Document:

Exhibit

2019 EXECUTIVE PERFORMANCE RSU AWARD AGREEMENT
This Executive Performance RSU Award Agreement (the “Agreement”) is hereby entered effective as of ______________ (the “Award Date”), by and between Fuel Tech, Inc. (the “Company” or “Fuel Tech” or “FTI”), and _________________ (the “Participant”).  Any term capitalized but not defined in this Agreement will have the meaning set forth in the Fuel Tech, Inc. 2014 Long-Term Incentive Plan, as it may be amended, modified or restated from time to time (the “Plan”).  
1.Purpose.  The purpose of this Agreement is, among other things, to align the Participant’s interests with the interests of the Company and its stockholders in the long-term growth of the Company and to reward the Participant for his or her continued employment and service to the Company in the future and his or her compliance with the Company’s policies (including, without limitation, the Company’s Code of Business Ethics and Conduct), to protect the Company’s interests in non-public, confidential and/or proprietary information, products, trade secrets, customer relationships, and other legitimate business interests.  In view of these purposes, this Agreement, issued pursuant to Section 9 of the Plan, provides the Participant the opportunity to receive an executive performance RSU award in the manner and on the terms, conditions and amounts set forth in this Agreement (“Executive Performance RSU”).
2.    Executive Performance RSU Award.  For purposes of the Executive Performance RSU Award calculations set forth below in this Agreement, the Committee, in the exercise of its business judgment under the Plan, approved a total target number of executive performance RSUs of _____ (“Target RSU Amount”).  The Committee shall award the Participant a number of RSUs from zero and up to 125% of the Target RSU Amount on the Determination Date (which, for clarification, is after the completion of the Performance Period) based on the Operating Income for the Performance Period (as defined in Section 21).
(a)    Operating Income Measurement.  Following the completion of the Performance Period, the Committee will determine the Operating Income for the Performance Period and shall approve the issuance to the Participant a number of Executive Performance RSUs, determined as follows: 
(i)    If the Company’s Operating Income for the Performance Period is less than $2,000,000, no Executive Performance RSUs will be awarded.
(ii)    If the Company’s Operating Income for the Performance Period is at least $2,000,000 and less than $3,000,000, then a number of Executive Performance RSUs equal to 50% of the Target RSU Amount will be awarded.
(iii)    If the Company’s Operating Income for the Performance Period is at least $3,000,000 and less than $4,000,000, then a number of Executive Performance RSUs equal to 75% of the Target RSU Amount will be awarded.
(iv)    If the Company’s Operating Income for the Performance Period is at least $4,000,000 and less than $5,000,000, then a number of Executive Performance RSUs equal to 100% of the Target RSU Amount will be awarded.
(v)    If the Company’s Operating Income for the Performance Period equals or exceeds $5,000,000, then a number of Executive Performance RSUs equal to 125% of the Target RSU Amount will be awarded.
(vi)    The number of Executive Performance RSUs awarded pursuant to this Section 2(a) will be determined based on straight line interpolation if the Operating Income for the Performance Period is between the amounts listed above (e.g., if Operating Income is $4,500,000, then a number of Executive Performance RSUs equal to 112.5% of the Target RSU Amount will be awarded).
(b)    Determination Date.  Any Executive Performance RSU awards made as a result of the Company’s Operating Income will be made on the Determination Date, subject to the terms and conditions of the Plan and this Agreement, including the vesting schedule set forth in Section 2(d) below, provided that the Participant’s Continuous Service has not terminated before the Determination Date (except as provided in subsections (c) and (e) below).
(c)    Termination of Continuous Service.  
(i)    If the Participant’s Continuous Service terminates for any reason before the Determination Date, other than the Participant’s (A) termination by the Company without Cause, (B) death, or (C) Disability, no Executive Performance RSUs will be awarded to the Participant, except as provided in Section 2(e) below.  
(ii)    If, before the Determination Date, the Participant’s Continuous Service is terminated by the Company without Cause, or due to death or Disability, the Participant will be awarded a number of vested Executive Performance RSUs on the Distribution Date equal to the product obtained by multiplying “X” by “Y” where “X” equals the number of Executive Performance RSUs such Participant would have been entitled to receive had such Participant remained in Continuous Service until the Determination Date and “Y” equals a fraction, the numerator of which is the number of days of Continuous Service during the Performance Period the Participant had completed as of the date of his or her termination of Continuous Service and the denominator of which is 365. 
(iii)    If the Participant’s Continuous Service terminates on or after the Determination Date, but before the Executive Performance RSUs have fully vested under Section 2(d) or (e) below:
A.If the Participant’s Continuous Service is terminated by the Company for Cause, the Participant will forfeit all Executive Performance RSUs, including any Executive Performance RSUs that have vested under Section 2(d).
B.    If the Participant terminates Continuous Service due to death or Disability, the Participant will vest in any Executive Performance RSUs that have not vested under Section 2(d) or (e), and the Company will distribute Shares to the Participant equal to the full number of Executive Performance RSUs that were awarded to the Participant in accordance with Section 3 below.
C.    If the Participant’s Continuous Service is terminated other than (A) due to death or Disability, or (B) by the Company for Cause, the Participant will forfeit any Executive Performance RSUs that have not vested under Section 2(d) or (e), and the Company will distribute Shares to the Participant equal to the number of Executive Performance RSUs that already have vested in accordance with Section 3 below.
(d)    Installment Vesting.  Any Executive Performance RSUs awarded on the Determination Date shall vest in three installments, as follows:  (i) one-third of the total Executive Performance RSUs awarded shall vest on the first anniversary of the Award Date, (ii) one-third of the total Executive Performance RSUs awarded shall vest on the second anniversary of the Award Date, and (iii) the remaining one-third of the total Executive Performance RSUs awarded shall vest on the third anniversary of the Award Date, in each case provided that the Participant’s Continuous Service has not terminated before the applicable vesting date.
(e)    Change in Control.  In the event of a Change in Control before the Determination Date for Executive Performance RSUs, the Committee shall determine, in its sole discretion, whether to award none, some or all of the Target RSU Amount to the Participant under this Agreement, which awards shall be made within thirty (30) days of the Change in Control, and whether to accelerate the vesting of those Executive Performance RSUs it so awards; provided that, in no event shall the Participant be awarded a number of vested Executive Performance RSUs that is less than the number determined as follows:  (A) (1) the Company’s Operating Income from the beginning of the Performance Period through the calendar quarter ending immediately prior to the Change in Control shall be multiplied by a fraction, the numerator of which is four (4) and the denominator of which is the number of full calendar quarters ending prior to the Change in Control, and (2) a number of Executive Performance RSUs shall be determined according to the metrics of Section 2(a) above based on the above calculation of the annualized operating income, then (B) the Company shall multiply that number of Executive Performance RSUs by a fraction, the numerator of which is the number of months of Continuous Service during the Performance Period the Participant had completed as of the date of the Change in Control and the denominator of which is thirty-six (36).  