Document:

EX-10.12

 Exhibit 10.12 
  

 
 July 8, 2014 
 Peter
Wooster 
 [PRIVATE ADDRESS] 
 Dear Peter: 

This release agreement (“Agreement”) confirms the agreement between Marin Software Incorporated (the “Company”) and you regarding the
terms of your separation from the Company on mutually agreeable terms as set forth below. You and the Company (collectively, the “Parties”) agree that this Agreement represents the full and complete agreement concerning your separation
from employment with the Company. 
  

	1.	Separation Date. 

  

	 	(a)	You resigned and your last date of employment and effective date of separation from employment with the Company was July 7, 2014 (the “Separation Date”). 

 

	 	(b)	On the Separation Date, you received payment of all accrued but unpaid wages through the Separation Date, including all accrued but unused vacation through the Separation Date. 

 

	2.	Consideration. Provided that you sign and return this Agreement without revoking it as set forth in paragraphs 19 and 20, the Company will: 

 

	 	(a)	pay you an amount of $27,041, less all applicable taxes and other withholding. This payment will be made in a lump sum within two (2) regularly scheduled pay periods following the Effective Date of this Agreement
as defined in paragraph 21, and may be direct deposited; 

  

	 	(b)	Provided that you timely elect and enroll in COBRA and that you have not secured alternate coverage, the Company will reimburse your COBRA costs for up to 2 months immediately following your Separation Date. Please
submit your COBRA invoices to Nancy Kato for payment; and 

  

	 	(c)	allow you to keep for your personal use your laptop, computer monitor and keyboard. Your laptop must be first provided to the Company’s information technology department so all Proprietary Information can be
removed and notwithstanding keeping the laptop you remain bound by Sections 6 and 7 (other than being permitted to keep the above referenced devices). 

  
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	 	3.	Stock Options. Your stock options will cease vesting on the Separation Date. You have three months after the Separation Date in which to exercise vested stock options. All unvested stock options will be
cancelled effective as of the Separation Date. Please contact Kathy Rogers, should you have any questions regarding your stock options. 

  

	 	4.	Benefits and COBRA. With the exception of medical and dental insurance, you will be eligible to participate in all employee benefit plans in which you are currently enrolled through your Separation Date.
Your Company-provided medical and dental insurance will terminate effective the last day of the month of your Separation Date (July 31, 2014). Effective on the first day of the following month, you may elect to continue medical and dental insurance
coverage at your own expense, except as otherwise provided in paragraph 2 of this Agreement, pursuant to a federal law known as COBRA. You will receive under separate cover information and enrollment forms regarding continuing insurance coverage
pursuant to COBRA. 

  

	 	5.	No Other Payments. You understand and agree that absent this Agreement, you would not otherwise be entitled to the consideration specified in this Agreement. Further, by signing this Agreement, you agree
that you are not entitled to any payments, benefits and/or other consideration from the Company that are not specifically listed in this Agreement, including but not limited to reinstatement to employment, attorneys’ fees, any amounts under
bonus or incentive compensation plan, and/or any severance pay, except for those benefits in which you have vested rights pursuant to the terms of the applicable plans and applicable law or which are not released by this Agreement pursuant to
paragraph 8(b) below. You further agree and acknowledge that upon the Company’s providing the payments and other benefits set forth in this Agreement, the Company has paid you in full any and all monies owed to you in connection with your
employment with the Company and/or separation from employment, including but not limited to payment for all services performed on behalf of the Company and all other amounts owed through your Separation Date, except as otherwise specifically stated
in this Agreement or which are not released by this Agreement pursuant to paragraph 8(b below. 

  

	 	6.	Employee Invention Assignment and Confidentiality Agreement. You hereby acknowledge that you are and will remain bound by all provisions of your previously executed Employee Invention Assignment and
Confidentiality Agreement (“Confidentiality Agreement”), a copy of which is attached as Exhibit A to this Agreement and shall be deemed part of this Agreement. You further acknowledge that as a result of your employment with the Company,
you have had access to the Company’s Proprietary Information (as defined in the Confidentiality Agreement), that you will hold all Proprietary Information in strictest confidence and that you will not make use of such Proprietary Information on
behalf of anyone. 

  

	 	7.	 Return of Company Property. By signing this Agreement, you certify that you have (i) returned to the Company any and all
Proprietary Information (as defined in the Confidentiality Agreement) and all other materials or documents belonging to the Company, including the originals and any and all copies thereof, whether in hard

  
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copy or electronic form, which were in your possession or under your control, including without limitation access and identification cards, keys, laptops, computers, cell phones, iphones,
blackberries, PDAs or other devices, corporate credit cards, files, reports, mailing lists, rolodexes, computer print-outs, and computer disks and tapes; (ii) have not retained any copies of any Proprietary Information and/or any other
materials, documents or property belonging to the Company or any of its affiliated entities; and (iii) have permanently deleted all Proprietary Information from your home and/or personal computer drives and from any other personal electronic,
digital or magnetic storage devices. 

  

	8.	General Release. 

  

	 	(a)	In consideration for the enhanced benefits that you will receive and any other consideration provided by this Agreement, you and any person acting by, through, under, or on behalf of you, release, waive, and forever
discharge Marin Software Incorporated, its subsidiaries and affiliates and all of their respective agents, employees, officers, directors, shareholders, successors, and assigns (the “Company”) from any and all actions, demands,
obligations, agreements, or proceedings of any kind, individually or as part of a group action, whether known or unknown, arising out of, or connected with, claims of unlawful discrimination, harassment or failure to accommodate; the terms and
conditions of your employment; your compensation and benefits; your separation of employment from the Company; and/or termination of your employment, including, but not limited to all matters in law, in equity, in contract, or in tort, or pursuant
to statute, constitution or ordinance, including damages, attorney’s fees, costs and expenses and, without limiting the generality of the foregoing, to all claims arising under the Age Discrimination in Employment Act (ADEA), Title VII of the
Civil Rights Act of 1964, the Civil Rights Act of 1991, the Americans with Disabilities Act, the National Labor Relations Act (NLRA),the Equal Pay Act; the Family and Medical Leave Act; the Employee Retirement Income Security Act; the California
Fair Employment and Housing Act; the California Labor Code, or any other federal, state, or local law, statute, or ordinance affecting my employment with or separation from the Company. 

 

	 	(b)	Notwithstanding the generality of the foregoing, you do not release the following claims: 

  

	 	(i)	Claims relating to the Company’s failure to comply with its obligations to provide the consideration set forth in this Agreement; 

 

	 	(ii)	Claims that may not legally be waived by private agreement; 

  

	 	(iii)	Claims regarding the knowing and voluntary nature of your release of claims pursuant to the Age Discrimination in Employment Act; 

  

	 	(iv)	Claims under the Fair Labor Standards Act; 

  
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	 	(v)	Claims for unemployment compensation or any state disability insurance benefits pursuant to the terms of applicable state law; 

  

	 	(vi)	Claims for workers’ compensation insurance benefits under the terms of any workers’ compensation insurance policy or fund of the Company; 

 

	 	(vii)	Claims to continued participation in certain of the Company’s benefit plans pursuant to the terms and conditions of the federal law known as COBRA; 

 

	 	(viii)	Claims to any benefit entitlements vested as the date of your employment termination, pursuant to written terms of any Company employee benefit plan; and 

 

	 	(ix)	Your right, if any, to indemnification from the Company, or to the payment of the costs of defense, under California Labor Code Section 2802. 

 

	 	(x)	Nothing in this Agreement prevents you from exercising rights under Section 7 of the NLRA to engage in joint activity with other employees, although by signing this release you are waiving rights to individual
relief based on any assertion of claims, except where such a waiver of individual relief is prohibited. 

  

	 	(c)	You understand that nothing in this Agreement, including but not limited to the release of claims, proprietary information, confidentiality, cooperation and non-disparagement provisions, shall be construed to prohibit
you from filing a charge or complaint with, or participating in any investigation or proceeding conducted by, the National Labor Relations Board, Equal Employment Opportunity Commission and/or any federal, state or local agency charged with the
enforcement of any laws, although by signing this Agreement, you understand that you are waiving any and all rights to receive individual relief based on claims asserted in such charge or complaint, except where such a waiver of individual relief is
prohibited. 

  

	 	(d)	YOU ACKNOWLEDGE THAT YOU ARE FAMILIAR WITH THE PROVISIONS OF CALIFORNIA CIVIL CODE SECTION 1542, WHICH PROVIDES AS FOLLOWS: 

A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING
THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR. 
 BEING AWARE OF SAID CODE
SECTION, YOU HEREBY EXPRESSLY WAIVE ANY RIGHTS YOU MAY HAVE THEREUNDER, AS WELL AS UNDER ANY OTHER STATUTES OR COMMON LAW PRINCIPLES OF SIMILAR EFFECT. 

  
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	9.	Non-disparagement. You agree that you shall not directly or indirectly disparage the Releasees, any person acting by, through, under or in concert with any of them, and/or any of the Company’s
products with any written or oral statement. Nothing in this paragraph shall prohibit you from providing truthful information in response to a subpoena or other legal process or from exercising the rights specified in Paragraphs 8(b) and 8(c) above
and 21 below. 

  

	10.	References. All external requests for references should be directed to Human Resources, which will confirm only your job title and dates of employment. 

 

	11.	Arbitration. Except for any claim for injunctive relief arising out of a breach of a party’s obligations to protect the other’s proprietary information, the Parties agree to arbitrate in the City
and County of San Francisco, California, through the American Arbitration Association , any and all disputes or claims arising out of or related to the validity, enforceability, interpretation, performance or breach of this Agreement, whether
sounding in tort, contract, statutory violation or otherwise, or involving the construction or application or any of the terms, provisions, or conditions of this Agreement. Any arbitration may be initiated by a written demand to the other party. The
arbitrator’s decision shall be final, binding, and conclusive. The Parties further agree that this Agreement is intended to be strictly construed to provide for arbitration as the sole and exclusive means for resolution of all disputes
hereunder to the fullest extent permitted by law. The Parties expressly waive any entitlement to have such controversies decided by a court or a jury. 

  

	12.	Attorney’s Fees. If any action is brought to enforce the terms of this Agreement, then to the fullest extent permitted by law, the prevailing party will be entitled to recover its reasonable
attorneys’ fees, costs and expenses from the other party, in addition to any other relief to which the prevailing party may be entitled. 

  

	13.	Confidentiality of Agreement. The existence, contents, terms and conditions of this Agreement must be kept confidential by you and may not be disclosed except to your immediate family, accountant, tax
advisor, or attorneys or pursuant to subpoena or court order. If you do disclose the existence, contents, terms and conditions of this Agreement to your immediate family, accountant, tax advisor, or/or attorneys, you must instruct the person to whom
disclosure is made the information disclosed must be kept strictly confidential. You agree that if you are asked for information concerning this settlement, you will state only that you and the Company reached an amicable resolution of any disputes
concerning your separation from the Company. Any breach of this confidentiality provision shall be deemed a material breach of this Agreement. 

  

	14.	No Admission of Liability. This Agreement is not and shall not be construed or contended by you to be an admission or evidence of any wrongdoing or liability on the part of the Releasees.

  
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	15.	Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of California. 

 

	16.	Severability. The provisions of this Agreement are severable. If any provision is held to be invalid or unenforceable, only such provision or provisions shall be invalid or unenforceable without
invalidating or otherwise affecting the validity or enforceability of any other provisions, which shall remain in full force and effect to the fullest extent permitted by law. 

 

	17.	Entire Agreement; Amendment. This Agreement, together with your Confidentiality Agreement attached hereto as Exhibit A, sets forth the entire agreement between you and the Company and supersedes any and
all prior oral or written agreements or understanding between you and the Company concerning the subject matter thereof, including without limitation the Offer of Employment dated October 31, 2006. This Agreement may not be altered, amended or
modified, except by a further written document signed by you and the Chief Executive Officer or Chief People Officer of the Company. 

  

	18.	Representations And Waiver. By signing this Agreement, you acknowledge that: 

  

	 	(a)	You have carefully read, and understand, the legal and binding effect of this Agreement; 

  

	 	(b)	You have been given at least twenty-one (21) days to consider your rights and obligations under this Agreement and to consult with an attorney and/or any other advisors of your choice before signing this Agreement.
You knowingly and voluntarily waive the remainder of the 21-day consideration period, if any, following the date you signed this release below. You have not been asked by the Company to shorten your time-period for consideration of whether to sign
this release. The Company has not threatened to withdraw or alter the benefits due you prior to the expiration of the 21-day period nor has the Company provided different terms to you because you have decided to sign this release prior to the
expiration of the 21-day consideration period. You understand that having waived some portion of the 21-day consideration period, the Company may expedite the processing of benefits provided you in exchange for signing this release. You agree that
changes to this Agreement, whether material or immaterial, do not restart the running of the twenty-one (21) day period; 

  

	 	(c)	By this provision in the Agreement, you have been advised to consult with an attorney and/or any other advisors of your choice and you have had an opportunity to seek legal counsel before signing this Agreement;

  

	 	(d)	You understand that this Agreement is legally binding and by signing it you give up certain rights, including your right to pursue any claims you had, have or may have had against the Company; 

  
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	 	(e)	You have voluntarily chosen to enter into this Agreement and have not been forced or pressured in any way to sign it; 

  

	 	(f)	You have not relied upon any representation, statement or omission made by any of the Company’s agents, attorneys or representatives with regard to the subject matter, basis or effect of this Agreement or
otherwise, other than those expressly stated in this Agreement; 

  

	 	(g)	You have (i) received all compensation due you as a result of services performed for the Company with the receipt of your final paycheck; (ii) reported to the Company any and all work-related injuries you
incurred during your employment by the Company; (iii) been properly provided any leave of absence because of your or a family member’s health condition and have not been subjected to any improper treatment, conduct or actions due to a
request for or taking such leave; and (iv) provided the Company with written notice of any and all concerns regarding suspected ethical and compliance issues or violations on the part of the Company or any released person or entity;

  

	 	(h)	You further represent that no claims, complaints, charges or other proceedings are pending in any court, administrative agency, commission or other forum relating directly or indirectly to your employment by the
Company. 

