Document:

Exhibit 10.2

 

REE AUTOMOTIVE LTD. KEY
EMPLOYEE SHARE INCENTIVE PLAN (2011)

 

		1.	Name:

 

This plan, as amended from time
to time, shall be known as the REE Automotive Ltd. Key Employee Share Incentive Plan (2011)" (the "Plan").

 

		2.	Purpose:

 

The purpose and intent of the Plan is to provide incentives
to employees of REE Automotive Ltd. (the "Company") and employees of its subsidiaries and Affiliates (including employees of
the RAD Biomed Accelerator Ltd., the incubator in the framework of which the Company is established) by providing them with opportunities
to purchase shares in the Company, pursuant to a plan approved by the Board of Directors of the Company which is designed to benefit from,
and is made pursuant to, the provisions of Section 102 and/or 3(i) of the Israeli Income Tax Ordinance [New Version], 1961 (hereinafter
- the "Ordinance") and shall comply with Amendment no. 132 of the Ordinance and the rules, promulgated thereunder, as may be
amended or replaced from time to time. Options to purchase the Company's Ordinary Shares may be issued to employees, directors, consultants
and service providers of the Company or its Affiliates.

 

		3.	Definitions:

 

		3.1	"Affiliate" means any "employing company" within the meaning
of Section 102(a) of the Ordinance (including employees of the RAD Biomed Accelerator Ltd., the incubator in the framework of which the
Company is established)

 

		3.2	"Approved 102 Option" means an Option granted pursuant to Section 102(b)
of the Ordinance and held in trust by a Trustee for the benefit of the Grantee.

 

		3.3	"Capital Gain Option (CGO)" means an Approved 102 Option elected and
designated by the Company to qualify under the capital gain tax treatment in accordance with the provisions of Section 102(b)(2) of the
Ordinance.

 

		3.4	"Cause" means, henceforth and hereinafter, with respect to both Employees
and Non Employees (i) conviction of any felony involving moral turpitude or affecting the Company; (ii) any refusal to carry out a reasonable
directive of the CEO, Board or the Grantee's direct supervisor which involves the business of the Company or its Affiliates and was capable
of being lawfully performed; (iii) theft or embezzlement of funds or assets of the Company or its Affiliates and/or commission of an act
of fraud against the Company; (iv) any breach of the Grantee's
fiduciary duties or duties of care of the Company, including without limitation disclosure of confidential information of the
Company; and (v) any conduct (other than conduct in good faith) reasonably determined by the Board to be materially detrimental to
the Company.

 

     

    

    

 

		3.5	"Controlling Shareholder" shall have the meaning ascribed to it in Section
32(9) of the Ordinance.

 

		3.6	"Eligible Grantee" means the person to whom options shall be granted.

 

		3.7	"Employee" means a person who is employed by the Company or its Affiliates,
including an individual who is serving as a director or an office holder, but excluding any Controlling Shareholder.

 

		3.8	"Non-Employee" means a consultant, adviser, service provider, Controlling
Shareholder or any other person who is not an Employee.

 

		3.9	"Ordinary Income Option (010)" means an Approved 102 Option elected and
designated by the Company to qualify under the ordinary income tax treatment in accordance with the provisions of Section 102(b)(1) of
the Ordinance.

 

		3.10	“102 Option" means any Option Awards granted to Employees pursuant to
Section 102 of the Ordinance.

 

		3.11	"3(i) Option" means an Option granted pursuant to Section 3(i) of the
Ordinance to any person who is a Non- Employee.

 

		3.12	"Section 102" means section 102 of the Ordinance and any regulations,
rules, orders or procedures promulgated thereunder as now in effect or as hereafter amended.

 

		3.13	"Trustee" means any individual appointed by the Company to serve as
a trustee and approved by the Israeli Tax Authorities, all in accordance with the provisions of Section 102(a) of the Ordinance.

 

		3.14	"Unapproved 102 Option" means an Option granted pursuant to Section 102(c)
of the Ordinance and not held in trust by a Trustee.

 

		4.	Administration:

 

		4.1	The Plan will be administered by the Board, according to the
                                                                                                                                       recommendations of the Share Incentive Committee (the "Committee"), which will consist of such number of Directors of the
                                                                                                                                       Company (not less than two (2) in number), as may be fixed from time to time by the Board of Directors of the Company. The Board of
                                                                                                                                       Directors shall appoint the members of the Committee and may from time to time remove members from, or add members to, the Committee
                                                                                                                                       and shall fill vacancies in the Committee however caused.

 

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		4.2	The Committee shall select one of its members as its Chairman and shall hold its meetings at such times
and places as it shall determine. Actions at a meeting of the Committee at which all its members are present, or acts reduced to or approved
in writing by all members of the Committee, shall be the valid acts of the Committee. The Committee may appoint a Secretary, who shall
keep records of its meetings and shall make such rules and regulations for the conduct of its business as it shall deem advisable.

 

		4.3	Subject to the general terms and conditions of this Plan, the Board of Directors
shall have full authority to determine, and the Committee shall have full authority to recommend to the Board, in its discretion, from
time to time and at any time (i) the persons ("Grantees") to whom "Option Awards" (as hereinafter defined) shall be
granted, (ii) the number of shares to be covered by each Option Award, (iii) the time or times at which the same shall be granted, (iv)
the price, schedule and conditions on which such Option Awards may be exercised and on which such shares shall be paid for, (v) whether
the Option Awards are CGI, 010, Unapproved 102 Options or 3(i) Options, and/or (vi) any other matter which is necessary or desirable for,
or incidental to, the administration of the Plan.

 

		4.4	The Committee may from time to time adopt such rules and regulations for carrying
out the Plan as it may deem best. No member of the Board of Directors or of the Committee shall be liable for any action or determination
made in good faith with respect to the Plan or any Option Award granted thereunder.

 

		4.5	The interpretation and construction by either of the Board of Directors or the
Committee of any provision of the Plan or of any Option Award thereunder shall be final and conclusive unless otherwise determined by
the Board of Directors.
	 	 	 
	 	4.6	The
Board of Directors of the Company is empowered to act in place of the Committee if it deems fit, and in any event, it will have the final
authority and powers in any matter relating to the Plan.

 

		5.	Issuance of Options

 

		5.1	The Committee (or the Board, if the law so requires) in its discretion may award
to Grantees options to purchase shares in the Company available under the Plan ("Option Awards"). The date of grant of each
Option Award shall be the date specified by the Committee at the time such award is made.

 

		5.2	The persons eligible for participation in the Plan as Grantees shall include any
                                                                                                    Employees and/or Non-Employees of the Company or of any Affiliate; provided, however, that (i) Employees may only be granted 102
                                                                                                    Options; and (ii) Non-Employees and/or Controlling Shareholders
may only be granted 3(i) Options

 

		5.3	The Company may designate Options granted to Employees pursuant to Section 102
as Unapproved 102 Options or Approved 102 Options.

 

		5.4	The grant of Approved 102 Options shall be made under this Plan adopted by the
Board, and shall be conditioned upon the approval of this Plan by the Israeli Tax Authorities.

 

		5.5	Approved 102 Options may either be classified as Capital Gain Options ("CGOs")
or Ordinary Income Options ("010s"), as per the Board's decision.