In the event of a Change in Control on or after the Determination Date, but before the Executive Performance RSUs awarded to the Participant, if any, have fully vested under Sections 2(c) or (d), if the Participant’s Continuous Service has not terminated before the effective date of the Change in Control, the Executive Performance RSUs awarded to the Participant will fully vest immediately prior to the Change in Control, unless (i) the Company is the surviving entity and any adjustments necessary to preserve the value of the Participant’s outstanding Executive Performance RSUs have been made, or (ii) the Company’s successor at the time of the Change in Control irrevocably assumes the Company’s obligations under the Plan and this Agreement or replaces the Participant’s outstanding Executive Performance RSUs with an award of equal or greater value and having terms and conditions no less favorable to the Participant than those applicable to the Participant’s Executive Performance RSUs immediately prior to the Change in Control; provided, that, if the Participant’s Continuous Service has not terminated before the effective date of the Change in Control and the Participant’s Executive Performance RSUs do not become fully vested upon the Change in Control because of the foregoing provisions of this paragraph (e), the Participant’s Executive Performance RSUs nonetheless will become fully vested if, within two years after the effective date of the Change in Control, the Company or its successor terminates the Participant’s Continuous Service other than for Cause or the Participant terminates his or her Continuous Service for Good Reason (as defined below).  If the Participant terminates Continuous Service following a Change in Control due to death or Disability, the Participant will vest in any Executive Performance RSUs that have not previously vested.
(f)    Deferral of Share Distribution.  The Participant may elect to defer the receipt of Shares beyond the vesting date of the underlying Executive Performance RSUs in Section 2(d) above, by written election on the Company’s then-current Deferral Election Form, filed within thirty (30) days of the Award Date.  Any deferral period must be expressed as a number of whole years, not less than five (5) or more than ten (10), beginning on the Award Date.  Any such deferral election shall apply to the receipt of all Shares underlying the Executive Performance RSUs under this Agreement; for example, a deferral period of seven (7) years would result in the Participant receiving all Shares underlying the vested Executive Performance RSUs seven (7) years from the Award Date regardless of the fact that the Executive Performance RSUs under this Agreement may have vested at differing times.  If a Participant elects a deferral period but thereafter the Participant’s Separation from Service occurs after the Executive Performance RSUs vest but before the elected deferral period expires, then, subject to the forfeiture provisions of Sections 7 and 10, distribution of the Participant’s Shares underlying the Executive Performance RSUs will occur in accordance with Section 3 below).   
3.    Distribution of Shares.  On the Distribution Date, the Company may either (i) issue to the Participant or the Participant’s personal representative or beneficiary a Share certificate, (ii) deposit Shares with an online broker or other service provider contracted by the Company for such purpose, or (iii) handle such Shares according to the terms of a Change in Control, subject to the forfeiture provisions of Sections 4 and 7 below, but in each instance subject to compliance to the satisfaction of the Committee with all requirements under applicable laws or regulations in connection with such issuance and with the requirements hereof and of the Plan.  The Company will pay to the Participant in cash an amount in lieu of any fractional RSU, based on the Fair Market Value Per Share of the fractional Share.  Until such time as Shares have been issued to the Participant under this Section, the Participant shall not have any rights as a holder of the Shares underlying this Executive Performance RSU Award including but not limited to voting rights or dividends, if and when the Company declares same.  
4.    Adjustment of Executive Performance RSU Award.  In the event that the Company is required to prepare an accounting restatement due to the material noncompliance with any financial reporting requirement under the federal securities laws the Committee, in good faith and subject to its sole discretion, may reduce or increase the number of RSUs awarded to the Participant under this Agreement to reflect the number of RSUs that would have been awarded to the Participant under the accounting restatement.  At all times and regardless of the date of adoption any RSU target amounts established, RSUs awarded and Shares distributed under this Agreement shall be subject to any compensation recovery policy adopted by the Company to comply with applicable law or to comport with good corporate governances practices as determined by the Committee in its sole discretion, as such policy may be amended from time to time.  The Company’s remedies and rights under this Section 4 shall be in addition to any other remedies or rights that the Company shall have, and any penalties or restrictions that may apply, under state or federal law, or any employment or other agreement. 
5.    Changes in Capital or Corporate Structure.  In the event of any change in the outstanding Shares or in the capital structure of the Company by reason of any stock or extraordinary cash dividend, stock split, reverse stock split, an extraordinary corporate transaction such as any recapitalization, reorganization, merger, consolidation, combination, exchange, or other relevant change in capitalization occurring after the Award Date, the RSUs granted hereunder will be equitably adjusted or substituted pursuant to Section 13 of the Plan.
6.    Non-transferability.  RSUs awarded under this Agreement, and any rights and privileges pertaining thereto, may not be transferred, assigned, pledged or hypothecated in any manner, by operation of law or otherwise, other than as set forth in Section 22.2 of the Plan.
7.    Non-Competition; Non-Solicitation and Confidentiality Restrictive Covenants.  In order to protect the Confidential Information (as defined below), customer relationships, and other legitimate business interests of the Company, during the Participant’s Continuous Service and for twelve (12) months following the termination of his or her Continuous Service, the Participant will not, directly or indirectly, as an employee, agent, member, director, partner, consultant or contractor or in any other individual or representative capacity: (a) solicit any Protected Individual (as defined below) for other employment or engagement, induce or attempt to induce any Protected Individual to terminate his or her employment, hire or engage any Protected Individual, or otherwise interfere or attempt to interfere in any way in the relationship between the Company and such Protected Individual; or (b) solicit or provide competitive products or services to any Customer (as defined below) or Prospective Customer (as defined below) or otherwise interfere or attempt to interfere in any way in the relationship between the Company and any Customer or Prospective Customer.  Because the Company’s business is global in scope, the Participant understands and agrees that these restrictions apply worldwide. The Participant further agrees that at all times both during his or her Continuous Service and after his or her Continuous Service terminates, the Participant will not, without the Company’s express written permission, use Confidential Information for the Participant’s own benefit or the benefit of any other person or entity or disclose Confidential Information to any person other than (i) in the case of disclosures made during Participant’s Continuous Service, to persons to whom disclosure is required in connection with the performance of Participant’s duties for the Company or (ii) any disclosure requested by a court or regulatory authority with jurisdiction over the subject matter, in which event Participant agrees promptly to notify the Company in advance of and cooperate with the Company in any efforts to suppress or limit such disclosure.  
