Document:

Exhibit 10.2

             

            CASH MANAGEMENT AND INVESTMENT SERVICES AGREEMENT

             

            This Cash Management and Investment Services Agreement (“Agreement”) is made as of the 15th day of December, 2017 by and among Telephone and Data Systems, Inc. (“TDS”), United States Cellular Corporation (“U.S. Cellular”) and U.S. Cellular’s wholly and majority owned subsidiaries, CellVest, Inc., a Delaware corporation and direct wholly-owned subsidiary of U.S. Cellular (“CellVest”) and USCC Services, LLC, a Delaware limited liability company and direct wholly-owned subsidiary of U.S. Cellular (“USCC Services”).  The parties agree as follows:

            ARTICLE I

             

            DEFINITIONS

             

            Section 1.01.  Definitions

             

            “Affiliated Cash Balance” shall mean Company funds aggregated and handled by USCC Services and invested in STIF on behalf of the Company.

            “Authorized Persons” shall mean those persons authorized to act on behalf of Company to approve cash management services and the aggregation and handling of Company funds by USCC Services and short-term investment of Company funds into the STIF.

            “Bank” shall mean such financial institution or other service provider designated as depositary for funds of the Company and for other purposes pursuant to the General Banking Resolutions of the Company as adopted by the Company’s Board of Directors from time to time.

            “Cash Management Services” shall mean the services described in Section 2.02. 

            “Cash Management Investment Services” shall mean the services described in Section 3.01.

            “Company” shall mean U.S. Cellular or any of its wholly or majority owned direct or indirect subsidiaries participating in this Agreement.

            “Corporate Cash Investment Policy” shall mean the policy published on the TDS intranet under the title Corporate Cash Investment Policy #132, as amended from time to time at TDS’ sole discretion. This policy provides guidelines indicating acceptable and unacceptable investment securities for TDS’ and TDS Affiliates’ cash. 

            “Investments” shall have the meaning ascribed to it in Section 3.03.  

            “STIF” shall mean CellVest’s short-term investment fund program.

            “STIF Account” shall mean the STIF’s custodial account(s). 

            “STIF Balance” shall mean assets Company has on deposit with CellVest.

            “STIF Participants” shall mean all TDS Affiliates participating in the STIF.

            “TDS Affiliate” shall mean a direct or indirect operating subsidiary or affiliate of TDS.

            “USCC Cash Management Agreement” shall mean that certain Cash Management Agreement, dated as of March 16, 2009, between U.S. Cellular and CellVest, as may be amended from time to time.
 

            

        
            

                 

                	
                             

                        

                 

            

        

        

        
        
                 

            

        

            ARTICLE II

             

            CASH MANAGEMENT SERVICES
 

            Section 2.01.  Cash Management Services.  

            By way of this Agreement, TDS hereby makes available to Company certain cash management services through the Bank pursuant to the terms of this Agreement. 
 

            Section 2.02.  Cash Management Agreements. 

            TDS is hereby designated as an authorized agent of the Company and is authorized to enter into agreements with the Bank for cash management services which may include, without limitation, agreements relating to (A) the disbursement of funds (via check, automated clearing house (ACH) transfer, wire transfer, other electronic funds transfer and otherwise) of the Company which may be accomplished in writing or electronic transmission, (B) the deposit or collection of funds of the Company, (C) access to information relating to any and all accounts, collection and disbursement activity of the Company, and (D) the use of software and/or Internet-based products in order to undertake any or all of the foregoing. 

             

            Section 2.03.  Instructions to the Bank.  

            TDS is hereby authorized to provide instructions to the Bank relating to the accounts, disbursements, collections or other cash management services for the Company to make, direct or undertake any of the actions contemplated in Section 2.02 above.

             

            Section 2.04.  Authorized Persons.  

            Each of the officers or persons authorized or designated to act for the Company pursuant to the General Banking Resolution of the Company as adopted by the Company’s Board of Directors from time to time, is hereby authorized to carry out the terms of this Agreement. 

             

            ARTICLE III

             

            CASH MANAGEMENT INVESTMENT SERVICES

             

            Section 3.01.  Cash Management Investment Services.  

            By way of this Agreement, CellVest hereby makes available to Company, either directly or through USCC Services, certain cash management services entitling Company to deposit its excess cash, either directly or through USCC Services, with CellVest for investment pursuant to the terms of this Agreement.  CellVest shall engage TDS to direct the investment of funds swept into the STIF Account on behalf of Company and at Company’s sole risk until CellVest receives written notice of termination by Company.  Pursuant to such authorization, CellVest (at the sole power and discretion of TDS) may purchase, sell, exchange, convert and otherwise trade securities in the STIF, arrange for delivery and payment in connection therewith, and act on behalf of Company in all other matters necessary or appropriate to the investment of funds, all without prior consultation with or notification to Company.  CellVest may receive and act upon instructions from Authorized Persons.