 

		5.6	No Approved 102 Options may be granted under this Plan to any Eligible Grantee, unless
and until, the Company's election of the type of Approved 102 Options as CGI or 010 granted to Employees (the "Election"), is
appropriately filed with the Israeli Tax Authorities. Such Election shall become effective beginning the first date of grant of an Approved
102 Option under this Plan and shall remain in effect until the end of the year following the year during which the Company first granted
Approved 102 Options. The Election shall obligate the Company to grant only the type of Approved 102 Option it has elected, and shall
apply to all Eligible Grantees who were granted Approved 102 Options during the period indicated herein, all in accordance with the provisions
of Section 102(g) of the Ordinance. For the avoidance of doubt, such Election shall not prevent the Company from granting Unapproved 102
Options simultaneously.

 

		5.7	All Approved 102 Options must be held in trust by a Trustee, as described in Section
6 below.

 

		5.8	For the avoidance of doubt, the designation of Unapproved 102 Options and Approved
102 Options shall be subject to the terms and conditions set forth in Section 102.

 

		5.9	The instrument granting an Option Award shall state, inter alia, the number of
shares covered thereby, the dates when it may be exercised, the option price, the schedule on which such shares may be paid for, the type
of Options granted (whether CGI, 010, Unapproved 102 Options or 3(i) Options), the vesting provisions, exercise price and such other terms
and conditions as the Committee at its discretion may prescribe, provided that they are consistent with this Plan.

 

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		6.	Eligible Grantees:

 

		6.1	No Option Award may be granted by the Option Committee to any person serving as
a member of the Committee at the time of the grant (but such Options Awards may be granted by the resolution
of the Board of Directors).

 

		6.2	No 102 Option may be granted to a Controlling Shareholder, or any person who will
become a Controlling Shareholder, as a result of the Option Award.

 

		6.3	Subject to the limitation set forth in this Plan, Option Awards may be granted
to any officer, key employee or other employee of the Company, its subsidiaries and Affiliates, as well as to Non-Employees of the Company.

 

		7.	Trustee:

 

		7.1	The Option Awards, including the Approved 102 Options and/or shares in the Company
which will be issued upon the exercise of the Option Awards and/or any other shares received subsequently following any realization of
rights, will be held in trust and registered under the name of a trustee (the "Trustee") who will hold the same pursuant to
the Company's instructions from time to time. Except as provided for in Section 11.7 herein below, in no event will the Trustee release
the shares before the later of (i) the initial public offering ("IPO") of the shares of the Company or an M&A transaction
where all or a substantial part of the securities of the Company are sold (the earlier of the two) or (ii) the lapse of the period of
time as required by Section 102 or any regulation, rule, order or procedure promulgated thereunder. In the event the requirements for
Approved 102 Options are not met, then the Approved 102 Options shall be regarded as Unapproved 102 Options, all in accordance with the
provisions of Section 102. The Trustee has all voting
rights relating to shares exercised as above mentioned, and the right to be invited to general meetings of the Company. The Trustee shall
empower the Board of Directors (as a group by a decision of the majority thereof), or any other person designated by the Board of Directors,
with all the voting rights of the shares and shall not exercise the voting rights in any other way whatsoever.

 

		7.2	Notwithstanding anything to the contrary, the Trustee shall not release any Ordinary
Shares allocated or issued upon exercise of Approved 102 Options prior to the full payment of the Grantee's tax liabilities arising from
Approved 102 Options which were granted to him and/or any Ordinary Shares allocated or issued upon exercise of such Options.

 

		7.3	The Grantee hereby undertakes to release the Trustee from any liability in respect
of any action or decision duly taken and bona fide executed in relation with this Plan, or any Option Aware and/o Approved 102 Option
or Ordinary Share granted to him thereunder.

 

		8.	Reserved Shares:

 

The Company has reserved authorized
but unissued Ordinary Shares (nominal value NIS 0.01 per share) for purposes of the Plan, subject to adjustment as provided in Section
12 hereof. The Company may use any reserved but not granted options of previous plans, or unused options returned from previous plans
for this Plan. All shares under the Plan, in respect of which the right hereunder of a Grantee to purchase the same shall, for any reason,
terminate, expire or otherwise cease to exist, shall again be available for grant through the Option Awards under the Plan.

 

		9.	Option Price:

 

The price
per share covered by each Option Award shall be as determined by the Committee (or the Board, if the law so requires) on the date of grant,
provided that such price per share for any Option Award shall not be less than the par value of the share.

 

		10.	Exercise of Option Award:

 

		10.1	Option Awards shall be exercisable pursuant to the terms under which they were
awarded and subject to the terms and conditions of this Plan.

 

		10.2	An Option Award, or any part thereof, shall be exercisable by the Grantee's signing
and returning to the Company at its principal office, with a copy to the Trustee, a "Notice of Exercise" which will also constitute
a Share Incentive Agreement (the "Agreement") in such form and substance as may be prescribed by the Committee from time to
time, under its sole discretion. Subject to all other sections in this plan, a Grantee may exercise Option Award granted to him according
to his vesting period. The Vesting Schedule will continue to run as long as the Employee is still employed by the Company, or its subsidiary
or Affiliate as the case may be.

 

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		10.3	Anything
herein to the contrary notwithstanding, but without derogating from the provisions of Sections 7 and 1 1 hereof, if any Option Award
or any part thereof, has not been exercised and the shares covered thereby not paid for within ten years after the date of grant (or
any other period set forth in the instrument granting such Option Award pursuant to Section 10), such Option Award, or such part thereof,
and the right to acquire such shares, shall terminate, all interests and rights of the Grantee in and to the same shall ipso facto expire,
and, in the event that in connection with such unexercised options any shares are held in trust as aforesaid, such trust shall ipso facto
expire and the trustee shall thereafter hold such shares in an unallocated pool until instructed
by the Company that some or all of such shares are again to be held in trust for one or more Grantees.

 

		10.4	Each payment for shares under an Option Award shall be in respect of a whole number
of shares, shall be effected in cash or by a cashier's or certified check payable to the order of the Company, or such other method of
payment acceptable to the Company, and shall be accompanied by a notice stating the number of shares being paid for thereby.

 

		10.5	Net Issuance Election. In lieu of payment of the exercise price, by one
of the other payment methods set forth in Section 10.4 above, a Grantee may elect, to receive upon the exercise of the Option Award, such
number of shares which is the result of a fraction, (A) the numerator of which is (i) the number of shares that the Grantee
would otherwise have been entitled to receive upon exercise of the Option Award by the cash payment of the exercise price (or such lesser
number of shares as Grantee may designate in the case of a partial exercise of the Option Award), multiplied by (ii) the
difference between (a) the fair market value of one share at the time the net issuance election hereunder is made, and (b)
the exercise price of the Option Award, and (B) the denominator of which is the fair market value of one share at the time
the net issuance election hereunder is made (the “Net Issuance Election”). An election to exercise an Option Award
(or a portion thereof) under the Net Issuance Election method may be made by indicating the Grantee’s election to do so in the “Notice
of Exercise”, as set forth in Section 10.2 above.

