Document:

Exhibit
10.2

 

REGISTRATION
RIGHTS AGREEMENT

 

This
Registration Rights Agreement (this “Agreement”) is made and entered into as of December 21, 2021, among Marizyme,
Inc., a Nevada corporation (the “Company”), and each of the several purchasers signatory hereto (each such
purchaser, a “Purchaser” and, collectively, the “Purchasers”).

 

WHEREAS,
in connection with that certain Unit Purchase Agreement of even date herewith by and between the Company and the Purchasers (as amended
or otherwise modified, the “Purchase Agreement”), the Purchasers purchased from the Company, severally and not jointly,
an aggregate of up to 9,714,286 units (the “Units”) comprised of, (i) a 10% secured convertible promissory note (the
“Note”) convertible into the Common Stock of the Company (par value $0.001) at an initial price per share of $2.25;
(ii) a warrant to purchase two shares of Common Stock, $0.001 par value per share (the “Class C Warrant”); and, together
with the Notes, , and/or such other securities as the Company and the Placement Agent may agree upon, collectively referred to as the
“Securities”); and

 

WHEREAS,
to induce the Purchasers to purchase the Securities, the Company has agreed to grant the Purchasers certain rights with respect to registration
of Registrable Securities (as defined below) under the Securities Act pursuant to the terms of this Agreement.

 

NOW,
THEREFORE, the Company and each Purchaser hereby agree as follows:

 

1.
Definitions.

 

Capitalized
terms used and not otherwise defined herein that are defined in the Purchase Agreement shall have the meanings given such terms in the
Purchase Agreement. As used in this Agreement, the following terms shall have the following meanings:

 

“Advice”
shall have the meaning set forth in Section 6(d).

 

“Blue
Sky Application” shall have the meaning set forth in Section 5.

 

“Cut-Off
Date” shall have the meaning set forth in Section 2(a).

 

“Effectiveness
Date” means, with respect to the Initial Registration Statement required to be filed hereunder, the 120th calendar
day following the Filing Date and with respect to any additional Registration Statements which may be required pursuant to Section 2(c)
or Section 3(c), the 75th calendar day following the date on which an additional Registration Statement is required to be
filed hereunder; provided, however, that in the event the Company is notified by the Commission that one or more of the
above Registration Statements will not be reviewed or is no longer subject to further review and comments, the Effectiveness Date as
to such Registration Statement shall be the 10th calendar day following the date on which the Company is so notified if such
date precedes the dates otherwise required above (unless the Company is required to update its financial statements prior to requesting
acceleration of such Registration Statement, which will require the Company to file an amendment to such Registration Statement, in which
case the Company shall file any necessary amendment to such Registration Statement and request effectiveness thereof as soon as reasonably
practicable and in no event later than the 120th calendar day following the Filing Date); provided, further,
if such Effectiveness Date falls on a day that is not a Trading Day, then the Effectiveness Date shall be the next succeeding Trading
Day.

 

    	 

    	 

    

 

“Effectiveness
Period” shall have the meaning set forth in Section 2(a).

 

“Event”
shall have the meaning set forth in Section 2(d).

 

“Event
Date” shall have the meaning set forth in Section 2(d).

 

“Filing
Date” means, with respect to the Initial Registration Statement required hereunder, the 45th calendar day following
the final Closing Date and, with respect to any additional Registration Statements which may be required pursuant to Section 2(c) or
Section 3(c), the earliest practical date on which the Company is permitted by SEC Guidance to file such additional Registration Statement
related to the Registrable Securities.

 

“Holder”
or “Holders” means the holder or holders, as the case may be, from time to time of Registrable Securities.

 

“Indemnified
Party” shall have the meaning set forth in Section 5(c).

 

“Indemnifying
Party” shall have the meaning set forth in Section 5(c).

 

“Initial
Registration Statement” means the initial Registration Statement filed pursuant to this Agreement.

 

“Losses”
shall have the meaning set forth in Section 5(a).

 

“Plan
of Distribution” shall have the meaning set forth in Section 2(a).

 

“Prospectus”
means the prospectus included in a Registration Statement (including, without limitation, a prospectus that includes any information
previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated by the
Commission pursuant to the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the
offering of any portion of the Registrable Securities covered by a Registration Statement, and all other amendments and supplements to
the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference
in such Prospectus.

 

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“Registrable
Securities” means, as of any date of determination, (a) all of the Conversion Shares then issued and issuable upon conversion
in full of the Notes (assuming on such date the Notes are converted in full without regard to any conversion limitations therein), (b)
all shares of Common Stock issued and issuable as interest or principal on the Notes assuming all permissible interest and principal
payments are made in shares of Common Stock and the Notes are held until maturity, (c) any additional shares of Common Stock issued and
issuable in connection with any anti-dilution provisions in the Notes (without giving effect to any limitations on conversion set forth
in the Notes), (d) all of the Warrant Shares then issued and issuable upon exercise in full of the Warrants (assuming on such date the
Warrants are exercised in full without regard to any exercise limitations therein), (e) any additional shares of Common Stock issued
and issuable in connection with any anti-dilution provisions in the Warrants (without giving effect to any limitations on exercise set
forth in the Warrants), and (f) any securities issued or then issuable upon any stock split, dividend or other distribution, recapitalization
or similar event with respect to the foregoing; provided, however, that any such Registrable Securities shall cease to be Registrable
Securities (and the Company shall not be required to maintain the effectiveness of any, or file another, Registration Statement hereunder
with respect thereto) for so long as (a) a Registration Statement with respect to the sale of such Registrable Securities is declared
effective by the Commission under the Securities Act and such Registrable Securities have been disposed of by the Holder in accordance
with such effective Registration Statement, (b) such Registrable Securities have been previously sold in accordance with Rule 144, or
(c) such securities become eligible for resale without volume or manner-of-sale restrictions and without the requirement for the Company
to be in compliance with the current public information requirement under Rule 144, as determined by counsel to the Company pursuant
to a written opinion letter to such effect, addressed, delivered and acceptable to the Transfer Agent and the affected Holders (assuming
that such securities, any securities upon the exercise, conversion or exchange of or as a dividend upon which such securities were issued,
or any securities issuable upon the exercise, conversion or exchange of, or as a dividend upon such securities, were at no time during
the prior 90 days held by any Affiliate of the Company), as reasonably determined by the Company, upon the advice of counsel to the Company.
For the avoidance of doubt, any such Registrable Securities shall cease to be Registrable Securities after the Cut-Off Date.

 

“Registration
Statement” means any registration statement required to be filed hereunder pursuant to Section 2(a) and any additional registration
statements contemplated by Section 2(c) or Section 3(c), including (in each case) the Prospectus, amendments and supplements to any such
registration statement or Prospectus, including pre- and post-effective amendments, all exhibits thereto, and all material incorporated
by reference or deemed to be incorporated by reference in any such registration statement.

 

“Rule
415” means Rule 415 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted
from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect
as such Rule.

 

“Rule
424” means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted
from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect
as such Rule.

 

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“Selling
Stockholder Questionnaire” shall have the meaning set forth in Section 3(a).

 

“SEC
Guidance” means (i) any publicly available written or oral guidance of the Commission staff, or any comments, requirements
or requests of the Commission staff and (ii) the Securities Act.

 

2.
Shelf Registration.

 

(a)
On or prior to each Filing Date, the Company shall prepare and file with the Commission a Registration Statement covering the resale
of all of the Registrable Securities that are not then registered on an effective Registration Statement for an offering to be made on
a continuous basis pursuant to Rule 415. Each Registration Statement filed hereunder shall be on Form S-3 (except if the Company is not
then eligible to register for resale the Registrable Securities on Form S-3, in which case such registration shall be on another appropriate
form in accordance herewith, subject to the provisions of Section 2(e)) and shall contain (unless otherwise directed by at least 51%
in interest of the Holders) substantially the “Plan of Distribution” attached hereto as Annex A. Subject to
the terms of this Agreement, the Company shall use its reasonable best efforts to cause a Registration Statement filed under this Agreement
(including, without limitation, under Section 3(c)) to be declared effective under the Securities Act as promptly as possible after the
filing thereof, but in any event no later than the applicable Effectiveness Date, and shall use its reasonable best efforts to keep such
Registration Statement continuously effective under the Securities Act until the first to occur of: (A) the date that is one (1) year
from the date the Registration Statement is declared effective by the Commission (the “Cut-Off Date”) and (B) the
date that all Registrable Securities covered by such Registration Statement (i) have been sold, thereunder or pursuant to Rule 144, or
(ii) may be sold without volume or manner-of-sale restrictions pursuant to Rule 144 and without the requirement for the Company to be
in compliance with the current public information requirement under Rule 144, as determined by the counsel to the Company pursuant to
a written opinion letter which shall be obtained at the company’s expense, to such effect, addressed, delivered and acceptable
to the Transfer Agent and the affected Holders (assuming that such securities, any securities upon the exercise, conversion or exchange
of or as a dividend upon which such securities were issued, or any securities issuable upon the exercise, conversion or exchange of,
or as a dividend upon such securities, were at no time held by any Affiliate of the Company) (the “Effectiveness Period”).
The Company shall telephonically request effectiveness of a Registration Statement as of 5:00 p.m. Eastern Time on a Trading Day. The
Company shall immediately notify the Holders via facsimile or by e-mail of the effectiveness of a Registration Statement on the same
Trading Day that the Company telephonically confirms effectiveness with the Commission, which shall be the date requested for effectiveness
of such Registration Statement. The Company shall, by 9:30 a.m. Eastern Time on the Trading Day after the effective date of such Registration
Statement, file a final Prospectus with the Commission as required by Rule 424. Failure to so notify the Holder within one (1) Trading
Day of such notification of effectiveness or failure to file a final Prospectus as foresaid shall be deemed an Event under Section 2(d).

 

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(b)
Notwithstanding the registration obligations set forth in Section 2(a), if the Commission informs the Company that all of the Registrable
Securities covered by such Registration Statement cannot, as a result of the application of Rule 415, be registered for resale as a secondary
offering on a single registration statement, the Company agrees to promptly inform each of the Holders thereof and use its commercially
reasonable best efforts to file amendments to the Initial Registration Statement as required by the Commission, covering the maximum
number of Registrable Securities permitted to be registered by the Commission, on Form S-3 or such other form available to register for
resale the Registrable Securities as a secondary offering, subject to the provisions of Section 2(e); provided, however,
that prior to filing such amendment, the Company shall be obligated to use diligent efforts to advocate with the Commission for the registration
of all of the Registrable Securities in accordance with the SEC Guidance, including without limitation, Compliance and Disclosure Interpretation
612.09.

 

(c)
Notwithstanding any other provision of this Agreement and subject to the payment of liquidated damages pursuant to Section 2(d), if the
Commission or any SEC Guidance sets forth a limitation on the number of Registrable Securities permitted to be registered on a particular
Registration Statement as a secondary offering (and notwithstanding that the Company used diligent efforts to advocate with the Commission
for the registration of all or a greater portion of Registrable Securities), unless otherwise directed in writing by a Holder as to its
Registrable Securities, the number of Registrable Securities to be registered on such Registration Statement will be reduced as follows:

 

		(i)	First,
                                            the Company shall reduce or eliminate any securities to be included by any Person other than
                                            a Holder;

 

		(ii)	Second,
                                            the Company shall reduce Registrable Securities represented by Warrant Shares (applied, in
                                            the case that some Warrant Shares may be registered, to the Holders on a pro rata basis based
                                            on the total number of unregistered Warrant Shares held by such Holders, collectively); and

 

		(iii)	third,
                                            the Company shall reduce Registrable Securities represented by Conversion Shares (applied,
                                            in the case that some Conversion Shares may be registered, to the Holders on a pro rata basis
                                            based on the total number of unregistered Conversion Shares held by such Holders, collectively).

 

In
the event of a cutback hereunder, the Company shall give the Holder at least five (5) Trading Days prior written notice along with the
calculations as to such Holder’s allotment. In the event the Company amends the Initial Registration Statement in accordance with
the foregoing, the Company will use its reasonable best efforts to file with the Commission, as promptly as allowed by the Commission
or SEC Guidance provided to the Company or to registrants of securities in general, one or more registration statements on Form S-3 or
such other form available to register for resale those Registrable Securities that were not registered for resale on the Initial Registration
Statement, as amended.

