Document:

EXHIBIT 10.4

 

Philip MacNeill

Chief Financial Officer

 

Dear Philip:

 

On
behalf of PharmAthene, Inc. (“Company”), I am pleased to provide you with this letter agreement (“Agreement”)
setting forth the various terms and conditions of a retention arrangement which the Company is prepared to offer you effective
immediately. As explained herein, although you will remain an “at-will” employee, the Company has agreed to pay you
certain bonuses for remaining employed through certain milestones described below. During your employment, you will be paid at
your current salary rate.

 

Retention
Severance & Bonus: Unless you terminate employment as described below or the Company terminates your employment for Cause
(as defined below), if you remain continuously employed by the Company on a full-time basis on and after the Signing Date of this
Agreement, and are still employed on the dates specified below, you will become entitled to the following cash payments (subject
to normal tax withholdings):

 

		(a)	Severance Payment: If you remain employed through (i) the closing of the anticipated merger
with Altimmune, Inc. (“Altimmune”) , (ii) the completion of the preparation of the Company’s year-end financial
statements, including the filing of the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 and your
signing of the related Certification of Principal Financial Officer, pursuant to SEC Rule 13a-14(a)/15d-14(a) and Certification
Pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code, and (iii) the earlier of (A) the preparation and
filing of the Company’s proxy statement for its 2017 regular annual meeting of stockholders or (B) the filing of an amendment
to the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 providing the information in Items 10-14
of that form, the Company will pay you a one-time lump sum cash amount of $93,094.61; and

 

		(b)	Bonus Payment: If you remain employed through the closing of the anticipated merger with
Altimmune, the Company will pay you a one-time lump sum bonus cash amount of $67,235.The foregoing bonus payment amount shall not
be payable if the merger is not consummated for any reason

 

Thee above payments
shall be paid to you within thirty (30) days of meeting the required pre-conditions for payment.

 

Termination
Without Cause. The Company may terminate your employment at any time Without Cause. In the event you are terminated by the
Company Without Cause you will be eligible to receive the Severance Payment and the Bonus Payment provided for herein. These payments
will be paid to you within 30 days of your termination.

 

Voluntary/For
Cause Termination: If you voluntarily terminate employment or if the Company terminates you for Cause (which is defined below),
you will not be entitled to any additional payments after the effective date of such termination (including the Severance Payment
and the Bonus Payment described above), other than what you have already received. Moreover, if you stop performing your employment
duties on a full-time basis, the Company may treat the date that it determines you stopped performing your duties full-time as
a date of your voluntary termination for purposes of this Agreement. In the event you resign your employment due to an involuntary
reduction of your salary, your resignation will be deemed to be involuntary and will be treated as a Termination Without Cause.

 

     

     

    

 

“Cause”
means (i) your willful and substantial misconduct that is materially injurious to the Company and is either repeated after written
notice from the Company specifying the misconduct or is continuing and not corrected within 20 days after written notice from the
Company specifying the misconduct, (ii) your repeated neglect of duties or failure to act which can reasonably be expected to affect
materially and adversely the business or affairs of the Company after written notice from the Company specifying the neglect or
failure to act, (iii) your material breach of any of the provisions contained in your Confidentiality and Non-Solicitation Agreement
or of any of the Company’s policies, (iv) the commission by you of any material fraudulent act with respect to the business
and affairs of the Company, (v) your conviction of (or plea of nolo contendere to) a crime constituting a felony, (vi) demonstrable
gross negligence, or (vii) habitual insobriety or use of illegal drugs by you while performing your duties under this Agreement
which adversely affects the performance your duties under this Agreement.

 

Miscellaneous:
This Agreement is the sole and entire statement of the retention arrangement the Company is proposing and will be governed
by the laws of the State of Maryland, without application of conflicts of laws provisions that would otherwise apply the substantive
law of another jurisdiction.

 

Finally,
please understand that this Agreement does not constitute an employment contract guaranteeing employment for any set period of
time. Your employment is “at-will,” and this Agreement does not alter or affect in any way the Company’s right
to terminate your employment at any time, with or without Cause, or your right to terminate employment with the Company at any
time, in your discretion.

 

We
are looking forward to the opportunity of continuing our relationship with you and sincerely hope these terms are agreeable to
you. If so, please signify you acceptance of this Agreement by signing the attached copy of
this letter and returning that executed copy to me.

 

	 	Sincerely,	 
	 	 	 	 
	 	By:	/s/ John Gill	 
	 	 	John Gill	 
	 	 	Chief Executive Officer	 

 

I have read
the terms of this Agreement and, by signing below, hereby signify my acceptance of these terms.