 

		10.6	In the event that the Company will distribute cash dividends or any other cash payments to shareholders,
then the dividends (or cash payments) relating to the shares already exercised will be transferred to the Trustee, who will transfer dividends
(or cash payments) to Grantees who exercised the Option Awards to the extent exercised.

 

Each Grantee will be fully liable
as a shareowner in the Company to the extent of the number and percentage of shares held on his behalf by the Trustee as a result of the
exercise of any Option Award up to the nominal value of his shares.

 

		11.	Termination of Employment:

 

		11.1	Subject to the provisions of Section 11.3 hereof, if a Grantee should, for any
reason, cease to be employed by the Company or any subsidiary or Affiliate thereof, as the case may be, or cease acting as a consultant
to the Company or an Affiliate thereof, as the case may be, then all of his rights, if any, in respect of (a) all Option Awards theretofore
granted to him under the Plan and not exercised (to the extent that they are exercisable at the time of termination of Employment) within
ninety (90) days after such cessation of employment, and (b) all shares which may be purchased by him under the Plan and which are not fully
paid for within ninety (90) days after such cessation of employment, shall ipso facto terminate. Grantee will immediately pay any tax
resulting from such an exercise.

 

		11.2	In the event of such resignation or termination of Employment of a Grantee from
the employ of the Company or an Affiliate thereof, his employment shall, for the purposes of this Section 11 be deemed to have ceased
upon the effective date of such resignation or termination of employment.

 

		11.3	In the event of termination of employment by the Company for Cause as defined in Section 3.4 above
(hereinafter "Termination for Cause"), the Grantee's right to exercise vested Option Awards shall terminate immediately upon
such termination, and all such Option Awards shall be forfeited without any payment being due. In addition the Company (if and as permitted
by law) and/or any of its subsidiaries and/or any other person or entity designated for this purpose by the Company will be entitled to
repurchase, with no time limit, any or all of the shares purchased under this plan resulting from the exercise of any Option Awards exercised
prior to the date of the repurchase. The price paid for each share will be determined by the Committee, in its sole discretion, but shall
not be less than the par value of the Share. Any shares back purchased under this subsection 11.3 will be released from the Trust upon
the back purchase, subject to section 102 of the Ordinance.

 

		11.4	Subject to Section 13.3 above, the shares exercised will continue to be held by
the Trustee on behalf of the Grantee until the sale of such shares by the Grantee at the later of (i) the initial public offering ("IPO")
of the shares of the Company or an M&A transaction where all or a substantial part of the securities of the Company are sold (the
earlier of the two) or (ii) the lapse of the period of time as required by Section 102 or any regulation, rule, order or procedure promulgated
thereunder.

 

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		11.5	Death, Disability, Retirement:

 

Anything herein to the contrary notwithstanding:

 

		i	If a Grantee shall die while in the employ of the Company or any Affiliate thereof,
his estate, to the extent that it has acquired by will or by operation of law the rights of the deceased Grantee under the Plan, shall
be entitled for a period of four (4) months following the date of death of such Grantee, to exercise such rights of such Grantee not theretofore
exercised, to the same extent (but only to the extent), and on the same terms, as the deceased Grantee could have done during or at the
end of such three-month period had he survived and had he continued his employ with the Company.

 

		ii	If a Grantee is unable to continue to be employed by the Company or any Affiliate
thereof by reason of his becoming incapacitated while in the employ of the Company or any
Affiliate thereof as a result of an accident or illness or other cause which is approved by the Committee, such Grantee shall continue
to enjoy rights under the Plan on such terms and conditions as the Committee in its discretion may determine.

 

		11.6.	If a Grantee should retire, he shall continue to enjoy such rights, if any, under
the Plan and on such terms and conditions as the Committee in its discretion may determine.

 

		11.7.	In no event will any shares be released by the Trustee under this Section 1 1
from the Trust prior to (i) (a) the IPO or (b) an M&A transaction where all or a substantial part of the securities of the Company
are sold or (ii) the lapse of the period of time as required by Section 102 or any regulation, rule, order, or procedure promulgated thereunder
(the later of the two), all subject to section 11.8 below.

 

		11.8.	The Company and any Grantee acknowledge that, in case of cessation of employment
before the period of time as required by Section 102 or any regulation, rule, order, or procedure promulgated thereunder from the date
of the grant of an Option Award was completed, the benefits provided in Section 102 of the Ordinance may not be available to the Grantee,
and the Company may be required to withhold tax on the date of the issuing of shares according to the Option Awards, and be subject to
any other obligations under law regarding the granting of such Option Awards. In the event that the requirements for Approved 102 are
not met, then the Approved 1 02 Options shall be regarded as Unapproved 102 Options, all in accordance with the provisions of Section
102.

 

		11.9.	In any event, periods of time where Employees are on leave without pay, whether
according to a contract, law or otherwise, shall not be taken into account for purposes of this Plan, the vesting period and any other
rights resulting from the Plan, and the date of termination of employment will be the date such leave begins.

 

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		12.	Adjustments:

 

Upon the happening of any of
the following described events, a Grantee's rights to purchase shares under the Plan shall be adjusted as hereinafter provided:

 

		12.1	In the event the Ordinary Shares of the Company shall be subdivided or combined into
a greater or smaller number of shares or if, upon a merger, consolidation, reorganization, recapitalization or the like, the Ordinary
Shares of the Company shall be exchanged for other securities of the Company or of another corporation, then, upon the exercise of an
Option Award, each Grantee shall be entitled, subject to the conditions herein stated, to purchase such number of Ordinary Shares or amount
of other securities of the Company or such other corporation as were exchangeable for the number of Ordinary
Shares of the Company which such Grantee would have been entitled to purchase except for such action, and appropriate adjustments shall
be made in the purchase price per share to reflect such subdivision, combination, or exchange.

 

		12.2	In the event that the Company shall issue any of its Ordinary Shares or other securities as bonus shares
(stock dividend) upon or with respect to any shares which shall at the time be subject to a right of purchase by a Grantee hereunder,
each Grantee, upon exercising such right, shall be entitled to receive (for the purchase price payable upon such exercise), the shares
as to which he is exercising his said right and, in addition thereto (at no additional cost), such number of shares of the class or classes
in which such bonus shares (stock dividend) were declared, and such amount of cash in lieu of fractional shares, as is equal to the amount
of shares and the amount of cash in lieu of fractional shares which he would. have received had he been the holder of the shares as to
which he is exercising his said right at all times between the date of the granting of such right and the date of its exercise.

 

		12.3	Upon the happening of any of the foregoing events, the class and aggregate number
of Ordinary Shares issuable pursuant to the Plan, in respect of which Option Awards have not yet been granted, shall also be appropriately
adjusted to reflect the events specified in Sections 12.1 and 12.2 above.

 

		12.4	The Committee shall determine the specific adjustments to be made under this Section
14, and its determination shall be conclusive.

 

		13.	Assignability and Sale of Shares:

 

		13.1	Except as provided for in Section 1 1.5 hereinabove, no Option Award and no shares
purchasable hereunder, whether fully paid or not, shall be assignable, transferable or given as collateral or any right to them given
to any third party whatsoever, and during the lifetime of the Grantee each and all of his rights to purchase shares hereunder shall be
exercisable only by him.

