payment and Performance. The Guarantor hereby
guarantees to the Lender the full and punctual payment when due (whether at stated maturity, by required pre-payment, by acceleration
or otherwise), as well as the performance, of all of the Obligations including all such which would become due but for the operation
of the automatic stay pursuant to §362(a) of the Federal Bankruptcy Code and the operation of §§502(b) and 506(b) of the
Federal Bankruptcy Code in a bankruptcy or other insolvency proceeding of the Borrower. This Guaranty is an absolute, unconditional and
continuing guaranty of the full and punctual payment and performance of all of the Obligations and not of their collectibility only and
is in no way conditioned upon any requirement that the Lender first attempt to collect any of the Obligations from the Borrower or any
other Person or resort to any collateral security or other means of obtaining payment. Should the Borrower default in the payment or
performance of any of the Obligations, the obligations of each Guarantor hereunder with respect to such Obligations in default shall,
upon demand by the Lender, become immediately due and payable to the Lender, without demand or notice of any nature, all of which are
expressly waived by such Guarantor. Payments by any Guarantor hereunder may be required by the Lender on any number of occasions. All
payments by each Guarantor hereunder shall be made to the Lender, in the manner and at the place of payment specified therefor in the
Notes, for the account of the Lender.

 

3. Each
Guarantor’s Agreement to Pay Enforcement Costs, etc.
Each Guarantor further agrees, as the principal obligor and not as a guarantor only, to pay to the Lender, on demand, all out-of-pocket
costs and expenses (including court costs and legal expenses) incurred or expended by the Lender in connection with the Obligations with
respect to such Guarantor, this Guaranty and the enforcement thereof, together with interest on amounts recoverable under this §3
from the time when such amounts become due until payment, whether before or after judgment, at the rate of interest for overdue principal
set forth in the Notes, provided that if such interest exceeds the maximum amount permitted to be paid under applicable law, then such
interest shall be reduced to such maximum permitted amount.

 

4. Waivers
by Guarantor; Lender’s Freedom to Act.
Each Guarantor agrees that the Obligations of such Guarantor will be paid and performed strictly in accordance with their respective
terms to the maximum extent permitted by applicable law, regulation or order now or hereafter in effect in any jurisdiction affecting
any of such terms or the rights of the Lender with respect thereto. The Guarantor waives promptness, diligence, presentment, demand,
protest, notice of acceptance, notice of any Obligations incurred and all other notices of any kind, all defenses which may be available
by virtue of any valuation, stay, moratorium law or other similar law now or hereafter in effect, any right to require the marshalling
of assets the Borrower or any other entity or other person primarily or secondarily liable with respect to any of the Obligations, and
all suretyship defenses generally. Without limiting the generality of the foregoing, such Guarantor agrees to the provisions of any instrument
evidencing, securing or otherwise executed in connection with any Obligation and agrees that the Obligations of such Guarantor hereunder
shall not be released or discharged, in whole or in part, or otherwise affected by (i) the failure of the Lender to assert any claim
or demand or to enforce any right or remedy against the Borrower or any other entity or other person primarily or secondarily liable
with respect to any of the Obligations; (ii) any extensions, compromise, refinancing, consolidation or renewals of any Obligation; (iii)
any change in the time, place or manner of payment of any of the Obligations or any rescissions, waivers, compromise, refinancing, consolidation
or other amendments or modifications of any of the terms or provisions of the UPA, the Notes, the other Transaction Documents or any
other agreement evidencing, securing or otherwise executed in connection with any of the Obligations, (iv) the addition, substitution
or release of any entity or other person primarily or secondarily liable for any Obligation; (v) the adequacy of any rights which the
Lender may have against any collateral security or other means of obtaining repayment of any of the Obligations; (vi) the impairment
of any collateral securing any of the Obligations, including without limitation the failure to perfect or preserve any rights which the
Lender might have in such collateral security or the substitution, exchange, surrender, release, loss or destruction of any such collateral
security; or (vii) any other act or omission which might in any manner or to any extent vary the risk of such Guarantor or otherwise
operate as a release or discharge of any Guarantor, all of which may be done without notice to any Guarantor. To the fullest extent permitted
by law, each Guarantor hereby expressly waives any and all rights or defenses arising by reason of (A) any “one action” or
“anti-deficiency” law which would otherwise prevent the Lender from bringing any action, including any claim for a deficiency,
or exercising any other right or remedy (including any right of set-off), against such Guarantor before or after the Lender’s commencement
or completion of any foreclosure action, whether judicially, by exercise of power of sale or otherwise, or (B) any other law which in
any other way would otherwise require any election of remedies by the Lender.