 

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(d)
If: (i) the Initial Registration Statement is not filed on or prior to its Filing Date (if the Company files the Initial Registration
Statement without affording the Holders the opportunity to review and comment on the same as required by Section 3(a) herein or without
providing the Notice with notice of such failure, the Company shall be deemed to have not satisfied this clause (i)), or (ii) the Company
fails to file with the Commission a request for acceleration of a Registration Statement in accordance with Rule 461 promulgated by the
Commission pursuant to the Securities Act, within five Trading Days of the date that the Company is notified (orally or in writing, whichever
is earlier) by the Commission that such Registration Statement will not be “reviewed” or will not be subject to further review,
or (iii) prior to the effective date of a Registration Statement, the Company fails to file a pre-effective amendment and otherwise respond
in writing to comments made by the Commission in respect of such Registration Statement within thirty (30) calendar days after the receipt
of comments by or notice from the Commission that such amendment is required in order for such Registration Statement to be declared
effective, or (iv) a Registration Statement registering for resale all of the Registrable Securities is not declared effective by the
Commission by the Effectiveness Date of the Initial Registration Statement, or (v) after the effective date of a Registration Statement,
such Registration Statement ceases for any reason to remain continuously effective as to all Registrable Securities included in such
Registration Statement, or the Holders are otherwise not permitted to utilize the Prospectus therein to resell such Registrable Securities,
for more than ten (10) consecutive calendar days or more than an aggregate of fifteen (15) calendar days (which need not be consecutive
calendar days) during any 12-month period (any such failure or breach being referred to as an “Event”, and for purposes
of clauses (i) and (iv), the date on which such Event occurs, and for purpose of clause (ii) the date on which such five (5) Trading
Day period is exceeded, and for purpose of clause (iii) the date which such thirty (30) calendar day period is exceeded, and for purpose
of clause (v) the date on which such ten (10) or fifteen (15) calendar day period, as applicable, is exceeded being referred to as an
“Event Date”), then, in addition to any other rights the Holders may have hereunder or under applicable law, on each
such Event Date and on each thirty (30) calendar day anniversary of each such Event Date (if the applicable Event shall not have been
cured by such date) until the applicable Event is cured, the Company shall pay to each Holder an amount in cash, as partial liquidated
damages and not as a penalty, equal to 1.0% of the aggregate purchase price paid by such Holder pursuant to the Purchase Agreement; provided,
however, that the Company shall not be required to make any payments pursuant to this Section 2(d) if an Event occurred at such
time that all Registrable Securities are eligible for resale pursuant to Rule 144 (without volume restrictions or current public information
requirements) promulgated by the Commission pursuant to the Securities Act and the Company has complied with the conditions set forth
in section 2(a), as applicable; provided, further, that the Company shall not be required to make any payments pursuant
to this Section 2(d) with respect to any Registrable Securities the Company is unable to register due to limits imposed by the Commission’s
interpretation of Rule 415 under the Securities Act after compliance with section 2(b) . The parties agree that the maximum aggregate
liquidated damages payable to a Holder under this Agreement shall be 6.0% of the aggregate Subscription Amount paid by such Holder pursuant
to the Purchase Agreement. If the Company fails to pay any partial liquidated damages pursuant to this Section in full within seven (7)
days after the date payable, the Company will pay interest thereon at a rate of 18% per annum (or such lesser maximum amount that is
permitted to be paid by applicable law) to the Holder, accruing daily from the date such partial liquidated damages are due until such
amounts, plus all such interest thereon, are paid in full. The partial liquidated damages pursuant to the terms hereof shall apply on
a daily pro rata basis for any portion of a thirty (30) calendar day period prior to the cure of an Event.

 

(e)
If Form S-3 is not available for the registration of the resale of Registrable Securities hereunder, the Company shall (i) register the
resale of the Registrable Securities on another appropriate form and (ii) undertake to register the Registrable Securities on Form S-3
as soon as such form is available, provided that the Company shall maintain the effectiveness of the Registration Statement then
in effect until such time as a Registration Statement on Form S-3 covering the Registrable Securities has been declared effective by
the Commission.

 

3.
Registration Procedures.

 

In
connection with the Company’s registration obligations hereunder, the Company shall:

 

(a)
Not less than one (1) Trading Day prior to the filing of each Registration Statement and not less than one (1) Trading Day prior to the
filing of any related Prospectus or any amendment or supplement thereto (including any document that would be incorporated or deemed
to be incorporated therein by reference), the Company shall (i) furnish to the Holders, copies of all such documents proposed to be filed,
which documents (other than those incorporated or deemed to be incorporated by reference) will be subject to the review of such Holders,
and (ii) cause its officers and directors, counsel and independent registered public accountants to respond to such inquiries as shall
be necessary, in the reasonable opinion of respective counsel to each Holder, to conduct a reasonable investigation within the meaning
of the Securities Act. Notwithstanding the above, the Company shall not be obligated to provide the Holders advance copies of any universal
shelf registration statement registering securities in addition to those required hereunder, or any Prospectus prepared thereto. The
Company shall not file a Registration Statement or any such Prospectus or any amendments or supplements thereto to which the Holders
of 67% or more of the Registrable Securities shall reasonably object in good faith, provided that, the Company is notified of such objection
in writing no later than five (5) Trading Days after the Holders have been so furnished copies of a Registration Statement or one (1)
Trading Day after the Holders have been so furnished copies of any related Prospectus or amendments or supplements thereto. Each Holder
agrees to furnish to the Company a completed questionnaire in the form attached to the Purchase Agreement (a “Selling Stockholder
Questionnaire”) on a date that is not less than two (2) Trading Days prior to the Filing Date or by the end of the fourth (4th)
Trading Day following the date on which the Holders, receives draft materials in accordance with this Section.

 

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(b)
(i) Prepare and file with the Commission such amendments, including post-effective amendments, to a Registration Statement and the Prospectus
used in connection therewith as may be necessary to keep a Registration Statement continuously effective as to the applicable Registrable
Securities for the Effectiveness Period and prepare and file with the Commission such additional Registration Statements in order to
register for resale under the Securities Act all of the Registrable Securities, (ii) cause the related Prospectus to be amended or supplemented
by any required Prospectus supplement (subject to the terms of this Agreement), and, as so supplemented or amended, to be filed pursuant
to Rule 424, (iii) respond as promptly as reasonably possible to any comments received from the Commission with respect to a Registration
Statement or any amendment thereto and provide as promptly as reasonably possible to the Holders true and complete copies of all correspondence
from and to the Commission relating to a Registration Statement (provided that, the Company shall excise any information contained therein
which would constitute material non-public information regarding the Company or any of its Subsidiaries), and (iv) comply in all material
respects with the applicable provisions of the Securities Act and the Exchange Act with respect to the disposition of all Registrable
Securities covered by a Registration Statement during the applicable period in accordance (subject to the terms of this Agreement) with
the intended methods of disposition by the Holders thereof set forth in such Registration Statement as so amended or in such Prospectus
as so supplemented.

 

(c)
If during the Effectiveness Period, the number of Registrable Securities at any time exceeds 100% of the number of shares of Common Stock
then registered in a Registration Statement, then the Company shall file as soon as reasonably practicable, but in any case, prior to
the applicable Filing Date, an additional Registration Statement covering the resale by the Holders of not less than the number of such
Registrable Securities.

 

(d)
Notify the Holders of Registrable Securities to be sold (which notice shall, pursuant to clauses (iii) through (vi) hereof, be accompanied
by an instruction to suspend the use of the Prospectus until the requisite changes have been made) as promptly as reasonably possible
(and, in the case of (i)(A) below, not less than one (1) Trading Day prior to such filing) and (if requested by any such Person) confirm
such notice in writing no later than one (1) Trading Day following the day (i)(A) when a Prospectus or any Prospectus supplement or post-effective
amendment to a Registration Statement is proposed to be filed, (B) when the Commission notifies the Company whether there will be a “review”
of such Registration Statement and whenever the Commission comments in writing on such Registration Statement, and (C) with respect to
a Registration Statement or any post-effective amendment, when the same has become effective, (ii) of any request by the Commission or
any other federal or state governmental authority for amendments or supplements to a Registration Statement or Prospectus or for additional
information, (iii) of the issuance by the Commission or any other federal or state governmental authority of any stop order suspending
the effectiveness of a Registration Statement covering any or all of the Registrable Securities or the initiation of any Proceedings
for that purpose, (iv) of the receipt by the Company of any notification with respect to the suspension of the qualification or exemption
from qualification of any of the Registrable Securities for sale in any jurisdiction, or the initiation or threatening of any Proceeding
for such purpose, (v) of the occurrence of any event or passage of time that makes the financial statements included in a Registration
Statement ineligible for inclusion therein or any statement made in a Registration Statement or Prospectus or any document incorporated
or deemed to be incorporated therein by reference untrue in any material respect or that requires any revisions to a Registration Statement,
Prospectus or other documents so that, in the case of a Registration Statement or the Prospectus, as the case may be, it will not contain
any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which they were made, not misleading, and (vi) of the occurrence or existence of any pending
corporate development with respect to the Company that the Company believes may be material and that, in the determination of the Company,
makes it not in the best interest of the Company to allow continued availability of a Registration Statement or Prospectus, provided,
however, in no event shall any such notice contain any information which would constitute material, non-public information regarding
the Company or any of its Subsidiaries.

 

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(e)
Use its reasonable best efforts to avoid the issuance of, or, if issued, obtain the withdrawal of (i) any order stopping or suspending
the effectiveness of a Registration Statement, or (ii) any suspension of the qualification (or exemption from qualification) of any of
the Registrable Securities for sale in any jurisdiction, at the earliest practicable moment.

 

(f)
Furnish to the Holders, without charge, at least one conformed copy of each such Registration Statement and each amendment thereto, including
financial statements and schedules, all documents incorporated or deemed to be incorporated therein by reference to the extent requested
by such Person, and all exhibits to the extent requested by such Person (including those previously furnished or incorporated by reference)
promptly after the filing of such documents with the Commission; provided, that any such item which is available on the EDGAR system
(or successor thereto) need not be furnished in physical form.

 

(g)
Subject to the terms of this Agreement, the Company hereby consents to the use of such Prospectus and each amendment or supplement thereto
by each of the selling Holders in connection with the offering and sale of the Registrable Securities covered by such Prospectus and
any amendment or supplement thereto, except after the giving of any notice pursuant to Section 3(d).

 

(h)
The Company shall cooperate with any broker-dealer through which a Holder proposes to resell its Registrable Securities in effecting
a filing with the FINRA Corporate Financing Department pursuant to FINRA Rule 5110, as requested by any such Holder, and the Company
shall pay the filing fee required by such filing within two (2) Business Days of request therefor.

 

(i)
Prior to any resale of Registrable Securities by a Holder, use its commercially reasonable best efforts to register or qualify or cooperate
with the selling Holders in connection with the registration or qualification (or exemption from the registration or qualification) of
such Registrable Securities for the resale by the Holder under the securities or Blue Sky laws of such jurisdictions within the United
States as any Holder reasonably requests in writing, to keep each registration or qualification (or exemption therefrom) effective during
the Effectiveness Period and to do any and all other acts or things reasonably necessary to enable the disposition in such jurisdictions
of the Registrable Securities covered by each Registration Statement; provided, that, the Company shall not be required to qualify generally
to do business in any jurisdiction where it is not then so qualified, subject the Company to any material tax in any such jurisdiction
where it is not then so subject or file a general consent to service of process in any such jurisdiction.

 

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(j)
If requested by a Holder, cooperate with such Holder to facilitate the timely preparation and delivery of certificates representing Registrable
Securities to be delivered to a transferee pursuant to a Registration Statement, which certificates shall be free, to the extent permitted
by the Purchase Agreement and applicable law, of all restrictive legends, and to enable such Registrable Securities to be in such denominations
and registered in such names as any such Holder may request.

 

(k)
Upon the occurrence of any event contemplated by Section 3(d), as promptly as reasonably possible under the circumstances taking into
account the Company’s good faith assessment of any adverse consequences to the Company and its stockholders of the premature disclosure
of such event, prepare a supplement or amendment, including a post-effective amendment, to a Registration Statement or a supplement to
the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, and file any other required document
so that, as thereafter delivered, neither a Registration Statement nor such Prospectus will contain an untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances
under which they were made, not misleading. If the Company notifies the Holders in accordance with clauses (iii) through (vi) of Section
3(d) above to suspend the use of any Prospectus until the requisite changes to such Prospectus have been made, then the Holders shall
suspend use of such Prospectus. The Company will use its reasonable best efforts to ensure that the use of the Prospectus may be resumed
as promptly as is practicable. The Company shall be entitled to exercise its right under this Section 3(k) to suspend the availability
of a Registration Statement and Prospectus, subject to the payment of partial liquidated damages otherwise required pursuant to Section
2(d), for a period not to exceed 60 calendar days (which need not be consecutive days) in any 12-month period.

 

(l)
Comply with all applicable rules and regulations of the Commission.

 

(m)
The Company shall use its reasonable best efforts to obtain and maintain eligibility for use of Form S-3 (or any successor form thereto)
for the registration of the resale of Registrable Securities.

 

(n)
The Company may require each selling Holder to furnish to the Company a certified statement as to the number of shares of Common Stock
beneficially owned by such Holder and, if required by the Commission, the natural persons thereof that have voting and dispositive control
over the shares. During any periods that the Company is unable to meet its obligations hereunder with respect to the registration of
the Registrable Securities solely because any Holder fails to furnish such information within three Trading Days of the Company’s
request, any liquidated damages that are accruing at such time as to such Holder only shall be tolled and any Event that may otherwise
occur solely because of such delay shall be suspended as to such Holder only, until such information is delivered to the Company.