 

		13.2	The Grantee will not be allowed to sell any shares purchased pursuant to the exercise
of Option Awards granted hereunder before the later of (i) the lapse of the period of time as required by Section 102 or any regulation,
rule, order, or procedure promulgated thereunder or (ii) the earlier of the IPO or an M&A transaction where all or a substantial part
of the securities of the Company are sold (the earlier of the two).

 

		13.3	Notwithstanding anything to the contrary in this Plan, the Board may determine,
in with respect to certain Grantee/s that the shares purchased pursuant to the exercise of Option Awards granted hereunder to such Grantee/s
may be sold or transferred, under the terms and provisions provided by the Board.

 

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		14.	Term and Amendment of the Plan:

 

		14.1	The Plan was adopted by the Board of Directors of the Company on June , 2011, and shall expire 10 years thereafter (except as to Option Awards outstanding on that date).

 

		14.2	Subject to applicable laws, the Board of Directors may, at any time and from time
to time, terminate or amend the Plan in any respect. In no event will any action of the Company alter or impair the rights of a Grantee,
without his consent, under any Option Award previously granted to him.

 

		15.	Continuance of Employment:

 

Neither the
Plan nor the Agreement shall impose any obligation on the Company or an Affiliate thereof to continue to keep any Grantee in its employ,
and nothing in the Plan or in any Option Award granted pursuant thereto shall confer upon any Grantee any right to continue in the employ
of the Company or an Affiliate thereof, or restrict the right of the Company or an Affiliate thereto to terminate such employment at any
time.

 

		16.	Governing Law:

 

The Plan
and all instruments issued thereunder or in connection therewith shall be governed by, and interpreted in accordance with, the laws of
the State of Israel.

 

		17.	Application of Funds:

 

The proceeds
received by the Company from the sale of shares pursuant to Option Awards granted under the Plan will be used for general corporate purposes
of the Company or any subsidiary thereof.

 

		18.	Tax Consequences:

 

Any tax
consequences arising from the grant or exercise of any Option Award, from the payment for shares covered thereby or from any other event
or act (of the Company or the Grantee) hereunder, shall be borne solely by the Grantee. Furthermore, the Grantee shall agree to indemnify
the Company and the Trustee and hold them harmless against and from any and all liability for any such tax or interest or penalty thereon,
including without limitation, liabilities relating to the necessity to withhold, or to have withheld, any such tax from any payment made
to the Grantee. However, the Trustee is hereby authorized by any Grantee to deduct any amount of tax at source he deems fit, according
to his discretion, his professional understanding and the law.

 

		19.	Fair Market Value For Tax Purposes:

 

Solely for the purpose of determining the tax liability pursuant to Section 102(b)(3)
of the Ordinance, if at the date of grant the Company's shares are listed on any established stock exchange or a national market system,
the fair market value of the Ordinary Shares at the date of grant shall be determined in accordance with the average value of the Company's
shares on the thirty (30) trading days preceding the date of grant.

 

		20.	Integration Of Section 102 And Tax Assessing Officer 's Permit

 

		20.1	With regards to Approved 102 Options, the provisions of the Plan and/or the Appendix
and/or the Option Agreement shall be subject to the provisions of Section 102 and the Tax Assessing Officer's permit, and the said provisions
and permit shall be deemed an integral part of the Plan and of the Appendix and of the Option Agreement.

 

		20.2	Any provision of Section 102 and/or the said permit which is necessary in order
to receive and/or to keep any tax benefit pursuant to Section 102, which is not expressly specified in the Plan or the Appendix or the
Option Agreement, shall be considered binding upon the Company and the Grantees.

 

		21.	Restriction Period:

 

In the event of an IPO, the Grantee
will agree to any conditions relating to lock up commitments as agreed between the managing underwriter and the Company, not to sell,
make any short sale of, loan, grant any option for the purchase of, or otherwise dispose of any Ordinary Shares of the Company without
the prior written consent of the Company or such underwriters, as the case may be, for such period of time from the effective date of
such registration as may be requested by the underwriters.

 

 

7Exhibit 10.1

 

EXECUTIVE
EMPLOYMENT AGREEMENT

 

This
Executive Employment Agreement (the “Agreement”) is knowingly and voluntarily entered into on October 31, 2021 by and between
MARIZYME, Inc., a Nevada corporation (“MARIZYME or the “Company”), and David Barthel (“Employee”). The
term “Company” includes MARIZYME and any of its predecessors, successors, affiliates, related entities and/or subsidiaries.
Company and Employee are collectively referred to herein as the “Parties.”

 

RECITALS

 

WHEREAS,
the Parties agree that it is in their mutual best interests, for good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, to enter into this Agreement; and

 

WHEREAS,
the Company agrees to employ Employee, and Employee agrees to be employed by the Company, under the terms of this Agreement;

 

WHEREAS,
the Parties expressly acknowledge that Employee’s employment may include inventing, discovering, initiating, or contributing to
the Confidential Information or Inventions (as defined below) of the Company, and Employee expressly acknowledges that such Confidential
Information or Inventions are valuable assets of MARIZYME and that MARIZYME has a legitimate interest in protecting itself from disclosure
or misappropriation of such information and Inventions.

 

NOW,
THEREFORE, intending to be legally bound hereby, and in consideration of the foregoing premises and of the mutual promises and covenants
contained herein, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

 

AGREEMENT

 

1.
DUTIES

 

Employee
will be employed on a full time and exclusive basis, as the Company’s Chief Executive Officer (CEO).1 Employee shall
perform the duties and responsibilities customarily associated with his position, and as otherwise reasonably designated by the Company,
including, but not limited to, attending senior staff meetings. A general summary of Employee’s duties is set forth in Exhibit
A.

 

Employee
shall report directly to the Board of Directors.

 

 

1
Any outside business activities that Employee engages in must be approved, in writing, by the Company. A violation of this provision
shall be considered cause for termination.

 

    	Page 1 of 13

     

    

 

2.
TERM OF EMPLOYMENT AND TERMINATION

 

Subject
to the conditions set forth in this Paragraph 2 of the Agreement, Employee’s employment under this Agreement shall commence upon
execution of this Agreement by the Parties.

 

In
the event that Employee engages in gross negligence, fraud, embezzlement, repeated insubordination, acts of violence, self-dealing of
any kind, breach of confidentiality, material dishonesty, material breach of this Agreement or the Company’s policies or procedures,
or is charged by a government agency with a felony or a crime of dishonesty or moral turpitude (“Cause”), as determined by
the Company in its sole discretion, then Employee’s employment with the Company shall be immediately terminated for Cause and the
Company shall not be required to make any further payments, including without limitation, any compensation to Employee after the termination
date, other than those wages already earned through the termination date. With respect to finding Cause solely based on an asserted material
breach of this Agreement, Employee shall be given written notice of such breach and an opportunity to correct such breach within fifteen
(15) days of such notice. To clarify, a termination of Employee for poor performance is a termination without Cause.