The Participant agrees that in the event of a breach or threatened breach of any of the covenants contained in this Section 7, in addition to any other penalties or restrictions that may apply under any employment agreement, state law, or otherwise, the Participant shall forfeit, upon written notice to such effect from the Company:  (i) any rights to receive an Executive Performance RSU Award under this Agreement, (ii) any and all RSUs awarded to him or her under the Plan and this Agreement, including vested RSUs or Shares; (iii) any Shares acquired under this Award, and (iv) any profit the Participant has realized on the vesting or sale of any Shares acquired under this Award, which the Participant shall be required to repay to the Company).  The forfeiture provisions of this Section 7 shall continue to apply, in accordance with their terms, after the provisions of any employment or other agreement between the Company and the Participant have lapsed.  The Participant consents and agrees that if the Participant violates or threatens to violate any provisions of this Section 7, the Company or its successors in interest shall be entitled, in addition to any other remedies that they may have, including money damages, to an injunction to be issued by a court of competent jurisdiction restraining the Participant from committing or continuing any violation of this Section 7.  In the event that the Participant is found to have breached any provision set forth in this Section 7 or elsewhere in this Agreement, the time period provided for in that provision shall be deemed tolled (i.e., it will not continue to run) for so long as the Participant was in violation of that provision.
8.    Binding Effect.  This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, executors, administrators, successors and permitted assigns.
9.    Tax Consequences and Withholding.  Nothing contained herein shall be construed as a promise, guarantee, or other representation by the Company of any particular tax effect nor shall the Company be liable for any taxes, penalties, or other amounts incurred by the Participant.  Without limiting the terms and conditions set forth in Section 16 of the Plan, the Company may withhold from any Shares that it is required to deliver under this Agreement the number of Shares sufficient to satisfy applicable withholding requirements under any applicable federal, state, local or foreign law, rule or regulation if any.  The Participant acknowledges that he or she has had sufficient opportunity to review with his or her own tax advisors the federal, state, local, and foreign tax consequences of the transactions contemplated by this Agreement.  The Participant acknowledges he or she must rely solely on such advisors and not on any statement or representations of the Company or any of its agents.  The Participant understands that he or she (and not the Company) shall be responsible for any tax liability that may arise as a result of the transactions contemplated by the Agreement.
10.    No Limitation on the Company’s Rights.  The awarding of RSUs shall not in any way affect the Company’s right or power to make adjustments, reclassifications or changes in its capital or business structure or to merge, consolidate, reincorporate, dissolve, liquidate or sell or transfer all or any part of its business or assets.  The terms and provisions of this Agreement that provide for the Participant to forfeit Executive Performance RSUs in the event of a termination for Cause, shall be in addition to any other remedies or rights that the Company shall have, and any penalties or restrictions that may apply, under state or federal law, or any employment or other agreement.
11.    Plan and Agreement Not a Contract of Employment or Service.  Without limiting the terms and conditions set forth in Section 15 of the Plan, neither the Plan nor this Agreement is a contract of employment or service, and no terms of the Participant’s employment or service will be affected in any way by the Plan, this Agreement or related instruments, except to the extent specifically expressed therein.  Neither the Plan nor this Agreement will be construed as conferring any legal rights to the Participant to continue in service with the Company or any subsidiary or affiliate thereof.
12.    Entire Agreement and Amendment.  This Agreement is the entire Agreement between the parties to it, and all prior oral and written representations are merged in this Agreement.  This Agreement may be amended, modified or terminated only by written agreement between the Participant and the Company, provided, that the Company may amend this Agreement without further action by the Participant as set forth in Section 20 of the Plan.  
13.    Headings.  The headings in this Agreement are inserted for convenience and identification only and are not intended to describe, interpret, define or limit the scope, extent, or intent of this Agreement or any provision hereof.  
14.    Notices.  Notices given pursuant to this Agreement shall be in writing and shall be deemed received when personally delivered, or on the date of written confirmation of receipt by (i) overnight carrier, (ii) facsimile, (iii) registered or certified mail, return receipt requested, addressee only, postage prepaid, or (iv) such other method of delivery that provides a written confirmation of delivery.  Notice to the Company shall be directed to:
Fuel Tech, Inc. 
27601 Bella Vista Parkway
Warrenville, Illinois 60555
Attention: Equity Administration Department
Notices to or with respect to the Participant will be directed to the Participant, or to the Participant’s executors, personal representatives or distributees, if the Participant is deceased, or the assignees of the Participant, at the Participant’s most recent home address on the records of the Company.  The Company or the Participant may change the person and/or address to which the other party must give notice under this Section 14 by giving the other party written notice of such change, in accordance with the procedures described above.
15.    Compliance with Laws.  Without limiting the terms and conditions set forth in Section 19 of the Plan, no certificate for Shares distributable pursuant to the Plan or this Agreement shall be issued and delivered unless the issuance of such certificate complies with all applicable legal requirements including, without limitation, compliance with the provisions of applicable state securities laws, the Securities Act of 1933, as amended from time to time or any successor statute, the Exchange Act and the requirements of the exchanges on which Shares may, at the time, be listed, and the provisions of any foreign securities laws or the rules of foreign securities exchanges, where applicable.
16.    Failure to Enforce Not a Waiver.  The failure of the Company to enforce at any time any provision of the Agreement shall in no way be construed to be a waiver of such provision or of any other provision hereof.
17.    Incorporation of the Plan.  The Plan, as it exists on the date of the Agreement and as amended from time to time, is hereby incorporated by reference and made a part hereof, and the Executive Performance RSU Award and the Agreement shall be subject to all terms and conditions of the Plan.  In the event of any conflict between the provisions of the Agreement and the provisions of the Plan, the terms of the Plan shall control, except with respect to the vesting provisions set forth herein.
18.    Governing Law; Venue.  The laws of the State of Delaware shall govern the validity, interpretation, construction, and performance of this Agreement, without regard to the conflict of laws principles thereof that would cause another jurisdiction’s laws to be applied.  The Company and the Participant hereby irrevocably and unconditionally submit, for themselves and their property, to the nonexclusive jurisdiction of any Illinois State court or federal court of the United States of America sitting in the Northern District of Illinois and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or for recognition or enforcement of any judgment, and the Company and the Participant hereby irrevocably and unconditionally agree that all claims in respect of any such action or proceeding may be heard and determined in any such Illinois State court or, to the extent permitted by law, in such federal court.
19.    Code Section 409A.  It is intended that this Agreement and the Plan be designed and operated within the requirements of Code Section 409A (including any applicable exemptions).  Any provision that is required by Section 409A to appear in the Plan or Agreement that is not expressly set forth therein shall be deemed to be set forth therein, and the Plan shall be administered in all respects as if such provision was expressly set forth herein.  Any reference in the Plan or Agreement to Section 409A or a Treasury Regulation Section shall be deemed to include any similar or successor provisions thereto.  