  

	 	(i)	The consideration for this release is in addition to anything of value to which you already are entitled; and 

  

	 	(j)	This Agreement does not waive any rights or claims that may arise after this Agreement is signed. 

  

	19.	Return of Signed Agreement: You should return this signed Agreement to Nancy Kato, Chief People Officer, Marin Software, 123 Mission Street, 25th Floor, San Francisco, CA 94105, by no earlier than
July 8, 2014 and no later than August 8, 2014. If you sign and/or return the Agreement earlier than July 8, 2014, or do not return the signed Agreement to Ms. Kato by August 8, 2014, this Agreement shall be deemed
revoked, null, void and of no effect, and you shall have no entitlement to pay, benefits or any consideration as set forth in paragraph 2 of this Agreement. 

  

	20.	Revocation Period and Effective Date: You have seven (7) calendar days from the date you sign this Agreement to change your mind and revoke this Agreement. If you do not advise the Company in writing
within seven (7) calendar days after signing that you have revoked this Agreement, this Agreement shall be effective, enforceable and binding on all Parties on the eighth (8th) day after
you sign this Agreement. If you change your mind and revoke this Agreement, you must send written notice of your decision to Nancy Kato, Chief People Officer, Marin Software, 123 Mission Street, 25th Floor, San Francisco, CA 94105 so that
Ms. Kato receives your revocation no later than the eighth (8th) day after you originally signed this Agreement. You understand that the Company shall not be required to make payments or
provide the consideration set forth in this Agreement unless this Agreement becomes effective. If the revocation period expires on a weekend or holiday, you understand you have until the end of the next business day to revoke. 

  
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	21.	You understand that following the seven day revocation period, this release will be final and binding. You promise that you will not pursue any claim that you have settled by this release. If you break this promise, you
agree to pay all of the Company’s costs and expenses (including reasonable attorneys’ fees) related to the defense of any claims except this promise not to sue does not apply to claims that you may have under the Older Worker Benefit
Protection Act (OWBPA) and the ADEA. Although you are releasing claims that you may have under OWBPA and the ADEA, you understand that you may challenge the knowing and voluntary nature of this release under the OWBPA and the ADEA before a court,
the Equal Employment Opportunity Commission (EEOC), the National Labor Relations Board (NLRB), or any other federal, state or local agency charged with the enforcement of any employment laws. You understand, however, that if you pursue a claim
against the Company under the OWBPA and/or the ADEA, a court has the discretion to determine whether the Company is entitled to restitution, recoupment, or set off (hereinafter “reduction”) against a monetary award obtained by you in the
court proceeding. A reduction never can exceed the amount you recover, or the consideration you received for signing this release, whichever is less. You also recognize that the Company may be entitled to recover costs and attorney’s fees
incurred by the Company as specifically authorized under applicable law. 

 If the above accurately reflects your understanding, please date
and sign the enclosed copy of this letter in the places indicated below and return that copy to me in Human Resources. 
  

	
	Sincerely,
	
	 /s/ Nancy Kato
 Nancy Kato

	Chief People Officer
	Marin Software Incorporated
	
	Accepted and agreed to:
	
	 /s/ Peter Wooster

Peter Wooster

	
	 July 8, 2014

Date

  
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 EXHIBIT A 

EMPLOYEE INVENTIONS ASSIGNMENT AND CONFIDENTIALITY AGREEMENT 

  
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 MARIN SOFTWARE INCORPORATED 

EMPLOYEE INVENTION ASSIGNMENT AND 

CONFIDENTIALITY AGREEMENT 

In consideration of, and as a condition of my employment with Marin Software Incorporated, a Delaware corporation (the
“Corporation”), I hereby represent to, and agree with the Corporation as follows: 

1. Purpose of Agreement. I understand that the Corporation is engaged in a continuous program of research, development,
production and marketing in connection with its business and that it is critical for the Corporation to preserve and protect its “Proprietary Information” (as defined in
Section 7 below), its rights in “Inventions” (as defined in Section 2 below) and in all related intellectual property rights. Accordingly, I am entering into this Employee
Invention Assignment and Confidentiality Agreement (this “Agreement”) as a condition of my employment with the Corporation, whether or not I am expected to create inventions of value
for the Corporation. 
 2. Disclosure of Inventions. I will promptly disclose in confidence to the Corporation all inventions,
improvements, designs, original works of authorship, formulas, processes, compositions of matter, computer software programs, databases, mask works and trade secrets that I make or conceive or first reduce to practice or create, either alone or
jointly with others, during the period of my employment, whether or not in the course of my employment, and whether or not patentable, copyrightable or protectable as trade secrets (the
“Invention”). 
 3. Work for Hire; Assignment of Inventions.
I acknowledge and agree that any copyrightable works prepared by me within the scope of my employment are “works for hire” under the Copyright Act and that the Corporation will be considered the author and owner of such copyrightable
works. I agree that all Inventions that (i) are developed using equipment, supplies, facilities or trade secrets of the Corporation, (ii) result from work performed by me for the Corporation, or (iii) relate to the Corporation’s
business or current or anticipated research and development (the “Assigned Inventions”), will be the sole and exclusive property of the Corporation and are hereby irrevocably assigned
by me to the Corporation. Attached hereto as Exhibit A is a list describing all inventions, original works of authorship, developments and trade secrets which were made by me prior to the date of this Agreement, which belong to me and which
are not assigned to the Corporation (“Prior Inventions”). If no such list is attached, I agree that it is because no such Prior Inventions exist. I acknowledge and agree
that if I use any of my Prior Inventions in the scope of my employment, or include them in any product or service of the Corporation, I hereby grant to the Corporation a perpetual, irrevocable, nonexclusive, world-wide, royalty-free license to use,
disclose, make, sell, copy, distribute, modify and create works based on, perform or display such Prior Inventions and to sublicense third parties with the same rights. 

 4. Labor Code Section 2870 Notice. I have been notified and understand that
the provisions of Sections 3 and 5 of this Agreement do not apply to any Assigned Invention that qualifies fully under the provisions of Section 2870 of the California Labor Code, which states as follows: 

ANY PROVISION IN AN EMPLOYMENT AGREEMENT WHICH PROVIDES THAT AN EMPLOYEE SHALL ASSIGN, OR OFFER TO ASSIGN, ANY OF HIS OR HER RIGHTS IN AN
INVENTION TO HIS OR HER EMPLOYER SHALL NOT APPLY TO AN INVENTION THAT THE EMPLOYEE DEVELOPED ENTIRELY ON HIS OR HER OWN TIME WITHOUT USING THE EMPLOYER’S EQUIPMENT, SUPPLIES, FACILITIES, OR TRADE SECRET INFORMATION EXCEPT FOR THOSE INVENTIONS
THAT EITHER: (1) RELATE AT THE TIME OF CONCEPTION OR REDUCTION TO PRACTICE OF THE INVENTION TO THE EMPLOYER’S BUSINESS, OR ACTUAL OR DEMONSTRABLY ANTICIPATED RESEARCH OR DEVELOPMENT OF THE EMPLOYER; OR (2) RESULT FROM ANY WORK PERFORMED BY
THE EMPLOYEE FOR THE EMPLOYER. TO THE EXTENT A PROVISION IN AN EMPLOYMENT AGREEMENT PURPORTS TO REQUIRE AN EMPLOYEE TO ASSIGN AN INVENTION OTHERWISE EXCLUDED FROM BEING REQUIRED TO BE ASSIGNED UNDER CALIFORNIA LABOR CODE SECTION 2870(a), THE
PROVISION IS AGAINST THE PUBLIC POLICY OF THIS STATE AND IS UNENFORCEABLE. 
 5.
Assignment of Other Rights. In addition to the foregoing assignment of Assigned Inventions to the Corporation, I hereby irrevocably transfer and assign to the Corporation: (i) all
worldwide patents, patent applications, copyrights, mask works, trade secrets and other intellectual property rights, including but not limited to rights in databases, in any Assigned Inventions, along with any registrations of or applications to
register such rights; and (ii) any and all “Moral Rights” (as defined below) that I may have in or with respect to any Assigned Inventions. I also hereby forever waive and agree never to assert any and all Moral Rights I may have in
or with respect to any Assigned Inventions, even after termination of my work on behalf of the Corporation. “Moral Rights” mean any rights to claim authorship of or credit on an Assigned Inventions, to object to or prevent
the modification or destruction of any Assigned Inventions or Prior Inventions licensed to Corporation under Section 3, or to withdraw from circulation or control the publication or distribution of any Assigned Inventions or Prior Inventions
licensed to Corporation under Section 3, and any similar right, existing under judicial or statutory law of any country or subdivision thereof in the world, or under any treaty, regardless of whether or not such right is denominated or
generally referred to as a “moral right.” Notwithstanding the foregoing, I will have the right to claim participation in the development, creation, or modification of the Assigned Inventions on my resume or in my curriculum vita; provided
that I obtain Corporation’s approval for such disclosures before providing the disclosure to any third-party. 
 6.
Assistance. I agree to assist the Corporation in every proper way to obtain for the Corporation and enforce patents, copyrights, mask work rights, trade secret rights and other legal protections for the Corporation’s Assigned
Inventions in any and all countries. I will execute any documents that the Corporation may reasonably request for use in obtaining or enforcing such patents, copyrights, mask work rights, trade secrets and other legal protections. My

  
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obligations under this paragraph will continue beyond the termination of my employment with the Corporation, provided that the Corporation will compensate me at a reasonable rate after such
termination for time or expenses actually spent by me at the Corporation’s request on such assistance. I appoint the Secretary of the Corporation as my attorney-in-fact to execute documents on my behalf for this purpose. 

7. Proprietary Information. I understand that my employment by the Corporation creates a relationship of confidence and trust
with respect to any information of a confidential or secret nature that may be disclosed to me by the Corporation or a third party that relates to the business of the Corporation or to the business of any parent, subsidiary, affiliate, customer or
supplier of the Corporation or any other party with whom the Corporation agrees to hold information of such party in confidence (the “Proprietary Information”). Such Proprietary Information
includes, but is not limited to, Assigned Inventions, marketing plans, product plans, business strategies, financial information, forecasts, personnel information, customer lists and data, and domain names. 

8. Confidentiality. At all times, both during my employment and after its termination, I will keep and hold all such Proprietary
Information in strict confidence and trust. I will not use or disclose any Proprietary Information without the prior written consent of the Corporation, except as may be necessary to perform my duties as an employee of the Corporation for the
benefit of the Corporation. Upon termination of my employment with the Corporation, I will promptly deliver to the Corporation all documents and materials of any nature pertaining to my work with the Corporation and, upon the Corporation’s
request, will execute a document confirming my agreement to honor my responsibilities contained in this Agreement. I will not take with me or retain any documents or materials or copies thereof containing any Proprietary Information. 

9. No Breach of Prior Agreement. I represent that my performance of all the terms of this Agreement and my duties as an employee
of the Corporation will not breach any invention assignment, proprietary information, confidentiality or similar agreement with any former employer or other party. I represent that I will not bring with me to the Corporation or use in the
performance of my duties for the Corporation any documents or materials or intangibles of a former employer or third party that are not generally available to the public or have not been legally transferred to the Corporation. 

10. Efforts; Duty Not to Compete. I understand that my employment with the Corporation requires my undivided attention and
effort during normal business hours. While I am employed by the Corporation, I will not, without the Corporation’s express prior written consent, engage in any other employment or business that (i) directly competes with the current or
future business of the Corporation; (ii) uses any Corporation information, equipment, supplies, facilities or materials; or (iii) otherwise conflicts with the Corporation’s business interest and causes a disruption of its operations.

 11. Notification. I hereby authorize the Corporation to notify third parties, including, without limitation, customers and
actual or potential employers, of the terms of this Agreement and my responsibilities hereunder. 

  
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 12. Non-Solicitation of Employees/Consultants. During my employment with the
Corporation and for a period of one (1) year thereafter, I will not directly or indirectly solicit away employees or consultants of the Corporation for my own benefit or for the benefit of any other person or entity. 

13. Non-Solicitation of Suppliers/Customers. During and after the termination of my employment with the Corporation, I will not
directly or indirectly solicit or otherwise take away customers or suppliers of the Corporation if, in so doing, I use or disclose any trade secrets or proprietary or confidential information of the Corporation. I agree that the non-public names and
addresses of the Corporation’s customers and suppliers, and all other confidential information related to them, including their buying and selling habits and special needs, created or obtained by me during my employment, constitute trade
secrets or proprietary or confidential information of the Corporation. 
 14. Name &
Likeness Rights. I hereby authorize the Corporation to use, reuse, and to grant others the right to use and reuse, my name, photograph, likeness (including caricature), voice, and biographical information, and any reproduction
or simulation thereof, in any form of media or technology now known or hereafter developed (including, but not limited to, film, video and digital or other electronic media), both during and after my employment, for any purposes related to the
Corporation’s business, such as marketing, advertising, credits, and presentations. 
 15. Injunctive Relief. I
understand that in the event of a breach or threatened breach of this Agreement by me the Corporation may suffer irreparable harm and will therefore be entitled to injunctive relief to enforce this Agreement. 