 

4.
Registration Expenses. All fees and expenses incident to the performance of or compliance with, this Agreement by the Company
shall be borne by the Company whether or not any Registrable Securities are sold pursuant to a Registration Statement. The fees and expenses
referred to in the foregoing sentence shall include, without limitation, (i) all registration and filing fees (including, without limitation,
fees and expenses of the Company’s counsel and independent registered public accountants) (A) with respect to filings made with
the Commission, (B) with respect to filings required to be made with any Trading Market on which the Common Stock is then listed for
trading, (C) in compliance with applicable state securities or Blue Sky laws reasonably agreed to by the Company in writing (including,
without limitation, fees and disbursements of counsel for the Company in connection with Blue Sky qualifications or exemptions of the
Registrable Securities) and (D) if not previously paid by the Company, with respect to any filing that may be required to be made by
any broker through which a Holder intends to make sales of Registrable Securities with FINRA pursuant to FINRA Rule 5110, so long as
the broker is receiving no more than a customary brokerage commission in connection with such sale, (ii) printing expenses (including,
without limitation, expenses of printing certificates for Registrable Securities), (iii) messenger, telephone and delivery expenses,
(iv) fees and disbursements of counsel for the Company, (v) Securities Act liability insurance, if the Company so desires such insurance,
and (vi) fees and expenses of all other Persons retained by the Company in connection with the consummation of the transactions contemplated
by this Agreement. In addition, the Company shall be responsible for all of its internal expenses incurred in connection with the consummation
of the transactions contemplated by this Agreement (including, without limitation, all salaries and expenses of its officers and employees
performing legal or accounting duties), the expense of any annual audit and the fees and expenses incurred in connection with the listing
of the Registrable Securities on any securities exchange as required hereunder. Notwithstanding the foregoing, the Company shall be responsible
for the reasonable counsel fees of the Holders; provided, however, that any such counsel fees of the Holders shall not exceed $10,000
incurred in connection with the review of the registration statement.

 

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5.
Indemnification.

 

(a)
Indemnification by the Company. The Company shall, notwithstanding any termination of this Agreement, indemnify and hold harmless
each Holder, the officers, directors, members, partners, agents, brokers (including brokers who offer and sell Registrable Securities
as principal as a result of a pledge or any failure to perform under a margin call of Common Stock), investment advisors and employees
(and any other Persons with a functionally equivalent role of a Person holding such titles, notwithstanding a lack of such title or any
other title) of each of them, each Person who controls any such Holder (within the meaning of Section 15 of the Securities Act or Section
20 of the Exchange Act) and the officers, directors, members, stockholders, partners, agents and employees (and any other Persons with
a functionally equivalent role of a Person holding such titles, notwithstanding a lack of such title or any other title) of each such
controlling Person, to the fullest extent permitted by applicable law, from and against any and all losses, claims, damages, liabilities,
costs (including, without limitation, reasonable attorneys’ fees) and expenses (collectively, “Losses”), as
incurred, arising out of or relating to (1) any untrue or alleged untrue statement of a material fact contained in a Registration Statement,
any Prospectus or any form of prospectus, including any blue sky application (as defined below) or in any amendment or supplement thereto
or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission of a material fact required to be
stated therein or necessary to make the statements therein (in the case of any Prospectus or supplement thereto, in light of the circumstances
under which they were made) not misleading; (2) any blue sky application or other document executed by the Company specifically for that
purpose or based upon written information furnished by the Company filed in any state or other jurisdiction in order to qualify any or
all of the Registrable Securities under the securities laws thereof (any such application, document or information herein called a “Blue
Sky Application”); or (3) any violation or alleged violation by the Company of the Securities Act, the Exchange Act or any
state securities law, or any rule or regulation thereunder, in connection with the performance of its obligations under this Agreement,
except to the extent, but only to the extent, that (i) such untrue statements or omissions are based solely upon information regarding
such Holder furnished in writing to the Company by such Holder expressly for use therein, or to the extent that such information relates
to such Holder or such Holder’s proposed method of distribution of Registrable Securities and was reviewed and expressly approved
in writing by such Holder expressly for use in a Registration Statement, such Prospectus or in any amendment or supplement thereto (it
being understood that the Holder has approved Annex A hereto for this purpose) or (ii) in the case of an occurrence of an event of the
type specified in Section 3(d)(iii)-(vi), the use by such Holder of an outdated, defective or otherwise unavailable Prospectus after
the Company has notified such Holder in writing that the Prospectus is outdated, defective or otherwise unavailable for use by such Holder
and prior to the receipt by such Holder of the Advice contemplated in Section 6(d), but only if and to the extent that following the
receipt of the Advice the misstatement or omission giving rise to such Loss would have been corrected. The Company shall notify the Holders
promptly of the institution, threat or assertion of any Proceeding arising from or in connection with the transactions contemplated by
this Agreement of which the Company is aware. Such indemnity shall remain in full force and effect regardless of any investigation made
by or on behalf of such indemnified person and shall survive the transfer of any Registrable Securities by any of the Holders in accordance
with Section 6(h).

 

(b)
Indemnification by Holders. Each Holder shall, severally and not jointly, indemnify and hold harmless the Company, its directors,
officers, agents and employees, each Person who controls the Company (within the meaning of Section 15 of the Securities Act and Section
20 of the Exchange Act), and the directors, officers, agents or employees of such controlling Persons (and any other Persons with a functionally
equivalent role of a Person holding such titles, notwithstanding a lack of such title or any other title), to the fullest extent permitted
by applicable law, from and against all Losses, as incurred, to the extent arising out of or based solely upon: (x) such Holder’s
failure to comply with any applicable prospectus delivery requirements of the Securities Act or the plan of distribution in any Registration
Statement through no fault of the Company or (y) any untrue or alleged untrue statement of a material fact contained in any Registration
Statement, any Prospectus, or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating
to any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein (in
the case of any Prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading (i) to the
extent, but only to the extent, that such untrue statement or omission is contained in any information so furnished in writing by such
Holder to the Company expressly for inclusion in such Registration Statement or such Prospectus or (ii) to the extent, but only to the
extent, that such information relates to such Holder’s proposed method of distribution of Registrable Securities and was reviewed
and expressly approved in writing by such Holder expressly for use in a Registration Statement (it being understood that the Holder has
approved Annex A hereto for this purpose), such Prospectus or in any amendment or supplement thereto or (iii) in the case of an occurrence
of an event of the type specified in Section 3(d)(iii)-(vi), to the extent, but only to the extent, related to the use by such Holder
of an outdated, defective or otherwise unavailable Prospectus after the Company has notified such Holder in writing that the Prospectus
is outdated, defective or otherwise unavailable for use by such Holder and prior to the receipt by such Holder of the Advice contemplated
in Section 6(d), but only if and to the extent that following the receipt of the Advice the misstatement or omission giving rise to such
Loss would have been corrected. In no event shall the liability of any selling Holder under this Section 5(b) be greater in amount than
the dollar amount of the net proceeds actually received by such Holder upon the sale of the Registrable Securities giving rise to such
indemnification obligation.

 

    	10

    	 

    

 

(c)
Conduct of Indemnification Proceedings. If any Proceeding shall be brought or asserted against any Person entitled to indemnity
hereunder (an “Indemnified Party”), such Indemnified Party shall promptly notify the Person from whom indemnity is
sought (the “Indemnifying Party”) in writing, and the Indemnifying Party shall have the right to assume the defense
thereof, including the employment of counsel reasonably satisfactory to the Indemnified Party and the payment of all fees and expenses
incurred in connection with defense thereof; provided, that, the failure of any Indemnified Party to give such notice shall not relieve
the Indemnifying Party of its obligations or liabilities pursuant to this Agreement, except (and only) to the extent that it shall be
finally determined by a court of competent jurisdiction (which determination is not subject to appeal or further review) that such failure
shall have materially and adversely prejudiced the Indemnifying Party.

 

An
Indemnified Party shall have the right to employ separate counsel in any such Proceeding and to participate in the defense thereof, but
the fees and expenses of such counsel shall be at the expense of such Indemnified Party or Parties unless: (1) the Indemnifying Party
has agreed in writing to pay such fees and expenses, (2) the Indemnifying Party shall have failed promptly to assume the defense of such
Proceeding and to employ counsel reasonably satisfactory to such Indemnified Party in any such Proceeding, or (3) the named parties to
any such Proceeding (including any impleaded parties) include both such Indemnified Party and the Indemnifying Party, and counsel to
the Indemnified Party shall reasonably believe that a material conflict of interest is likely to exist if the same counsel were to represent
such Indemnified Party and the Indemnifying Party (in which case, if such Indemnified Party notifies the Indemnifying Party in writing
that it elects to employ separate counsel at the expense of the Indemnifying Party, the Indemnifying Party shall not have the right to
assume the defense thereof and the reasonable fees and expenses of no more than one separate counsel shall be at the expense of the Indemnifying
Party). The Indemnifying Party shall not be liable for any settlement of any such Proceeding effected without its written consent, which
consent shall not be unreasonably withheld or delayed. No Indemnifying Party shall, without the prior written consent of the Indemnified
Party, effect any settlement of any pending Proceeding in respect of which any Indemnified Party is a party, unless such settlement includes
an unconditional release of such Indemnified Party from all liability on claims that are the subject matter of such Proceeding.

 

Subject
to the terms of this Agreement, all reasonable fees and expenses of the Indemnified Party (including reasonable fees and expenses to
the extent incurred in connection with investigating or preparing to defend such Proceeding in a manner not inconsistent with this Section)
shall be paid to the Indemnified Party, as incurred, within ten Trading Days of written notice thereof to the Indemnifying Party; provided,
that, the Indemnified Party shall promptly reimburse the Indemnifying Party for that portion of such fees and expenses applicable to
such actions for which such Indemnified Party is finally determined by a court of competent jurisdiction (which determination is not
subject to appeal or further review) not to be entitled to indemnification hereunder.

 

(d)
Contribution. If the indemnification under Section 5(a) or 5(b) is unavailable to an Indemnified Party or insufficient to hold
an Indemnified Party harmless for any Losses, then each Indemnifying Party shall contribute to the amount paid or payable by such Indemnified
Party, in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party and Indemnified Party in connection
with the actions, statements or omissions that resulted in such Losses as well as any other relevant equitable considerations. The relative
fault of such Indemnifying Party and Indemnified Party shall be determined by reference to, among other things, whether any action in
question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission of a material fact, has
been taken or made by, or relates to information supplied by, such Indemnifying Party or Indemnified Party, and the parties’ relative
intent, knowledge, access to information and opportunity to correct or prevent such action, statement or omission. The amount paid or
payable by a party as a result of any Losses shall be deemed to include, subject to the limitations set forth in this Agreement, any
reasonable attorneys’ or other fees or expenses incurred by such party in connection with any Proceeding to the extent such party
would have been indemnified for such fees or expenses if the indemnification provided for in this Section was available to such party
in accordance with its terms.

 

    	11

    	 

    

 

The
parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 5(d) were determined by pro rata
allocation or by any other method of allocation that does not take into account the equitable considerations referred to in the immediately
preceding paragraph. Notwithstanding the provisions of this Section 5(d), no Holder shall be required to contribute pursuant to this
Section 5(d), in the aggregate, any amount in excess of the amount by which the net proceeds actually received by such Holder from the
sale of the Registrable Securities subject to the Proceeding exceeds the amount of any damages that such Holder has otherwise been required
to pay by reason of such untrue or alleged untrue statement or omission or alleged omission.

 

The
indemnity and contribution agreements contained in this Section are in addition to any liability that the Indemnifying Parties may have
to the Indemnified Parties.

 

6.
Miscellaneous.

 

(a)
Remedies. In the event of a breach by the Company or by a Holder of any of their respective obligations under this Agreement,
each Holder or the Company, as the case may be, in addition to being entitled to exercise all rights granted by law and under this Agreement,
including recovery of damages, shall be entitled to specific performance of its rights under this Agreement. Each of the Company and
each Holder agrees that monetary damages would not provide adequate compensation for any losses incurred by reason of a breach by it
of any of the provisions of this Agreement and hereby further agrees that, in the event of any action for specific performance in respect
of such breach, it shall not assert or shall waive the defense that a remedy at law would be adequate.

 

(b)
No Piggyback on Registrations; Prohibition on Filing Other Registration Statements. Neither the Company nor any of its security
holders (other than the Holders in such capacity pursuant hereto) may include securities of the Company in any Registration Statements
other than the Registrable Securities. The Company shall not file any other registration statements (other than any registration statement
on Form S-1 or Form S-3 for an underwritten public offering of any of the Company’s securities (an “Underwritten Offering”))
until all Registrable Securities are registered pursuant to a Registration Statement that is declared effective by the Commission, provided
that this Section 6(b) shall not prohibit the Company from filing amendments to registration statements filed prior to the date of this
Agreement.