             

            Section 3.02.  Investment Decisions.  

            TDS will make all investment decisions for the STIF in accordance with the Corporate Cash Investment Policy. 

             

            Section 3.03.  Participation in the Cash Management Investment Services.  

            Under the Cash Management Investment Services provided by CellVest, excess Company funds being held in USCC Services’ bank account (including the Affiliated Cash Balance) will be automatically swept into the STIF Account each business day. Funds on deposit in the STIF Account, together with amounts contributed thereto by other STIF Participants, shall comprise the STIF and shall be invested in investments that are approved under the Corporate Cash Investment Policy (“Investments”).  Company acknowledges that such Investments may include Investments pursuant to the USCC Cash Management Agreement.  All Investments shall be made in CellVest’s own name “as Nominee for Participating Affiliates”. 
 

            Section 3.04.  Documentation Evidencing Company Affiliated Cash Balance.  

            USCC Services and Company will each record on their respective general ledger a daily and monthly accounting of Company’s Affiliated Cash Balance on deposit in the STIF Account.

             

            Section 3.05.  Investment Earnings and Distributions.  

            Daily investment earnings (or charges) of the STIF Investments are credited (or deducted) pro rata among the STIF Participants based on their respective invested balances.  The STIF Participants’ respective pro rata interests in the Investments in the STIF shall be calculated daily by TDS based on each STIF Participant’s invested balance.   Daily STIF investment earnings are accumulated for the month and distributed to Company on or before the second business day of the following month.  

             

            

        
            

                 

                	
                             

                        

                 

            

        

        

        
        
                 

            

        

            Section 3.06.  Custodial Arrangements.  

            Company funds shall be swept into its associated STIF Account as described in Section 3.03.  All funds shall be deposited in the STIF Account and held for the benefit of Company.  Neither CellVest, USCC Services nor TDS (except to the extent USCC Services or TDS is a STIF Participant with funds other than Affiliated Cash Balance) shall own or have any interest in any funds contained in the STIF Account, Affiliated Cash Balance or Investments or of any other funds in which Company has a beneficial interest.

             

            Section 3.07.  Company’s Interest in the STIF.  

            In the event there is more than one TDS Affiliate utilizing CellVest’s Cash Management Investment Services, Company funds will be invested along with the assets of the other STIF Participants.  Company acknowledges that it will own a pro rata interest in the Investments held by the STIF based on Company’s STIF Balance as compared with all other STIF Balances, as calculated by TDS.  

             

            Section 3.08.  Withdrawal.  

            Subject to the STIF having available liquidity, Company shall, at any time, be able to withdraw all or any part of Company STIF Balance or Affiliated Cash Balance in the amount specified by Company.

             

            Section 3.09.  Fees.  

            Net fees incurred by CellVest are assessed against each STIF Participant’s monthly investment earnings based on the weighted average monthly STIF balance of each Participant.  Accounting for the fees charged by CellVest is performed by TDS.  

             

            Section  3.10.  Cash Aggregation and Handling.  

            TDS will handle cash for the Company including but not limited to deposit transactions, accounts payable transactions, payroll transactions, and sweeping aggregated cash on a daily basis to CellVest for investments made pursuant to this Agreement.  This centralized cash management reduces the fees associated with multiple bank accounts.

             

            ARTICLE IV

             

            REPRESENTATIONS AND WARRANTIES

             

            Section 4.01.  General Representations.  

            As an inducement to enter into this Agreement, each party represents to and agrees with the other that:

             

            (a)  it is a corporation or limited liability company duly organized, validly existing and in good standing under the laws of its state of incorporation or formation and has all requisite corporate power to carry on its business as presently conducted and to carry out the transactions contemplated by this Agreement;

             

            (b)  it has duly and validly taken all corporate action necessary to authorize the execution, delivery and performance of this Agreement and the consummation of the transaction contemplated hereby;

             

            (c)  this Agreement has been duly executed and delivered by it and constitutes its legal, valid and binding obligation enforceable in accordance with its terms (subject, as to the enforcement of remedies, to applicable bankruptcy, reorganization, insolvency, moratorium or other similar laws affecting the enforcement of creditors’ rights generally from time to time in effect, and subject to equitable limitations on the availability of the remedy of specific performance); and

             

            (d)  none of the execution and delivery of this Agreement, the consummation of the transactions contemplated hereby or the compliance with any of the provisions of this Agreement will (i) conflict with or result in a breach of any provision of its corporate charter or by-laws, (ii) breach, violate or result in a default under any of the terms of any agreement or other instrument or obligation to which it is a party or by which it or any of its properties or assets may be bound, or (iii) violate any order, writ, injunction, decree, statute, rule or regulation applicable to it or affecting any of its properties or assets.