 

Additionally,
Employee agrees to the following: employment with the Company is contingent upon (i) Employee’s agreement to protect the Company’s
confidential business and other information, as set forth in more detail below; (ii) Employee’s agreement to abide by and participate
in required training when available on the Company’s applicable policies and procedures, employee handbook, legal regulations,
and certification requirements, including, without limitation, formal policies and training on prevention of discrimination and harassment
in the workplace; and (iii) Employee’s agreement to abide by the Company’s policies and procedures, as they may be amended
from time to time.

 

3.
AT-WILL STATUS

 

By
signing this Agreement, the Employee understands and acknowledges that Employee’s employment is “at-will” and that
this Agreement does not constitute any type of guarantee of employment or continued employment. As an at-will employee, Employee or MARIZYME
may terminate Employee’s employment relationship with MARIZYME at any time, with or without cause.

 

4.
COMPENSATION

 

	 	a)	Base
    Salary. Employee shall receive a fixed gross salary of THREE HUNDRED FIFTY THOUSAND and 00/100 Dollars ($350,000.00) per year
    less standard payroll deductions and subject to applicable taxes and withholdings (“Base Salary”). Employee’s Base
    Salary shall be paid in accordance with the Company’s standard payroll practices from time to time, but the Company agrees
    that the Base Salary will be paid no later than every thirty (30) day period. Employee shall not be eligible and/or entitled to any
    overtime payment as Employee is an exempt employee pursuant to the FLSA.

 

    	Page 2 of 13

     

    

 

	 	b)	Separation
    Payment for Without Cause Termination. (i) Through October 31, 2022, if Company terminates Employee’s employment with the
    Company without Cause, as defined in paragraph 2 above, and if Employee executes a full release in favor of the Company (in a form
    acceptable to the Company, which shall include non-competition, non- solicitation, and non-disparagement provisions), the Company
    shall only pay Employee the total sum equal to six (6) months of Base Salary. Any payment under this sub- paragraph will be made
    in six (6) monthly installments in accordance with the Company’s usual payroll practices and will be subject to payroll deductions
    and tax withholdings in accordance with the Company’s usual payroll practices as required by law. (ii) Beginning November 1,
    2022 and thereafter, if Company terminates Employee’s employment with the Company without Cause, as defined in paragraph 2
    above, and if Employee executes a full release in favor of the Company (in a form acceptable to the Company, which shall include
    non-competition, non-solicitation, and non-disparagement provisions), the Company shall only pay Employee the total sum equal to
    twelve (12) months of Base Salary. Any payment under this sub-paragraph will be made in twelve (12) monthly installments in accordance
    with the Company’s usual payroll practices and will be subject to payroll deductions and tax withholdings in accordance with
    the Company’s usual payroll practices as required by law. The provisions set forth in this paragraph 4(b) shall be enforceable
    against the Company and any successor entity, even in the event of a merger, consolidation or similar transaction.
	 	 	 
	 	 	In
    the event of a termination without cause, no other compensation will be payable to Employee, other than those wages already earned
    prior to the notice of termination, unless otherwise agreed to in writing by the Company. In the event of a termination with cause,
    or in the event of a resignation by Employee, Employee is not entitled to any separation payment or any other post-termination
    severance. To clarify, regardless of the reasons for the resignation, Employee shall not receive separation pay or post-termination
    severance in the event of a resignation.

 

5.
EQUITY, OPTIONS AND BENEFITS

 

Employee
will be eligible to receive certain equity in the form of incentive stock options (“ISOs”) of the Company based upon the
attainment of certain metrics. They are as follows:

 

Nasdaq
Listing – 100,000 ISOs

FDA
Approval of Duragraft – 75,000 ISOs

FDA Approval of Matloc 1 – 75,000 ISOs

Material
3rd Party Partnerships for Duragraft – 50,000 ISOs

Material 3rd Party Partnerships for Matloc 1 – 50,000
ISOs

 

The
term “Material” to be defined by Company and Employee in a subsequent memorandum to be negotiated in good faith. In the event
such metrics are not met in a timely fashion, Employee shall forfeit his right to such ISOs.

 

In
addition to the ISOs listed above, Employee will receive an additional 400,000 ISOs upon execution of this Agreement at the agreed upon
fair market price of $2.25. All ISOs listed above will have 10% vest upon grant and the balance will vest quarterly over a three (3)
year period in equal installments.

 

    	Page 3 of 13

     

    

 

Employee
acknowledges that he must be employed with the Company in good standing at the time any such ISOs are awarded per the milestones set
forth above. In the event that Employee is terminated prior to any milestone being achieved, Employee shall forfeit his right to receive
such ISOs.

 

Employee
will also be eligible to receive benefits generally provided to all other employees of the Company. The Company shall pay Employee $3,000
per month to cover healthcare and related expenses. Such monthly payment shall begin in November 2021 and continue during Employee’s
employment with the Company. Employee agrees that he has been informed of the benefits currently provided by the Company. Company may
change or discontinue some or all benefits at any time.

 

6.
HOLIDAYS AND VACATION

 

In
addition to Company’s observed US holidays, Employee will be eligible to receive five (5) weeks of paid leave (vacation time) for
each year of employment (“Paid Leave”). Paid Leave must be exercised within the year it is accrued, or it shall be forfeited.
Requests by Employee for Paid Leave shall be reviewed by the Company in good faith and in a reasonable manner, and the Company shall
not unreasonably deny Employee to ability to take Paid Leave in a given year. Employee may not carry over unused Paid Leave to the following
year. Upon termination of Employee’s employment for any reason, Employee shall not be entitled to receive a pay-out for any Paid
Leave that has not been utilized.

 

7.
INTELLECTUAL PROPERTY

 

Employee
irrevocably acknowledges and agrees that any and all legal and/or beneficial rights, titles and/or interests in and to any and all materials
authored, originated, created, developed, and/or produced by Employee during the term of his employment with the Company and/or in connection
with the Employee’s employment with the Company, including, but not limited to, any and all intellectual property, shall belong
to and vest solely in the Company to the fullest extent permitted by law.

 

For
the purposes of this Agreement, intellectual property includes, but is not limited to, any and all copyrights, trademarks, patents, mask
work rights and/or other intellectual property as that term is commonly used, as well as any and all other rights of any nature whatsoever,
howsoever arising and in all forms of media, whether or not registered, including, but not limited to, rights in confidential information.

 

    	Page 4 of 13

     

    

 

8.
DATA PROCESSING AND E-MAIL/INTERNET MONITORING

 

By
signing this Agreement, Employee consents to the Company processing her Personal Data during the term of Employee’s employment
hereunder, when and where reasonably necessary for employment purposes. For the purposes of this clause, the following words and expressions
shall have the following meanings:

 

	 	(a)	“Personal
    Data” means any data which relates to Employee that enables identification of that Employee, and also includes any expression
    of opinion about Employee, and any indications of intention of the Company or a third party concerning Employee; and
	 	 	 
	 	(b)	“Processing”
    means obtaining, recording, or holding data, and includes organizing adapting, or altering data, disclosing data by transmission,
    otherwise making data available within the scope of the applicable laws of Florida from time to time, or destroying the data.