 

(c)
Compliance. Each Holder covenants and agrees that it will comply with the prospectus delivery requirements of the Securities Act
as applicable to it (unless an exemption therefrom is available) in connection with sales of Registrable Securities pursuant to a Registration
Statement.

 

(d)
Discontinued Disposition. By its acquisition of Registrable Securities, each Holder agrees that, upon receipt of a notice from
the Company of the occurrence of any event of the kind described in Section 3(d)(iii) through (vi), such Holder will forthwith discontinue
disposition of such Registrable Securities under a Registration Statement until it is advised in writing (the “Advice”)
by the Company that the use of the applicable Prospectus (as it may have been supplemented or amended) may be resumed. The Company will
use its reasonable best efforts to ensure that the use of the Prospectus may be resumed as promptly as is practicable. The Company agrees
and acknowledges that any periods during which the Holder is required to discontinue the disposition of the Registrable Securities hereunder
shall be subject to the provisions of Section 2(d).

 

    	12

    	 

    

 

(e)
Piggy-Back Registrations. If, at any time during the Effectiveness Period, there is not an effective Registration Statement covering
all of the Registrable Securities and the Company shall determine to prepare and file with the Commission a registration statement, other
than with respect to an Underwritten Offering relating to an offering for its own account or the account of others under the Securities
Act of any of its equity securities, other than on Form S-4 or Form S-8 (each as promulgated under the Securities Act) or their then
equivalents relating to equity securities to be issued solely in connection with any acquisition of any entity or business or equity
securities issuable in connection with the Company’s stock option or other employee benefit plans, then the Company shall deliver
to each Holder a written notice of such determination and, if within fifteen days after the date of the delivery of such notice, any
such Holder shall so request in writing, the Company shall include in such registration statement all or any part of such Registrable
Securities such Holder requests to be registered; provided, however, that the Company shall not be required to register
any Registrable Securities pursuant to this Section 6(e) that are eligible for resale pursuant to Rule 144 (without volume restrictions
or current public information requirements) promulgated by the Commission pursuant to the Securities Act or that are the subject of a
then effective Registration Statement.

 

(f)
Amendments and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified
or supplemented, and waivers or consents to departures from the provisions hereof may not be given, unless the same shall be in writing
and signed by the Company and the Holders of 67% or more of the then outstanding Registrable Securities (for purposes of clarification,
this includes any Registrable Securities issuable upon exercise or conversion of any Security). If a Registration Statement does not
register all of the Registrable Securities pursuant to a waiver or amendment done in compliance with the previous sentence, then the
number of Registrable Securities to be registered for each Holder shall be reduced pro rata among all Holders and each Holder shall have
the right to designate which of its Registrable Securities shall be omitted from such Registration Statement. Notwithstanding the foregoing,
a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights of a Holder
or some Holders and that does not directly or indirectly affect the rights of other Holders may be given only by such Holder or Holders
of all of the Registrable Securities to which such waiver or consent relates; provided, however, that the provisions of
this sentence may not be amended, modified, or supplemented except in accordance with the provisions of the first sentence of this Section
6(f). No consideration shall be offered or paid to any Person to amend or consent to a waiver or modification of any provision of this
Agreement unless the same consideration also is offered to all of the parties to this Agreement.

 

(g)
Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be delivered
as set forth in the Purchase Agreement.

 

(h)
Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns
of each of the parties and shall inure to the benefit of each Holder. The Company may not assign (except by merger) its rights or obligations
hereunder without the prior written consent of all of the Holders of the then outstanding Registrable Securities. Each Holder may assign
their respective rights hereunder in the manner and to the Persons as permitted under Section 11.11 of the Purchase Agreement.

 

    	13

    	 

    

 

(i)
No Inconsistent Agreements. Neither the Company nor any of its Subsidiaries has entered, as of the date hereof, nor shall the
Company or any of its Subsidiaries, on or after the date of this Agreement, enter into any agreement with respect to its securities,
that would have the effect of impairing the rights granted to the Holders in this Agreement or otherwise conflicts with the provisions
hereof. Neither the Company nor any of its Subsidiaries has previously entered into any agreement granting any registration rights with
respect to any of its securities to any Person that have not been satisfied in full. Notwithstanding the foregoing, any Registration
Rights Agreement concerning the Securities sold under the Purchase Agreement will not be considered an inconsistent agreement.

 

(j)
Execution and Counterparts. This Agreement may be executed in two or more counterparts, all of which when taken together shall
be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to
the other party, it being understood that both parties need not sign the same counterpart. In the event that any signature is delivered
by facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding
obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile
or “.pdf” signature page were an original thereof.

 

(k)
Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be
determined in accordance with the provisions of the Purchase Agreement.

 

(l)
Cumulative Remedies. The remedies provided herein are cumulative and not exclusive of any other remedies provided by law.

 

(m)
Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to
be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall
remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially
reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated
by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would
have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared
invalid, illegal, void or unenforceable.

 

(n)
Headings. The headings in this Agreement are for convenience only, do not constitute a part of the Agreement and shall not be
deemed to limit or affect any of the provisions hereof.

 

(o)
Independent Nature of Holders’ Obligations and Rights. The obligations of each Holder hereunder are several and not joint
with the obligations of any other Holder hereunder, and no Holder shall be responsible in any way for the performance of the obligations
of any other Holder hereunder. Nothing contained herein or in any other agreement or document delivered at any closing, and no action
taken by any Holder pursuant hereto or thereto, shall be deemed to constitute the Holders as a partnership, an association, a joint venture
or any other kind of group or entity, or create a presumption that the Holders are in any way acting in concert or as a group or entity
with respect to such obligations or the transactions contemplated by this Agreement or any other matters, and the Company acknowledges
that the Holders are not acting in concert or as a group, and the Company shall not assert any such claim, with respect to such obligations
or transactions. Each Holder shall be entitled to protect and enforce its rights, including without limitation the rights arising out
of this Agreement, and it shall not be necessary for any other Holder to be joined as an additional party in any proceeding for such
purpose. The use of a single agreement with respect to the obligations of the Company contained was solely in the control of the Company,
not the action or decision of any Holder, and was done solely for the convenience of the Company and not because it was required or requested
to do so by any Holder. It is expressly understood and agreed that each provision contained in this Agreement is between the Company
and a Holder, solely, and not between the Company and the Holders collectively and not between and among Holders.

 

********************

(Signature
Pages Follow)

 

    	14

    	 

    

 

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

 

	 	MARIZYME,
  INC., a Nevada corporation
	 	 	 
	 	By:	 
	 	Name:	David
  Barthel
	 	Title:	Chief
  Executive Officer

 

[SIGNATURE
PAGE OF PURCHASERS FOLLOWS]

 

    	 

    	 

    

 

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

 

	 	PURCHASER
    
	 	 
	 	frank
    maresca jr.
	 	 	 
	 	By:	 

 

SIGNATURE
PAGE OF PURCHASERS TO MARIZYME,
INC. REGISTRATION RIGHTS AGREEMENT

 

    	 

    	 

    

 

Annex
A

 

Plan
of Distribution

 

Each
selling stockholder (the “Selling Stockholders”) of the securities of Marizyme,
Inc., a Nevada corporation (the “Company”), and any of their pledgees, assignees and successors-in-interest
may, from time to time, sell any or all of their Company securities covered hereby on the Nasdaq Capital Market or any other stock exchange,
market or trading facility on which such securities are traded or in private transactions. These sales may be at fixed or negotiated
prices. A Selling Stockholder may use any one or more of the following methods when selling securities:

 

		●	ordinary
                                            brokerage transactions and transactions in which the broker-dealer solicits purchasers;
	 	 	 

		●	block
                                            trades in which the broker-dealer will attempt to sell the securities as agent but may position
                                            and resell a portion of the block as principal to facilitate the transaction;
	 	 	 

		●	purchases
                                            by a broker-dealer as principal and resale by the broker-dealer for its account;
	 	 	 

		●	an
                                            exchange distribution in accordance with the rules of the applicable exchange;
	 	 	 

		●	privately
                                            negotiated transactions;
	 	 	 

		●	settlement
                                            of short sales entered into after the effective date of the registration statement of which
                                            this prospectus is a part;
	 	 	 

		●	in
                                            transactions through broker-dealers that agree with the Selling Stockholders to sell a specified
                                            number of such securities at a stipulated price per security;
	 	 	 

		●	through
                                            the writing or settlement of options or other hedging transactions, whether through an options
                                            exchange or otherwise;
	 	 	 

		●	a
                                            combination of any such methods of sale; or
	 	 	 

		●	any
                                            other method permitted pursuant to applicable law.

 

The
Selling Stockholders may also sell securities under Rule 144 under the Securities Act of 1933, as amended (the “Securities Act”),
if available, rather than under this prospectus.

 

Broker-dealers
engaged by the Selling Stockholders may arrange for other brokers-dealers to participate in sales. Broker-dealers may receive commissions
or discounts from the Selling Stockholders (or, if any broker-dealer acts as agent for the purchaser of securities, from the purchaser)
in amounts to be negotiated, but, except as set forth in a supplement to this Prospectus, in the case of an agency transaction not in
excess of a customary brokerage commission in compliance with FINRA Rule 2440; and in the case of a principal transaction a markup or
markdown in compliance with FINRA IM-2440.

 

    	 

    	 

    

 

In
connection with the sale of the securities or interests therein, the Selling Stockholders may enter into hedging transactions with broker-dealers
or other financial institutions, which may in turn engage in short sales of the securities in the course of hedging the positions they
assume. The Selling Stockholders may also sell securities short and deliver these securities to close out their short positions, or loan
or pledge the securities to broker-dealers that in turn may sell these securities. The Selling Stockholders may also enter into option
or other transactions with broker-dealers or other financial institutions or create one or more derivative securities which require the
delivery to such broker-dealer or other financial institution of securities offered by this prospectus, which securities such broker-dealer
or other financial institution may resell pursuant to this prospectus (as supplemented or amended to reflect such transaction).

 

The
Selling Stockholders and any broker-dealers or agents that are involved in selling the securities may be deemed to be “underwriters”
within the meaning of the Securities Act in connection with such sales. In such event, any commissions received by such broker-dealers
or agents and any profit on the resale of the securities purchased by them may be deemed to be underwriting commissions or discounts
under the Securities Act. Each Selling Stockholder has informed the Company that it does not have any written or oral agreement or understanding,
directly or indirectly, with any person to distribute the securities. In no event shall any broker-dealer receive fees, commissions and
markups which, in the aggregate, would exceed eight percent (8%).

 

The
Company is required to pay certain fees and expenses incurred by the Company incident to the registration of the securities. The Company
has agreed to indemnify the Selling Stockholders against certain losses, claims, damages and liabilities, including liabilities under
the Securities Act.

 

Because
Selling Stockholders may be deemed to be “underwriters” within the meaning of the Securities Act, they will be subject to
the prospectus delivery requirements of the Securities Act including Rule 172 thereunder. In addition, any securities covered by this
prospectus which qualify for sale pursuant to Rule 144 under the Securities Act may be sold under Rule 144 rather than under this prospectus.
The Selling Stockholders have advised us that there is no underwriter or coordinating broker acting in connection with the proposed sale
of the resale securities by the Selling Stockholders.

 

We
agreed to keep this prospectus effective until the earliest of (i) one (1) year from the date the Registration Statement is declared
effective by the Commission, (ii) the date on which the securities may be resold by the Selling Stockholders without registration and
without regard to any volume or manner-of-sale limitations by reason of Rule 144, without the requirement for the Company to be in compliance
with the current public information under Rule 144 under the Securities Act or any other rule of similar effect or (iii) the date on
which all of the securities have been sold pursuant to this prospectus or Rule 144 under the Securities Act or any other rule of similar
effect. The resale securities will be sold only through registered or licensed brokers or dealers if required under applicable state
securities laws. In addition, in certain states, the resale securities covered hereby may not be sold unless they have been registered
or qualified for sale in the applicable state or an exemption from the registration or qualification requirement is available and is
complied with.

 

Under
applicable rules and regulations under the Exchange Act, any person engaged in the distribution of the resale securities may not simultaneously
engage in market making activities with respect to the common stock for the applicable restricted period, as defined in Regulation M,
prior to the commencement of the distribution. In addition, the Selling Stockholders will be subject to applicable provisions of the
Exchange Act and the rules and regulations thereunder, including Regulation M, which may limit the timing of purchases and sales of securities
of the common stock by the Selling Stockholders or any other person. We will make copies of this prospectus available to the Selling
Stockholders and have informed them of the need to deliver a copy of this prospectus to each purchaser at or prior to the time of the
sale (including by compliance with Rule 172 under the Securities Act).