             

            Section 4.02.  Company Representations.  

            In addition to the representations and warranties contained in Section 3.01, Company further represents and agrees that:

             

            (a)  it has reviewed the Corporate Cash Investment Policy and understands the nature of the transactions permitted under the same;

             

            (b)  it has reviewed the USCC Cash Management Agreement and understands that all or a portion of the funds deposited in the STIF Accounts may be invested pursuant to the terms of the  USCC Cash Management Agreement.

             

            (c)  it understands that investment decision-making for the STIF is performed by TDS in accordance with the Corporate Cash Investment Policy.

             

            

        
            

                 

                	
                             

                        

                 

            

        

        

        
        
                 

            

        

            Section 4.03.  CellVest Representations. 

            In addition to the representations and warranties contained in Section 5.01 CellVest further represents and agrees that the STIF Account is a custodial account established for the benefit of the Company and other STIF Participants, and CellVest shall only have a custodial interest and shall neither own nor have any other interest in any Affiliated Cash Balance, STIF Accounts or Investments contained in the STIF Accounts or the STIF.  

             

            Section 4.04.  USCC Services Representations.  

            In addition to the representations and warranties contained in Section 4.01, USCC Services further represents and agrees that the Affiliated Cash Balance is an account established for the benefit of the Company, and USCC Services shall only have a custodial interest and shall neither own nor have any other interest in any Affiliated Cash Balance, STIF Accounts or Investments except to the extent USCC Services is a STIF Participant with funds other than Affiliated Cash Balance.
 

            ARTICLE V

             

            MISCELLANEOUS

             

            Section 5.01.  Term and Termination.  

            This Agreement shall continue in effect with respect to a party until terminated by such party upon written notice to the other parties. 

             

            Section 5.02.  Severability.  

            If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, void, or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated.  

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            [SIGNATURE PAGE FOLLOWS]

        
            

                 

                	
                             

                        

                 

            

        

        

        
        
                 

            

        

            IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date first above written.

             

            Telephone and Data Systems, Inc.,
 

            	
                        By:

                    	
                        /s/ Peter L. Sereda

                    	
                         

                    	
                         

                    
	
                         

                    	
                        Peter L. Sereda

                    	
                         

                    	
                         

                    
	
                         

                    	
                        Senior Vice President - Finance and Treasurer

                    	
                         

                    	
                         

                    

             

             

            United States Cellular Corporation
for itself and on behalf of its wholly
and majority owned subsidiaries

             

             

            	
                        By:

                    	
                        /s/ Steven T. Campbell

                    	
                         

                    	
                         

                    
	
                         

                    	
                        Steven T. Campbell

                    	
                         

                    	
                         

                    
	
                         

                    	
                        Executive Vice President – Finance, Chief Financial Officer and Treasurer

                    

             

             

            CellVest, Inc.

             

            	
                        By:

                    	
                        /s/ Steven T. Campbell

                    	
                         

                    	
                         

                    
	
                         

                    	
                        Steven T. Campbell

                    	
                         

                    	
                         

                    
	
                         

                    	
                        Executive Vice President – Finance, Chief Financial Officer and Treasurer

                    

             

            
 

            USCC Services, LLC

             

            	
                        By:

                    	
                        /s/ Steven T. Campbell

                    	
                         

                    	
                         

                    
	
                         

                    	
                        Steven T. Campbell

                    	
                         

                    	
                         

                    
	
                         

                    	
                        Executive Vice President – Finance, Chief Financial Officer and Treasurer

                    

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

            SIGNATURE PAGE TO 

            CASH MANAGEMENT AND INVESTMENT SERVICES AGREEMENT
AMONG TDS, U.S. CELLULAR AND ITS WHOLLY AND MAJORITY OWNED SUBSIDIARIES, CELLVEST AND USCC SERVICESNote
identifier PRH81

 

SECURED
Convertible Promissory NOTE

(this “Note”)

 

	$250,000	February
    23, 2018

 