 

The
Company reserves the right to monitor and/or view, all data sent or received electronically by Employee, whether internally or externally,
and all internet sites accessed by Employee while using computer equipment or other property owned by the Company, regardless of whether
such data and/or sites relate to the business of the Company or otherwise. Employee shall abide by the terms of the Company’s email
and internet policy as set forth in the Employee Handbook. Notwithstanding, the Company agrees that it will presently cease any daily
monitoring or surveillance of Employee’s emails upon execution of this Agreement.

 

9.
PREVENTION OF UNFAIR COMPETITION AND SOLICITATION

 

	 	a)	Non-Competition.
    Upon termination of the Employee’s at-will employment for any reason whatsoever, Employee shall not, directly or indirectly,
    on his own behalf or on behalf of any other person, company, or association, whether as an employee, director, or in any other capacity,
    for a period of eighteen (18) consecutive months beginning on the date of notice of such termination, canvass, solicit, transact,
    or enter into an agreement with any person, company, or association for the benefit of himself, another person, or business that
    is in competition with the Company, directly or indirectly, with respect to the products or services sold, distributed, marketed,
    or otherwise utilized in any manner by the Company in any state where the Company conducts its business in the United States. Currently,
    the only products sold, distributed, and marketed by the Company are DuraGraft and Somaceutica.
	 	 	 
	 	b)	Non-Solicitation.
    Upon termination of the Employee’s at-will employment for any reason whatsoever, Employee shall not, directly or indirectly,
    on his own behalf or on behalf of any other person, company, or association, whether as an employee, director, or in any other capacity,
    for a period of eighteen (18) consecutive months beginning on the date of notice of such termination:

 

	 	i.	solicit,
    contact (including, but not limited to, e-mail, regular mail, express mail, telephone, text, fax, or instant message), or attempt
    to contact or meet with any client, vendor, or business partner of the Company for the purpose of offering or attempting to offer
    any service, product or other application which is the same as or substantially similar to the services, products, research and development
    activities or other applications offered or in the process of being offered or in the process of being developed by MARIZYME or to
    induce any client, vendor, or business partner of the Company to reduce, eliminate, or modify the level or magnitude of business
    with the Company. For purposes of this Agreement, the term “client” shall mean any person, firm, corporation, or entity
    for whom the Company provided any services of any kind within two (2) years prior to the Employee’s termination.

 

    	Page 5 of 13

     

    

 

	 	ii.	solicit,
    hire, recruit, or induce or attempt to solicit, hire, recruit, or induce any officer, director, employee, or agent of the Company
    to leave the employ of the Company, or in any way interfere with the relationship between the Company and such individuals; or knowingly
    hire, recruit, employ, or otherwise compensate any person who was an officer, director, employee, or agent of the Company at any
    time within six (6) months prior to notice of Employee’s termination, regardless of geographical location; or
	 	 	 
	 	iii.	otherwise
    interfere with the business or accounts of the Company, its subsidiaries and/or affiliates.

 

	 	c)	Non-Association
    & Non-Disparagement. Upon termination of Employee’s at-will employment, Employee shall not: (i) represent to any person,
    firm, company or association, or otherwise lead them to believe that Employee is still employed by the Company or is in any way connected
    with or otherwise associated with the Company; or (ii) make any derogatory or untrue remarks about the Company, any and all of its
    employees, officers, customers, services or products. This Section pertains to all forms of communication by Employee including,
    but not limited to, social media, any form of blogging, video/audio casts, industry related chat boards, and forms of digital communications
    that may not presently exist at the time this Agreement is executed. Notwithstanding the foregoing, this Agreement does not prohibit
    the Employee from (a) providing truthful testimony in response to compulsory legal process, (b) participating or assisting in any
    investigation or inquiry by a governmental agency acting within the scope of its statutory or regulatory jurisdiction.

 

10.
CONFIDENTIAL INFORMATION

 

	 	(a)	The
    Employee acknowledges that in connection with his/her employment with the Company, the Employee will be given access to certain confidential
    and proprietary information relating to the Company, its business operations, and its clients. As a condition of the Employee’s
    employment and/or continued employment with the Company, Employee agrees to maintain the confidentiality of all Confidential Documents,
    Confidential Information and Work Product (as those terms are defined below) relating to the Company, its business operations, and
    its clients. Except as specifically authorized by MARIZYME, Employee shall not, directly or indirectly, during or after the term
    of Employee’s employment by MARIZYME use, disseminate, disclose, lecture on, or publish articles concerning any Confidential
    Information. Employee further agrees that this duty of confidentiality includes all Confidential Documents and Confidential Information
    received from the time Employee started working at MARIZYME, whether or not, such Confidential Documents and Confidential Information
    were received prior to the signing of the Agreement.

 

    	Page 6 of 13

     

    

 

	 	i.	“Confidential
    Documents” shall mean and include all files, letters, memoranda, reports, records, computer disks or other computer storage
    medium, data, models, or any photographic or other tangible materials containing Confidential Information (as hereinafter defined),
    whether created by the Company, its clients, the Employee or any other party, and all copies, excerpts and summaries thereof which
    shall come into the custody or possession of the Employee.
	 	 	 
	 	ii.	“Confidential
    Information” shall mean and include all information, whether written or oral, tangible or intangible, of a private, secret,
    proprietary or confidential nature, of or concerning the Company, its clients and its business and operations, including, without
    limitation, any plans, products, processes, services, information relating to organisms, parts of organisms, compounds, testing apparatus,
    devices, prototypes and models, any other information relating to research, development, inventions, manufacturing, purchasing, accounting,
    engineering, marketing, sales, merchandising, financial and securities information, trade secrets or know how, computer software
    programs, any sales, promotional or marketing plans, programs, techniques, practices or strategies, any expansion plans (including
    existing and entry into new geographic and/or product markets), any operational and management guidelines, any corporate and commercial
    policies, any cost, pricing or other financial data or projections, client lists, the identity and background of any client and any
    other information which is to be treated as confidential because of any duty of confidentiality owed by the Company to a third party
    or any other information that the Company shall, in the ordinary course of business, possess or use and not release externally without
    restriction on use or disclosure.
	 	 	 
	 	 	Notwithstanding
    the foregoing, Confidential Information shall not include any information that (i) was known by the Employee before disclosure by
    or on behalf of the Company, (ii) becomes available to the Employee from a source other than the Company that is not bound by a duty
    of confidentiality to the Company, (iii) becomes generally available or known in the industry other than as a result of its disclosure
    by the Employee, or (iv) has been independently developed by the Employee and may be disclosed by the Employee without breach of
    this Agreement, provided, in each case, that the Employee shall bear the burden of demonstrating that the information falls under
    one of the above-described narrow exceptions.
	 	 	 
	 	iii.	“Work
    Product” shall mean and include any and all products, designs, works, discoveries, Inventions and improvements and other results
    of the Employee’s employment with the Company that may be conceived, developed, produced, prepared, created or contributed
    to (whether at the Company’s premises or elsewhere) by the Employee, acting alone or with others, during the period of his/her
    employment by the Company (or at any time after the termination of the Employee’s employment by the Company if derived from,
    based upon or relating to any Confidential Information).