 

    	2Exhibit
10.3

 

THIS
NOTE 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. THIS NOTE AND THE SECURITIES ISSUABLE UPON CONVERSION OF THIS NOTE MAY BE PLEDGED IN CONNECTION WITH A BONA
FIDE MARGIN ACCOUNT SECURED BY SUCH SECURITIES.

 

MARIZYME,
INC.

 

Form
of 10% Secured Convertible Promissory Note

 

Note
due December , 2023

 

	Note
  No.	$
	Dated:
  December __, 2021 (the “Issuance Date”)	 

 

For
value received, MARIZYME, INC., a Nevada corporation (the “Maker” or the “Company”), hereby promises
to pay to the order of [______], a [______] (together with its successors and representatives, the “Holder”), in accordance
with the terms hereinafter provided, the principal amount of [______] DOLLARS ($[______]) (the “Principal Amount”).

 

All
payments under or pursuant to this 10% Secured Convertible Promissory Note (this “Note”) shall be made in United States
Dollars in immediately available funds to the Holder at the address of the Holder set forth in the Purchase Agreement (as hereinafter
defined) or at such other place as the Holder may designate from time to time in writing to the Maker or by wire transfer of funds to
the Holder’s account, instructions for which are attached hereto as Exhibit A. The outstanding principal balance of this
Note and any interest on the aggregate unconverted and then outstanding principal amount hereof shall be due and payable on the date
that is the 24-month anniversary of the Issuance Date, or December __, 2023 (the “Maturity Date”) or at such earlier
time as provided herein. In the event that the Maturity Date shall fall on Saturday or Sunday, such Maturity Date shall be the next succeeding
Business Day. All calculations made pursuant to this Note shall be rounded down to three decimal places.

 

This
Note is one of a series of Notes of the Company in the aggregate principal amount of up to a maximum of Seventeen Million Dollars ($17,000,000)
(collectively, the “Notes”).

 

    	 

    	 

    

 

ARTICLE
1

 

1.1
Purchase Agreement. This Note has been executed and delivered pursuant to the Unit Purchase Agreement, dated as of December ,
2021 (as the same may be amended from time to time, the “Purchase Agreement”), by and between the Maker and the Holder.
Capitalized terms used and not otherwise defined herein shall have the meanings set forth for such terms in the Purchase Agreement. 
       

1.2
Interest. 
       

(a)
Payment of Interest and Calculations. Interest shall accrue to the Holder on the aggregate unconverted and then outstanding principal
amount of this Note at the rate of ten percent (10%) per annum, calculated on the basis of a 360-day year and shall accrue daily commencing
on the Issuance Date until payment in full of the Outstanding Principal Amount (or conversion to the extent applicable), together with
all accrued and unpaid interest, liquidated damages, Late Fees and other amounts which may become due hereunder, has been made. 
       

(b)
Late Fees. All overdue accrued and unpaid interest to be paid hereunder shall entail a late fee at an interest rate equal to the
lesser of 10% per annum or the maximum rate permitted by applicable law (the “Late Fees”) that shall accrue daily from the
date such interest is due hereunder through and including the date of actual payment in full. 
       

1.3
Prepayment. The Company may not prepay all or any part of the Outstanding Principal Balance. 
       

1.4
Delisting from a Trading Market. If at any time the Common Stock ceases, as applicable, to be eligible for quotation or listed
on a Trading Market, (i) the Holder may deliver a demand for payment to the Company and, if such a demand is delivered, the Company shall,
within ten (10) Business Days following receipt of the demand for payment from the Holder, pay all of the Outstanding Principal Amount
or (ii) the Holder may, at its election, after the six-month anniversary of the Issuance Date or earlier if a Registration Statement
covering the Conversion Shares has been declared effective, upon notice to the Company in accordance with Section 5.1, convert
all or a portion of the Outstanding Principal Amount and the Conversion Price shall be adjusted to the then-current Conversion Price.
       

1.5
Payment on Non-Business Days. Whenever any payment to be made shall be due on a day which is not a Business Day, such payment
may be due on the next succeeding Business Day.
       

1.6
Replacement. Upon receipt of a duly executed and notarized written statement from the Holder with respect to the loss, theft or
destruction of this Note (or any replacement hereof), or, in the case of a mutilation of this Note, upon surrender and cancellation of
such Note, the Maker shall issue a new Note, of like tenor and amount, in lieu of such lost, stolen, destroyed or mutilated Note.
       

    	2

    	 

    

 

1.7
Use of Proceeds. The Maker shall use the proceeds of this Note as set forth in the Purchase Agreement.
       

1.8
Status of Note and Security Interest. The obligations of the Maker under this Note shall be senior to all other existing Indebtedness
and equity of the Company. Upon any Liquidation Event (as hereinafter defined), the Holder will be entitled to receive, before any distribution
or payment is made upon, or set apart with respect to, any Indebtedness of the Maker or any class of capital stock of the Maker, an amount
equal to the Outstanding Principal Amount. For purposes of this Note, “Liquidation Event” means a liquidation pursuant
to a filing of a petition for bankruptcy under applicable law or any other insolvency or debtor’s relief, an assignment for the
benefit of creditors, or a voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Maker.
       

1.9
Secured Note. The full amount of this Note plus any other fees and expenses due hereunder or under any other Transaction Document
is secured by the Collateral (as defined in the Security Agreement) identified and described as security therefor in the Security Agreement,
the Pledge Agreement, the Company Patent Security Agreement and the Company Trademark Security Agreement. In addition, the obligations
are also guaranteed by the Company’s Subsidiaries, pursuant to the Subsidiary Guaranty, and all of Subsidiaries’ obligations
under the Subsidiary Guaranty are secured by the “Collateral” (as defined in the Subsidiary Security Agreement) identified
and described as security therefor in the Subsidiary Security Agreement.
       

1.10
Tax Treatment. [Reserved].
       

ARTICLE
2

 

2.1
Events of Default. An “Event of Default” under this Note shall mean the occurrence of any of the events defined
in the Purchase Agreement, and any of the additional events described below:
       

(a)
any default in the payment of (i) the Principal Amount hereunder when due; or (ii) liquidated damages in respect of this Note as and
when the same shall become due and payable (whether on the Maturity Date or by acceleration or otherwise);
       

(b)
the Maker shall fail to observe or perform any other covenant, condition or agreement contained in this Note or the Maker or any Subsidiary,
as applicable, shall fail to observe or perform any other covenant, condition or agreement contained in any Transaction Document;
       

(c)
the Maker’s notice to the Holder, including by way of public announcement, at any time, of its inability to comply (including for
any of the reasons described in Section 3.6(a) hereof) or its intention not to comply with proper requests for conversion of this
Note into shares of Common Stock;
       

    	3

    	 

    

 

(d)
the Maker shall fail to (i) timely deliver the shares of Common Stock as and when required in Section 3.2; or (ii) make the payment
of any fees and/or liquidated damages under this Note, the Purchase Agreement or the other Transaction Documents;
       

(e)
default shall be made in the performance or observance of any material covenant, condition or agreement contained in the Purchase Agreement
or any other Transaction Document that is not covered by any other provisions of this Section 2.1;
       

(f)
at any time the Maker shall fail to have a sufficient number of shares of Common Stock authorized, reserved and available for issuance
to satisfy the potential conversion in full (disregarding for this purpose any and all limitations of any kind on such conversion) of
this Note or upon exercise of the Warrant;
       

(g)
any representation or warranty made by the Maker or any of its Subsidiaries herein or in the Purchase Agreement, this Note, the Warrant
or any other Transaction Document shall prove to have been false or incorrect or breached in a material respect on the date as of which
made;
       

(h)
unless otherwise approved in writing in advance by the Holder, the Maker shall, or shall announce an intention to pursue or consummate
a Change of Control, or a Change of Control shall be consummated, or the Maker shall negotiate, propose or enter into any agreement,
understanding or arrangement with respect to any Change of Control;
       

(i)
the Maker or any of its Subsidiaries shall (A) default in any payment of any amount or amounts of principal of or interest (if any) on
any Indebtedness (other than the Indebtedness hereunder), the aggregate principal amount of which Indebtedness is in excess of $100,000
or (B) default in the observance or performance of any other agreement or condition relating to any such Indebtedness or contained in
any instrument or agreement evidencing, securing or relating thereto, or any other event shall occur or condition exist, the effect of
which default or other event or condition is to cause, or to permit the holder or holders or beneficiary or beneficiaries of such Indebtedness
to cause with the giving of notice if required, such Indebtedness to become due prior to its stated maturity;
       

(j)
the Maker or any of its Subsidiaries shall: (i) apply for or consent to the appointment of, or the taking of possession by, a receiver,
custodian, trustee or liquidator of itself or of all or a substantial part of its property or assets; (ii) make a general assignment
for the benefit of its creditors; (iii) commence a voluntary case under the United States Bankruptcy Code (as now or hereafter in effect)
or under the comparable laws of any jurisdiction (foreign or domestic); (iv) file a petition seeking to take advantage of any bankruptcy,
insolvency, moratorium, reorganization or other similar law affecting the enforcement of creditors’ rights generally; (v) acquiesce
in writing to any petition filed against it in an involuntary case under United States Bankruptcy Code (as now or hereafter in effect)
or under the comparable laws of any jurisdiction (foreign or domestic); (vi) issue a notice of bankruptcy or winding down of its operations
or issue a press release regarding same; or (vii) take any action under the laws of any jurisdiction (foreign or domestic) analogous
to any of the foregoing;
       

    	4

    	 

    

 

(k)
a proceeding or case shall be commenced in respect of the Maker, or any of its Subsidiaries, without its application or consent, in any
court of competent jurisdiction, seeking: (i) the liquidation, reorganization, moratorium, dissolution, winding up, or composition or
readjustment of its debts; (ii) the appointment of a trustee, receiver, custodian, liquidator or the like of it or of all or any substantial
part of its assets in connection with the liquidation or dissolution of the Maker or any of its Subsidiaries; or (iii) similar relief
in respect of it under any law providing for the relief of debtors, and such proceeding or case described in clause (i), (ii) or (iii)
shall continue undismissed, or unstayed and in effect, for a period of forty-five (45) days or any order for relief shall be entered
in an involuntary case under United States Bankruptcy Code (as now or hereafter in effect) or under the comparable laws of any jurisdiction
(foreign or domestic) against the Maker or any of its Subsidiaries or action under the laws of any jurisdiction (foreign or domestic)
analogous to any of the foregoing shall be taken with respect to the Maker or any of its Subsidiaries and shall continue undismissed,
or unstayed and in effect for a period of forty-five (45) days;
       

(l)
one or more final judgments or orders for the payment of money aggregating in excess of $100,000 (or its equivalent in the relevant currency
of payment) are rendered against one or more of the Company and its Subsidiaries;
       

(m)
the failure of the Maker to instruct its transfer agent to remove any legends from shares of Common Stock and issue such unlegended certificates
to the Holder within three (3) Trading Days of the Holder’s request so long as the Holder has provided reasonable assurances to
the Maker that such shares of Common Stock can be sold pursuant to Rule 144 or any other applicable exemption;
       

(n)
the Maker’s shares of Common Stock are no longer publicly traded or cease to be listed on the Trading Market, or after the six-month
anniversary of the Issuance Date, any Investor Shares may not be immediately resold under Rule 144 without restriction on the number
of shares to be sold or manner of sale, unless such Investor Shares have been registered for resale under the Securities Act and may
be sold without restriction;
       

(o)
the Maker consummates a “going private” transaction and as a result the Common Stock is no longer registered under Sections
12(b) or 12(g) of the 1934 Act;
       

(p)
there shall be any SEC or judicial stop trade order or trading suspension stop-order or any restriction in place with the transfer agent
for the Common Stock restricting the trading of such Common Stock;
       

(q)
the Depository Trust Company places any restrictions on transactions in the Common Stock or the Common Stock is no longer tradeable through
the Depository Trust Company Fast Automated Securities Transfer program; or
       

    	5

    	 

    

 

(r)
the occurrence of a Material Adverse Effect in respect of the Maker, or the Maker and its Subsidiaries taken as a whole.
       

For
the avoidance of doubt, any default pursuant to clause (i) above shall not be subject to any cure periods pursuant to the instrument
governing such Indebtedness or this Note.

 

2.2
Remedies Upon an Event of Default.
       

(a)
Upon the occurrence of any Event of Default that has not been remedied within (i) two (2) Business Days for an Event of Default occurring
by the Company’s failure to comply with Section 7.1(c) of the Purchase Agreement or Section 4.2 of this Note, or
(ii) ten (10) Business Days for all other Events of Default, provided, however, that there shall be no cure period for
an Event of Default described in Section 2.1(i), 2.1(j) or 2.1(k), the Maker shall be obligated to pay to the Holder
the Mandatory Default Amount, which Mandatory Default Amount shall be earned by the Holder on the date the Event of Default giving rise
thereto occurs and shall be due and payable on the earlier to occur of the Maturity Date, upon conversion, redemption or prepayment of
this Note or the date on which all amounts owing hereunder have been accelerated in accordance with the terms hereof.
       