FOR
VALUE RECEIVED, the undersigned Provectus Biopharmaceuticals, Inc., a Delaware corporation (the “Borrower”), hereby
promises to pay to the order of Timothy C. Scott and Leigh Anne Scott, a resident of the State of Tennessee (the “Lender”),
at the Lender’s address of 10225 Bob Gray Road, Knoxville, TN 37932 or at such other place as the Lender may designate to
the Borrower in writing from time to time, the principal sum set forth in Paragraph A below, or, if less, so much thereof
as is outstanding hereunder, in lawful money of the United States of America and in immediately available funds, and to pay interest
on said principal sum or the unpaid balance thereof, in like money at said office. Each undersigned Subsidiary of the Borrower
hereby joins this Note for the purposes of Paragraph H of this Note, whereby the Borrower grants a Security Interest in
the Intellectual Property of the Borrower and its Subsidiaries in favor of the Lender. Capitalized terms used in this Note but
not immediately defined shall have the meanings set forth in Paragraph M below.

 

A.
Principal. This Note is one of a series of notes, all of equal par herewith, arranged by the PRH Group up to a maximum
principal amount of up to Twenty Million and no/100 Dollars ($20,000,000) (the “PRH Financing”). This Note shall have
a maximum principal amount of Two Hundred and Fifty Thousand and no/100 Dollars ($250,000.00).

 

B.
Interest

 

Interest
on this Note shall accrue on the outstanding principal amount hereof at a rate equal to eight percent (8%) per annum, calculated
on the basis of a 365-day year (the “Interest Rate”).

 

C.
Payment Terms; Prepayment. Except as set forth in Paragraph D(ii) below, Payments on this Note shall be applied
in the following order: first to accrued but unpaid interest and second to principal. If any payment on this Note becomes due
and payable on a day other than a Business Day, the payment date thereof shall be extended to the next succeeding Business Day.
Principal and interest under this Note may be pre-paid in whole or in part at any time without premium or other prepayment charge.

 

D.
Events of Default; Remedies.

 

(i)
The Borrower shall be deemed to be in default under this Note if: (a) the Borrower fails to pay, when due, any payment of principal
or interest under this Note, which continues for a period of ten (10) days after the due date of such payment, (b) any action
commenced by or against the Borrower under the Federal Bankruptcy Code, or other statute for the relief of creditors, which is
not dismissed within sixty (60) days, (c) a Change of Control in the Borrower, or (d) liquidation of the Borrower.

 

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    	Note identifier PRH81	 	 

    

 

(ii)
Upon an event of default, the Lender, at his option, may (a) allow this Note to remain outstanding and continue to accrue interest
at the Interest Rate, (b) declare the outstanding principal balance of and all accrued but unpaid interest on this Note to be
immediately due and payable, or (c) may apply any outstanding principal amount plus unpaid interest against any amounts outstanding
with regard to the Kleba Settlement Agreement, dated June 6, 2014, between the Lender and the Borrower. Further, if the event
of default is as a result of a Change of Control, in addition to the right to declare the outstanding principal balance of and
all accrued but unpaid interest on this Note to be immediately due and payable, the Lender shall (1) be entitled to be paid all
financing received by the Borrower under this Note from and after the date of such Change of Control, whether such financing is
by the issuance of equity, debt or a combination of both, before such financing is used for any other purpose (“Change of
Control Payments”) and (2) be entitled to receive a penalty payment from the Borrower equal to ten times (10x) the outstanding
principal amount under this Note as of the date of such Change of Control (the “Change of Control Penalty”). Any amounts
received by the Lender as Change of Control Payments shall be applied in the following order: first to the Change of Control Penalty,
second to accrued but unpaid interest and third to principal.

 

E.
Use of Proceeds. This Note may be used to fund the completion of the Borrower’s clinical development program
as currently conducted and as modified in the future by the Board of Directors and for general corporate and administrative expenses
approved by the Board of Directors.

 

F.
Conversion.

 

(i)
Voluntary Conversion. The Lender may elect to convert all of the outstanding principal and accrued but unpaid interest
of this Note at any time into Series D Shares. If the Lender elects to effect a conversion of this Note into Series D Shares,
the Lender shall: (a) deliver a copy of the fully executed notice of conversion in the form attached hereto as Exhibit A
(a “Notice of Conversion”) to the Borrower and (b) surrender or cause to be surrendered this Note with delivery of
the Notice of Conversion. On the Voluntary Conversion Date, the Borrower shall issue and deliver to the Lender confirmation of
the number of Series D Shares that have been issued to the Lender upon conversion of this Note, which number of Series D Shares
shall be calculated by dividing the Conversion Amount on the Voluntary Conversion Date by the Conversion Price. The Lender shall
be treated for all purposes as the record holder of such Series D Shares at 12:01 am Eastern Time on the Voluntary Conversion
Date and such Series D Shares shall be issued and outstanding as of such date. The Note will be deemed terminated on the Voluntary
Conversion Date, and no interest will be deemed to accrue on or after the close of business on the Voluntary Conversion Date.

