Document:

Exhibit

EXHIBIT 10.1

	
			
	
	 
	Franklin Templeton Companies, LLC
One Franklin Parkway
San Mateo, CA 94403-1906
Tel +1 800-632 2350
franklintempleton.com

11 May 2017

Alok Sethi
[Address]
  
Mumbai - 400054
Maharashtra
India

Dear Alok:

We have pleasure in offering you an International Assignment (“Assignment”) with Franklin Templeton Companies, LLC (the “Company”) in the United States of America. This Assignment Agreement (“Agreement”) will outline the terms and conditions of your Assignment.

Your point of origin is Mumbai, India (the “Home Country”), and your country of reference during your Assignment is San Mateo, CA, United States of America (the “Host Country”).

		
	1.
	TERM

Your anticipated start date is July 1, 2017. The length of your Assignment is intended to be 11 months, subject to earlier termination, and is expected to end on May 31, 2018. The Company and you may mutually agree to extend the length of stay as determined by business objectives, or for any other reasons. At the end of the Assignment you will either return to your Home Country, be reassigned to another location or be localized and become an employee of Franklin Templeton Companies, LLC.

		
	2.
	COMPENSATION AND BENEFITS

(a)Job Title.  Your new job title will be EVP - Technology & Operations.  You will report to Jenny Johnson, President & COO.

(b)     Base Salary.  Your base pay and incentives are tied to the Host Country compensation system and your salary will be reviewed under the normal Host Country salary administration guidelines.  You will be paid an annual salary of $400,000.  You will be paid on a bi-weekly basis (every other Friday) in accordance with Franklin Templeton’s regular payroll procedures.

Base salary will continue to be used to determine the level of benefits for any employee plan in which you will participate. 

(c)    Performance Evaluation.  A performance evaluation will be performed on an annual basis by your direct supervisor or his/her designee.

(d)     Annual Incentive Plan (“AIP”).  In addition to the amounts of compensation provided above, you shall be eligible for the Franklin Templeton Annual Incentive Plan (“AIP”). This discretionary bonus will be based on Franklin Resources, Inc. performance, the overall performance of the Company and your individual performance. You must be employed on the incentive pay date in order to be eligible to receive payment.  Your management position has a split between cash and equity. 
    
(e)    Payroll.  Compensation will be paid to you through the Host Country payroll system.  You are encouraged to work with your bank or other financial institution to determine what additional payroll disposition instructions will be required to meet your specific financial needs.

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(f)    Allowances. Certain allowances are paid in Host Country currency and included in your pay.  Allowances are an indemnity payment designed to reimburse additional expenses, if any, which may be incurred as a result of this Assignment.  Allowances will not be used in determining pension or other employee benefits.  

All allowances are discontinued automatically when your Assignment concludes, upon localization, or when you terminate your employment with the Company.  In the case of starting a new Assignment in another location, allowances are recalculated to reflect the economic conditions of the new country.  

(g)    Travel to the Host Country.   The Company will provide you and your accompanying family members with the most direct route, one-way airfare from India to San Mateo consistent with the Company’s Global Travel Policy.  In addition, the Company will reimburse you for ground transportation from home to the airport.  

Travel arrangements must be processed through the Company’s travel service.  Expenses on travel date(s) will be reimbursed based on reasonable and customary basis.  An Expense Report must be submitted for authorized expenses incurred while traveling to the overseas Assignment.  

(h)    Housing Assistance.  The Company will provide housing assistance in San Mateo, CA of up to $8,000 USD per month either paid directly by the Company or reimbursable to you through Expense Management.  You are responsible to pay your own utilities and excess housing above the housing budget.  The housing budget may be reviewed and adjusted during the Assignment period.      
    
If applicable, the Company will pay to the landlord directly a refundable security deposit at the commencement of a lease. This deposit is refundable in full upon termination of the lease.  However, should any portion of the deposit not be returned due to damage or dilapidation caused by you or your family, you are responsible for reimbursing to the Company the sum deducted. 

Before entering into any residential lease agreement or extension paid for by the Company, an English version of the lease must be provided to and reviewed by Finance, Human Resources and Legal for approval and signature (if the lease is in the name of the Company).  No matter what the legal form of housing arrangement may be, you are responsible for all damages to housing which you occupy (excluding normal wear and tear).  A signed copy of the final lease agreement should be sent to Global Mobility for its record.

After establishing your first non-temporary residence in the Host Country, should you elect to relocate to another residence based on personal preference and not due to request by the Company, you will be responsible for any agent fees, penalties for breaking the lease, and moving expenses associated with that second move.  If you must change your residence due to conditions or circumstances beyond your control, the Company will reimburse your moving expenses for household and personal effects.