(a)    The Executive Performance RSU Award is intended to be exempt from Code Section 409A under the short-term deferral exception set forth in Code Section 409A or, in the alternative, to comply with the requirements of Section 409A.  With respect to all or any portion of the RSU Award for which a deferral election is not in effect (i.e., which is intended to be exempt from Code Section 409A under the short-term deferral exception set forth in Code Section 409A), then notwithstanding the definition of Distribution Date or any other provision in this Agreement to the contrary, the distribution of Shares shall occur no later than the 15th day of the third month of the calendar year following the calendar year in which the Performance Period ends (e.g., in the event of the Participant’s termination due to Disability on December 15, 2019, the Performance Period, by definition, shall end on December 15, 2019 and the Shares shall be distributed no later than March 15, 2020).  Also, with respect to each RSU Award, the Determination Date shall not be later than the first anniversary of the last day of the Performance Period.
(b)    Notwithstanding anything in the Plan or Agreement to the contrary, if the Participant should become subject to the 6-month delay rule of Treasury Regulation Section 1.409A-1(c)(3)(v), then to the extent that the Executive Performance RSU award, in whole or in part, is subject to Section 409A and the Participant is a Specified Employee (as defined below) as of the date of Separation from Service (as defined below), distributions with respect to any RSUs that have been deferred may not be made before the date that is six (6) months after the date of Separation from Service or, if earlier, the date of the Participant’s death. 
(c)    Whenever a payment or distribution under this Agreement specifies a payment or distribution period with reference to a number of days (e.g., “payment shall be made within thirty (30) days following the Change in Control”), the actual date of payment within the specified period shall be within the sole discretion of the Company.
(d)    Whenever a payment or distribution under this Agreement specifies a payment or distribution “as soon as practicable” following a payment or distribution event, such payment or distribution shall be made as soon as practicable after such event, but not later than the fifteenth day of the third month following the calendar year in which such event occurred, and the actual date of payment within such period shall be within the sole discretion of the Company.
20.    Counterparts.  This Agreement may be executed in one or more counterparts, all of which together shall constitute but one Agreement.
21.    Definitions.  Where used in this Agreement, the following capitalized terms shall have the following meanings: 
(a)    “Confidential Information” means any information (whether or not specifically labeled or identified as “confidential”), in any form or medium, that is disclosed to, developed, or learned by the Participant during his or her Continuous Service, that relates to the business, services, techniques, know-how, processes, methods, formulations, investments, finances, operations, plans, research or development of the Company, and that is not generally known outside of the Company.  Confidential Information includes, but is not limited to: the identity and information concerning the needs and preferences of current, former, and prospective customers; performance, compensation, and other personnel data concerning employees of the Company; business plans and strategies; plans for recruiting and hiring new personnel; trade secrets; and pricing strategies and policies.  Confidential Information does not include the general skills, knowledge, and experience gained during the Participant’s Continuous Service and common to others in the industry or information that is or becomes publicly available without any breach by the Participant of this Agreement.  
(b)    “Customer” means any Person (as defined below) who or which is or was a customer of the Company and with whom the Participant had business contact during his or her tenure as a Participant hereunder or about whom the Participant received Confidential Information; provided that a former customer will only be considered a “Customer” for twelve (12) months after the last date on which the Company provided products or services to such Person.
(c)    “Determination Date” means the actual date on which the Company awards RSUs to the Participant under this Agreement, which typically shall be within one hundred and twenty (120) days following the end of the applicable Performance Period (subject to Section 19(a)).  For clarification, this Section 21(c) shall not apply in circumstances in which the Participant receives RSUs pursuant to Sections 2(c) or 2(e) (e.g., in the event of the Participant’s death or termination due to Disability, or in certain instances of a termination of Continuous Service without Cause or Change in Control). 
(d)    “Distribution Date” means the date that is within thirty (30) days following the date on which the underlying RSUs vest; provided, that the Distribution Date for a Participant who elects to defer the distribution of his or her Shares beyond the date on which the applicable RSU vests will be the earlier of (i) the date of the Participant’s Separation from Service (subject to Section 19(b)), or (ii) the end of the deferral period specified by the Participant in his or her deferral election.  
(e)    “Good Reason” shall have the meaning set forth in any employment, consulting, or other written agreement between the Participant and the Company and, if there is no employment, consulting, or other written agreement between the Company and the Participant or if such agreement does not define “Good Reason” then for purposes of this Agreement, “Good Reason” shall mean the occurrence of any of the following, without the Participant’s prior written consent:
(i)    Any material diminution in the Participant’s assigned duties, responsibilities and/or authority; 
(ii)    Any material reduction in the Participant’s base compensation;
(iii)    The Company requires the Participant to be based at a location that is more than thirty-five (35) miles further from the Participant’s residence than the location of the Participant’s principal job location or office immediately prior to the Change in Control (except for required travel on Company’s business to an extent substantially consistent with the Participant’s then present business travel obligations); or
(iv)    Any other action or inaction that constitutes a material breach by the Company of any agreement under which the Participant provides services to the Company. 
Notwithstanding the foregoing, Good Reason shall not exist unless the Participant gives the Company written notice thereof within sixty (60) days after its occurrence and the Company shall not have remedied the action or omission within thirty (30) days after such written notice.
(f)    “Operating Income” means the Company’s operating income for the Performance Period, before the impact of incentive pay (but including adjustments to reflect the payment of sales commissions), as determined by the Committee in its sole discretion.
(g)    “Performance Period” means the 2019 calendar year.
(h)    “Person” means an individual or any type of business entity.
(i)    “Prospective Customer” means any Person, other than a Customer, toward whom or which the Company directed specific and material business development efforts, such as, but not limited to, a detailed proposal or bid, and with whom the Participant had business contact during his or her tenure as a Participant hereunder or about whom the Participant received Confidential Information; provided that such Person will only be considered a “Prospective Customer” for twelve (12) months after the last date on which such efforts were undertaken by the Company.
(j)    “Protected Individual” means an individual who is or was an employee, consultant or advisor of the Company and with whom the Participant had business contact at any time during the Participant’s employment or other retention by the Company or about whom the Participant received Confidential Information; provided that such a former employee, consultant or advisor will only be considered a “Protected Individual” for six (6) months after the last date he or she was employed by or provided services to the Company.
(k)    “Restricted Stock Unit” or “RSU” means a Restricted Stock Unit as defined in the Plan that is payable only in Shares.
(l)    “Separation from Service” shall have the meaning given in Code Section 409A, and references to termination of Continuous Service, as they relate to any deferral election or Distribution Date, shall be deemed to refer to a Separation from Service.  All references in this Agreement to “termination of employment” or “employment termination” shall be deemed to refer to a Separation from Service. 
(m)    “Specified Employee” has the meaning given to that term in Code Section 409A and Treasury Regulation §1.409A-1(i) (or any similar or successor provisions).