16. Governing Law; Severability. This Agreement will be governed by and construed in accordance with the laws of the State of
California, without giving effect to its laws pertaining to conflict of laws. If any provision of this Agreement is determined by any court or arbitrator of competent jurisdiction to be invalid, illegal or unenforceable in any respect, such
provision will be enforced to the maximum extent possible given the intent of the parties hereto. If such clause or provision cannot be so enforced, such provision shall be stricken from this Agreement and the remainder of this Agreement shall be
enforced as if such invalid, illegal or unenforceable clause or provision had (to the extent not enforceable) never been contained in this Agreement. 

17. Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed and delivered
will be deemed an original, and all of which together shall constitute one and the same agreement. 
 18. Entire Agreement.
This Agreement and the documents referred to herein constitute the entire agreement and understanding of the parties with respect to the subject matter of this Agreement, and supersede all prior understandings and agreements, whether oral or
written, between or among the parties hereto with respect to the specific subject matter hereof. 

  
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 19. Amendment and Waivers. This Agreement may be amended only by a written
agreement executed by each of the parties hereto. No amendment of or waiver of, or modification of any obligation under this Agreement will be enforceable unless set forth in a writing signed by the party against which enforcement is sought. Any
amendment effected in accordance with this section will be binding upon all parties hereto and each of their respective successors and assigns. No delay or failure to require performance of any provision of this Agreement shall constitute a waiver
of that provision as to that or any other instance. No waiver granted under this Agreement as to any one provision herein shall constitute a subsequent waiver of such provision or of any other provision herein, nor shall it constitute the waiver of
any performance other than the actual performance specifically waived. 
 20. Successors and Assigns; Assignment. Except as
otherwise provided in this Agreement, this Agreement, and the rights and obligations of the parties hereunder, will be binding upon and inure to the benefit of their respective successors,
assigns, heirs, executors, administrators and legal representatives. The Corporation may assign any of its rights and obligations under this Agreement. No other party to this Agreement may
assign, whether voluntarily or by operation of law, any of its rights and obligations under this Agreement, except with the prior written consent of the Corporation. 

21. Further Assurances. The parties agree to execute such further documents and instruments and to take such further actions as
may be reasonably necessary to carry out the purposes and intent of this Agreement. 
 22. “At Will” Employment. I
understand that this Agreement does not constitute a contract of employment or obligate the Corporation to employ me for any stated period of time. I understand that I am an “at will” employee of the Corporation and that my employment can
be terminated at any time, with or without notice and with or without cause, for any reason or for no reason, by either the Corporation or myself. I acknowledge that any statements or representations to the contrary are ineffective, unless put into
a writing signed by the Corporation. I further acknowledge that my participation in any stock option or benefit program is not to be construed as any assurance of continuing employment for any particular period of time. This Agreement shall be
effective as of the first day of my employment by the Corporation, which is March 19, 2007. 
  

							
	Marin Software Incorporated:	 		 	Employee:
				
	By:	 	 /s/ Christopher Lien
	 		 	 /s/ Peter Wooster

		 	Christopher Lien	 		 	[Signature]
		 	Chief Executive Officer	 		 	 Peter Wooster

		 		 		 	Name [Please Print]

  
 5 

 Exhibit A 

Prior Inventions Not Assigned to Corporation 

  
 

 
 October 31, 2006 

Mr. Peter Wooster 
 [PRIVATE ADDRESS] 

Offer of Employment by Marin Software Incorporated 

Dear Peter: 
 I am very pleased to confirm our
offer to you of employment with Marin Software Incorporated (the “Company”) in the position of Vice President of Sales. In this position you will report to Chief Executive Officer Christopher Lien. Your start
date shall be as we shall mutually agree, and I hope that you will decide to accept our offer of employment on or before November 3, 2006. The terms of our offer and the benefits currently
provided by the Company are as described below. In addition, additional terms of your employment and expected duties are more fully described in the attached Employment Outline. 

1. Starting Salary. Your starting base salary will be $140,000 per year (less normal
payroll deductions and withholdings), and will be adjusted in accordance with the attached Employment Outline. In addition to your base salary, you will be paid the annualized draws in accordance with the attached Employment Outline. 

2. Benefits. In addition, you will be eligible to participate in regular health insurance, bonus and other employee
benefit plans established by the Company for its employees from time to time. Except as expressly provided herein, the Company reserves the right to change or otherwise modify, in its sole discretion, the preceding terms of employment, as well as
any of the terms set forth herein at any time in the future. In addition, if so requested, the Company will reimburse you for your monthly COBRA costs (up to $1,500 per month) prior to the establishment by the Company of regular health insurance
benefits. As discussed with you, the Company plans to offer to its employees health, dental and vision benefits in 2007. In addition, the Company agrees to provide you with 15 days per year of paid vacation in addition to regular Company holidays.
The Company also, if you elect to drive to work, reimburses 50% of monthly parking expenses. 
 3. Confidentiality. As
an employee of the Company, you will have access to certain confidential information of the Company and you may, during the course of your employment, develop certain information or inventions that will be the property of the Company. To protect the
interests of the Company, you will need to sign the Company’s standard “Employee Invention Assignment and Confidentiality Agreement” as a condition of your employment. We wish to impress upon you that we do not want you to, and we
hereby direct you not to, bring with you any confidential or proprietary material of any former employer or to violate any other obligations you may have to any former employer. During the period that you render services to the Company, you agree to
not engage in any employment, business or activity that is in any way competitive with the business or proposed business of the Company. You will disclose to the Company in writing any other gainful employment, business or activity that you are
currently associated with or participate in that competes with the Company. You will not assist any other person or organization in competing with the Company or in preparing to engage in competition with the business or proposed business of the
Company. You represent that your signing of this offer letter and the Company’s Employee Invention Assignment and Confidentiality Agreement and your commencement of employment with the Company will not violate any agreement currently in place
between yourself and current or past employers. Notwithstanding anything in this Agreement to the contrary, you may engage in charitable activities and community affairs, and with the 

  
 332 Pine Street, Suite
800  |  San Francisco, CA 94104  |  (415) 828-1010  |  (415) 399-9710 (fax)  |  www.marinsoftware.com 

 

 
 Peter Wooster 
 October 31,
2006 
  

 
prior approval of the Board of Directors you may serve as a director of any corporation which does not compete in any way with Company business or proposed business; provided that such activities
are not inconsistent with your obligations to the Company. 
 4. Options. 

(a) We will recommend to the Board of Directors of the Company that you be granted, under the Company’s 2006 Equity Incentive Plan, as
amended (the “Plan”), an option to purchase 2.0% fully diluted of the Company’s Common Stock, with an exercise price equal to the fair market value of the Company’s Common Stock as determined by the
Board of Directors on the date of grant. The shares of Common Stock subject to the option will, for so long as you remain continuously employed by the Company become vested according to the following four-year schedule (subject to adjustment as
described below); (i) 12.5% of the shares will be vested as of six months from your employment start date (the “First Vesting Date”); and (ii) thereafter at the end of each full succeeding calendar
month, 2.0833% of the total shares will become vested. 
 (b) Stock Option Agreements. Following approval by the Board
of Directors, the Company will provide you with a stock option agreement, which will govern the terms of the option. 
 (c) Board
Approval Required. The grant by the Company of the stock option specified above is subject to the Board of Directors’ approval, and the references to the recommendation for such approval is not a promise of compensation and,
prior to such approval, is not intended to create an obligation on the part of the Company. 
 5. At Will Employment.
While we look forward to a profitable relationship, should you decide to accept our offer, you will be an at-will employee of the Company, which means the employment or other relationship can be terminated by either of us for any reason, at any
time, with or without prior notice and with or without cause. You should regard any statements or representations to the contrary (and, Indeed, any statements contradicting any provision in this letter) as ineffective. Further, your participation in
any stock option or benefit program is not to be regarded as assuring you of continuing employment or service for any particular period of time. Any modification or change in your at-will employment status may only occur by way of a written
employment agreement signed by you and an authorized officer of the Company (other than you), and approved by the Company’s Board of Directors. 

6. Authorization to Work. Please note that because of employer regulations adopted in the Immigration Reform and Control
Act of 1986, within three (3) business days of starting your new position you will need to present documentation demonstrating that you have authorization to work in the United States. 

7. Arbitration. You and the Company shall submit to mandatory and exclusive binding arbitration of any controversy or
claim arising out of, or relating to, this Agreement or any breach hereof, provided, however, that the parties retain their right to, and shall not be prohibited, limited or in any other way restricted from, seeking or obtaining
equitable relief from a court having jurisdiction over the parties. Such arbitration shall be governed by the Federal Arbitration Act and conducted through the American Arbitration Association in the State of California, San Francisco County, before
a single neutral arbitrator, in accordance with the National Rules for the Resolution of Employment Disputes of the American Arbitration Association in effect at that time. The parties may conduct only essential discovery prior to the hearing, as
defined by the AAA arbitrator. The arbitrator shall issue a written decision that contains the essential findings and conclusions on which the decision is based. You shall bear only those costs of arbitration you would

  
 332 Pine Street, Suite
800  |  San Francisco, CA 94104  |  (415) 828-1010  |  (415) 399-9710 (fax)  |  www.marinsoftware.com 

 

 
 Peter Wooster 
 October 31,
2006 
  

 
otherwise bear had you brought a claim covered by this Agreement in court. Judgment upon the determination or award rendered by the arbitrator may be entered in any court having jurisdiction
thereof. In addition to any other award, the arbitrator shall award the prevailing party attorneys’ fees, costs and arbitration costs, incurred by the prevailing party as a result of the arbitration. 

8. Successors, Binding Agreement. This Agreement shall not automatically be terminated by the voluntary or involuntary
dissolution of the Company or by any merger or consolidation, whether or not the Company is the surviving or resulting corporation, or upon any transfer of all or substantially all of the assets of the Company. In the event of any such merger,
consolidation or transfer of assets, the provisions of this Agreement shall bind and inure to the benefit of the surviving or resulting corporation, or the corporation to which such assets shall have been transferred, as the case may be; provided,
however, that the Company will require any successor to all or substantially all of the business and/or assets of the Company, by agreement in form and substance satisfactory to you, to expressly assume and agree to perform this Agreement in the
same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. 
 9.
Miscellaneous. This Agreement shall be construed and enforced in accordance with the laws of the State of California without giving effect to California’s choice of law rules. No waiver of any term of this Agreement
constitutes a waiver of any other term of this Agreement. This Agreement may be amended only in writing by an agreement specifically referencing this Agreement which is signed by both you and the Company. In the event that a court or other trier of
fact invalidates one or more terms of this Agreement, all the other terms of this Agreement shall remain valid and enforceable. You shall have no duty to mitigate any damages caused by the breach of the Company of this Agreement. 

10. Acceptance. If you decide to accept our offer, and I hope you will, please sign the enclosed copy of this letter in
the space indicated and return it to me. Your signature will acknowledge that you have read and understood and agreed to the terms and conditions of this offer letter and the attached documents, if any. Should you have anything else that you wish to
discuss, please do not hesitate to call me at (415) 828-1010. 
 We look forward to the opportunity to welcome you to the Company. 

 

	
	Very truly yours,
	
	 /s/ Christopher Lien

	Christopher Lien, Founder and CEO

 I have read and understood this offer letter and hereby acknowledge, accept and agree to the terms as set forth above
and on the attached Employment Outline and further acknowledge that no other commitments were made to me as part of my employment offer except as specifically set forth herein. 

 

			
	 /s/ Peter Wooster
	  	        Date signed: 11/3/06
	Peter Wooster	  	

  
 332 Pine Street, Suite
800  |  San Francisco, CA 94104  |  (415) 828-1010  |  (415) 399-9710 (fax)  |  www.marinsoftware.comEX-10.6

 Exhibit 10.6 

IN THE CIRCUIT COURT FOR KNOX COUNTY, TENNESSEE 
  

					
	 GLENN KLEBA, derivatively on behalf of

nominal defendant PROVECTUS
 PHARMACEUTICALS,
INC.,
	 	
		 		 	Civil Action No. 3-1-13
		 	Plaintiff,	 	
			
	v.	 		 	JURY TRIAL DEMANDED
		
	 H. CRAIG DEES, TIMOTHY C. SCOTT,

ERIC A. WACHTER, STUART FUCHS,
 KELLY M. MCMASTERS,
ALFRED E.
 SMITH, IV, and PETER R. CULPEPPER,
	 	
			
		 	Defendants,	 	
			
	and	 		 	
		
	PROVECTUS PHARMACEUTICALS, INC.	 	
			
		 	Nominal Defendant.	 	

 NOTICE OF FILING 

The Defendants, H. Craig Dees, Timothy C. Scott, Eric A. Wachter and Peter R. Culpepper, (“Officer Defendants”) who are currently
serving officers of Nominal Defendant, Provectus Biopharmaceuticals, Inc. f/k/a Provectus Pharmaceuticals, Inc. give notice, pursuant to the deadlines established in the pleadings served by the Special Litigation Committee on May 7 and
May 8, 2014, of the filing of settlement agreements signed by the Officer Defendants. 

