SEC Contract Filing

Filing Date: 2020-11-16

Document Content:
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<TYPE>EX-10.5
<SEQUENCE>3
<FILENAME>f10q093020_ex10z5.htm
<DESCRIPTION>EXHIBIT 10.5 INDEMNIFICATION AGREEMENT DATED NOVEMBER 1, 2020 WITH TERRY BROSTOWIN
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<TITLE>Exhibit 10.5 Indemnification Agreement dated November 1, 2020 with Terry Brostowin</TITLE>
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<DIV style=margin-left:36pt;width:540pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:10pt Times New Roman;margin:0'><B>INDEMNIFICATION AGREEMENT</B></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'> This Indemnification Agreement (<B>&quot;Agreement&quot;</B>) is entered into as of the 1<SUP>st</SUP> day of November, 2020 by and between Marizyme, Inc. a Nevada corporation (the<B> &#8220;Company&#8221;)</B>, and Terry Brostowin (<B>&quot;Indemnitee&quot;</B>).</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>RECITALS</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;margin-left:27pt'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:-27pt'>A.</KBD>The Company and Indemnitee recognize the challenges in obtaining liability insurance at the necessary level required for coverage of a pre-NASDAQ Company for the Company's directors and officers, the significant increases in cost of such insurance and the general reductions in the coverage of such insurance.&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;margin-left:27pt'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:-27pt'>B.</KBD>The Company and Indemnitee further recognize, currently, the substantial increase in corporate litigation in general, subjecting directors and officers to expensive litigation risks at the same time as the availability and coverage of liability insurance has been severely limited.&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;text-indent:-27pt;margin-left:27pt'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;margin-left:27pt'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:-27pt'>C.</KBD>The Company desires to attract and retain the services of highly qualified individuals, such as Indemnitee, to serve the Company and, in part, in order to induce Indemnitee to continue to provide services to the Company, wishes to provide for the indemnification and advancing of expenses to Indemnitee to the maximum extent permitted by law.&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;text-indent:-27pt;margin-left:27pt'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;margin-left:27pt'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:-27pt'>D.</KBD>In view of the considerations set forth above, the Company desires that Indemnitee be indemnified by the Company as set forth herein.&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>NOW, THEREFORE, the Company and Indemnitee hereby agree as follows:</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>AGREEMENT</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;margin-left:27pt'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:-27pt'>1.</KBD><FONT style='border-bottom:1px solid #000000'>Indemnification</FONT>.&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;margin-left:54pt'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:-27pt'>(a)</KBD><FONT style='border-bottom:1px solid #000000'>Indemnification of Expenses</FONT>. The Company shall indemnify Indemnitee to the fullest extent permitted by law if Indemnitee was or is or becomes a party to or witness or other participant in, or is threatened to be made a party to or witness or other participant in, any threatened, pending or completed action, suit, proceeding or alternative dispute resolution mechanism, or any hearing, inquiry or investigation that Indemnitee in good faith believes might lead to the institution of any such action, suit, proceeding or alternative dispute resolution mechanism, whether civil, criminal, administrative, investigative or other (hereinafter a<B> &quot;Claim&quot;</B>) by reason of (or arising in part out of) any event or occurrence related to the fact that Indemnitee is or was a director or officer of the Company, or any subsidiary of the Company, or is or was serving at the request of the Company as a director, officer, employee, agent or fiduciary of another corporation, partnership, joint venture, trust or other enterprise, or by reason of any action or inaction on the part of Indemnitee while serving in such capacity (hereinafter an<B> &quot;Indemnifiable Event&quot;</B> ) against any and all expenses (including attorneys' fees and all other costs, expenses and obligations incurred in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to defend, be a witness in or participate in, any such action, suit, proceeding, alternative dispute resolution mechanism, hearing, inquiry or investigation), losses, claims, damages, liabilities, judgments, fines, penalties and amounts paid in settlement (if such settlement