Overseas Home Ownership.  The Company strongly discourages the purchase of housing in Host Country by a foreign national employee during employment abroad.  The Company will in no way accept any responsibility for losses resulting from such purchases, or cover any associated tax liability, as a result of such purchase.
    
(i)    Relocation Bonus.  You will receive a one-time relocation bonus in the amount of $4,000 USD (grossed up for taxes) payable in your first US paycheck.  This bonus is designed to help cover miscellaneous relocation and settling-in expenses, such as but not limited to, purchases of kitchen appliances, set up of local utilities and/or internet; airfare upgrades, additional insurance for car or home, mail forwarding as well as any additional costs which are not specifically paid or reimbursed by the Company elsewhere in this Agreement, and for which the Company requires no receipts.  This bonus will include purchase of furnishing and appliances needed to establish your long-term housing in the Assignment location. 

(j)    Participation in Benefit Plans.  You shall be entitled to participate in the benefit plans available through our local US Medical Plan.  The benefits shall include medical, dental, and vision. 

Furthermore you will be entitled to life benefits, business travel medical and accident insurance, and disability based on the Host Country benefits plans while on Assignment.    

If your participation in international “social security” plan or other governmental welfare programs is required in the Host Country, you will contribute to such plans while your Home Country social security contributions may cease during the Assignment period.

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(k)    Working Hours.  You will observe the work schedule in effect for similarly situated employees in the Host Country. You may be required to work reasonable additional hours.  It is agreed that your annual income takes this into account and you will not be entitled to any additional remuneration for working the reasonable additional hours. 

(l)    Sick Leave.  You shall be entitled to sick leave in accordance to the Host Country sick time policy.

(m)    Public Holidays.  You shall be granted the same public holidays as are observed by the Host location office.   

(n)    Annual Vacation and Time Keeping.  While on Assignment in the United States, you will follow the US vacation policy and entitlements. You are entitled to vacation time based on length of service.  Your Business Unit will manage applications for, and approval for, any planned or unplanned vacation. Vacation will accrue in accordance with the Host Country vacation policy.

		
	3.
	PRE-RELOCATION & RELOCATION ASSISTANCE

(a)    Pre-Employment Physical Examination.  It is recommended that you and your accompanying family undergo a complete physical examination prior to departure for the Assignment.  This is for your and the Company’s protection that you may perform your duties without health concerns while on Assignment.

(b)    Visa/Work Permit.  The Company will pay the cost of obtaining all necessary visas and/or work permit through the Company’s designated immigration service provider.  You and your accompanying spouse must complete required work permit and visa applications.  This offer is contingent upon your work permit being approved by the authorities and any other agency that is required.
    
(c)    Shipment of Personal Effects and Household Goods.  The Company will arrange and pay the normal charges and insurance for up to 500 pounds by air for personal effects and household goods from the Home Country to one destination at the Host Country. You are responsible for any excess shipment and custom duties costs.   Shipment shall be handled by a carrier selected by the Company.

The Company will not pay for shipping or storing of any bulky items such as pianos, antiques, boats, automobile, weapons, liquor, wine, artwork, shop tools, collectibles, etc.

The Company will not reimburse you for custom duties assessed on any furs, clothing, trademark items, electronic items or household appliances, wine, collectible, etc.

The shipping company will provide replacement value insurance based upon the declared value of your goods up to a reasonable limit based on your maximum shipment weight/volume.  You will be asked to complete an inventory of household goods. If a thorough inventory is not prepared and forwarded to the selected carrier prior to shipment, no insurance can be provided.

(d)    Shipment of Automobiles.  The Company does not authorize the shipment of personal automobiles due to the complexities associated with meeting the Host Country’s requirements of registration, special certification, insurance and export of the vehicle into and out of the Host Country.

(e)    Shipment of Household Pets.  The Company will not reimburse you for the shipment of pets or live animals to the overseas location.  You are responsible for the kennel, physical examination or quarantining of pets or live animals in the overseas location. 

Should you choose to bring household pets with you on Assignment, you are strongly encouraged to familiarize yourself with custom and quarantine requirements, and other rules for bringing animals into your Host Country. You should also consider the limitations this will have on your housing selections. 

4.     TAXATION & TAX SERVICES
The Company will assist you in providing tax return preparation services for India and the US for the tax years related to the Assignment period. 