 
	
	Respectfully submitted,
	
	/s/ John S. Hicks
	  

	 John S. Hicks (BPR #010478)
 Baker Donelson
Bearman Caldwell & Berkowitz, PC
 Baker Donelson Center

211 Commerce Street, Suite 800
 Nashville, Tennessee 37201

(615) 726-7337
 (615) 744-7337 fax

Attorneys for Nominal Defendant Provectus Pharmaceuticals, Inc. and Specially Appearing for Individual
Defendants

 CERTIFICATE OF SERVICE 

I hereby certify that a copy of the foregoing pleading has been furnished to the parties listed below via electronic mail and first class U.S.
Mail, postage prepaid, on this the 12th day of May, 2014: 
 Al Holifield 

HOLIFIELD & ASSOCIATES, P.L.L.C. 

8351 E. Walker Springs Lane, Suite 303 

Knoxville, Tennessee 37923 

Eduard Korinsky, Esq. 
 Steven J.
Purcell, Esq. 
 30 Broad Street, 24th Floor 

New York, New York 10004 
 Robert
J. Walker, Esq. 
 Charles I. Malone, Esq. 

John C. Hayworth, Esq. 
 Walker,
Tipps & Malone, PLC 
 2300 One Nashville Place 

150 Fourth Avenue North 

Nashville, Tennessee 37219 
  

	
	
	/s/ John S. Hicks
	  

	John S. Hicks

  
 2 

 STIPULATED SETTLEMENT AGREEMENT AND MUTUAL RELEASE 

This Stipulated Settlement Agreement and Mutual Release (hereinafter “Agreement”) is made and entered into by and between Provectus
Biopharmaceuticals, Inc., f/k/a Provectus Pharmaceuticals, Inc. (the “Corporation”) and Peter R. Culpepper (hereinafter “Defendant”), and is consented to and approved by Glenn Kleba and Don B. Dale, derivatively on behalf of the
Corporation (the “Plaintiffs”) in Plaintiffs’ shareholder derivative lawsuit. Where appropriate, the Corporation, Defendant, and the Plaintiffs shall collectively be referred to as “the Parties.” 

RECITALS 
 WHEREAS:

 A. The Corporation is a Delaware corporation with its principal place of business at 7327 Oak Ridge Highway, Suite A, Knoxville, TN
37931. 
 B. On or about January 4, 2013, Plaintiff Glenn Kleba, acting by and through counsel, filed a case titled Glenn Kleba,
derivatively on behalf of nominal defendant Provectus Pharmaceuticals, Inc., v. H. Craig Dees et al., Civil Action No. 03-1-13, in the Circuit Court for Knox County, Tennessee (the “Lawsuit”). Plaintiffs subsequently filed an
Amended Complaint in the Lawsuit adding Don B. Dale as a party plaintiff. 
 C. On or about April 3, 2013, through a Consent Action By
Directors of Provectus Pharmaceuticals, Inc. (“Consent Action”), the Corporation formed a Special Litigation Committee (the “SLC”) and charged the SLC, among other things, “to consider, investigate, review, and analyze the
facts, allegations, and circumstances that are the subject of the Shareholder Derivative Lawsuit, as well as any additional facts, allegations, and circumstances that may be raised or put at issue in any related inquiry, investigation, or
proceeding” and to “consider and determine whether or not the prosecution of any claims described or asserted in the Shareholder Derivative Lawsuit or any other claims related to the facts, allegations, and circumstances of the Shareholder
Derivative Lawsuit is in the best interest of the Corporation and its shareholders, and what action the Corporation should take with respect thereto, including a determination of whether the maintenance of a derivative proceeding with respect to any
such claims is or is not in the best interests of the Corporation.” 
 D. After thorough investigation and extensive deliberation, the
SLC unanimously concluded that it was in the best interests of the Corporation and its stockholders to settle the Lawsuit on certain terms and conditions. Defendants agreed to compromise and settle the Lawsuit on such terms and conditions, and
Plaintiffs approved and consented to the proposed settlement on such terms and conditions. 
 E. On or about March 6, 2014, the Parties
filed with the Court a Joint Notice in the Lawsuit (the “Joint Notice”) providing notice that they had agreed to the terms, subject to additional definitive documentation, of a settlement evidenced by the execution of a Binding Settlement
Term Sheet Agreement. 
 F. The Parties have agreed to settle the Lawsuit on the terms set forth in this Agreement, and in the associated
Stock Pledge Agreement attached as Exhibit A and Option Rescission Agreement attached as Exhibit B (collectively, the “Settlement Documents”). 

G. As set forth in Section 6 hereof, the settlement set forth herein and in the Settlement Documents is conditioned upon and subject to
final approval of the Court in the Lawsuit, which approval shall be sought by joint motion of the Parties. 

  
  

 
 Settlement and Release Agreement 

 TERMS 

1. No Admission of Liability. The Parties agree and acknowledge that this Agreement is intended as a compromise of matters
involving disputed issues, and that nothing in this Agreement nor the negotiations for this Agreement (including all statements or communications related thereto) by the Parties or their attorneys may be considered an admission of liability or
wrongdoing. 
 2. Cash Payments to the Corporation. 
  

	 	(A)	As Related to Prior Cash Bonus Compensation: Defendant agrees and obligates himself to pay to the Corporation TWO MILLION TWO HUNDRED FORTY THOUSAND DOLLARS AND NO/100 ($2,240,000.00) (the “Total Repayment
Amount”), except that: 

  

	 	(1)	Subject to the satisfaction in full of the conditions set forth in Section 2(C) below and Section 2(A)(2), Defendant shall be entitled to a two-for-one (2:1) credit on the Total Repayment Amount such that
his repayment obligation to the Corporation for the Total Repayment Amount shall instead be ONE MILLION ONE HUNDRED TWENTY THOUSAND DOLLARS AND NO/100 ($1,120,000.00) (the “Reduced Repayment Amount”). 

 

	 	(2)	To be entitled to the Reduced Repayment Amount instead of the Total Repayment Amount, Defendant must 

  

	 	(a)	make all payments of the Reduced Repayment Amount required in this Agreement timely and pursuant to the terms set forth in Section 2(C); and 

 

	 	(b)	remain employed by the Company until December 31, 2018, except that termination of Defendant’s employment prior to such date shall not affect Defendant’s right to the Reduced Repayment Amount if such
termination is (i) a termination by the Corporation without “Cause” (or any substantively similar provisions as set forth in Defendant’s then-governing employment agreement with the Corporation); (ii) a resignation by
Defendant “For Good Reason” (or any substantively similar provisions as set forth in Defendant’s then-governing employment agreement with the Corporation); or (iii) the result of Defendant’s death or disability.

  
  

 

					
	Settlement and Release Agreement	  		  	Page 2

	 	(B)	As Related to the Litigation Costs of the Shareholder Derivative Lawsuit: 

  

	 	(1)	Defendant shall also be obligated to pay TWENTY-FIVE PERCENT (25%) of the Litigation Costs incurred as a result of the Lawsuit. “Litigation Costs” shall be defined as (i) all fees and expenses of the
SLC, including but not limited to the fees and expenses of the SLC’s counsel, PLUS (ii) the fees and expenses of the Corporation’s counsel, Baker Donelson Bearman Caldwell & Berkowitz, P.C., in connection with and
directly related to the Shareholder Derivative Lawsuit, PLUS (iii) the fees and expenses of Plaintiffs, including but not limited to the fees and expenses of Plaintiffs’ counsel, MINUS (iv) any insurance proceeds
offsetting or covering the foregoing costs. For the avoidance of doubt, the obligation to repay any portion of Litigation Costs is not entitled to any 2:1 credit. 

 

	 	(2)	No later than within thirty (30) days of the later of (a) Court approval of the settlement and (b) an agreement by the Parties and the other required defendants in the Lawsuit, or a decision of the Court,
as to the amount of fees and expenses of Plaintiffs (including attorneys’ fees); the Parties, including the SLC, shall agree on a final Litigation Costs Settlement Statement which shall set forth the total Litigation Costs for purposes of this
Agreement. 

  

	 	(C)	Terms of Cash Repayment. The “Cash Repayment Obligations” shall equal (i) the Reduced Repayment Amount (or the Total Repayment Amount if Defendant fails to satisfy the conditions set forth in
Section 2(A) and this Section 2(C)) PLUS (ii) the Litigation Costs set forth above in Section 2(B). 

  

	 	(1)	Term / Annual Minimum: 

  

	 	(a)	The Cash Repayment Obligations shall be paid in full by Defendant within five (5) years from the date of this Agreement. 

  

	 	(b)	Defendant shall pay a minimum of $200,000.00 per year to the Corporation towards the Cash Repayment Obligations. Defendant authorizes and agrees that, so long as Defendant is employed by the Corporation, the Corporation
shall retain from Defendant’s annual salary the sum of $200,000 per year to be applied toward the Cash Repayment Obligations, which amount shall be withheld from each salary payment on a pro rata basis in accordance with the
Corporation’s payroll policies and procedures. 

  
  

 

					
	Settlement and Release Agreement	  		  	Page 3

	 	(2)	Acceleration of Payment: All Cash Repayment Obligations outstanding under this Agreement shall become immediately due and payable by Defendant and shall bear an annual interest rate of ten percent (10%) or
the maximum allowed by law, whichever is less, upon the occurrence of any one or more of the following: (a) Defendant materially breaches the terms of this Agreement and does not cure such breach within thirty (30) days after notice from
the Company that failure to cure the breach will result in acceleration of all cash repayment obligations; or (b) Defendant’s employment with the Corporation is terminated prior to December 31, 2018 for any reason other than those set
forth in Paragraph 2(a)(2)(b). 

  

	 	(3)	Security: Defendant agrees to grant the Corporation a first-priority security interest in ONE MILLION (1,000,000) shares of Corporation’s common stock beneficially owned by Defendant (the “Common
Stock”) to serve as collateral for the Cash Repayment Obligations owing and due to Corporation pursuant to the terms and conditions set forth in the Stock Pledge Agreement, the form of which is attached hereto as Exhibit A.

  

	 	(4)	Prepayment. Defendant shall be entitled to pay in full all Cash Repayment Obligations due and owing pursuant to this Agreement at any time prior to the expiration of the five-year period; provided, however,
prepayment of such amounts shall not relieve Defendant of the obligations set forth in Section 2(A)(2) of this Agreement to remain employed by the Corporation until December 31, 2018. For purposes of clarification, even if Defendant has
paid all Cash Repayment Obligations due hereunder prior to the expiration of the five-year period, in the event Defendant’s employment with the Corporation is terminated prior to December 31, 2018 for any reason other than those set forth
in Paragraph 2(a)(2)(b), Defendant will owe the Corporation the Total Repayment Amount (minus any payments theretofore made by Defendant with regard to the Reduced Repayment Amount or the Total Repayment Amount). 

3. Rescission of Certain Stock Options. Defendant agrees that the Corporation shall rescind FIFTY PERCENT (50%) of the
Non-Qualified Stock Options granted to Defendant in both 2010 and 2011, pursuant to the Option Rescission Agreement, the form of which is attached hereto as Exhibit B. The Parties agree that the remaining Non-Qualified Stock Options, and all
the Incentive Stock Options, granted to Defendant in 2010 and 2011 are valid and enforceable, according to their terms. 
 4. New or
Restated Employment Agreement Between Defendant and the Corporation. Defendant agrees that, to the extent such has not already been completed in 2014, he will within ninety (90) days of the Effective Date of this Agreement enter into a new
or restated employment agreement with the Corporation, which employment agreement shall be approved and adopted by the Compensation Committee of the Corporation’s Board of Directors acting with the advice and assistance of the
Corporation’s legal counsel. 

  
  

 

					
	Settlement and Release Agreement	  		  	Page 4

 5. Representations as to Corporate Governance. Defendant represents, warrants, and
covenants as part of this settlement that he – in his individual capacity as an officer, director, and/or shareholder of the Corporation – will (a) take all actions necessary and proper for the Corporation to satisfy the SLC’s
recommendations with respect to improvements in the corporate governance of the Corporation (as set forth in Exhibit C to this Agreement, and as approved by Plaintiffs) and (b) will not otherwise take any action contrary to the
SLC’s recommendations or contrary to the governance of the Corporation in a manner consistent with his fiduciary duties to the Corporation and its shareholders. 

6. Court Approval / Effective Date of Settlement. The settlement, and this Agreement, shall become final and binding upon the
Parties only if it is approved by the Court in the Lawsuit. The effective date of the settlement and this Agreement (the “Effective Date”) shall be the date that the Final Approval Order shall be final and not subject to appeal pursuant to
the Tennessee Rules of Civil Procedure and other applicable law. In the event the settlement is not approved by the Court, the settlement and this Agreement will be of no force and effect, and shall not be binding on any Party. 

7. Plaintiffs’ Fees and Expenses. Within ninety (90) days of Court approval of this settlement or Court award of fees
and expenses to Plaintiffs (whichever is later), the Corporation shall pay to Plaintiffs an amount of attorneys fees, expenses and other compensation (i) that has been agreed to by Plaintiffs, Defendants and the SLC; or, alternatively,
(ii) that has been ordered by the Court. Pursuant to Section 2(B), such payment shall be part of the Litigation Costs to be borne in part by Defendant. 