(b)
Upon the occurrence of any Event of Default, if any Investor alleges in writing a claim of breach, the Maker shall, as promptly as possible
but in any event within one (1) Business Day of receipt of such claim, furnish a copy of such claim to the Holder and notify the Holder
the Maker’s response thereto. Thereafter, if the Requisite Holders join with the initiating noteholder, then the Requisite Holders
shall select a noteholder representative (the “Representative”) to represent their interests hereunder and under the
other Transaction Documents. The Representative shall thereafter be able to act on behalf of the holders of the Notes and pursue remedies
under the Notes and the other Transaction Documents, amend or waive the Notes and the other Transaction Documents or otherwise act on
behalf of the holders of the Notes hereunder and thereunder.
       

(c)
If an Event of Default shall have occurred and shall not have been remedied within (i) two (2) Business Days for an Event of Default
occurring by the Company’s failure to comply with Section 7.1(c) of the Purchase Agreement or Section 4.2 of this
Note, or (ii) ten (10) Business Days for all other Events of Default, provided, however, that there shall be no cure period
for an Event of Default described in Section 2.1(i), 2.1(j) or 2.1(k), the Holder may at any time at its option
declare the Mandatory Default Amount due and payable, and thereupon, the same shall be accelerated and so due and payable, without presentment,
demand, protest, or notice, all of which are hereby expressly unconditionally and irrevocably waived by the Maker; provided, further,
however, that (x) upon the occurrence of an Event of Default described above, the Holder, in its sole and absolute discretion, may:
(a) from time-to-time demand that all or a portion of the Outstanding Principal Amount be converted into shares of Common Stock at the
then-current Conversion Price; or (b) exercise or otherwise enforce any one or more of the Holder’s rights, powers, privileges,
remedies and interests under this Note, the Purchase Agreement, the other Transaction Documents or applicable law and (y) upon the occurrence
of an Event of Default described in clauses (k) or (l) above, the Mandatory Default Amount shall become immediately due and payable without
presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Maker. No course of delay on the part
of the Holder shall operate as a waiver thereof or otherwise prejudice the rights of the Holder. No remedy conferred hereby shall be
exclusive of any other remedy referred to herein or now or hereafter available at law, in equity, by statute or otherwise.
       

    	6

    	 

    

 

ARTICLE
3

 

3.1
Registration under Registration Statement. The Holder’s registration rights are set forth in the Registration Rights Agreement.
       

3.2
Different Denominations. This Note is exchangeable for an equal aggregate principal amount of Note of different authorized denominations,
as requested by the Holder surrendering the same. No service charge will be payable for such registration of transfer or exchange.
       

3.3
Investment Representations. This Note has been issued subject to certain investment representations of the Holder and may be transferred
or exchanged, subject to the provisions of Section 6.8 of this Note, only in compliance with the Purchase Agreement and applicable
federal and state securities laws and regulations.
       

3.4
Reliance on Note Register. Prior to due presentment for transfer to the Company of this Note, the Company and any agent of the
Company may treat the Person in whose name this Note is duly registered on the Note Register as the owner hereof for the purpose of receiving
payment as herein provided and for all other purposes, whether or not this Note is overdue, and neither the Company nor any such agent
shall be affected by notice to the contrary.
       

ARTICLE
4

 

4.1
Conversion.
       

(a)
Voluntary Conversion. At any time after the Issuance Date until this Note is no longer outstanding, subject to Section 4.3,
this Note shall be convertible (in whole or in part), at the option of the Holder, into such number of fully paid and non-assessable
shares of Common Stock as is determined by dividing (x) that portion of the Outstanding Principal Amount that the Holder elects to convert
(the “Conversion Amount”) by (y) the Conversion Price then in effect on the date on which the Holder delivers a notice
of conversion, in substantially the form attached hereto as Exhibit B (the “Conversion Notice”), in accordance
with Section 6.1 to the Maker. The Holder shall deliver this Note to the Maker at the address designated in the Purchase Agreement
at such time that this Note is fully converted. With respect to partial conversions of this Note, the Maker shall keep written records
of the amount of this Note converted as of the date of such conversion (each, a “Conversion Date”, and such record,
the “Note Register”). No ink-original Conversion Notice shall be required, nor shall any medallion guarantee (or other
type of guarantee or notarization) of any Conversion Notice form be required. To effect conversions hereunder, the Holder shall not be
required to physically surrender this Note to the Company unless the entire principal amount of this Note, plus all accrued and unpaid
interest thereon, has been so converted. Conversions hereunder shall have the effect of lowering the Outstanding Principal Amount in
an amount equal to the applicable conversion. In the event of any dispute or discrepancy, the records of the Holder shall be controlling
and determinative in the absence of manifest error. The Holder, and any assignee by acceptance of this Note, acknowledge and agree
that, by reason of the provisions of this paragraph, following conversion of a portion of this Note, the unpaid and unconverted principal
amount of this Note may be less than the amount stated on the face hereof.
       

    	7

    	 

    

 

(b)
Conversion Price. The “Conversion Price” shall be equal to $1.75 (the “Base Conversion Price”),
as such amount may be adjusted, from time to time, pursuant to the provisions of Section 4.4 hereafter. All such foregoing determinations
will be appropriately adjusted for any stock dividend, stock split, stock combination, recapitalization or similar transaction that proportionately
decreases or increases the shares of Common Stock during such measuring period. Nothing herein shall limit a Holder’s right to
pursue actual damages or declare an Event of Default pursuant to Article 2 hereof and the Holder shall have the right to pursue
all remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive
relief. The exercise of any such rights shall not prohibit the Holder from seeking to enforce damages pursuant to any other Section hereof
or under applicable law.
       

(c)
Company Conversion.
       

(i)
If, at any time while this Note is outstanding and if there is an effective registration statement permitting the issuance of the Conversion
Shares to or resale of the Conversion Shares by the Holder, the Company consummates an equity financing pursuant to which it sells Additional
Shares of Common Stock or Common Stock Equivalents (collectively, “Next Round Securities”), with a gross aggregate
amount of securities sold of not less than $10,000,000, excluding any and all indebtedness under this Note 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 (a “Qualified Financing”), then all Outstanding Principal Balance, together with all unpaid accrued interest
under this Note, shall automatically convert into shares of Next Round Securities at the lesser of (i) 75% of the cash price per share
paid by the other purchasers of Next Round Securities in the Qualified Financing (the “Automatic Conversion Price”) and (ii)
the Conversion Price, subject to Customary Adjustments. If preferred stock is issued in the Qualified Financing and the Conversion Price
of the Notes is less than the cash price per share at which Next Round Securities are issued in the Qualified Financing, the Company
may, solely at its option, elect to convert the Notes into shares of a newly created series of capital stock having the identical rights,
privileges, preferences and restrictions as the preferred stock issued in the Qualified Financing, and otherwise on the same terms and
conditions. Notwithstanding the foregoing, the Conversion Price shall not be adjusted below the Floor Price other than as the result
of the adjustments or readjustments pursuant to Section 4.4 hereof. For the avoidance of doubt, in no instance may the Company
demand a conversion under this Section 4.1(c) if there is no effective registration statement covering the Notes.
       

    	8

    	 

    

 

(ii)
If at any time following the sixty (60) day anniversary of the final Closing Date or termination of the Offering and if there is an effective
registration statement permitting the issuance of the Conversion Shares to or resale of the Conversion Shares by the Holder, (A) the
Company’s Common Stock is listed on a senior national securities exchange set forth above, (B) the daily VWAP for the prior twenty
(20) consecutive Trading Days is $6.00 or more (adjusted for splits and similar distributions) and (C) the daily trading volume is at
least $1,000,000 during such twenty (20)-day period (the events set forth in clauses (A) through (C) above, collectively, the “Conditions”),
then the Company shall have the right to require the Holder to convert all or any portion of the principal and accrued interest then
remaining under this Note into validly issued, fully paid and non-assessable shares of Common Stock in accordance with this Section
4.1 at the Conversion Price in effect on the Mandatory Conversion Date (as defined below) (a “Mandatory Conversion”).
The Company may exercise its right to require conversion under this Section 4.1(c)(ii) by delivering a written notice thereof
by facsimile and overnight courier to the Holder stating (i) the Trading Day selected for the Mandatory Conversion in accordance with
this Section 4.1(c)(ii), which Trading Day shall be no sooner than five (5) Trading Days nor later than ten (10) Trading Days
following the date of notice, (ii) the twenty (20) Trading Day period over which the VWAP was calculated, (iii) the portion of the conversion
amount subject to the Mandatory Conversion pursuant to this Section 4.1(c)(ii), and (iv) the number of shares of Common Stock
to be issued to the Holder (subject to adjustment for any downward adjustments to the Conversion Price occurring under this Note after
the execution of the Mandatory Conversion notice by the Company).
       

4.2
Delivery of Conversion Shares. As soon as practicable after any conversion in accordance with this Note and in any event within
two (2) Trading Days thereafter (such date, the “Share Delivery Date”), the Maker shall, at its expense, 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 to which the Holder shall be entitled on such conversion (the “Conversion
Shares”), 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 conversion of this Note, provided 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 conversion
of this Note 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).
       

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4.3
Ownership Cap. Notwithstanding anything to the contrary contained herein, the Holder shall not be entitled to receive shares representing
Equity Interests upon conversion of this Note to the extent (but only to the extent) that such exercise or receipt would cause the Holder
Group (as defined below) to become, directly or indirectly, a “beneficial owner” (within the meaning of Section 13(d) of
the 1934 Act and the rules and regulations promulgated thereunder) of a number of Equity Interests of a class that is registered under
the 1934 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 conversion of this Note 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 1934 Act that is outstanding at such time. If any delivery of Equity Interests owed to the Holder following conversion of this
Note 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 4.3 apply, the determination of whether this Note is convertible
and of which portion of this Note is convertible shall be the sole responsibility and in the sole determination of the Holder, and the
submission of a notice of conversion shall be deemed to constitute the Holder’s determination that the issuance of the full number
of Conversion Shares requested in the notice of conversion is permitted hereunder, and the Company shall not have any obligation to verify
or confirm the accuracy of such determination. For purposes of this Section 4.3, (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 1934 Act, 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 1934 Act or with which the Holder otherwise files reports under Sections 13 and/or 16 of the 1934 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) Business 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 4.3 shall be construed, corrected and implemented in a manner so as to effectuate the intended
beneficial ownership limitation herein contained.
       

4.4
Adjustment of Base Conversion Price.
       

(a)
Until the Note has been paid in full or converted in full, the Base Conversion Price shall be subject to adjustment from time to time
as follows (but shall not be increased, other than pursuant to Section 4.4(a)(i) hereof):
       

    	10

    	 

    

 

(i)
Adjustments for Stock Splits and Combinations. If the Maker shall at any time or from time to time after the Closing Date (but
whether before or after the Issuance Date) effect a split of the outstanding Common Stock, the applicable Base Conversion Price in effect
immediately prior to the stock split shall be proportionately decreased. If the Maker shall at any time or from time to time after the
Closing Date (but whether before or after the Issuance Date), combine the outstanding shares of Common Stock, the applicable Base Conversion
Price in effect immediately prior to the combination shall be proportionately increased. Any adjustments under this Section 4.4(a)(i)
shall be effective at the close of business on the date the stock split or combination occurs.
       

(ii)
Adjustments for Certain Dividends and Distributions. If the Maker shall at any time or from time to time after the Closing Date
(but whether before or after the Issuance Date) make or issue or set a record date for the determination of holders of Common Stock entitled
to receive a dividend or other distribution payable in shares of Common Stock, then, and in each event, the applicable Base Conversion
Price in effect immediately prior to such event shall be decreased as of the time of such issuance or, in the event such record date
shall have been fixed, as of the close of business on such record date, by multiplying the applicable Base Conversion Price then in effect
by a fraction:
       

(1)
the numerator of which shall be the total number of shares of Common Stock issued and outstanding immediately prior to the time of such
issuance or the close of business on such record date; and
       

(2)
the denominator of which shall be the total number of shares of Common Stock issued and outstanding immediately prior to the time of
such issuance or the close of business on such record date plus the number of shares of Common Stock issuable in payment of such dividend
or distribution.
       