3

KPMG GMS (Global Mobility Services) has been engaged to prepare your tax returns and inform you of your tax obligations while working overseas.  For each year that KPMG prepares your tax returns, you will be forwarded a Tax Data Organizer for each country.  It will be your responsibility to complete the Tax Data Organizers and submit them back to KPMG by the scheduled deadline dates.  If you fail to submit the Tax Data Organizers back to KPMG by the deadline, any penalties or interest that may result will be your responsibility.  
Upon acceptance of your Assignment, you will be contacted by a KPMG representative from the US to discuss the tax implications of your Assignment. The consultation will address the Host Country tax issues, the local filing requirements and also discuss any transactions that may increase Host Country taxes including any personal tax concerns related to your Assignment. 
While on Assignment in the US, you will be solely responsible for any applicable income and social taxes in the US as well as in India on all compensation related to the Assignment. 
5.    EMPLOYMENT STATUS

You acknowledge that although you will be temporarily assigned to work in the Host Country location, you will become an employee of Franklin Templeton Companies, LLC, and applicable laws of the Host Country will govern your employment, subject to Section 9(f) below. You will also be required to review, become familiar with, and abide by all applicable Company policies and procedures.

		
	6.
	EMPLOYMENT RESTRICTIONS AND BUSINESS CONDUCT

You agree that during the term of your Assignment, you will devote your full time and attention to fulfilling your responsibilities to the Company.  You will not perform any comparable services for any person, or entity, involved in any other businesses in which the Company (or its parents, subsidiaries, or affiliates) is engaged.  You will not engage in any employment, activities, or business enterprises that would conflict with your service to, or interest of, the Company nor conflict with the standards of integrity as guided by the Franklin Templeton’s Code of Ethics and Business Conduct.

		
	7.
	REPATRIATION

At the satisfactory completion of your Assignment, the Company will provide you with relocation assistance, and will cover many of the expenses associated with the move back to your Home Country or relocation to a subsequent country. 

(a)    Travel to Home Country.  The same provisions shall apply as in clause 2(g).

(c)    Shipment of Personal Effects and Household Goods.  The Company will arrange for return shipment as outlined in clause 3(c).

(d)    Shipment of Automobile or Household Pet.  The same provisions shall apply as in clause 3(d) and clause 3(e).

		
	8.
	TERMINATION 

If you voluntarily terminate service with the Company while on Assignment, you agree to provide the Company 30 days advance written notice.  All compensation and benefits associated with your Assignment will cease as of the date of separation and you will be responsible for any costs associated with breaking the housing lease.

Should the Company terminate your services while on Assignment, you will receive 30 days written notice and full repatriation benefits.  If you are terminated for cause, you will not be eligible for any repatriation benefits.

		
	9.
	OTHER

(a)    Emergency. In the event of life threatening illness or death of a member of your immediate family, the Company will provide business class round trip airfare to the Home Country for you and your accompanying spouse/family.  For the purpose of this policy, “immediate family” is defined as mother, father, brother, sister, child, and spouse of a son or daughter.  You will be eligible for a personal emergency leave up to a maximum of 3 days.  Temporary living expenses, such as food, hotel, taxi, or car rental during the emergency trip will not be reimbursed.

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Any emergency situation should be discussed with appropriate line management.  Prior approval for emergency travel shall be obtained within 72 hours to claim reimbursement.  The Company reserves the right to require documentation verifying emergency claims.

(b)    Employment Agreement.  You understand that this agreement does not constitute an employment contract and your employment is at-will.  This means that you do not have a contract of employment for any particular duration or limiting the grounds for your termination in any way.  You are free to resign at any time.  Similarly, the Company is free to terminate your employment at any time for any reason.  You further acknowledge that no supervisor, manager or representative of the Company has any authority to enter into any agreement for employment for any specified period of time or to make any agreement contrary to the at will relationship. The Chief Executive Officer of the Company is the only individual with the authority to enter into any agreement contrary to the at will relationship. Likewise, as to all other terms of the Employee Handbook, only the Chief Executive Officer of the Company has the authority to authorize, in writing, any individual agreement, understanding, or other term of employment that is inconsistent with the policies and practices stated in the handbook.  

By signing below, you agree that your employment relationship and all terms and conditions of your employment relationship should be governed exclusively by and construed in accordance with Host Country laws, and that any action, claim, cause of action, charge, or complaint relating to or arising out of your employment or your separation from employment shall be brought for resolution in a Host Country court.  Invalidation or unenforceability of any provision herein shall in no way affect any other provision herein; such other provision(s) shall remain in full force and effect.  Any invalid or unenforceable provision shall be replaced by that legally valid provision that most closely effectuated the effect of the invalid provision.

(c)    Modifications and Waivers.  No term, provision or condition of this Agreement may be amended or modified unless such modification or discharge is authorized by the Company and is agreed in writing and signed by you and an officer of the Company.  No waiver by either party of any breach by the other party regarding any term, provision or condition 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.

(d)    Outstanding Balances.  At the termination of your Assignment or termination of your employment (whichever occurs first), Franklin Templeton has the right to withhold any monies due back to Franklin Templeton.  By signing this Agreement, you authorize Franklin Templeton to withhold any such monies.