IN WITNESS WHEREOF, the parties have executed this Agreement effective as of the Award Date.
	
		
	 
	Fuel Tech, Inc.

	_______________________________

	By:                   
Its:                   

Exhibit A
to 
2019 Executive Performance RSU Award Agreement

EXECUTIVE PERFORMANCE RSU DEFERRAL ELECTION FORM
Deferral election must be made within thirty (30) days of the Award Date
This Executive Performance RSU Deferral Election Form (“Deferral Election Form”) is entered into by and between Fuel Tech, Inc. (the “Company”) and ____________ (“the Participant” or “you”), who became eligible to receive an award of RSUs under the Fuel Tech, Inc. 2014 Long-Term Incentive Plan, as amended (the “Plan”) and a 2019 Executive Performance RSU Award Agreement (the “Agreement”), which Agreement was legally effective March 21, 2019.  The provisions of the Plan and the Agreement are incorporated herein by reference in their entirety and supersede any conflicting provisions contained in this Deferral Election Form.  Neither this Deferral Election Form nor the Plan or the Agreement shall be construed as giving the Participant any right to continue to be employed by or perform services for the Company or any subsidiary or affiliate thereof.  
1.    Deferral of RSUs 
Any deferral period must be expressed as a number of whole years, not less than five (5) or more than ten (10), beginning on the Award Date.
Any such deferral must apply to receipt of all Shares underlying the of RSU award. For example, if you were to elect a deferral period of seven (7) years for any Executive Performance RSUs, this would result in you receiving Shares underlying the entire Executive Performance RSUs award seven (7) years from the Award Date regardless of the fact that the Executive Performance RSUs may have vested at differing times.
All deferrals are subject to the terms of the Agreement.  The Agreement generally provides for distribution of all vested Shares within thirty (30) days following your Separation From Service (subject to the six (6)-month delay described in Section 19(b) of the Agreement which applies to certain Participants in the Plan) if your Separation From Service occurs prior to the deferral date below.
If no deferral period is specified on the Deferral Election Form or if the Company does not receive from you a signed and dated Deferral Election Form within the required election period applicable to the RSUs, Shares underlying those RSUs will be issued as described in the Agreement as soon as practicable upon vesting of the RSUs. 
		
	□
	No deferral.  I wish to receive Shares upon vesting of each installment of RSUs.

		
	□
	I wish to defer receipt of all Shares underlying Executive Performance RSUs until ___________, 20__.

2.    Deferral Election Effective Date, Revision of Election During Election Period 
This Deferral Election Form must be received by the Company within thirty (30) days of the Award Date and will become irrevocable on such date.  You may revise this Deferral Election with respect to the deferral period no later than this due date, by contacting the Company’s Equity Administration Department in writing in accordance with the Notice provision set forth in Section 14 of the Agreement. 
		
	______________________________
	Date:                     _, 2019___

_______________________________

    

1

}EXECUTIVE
EMPLOYMENT AGREEMENT

 

THIS
AGREEMENT made as of this 25th day of March 2019 by and between PROVECTUS BIOPHARMACEUTICALS, INC., a Delaware
Corporation with its principal place of business in Knoxville, Tennessee (the “Company”), and Heather Raines
(the “Executive”).

 

WITNESSETH:

 

WHEREAS,
the Company recognizes the value of the Executive’s background and experience and desires to employ the Executive as Chief
Financial Officer (“CFO”) of the Company; and

 

WHEREAS,
the Executive wishes to be employed by the Company in such capacity; and

 

WHEREAS,
the Company and the Executive mutually desire that their employment relationship be set forth under the terms of a written employment
agreement;

 

NOW,
THEREFORE, in consideration of the foregoing and of the promises and mutual agreements set forth below, and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto do hereby agree as follows:

 

	1.	Employment.
    The Company agrees to employ the Executive, and the Executive agrees to be employed by the Company, on the terms and conditions
    set forth herein.
	 	 
	2.	Term
    of Employment. The employment of the Executive by the Company as provided under Section 1 shall commence on March 25,
    2019, and end on March 24, 2020 unless further extended or sooner terminated as hereinafter provided. On March 24, 2020 and
    on March 24th of each year thereafter, the term of the Executive’s employment hereunder shall be extended
    automatically one (1) additional year, unless thirty (30) days prior to the date of such automatic extension, the Company
    shall have delivered to the Executive or the Executive shall have delivered to the Company written notice that the term of
    the Executive’s employment hereunder shall not be extended.
	 	 
	3.	Position
    and Duties. The Executive shall serve as CFO of the Company with responsibilities and authority customary of a publicly-traded,
    clinical-stage biotechnology company chief financial officer and/or as may from time to time be assigned by the Chief Executive
    Officer (“CEO”) and/or the Board of Directors (the “Board”) of the Company. Executive agrees to perform
    faithfully and industriously the duties which the Company may assign to her.
	 	 
	4.	Place
    of Performance. In connection with the Executive’s employment hereunder, the Executive shall be based at the Company’s
    principal offices located in Knoxville, Tennessee.
	 	 
	5.	Compensation
    and Benefits. In consideration of the Executive’s performance of her duties hereunder, the Company shall provide
    the Executive with the following compensation and benefits during the term of her employment hereunder.

 

    	 	1	 

     

    

 

	 	(a)	Base
    Salary. The Company shall pay to the Executive an aggregate base salary at a rate of One Hundred and Twenty-Five Thousand
    Dollars ($125,000) per annum, payable in accordance with the Company’s normal payroll practices (“Base Salary”).
    Such Base Salary may be increased from time to time by the Board in accordance with the normal business practices of the Company.
	 	 	 
	 	 	Compensation of
    the Executive by the Base Salary payments shall not be deemed exclusive and shall not prevent the Executive from participating
    in any other compensation or benefit program of the Company. Such Base Salary payments (including increases thereto) shall
    not in any way limit or reduce any other obligation of the Company hereunder, and no other compensation, benefit or payment
    hereunder shall in any way limit or reduce the obligation of the Company with respect to such Base Salary.
	 	 	 
	 	(b)	Continuing
    Education. The Executive shall be entitled to one (1) paid week per year to undertake and complete continuing education
    related to re-certification of her professional accounting license.
	 	 	 
	 	(c)	Incentive
    Compensation. The Executive shall have the right to participate in any incentive compensation plan or bonus plan adopted
    by the Company without diminution of any compensation or benefit provided for in this Agreement. Upon execution of this Agreement,
    the Executive shall receive initial incentive compensation of Fifty Thousand (50,000) Shares of Company common stock.
	 	 	 
	 	(d)	Expenses.
    The Company, as applicable, shall promptly reimburse the Executive for all reasonable out-of-pocket expenses incurred by the
    Executive in her performance of services hereunder, including all such expenses of travel and living expense while away from
    home on business of the Company, provided that such expenses are incurred, accounted for and documented in accordance with
    the Company’s regular policies and in compliance with Internal Revenue Service Guidelines.
	 	 	 