8. Dismissal of the Lawsuit With Prejudice. Pursuant to the terms of the Final Approval Order and the Joint Motion for Approval,
the Lawsuit shall be dismissed with prejudice. The Parties acknowledge and agree that dismissal of the Lawsuit and the terms of this Agreement form good and sufficient consideration, and that none of the Parties is entitled to receive any money or
additional consideration from any other party in connection with the Lawsuit other than as expressly provided in this Agreement. 
 9.
Mutual Release. Upon the Effective Date of this Agreement and excluding causes of action that arise out of the breach of this Agreement, the Parties shall be deemed to have forever released and discharged each other and each of their
related entities, predecessors, successors, affiliates, attorneys, guarantors, and past and present officers, directors, employees, agents, shareholders, members, and trustees (hereinafter the “Released Parties”) from any and all payments,
damages, costs, fees, claims, counterclaims, demands, actions, causes of action, claims of appeal, obligations, penalties and losses, known or unknown, contingent or accrued, now existing or hereafter arising, which relate in any way to the issues
alleged, or to compensation related issues that could have been alleged, in the Lawsuit. This release does not and shall not apply to or operate to release any claims arising out of the Parties’ respective obligations in the Settlement
Documents. 

  
  

 

					
	Settlement and Release Agreement	  		  	Page 5

 10. Reliance on Own Judgment; Authority to Sign. The Parties to this Agreement
agree that: (1) no promises or inducements have been made except as set forth herein; (2) they are competent and authorized to execute this Agreement; (3) they execute this Agreement knowingly and voluntarily and accept responsibility
therefor; and (4) they have been represented by competent legal counsel of such party’s own choice with regard to this Agreement, or have otherwise had the opportunity to consult with a legal counsel of such party’s own choice, and
that all Parties fully understand the same. 
 11. Binding Effect. This Agreement shall be binding upon and benefit the
Parties and their respective heirs, executors, personal representatives, successors and assigns. 
 12. Counterparts and Execution by
Facsimile / Scanned Image. This Agreement may be executed in several counterparts, each of which shall be deemed an original, and all of which shall constitute one and the same instrument. Signatures by facsimile or scanned image shall be
accepted as originals. 
 13. Entire Agreement. The Parties hereto acknowledge they have read this Agreement and freely and
voluntarily agree to be bound by its terms. The Parties further agree that the Settlement Documents constitute the complete and the exclusive written expression of the terms of the entire settlement between the Parties and supersede all prior or
contemporaneous proposals, oral or written, understandings, representations, conditions, warranties, covenants and all other communications between the Parties relating to the subject matter of the Settlement Documents. 

14. Governing Law and Forum. This Agreement shall be construed and enforced in accordance with the laws of the State of
Tennessee. The Parties hereby consent to the jurisdiction of the Knox County Circuit Court for the resolution of any and all claims or disputes arising out of the subject matter of this Agreement. The Parties irrevocably waive any right to bring or
to remove any action arising or in any way connected to this Agreement to federal court. 
 15. Default by Defendant. In the
event of any default by Defendant with respect to any term(s) of this Agreement, the Pledge Agreement, or the Option Rescission Agreement, the Corporation shall be entitled to recover all costs and reasonable attorney fees incurred in the
enforcement of the Corporation’s rights in such agreements. 
 16. Amendments. This Agreement may only be amended by a
writing signed by the Defendant and the Corporation, and written notice of such amendment shall be provided to Plaintiffs’ counsel of record in the Lawsuit and the SLC’s counsel of record. 

17. Severability. In the event any provision of this Agreement shall be found to be unenforceable or invalid, such provision
shall be severed from this Agreement and the balance of the Agreement shall remain fully valid and enforceable. 
 18.
Construction. Each of the Parties to this Agreement represents that it has legal counsel representing it with respect to this Agreement. The Parties acknowledge and agree that each party has participated in the drafting of this
Agreement and that the normal rules of construction to the effect that any ambiguities are to be resolved against the drafting party shall 

  
  

 

					
	Settlement and Release Agreement	  		  	Page 6

 
not apply to the interpretation of this Agreement. No inference in favor of, or against, any party shall be drawn by the fact that one party has drafted any portion hereof. The Parties also
represent that they have had full opportunity to review the terms of this Agreement and have willingly consented to the terms set forth herein. 

19. Waiver. Failure by either party to enforce any of its rights hereunder on any particular occasion shall not constitute a
waiver of such rights on any subsequent occasion. 
 20. Actions Necessary to Complete Transaction. Each of the Parties hereby
agrees to execute and deliver all such other documents or instruments and take any action as may be reasonably required in order to effectuate the transactions contemplated by this Agreement. 

21. Tax Matters. Each of the Parties represents and declares that it has either received or has been afforded the opportunity to
obtain its own professional tax advice. Each of the Parties shall be responsible for its own reporting to the tax authorities and shall be responsible for its own taxes that may arise as a result of this Agreement. 

22. Notices. All notices, requests, demands or other communications required or permitted hereunder shall be given in writing
and personally delivered or sent by certified or registered mail, return receipt requested, postage prepaid, or by a nationally recognized overnight courier service (e.g., Federal Express, UPS, etc.), to the Parties’ address set forth
below: 
 If to Defendant: 

Peter R. Culpepper 
 Provectus
Biopharmaceuticals, Inc. 
 7327 Oak Ridge Hwy 

Knoxville, TN 37931 
 Telephone:
(866) 594-5999 
 With a copy to: 

David W. Bernstein 
 K&L Gates
LLP 
 599 Lexington Avenue 

New York, NY 10022 
 Telephone:
(212) 536-4029 
 If to the Corporation: 

Provectus Biopharmaceuticals, Inc. 

Attn: Board of Directors 
 7327
Oak Ridge Hwy 
 Knoxville, TN 37931 

Telephone: (866) 594-5999 

  
  

 

					
	Settlement and Release Agreement	  		  	Page 7

 With a copy to: 

Tonya Mitchem Grindon 
 Baker,
Donelson, Bearman, Caldwell & Berkowitz, PC 
 211 Commerce Street, Suite 800 

Nashville, TN 37201 
 Telephone:
(615) 726-5607 
 If notice required pursuant to Section 16 regarding amendments to this Agreement, with copies to: 

Plaintiffs’ Counsel of Record: 

Al Holifield, Esq. 

Holifield & Associates, PLLC 

11907 Kingston Pike, Suite 201 

Knoxville, TN 37934 
 Telephone:
(865) 566-0115 
 Eduard Korsinsky, Esq. 

Steven J. Purcell, Esq. 

Levi & Korsinsky 
 30
Broad Street, 24th Floor 
 New York, NY 10004 

Telephone: (212) 363-7500 

The SLC’s Counsel of Record: 

Robert J. Walker 
 John C.
Hayworth 
 Charles Malone 

Walker, Tipps & Malone PLC 

2300 One Nashville Place 
 150
Fourth Avenue North 
 Nashville, TN 37219 

Telephone: (615) 313-6000 
 Notice solely
by e-mail shall not be acceptable although a courtesy copy by e-mail is highly recommended. 
 23. Continuing Obligations. All
obligations of the Parties under this Agreement which are not fully performed as of the expiration or earlier termination of this Agreement shall survive the expiration or earlier termination of the underlying agreement. 

24. Section Headings. Headings are used for convenience only and are not intended and shall not be used in interpreting any
provisions of this Agreement. 

  
  

 

					
	Settlement and Release Agreement	  		  	Page 8

 IN WITNESS WHEREOF, the Parties have duly executed this Agreement as of the day and year set
forth below. 
  

			
	 PROVECTUS BIOPHARMACEUTICALS, INC.,

f/k/a PROVECTUS PHARMACEUTICALS, INC.

		
	By:	 	/s/ Jan E. Koe
		 	  

	Name:	 	Jan E. Koe
	Its:	 	Chairman, Special Litigation Committee
		
	Dated:	 	June 6, 2014
		 	  

	
	PETER R. CULPEPPER
	
	/s/ Peter R. Culpepper
	  

	Peter R. Culpepper
	Dated:	 	  

  

			
	APPROVED AND CONSENTED TO:
	
	PLAINTIFFS GLENN KLEBA AND DON B. DALE, DERIVATIVELY ON BEHALF OF PROVECTUS BIOPHARMACEUTICALS, INC.
	
	/s/ Al Holifield
	  

	By:	 	Steven Purcell and Al Holifield, Counsel to Plaintiffs
	Dated:	 	 13 May 2014

  
  

 

					
	Settlement and Release Agreement	  		  	Page 9

 Exhibit A 

STOCK PLEDGE AGREEMENT 

  
  

 
 Settlement and Release Agreement 

 STIPULATED SETTLEMENT AGREEMENT AND MUTUAL RELEASE 

This Stipulated Settlement Agreement and Mutual Release (hereinafter “Agreement”) is made and entered into by and between Provectus
Biopharmaceuticals, Inc., f/k/a Provectus Pharmaceuticals, Inc. (the “Corporation”) and Timothy C. Scott (hereinafter “Defendant”), and is consented to and approved by Glenn Kleba and Don B. Dale, derivatively on behalf of the
Corporation (the “Plaintiffs”) in Plaintiffs’ shareholder derivative lawsuit. Where appropriate, the Corporation, Defendant, and the Plaintiffs shall collectively be referred to as “the Parties.” 

RECITALS 
 WHEREAS:

 A. The Corporation is a Delaware corporation with its principal place of business at 7327 Oak Ridge Highway, Suite A, Knoxville, TN
37931. 
 B. On or about January 4, 2013, Plaintiff Glenn Kleba, acting by and through counsel, filed a case titled Glenn Kleba,
derivatively on behalf of nominal defendant Provectus Pharmaceuticals, Inc., v. H. Craig Dees et al., Civil Action No. 03-1-13, in the Circuit Court for Knox County, Tennessee (the “Lawsuit”). Plaintiffs subsequently filed an
Amended Complaint in the Lawsuit adding Don B. Dale as a party plaintiff. 
 C. On or about April 3, 2013, through a Consent Action By
Directors of Provectus Pharmaceuticals, Inc. (“Consent Action”), the Corporation formed a Special Litigation Committee (the “SLC”) and charged the SLC, among other things, “to consider, investigate, review, and analyze the
facts, allegations, and circumstances that are the subject of the Shareholder Derivative Lawsuit, as well as any additional facts, allegations, and circumstances that may be raised or put at issue in any related inquiry, investigation, or
proceeding” and to “consider and determine whether or not the prosecution of any claims described or asserted in the Shareholder Derivative Lawsuit or any other claims related to the facts, allegations, and circumstances of the Shareholder
Derivative Lawsuit is in the best interest of the Corporation and its shareholders, and what action the Corporation should take with respect thereto, including a determination of whether the maintenance of a derivative proceeding with respect to any
such claims is or is not in the best interests of the Corporation.” 
 D. After thorough investigation and extensive deliberation, the
SLC unanimously concluded that it was in the best interests of the Corporation and its stockholders to settle the Lawsuit on certain terms and conditions. Defendants agreed to compromise and settle the Lawsuit on such terms and conditions, and
Plaintiffs approved and consented to the proposed settlement on such terms and conditions. 
 E. On or about March 6, 2014, the Parties
filed with the Court a Joint Notice in the Lawsuit (the “Joint Notice”) providing notice that they had agreed to the terms, subject to additional definitive documentation, of a settlement evidenced by the execution of a Binding Settlement
Term Sheet Agreement. 
 F. The Parties have agreed to settle the Lawsuit on the terms set forth in this Agreement, and in the associated
Stock Pledge Agreement attached as Exhibit A and Option Rescission Agreement attached as Exhibit B (collectively, the “Settlement Documents”). 

G. As set forth in Section 6 hereof, the settlement set forth herein and in the Settlement Documents is conditioned upon and subject to
final approval of the Court in the Lawsuit, which approval shall be sought by joint motion of the Parties. 

  
  

 
 Settlement and Release Agreement 

 TERMS 

1. No Admission of Liability. The Parties agree and acknowledge that this Agreement is intended as a compromise of matters
involving disputed issues, and that nothing in this Agreement nor the negotiations for this Agreement (including all statements or communications related thereto) by the Parties or their attorneys may be considered an admission of liability or
wrongdoing. 
 2. Cash Payments to the Corporation. 
  

	 	(A)	As Related to Prior Cash Bonus Compensation: Defendant agrees and obligates himself to pay to the Corporation TWO MILLION TWO HUNDRED FORTY THOUSAND DOLLARS AND NO/100 ($2,240,000.00) (the “Total Repayment
Amount”), except that: 

  

	 	(1)	Subject to the satisfaction in full of the conditions set forth in Section 2(C) below and Section 2(A)(2), Defendant shall be entitled to a two-for-one (2:1) credit on the Total Repayment Amount such that
his repayment obligation to the Corporation for the Total Repayment Amount shall instead be ONE MILLION ONE HUNDRED TWENTY THOUSAND DOLLARS AND NO/100 ($1,120,000.00) (the “Reduced Repayment Amount”). 

 

	 	(2)	To be entitled to the Reduced Repayment Amount instead of the Total Repayment Amount, Defendant must 

  

	 	(a)	make all payments of the Reduced Repayment Amount required in this Agreement timely and pursuant to the terms set forth in Section 2(C); and 

 

	 	(b)	remain employed by the Company until December 31, 2018, except that termination of Defendant’s employment prior to such date shall not affect Defendant’s right to the Reduced Repayment Amount if such
termination is (i) a termination by the Corporation without “Cause” (or any substantively similar provisions as set forth in Defendant’s then-governing employment agreement with the Corporation); (ii) a resignation by
Defendant “For Good Reason” (or any substantively similar provisions as set forth in Defendant’s then-governing employment agreement with the Corporation); or (iii) the result of Defendant’s death or disability.