(e)    Confidentiality Clause. This Agreement shall be held in strictest confidence.  Any disclosure of this Agreement by you other than to employees in the Company’s Human Resources or Payroll departments, or to Franklin Templeton’s Tax Service Provider could void all or part of the terms and conditions of this Agreement and may be grounds for immediate termination from Franklin Templeton Investments, LLC. This subsection does not prohibit your disclosure of the terms, amount, or existence of this Agreement to a Government Agency. 1 Also, this subsection does not prohibit your disclosure of the terms, amount, or existence of this Agreement to the extent legally necessary to enforce this Agreement, subject to Section 9(f), below, nor does it prohibit disclosures in a legal proceeding when legally required: 

(f)    Mandatory Direct Discussion, Mediation, and Arbitration of Disputes.  Unless prohibited by the laws of the Host Country, the Parties agree to resolve all disputes arising under this Agreement exclusively through Alternative Dispute Resolution (“ADR”), including direct discussion and mandatory mediation, followed, if necessary, by final and binding arbitration in accordance with the Franklin Templeton Investments Alternative Dispute Resolution Policy and Agreement (the “ADR Agreement”) then in effect between the Parties.  This agreement to discuss, mediate and if necessary, arbitrate includes any dispute arising under this Agreement between you and any past,  

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If you are in agreement with the conditions of your Assignment as outlined in this Agreement, please sign and return one copy of this Agreement to Global Mobility.  A copy should be retained for your records and information.

Sincerely,
	
			
	/s/ Jenny Johnson
	5/11/17
	 

	Jenny Johnson
	DATE
	 

	President & COO
	 
	 

I have read, understand and agree with the terms and conditions of my Assignment with Franklin Templeton Companies, LLC as set forth above:
	
			
	/s/ Alok Sethi
	5/26/17
	 

	Alok Sethi
	DATE
	 

__________________ 
1    A “Government Agency” as used throughout this Agreement includes any U.S. or non-U.S. national, federal, provincial, regional, state, or local governmental agency, commission or legislative body, or self-regulatory organization, including, by way of representative example only, any securities and financial regulators or employment and labor regulators.

6Note
identifier PRH1 – Second note issued

 

SECURED
Convertible Promissory NOTE

(this “Note”)

 

	$500,000	January
    25, 2018

 

FOR
VALUE RECEIVED, the undersigned Provectus Biopharmaceuticals, Inc., a Delaware corporation (the “Borrower”), hereby
promises to pay to the order of Eric A. Wachter, a resident of the State of Tennessee (the “Lender”), at the Lender’s
address 138 Baypath Drive, Oak Ridge, TN 37830 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 Five Hundred Thousand and no/100 Dollars ($500,000.00).

 

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 except for the PRH Group as contemplated in the Term Sheet, (c) a Change of Control in the
Borrower, or (d) liquidation of the Borrower.

 

    	1

     

    

 

Note
identifier PRH1 – Second note issued

 

(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 or (b) declare the outstanding principal balance of and all accrued but unpaid interest on this Note to be
immediately due and payable. 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.

 

    	2

     

    

 

Note
identifier PRH1 – Second note issued

 

(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.

 

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.

 

(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.

 

    	3

     

    

 

Note
identifier PRH1 – Second note issued

 

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.

 

    	4

     

    

 

Note
identifier PRH1 – Second note issued

 

(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.

 

“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.

 

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Note
identifier PRH1 – Second note issued

 

“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 PRH1 – Second note issued

 

“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 PRH1 – Second note issued

 

	 	BORROWER:
	 	 	 
	 	Provectus
    Biopharmaceuticals, Inc.
	 	 	 
	 	 	 
	 	Name:	Timothy
    C. Scott
	 	Title:	President
	 	 	 
	 	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 PRH1 – Second note issued

 

	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 Biopharmaceuticals,
Inc., Provectus Biotech, Inc., Provectus Pharmatech, Inc., and Pur-ific, Inc., and such person is known to me to be the person
whose name is subscribed to the foregoing instrument, and upon his oath acknowledged to me that he 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 [Month], 2017.

 

	 	 
	 	Notary
    Public

 

(SEAL)

 

	My
    commission expires: 	 	 

 

    	9

     

    

 

Note
identifier PRH1 – Second note issued

 

Exhibit
A

 

Form
of Notice of Conversion

(See
Attached)

 

Exhibit
A

 

    	 

     

    

 

Note
identifier PRH1 – Second note issued

 

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:	 	 

 

    	 

     

    

 

Note
identifier PRH1 – Second note issued

 

Exhibit
B

 

Intellectual
Property

(See
Attached)

 

Exhibit
B

 

    	 

     

    

 

Note
identifier PRH1 – Second note issued

 

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

 

    	 

     

    

 

Note
identifier PRH1 – Second note issued

 

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.

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