 

	 	Philip MacNeill	 
	 	 	 
	 	Date: January 14, 2017	 
	 	 	 
	 	/s/ Philip MacNeill	 
	 	Employee SignatureEX-4.2

 Exhibit 4.2 

FORM OF NON-TRANSFERABLE SUBSCRIPTION RIGHTS CERTIFICATE 
  

			
	 RIGHTS CERTIFICATE # [    ]
	  	NUMBER OF RIGHTS: [    ]

 THE TERMS AND CONDITIONS OF THE RIGHTS OFFERING ARE SET FORTH IN THE COMPANY’S PROSPECTUS DATED
[            ], 2017 (THE “PROSPECTUS”) AND ARE INCORPORATED HEREIN BY REFERENCE. COPIES OF THE PROSPECTUS ARE AVAILABLE UPON REQUEST FROM BROADRIDGE CORPORATE ISSUER
SOLUTIONS, INC., THE INFORMATION AGENT. 
 PROVECTUS BIOPHARMACEUTICALS, INC. 

(Incorporated under the laws of the State of Delaware) 

SUBSCRIPTION RIGHTS CERTIFICATE 

Evidencing non-transferable Subscription Rights, each to purchase Units of Provectus Biopharmaceuticals, Inc., 

each Unit consisting of four shares of Common Stock and one-half a share of Series C Convertible Preferred Stock 

Subscription Price: $[●] per Unit 

THE SUBSCRIPTION RIGHTS WILL EXPIRE IF NOT EXERCISED ON OR BEFORE 5:00 P.M., EASTERN TIME, ON [●], 2017, 

SUBJECT TO EXTENSION OR EARLIER TERMINATION. 

THIS CERTIFIES THAT 
 the registered owner whose name is
inscribed hereon and is the owner of the number of subscription rights (“Subscription Rights”) set forth above. Each Subscription Right entitles the holder thereof to subscribe for and purchase (the “Basic Subscription
Right”) one Unit of Provectus Biopharmaceuticals, a Delaware corporation, at a subscription price of $[        ] per Unit (the “Subscription Price”), pursuant to a rights offering
(the “Rights Offering”), on the terms and subject to the conditions set forth in the Prospectus and the “Instructions as to Use of Provectus Biopharmaceuticals, Inc. Subscription Rights Certificates” accompanying this
Subscription Rights Certificate. Each Unit consists of four shares of common stock, par value of $0.001 (“Common Stock”), and one-half a share of Series C Convertible Preferred Stock, par value $0.001 (“Preferred
Stock”). Holders who fully exercise their Basic Subscription Rights are entitled to subscribe for additional Units that remain unsubscribed for as a result of any unexercised Basic Subscription Rights pursuant to the terms and conditions of
the Rights Offering, subject to proration as described in the Prospectus (the “Over-subscription Privilege”). The Subscription Rights represented by this Subscription Rights Certificate may be exercised by completing the appropriate
forms on the reverse side hereof and by returning the full payment of the subscription price for each Unit. If the subscriber attempts to exercise its Over-subscription Privilege and the Company is unable to issue the subscriber the full amount of
Units requested, the Subscription Agent will return to the subscriber any excess funds submitted as soon as practicable, without interest or deduction. In the event the Company elects to reduce the Subscription Price per Unit, as described in the
Prospectus the holder may elect to either (i) receive a proportional amount of additional Units or (ii) be refunded the difference between the original Subscription Price and the reduced Subscription Price. 

This Subscription Rights Certificate is not valid unless countersigned by Broadridge Corporate Issuer Solutions, Inc., the Subscription Agent. 

WITNESS the seal of Provectus Biopharmaceuticals, Inc. and the signatures of its duly authorized officers. 

Dated: [            ], 2017 

					
	  

Timothy C. Scott, Ph.D., President
	 	  

John R. Glass, Interim Chief Financial Officer

		
		 	 COUNTERSIGNED AND REGISTERED:

			
		 	 By:
	 	  

			
		 		 	 Broadridge Corporate Issuer Solutions, Inc.

 FORM ELECTION TO PURCHASE 

PLEASE PRINT ALL INFORMATION CLEARLY AND LEGIBLY. 