  
  

 

					
	Settlement and Release Agreement	  		  	Page 2

	 	(B)	As Related to the Litigation Costs of the Shareholder Derivative Lawsuit: 

  

	 	(1)	Defendant shall also be obligated to pay TWENTY-FIVE PERCENT (25%) of the Litigation Costs incurred as a result of the Lawsuit. “Litigation Costs” shall be defined as (i) all fees and expenses of the
SLC, including but not limited to the fees and expenses of the SLC’s counsel, PLUS (ii) the fees and expenses of the Corporation’s counsel, Baker Donelson Bearman Caldwell & Berkowitz, P.C., in connection with and
directly related to the Shareholder Derivative Lawsuit, PLUS (iii) the fees and expenses of Plaintiffs, including but not limited to the fees and expenses of Plaintiffs’ counsel, MINUS (iv) any insurance proceeds
offsetting or covering the foregoing costs. For the avoidance of doubt, the obligation to repay any portion of Litigation Costs is not entitled to any 2:1 credit. 

 

	 	(2)	No later than within thirty (30) days of the later of (a) Court approval of the settlement and (b) an agreement by the Parties and the other required defendants in the Lawsuit, or a decision of the Court,
as to the amount of fees and expenses of Plaintiffs (including attorneys’ fees); the Parties, including the SLC, shall agree on a final Litigation Costs Settlement Statement which shall set forth the total Litigation Costs for purposes of this
Agreement. 

  

	 	(C)	Terms of Cash Repayment. The “Cash Repayment Obligations” shall equal (i) the Reduced Repayment Amount (or the Total Repayment Amount if Defendant fails to satisfy the conditions set forth in
Section 2(A) and this Section 2(C)) PLUS (ii) the Litigation Costs set forth above in Section 2(B). 

  

	 	(1)	Term / Annual Minimum: 

  

	 	(a)	The Cash Repayment Obligations shall be paid in full by Defendant within five (5) years from the date of this Agreement. 

  

	 	(b)	Defendant shall pay a minimum of $200,000.00 per year to the Corporation towards the Cash Repayment Obligations. Defendant authorizes and agrees that, so long as Defendant is employed by the Corporation, the Corporation
shall retain from Defendant’s annual salary the sum of $200,000 per year to be applied toward the Cash Repayment Obligations, which amount shall be withheld from each salary payment on a pro rata basis in accordance with the
Corporation’s payroll policies and procedures. 

  
  

 

					
	Settlement and Release Agreement	  		  	Page 3

	 	(2)	Acceleration of Payment: All Cash Repayment Obligations outstanding under this Agreement shall become immediately due and payable by Defendant and shall bear an annual interest rate of ten percent (10%) or
the maximum allowed by law, whichever is less, upon the occurrence of any one or more of the following: (a) Defendant materially breaches the terms of this Agreement and does not cure such breach within thirty (30) days after notice from
the Company that failure to cure the breach will result in acceleration of all cash repayment obligations; or (b) Defendant’s employment with the Corporation is terminated prior to December 31, 2018 for any reason other than those set
forth in Paragraph 2(a)(2)(b). 

  

	 	(3)	Security: Defendant agrees to grant the Corporation a first-priority security interest in ONE MILLION (1,000,000) shares of Corporation’s common stock beneficially owned by Defendant (the “Common
Stock”) to serve as collateral for the Cash Repayment Obligations owing and due to Corporation pursuant to the terms and conditions set forth in the Stock Pledge Agreement, the form of which is attached hereto as Exhibit A.

  

	 	(4)	Prepayment. Defendant shall be entitled to pay in full all Cash Repayment Obligations due and owing pursuant to this Agreement at any time prior to the expiration of the five-year period; provided, however,
prepayment of such amounts shall not relieve Defendant of the obligations set forth in Section 2(A)(2) of this Agreement to remain employed by the Corporation until December 31, 2018. For purposes of clarification, even if Defendant has
paid all Cash Repayment Obligations due hereunder prior to the expiration of the five-year period, in the event Defendant’s employment with the Corporation is terminated prior to December 31, 2018 for any reason other than those set forth
in Paragraph 2(a)(2)(b), Defendant will owe the Corporation the Total Repayment Amount (minus any payments theretofore made by Defendant with regard to the Reduced Repayment Amount or the Total Repayment Amount). 

3. Rescission of Certain Stock Options. Defendant agrees that the Corporation shall rescind FIFTY PERCENT (50%) of the
Non-Qualified Stock Options granted to Defendant in both 2010 and 2011, pursuant to the Option Rescission Agreement, the form of which is attached hereto as Exhibit B. The Parties agree that the remaining Non-Qualified Stock Options, and all
the Incentive Stock Options, granted to Defendant in 2010 and 2011 are valid and enforceable, according to their terms. 
 4. New or
Restated Employment Agreement Between Defendant and the Corporation. Defendant agrees that, to the extent such has not already been completed in 2014, he will within ninety (90) days of the Effective Date of this Agreement enter into a
new or restated employment agreement with the Corporation, which employment agreement be approved and adopted by the Compensation Committee of the Corporation’s Board of Directors acting with the advice and assistance of the Corporation’s
legal counsel. 

  
  

 

					
	Settlement and Release Agreement	  		  	Page 4

 5. Representations as to Corporate Governance. Defendant represents, warrants, and
covenants as part of this settlement that he – in his individual capacity as an officer, director, and/or shareholder of the Corporation – will (a) take all actions necessary and proper for the Corporation to satisfy the SLC’s
recommendations with respect to improvements in the corporate governance of the Corporation (as set forth in Exhibit C to this Agreement, and as approved by Plaintiffs) and (b) will not otherwise take any action contrary to the
SLC’s recommendations or contrary to the governance of the Corporation in a manner consistent with his fiduciary duties to the Corporation and its shareholders. 

6. Court Approval / Effective Date of Settlement. The settlement, and this Agreement, shall become final and binding upon the
Parties only if it is approved by the Court in the Lawsuit. The effective date of the settlement and this Agreement (the “Effective Date”) shall be the date that the Final Approval Order shall be final and not subject to appeal pursuant to
the Tennessee Rules of Civil Procedure and other applicable law. In the event the settlement is not approved by the Court, the settlement and this Agreement will be of no force and effect, and shall not be binding on any Party. 

7. Plaintiffs’ Fees and Expenses. Within ninety (90) days of Court approval of this settlement or Court award of fees
and expenses to Plaintiffs (whichever is later), the Corporation shall pay to Plaintiffs an amount of attorneys fees, expenses and other compensation (i) that has been agreed to by Plaintiffs, Defendants and the SLC; or, alternatively,
(ii) that has been ordered by the Court. Pursuant to Section 2(B), such payment shall be part of the Litigation Costs to be borne in part by Defendant. 

8. Dismissal of the Lawsuit With Prejudice. Pursuant to the terms of the Final Approval Order and the Joint Motion for Approval,
the Lawsuit shall be dismissed with prejudice. The Parties acknowledge and agree that dismissal of the Lawsuit and the terms of this Agreement form good and sufficient consideration, and that none of the Parties is entitled to receive any money or
additional consideration from any other party in connection with the Lawsuit other than as expressly provided in this Agreement. 
 9.
Mutual Release. Upon the Effective Date of this Agreement and excluding causes of action that arise out of the breach of this Agreement, the Parties shall be deemed to have forever released and discharged each other and each of their
related entities, predecessors, successors, affiliates, attorneys, guarantors, and past and present officers, directors, employees, agents, shareholders, members, and trustees (hereinafter the “Released Parties”) from any and all payments,
damages, costs, fees, claims, counterclaims, demands, actions, causes of action, claims of appeal, obligations, penalties and losses, known or unknown, contingent or accrued, now existing or hereafter arising, which relate in any way to the issues
alleged, or to compensation related issues that could have been alleged, in the Lawsuit This release does not and shall not apply to or operate to release any claims arising out of the Parties’ respective obligations in the Settlement
Documents. 

  
  

 

					
	Settlement and Release Agreement	  		  	Page 5

 10. Reliance on Own Judgment; Authority to Sign. The Parties to this Agreement
agree that: (1) no promises or inducements have been made except as set forth herein; (2) they are competent and authorized to execute this Agreement; (3) they execute this Agreement knowingly and voluntarily and accept responsibility
therefor; and (4) they have been represented by competent legal counsel of such party’s own choice with regard to this Agreement, or have otherwise had the opportunity to consult with a legal counsel of such party’s own choice, and
that all Parties fully understand the same. 
 11. Binding Effect. This Agreement shall be binding upon and benefit the
Parties and their respective heirs, executors, personal representatives, successors and assigns. 
 12. Counterparts and Execution by
Facsimile / Scanned Image. This Agreement may be executed in several counterparts, each of which shall be deemed an original, and all of which shall constitute one and the same instrument. Signatures by facsimile or scanned image shall be
accepted as originals. 
 13. Entire Agreement. The Parties hereto acknowledge they have read this Agreement and freely and
voluntarily agree to be bound by its terms. The Parties further agree that the Settlement Documents constitute the complete and the exclusive written expression of the terms of the entire settlement between the Parties and supersede all prior or
contemporaneous proposals, oral or written, understandings, representations, conditions, warranties, covenants and all other communications between the Parties relating to the subject matter of the Settlement Documents. 

14. Governing Law and Forum. This Agreement shall be construed and enforced in accordance with the laws of the State of
Tennessee. The Parties hereby consent to the jurisdiction of the Knox County Circuit Court for the resolution of any and all claims or disputes arising out of the subject matter of this Agreement. The Parties irrevocably waive any right to bring or
to remove any action arising or in any way connected to this Agreement to federal court. 
 15. Default by Defendant. In the
event of any default by Defendant with respect to any term(s) of this Agreement, the Pledge Agreement, or the Option Rescission Agreement, the Corporation shall be entitled to recover all costs and reasonable attorney fees incurred in the
enforcement of the Corporation’s rights in such agreements. 
 16. Amendments. This Agreement may only be amended by a
writing signed by the Defendant and the Corporation, and written notice of such amendment shall be provided to Plaintiffs’ counsel of record in the Lawsuit and the SLC’s counsel of record. 

17. Severability. In the event any provision of this Agreement shall be found to be unenforceable or invalid, such provision
shall be severed from this Agreement and the of the Agreement shall remain fully valid and enforceable. 
 18. Construction.
Each of the Parties to this Agreement represents that it has legal counsel representing it with respect to this Agreement. The Parties acknowledge and agree that each party has participated in the drafting of this Agreement and that the normal rules
of construction to the effect that any ambiguities are to be resolved against the drafting party shall 

  
  

 

					
	Settlement and Release Agreement	  		  	Page 6

 
not apply to the interpretation of this Agreement. No inference in favor of, or against, any party shall be drawn by the fact that one party has drafted any portion hereof. The Parties also
represent that they have had full opportunity to review the terms of this Agreement and have willingly consented to the terms set forth herein. 

19. Waiver. Failure by either party to enforce any of its rights hereunder on any particular occasion shall not constitute a
waiver of such rights on any subsequent occasion. 
 20. Actions Necessary to Complete Transaction. Each of the Parties hereby
agrees to execute and deliver all such other documents or instruments and take any action as may be reasonably required in order to effectuate the transactions contemplated by this Agreement. 

21. Tax Matters. Each of the Parties represents and declares that it has either received or has been afforded the opportunity to
obtain its own professional tax advice. Each of the Parties shall be responsible for its own reporting to the tax authorities and shall be responsible for its own taxes that may arise as a result of this Agreement. 

22. Notices. All notices, requests, demands or other communications required or permitted hereunder shall be given in writing
and personally delivered or sent by certified or registered mail, return receipt requested, postage prepaid, or by a nationally recognized overnight courier service (e.g., Federal Express, UPS, etc.), to the Parties’ address set forth
below: 
 If to Defendant: 

Timothy C. Scott 
 Provectus
Biopharmaceuticals, Inc. 
 7327 Oak Ridge Hwy 

Knoxville, TN 37931 
 Telephone:
(866) 594-5999 
 With a copy to: 

David W. Bernstein 
 K&L Gates
LLP 
 599 Lexington Avenue 

New York, NY 10022 
 Telephone:
(212) 536-4029 
 If to the Corporation: 

Provectus Biopharmaceuticals, Inc. 

Attn: Board of Directors 
 7327
Oak Ridge Hwy 
 Knoxville, TN 37931 

Telephone: (866) 594-5999 

  
  

 

					
	Settlement and Release Agreement	  		  	Page 7

 With a copy to: 

Tonya Mitchem Grindon 
 Baker,
Donelson, Bearman, Caldwell & Berkowitz, PC 
 211 Commerce Street, Suite 800 

Nashville, TN 37201 
 Telephone:
(615) 726-5607 
 If notice required pursuant to Section 16 regarding amendments to this Agreement, with copies to: 

Plaintiffs’ Counsel of Record: 

Al Holifield, Esq. 

Holifield & Associates, PLLC 

11907 Kingston Pike, Suite 201 

Knoxville, TN 37934 
 Telephone:
(865) 566-0115 
 Eduard Korsinsky, Esq. 

Steven J. Purcell, Esq. 