 

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5. Unenforceability
of Obligations Against Borrower. If for any
reason the Borrower has no legal existence or is under no legal obligation to discharge any of the Obligations, or if any of the Obligations
have become irrecoverable from the Borrower by reason of the Borrower’s insolvency, bankruptcy or reorganization or by other operation
of law or for any other reason, this Guaranty shall nevertheless be binding on each Guarantor to the same extent as if such Guarantor
at all times had been the principal obligor on all such Obligations. In the event that acceleration of the time for payment of any of
the Obligations is stayed upon the insolvency, bankruptcy or reorganization of the Borrower, or for any other reason, all such amounts
otherwise subject to acceleration under the terms of the UPA, the Notes, the other Transaction Documents or any other agreement evidencing,
securing or otherwise executed in connection with any Obligation shall be immediately due and payable by such Guarantor.

 

6. Subrogation;
Subordination.

 

6.1. Waiver
of Rights Against Borrower. Until the final payment and performance in full of all of the Obligations, each Guarantor shall not
exercise and hereby waives any rights against the Borrower arising as a result of payment by such Guarantor hereunder, by way of subrogation,
reimbursement, restitution, contribution or otherwise, and will not prove any claim in competition with the Lender in respect of any
payment hereunder in any bankruptcy, insolvency or reorganization case or proceedings of any nature; such Guarantor will not claim any
setoff, recoupment or counterclaim against the Borrower in respect of any liability of such Guarantor to the Borrower; and each Guarantor
waives any benefit of and any right to participate in any collateral security which may be held by the Lender.

 

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6.2. Subordination.
The payment of any amounts due with respect to any indebtedness of the Borrower for money borrowed or credit received now or hereafter
owed to any Guarantor is hereby subordinated to the prior payment in full of all of the Obligations. Each Guarantor agrees that, after
the occurrence and during the continuance of any default in the payment of any of the Obligations or upon the occurrence and continuation
of any other Event of Default, such Guarantor will not demand, sue for or otherwise attempt to collect any such indebtedness of the Borrower
to such Guarantor until all of the Obligations (other than contingent indemnification obligations for which no claim has been made) shall
have been paid in full. If, notwithstanding the foregoing sentence, a Guarantor shall collect, enforce or receive any amounts in respect
of such indebtedness while any Obligations are still outstanding, such amounts shall be collected, enforced and received by such Guarantor
as trustee for the Lender and be paid over to the Lender on account of the Obligations without affecting in any manner the liability
of such Guarantor under the other provisions of this Guaranty.

 

6.3. Provisions
Supplemental. The provisions of this §6 shall be supplemental to and not in derogation of any rights and remedies of the
Lender under any separate subordination agreement which the Lender may at any time and from time to time enter into with each Guarantor
for the benefit of the Lender.

 

7. Setoff.
Regardless of the adequacy of any collateral security
or other means of obtaining payment of any of the Obligations, the Lender is hereby authorized at any time and from time to time, without
prior notice to any Guarantor (any such notice being expressly waived by each Guarantor) and to the fullest extent permitted by law,
to set off and apply any securities or other property belonging to such Guarantor now or hereafter held by the Lender and all deposits
and other sums credited by or due from the Lender to such Guarantor against the obligations of such Guarantor under this Guaranty, whether
or not the Lender shall have made any demand under this Guaranty.

 

8. Further
Assurances. Each Guarantor agrees that it will
from time to time, at the request of the Lender, do all such things and execute all such documents as the Lender may reasonably request
and consider necessary or desirable to give full effect to this Guaranty and to perfect and preserve the rights and powers of the Lender
hereunder. Each Guarantor acknowledges and confirms that such Guarantor itself has established its own adequate means of obtaining from
the Borrower on a continuing basis all information desired by such Guarantor concerning the financial condition of the Borrower and that
such Guarantor will look to the Borrower and not to the Lender in order for such Guarantor to keep adequately informed of changes in
the Borrower’s financial condition.

 

9. Termination;
Reinstatement. This Guaranty shall remain in
full force and effect against each Guarantor until the Lender is given written notice of such Guarantor’s intention to discontinue
this Guaranty with respect to such Guarantor, notwithstanding any intermediate or temporary payment or settlement of the whole or any
part of the Obligations (and to the extent such notice is given by the Guarantor, this Guaranty shall remain in full force and effect
against each other Guarantor). No such notice shall be effective unless received and acknowledged by an officer of the Lender at the
address of Lender for notices set forth in the UPA. No such notice shall affect any rights of the Lender hereunder, including without
limitation the rights set forth in §§4 and 6, with respect to any Obligations incurred or accrued prior to the receipt of such
notice or any Obligations incurred or accrued pursuant to any contract or commitment in existence prior to such receipt. This Guaranty
shall continue to be effective or be reinstated, notwithstanding any such notice, if at any time any payment made or value received with
respect to any Obligation is rescinded or must otherwise be returned by the Lender upon the insolvency, bankruptcy or reorganization
of the Borrower, or otherwise, all as though such payment had not been made or value received.