	 	(e)	Employee
    Benefits. The Executive shall be entitled to continue to participate in all Company employee benefit plans and arrangements
    for which she is eligible in effect on the date hereof in which the Executive participates (including, but not limited to,
    any employee benefit pension plan, stock option plan, life insurance plan, vacation plan, disability plan, and the group health-and-accident
    and medical insurance plans) as such plans may be maintained or altered by the Board from time to time at the Board’s
    discretion. Nothing herein prevents the Company from discontinuing or terminating any such plan or program contemplated herein.
	 	 	 
	 	(f)	Vacation.
    Executive shall be entitled to three (3) paid weeks of vacation during each calendar year, prorated for partial years. Vacation
    periods exceeding one (1) paid week must be approved in advance by the Board, whose approval shall not be unreasonably withheld.

 

    	 	2	 

     

    

 

	 	(g)	Services.
    The Company shall furnish the Executive with office space and such other facilities, services and assistance as shall be suitable
    to her position and adequate for the performance of her duties hereunder.

 

	6.	Termination:
    This Agreement shall terminate upon the first to occur of the following:

 

	 	(a)	Expiration
    of the Agreement at the end of any Term, as set forth in Paragraph 2.
	 	 	 
	 	(b)	The
    death of the Executive;
	 	 	 
	 	(c)	The
    permanent disability of the Executive, as defined in Paragraph 7(a)(vi);
	 	 	 
	 	(d)	Termination
    by Company “for cause” as defined in Paragraph 7(a)(i);
	 	 	 
	 	(e)	Termination
    by Company “without cause” or pursuant to a “Change in Control” as defined in Paragraph 7(a)(ii).
    The Company reserves the right to terminate the Executive at any time, subject to the Company’s obligation to pay the
    Executive Compensation as otherwise provided for herein; or
	 	 	 
	 	(f)	Termination
    by the Executive, provided that the Executive shall give not less than thirty (30) days’ written notice of termination.
	 	 	 
	 	(f)
    	A
    significant reduction in Executive duties or her reporting responsibilities to the Board shall be deemed a termination

 

	7.	Compensation
    and Benefits in the Event of Termination or Acquisition of the Company. In the event o the termination of the Executive’s
    employment by the Company during the term of this Agreement, compensation and benefits shall be paid as set forth below.

 

	 	(a)	Definitions.
    For purposes of this Agreement, the following terms shall have the meanings indicated:

 

	 	(i)	As
    used in Paragraph 6(c), termination “For Cause” shall include, but shall not be limited to, termination for Executive’s
    use of illegal non-prescription drugs, mis-use of legal drugs; or impairment in the performance of her duties by drug or alcohol
    use; a felony criminal indictment, conviction, guilty plea, or plea of no contest/nolo contendre; any other criminal indictment,
    conviction, guilty plea, or plea of no contest to a crime that implicates Executive’s lack of honesty, moral turpitude,
    or lack of fitness for the job; Executive’s failure to devote full time and effort to her duties under this Agreement;
    Executive’s breach of any material term of this Agreement; Executive’s violation of any statute, regulation, or
    rule, or any violation of her ethical or fiduciary obligations, as determined in the Company’s sole discretion; or willful
    negligence in carrying out the activities for which Executive is employed. “For cause” is not intended to include
    disagreements over management philosophy or other such intangibles.

 

    	 	3	 

     

    

 

	 	(ii)	“Change
    in Control” shall mean either:

 

	 	(A)	A
    sale or other disposition of substantially all of the assets of Company or a sale or disposition of a majority of the issued
    and outstanding common stock of Company in a single transaction or in a series of transactions to a single person or entity
    or group of affiliated persons or entities who were not directors or stockholders of the Company prior to such transaction;
    or
	 	 	 
	 	(B)	A
    merger or consolidation of the Company with or into any other entity, if immediately after giving effect to such transaction
    more than fifty percent (50%) of the issued and outstanding common stock of the surviving entity of such transaction is held
    by a single person or entity or group of affiliated persons or entities who were not directors or stockholders of the Company
    prior to such transaction.
	 	 	 
	 	(C)	For
    purposes of this sub-paragraph (ii), the definition of “person” shall be as defined in Section 13(d) and 14(d)
    of the Securities Exchange Act of 1934.

 

	 	(iii)	“Compensation”
    shall mean the Base Salary provided for in Paragraph 5(a) hereof.
	 	 	 
	 	(iv)	“Coincident
    with” shall mean any time within nine months prior to the occurrence of a Change in Control of the Company.
	 	 	 
	 	(v)	“Date
    of Termination” shall mean (A) if the Executive’s employment is terminated by reason of her death, her date of
    death; (B) if the Executive’s employment is terminated for Disability, thirty (30) days after Notice of Termination
    is given (provided that the Executive shall not have returned to the performance of her duties as provided under sub-paragraph
    (vi) of this paragraph (a)); or (C) if the Executive’s employment is terminated by action of either party for any other
    reason, the date specified in the Notice of Termination.
	 	 	 
	 	(vi)	“Disability”
    shall mean the Executive’s inability to satisfactorily perform her regular duties on behalf of the Company on a full-time
    basis for ninety (90) consecutive days, or such lesser period of time if Executive meets the definition of disability under
    any disability insurance policy provided through Executive’s employment with the Company, by reason of the Executive’s
    incapacity due to physical or mental illness, except where within thirty (30) days after Notice of Termination is given following
    such absence, the Executive shall have returned to the satisfactory, full-time performance of such duties. Any determination
    of Disability hereunder shall be made by the Board in good faith and on the basis of the certificates of a majority of at
    least three (3) qualified physicians chosen by it for such purpose, one (1) of whom shall be the Executive’s regular
    attending physician.

 

    	 	4	 

     

    

 

	 	(vii)	“Notice
    of Termination” shall mean a written notice which shall include the specific termination provision under this Agreement
    relied upon, and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination
    of the Executive’s employment. Any purported termination of the Executive’s employment hereunder by action of
    either party shall be communicated by delivery of a Notice of Termination to the other party. Any purported termination of
    the Executive’s employment hereunder which is not effected in accordance with the foregoing shall be ineffective for
    purposes of this Agreement.
	 	 	 
	 	(viii)	“Retirement”
    shall mean termination of the Executive’s employment pursuant to the Company’s regular retirement policy applicable
    to the position held by the Executive at the time of such termination.

 

	 	(b)	Termination
    by the Company For Cause. In the event Executive’s employment hereunder is terminated For Cause, Executive is entitled
    to payment of her Base Salary through her final day of employment, as designated in the Notice of Termination. Executive is
    not entitled to any incentive or bonus payment earned but unpaid prior to the Date of Termination or any other form of compensation
    or benefits from the Company.
	 	 	 