Levi & Korsinsky 
 30
Broad Street, 24th Floor 
 New York, NY 10004 

Telephone: (212) 363-7500 

The SLC’s Counsel of Record: 

Robert J. Walker 
 John C.
Hayworth 
 Charles Malone 

Walker, Tipps & Malone PLC 

2300 One Nashville Place 
 150
Fourth Avenue North 
 Nashville, TN 37219 

Telephone: (615) 313-6000 
 Notice solely
by e-mail shall not be acceptable although a courtesy copy by e-mail is highly recommended. 
 23. Continuing Obligations. All
obligations of the Parties under this Agreement which are not fully performed as of the expiration or earlier termination of this Agreement shall survive the expiration or earlier termination of the underlying agreement. 

24. Section Headings. Headings are used for convenience only and are not intended and shall not be used in interpreting any
provisions of this Agreement. 

  
  

 

					
	Settlement and Release Agreement	  		  	Page 8

 IN WITNESS WHEREOF, the Parties have duly executed this Agreement as of the day and year set
forth below. 
  

			
	 PROVECTUS BIOPHARMACEUTICALS, INC.,

f/k/a PROVECTUS PHARMACEUTICALS, INC.

		
	By:	 	/s/ Jan E. Koe
		 	  

	Name:	 	Jan E. Koe
	Its:	 	Chairman, Special Litigation Committee
	Dated:	 	June 6, 2014
		 	  

	
	TIMOTHY C. SCOTT
	
	/s/ Timothy C. Scott
	  

	Timothy C. Scott
	Dated:	 	  

	
	APPROVED AND CONSENTED TO:
	
	PLAINTIFFS GLENN KLEBA AND DON B. DALE, DERIVATIVELY ON BEHALF OF PROVECTUS BIOPHARMACEUTICALS, INC.
	
	/s/ Al Holifield
	  

	By:	 	Steven Purcell and Al Holifield, Counsel to Plaintiffs
	Dated:	 	 13 May 2014

  
  

 

					
	Settlement and Release Agreement	  		  	Page 9

 Exhibit A 

STOCK PLEDGE AGREEMENT 

  
  

 
 Settlement and Release Agreement 

 STIPULATED SETTLEMENT AGREEMENT AND MUTUAL RELEASE 

This Stipulated Settlement Agreement and Mutual Release (hereinafter “Agreement”) is made and entered into by and between Provectus
Biopharmaceuticals, Inc., f/k/a Provectus Pharmaceuticals, Inc. (the “Corporation”) and H. Craig Dees (hereinafter “Defendant”), and is consented to and approved by Glenn Kleba and Don B. Dale, derivatively on behalf of the
Corporation (the “Plaintiffs”) in Plaintiffs’ shareholder derivative lawsuit. Where appropriate, the Corporation, Defendant, and the Plaintiffs shall collectively be referred to as “the Parties.” 

RECITALS 
 WHEREAS:

 A. The Corporation is a Delaware corporation with its principal place of business at 7327 Oak Ridge Highway, Suite A, Knoxville, TN
37931. 
 B. On or about January 4, 2013, Plaintiff Glenn Kleba, acting by and through counsel, filed a case titled Glenn Kleba,
derivatively on behalf of nominal defendant Provectus Pharmaceuticals, Inc., v. H. Craig Dees et al., Civil Action No. 03-1-13, in the Circuit Court for Knox County, Tennessee (the “Lawsuit”). Plaintiffs subsequently filed an
Amended Complaint in the Lawsuit adding Don B. Dale as a party plaintiff. 
 C. On or about April 3, 2013, through a Consent Action By
Directors of Provectus Pharmaceuticals, Inc. (“Consent Action”), the Corporation formed a Special Litigation Committee (the “SLC”) and charged the SLC, among other things, “to consider, investigate, review, and analyze the
facts, allegations, and circumstances that are the subject of the Shareholder Derivative Lawsuit, as well as any additional facts, allegations, and circumstances that may be raised or put at issue in any related inquiry, investigation, or
proceeding” and to “consider and determine whether or not the prosecution of any claims described or asserted in the Shareholder Derivative Lawsuit or any other claims related to the facts, allegations, and circumstances of the Shareholder
Derivative Lawsuit is in the best interest of the Corporation and its shareholders, and what action the Corporation should take with respect thereto, including a determination of whether the maintenance of a derivative proceeding with respect to any
such claims is or is not in the best interests of the Corporation.” 
 D. After thorough investigation and extensive deliberation, the
SLC unanimously concluded that it was in the best interests of the Corporation and its stockholders to settle the Lawsuit on certain terms and conditions. Defendants agreed to compromise and settle the Lawsuit on such terms and conditions, and
Plaintiffs approved and consented to the proposed settlement on such terms and conditions. 
 E. On or about March 6, 2014, the Parties
filed with the Court a Joint Notice in the Lawsuit (the “Joint Notice”) providing notice that they had agreed to the terms, subject to additional definitive documentation, of a settlement evidenced by the execution of a Binding Settlement
Term Sheet Agreement. 
 F. The Parties have agreed to settle the Lawsuit on the terms set forth in this Agreement, and in the associated
Stock Pledge Agreement attached as Exhibit A and Option Rescission Agreement attached as Exhibit B (collectively, the “Settlement Documents”). 

G. As set forth in Section 6 hereof, the settlement set forth herein and in the Settlement Documents is conditioned upon and subject to
final approval of the Court in the Lawsuit, which approval shall be sought by joint motion of the Parties. 

  
  

 
 Settlement and Release Agreement 

 TERMS 

1. No Admission of Liability. The Parties agree and acknowledge that this Agreement is intended as a compromise of matters
involving disputed issues, and that nothing in this Agreement nor the negotiations for this Agreement (including all statements or communications related thereto) by the Parties or their attorneys may be considered an admission of liability or
wrongdoing. 
 2. Cash Payments to the Corporation. 
  

	 	(A)	As Related to Prior Cash Bonus Compensation: Defendant agrees and obligates himself to pay to the Corporation TWO MILLION TWO HUNDRED FORTY THOUSAND DOLLARS AND NO/100 ($2,240,000.00) (the “Total Repayment
Amount”), except that: 

  

	 	(1)	Subject to the satisfaction in full of the conditions set forth in Section 2(C) below and Section 2(A)(2), Defendant shall be entitled to a two-for-one (2:1) credit on the Total Repayment Amount such that
his repayment obligation to the Corporation for the Total Repayment Amount shall instead be ONE MILLION ONE HUNDRED TWENTY THOUSAND DOLLARS AND NO/100 ($1,120,000.00) (the “Reduced Repayment Amount”). 

 

	 	(2)	To be entitled to the Reduced Repayment Amount instead of the Total Repayment Amount, Defendant must 

  

	 	(a)	make all payments of the Reduced Repayment Amount required in this Agreement timely and pursuant to the terms set forth in Section 2(C); and 

 

	 	(b)	remain employed by the Company until December 31, 2018, except that termination of Defendant’s employment prior to such date shall not affect Defendant’s right to the Reduced Repayment Amount if such
termination is (i) a termination by the Corporation without “Cause” (or any substantively similar provisions as set forth in Defendant’s then-governing employment agreement with the Corporation); (ii) a resignation by
Defendant “For Good Reason” (or any substantively similar provisions as set forth in Defendant’s then-governing employment agreement with the Corporation); or (iii) the result of Defendant’s death or disability.

  
  

 

					
	Settlement and Release Agreement	  		  	Page 2

	 	(B)	As Related to the Litigation Costs of the Shareholder Derivative Lawsuit: 

  

	 	(1)	Defendant shall also be obligated to pay TWENTY-FIVE PERCENT (25%) of the Litigation Costs incurred as a result of the Lawsuit. “Litigation Costs” shall be defined as (i) all fees and expenses of the
SLC, including but not limited to the fees and expenses of the SLC’s counsel, PLUS (ii) the fees and expenses of the Corporation’s counsel, Baker Donelson Bearman Caldwell & Berkowitz, P.C., in connection with and
directly related to the Shareholder Derivative Lawsuit, PLUS (iii) the fees and expenses of Plaintiffs, including but not limited to the fees and expenses of Plaintiffs’ counsel, MINUS (iv) any insurance proceeds
offsetting or covering the foregoing costs. For the avoidance of doubt, the obligation to repay any portion of Litigation Costs is not entitled to any 2:1 credit. 

 

	 	(2)	No later than within thirty (30) days of the later of (a) Court approval of the settlement and (b) an agreement by the Parties and the other required defendants in the Lawsuit, or a decision of the Court,
as to the amount of fees and expenses of Plaintiffs (including attorneys’ fees); the Parties, including the SLC, shall agree on a final Litigation Costs Settlement Statement which shall set forth the total Litigation Costs for purposes of this
Agreement. 

  

	 	(C)	Terms of Cash Repayment. The “Cash Repayment Obligations” shall equal (i) the Reduced Repayment Amount (or the Total Repayment Amount if Defendant fails to satisfy the conditions set forth in
Section 2(A) and this Section 2(C)) PLUS (ii) the Litigation Costs set forth above in Section 2(B). 

  

	 	(1)	Term / Annual Minimum: 

  

	 	(a)	The Cash Repayment Obligations shall be paid in full by Defendant within five (5) years from the date of this Agreement. 

  

	 	(b)	Defendant shall pay a minimum of $200,000.00 per year to the Corporation towards the Cash Repayment Obligations. Defendant authorizes and agrees that, so long as Defendant is employed by the Corporation, the Corporation
shall retain from Defendant’s annual salary the sum of $200,000 per year to be applied toward the Cash Repayment Obligations, which amount shall be withheld from each salary payment on a pro rata basis in accordance with the
Corporation’s payroll policies and procedures. 

  
  

 

					
	Settlement and Release Agreement	  		  	Page 3

	 	(2)	Acceleration of Payment: All Cash Repayment Obligations outstanding under this Agreement shall become immediately due and payable by Defendant and shall bear an annual interest rate of ten percent (10%) or
the maximum allowed by law, whichever is less, upon the occurrence of any one or more of the following: (a) Defendant materially breaches the terms of this Agreement and does not cure such breach within thirty (30) days after notice from
the Company that failure to cure the breach will result in acceleration of all cash repayment obligations; or (b) Defendant’s employment with the Corporation is terminated prior to December 31, 2018 for any reason other than those set
forth in Paragraph 2(a)(2)(b). 

  

	 	(3)	Security: Defendant agrees to grant the Corporation a first-priority security interest in ONE MILLION (1,000,000) shares of Corporation’s common stock beneficially owned by Defendant (the “Common
Stock”) to serve as collateral for the Cash Repayment Obligations owing and due to Corporation pursuant to the terms and conditions set forth in the Stock Pledge Agreement, the form of which is attached hereto as Exhibit A.

  

	 	(4)	Prepayment. Defendant shall be entitled to pay in full all Cash Repayment Obligations due and owing pursuant to this Agreement at any time prior to the expiration of the five-year period; provided, however,
prepayment of such amounts shall not relieve Defendant of the obligations set forth in Section 2(A)(2) of this Agreement to remain employed by the Corporation until December 31, 2018. For purposes of clarification, even if Defendant has
paid all Cash Repayment Obligations due hereunder prior to the expiration of the five-year period, in the event Defendant’s employment with the Corporation is terminated prior to December 31, 2018 for any reason other than those set forth
in Paragraph 2(a)(2)(b), Defendant will owe the Corporation the Total Repayment Amount (minus any payments theretofore made by Defendant with regard to the Reduced Repayment Amount or the Total Repayment Amount). 

3. Rescission of Certain Stock Options. Defendant agrees that the Corporation shall rescind FIFTY PERCENT (50%) of the
Non-Qualified Stock Options granted to Defendant in both 2010 and 2011, pursuant to the Option Rescission Agreement, the form of which is attached hereto as Exhibit B. The Parties agree that the remaining Non-Qualified Stock Options, and
all the Incentive Stock Options, granted to Defendant in 2010 and 2011 are valid and enforceable, according to their terms. 
 4. New
or Restated Employment Agreement Between Defendant and the Corporation. Defendant agrees that, to the extent such has not already been completed in 2014, he will within ninety (90) days of the Effective Date of this Agreement enter into
a new or restated employment agreement with the Corporation, which employment agreement shall be approved and adopted by the Compensation Committee of the Corporation’s Board of Directors acting with the advice and assistance of the
Corporation’s legal counsel. 

  
  

 

					
	Settlement and Release Agreement	  		  	Page 4

 5. Representations as to Corporate Governance. Defendant represents, warrants, and
covenants as part of this settlement that he – in his individual capacity as an officer, director, and/or shareholder of the Corporation – will (a) take all actions necessary and proper for the Corporation to satisfy the SLC’s
recommendations with respect to improvements in the corporate governance of the Corporation (as set forth in Exhibit C to this Agreement, and as approved by Plaintiffs) and (b) will not otherwise take any action contrary to the
SLC’s recommendations or contrary to the governance of the Corporation in a manner consistent with his fiduciary duties to the Corporation and its shareholders. 

6. Court Approval / Effective Date of Settlement. The settlement, and this Agreement, shall become final and binding upon the
Parties only if it is approved by the Court in the Lawsuit. The effective date of the settlement and this Agreement (the “Effective Date”) shall be the date that the Final Approval Order shall be final and not subject to appeal pursuant to
the Tennessee Rules of Civil Procedure and other applicable law. In the event the settlement is not approved by the Court, the settlement and this Agreement will be of no force and effect, and shall not be binding on any Party. 