 

(ii)
Automatic Conversion. In the event that any amount of principal and accrued but unpaid interest remains outstanding on
the Automatic Conversion Date, then such amount of the outstanding principal due under this Note plus all accrued but unpaid interest
shall automatically convert into such number of Series D Shares equal to (a) the Conversion Amount on the Automatic Conversion
Date divided by (b) the Conversion Price effective as of 12:01 am Eastern Time on the Automatic Conversion Date. If this Note
is to be automatically converted, prompt written notice shall be delivered to the Lender at the address last shown on the records
of the Borrower, notifying the Lender of the conversion to be effected. Upon such conversion of this Note, the Lender hereby agrees
to surrender or cause to be surrendered this Note, duly endorsed, as soon as practicable thereafter. The Note will be deemed terminated
on the Automatic Conversion Date, and no interest will be deemed to accrue on or after the Automatic Conversion Date.

 

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    	Note identifier PRH81	 	 

    

 

(iii)
No Fractional Shares. No fractional Series D Shares are to be issued upon the conversion of this Note, but instead of any
fraction of a Series D Share which would otherwise be issuable, the fraction of such Series D Share shall be rounded up to the
nearest whole share.

 

(iv)
Insufficient Series D Shares. Notwithstanding the foregoing, if this Note is converted, whether voluntarily or automatically
under the terms hereof, and the number of authorized but unissued Series D Shares are insufficient to permit the conversion of
the Conversion Amount in full, Borrower will take such corporate action as may, in the opinion of its counsel, be necessary to
increase its authorized but unissued Series D Shares to such number of shares as shall be sufficient for such purposes. Until
Borrower is able to effectuate such corporate action, Series D Shares shall be issued to the Lender in an amount equal to the
amount of authorized but unissued Series D Shares available for issuance, and the portion of the Conversion Amount that remains
unissued shall continue to be outstanding principal and accrued but unpaid interest of the Note.

 

(v)
Voluntary Conversion for Kleba. The Lender, at the Lender’s option, may apply any outstanding principal amount plus
unpaid interest against any amounts outstanding with regard to the Kleba Settlement Agreement, dated June 6, 2014, between the
Lender and the Borrower.

 

G.
Maturity Date.

 

This
Note, including interest and principal, shall be due and payable in full (i) on such date upon which the Borrower defaults under
this Note (beyond the applicable notice and cure periods), (ii) upon a Change of Control of the Borrower, or (iii) the eighteen
(18) month anniversary of the funding of the Final Tranche, the earliest of such dates being the “Maturity Date.”

 

H.
Security Interest.

 

(i)
As collateral security for the full and timely payment of the principal, interest and other amounts owing under this Note and
the performance of the Borrower under this Note, Borrower hereby assigns, conveys, delivers and grants to the Lender a general
and continuing first priority security interest in the Intellectual Property of the Borrower (including any Subsidiary) now existing
and all Records of the Borrower and the proceeds of any of the foregoing (the “Security Interest”), which Security
Interest shall be pari passu with all other notes arranged by the PRH Group.

 

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    	Note identifier PRH81	 	 

    

 

(ii)
The Security Interest granted hereunder shall automatically terminate, without any action of the Borrower or the Lender, upon
the occurrence of any of the following events:

 

	 	(a)	a
    voluntary conversion of the Note under Paragraph F;
	 	 	 
	 	(b)	an
    automatic conversion of the Note under Paragraph F; and
	 	 	 
		(c)	the
                                         failure of the Lender (i) to fund the entire First Tranche into Escrow following the
                                         Borrower’s delivery of the First Tranche Funding Certificate.

 

I.
Cumulative Remedies; No Waiver. The Lender’s rights and remedies under this Note are cumulative and in addition
to all rights and remedies provided by applicable law from time to time. The exercise or direction to exercise by the Lender of
any right or remedy shall not constitute a cure or waiver of any default, nor invalidate any notice of default or any act done
pursuant to any such notice, nor prejudice the Lender in the exercise of any other rights or remedy. No waiver of any default
shall be implied from any omission by the Lender to take action on account of such default if such default persists or is repeated.
No waiver of any default shall affect any default other than the default expressly waived, and any such waiver shall be operative
only for the time and to the extent stated. No waiver of any provision of this Note shall be construed as a waiver of any subsequent
breach of the same provision. The consent of the Lender to any act by the Borrower requiring further consent or approval shall
not be deemed to waive or render unnecessary the Lender’s consent to or approval of any subsequent act. The Lender’s
acceptance of the late performance of any obligation shall not constitute a waiver by the Lender of the right to require prompt
performance of all further obligations. The Lender’s acceptance of any performance following the sending or filing of any
notice of default shall not constitute a waiver of the Lender’s right to proceed with the exercise of remedies for any unfulfilled
obligations, and the Lender’s acceptance of any partial performance shall not constitute a waiver by the Lender of any rights
relating to the unfulfilled portion of the applicable obligation.