	 	(c)	Termination
    by the Executive Prior to a Change in Control. In the event the Executive’s employment hereunder is terminated by
    action of the Executive prior to, but not coincident with, a Change in Control or by reason of the Executive’s death,
    disability, or retirement prior to a Change in Control, the following compensation and benefits shall be paid and provided
    the Executive (or her beneficiary):

 

	 	(1)	The
    Executive’s Base Salary provided under Paragraph 5(a) through the last day of the month in which the Date of Termination
    occurs, at the annual rate in effect at the time Notice of Termination is given (or death occurs), to the extent unpaid prior
    to such Date of Termination;
	 	 	 
	 	(2)	The
    pro rata portion of any incentive or bonus payment under Paragraph 5(b) which has been earned prior to the Date of Termination,
    to the extent unpaid prior to such date;
	 	 	 
	 	(3)	Any
    benefits to which the Executive (or her beneficiary) may be entitled as a result of such termination (or death), under the
    terms and conditions of the pertinent plans or arrangements in effect at the time of the Notice of Termination under Paragraph
    5(d); and
	 	 	 
	 	(4)	Any
    amounts due the Executive with respect to paragraph (c) of Section 5 as of the Date of Termination.

 

    	 	5	 

     

    

 

	 	(d)	Termination
    by Company Not For Cause Coincident With or Following a Change in Control or by Executive Coincident With or Following a Change
    in Control. In the event that coincident with or following a Change in Control, the Executive’s employment hereunder
    is terminated or this Agreement is not extended (A) by action of the Executive coincident with or following a Change in Control
    including the Executive’s death, disability or retirement, or (B) by action of the Company not For Cause coincident
    with or following a Change in Control, the Company shall pay and provide the Executive, subject to Company regulatory limitations,
    the compensation and benefits stipulated under sub-paragraph (c) immediately above; provided, however, in addition thereto,
    an amount equal to one half (50%) of the Base Salary paid to Executive in the preceding calendar year, minus required deductions
    and withholdings, such payments to be made in substantially equal monthly installments over the course of six months, as severance
    (“Severance Payments”). Executive’s entitlement to Severance Payments is conditioned upon Executive’s
    execution of a general release of claims against the Company and Executive’s ongoing compliance with her obligations
    under this Agreement, and specifically upon her adherence to her obligations of non-solicitation, return of property, non-disparagement
    and confidentiality set forth in Paragraph 9 of this Agreement. In the event Executive breaches these obligations, the Company
    will be entitled to discontinue any further Severance Payments, and Executive shall be liable to repay all Severance Payments
    paid to her by the Company.
	 	 	 
	 	(e)	Continuation
    of Benefits. Following the termination of Executive’s employment hereunder, the Executive shall have the right to
    continue in the Company’s group health insurance plan or other Company benefit program as may be required by COBRA or
    any other federal or state law or regulation.
	 	 	 
	 	(f)	Compensation
    During Disability. In the event of the Executive’s failure to satisfactorily perform her duties hereunder on a full-time
    basis by reason of her incapacity due to physical or mental illness for any period not otherwise constituting Disability as
    defined under sub-paragraph (vi) of Paragraph 7(a) hereof, the Executive’s employment hereunder shall not be deemed
    terminated and she shall continue to receive the compensation and benefits provided under Paragraph 5 in accordance with the
    terms thereof.

 

	8.	Withholding.
    Any provision of this Agreement to the contrary notwithstanding, all payments made by the Company hereunder to the Executive
    or her estate or beneficiaries shall be subject to the withholding of such amounts, if any, relating to tax and other payroll
    deductions as the Company may reasonably determine should be withheld pursuant to any applicable law or regulation.

 

    	 	6	 

     

    

 

	9.	Restrictive
    Covenants. Executive agrees to the following restrictive covenants.

 

	 	(a)	Confidentiality.
    While employed by the Company and thereafter, Executive shall not disclose any Confidential Information either directly or
    indirectly, to anyone (other than appropriate Company employees, Board members, and advisors), or use such information for
    her own account, or for the account of any other person or entity, without the prior written consent of Company or except
    as required by law. This confidentiality covenant has no temporal or geographical restriction. For purposes of this Agreement,
    “Confidential Information” means all business information (whether or not in written form) which relates to the
    Company, its investors, employees, contractors or any other third parties including but not limited to those in respect of
    which the Company has a business relationship or owes a duty of confidentiality, and which is not known to the public generally
    including but not limited to: observations and data concerning the business or affairs of the Company including, but not limited
    to the Company’s technology or processes; technical information; unfiled intellectual property; financial status and
    projections; investor lists; and, vendor lists. Nothing in this Confidentiality provision prohibits Executive from reporting
    possible violations of federal law or regulation to any governmental agency or entity, including but not limited to the Department
    of Justice, the Securities and Exchange Commission, Congress, and any agency Inspector General, or making other disclosures
    that are protected under the whistleblower provisions of federal law or regulation. Executive does not need prior authorization
    to make any such report or disclosures and is not required to notify the Company that she has made such reports or disclosures.
	 	 	 
	 	(b)	Return
    of Property. Upon termination of Executive’s employment hereunder for any reason, Executive shall promptly supply to
    the Company all property and any other documents or information (including information in electronic form) that has been produced
    by, received by, or otherwise comes into the possession of Executive during or prior to her employment that relates to the
    Company, and shall not duplicate or retain any copies thereof. Notwithstanding the foregoing, to the extent Executive is a
    stockholder of the Company, Executive may retain documents and other information that was provided generally to the Company’s
    stockholders and was received by Executive in her capacity as a stockholder of the Company.
	 	 	 
	 	(c)	Non-Solicitation.
    Executive shall not, at any time during her employment with the Company and for a period of two years after the termination
    of her employment, whether on her own behalf or on behalf of or in conjunction with any person, company, business entity,
    or other organization whatsoever, directly or indirectly (i) solicit or encourage any employee or contractor of the Company
    to leave the employment or engagement with the Company, (ii) without permission of the Company, knowingly hire or engage a
    former employee or contractor before twelve months have elapsed after the time the employee or contractor ceased to be employed
    by or engaged by the Company, (iii) solicit any investor to end, modify, or reduce its investment with the Company (including
    but not limited to any investments in the Company’s common stock, preferred stock, warrants or debt securities), and
    (iv) be involved with acquisition or reorganization of the Company.
	 	 	 
	 	(d)	Non-Disparagement.
    Executive shall refrain, both during and after the employment term, from publishing any disparaging oral or written statements
    about the Company or any of the Company’s board members, equity holders, members, stockholders, managers, officers,
    employees, consultants, agents, or representatives. Notwithstanding the foregoing, nothing in this Agreement shall preclude
    Executive from making truthful statements that are required by applicable law, regulation, or legal process, or from reporting
    possible violations of federal law or regulation, as provided for in section (a), above.

 

    	 	7	 

     

    

 

	10.	Notices.
    All notices, requests, demands and other communications provided for by this Agreement shall be in writing and shall be sufficiently
    given if and when mailed in the continental United States by registered or certified mail, or personally delivered to the
    party entitled thereto, at the address stated below or to such changed address as the addressee may have given by a similar
    notice, or sent via electronic mail, with confirmatory receipt. which shall be deemed delivered upon transmission:

 

	To
    the Company:	 	Timothy
        C. Scott, Ph.D.