 

    	Page 7 of 13

     

    

 

	 	(b)	Ownership
    and Implied Rights. The Employee acknowledges that all Confidential Information and Confidential Documents are and shall remain
    the exclusive property of the Company and nothing in this Agreement or any document relating to the Employee’s employment with
    the Company or any course of conduct between the Company and the Employee shall be deemed to grant the Employee any rights in or
    to all or any portion of the Confidential Information or Confidential Documents.
	 	 	 
	 	(c)	Use
    and Disclosure. The Employee agrees that at all times during and after his/her employment with the Company, the Employee shall:
    (i) hold the Confidential Information and Confidential Documents in confidence and refrain from disclosing the Confidential Information
    or transmitting any Confidential Documents to any other party; (ii) use the Confidential Information solely in connection with his/her
    employment with the Company and for no other purpose; (iii) take all precautions necessary to ensure that the Confidential Information
    and Confidential Documents shall not be, nor be permitted to be, shown, used, copied or disclosed to third parties, without the prior
    written consent of the Company, and (iv) observe all security policies implemented by the Company from time to time with respect
    to the Confidential Information and Confidential Documents.
	 	 	 
	 	(d)	Return
    of Confidential Documents. The Employee shall immediately return all Confidential Documents to the Company (without retaining
    any copies, extracts or other reproductions in whole or in part thereof) upon the earlier of a request by the Company or termination
    of the Employee’s employment with the Company. Upon termination of this Agreement, Employee shall also certify in writing that
    such all Confidential Documents and Confidential Information in Employee’s possession was returned or, if in electronic form,
    destroyed.
	 	 	 
	 	(e)	Ordered
    Disclosure. In the event that the Employee is ordered to disclose any Confidential Information or Confidential Documents, whether
    in a legal or regulatory proceeding or otherwise, the Employee shall provide the Company with prompt written notice of such request
    or order so that the Company may seek to prevent disclosure or, if that cannot be achieved, the entry of a protective order or other
    appropriate protective device or procedure in order to assure, to the extent practicable, compliance with the provisions of this
    Agreement. In the case of any disclosure, the Employee shall disclose only that portion of the Confidential Information or Confidential
    Documents that the Employee is ordered by a judge to disclose.
	 	 	 
	 	(f)	Employment.
    The only information that the Employee may disclose concerning his/her employment with the Company is his/her position, length
    of employment, compensation, background, training and continuing education, type of work he/she performed, the type of client’s
    he/she served and the names of the executives as references.

 

    	Page 8 of 13

     

    

 

11.
ASSIGNMENT OF INVENTIONS

 

Employee
agrees to disclose to MARIZYME any and all ideas, concepts, discoveries, inventions, developments, original works of authorship, software
programs, software and systems documentations, trade secrets, technical data and know-how that are conceived, devised, invented, developed
or reduced to practice or tangible medium by Employee, under Employee’s direction or jointly with others during any period that
Employee employed or engaged by MARIZYME whether or not during MARIZYME’s normal working hours or on the premises of MARIZYME which
relate, directly or indirectly, to the business of MARIZYME and arise out of Employee’s employment with MARIZYME (collectively,
“Inventions”).

 

Employee
hereby assigns to MARIZYME all of my right, title and interest to the Inventions and any and all patent rights, copyrights and applications
and registrations therefor. During and after Employee’s employment, Employee shall cooperate with MARIZYME at the Company’s
expense, in obtaining proprietary protection for the Inventions and Employee shall execute all documents which MARIZYME shall reasonably
request to perfect MARIZYME’s rights in the Inventions. The Employee acknowledges that there will be no withholding of cooperation
under any circumstances to this Section. Such cooperation is paramount to the success of MARIZYME. If the Employee withholds such cooperation,
MARIZYME, may take legal action to effect cooperation of the Employee as it pertains to this Section.

 

Employee
acknowledges that all original works of authorship made by Employee within the scope of Employee’s employment that are protectable
by copyright are intended to be “works made for hire”, as that term is defined by Section 1-1 of the United States Copyright
Act of 1976 (the “Act”) and shall be the property of MARIZYME. Employee shall without further consideration, assign to MARIZYME
all of Employee’s right, title and interest in such copyrightable work and will cooperate with MARIZYME and its designees, at MARIZYME’s
expense, to secure, maintain and defend for MARIZYME’s benefit copyrights and any extensions and renewals thereof on any and all
such work. Employee waives all rights to publicity and claims to moral rights in any Inventions.

 

Employee
shall not assert any rights under any Inventions, discoveries, concepts or ideas, or improvements thereof, or know-how related thereto,
as having been made or acquired by Employee prior Employee’s employment by MARIZYME except as disclosed in writing by Employee
prior to the execution of this Agreement.

 

Employee
agrees, upon request of MARIZYME, at all times to do such acts, such as giving testimony in support of Employee’s inventorship,
and to execute and deliver promptly to MARIZYME such papers, instruments, and documents as from time to time may be necessary or useful
in MARIZYME’s opinion to apply for, secure, maintain, reissue, extend, or defend MARIZYME’ s worldwide rights in the Inventions
or in any or all United States letters patent and in any and all letters patent in any country foreign to the United States, so as to
secure to MARIZYME the full benefits of the Inventions or discoveries.

 

    	Page 9 of 13

     

    

 

Employee
warrants and represents to MARIZYME that Employee is not subject to any agreement inconsistent with the Agreement regarding Inventions
set forth herein. Employee agrees not to conduct any research or other work subject to this Agreement other than at MARIZYME’s
facilities and further agrees not to use any research facilities, materials, or personnel of any university or other entity not rented,
leased, or otherwise hired by MARIZYME in connection with such work.

 

12.
SHOP RIGHT

 

Notwithstanding
any provision of this Agreement creating greater rights, MARIZYME shall have the royalty-free right to use in its business, and to make,
have made, use, sell, offer for sale, and import products, processes, and services derived from any Inventions, discoveries, concepts,
and ideas, whether or not patentable, including but not limited to processes, methods, formulae, techniques, and biotechnology products,
as well as improvements thereof and know-how related thereto, that are not Inventions as defined herein, but that are made or conceived
by Employee during Employee’s employment by MARIZYME or with the use or assistance of MARIZYME’s facilities, materials, or
personnel.

 

13.
SURVIVAL

 

The
provisions of Paragraphs 7, 9, 10, 11, and 12 shall survive the termination of this Agreement and Employee’s employment with the
Company for any reason and are expressly intended to benefit and be enforceable by any affiliates, successors or related entities of
the Company, who are express third party beneficiaries hereof.

 

14.
REMEDIES UPON BREACH

 

The
Employee acknowledges that his/her services hereunder are of a special and unique character which places him/her in a position of trust
and confidence with the Confidential Information and Confidential Documents and employees of the Company, and that the Confidential Information
and Confidential Documents are of a special and unique character that give them a peculiar value, and, as a result, any breach or threatened
breach of his/her obligations under this Agreement may cause the Company great and irreparable injury and harm that cannot be adequately
compensated by payment of damages in an action at law. Accordingly, the Company shall be entitled to the remedies of temporary and/or
permanent injunction, specific performance and other equitable relief to redress any breach, or to prevent any threatened breach (and
the Company shall not be required to post any bond or prove special damages). Nothing contained in this Agreement shall, however, be
construed as a waiver by the Company of any other right, including, without limitation, the Company’s right to damages.