 

J.
No Usury. Nothing herein contained, nor any transaction related hereto, shall be construed or so operate as to require
the Borrower to pay interest in an amount or at a rate greater than the maximum allowed by applicable law. Should any interest
or other charged paid by the Borrower result in computation or earning of interest in excess of the maximum legal rate of interest
permitted under the law in effect while said interest is being earned, then any and all of that excess shall be and is waived
by the Lender, and all that excess shall be automatically credited against and in reduction of the principal balance, and any
portion of the excess that exceeds the principal balance shall be paid by the Lender to the Borrower so that under no circumstances
shall the Borrower be required to pay interest in excess of the maximum rate allowed by applicable law.

 

K.
Jurisdiction; Waiver of Jury Trial.

 

(i)
This Note shall be governed by the internal laws of the State of TENNESSEE except to the
extent superseded by Federal law. THE BORROWER HEREBY CONSENTS TO THE EXCLUSIVE JURISDICTION OF ANY STATE OR FEDERAL COURT
LOCATED IN Knox COUNTY, Tennessee
AND WAIVES ANY OBJECTION BASED ON FORUM NON CONVENIENS WITH REGARD TO ANY ACTIONS, CLAIMS, DISPUTES OR PROCEEDINGS RELATING TO
THIS NOTE, OR ANY TRANSACTION RELATING TO OR ARISING FROM THIS NOTE, OR ENFORCEMENT AND/OR INTERPRETATION OF ANY OF THE FOREGOING.
Nothing herein shall limit the Lender’s right to bring proceedings against the Borrower
in the competent courts of any other jurisdiction.

 

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    	Note identifier PRH81	 	 

    

 

(ii)
THE BORROWER AND THE LENDER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT EITHER MAY HAVE TO A TRIAL BY JURY
IN RESPECT OF ANY LITIGATION BASED HEREON OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS NOTE OR ANY COURSE OF CONDUCT, COURSE
OF DEALING, STATEMENTS (WHETHER WRITTEN OR VERBAL) OR ACTIONS OF EITHER PARTY. THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE
BORROWER AND THE LENDER FOR ENTERING INTO THIS AGREEMENT.

 

L.
Miscellaneous.

 

(i)
TIME IS OF THE ESSENCE WITH RESPECT TO THIS NOTE.

 

(ii)
This Note may not be changed orally, but only by an agreement in writing, signed by the party against whom enforcement of any
waiver, change, modification or discharge is sought.

 

(iii)
The Borrower hereby waives presentment for payment, demand, notice, protest, notice of protest and notice of dishonor.

 

M.
Definitions. The following terms used in this Note shall have the following meanings:

 

“Affiliate”
means, with respect to any Person that directly or indirectly, through one or more intermediaries, Controls, or is controlled
by, or is under common control with, such Person.

 

“Automatic
Conversion Date” means the 18-month anniversary of the funding of the Final Tranche; provided, that the Automatic
Conversion Date (i) shall be extended if, at the time of such 18-month anniversary date, a lawsuit is pending or threatened against
the Borrower with respect to this Note, and shall be extended until the resolution of such lawsuit, (ii) shall be extended if
the Borrower’s proxy contest with the Culpepper Group is ongoing on such 18-month anniversary date until the date such proxy
contest is finalized in favor of the Borrower, and (iii) shall never be deemed to occur if the Borrower ever loses the proxy contest
to the Culpepper Group or any other group of investors led by Peter Culpepper or an Affiliate of the Culpepper Group or Peter
Culpepper.

 

“Board
of Directors” means the Board of Directors of the Borrower.

 

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    	Note identifier PRH81	 	 

    

 

“Business
Day” means each Monday, Tuesday, Wednesday, Thursday or Friday on which banking institutions are not authorized or obligated
by law, regulation or executive order to close in Knoxville, Tennessee.