The registered holder of this Subscription Rights Certificate is entitled to exercise the number of Subscription Rights shown in the upper right hand corner
of the Subscription Rights Certificate and may subscribe for additional Units upon the terms and conditions specified in the Prospectus. The undersigned hereby represents, in connection with this election, that the undersigned has not since the
Record Date entered into any short sale or similar transaction with respect to the common stock of Provectus Biopharmaceuticals, Inc. The undersigned hereby notifies the Subscription Agent of its irrevocable election to subscribe for Units in the
following amounts. To subscribe for Units pursuant to your Basic Subscription Right, please complete lines (a) and (c) below. To subscribe for additional Units pursuant to your Over-subscription Privilege, please also complete line (b). 

 

	(a)	EXERCISE OF BASIC SUBSCRIPTION RIGHT: 

  

									
	 Basic Subscription Right:
	 	X	 	 $[            ]

 
	 	 =
  
	    	$
	 Number of Units
	 		 	Subscription price	 		    	Payment enclosed

  

	(b)	EXERCISE OF OVER-SUBSCRIPTION PRIVILEGE: If you have exercised your Basic Subscription Right in full, you may subscribe for additional Units pursuant to your Over-subscription Privilege 

 

									
	 Over-Subscription Privilege:    
	 	X	 	 $[            ]

 
	 	 =
  
	    	$
	 Number of Units
	 		 	Subscription price	 		    	Payment enclosed

  

	(c)	TOTAL AMOUNT OF PAYMENT ENCLOSED $         

  

	(d)	SUBSCRIPTION PRICE ELECTION: In the event, in its sole discretion, the Company reduces the Subscription Price, the undersigned hereby elects to receive (check either Box (1) or Box (2)): 

☐ (1) proportionally more Units based on the payment amount made by the undersigned; or 

☐ (2) a return of cash to the undersigned in an amount equal to the difference between total amount paid at the original Subscription Price and the
payment amount that would have been due for the number of Units for which the undersigned subscribed at the reduced Subscription Price. 
 If the
undersigned elects to receive cash in lieu of additional Units, the Company will remit such payment within ten (10) business days after the expiration date of the Rights Offering, without interest or deduction. 

 

	(e)	IF YOU SPOKE WITH A BROKER WHO SOLICITED SUCH EXERCISE, PLEASE INDICATE THE NAME OF THE PERSON YOU SPOKE WITH:
                                         
    

  

					
	 METHOD OF PAYMENT (CHECK ONE):
	  	☐	    	CERTIFIED CHECK DRAWN ON A U.S. BANK, payable to “Broadridge Corporate Issuer Solutions, Inc., as Subscription Agent for Provectus Biopharmaceuticals, Inc.”
			
		  	☐	    	Wire transfer of immediately available funds directly to the account maintained by Broadridge Corporate Issuer Solutions, Inc., as Subscription Agent, for purposes of accepting subscriptions in this Rights Offering at U.S. Bank,
ABA:123000848, International/Swift code: USBKUS44IMT, Account #: 153910728465, FFC: Broadridge FBO Provectus Biopharmaceuticals, Inc., FFC: a/c 153911230024 with reference to the name of the Subscription Rights holder.
			
		  	☐	    	UNCERTIFIED PERSONAL CHECK, payable to “Broadridge Corporate Issuer Solutions, Inc., as Subscription Agent for Provectus Biopharmaceuticals, Inc.” (which must clear before the Expiration Date to be considered a valid form
of payment; please see Prospectus and Instructions)

 I acknowledge receipt of the Prospectus in connection with the Rights Offering and agree to its terms. I agree to
cooperate with the Company and provide to the Company any and all information requested by the Company in connection with the exercise of the Subscription Rights. 
  

			
	  

Signature(s) of Subscriber(s)
	  	  

Signature(s) of Subscriber(s)

 IMPORTANT: THE SIGNATURE(S) MUST CORRESPOND IN EVERY PARTICULAR, WITHOUT ALTERATION, WITH THE NAME(S) AS PRINTED ON THE
FRONT OF THIS RIGHTS CERTIFICATE. If signature is by trustee(s), executor(s), administrator(s), guardian(s), attorney(s)-in-fact, officer(s) of a corporation or another acting in a fiduciary or representative capacity, please print name and
title of authorized signer. 
 FOR INSTRUCTIONS ON THE USE OF PROVECTUS BIOPHARMACEUTICALS, INC. SUBSCRIPTION RIGHTS CERTIFICATES, CONSULT BROADRIDGE
CORPORATE ISSUER SOLUTIONS, INC., THE INFORMATION AGENT, AT (844) 695-1509 (TOLL FREE) OR (720) 414-6879 (TOLL NUMBER).

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