(iii)
Adjustment for Other Dividends and Distributions. If the Maker shall at any time or from time to time after the Closing Date (but
whether before or after the Issuance Date) make or issue or set a record date for the determination of holders of Common Stock entitled
to receive a dividend or other distribution payable in other than shares of Common Stock, then, and in each event, an appropriate revision
to the applicable Base Conversion Price shall be made and provision shall be made (by adjustments of the Base Conversion Price or otherwise)
so that the Holder of this Note shall receive upon conversions thereof, in addition to the number of shares of Common Stock receivable
thereon, the number of securities of the Maker or other issuer (as applicable) or other property that it would have received had this
Note been converted into Common Stock in full (without regard to any conversion limitations herein) on the date of such event and had
thereafter, during the period from the date of such event to and including the Conversion Date, retained such securities (together with
any distributions payable thereon during such period) or assets, giving application to all adjustments called for during such period
under this Section 4.4(a)(iii) with respect to the rights of the holders of this Note; provided, however, that if such
record date shall have been fixed and such dividend is not fully paid or if such distribution is not fully made on the date fixed therefor,
the Base Conversion Price shall be adjusted pursuant to this paragraph as of the time of actual payment of such dividends or distributions.
       

    	11

    	 

    

 

(iv)
Adjustments for Reclassification, Exchange or Substitution. If the Common Stock at any time or from time to time after the Closing
Date (but whether before or after the Issuance Date) shall be changed to the same or different number of shares or other securities of
any class or classes of stock or other property, whether by reclassification, exchange, substitution or otherwise (other than by way
of a stock split or combination of shares or stock dividends provided for in Sections 4.4(a)(i), (ii) and (iii) hereof, or a reorganization,
merger, consolidation, or sale of assets provided for in Section 4.4(a)(v) hereof), then, and in each event, an appropriate revision
to the Base Conversion Price shall be made and provisions shall be made (by adjustments of the Base Conversion Price or otherwise) so
that the Holder shall have the right thereafter to convert this Note into the kind and amount of shares of stock or other securities
or other property receivable upon reclassification, exchange, substitution or other change, by holders of the number of shares of Common
Stock into which such Note might have been converted immediately prior to such reclassification, exchange, substitution or other change,
all subject to further adjustment as provided herein.
       

(v)
Adjustments for Issuance of Additional Shares of Common Stock. In the event the Maker or any Subsidiary shall at any time or from
time to time after the Closing Date (but whether before or after the Issuance Date) issue or sell any additional shares of Common Stock
or Common Stock Equivalents (“Additional Shares of Common Stock”), other than (A) as provided in this Note (including
the foregoing subsections (i) through (iv) of this Section 4.4(a)), pursuant to any Equity Plan (including pursuant to Common
Stock Equivalents granted or issued under any Equity Plan), (B) pursuant to Common Stock Equivalents granted or issued prior to the Closing
Date, (C) Exempted Securities, or (D) pursuant to a Qualified Financing, in any case, at an effective price per share that is less
than the Base Conversion Price then in effect or without consideration, (such lower price, the “Base Share Price”
and such issuances collectively, a “Dilutive Issuance”) (it being understood and agreed that if the holder of the
Common Stock or Stock Equivalents so issued shall at any time, whether by operation of purchase price adjustments, reset provisions,
floating conversion, exercise or exchange prices or otherwise, or due to warrants, options or rights per share which are issued in connection
with such issuance, be entitled to receive Common Stock at an effective price per share that is less than the Base Conversion Price,
such issuance shall be deemed to have occurred for less than the Base Conversion Price on such date of the Dilutive Issuance at such
effective price), then simultaneously with the consummation of each Dilutive Issuance the Base Conversion Price shall be reduced and
only reduced to equal the Base Share Price. Such adjustment shall be made whenever such Common Stock or Stock Equivalents are issued.
The Company shall notify the Holder, in writing, no later than the Trading Day before the issuance or deemed issuance of any Common Stock
or Stock Equivalents subject to this Section 4(a)(v), indicating therein the applicable issuance price, or applicable reset price, exchange
price, conversion price and other pricing terms (such notice, the “Dilutive Issuance Notice”). For purposes of clarification,
whether or not the Company provides a Dilutive Issuance Notice pursuant to this Section 4(a)(v), upon the occurrence of any Dilutive
Issuance, the Holder is entitled to receive a number of Conversion Shares based upon the Base Share Price regardless of whether the Holder
accurately refers to the Base Share Price in the Notice of Conversion. If the Company enters into a Variable Rate Transaction, despite
the prohibition thereon in the Purchase Agreement, the Company shall be deemed to have issued Common Stock or Stock Equivalents at the
lowest possible conversion or exercise price at which such Securities may be converted or exercised.
       

    	12

    	 

    

 

(vi)
Issuance, Amendment or Adjustment of Common Stock Equivalents. Except for Exempted Securities, if other than pursuant to a Qualified
Financing, (x) the Maker, at any time after the Closing Date (but whether before or after the Issuance Date), shall issue any securities
convertible into or exercisable or exchangeable for, directly or indirectly, Common Stock (“Convertible Securities”),
or any rights or warrants or options to purchase any such Common Stock or Convertible Securities, other than Common Stock Equivalents
granted or issued under any Equity Plan (collectively with the Convertible Securities, the “Common Stock Equivalents”)
and the price per share for which shares of Common Stock may be issuable pursuant to any such Common Stock Equivalent shall be less
than the applicable Base Conversion Price then in effect, or (y) the price per share for which shares of Common Stock may be
issuable under any Common Stock Equivalents is amended or adjusted, pursuant to the terms of such Common Stock Equivalents or otherwise,
and such price as so amended or adjusted shall be less than the applicable Base Conversion Price in effect at the time of such amendment
or adjustment, then, in each such case (x) or (y), the applicable Base Conversion Price upon each such issuance or amendment or adjustment
shall be adjusted as provided in subsection (v) of this Section 4.4(a) as if the maximum number of shares of Common Stock issuable
upon conversion, exercise or exchange of such Common Stock Equivalents had been issued on the date of such issuance or amendment or adjustment.
       

(vii)
Consideration for Stock. In case any shares of Common Stock or any Common Stock Equivalents shall be issued or sold:
       

(1)
in connection with any merger or consolidation in which the Maker is the surviving corporation (other than any consolidation or merger
in which the previously outstanding shares of Common Stock of the Maker shall be changed to or exchanged for the stock or other securities
of another corporation), the amount of consideration therefor shall be, deemed to be the fair value, as determined reasonably and in
good faith by the Board of Directors of the Maker and approved by the Holder, of such portion of the assets and business of the nonsurviving
corporation as such Board of Directors may determine to be attributable to such shares of Common Stock, Convertible Securities, rights
or warrants or options, as the case may be; or
       

(2)
in the event of any consolidation or merger of the Maker in which the Maker is not the surviving corporation or in which the previously
outstanding shares of Common Stock of the Maker shall be changed into or exchanged for the stock or other securities of another corporation
or other property, or in the event of any sale of all or substantially all of the assets of the Maker for stock or other securities or
other property of any corporation, the Maker shall be deemed to have issued shares of its Common Stock, at a price per share equal to
the valuation of the Maker’s Common Stock based on the actual exchange ratio on which the transaction was predicated, as applicable,
and the fair market value on the date of such transaction of all such stock or securities or other property of the other corporation.
If any such calculation results in adjustment of the applicable Base Conversion Price, or the number of shares of Common Stock issuable
upon conversion of the Note, the determination of the applicable Base Conversion Price or the number of shares of Common Stock issuable
upon conversion of the Note immediately prior to such merger, consolidation or sale, shall be made after giving effect to such adjustment
of the number of shares of Common Stock issuable upon conversion of the Note. In the event Common Stock is issued with other shares or
securities or other assets of the Maker for consideration which covers both, the consideration computed as provided in this Section
4.4(a)(vii) shall be allocated among such securities and assets as determined in good faith by the Board of Directors of the Maker,
and approved by the Holder.
       

    	13

    	 

    

 

(viii)
Record Date. In case the Maker shall take record of the holders of its Common Stock for the purpose of entitling them to subscribe
for or purchase Common Stock or Convertible Securities, then the date of the issue or sale of the shares of Common Stock shall be deemed
to be such record date.
       

(b)
No Impairment. The Maker shall not, by amendment of its 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 to be observed or performed hereunder by the Maker, but will at all times in good faith assist in
the carrying out of all the provisions of this Section 4.4 and in the taking of all such action as may be necessary or appropriate
in order to protect the conversion rights of the Holder against impairment. In the event the Holder shall elect to convert this Note
as provided herein, the Maker cannot refuse conversion based on any claim that the Holder or anyone associated or affiliated with the
Holder has been engaged in any violation of law, violation of an agreement to which the Holder is a party or for any reason whatsoever,
unless, an injunction from a court, or notice, restraining and or adjoining conversion of this Note shall have issued and the Maker posts
a surety bond for the benefit of the Holder in an amount equal to one-hundred-fifty percent (150%) of the Principal Amount of the Note
the Holder has elected to convert, which bond shall remain in effect until the completion of arbitration/litigation of the dispute and
the proceeds of which shall be payable to the Holder (as liquidated damages) in the event it obtains judgment.
       

(c)
Certificates as to Adjustments. Upon occurrence of each adjustment or readjustment of the Base Conversion Price or number of shares
of Common Stock issuable upon conversion of this Note pursuant to this Section 4.4, the Maker at its expense shall promptly compute
such adjustment or readjustment in accordance with the terms hereof and furnish to the Holder a certificate setting forth such adjustment
and readjustment, showing in detail the facts upon which such adjustment or readjustment is based. The Maker shall, upon written request
of the Holder, at any time, furnish or cause to be furnished to the Holder a like certificate setting forth such adjustments and readjustments,
the applicable Base Conversion Price in effect at the time, and the number of shares of Common Stock and the amount, if any, of other
securities or property which at the time would be received upon the conversion of this Note.
       

(d)
Issue Taxes. The Maker shall pay any and all issue and other taxes, excluding federal, state or local income taxes, that may be
payable in respect of any issue or delivery of shares of Common Stock on conversion of this Note pursuant thereto; provided, however,
that the Maker shall not be obligated to pay any transfer taxes resulting from any transfer requested by the Holder in connection with
any such conversion.
       

    	14

    	 

    

 

(e)
Fractional Shares. No fractional shares of Common Stock shall be issued upon conversion of this Note. In lieu of any fractional
shares to which the Holder would otherwise be entitled, the Maker shall pay cash equal such fractional shares multiplied by the Conversion
Price then in effect.
       

(f)
Reservation of Common Stock. The Maker shall at all times while this Note 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 conversion of this Note (disregarding for this purpose any and all limitations of any kind on such conversion). The Maker shall,
from time to time, 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 Maker’s obligations under this Section 4.4(f).
       

(g)
Regulatory Compliance. If any shares of Common Stock to be reserved for the purpose of conversion of this Note 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 (including pursuant to Section 3.1 hereof) before such shares may be validly issued or delivered upon
conversion, the Maker 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.
       

(h)
Effect of Events Prior to the Issuance Date. If the Issuance Date of this Note is after the Closing Date, then, if the Base Conversion
Price or any other right of the Holder of this Note would have been adjusted or modified by operation of any provision of this Note had
this Note been issued on the Closing Date, such adjustment or modification shall be deemed to apply to this Note as of the Issuance Date
as if this Note had been issued on the Closing Date.
       

4.5
Inability to Fully Convert.
       

(a)
Holder’s Option if Maker Cannot Fully Convert. If, upon the Maker’s receipt of a Conversion Notice or as otherwise
required under this Note, the Maker cannot issue shares of Common Stock for any reason, including, without limitation, because the Maker
(x) does not have a sufficient number of shares of Common Stock authorized and available or (y) is otherwise prohibited by applicable
law or by the rules or regulations of any stock exchange, interdealer quotation system or other self-regulatory organization with jurisdiction
over the Maker or any of its securities from issuing all of the Common Stock which is to be issued to the Holder pursuant to this Note,
then the Maker shall issue as many shares of Common Stock as it is able to issue and, with respect to the unconverted portion of this
Note or with respect to any shares of Common Stock not timely issued in accordance with this Note, the Holder, solely at Holder’s
option, can elect to:
       

    	15

    	 

    

 

(i)
void its Conversion Notice and retain or have returned, as the case may be, this Note that was to be converted pursuant to the Conversion
Notice (provided that the Holder’s voiding its Conversion Notice shall not affect the Maker’s obligations to make any payments
which have accrued prior to the date of such notice); or
       

(ii)
defer issuance of the applicable Conversion Shares until such time as the Maker can legally issue such shares; provided, that the Principal
Amount underlying such Conversion Shares shall remain outstanding until the delivery of such Conversion Shares; provided, further, that
if the Holder elects to defer the issuance of the Conversion Shares, it may exercise its rights under either clause (i) or (ii) above
at any time prior to the issuance of the Conversion Shares upon two (2) Business Days’ notice to the Maker. 
       

(b)
Mechanics of Fulfilling Holder’s Election. The Maker shall immediately send to the Holder, upon receipt of a Conversion
Notice from the Holder, which cannot be fully satisfied as described in Section 4.5(a) above, a notice of the Maker’s inability
to fully satisfy the Conversion Notice (the “Inability to Fully Convert Notice”). Such Inability to Fully Convert
Notice shall indicate (i) the reason why the Maker is unable to fully satisfy the Holder’s Conversion Notice; and (ii) the amount
of this Note which cannot be converted. The Holder shall notify the Maker of its election pursuant to Section 4.5(a) above by
delivering written notice to the Maker (“Notice in Response to Inability to Convert”). 
       