 

“Change
of Control” means, unless otherwise approved in writing by the PRH Group, the occurrence after the date hereof of any
of (a) an acquisition after the date hereof by an individual or legal entity or “group” (as described in Rule 13d
5(b)(1) promulgated under the 1934 Act) of effective control (whether through legal or beneficial ownership of capital stock of
the Borrower, by contract or otherwise) of in excess of 33% of the voting securities of the Borrower (other than by means of conversion
or exercise of Series D Shares and any other securities issued together with such Series D Shares), (b) the Borrower merges into
or consolidates with any other Person, or any Person merges into or consolidates with the Borrower and, after giving effect to
such transaction, the stockholders of the Borrower immediately prior to such transaction own less than 66% of the aggregate voting
power of the Borrower or the successor entity of such transaction, (c) the Borrower sells or transfers all or substantially all
of its assets to another Person and the stockholders of the Borrower immediately prior to such transaction own less than 66% of
the aggregate voting power of the acquiring entity immediately after the transaction, (d) a replacement at one time or within
a one year period of more than one half of the members of the Board of Directors on the date hereof except for directors appointed
or approved by PRH Group, or (e) the execution by the Borrower of an agreement to which the Borrower is a party or by which it
is bound, providing for any of the events set forth in clauses (a) through (d) above.

 

“Controls”
(including the terms “controlling”, “controlled by”, and “under common control with”) means
the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person,
whether through the ownership of voting securities, by contract or otherwise.

 

“Conversion
Amount” means (a) the entire principal amount of this Note, plus (b) all accrued and unpaid interest.

 

“Conversion
Price” means $0.2862.

 

“Culpepper
Group” means that certain group composed of Peter Culpepper and such other director nominees listed in that certain
definitive Schedule 14A proxy statement filed with the Securities and Exchange Commission on January 27, 2017 and as may be subsequently
amended or reconstituted.

 

“Escrow”
means one or more accounts agreed upon by the Borrower and the Lender to hold the amounts to be funded to the Borrower pursuant
to the terms of this Note.

 

“Final
Tranche” shall mean the earlier of: (i) the date of the funding of a Borrowing Request that results in $20,000,000 in
principal outstanding with respect to the PRH Financing or (ii) the date on which the Lender informs the Borrower that it shall
not disburse any additional funds to the Borrower hereunder; provided, however, that the Lender shall have funded to the Borrower
at least $10,000,000 under this Note.

 

    	6

    	Note identifier PRH81	 	 

    

 

“Intellectual
Property” means all of Borrower’s United States federal and state rights, title and interest, if any, in and to
(1) the applications and registrations listed on Exhibit B attached hereto and (2) to the extent not already included on
Exhibit B, all existing inventions, designs, patent applications and patents; trademarks, service marks, trade dresses,
and any applications and registrations for the foregoing; copyrights and copyright applications and registrations; trade secrets;
licenses to third-party intellectual property that lawfully may be assigned by Borrower; and other intellectual property rights
in the United States (whether or not registered) owned by Borrower.

 

“Person”
means an individual, corporation, partnership, limited liability company, trust, business trust, association, joint stock company,
joint venture, sole proprietorship, unincorporated organization, governmental authority or any other form of entity not specifically
listed herein.

 

“PRH
Group” means that group of investors led by Dominic Rodrigues, Bruce Horowitz and Ed Pershing pursuant to the terms
of the Term Sheet.

 

“Records”
means, to the extent related to the Intellectual Property of the Borrower, all books, correspondence, files, records, invoices
and other papers and documents in Borrower’s possession or custody, including without limitation to the extent so related,
all tapes, cards, computer runs, computer programs, and other papers and documents in possession or control of Borrower or any
computer bureau from time to time acting for Borrower, whether in physical or electronic formats.

 

“Series
D Shares” means shares of Series D Convertible Preferred Stock, par value $0.001 per share, of the Borrower.

 

“Subsidiary”
means, with respect to any Person, any other Person of which at least a majority of the securities or ownership interests having
by their terms voting power to elect a majority of the directors, managers or other persons performing similar functions is directly
or indirectly owned or controlled by such Person or by one or more of its respective Subsidiaries.

 

“Term
Sheet” means Amended and Restated Confidential Definitive Financing Commitment Term Sheet dated effective March 19,
2017 (the “Term Sheet”) by and between the Borrower, Dominic Rodrigues and Bruce Horowitz.

 

“Voluntary
Conversion Date” means the date which is three (3) Business Days following the date the Notice of Conversion is delivered
to the Borrower.

 

[Signatures
contained on next page.]

 

    	7

    	Note identifier PRH81	 	 

    

 

	 	BORROWER:
	 	 	 
	 	Provectus
    Biopharmaceuticals, Inc.
	 	 	 