        President

	 	 	Provectus
    Biopharmaceuticals, Inc.
	 	 	10025
    Investment Drive, Suite 250
	 	 	Knoxville,
        TN 37932

        scott@pvct.com

 

	To
    the Executive:	 	Heather
    Raines
	 	 	##########
	 	 	##########,
        Tennessee #####

        #####@##########

	 	 	 

 

	11.	Section
    409A. The intent of the parties is that this Agreement will be in full compliance with Section 409A of the Internal Revenue
    Code of 1986, as amended (the “Code”), and in the event that any provision of this Agreement, or any payment of
    compensation or benefits paid pursuant to this Agreement is determined to be inconsistent with the requirements of Section
    409A of the Code, the Company shall reform this Agreement and to the extent necessary to comply therewith and to avoid the
    imposition of any penalties or taxes pursuant to Section 409A of the Code, provided that any such reformation shall to the
    maximum extent possible retain the originally intended economic and tax benefits to the Executive and the original purpose
    of this Agreement without violating Section 409A of the Code or creating any unintended or adverse consequences to the Executive.
    Notwithstanding any other provision of this Agreement to the contrary, if the Executive is a “specified employee”
    within the meaning of Section 409A of the Code and the regulations thereunder at the relevant time, then, solely to the extent
    required to comply with applicable provisions Section 409A of the Code with respect to any amounts or benefits not exempt
    under Section 409A of the Code, payments made hereunder on account of the termination of the Executive’s employment
    shall not commence until the date that is first day of the seventh month following the Executive’s “separation
    from service” as determined in accordance with Section 409A of the Code. Further, in no event will the Severance Payments
    exceed the limit established by Section 401(a)(17) of the Code.

 

    	 	8	 

     

    

 

	12.	Successors:
    Binding Agreement. The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation
    or otherwise) to all or substantially all of the business and/or assets of the Company, by agreement in the form and substance
    satisfactory to the Executive, to expressly assume and agree to perform this Agreement in the same manner and to the same
    extent that the Company would be required to perform it if no such succession had taken place. Failure of the Company to obtain
    such agreement prior to the effectiveness of any such succession shall be a breach of this Agreement. For purposes of this
    Agreement, “Company” shall include any successor to its business and/or assets as aforesaid which executes and
    delivers the agreement provided for in this Section or which otherwise becomes bound by all the terms and provisions of this
    Agreement by operation of law.
	 	 
	 	This Agreement shall
    inure to the benefit of and be enforceable by the Executive’s personal or legal representatives, executors, administrators,
    successors, heirs, distributees, devisees and legatees. If the Executive should die while any amount would still be payable
    to her hereunder if she had continued to live, all such amounts, except to the extent otherwise provided under this Agreement,
    shall be paid in accordance with the terms of this Agreement to her devisee, legatee or other designee, or if there be no
    such designee, to the Executive’s estate.
	 	 
	13.	Modification,
    Waiver or Discharge. No provision of this Agreement may be modified, waived or discharged unless such waiver, modification
    or discharge is agreed to in writing signed by the Executive and an authorized officer of the Company. No waiver by either
    party hereto at anytime of any breach by the other party hereto of, or compliance with, any condition or provision of this
    Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at
    the same or at any prior or subsequent time. No agreements or representations, oral or otherwise, express or implied, with
    respect to the subject matter hereof had been made by either party which are not expressly set forth in this Agreement; provided,
    however, that this Agreement shall not supersede or in any way limit the right, duties or obligations that the Executive or
    the Company may have under any other written agreement between such parties, under any employee pension benefit plan or employee
    welfare benefit plan as defined under the Employee Retirement Income Security Act of 1974, as amended, and maintained by the
    Company, or under any established personnel practice or policy applicable to the Executive.
	 	 
	14.	Governing
    Law and Exclusive Forum. The validity, interpretation, construction and performance of this Agreement shall be governed
    by the laws of the State of Tennessee to the extent federal law does not apply. Each party waives, to the fullest extent permitted
    by law, (a) any objection which she or it may now or may later have to the laying of venue of any legal action or proceeding
    arising out of or relating to this Agreement brought in any court of the State of Tennessee or federal court sitting in Knox
    County; (b) any claim that any action or proceeding brought in any such court has been brought in an inconvenient forum; and
    (c) submits to the exclusive jurisdiction of any court of the State of Tennessee or federal court sitting in Knox County.

 

    	 	9	 

     

    

 

	15.	Validity.
    The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of the
    other provisions of this Agreement, which latter provisions shall remain in full force and effect.
	 	 
	16.	Miscellaneous.

 

	 	(a)	No
    Adequate Remedy At Law; Costs to Prevailing Party. The Company and the Executive recognize that each party may have no
    adequate remedy at law for breach by the other of any of the agreements contained herein, and, in the event of any such breach,
    the Company and the Executive hereby agree and consent that the other shall be entitled to injunctive relief or other appropriate
    remedy to enforce performance of such agreements. In the event of a breach of this Agreement, then the prevailing party in
    any litigation instituted to enforce such breach shall have the right to recover from the losing party its costs related thereto,
    including legal fees, court costs, and any other reasonable expenses incurred.
	 	 	 
	 	(b)	Non-Assignability.
    No right, benefit, or interest hereunder shall be subject to anticipation, alienation, sale, assignment, encumbrance, charge,
    pledge, hypothecation, or setoff in respect of any claim, debt or obligation, or to execution, attachment, levy or similar
    process, or assignment by operation of law. Any attempt, voluntary or involuntary, to effect any action specified in the immediately
    preceding sentence shall, to the full extent permitted by law, be null, void and of no effect. Any of the foregoing to the
    contrary notwithstanding, this provision shall not preclude the Executive from designating one or more beneficiaries to receive
    any amount that may be payable after her death, and shall not preclude the legal representative of the Executive’s estate
    from assigning any right hereunder to the person or persons entitled thereto under her will or, in the case of intestacy,
    applicable to her estate.

 

	17.	Counterparts.
    This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, but of which
    together will constitute one and the same instrument.

 

    	 	10	 

     

    

 

IN
WITNESS WHEREOF, the Executive and the Company (by action of its duly authorized officers) have executed this Agreement as
of the date first above written.

 

	 	 	PROVECTUS
    BIOPHAMACEUTICALS, INC.
	 	 	 	 
	                          	 	By:	/s/
    Timothy C. Scott
	 	 	 	Timothy
    C. Scott, Ph.D., President
	Attest:	            	 	 	                          
	 	 	 	 
	 	 	EXECUTIVE:
	 	 	 	 
	 	 	/s/ Heather Raines
	 	 	Heather Raines, Chief Financial Officer

 

    	 	11

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00293-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00293-of-00352.parquet"}]]