 

    	Page 10 of 13

     

    

 

15.
APPLICABLE LAW, ARBITRATION

 

This
Agreement shall be governed by, and construed in accordance with, the laws of the State of Florida, without regard to
principles of conflict of laws. Except in the event that injunctive or other equitable relief is sought by MARIZYME to enforce the
terms and conditions of this Agreement (for which MARIZYME may proceed in any court of competent jurisdiction), ANY DISPUTE OR
CONTROVERSY ARISING FROM OR RELATING TO THIS AGREEMENT OR EMPLOYEE’S EMPLOYMENT WITH MARIZYME (THE “COVERED
CLAIMS”) WILL BE DECIDED BY ARBITRATION, BY THE AMERICAN ARBITRATION ASSOCIATION AND IN ACCORDANCE WITH THEN CURRENT RULES AND
REGULATIONS OF THAT ASSOCIATION. Arbitration proceedings will be conducted in the utmost secrecy, and in such case, all
documents, testimony, and records will be received, heard, and maintained by the arbitrators in secrecy, available for inspection
only by MARIZYME or by Employee and by the Parties’ respective attorneys and experts who will agree, in advance and in
writing, to receive all such information confidentially and to maintain the secrecy of such information until such information
becomes generally known.

 

Employee
and MARIZYME expressly intend and agree that all Covered Claims must be arbitrated on an individual basis only and that no arbitration
can be brought by either the Employee or MARIZYME as a class and/or on a collective, consolidated or representative basis. Employee and
MARIZYME expressly and mutually agree that the arbitrator shall not have any authority to grant relief and/or hear Covered Claims on
a class, collective, consolidated or representative basis. Exclusive venue for any arbitration proceeding shall be in Palm Beach County,
Florida.

 

16.
ATTORNEYS’ FEES

 

The
prevailing Party in any litigation or dispute arising out of this Agreement shall be entitled to recovery from the other Party its reasonable
attorneys’ fees and costs.

 

17.
ENTIRE AGREEMENT; MISCELLANEOUS

 

The
Parties hereto represent and acknowledge that in executing this Agreement they do not rely and have not relied on any representation
or statement made by the other Party or by any of the Parties’ agents, representatives, or attorneys with regard to the subject
matter, basis, or effect of this Agreement other than those specifically stated in this written Agreement. This Agreement contains the
entire agreement of the Parties with regard to the arrangements between the Parties and supersedes all negotiations, representations,
warranties, commitments, offers, contracts and writings prior to the date hereof. No modification or amendment of any provision of this
Agreement shall be effective unless made in a written instrument, duly executed by all of the Parties to be bound thereby, which refers
specifically to this Agreement and states that an amendment or modification is being made in the respects set forth in such instrument.
Notice under this Agreement may be provided via email and/or overnight mail. Employee shall withdraw her pending charge with the
EEOC upon execution of this Agreement.

 

    	Page 11 of 13

     

    

 

18.
OPPORTUNITY TO REVIEW

 

The
Parties represent and agree that they have had the opportunity to discuss this Agreement with their attorney(s) and/or have thoroughly
discussed all aspects of this Agreement with their attorney(s), have carefully read and fully understand all of the provisions of this
Agreement, and that they are voluntarily entering into this Agreement.

 

19.
HEADINGS

 

The
headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

 

20.
WAIVER

 

	 	(a)	Any
    failure on the part of the Company to insist upon the performance of the terms of this Agreement or any part hereof shall not constitute
    a waiver of any right under this Agreement. No waiver of any provision of this Agreement shall be effective unless in writing and
    executed by the party waiving the right.
	 	 	 
	 	(b)	In
    consideration for execution of this Agreement and employment with the Company, Employee does hereby forever release, cancel, forgive
    and forever discharge Company and its predecessors, subsidiaries, affiliates, divisions, successors and assigns, and all of their
    officers, directors, agents, attorneys, insurers, servants and employees (collectively, the “Released Parties”) from
    all actions, claims, demands, threats, suits, proceedings, damages, obligations, liabilities, controversies and executions (collectively,
    “Claims”), of any kind or nature whatsoever, in law or in equity, under common law or pursuant to a statute, arising
    out of or in connection Employee’s employment with the Company that accrued prior to execution of this Agreement, including,
    but not limited to, claims for harassment, discrimination, or any other cause of action, which Employee ever had, now has, or hereafter
    can, shall or may have against all or any of the Released Parties, known or unknown, for, upon or by reason of any matter, cause
    or thing whatsoever, from the beginning of the world through the date of this Agreement. As a material term of this Agreement, Employee
    shall withdraw any and all charges or complaints asserted against the Company promptly upon execution of this Agreement. For the
    avoidance of all doubt, the Company denies that it has violated any law, or injured or wronged Employee in any way. This Agreement
    is not and shall not in any way be construed for any purpose as an admission by the Company of any liability or wrongdoing. This
    Agreement shall also not be admissible in a court of law for any purpose.

 

21.
ASSIGNMENT

 

This
Agreement shall be binding on and inure to the benefit of the parties and their successors and permitted assigns. The Company may assign
its rights and obligations under this Agreement to any of its successors and assigns without the consent of the Employee. The Employee
may not assign any of his/her rights or obligations under this Agreement.

 

    	Page 12 of 13

     

    

 

for
any purpose as an admission by the Company of any liability or wrongdoing. This Agreement shall also not be admissible in a court of
law for any purpose.

 

21.
ASSIGNMENT

 

This
Agreement shall be binding on and inure to the benefit of the parties and their successors and permitted assigns. The Company may assign
its rights and obligations under this Agreement to any of its successors and assigns without the consent of the Employee. The Employee
may not assign any of his/her rights or obligations under this Agreement.

 

22.
SEVERABILITY

 

Employee
agrees that the covenants included in this Agreement arc, taken as a whole.. reasonable in their duration and scope and necessary to
protect the business of the Company, and it is the desire and intent of the parties that the provisions of this Agreement shall be enforced
to the fulJest extent pennissible under the laws and public policies applied in each jurisdiction in which enforcement is sought. Should
any provision of this Agreement be declared or be detennined by any court of competent jurisdiction to be illegal, invalid, unethical
or unenforceable, the legality, validity and enforceability of the remaining parts, tenns, or provisions shall not be affected thereby,
and said illegal, unenforceable, unethical, or invalid part, term, or provision shall be deemed modified so as to be enforceable and,
if not subject to modification, then eliminated from this Agreement for the purpose of those proceedings to the extent necessary to pennit
the remaining covenants to be fully enforced.

 

IN
WITNESS WHEREOF, the parties have voluntarily executed this Agreement on the day and year first above written.

 

	 	BY:	MARIZYME,
    Inc.	 	 	 
	 	 	 	 	 	 
	 	NAME:	Dr.
    V. Dhaduk	 	NAME:	David
    Barthel
	 	 	 	 	 	 
	 	 	/s/
    V. Dhaduk	 	 	/s/
    David Barthel
	 	TITLE:	Chairman
    of the Board	 	DATE:	11/10/21
	 	DATE:	11/10/21	 	 	 

 

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