	 	Name:	John
    R. Glass
	 	Title:	Interim
    Chief Financial Officer
	 	 	 
	 	SUBSIDIARIES:
	 	 	 
	 	Provectus
    Pharmatech, Inc.
	 	 	 
	 	 	 
	 	Name:	Timothy
    C. Scott
	 	Title:	President
	 	 	 
	 	Provectus
    Biotech, Inc.
	 	 	 
	 	 	 
	 	Name:	Timothy
    C. Scott
	 	Title:	President
	 	 	 
	 	Pure-ific,
    Inc.
	 	 	 
	 	 	 
	 	Name:	Timothy
    C. Scott
	 	Title:	President

 

    	8

    	Note identifier PRH81	 	 

    

 

	STATE
    OF TENNESSEE	)
	 	)
    ss.
	COUNTY
    OF KNOX	)

 

Before
me, the undersigned authority, on this day personally appeared Timothy C. Scott, President of each of Provectus Biotech, Inc.,
Provectus Pharmatech, Inc., and Pur-ific, Inc., John R. Glass, Interim Chief Financial Officer of Provectus Biopharmaceuticals,
Inc., and such persons are known to me to be the persons whose names are subscribed to the foregoing instrument, and upon their
respective oaths acknowledged to me that they executed the same for the purposes and consideration therein expressed and in the
capacity therein stated.

 

Given
under my hand and seal of office this ______ day of February, 2018.

 

	 	 
	 	Notary
    Public

 

(SEAL)

 

	My
    commission expires: 	 	 

 

    	9

    	Note identifier PRH81	 	 

    

 

Exhibit
A

 

Form
of Notice of Conversion

(See
Attached)

 

    	Exhibit A	10	 

    	Note identifier PRH81	 	 

    

 

NOTICE
OF CONVERSION

 

The
undersigned hereby irrevocably elects to convert (the “Conversion”) $__________ principal amount of the Convertible
Note plus $_________ accrued and unpaid interest on such principal amount into Series D Shares of Provectus Biopharmaceuticals,
Inc. (the “Company”) according to the conditions of the Secured Convertible Promissory Note dated March [●],
2017, as of the date written below. No fee will be charged to the Lender for the conversion.

 

The
undersigned represents and warrants that it understands that all offers and sales by the undersigned of the Series D Shares issuable
to the undersigned upon Conversion of this Secured Convertible Promissory Note shall be made pursuant to registration of such
securities under the Securities Act of 1933, as amended (the “Act”), or pursuant to an exemption from registration
under the Act.

 

	 	Date
    of Conversion:	 
	 	Applicable
    Conversion Price:	 
	 	Number
    of Conversion Securities	 
	 	to
    be Issued:	 

 

	 	Signature:	 
	 	Name:	 
	 	Address:	 
	 	 	 
	 	 	 

 

ACKNOWLEDGED
AND AGREED:

 

PROVECTUS
BIOPHARMACEUTICALS, INC.

 

	By:	 	 
	Name:	 	 
	Title:	 	 
	Date:	 	 

 

    	11

    	Note identifier PRH81	 	 

    

 

Exhibit
B

 

Intellectual
Property

(See
Attached)

 

    	Exhibit B	12	 

    	Note identifier PRH81	 	 

    

 

INTELLECTUAL
PROPERTY

 

U.S.
Patent Registrations

 

	U.S.
    Patent No.
	6,331,286
	6,451,597
	6,468,777
	6,493,570
	6,495,360
	6,541,223
	6,986,740
	6,991,776
	7,201,914
	7,338,652
	7,402,299
	8,470,296
	8,530,675
	8,974,363
	9,107,887
	9,273,022
	9,422,260

 

U.S.
Patent Applications

 

	U.S.
    Application No.
	14/748,579
	14/748,608
	14/748,634
	14/974,357

 

    	13

    	Note identifier PRH81	 	 

    

 

U.S.
Trademark Registrations

 

	Mark	U.S.
    Registration No.
	PROVECTUS	3,919,981
	PROVECTUS
                                         and Design

         

         

        

         
	3,919,982
	PH-10	4,974,860
	PV-10	5,096,447
1

 

U.S.
Trademark Applications

 

	Mark	U.S.
    Application No.
	TINCTURA
    DATUM EST	87/021,563
	WHEN
    PATIENTS WIN, WE ALL WIN	86/739,133

 

 

1
There is a misfiled security agreement recorded for U.S. Reg. No. 5,096,447 intended to be recorded for U.S. Application
Serial No. 85/096,447.

 

    	14

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