 

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10. Successors
and Assigns. This Guaranty shall be binding
upon each Guarantor, its successors and assigns, and shall inure to the benefit of the Lender and its successors, transferees and assigns.
Without limiting the generality of the foregoing sentence, the Lender may assign or otherwise transfer any Transaction Document or any
other agreement or note held by it evidencing, securing or otherwise executed in connection with the Obligations, or sell participations
in any interest therein, to any other entity or other person, and such other entity or other person shall thereupon become vested, to
the extent set forth in the agreement evidencing such assignment, transfer or participation, with all the rights in respect thereof granted
to the Lender herein, all in accordance with, and subject to, the UPA and the Notes. The Guarantor may not assign any of its obligations
hereunder.

 

11. Amendments
and Waivers. No amendment or waiver of any provision
of this Guaranty nor consent to any departure by any Guarantor therefrom shall be effective unless the same shall be in writing and signed
by the Lender. No failure on the part of the Lender to exercise, and no delay in exercising, any right hereunder shall operate as a waiver
thereof; nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise
of any other right.

 

12. Notices.
All notices and other communications called for
hereunder shall be made in writing and, unless otherwise specifically provided herein, shall be deemed to have been duly made or given
when made or given in accordance with the procedures set forth in the UPA and addressed as follows: if to any Guarantor, at the address
set forth beneath its signature hereto, and if to the Lender, at the address for notices to the Lender set forth in the UPA, or at such
address as either party may designate in writing to the other.

 

13. Governing
Law; Consent to Jurisdiction. THIS GUARANTY
SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. The Guarantor agrees that any suit for the
enforcement of this Guaranty may be brought in the courts of the STATE OF NEW YORK sitting in the Borough of Manhattan or, to the extent
permitted by applicable law, any federal court for the Southern District of New York (and appellate courts thereof) and consents to the
nonexclusive jurisdiction of such court and to service of process in any such suit being made upon any Guarantor by mail at the address
specified by reference in §12. Each Guarantor hereby waives any objection that it may now or hereafter have to the venue of any
such suit or any such court or that such suit was brought in an inconvenient court.

 

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14. Waiver
of Jury Trial. THE GUARANTOR HEREBY WAIVES ITS
RIGHT TO A JURY TRIAL WITH RESPECT TO ANY ACTION OR CLAIM ARISING OUT OF ANY DISPUTE IN CONNECTION WITH THIS GUARANTY, ANY RIGHTS OR
OBLIGATIONS HEREUNDER OR THE PERFORMANCE OF ANY OF SUCH RIGHTS OR OBLIGATIONS. Except as prohibited by law, each Guarantor hereby 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. The Guarantor (i) certifies that neither the Lender
nor any representative, agent or attorney of the Lender has represented, expressly or otherwise, that the Lender would not, in the event
of litigation, seek to enforce the foregoing waivers and (ii) acknowledges that, in entering into the UPA, the Notes and the other Transaction
Documents to which the Lender is a party, the Lender is relying upon, among other things, the waivers and certifications contained in
this §14.

 

15. Miscellaneous.
This Guaranty constitutes the entire agreement of
each Guarantor with respect to the matters set forth herein. The rights and remedies herein provided are cumulative and not exclusive
of any remedies provided by law or any other agreement, and this Guaranty shall be in addition to any other guaranty of or collateral
security for any of the Obligations. The invalidity or unenforceability of any one or more sections of this Guaranty shall not affect
the validity or enforceability of its remaining provisions. Captions are for the ease of reference only and shall not affect the meaning
of the relevant provisions. The meanings of all defined terms used in this Guaranty shall be equally applicable to the singular and plural
forms of the terms defined.

 

16. Effectiveness.
Delivery of an executed signature page of this Guaranty
by facsimile transmission or by email with a PDF attachment shall be effective as delivery of a manually executed counterpart hereof.
This Guaranty and the other Transaction Documents constitute the entire contract among the parties relating to the subject matter hereof
and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof.

 

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IN
WITNESS WHEREOF, each Guarantor has caused this Guaranty to be executed and delivered as of the date first above written.