4.6
Rights as Stockholder. The Holder shall be entitled to vote with the shares of Common Stock, on an as-converted to Common Stock
basis, with respect to all corporate matters of the Maker on which the holders of Common Stock are entitled to vote, subject to any applicable
Beneficial Ownership Limitations.
       

ARTICLE
5

 

5.1
Covenants. For so long as any Note is outstanding, without the prior written consent of the Holder:
       

(a)
Compliance with Transaction Documents. The Maker shall, and shall cause its Subsidiaries to, comply with its obligations under
this Note and the other Transaction Documents.
       

(b)
Payment of Taxes, Etc. The Maker shall, and shall cause each of its Subsidiaries to, promptly pay and discharge, or cause to be
paid and discharged, when due and payable, all lawful taxes, assessments and governmental charges or levies imposed upon the income,
profits, property or business of the Maker and the Subsidiaries, except for such failures to pay that, individually or in the aggregate,
have not had and would not reasonably be expected to have a Material Adverse Effect; provided, however, that any such tax,
assessment, charge or levy need not be paid if the validity thereof shall currently be contested in good faith by appropriate proceedings
and if the Maker or such Subsidiaries shall have set aside on its books adequate reserves with respect thereto, and provided,
further, that the Maker and such Subsidiaries will pay all such taxes, assessments, charges or levies forthwith upon the commencement
of proceedings to foreclose any lien which may have attached as security therefor.
       

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(c)
Corporate Existence. The Maker shall, and shall cause each of its Subsidiaries to, maintain in full force and effect its corporate
existence, rights and franchises and all licenses and other rights to use property owned or possessed by it and reasonably deemed to
be necessary to the conduct of its business.
       

(d)
Investment Company Act. The Maker shall conduct its businesses in a manner so that it will not become subject to, or required
to be registered under, the Investment Company Act of 1940, as amended.
       

(e)
Sale of Collateral; Liens. From the date hereof until the full release of the security interest in the Collateral and the “Collateral”
(as such term is defined in the Subsidiary Security Agreement) (the “Subsidiary Collateral”), (i) the Maker shall not, and
shall not permit any of its Subsidiaries to, sell, lease, transfer or otherwise dispose of any of the Collateral, or attempt or contract
to do so or permit any of its Subsidiaries to attempt or contract to do so, other than sales of inventory in the ordinary course of business
consistent with past practices; and (ii) the Maker shall not, and shall not permit any of its Subsidiaries to, directly or indirectly,
create, permit or suffer to exist, and shall defend, and cause its Subsidiaries to defend, the Collateral against and take such other
action, as is necessary to remove, any lien, security interest or other encumbrance on the Collateral and the Subsidiary Collateral (except
for the pledge, assignment and security interest created under the Security Agreement, the Subsidiary Security Agreement, any Permitted
Liens (as defined in the Security Agreement) or any “Permitted Lien” (as defined in the Subsidiary Security Agreement)).
       

(f)
Prohibited Transactions. The Company hereby covenants and agrees not to enter into any Prohibited Transactions until thirty (30)
days after such time as this Note has been converted into Conversion Shares or repaid in full.
       

5.2
Set-Off. This Note shall be subject to the set-off provisions set forth in the Purchase Agreement.
       

ARTICLE
6

 

6.1
Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in
writing and shall be deemed given and effective on the earliest of (a) the date of transmission, if such notice or communication is delivered
via email at the email address specified in this Section prior to 5:00 p.m. (New York time) on a Business Day, (b) the next Business
Day after the date of transmission, if such notice or communication is delivered via email at the email address specified in this Section
on a day that is not a Business Day or later than 5:00 p.m. (New York time) on any date and earlier than 11:59 p.m. (New York time) on
such date, (c) the Business Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service, or (d)
upon actual receipt by the party to whom such notice is required to be given. The addresses for notice shall be as set forth in the Purchase
Agreement.
       

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6.2
Governing Law. This Agreement shall be governed by and construed in accordance with the Laws of the State of New York, without
reference to principles of conflict of laws or choice of laws. This Note shall not be interpreted or construed with any presumption against
the party causing this Note to be drafted.
       

6.3
Headings. Article and section headings in this Note are included herein for purposes of convenience of reference only and shall
not constitute a part of this Note for any other purpose.
       

6.4
Remedies, Characterizations, Other Obligations, Breaches and Injunctive Relief. The remedies provided in this Note shall be cumulative
and in addition to all other remedies available under this Note, at law or in equity (including, without limitation, a decree of specific
performance and/or other injunctive relief), no remedy contained herein shall be deemed a waiver of compliance with the provisions giving
rise to such remedy and nothing herein shall limit the Holder’s right to pursue actual damages for any failure by the Maker to
comply with the terms of this Note. Amounts set forth or provided for herein with respect to payments, conversion and the like (and the
computation thereof) shall be the amounts to be received by the holder thereof and shall not, except as expressly provided herein, be
subject to any other obligation of the Maker (or the performance thereof). The Maker acknowledges that a breach by it of its obligations
hereunder will cause irreparable and material harm to the Holder and that the remedy at law for any such breach would be inadequate.
Therefore, the Maker agrees that, in the event of any such breach or threatened breach, the Holder shall be entitled, in addition to
all other available rights and remedies, at law or in equity, to equitable relief, including but not limited to an injunction restraining
any such breach or threatened breach, without the necessity of showing economic loss and without any bond or other security being required.
       

6.5
Enforcement Expenses. The Maker agrees to pay all costs and expenses of enforcement of this Note, including, without limitation,
reasonable attorneys’ fees and expenses.
       

6.6
Binding Effect. The obligations of the Maker and the Holder set forth herein shall be binding upon the successors and assigns
of each such party, whether or not such successors or assigns are permitted by the terms herein.
       

6.7
Amendments; Waivers. No provision of this Note may be waived or amended except in a written instrument signed by the Company and
the Holder. No waiver of any default with respect to any provision, condition or requirement of this Note shall be deemed to be a continuing
waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall
any delay or omission of either party to exercise any right hereunder in any manner impair the exercise of any such right.
       

6.8
Compliance with Securities Laws. The Holder of this Note acknowledges that this Note is being acquired solely for the Holder’s
own account and not as a nominee for any other party, and for investment, and that the Holder shall not offer, sell or otherwise dispose
of this Note in violation of securities laws. This Note and any Note issued in substitution or replacement therefor shall be stamped
or imprinted with a legend in substantially the following form:
       

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“THIS
NOTE 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.”
       

6.9
Jurisdiction; Venue. Any action, proceeding or claim arising out of, or relating in any way to this Agreement shall be brought
and enforced in the New York Supreme Court, County of New York, or in the United States District Court for the Southern District of New
York. The Company and the Holder irrevocably submit to the jurisdiction of such courts, which jurisdiction shall be exclusive, and hereby
waive any objection to such exclusive jurisdiction or that such courts represent an inconvenient forum. The prevailing party in any such
action shall be entitled to recover its reasonable and documented attorneys’ fees and out-of-pocket expenses relating to such action
or proceeding.
       

6.10
Parties in Interest. This Note shall be binding upon, inure to the benefit of and be enforceable by the Maker, the Holder and
their respective successors and permitted assigns.
       

6.11
Failure or Indulgence Not Waiver. No failure or delay on the part of the Holder in the exercise of any power, right or privilege
hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude
other or further exercise thereof or of any other right, power or privilege.
       

6.12
Maker Waivers. Except as otherwise specifically provided herein, the Maker and all others that may become liable for all or any
part of the obligations evidenced by this Note, hereby waive presentment, demand, notice of nonpayment, protest and all other demands
and notices in connection with the delivery, acceptance, performance and enforcement of this Note, and do hereby consent to any number
of renewals of extensions of the time or payment hereof and agree that any such renewals or extensions may be made without notice to
any such persons and without affecting their liability herein and do further consent to the release of any person liable hereon, all
without affecting the liability of the other persons, firms or Maker liable for the payment of this Note, AND DO HEREBY WAIVE TRIAL BY
JURY.
       

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(a)
No delay or omission on the part of the Holder in exercising its rights under this Note, or course of conduct relating hereto, shall
operate as a waiver of such rights or any other right of the Holder, nor shall any waiver by the Holder of any such right or rights on
any one occasion be deemed a waiver of the same right or rights on any future occasion.
       

(b)
THE MAKER ACKNOWLEDGES THAT THE TRANSACTION OF WHICH THIS NOTE IS A PART IS A COMMERCIAL TRANSACTION, AND TO THE EXTENT ALLOWED BY APPLICABLE
LAW, HEREBY WAIVES ITS RIGHT TO NOTICE AND HEARING WITH RESPECT TO ANY PREJUDGMENT REMEDY WHICH THE HOLDER OR ITS SUCCESSORS OR ASSIGNS
MAY DESIRE TO USE.
       

6.13
Disclosure. Upon receipt or delivery by the Company of any notice in accordance with the terms of this Note, unless the Company
has in good faith determined that the matters relating to such notice do not constitute material, nonpublic information relating to the
Company or its Subsidiaries, the Company shall within two (2) Business Days after such receipt or delivery publicly disclose such material,
nonpublic information on a Current Report on Form 8-K or otherwise. In the event that the Company believes that a notice contains material,
non-public information relating to the Company or its Subsidiaries, the Company so shall indicate to the Holder contemporaneously with
delivery of such notice, and in the absence of any such indication, upon the passage of two (2) Business Days, the Holder shall be allowed
to presume that all matters relating to such notice do not constitute material, nonpublic information relating to the Company or its
Subsidiaries.
       

6.14
Definitions. Capitalized terms used herein and not defined shall have the meanings set forth in the Purchase Agreement. For the
purposes hereof, the following terms shall have the following meanings:
       

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

(b)
“Indebtedness” means: (a) all obligations for borrowed money; (b) all obligations evidenced by bonds, debentures,
notes, or other similar instruments and all reimbursement or other obligations in respect of letters of credit, bankers acceptances,
current swap agreements, interest rate hedging agreements, interest rate swaps, or other financial products; (c) all capital lease obligations
that exceed $100,000 in the aggregate in any fiscal year; (d) all obligations or liabilities secured by a lien or encumbrance on any
asset of the Maker, irrespective of whether such obligation or liability is assumed; (e) all obligations for the deferred purchase price
of assets, together with trade debt and other accounts payable that exceed $100,000 in the aggregate in any fiscal year; (f) all synthetic
leases; (g) any obligation guaranteeing or intended to guarantee (whether directly or indirectly guaranteed, endorsed, co-made, discounted
or sold with recourse) any of the foregoing obligations of any other person; (h) trade debt; and (i) endorsements for collection or deposit.
       

    	20

    	 

    

 

(c)
“Mandatory Default Amount” means an amount equal to one hundred and thirty-five percent (135%) of the Outstanding
Principal Amount of this Note on the date on which the first Event of Default has occurred hereunder.
       

(d)
“Market Capitalization” means, as of any date of determination, the product of (a) the number of issued and outstanding
shares of Common Stock as of such date (exclusive of any shares of common stock issuable upon the exercise of options or warrants or
conversion of any convertible securities), multiplied by (b) the closing price of the Common Stock on the Trading Market on the date
of determination.
       

(e)
“Outstanding Principal Amount” means, at the time of determination, the Principal Amount outstanding after giving
effect to any conversions or prepayments pursuant to the terms hereof.
       

(f)
“Registration Rights Agreement” means the Registration Rights Agreement, dated as of December , 2021 (as the same
may be amended from time to time), by and between the Company and the Holder.
       

(g)
“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).
       

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

(i)
“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.
       

[Signature
Pages Follow]

 

    	21

    	 

    

 

IN
WITNESS WHEREOF, the Maker has caused this Note to be duly executed by its duly authorized officer as of the date first above indicated.

 

	 	MARIZYME,
  INC.
	 	 	 
	 	By:	 
	 	Name:	David
  Barthel
	 	Title:	Chief
  Executive Officer

 

    	22

    	 

    

 

EXHIBIT
A

 

WIRE
INSTRUCTIONS

 

    	 

    	 

    

 

EXHIBIT
B

 

FORM
OF CONVERSION NOTICE

 

(To
be Executed by the Registered Holder in order to Convert the Note)

 

The
undersigned hereby irrevocably elects to convert $ ________________ of the principal amount of the above Note No. ___ into shares of
Common Stock of Marizyme, Inc. (the “Maker”) according to the conditions hereof, as of the date written below.

 

Date
of Conversion:

 

Conversion
Price:

 

Number
of shares of Common Stock beneficially owned or deemed beneficially owned by the Holder on the Conversion Date:

 

	 	[HOLDER]
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	Address:

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