 

	 	GUARANTORS:
	 	 	 
	 	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:
    	 

 

    	7Exhibit
10.28

 

EXECUTION COPY

 

SECURITY
AGREEMENT

 

SECURITY
AGREEMENT (this “Agreement”), dated as of May __, 2021, by and among Marizyme,
Inc., a Nevada corporation (the “Company”) and the secured parties signatory hereto (collectively,
the “Secured Party”).

 

WHEREAS,
the Company (a) 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) 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”);
and

 

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

 

WHEREAS,
the Company 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 the Company 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 the Company to the Secured Party
in any currency, under, in connection with or pursuant to the any Transaction Document (including, without limitation, this Agreement),
and whether incurred by the Company 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 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. The Company 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 the Company, 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).

 

2.1.2.
 The security interest, pledge and assignment in the Collateral referenced in Section 2.1.1 above 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.

 

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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 the Company’s compliance with §4.7.

 

3.
Authorization to File Financing Statements.
The Company 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 the Company 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 the Company is
an organization, the type of organization and any organizational identification number issued to the Company. The Company 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, the Company agrees, in each case at the Company’s expense, to take the following actions with
respect to the following Collateral and without limitation on the Company’s other obligations contained in this Agreement:

 

4.1.
Promissory Notes and Tangible Chattel Paper. If the Company 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, the Company 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.

 

4.2.
Deposit Accounts. For each deposit account that the Company, now or at any time hereafter, opens or maintains the Company
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 the Company, 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 the Company 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 the Company that the Secured Party shall not give any such instructions or withhold any withdrawal rights from the Company, 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 the Company’s salaried employees.

 

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4.3.
Investment Property. If the Company shall, now or at any time hereafter, hold or acquire any certificated securities,
the Company 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
the Company are uncertificated and are issued to the Company or its nominee directly by the issuer thereof, the Company 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 the Company 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 the Company are held by the Company or its nominee through a securities intermediary
or commodity intermediary, the Company 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 the Company 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 the Company 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 the Company 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 the Company, 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.
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, the Company 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 the Company, at any time with instructions of the Secured Party as to such Collateral.

 

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4.5.
Electronic Chattel Paper, Electronic Documents and Transferable Records. If the Company, 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, the Company 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 the Company 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 the Company 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 the Company 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 the Company 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 the Company is a beneficiary under letters of credit not assigned to the Secured Party with an aggregate
stated amount in excess of $50,000, the Company shall promptly notify the Secured Party thereof and, at the request and option of the
Secured Party, the Company 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.

 

4.7.
Commercial Tort Claims. If the Company shall, now or at any time hereafter, hold or acquire a commercial tort claim,
the Company shall promptly notify the Secured Party in a writing signed by the Company 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.

 

    	5

    	 

    

 

4.8.
Other Actions as to any and all Collateral. The Company 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 the Company’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 the Company is also executing and delivering to the Secured Party
the Patent Security Agreement and the Trademark Security Agreement pursuant to which the Company is assigning to the Secured Party certain
Collateral consisting of patents and patent rights and trademarks, service marks and trademark and service mark rights, together with
the goodwill appurtenant thereto. The provisions of Patent Security Agreement and the Trademark Security Agreement are supplemental to
the provisions of this Agreement and nothing contained in the Patent Security Agreement or the Trademark Security Agreement shall derogate
from any of the rights or remedies of the Secured Party hereunder. Nor will anything contained in the Patent Security Agreement or the
Trademark Security Agreement be deemed to prevent or extend the time of attachment or perfection of any security interest in such Collateral
created herby.

 

5.
Representations and Warranties Concerning
a Company’s Legal Status. The Company
has, on the date hereof, delivered to the Secured Party a certificate signed by the Company and entitled “Perfection Certificate”
(the “Perfection Certificate”). The Company represents and warrants to the Secured Party as follows: as of the date
hereof (a) the Company’s exact legal name is that indicated on the Perfection Certificate and on the signature page hereof, (b)
the Company 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 the Company’s organizational identification number or accurately states that the Company has
none, (d) the Perfection Certificate accurately sets forth the Company’s place of business or, if more than one, its chief executive
office, as well as the Company’s mailing address, if different, (e) all other information set forth on the Perfection Certificate
pertaining to the Company 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 the Company.

 

    	6

    	 

    

 

6.
Covenants Concerning Company’s Legal
Status. The Company covenants with the Secured
Party as follows: (a) without providing at least thirty (30) days prior written notice to the Secured Party, the Company 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 the Company does not have an organizational identification number and later obtains one, the Company will
forthwith notify the Secured Party of such organizational identification number, and (c) the Company will not change its type of organization,
jurisdiction of organization or other legal structure.

 

7.
Representations and Warranties Concerning
Collateral, Etc. The Company further represents
and warrants to the Secured Party as follows: (a) the Company 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) the Company holds
no commercial tort claim except as indicated on the Company’s Perfection Certificate, (d) all other information set forth on the
Company’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 the Company’s Perfection Certificate was signed by the Company.

 

8.
Covenants Concerning Collateral, Etc.
The Company 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 the Company 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, the Company 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 the Company 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, the Company 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) the Company will permit the Secured Party, or its designee, to inspect
the Collateral at any reasonable time, wherever located, (e) the Company 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) the Company 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 the Company fails to do so. The Company agrees to reimburse the Secured Party on demand for all expenditures so made. The Secured
Party shall have no obligation to the Company 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, the Company shall remain obligated
and liable under each contract or agreement comprised in the Collateral to be observed or performed by the Company 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 the Company 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 the Company 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)
  the Company 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 the Company, 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, the Company shall hold any proceeds of collection of
accounts, chattel paper, general intangibles, instruments and other Collateral received by the Company as trustee for the Secured Party,
for the benefit of the Secured Party, without commingling the same with other funds of the Company 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. The Company 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 the Company 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 the Company, without notice to or assent by the Company, 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 the Company’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 the Company might do, including (i) upon
written notice to the Company, 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 the Company’s authorization given in §3 is not sufficient, to file such financing statements with
respect hereto, with or without the Company’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 the Company’s name such financing statements and
amendments thereto and continuation statements which may require the Company’s signature.

 

12.2.
Ratification by Company. To the extent permitted by law, the Company 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 the Company 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 the Company, 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 the Company 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 the Company to assemble all or any part of the Collateral at such location or locations within the jurisdiction(s)
of the Company’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 the Company 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. The Company hereby acknowledges that ten (10)
Business Days prior written notice of such sale or sales shall be reasonable notice. In addition, the Company 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, the Company 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 the Company, 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. The Company 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 the Company 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 Company. The Company 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, the Company 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. The Company 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, the Company 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, the Company hereby irrevocably waives the benefits of all such laws.

 

18. Proceeds
of Dispositions; Expenses. The Company
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, the Company 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 Company. In
the absence of final payment and satisfaction in full of all of the Obligations, the Company shall remain liable for any
deficiency.

 

    	12

    	 

    

 

19. Overdue
Amounts. Until paid, all amounts due and
payable by the Company 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. The Company 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. the Company 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, the Company 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.
The Company (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 UPA.

 

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 the Company 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. The Company acknowledges receipt of a copy of this Agreement.

 

24.
Appointment of Agent and Unitholder
Representative. In furtherance of the authority
granted Secured Party pursuant to Section 2.2(b) of the Notes and under Section 1 of the Purchase Agreement with respect to the right
of the Majority in Interest of the Investors (as defined in the Purchase Agreement) to appoint a Unitholder Representative, a Majority
in Interest of the Investors hereby appoints Univest Securities LLC to act as their agent with respect to administrating their rights
under the Transaction Documents and to act as their Unitholder Representative upon the occurrence and Continuance of an Event of Default
(as defined in the applicable Transaction Document). The rights and obligations of Univest Securities LLC as Agent and Unitholder Representative
may be further described in one or more separate agreements. So long as an Unitholder Representative has been duly appointed in accordance
with the terms hereof and is carrying out its obligations under the Notes, no Investor other than the Unitholder Representative may pursue
any remedy with respect to the Notes in connection with an Event of Default.

 

[Signature
pages to follow]

 

    	13

    	 

    

 

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

 

	 	MARIZYME, INC.
	 	 	                  
	 	By: 	
	 	Name:	
	 	Title:	

 

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, Inc. and that
said instrument was signed and sealed on behalf of said corporation by authority of its Board of Directors, and said ______________ acknowledged
said instrument to be the free act and deed of said corporation.

 

______________________________

(official signature and seal of notary)

 

My
commission expires:

 

[Signature
Pages of the Secured Parties follow]

 

    	14

    	 

    

 

Signature
Pages of the Secured Parties

 

Accepted
and agreed to:

 

	 	 	 
	 	By: 	
	 	Name:	 
	 	Title:	 
	 	 	 
	 	By: 	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	By: 	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	By: 	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	By: 	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	By: 	 
	 	Name:	 
	 	Title:	 

 

    	15

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"}]]