7. Plaintiffs’ Fees and Expenses. Within ninety (90) days of Court approval of this settlement or Court award of fees
and expenses to Plaintiffs (whichever is later), the Corporation shall pay to Plaintiffs an amount of attorneys fees, expenses and other compensation (i) that has been agreed to by Plaintiffs, Defendants and the SLC; or, alternatively,
(ii) that has been ordered by the Court. Pursuant to Section 2(B), such payment shall be part of the Litigation Costs to be borne in part by Defendant. 

8. Dismissal of the Lawsuit With Prejudice. Pursuant to the terms of the Final Approval Order and the Joint Motion for Approval,
the Lawsuit shall be dismissed with prejudice. The Parties acknowledge and agree that dismissal of the Lawsuit and the terms of this Agreement form good and sufficient consideration, and that none of the Parties is entitled to receive any money or
additional consideration from any other party in connection with the Lawsuit other than as expressly provided in this Agreement. 
 9.
Mutual Release. Upon the Effective Date of this Agreement and excluding causes of action that arise out of the breach of this Agreement, the Parties shall be deemed to have forever released and discharged each other and each of their
related entities, predecessors, successors, affiliates, attorneys, guarantors, and past and present officers, directors, employees, agents, shareholders, members, and trustees (hereinafter the “Released Parties”) from any and all payments,
damages, costs, fees, claims, counterclaims, demands, actions, causes of action, claims of appeal, obligations, penalties and losses, known or unknown, contingent or accrued, now existing or hereafter arising, which relate in any way to the issues
alleged, or to compensation related issues that could have been alleged, in the Lawsuit. This release does not and shall not apply to or operate to release any claims arising out of the Parties’ respective obligations in the Settlement
Documents. 

  
  

 

					
	Settlement and Release Agreement	  		  	Page 5

 10. Reliance on Own Judgment; Authority to Sign. The Parties to this Agreement
agree that: (1) no promises or inducements have been made except as set forth herein; (2) they are competent and authorized to execute this Agreement; (3) they execute this Agreement knowingly and voluntarily and accept responsibility
therefor; and (4) they have been represented by competent legal counsel of such party’s own choice with regard to this Agreement, or have otherwise had the opportunity to consult with a legal counsel of such party’s own choice, and
that all Parties fully understand the same. 
 11. Binding Effect. This Agreement shall be binding upon and benefit the
Parties and their respective heirs, executors, personal representatives, successors and assigns. 
 12. Counterparts and Execution by
Facsimile / Scanned Image. This Agreement may be executed in several counterparts, each of which shall be deemed an original, and all of which shall constitute one and the same instrument. Signatures by facsimile or scanned image shall be
accepted as originals. 
 13. Entire Agreement. The Parties hereto acknowledge they have read this Agreement and freely and
voluntarily agree to be bound by its terms. The Parties further agree that the Settlement Documents constitute the complete and the exclusive written expression of the terms of the entire settlement between the Parties and supersede all prior or
contemporaneous proposals, oral or written, understandings, representations, conditions, warranties, covenants and all other communications between the Parties relating to the subject matter of the Settlement Documents. 

14. Governing Law and Forum. This Agreement shall be construed and enforced in accordance with the laws of the State of
Tennessee. The Parties hereby consent to the jurisdiction of the Knox County Circuit Court for the resolution of any and all claims or disputes arising out of the subject matter of this Agreement. The Parties irrevocably waive any right to bring or
to remove any action arising or in any way connected to this Agreement to federal court. 
 15. Default by Defendant. In the
event of any default by Defendant with respect to any term(s) of this Agreement, the Pledge Agreement, or the Option Rescission Agreement, the Corporation shall be entitled to recover all costs and reasonable attorney fees incurred in the
enforcement of the Corporation’s rights in such agreements. 
 16. Amendments. This Agreement may only be amended by a
writing signed by the Defendant and the Corporation, and written notice of such amendment shall be provided to Plaintiffs’ counsel of record in the Lawsuit and the SLC’s counsel of record. 

17. Severability. In the event any provision of this Agreement shall be found to be unenforceable or invalid, such provision
shall be severed from this Agreement and the balance of the Agreement shall remain fully valid and enforceable. 
 18.
Construction. Each of the Parties to this Agreement represents that it has legal counsel representing it with respect to this Agreement. The Parties acknowledge and agree that each party has participated in the drafting of this
Agreement and that the normal rules of construction to the effect that any ambiguities are to be resolved against the drafting party shall 

  
  

 

					
	Settlement and Release Agreement	  		  	Page 6

 
not apply to the interpretation of this Agreement. No inference in favor of, or against, any party shall be drawn by the fact that one party has drafted any portion hereof. The Parties also
represent that they have had full opportunity to review the terms of this Agreement and have willingly consented to the terms set forth herein. 

19. Waiver. Failure by either party to enforce any of its rights hereunder on any particular occasion shall not constitute a
waiver of such rights on any subsequent occasion. 
 20. Actions Necessary to Complete Transaction. Each of the Parties hereby
agrees to execute and deliver all such other documents or instruments and take any action as may be reasonably required in order to effectuate the transactions contemplated by this Agreement. 

21. Tax Matters. Each of the Parties represents and declares that it has either received or has been afforded the opportunity to
obtain its own professional tax advice. Each of the Parties shall be responsible for its own reporting to the tax authorities and shall be responsible for its own taxes that may arise as a result of this Agreement. 

22. Notices. All notices, requests, demands or other communications required or permitted hereunder shall be given in writing
and personally delivered or sent by certified or registered mail, return receipt requested, postage prepaid, or by a nationally recognized overnight courier service (e.g., Federal Express, UPS, etc.), to the Parties’ address set forth
below: 
 If to Defendant: 
 H.
Craig Dees 
 Provectus Biopharmaceuticals, Inc. 

7327 Oak Ridge Hwy 
 Knoxville, TN
37931 
 Telephone: (866) 594-5999 

With a copy to: 
 David W.
Bernstein 
 K&L Gates LLP 

599 Lexington Avenue 
 New York,
NY 10022 
 Telephone: (212) 536-4029 

If to the Corporation: 
 Provectus
Biopharmaceuticals, Inc. 
 Attn: Board of Directors 

7327 Oak Ridge Hwy 
 Knoxville, TN
37931 
 Telephone: (866) 594-5999 

  
  

 

					
	Settlement and Release Agreement	  		  	Page 7

 With a copy to: 

Tonya Mitchem Grindon 
 Baker,
Donelson, Bearman, Caldwell & Berkowitz, PC 
 211 Commerce Street, Suite 800 

Nashville, TN 37201 
 Telephone:
(615) 726-5607 
 If notice required pursuant to Section 16 regarding amendments to this Agreement, with copies to: 

Plaintiffs’ Counsel of Record: 

Al Holifield, Esq. 

Holifield & Associates, PLLC 

11907 Kingston Pike, Suite 201 

Knoxville, TN 37934 
 Telephone:
(865) 566-0115 
 Eduard Korsinsky, Esq. 

Steven J. Purcell, Esq. 

Levi & Korsinsky 
 30
Broad Street, 24th Floor 
 New York, NY 10004 

Telephone: (212) 363-7500 

The SLC’s Counsel of Record: 

Robert J. Walker 
 John C.
Hayworth 
 Charles Malone 

Walker, Tipps & Malone PLC 

2300 One Nashville Place 
 150
Fourth Avenue North 
 Nashville, TN 37219 

Telephone: (615) 313-6000 
 Notice solely
by e-mail shall not be acceptable although a courtesy copy by e-mail is highly recommended. 
 23. Continuing Obligations. All
obligations of the Parties under this Agreement which are not fully performed as of the expiration or earlier termination of this Agreement shall survive the expiration or earlier termination of the underlying agreement. 

24. Section Headings. Headings are used for convenience only and are not intended and shall not be used in interpreting any
provisions of this Agreement. 

  
  

 

					
	Settlement and Release Agreement	  		  	Page 8

 IN WITNESS WHEREOF, the Parties have duly executed this Agreement as of the day and year set
forth below. 
  

			
	PROVECTUS BIOPHARMACEUTICALS, INC., f/k/a PROVECTUS PHARMACEUTICALS, INC.
		
	By:	 	/s/ Jan E. Koe
		 	  

	Name:	 	Jan E. Koe
	Its:	 	Chairman, Special Litigation Committee
	Dated:	 	June 6, 2014
		 	  

	
	H. CRAIG DEES
	
	/s/ H Craig Dees
	  

	H Craig Dees
	Dated:	 	
		 	  

	
	APPROVED AND CONSENTED TO:
	
	PLAINTIFFS GLENN KLEBA AND DON B. DALE, DERIVATIVELY ON BEHALF OF PROVECTUS BIOPHARMACEUTICALS, INC.
	
	/s/ Al Holifield
	  

	By:	 	Steven Purcell and Al Holifield, Counsel to Plaintiffs
	Dated:	 	13 May 2014
		 	  

  
  

 

					
	Settlement and Release Agreement	  		  	Page 9

 Exhibit A 

STOCK PLEDGE AGREEMENT 

  
  

 
 Settlement and Release Agreement 

 STIPULATED SETTLEMENT AGREEMENT AND MUTUAL RELEASE 

This Stipulated Settlement Agreement and Mutual Release (hereinafter “Agreement”) is made and entered into by and between Provectus
Biopharmaceuticals, Inc., f/k/a Provectus Pharmaceuticals, Inc. (the “Corporation”) and Eric A. Wachter (hereinafter “Defendant”), and is consented to and approved by Glenn Kleba and Don B. Dale, derivatively on behalf of the
Corporation (the “Plaintiffs”) in Plaintiffs’ shareholder derivative lawsuit. Where appropriate, the Corporation, Defendant, and the Plaintiffs shall collectively be referred to as “the Parties.” 

RECITALS 
 WHEREAS:

 A. The Corporation is a Delaware corporation with its principal place of business at 7327 Oak Ridge Highway, Suite A, Knoxville, TN
37931. 
 B. On or about January 4, 2013, Plaintiff Glenn Kleba, acting by and through counsel, filed a case titled Glenn Kleba,
derivatively on behalf of nominal defendant Provectus Pharmaceuticals, Inc., v. H. Craig Dees et al., Civil Action No. 03-1-13, in the Circuit Court for Knox County, Tennessee (the “Lawsuit”). Plaintiffs subsequently filed an
Amended Complaint in the Lawsuit adding Don B. Dale as a party plaintiff. 
 C. On or about April 3, 2013, through a Consent Action By
Directors of Provectus Pharmaceuticals, Inc. (“Consent Action”), the Corporation formed a Special Litigation Committee (the “SLC”) and charged the SLC, among other things, “to consider, investigate, review, and analyze the
facts, allegations, and circumstances that are the subject of the Shareholder Derivative Lawsuit, as well as any additional facts, allegations, and circumstances that may be raised or put at issue in any related inquiry, investigation, or
proceeding” and to “consider and determine whether or not the prosecution of any claims described or asserted in the Shareholder Derivative Lawsuit or any other claims related to the facts, allegations, and circumstances of the Shareholder
Derivative Lawsuit is in the best interest of the Corporation and its shareholders, and what action the Corporation should take with respect thereto, including a determination of whether the maintenance of a derivative proceeding with respect to any
such claims is or is not in the best interests of the Corporation.” 
 D. After thorough investigation and extensive deliberation, the
SLC unanimously concluded that it was in the best interests of the Corporation and its stockholders to settle the Lawsuit on certain terms and conditions. Defendants agreed to compromise and settle the Lawsuit on such terms and conditions, and
Plaintiffs approved and consented to the proposed settlement on such terms and conditions. 
 E. On or about March 6, 2014, the Parties
filed with the Court a Joint Notice in the Lawsuit (the “Joint Notice”) providing notice that they had agreed to the terms, subject to additional definitive documentation, of a settlement evidenced by the execution of a Binding Settlement
Term Sheet Agreement. 
 F. The Parties have agreed to settle the Lawsuit on the terms set forth in this Agreement, and in the associated
Stock Pledge Agreement attached as Exhibit A and Option Rescission Agreement attached as Exhibit B (collectively, the “Settlement Documents”). 

G. As set forth in Section 6 hereof, the settlement set forth herein and in the Settlement Documents is conditioned upon and subject to
final approval of the Court in the Lawsuit, which approval shall be sought by joint motion of the Parties. 

  
  

 
 Settlement and Release Agreement 

 TERMS 

1. No Admission of Liability. The Parties agree and acknowledge that this Agreement is intended as a compromise of matters
involving disputed issues, and that nothing in this Agreement nor the negotiations for this Agreement (including all statements or communications related thereto) by the Parties or their attorneys may be considered an admission of liability or
wrongdoing. 
 2. Cash Payments to the Corporation. 
  

	 	(A)	As Related to Prior Cash Bonus Compensation: Defendant agrees and obligates himself to pay to the Corporation TWO MILLION TWO HUNDRED FORTY THOUSAND DOLLARS AND NO/100 ($2,240,000.00) (the “Total Repayment
Amount”), except that: 

  

	 	(1)	Subject to the satisfaction in full of the conditions set forth in Section 2(C) below and Section 2(A)(2), Defendant shall be entitled to a two-for-one (2:1) credit on the Total Repayment Amount such that
his repayment obligation to the Corporation for the Total Repayment Amount shall instead be ONE MILLION ONE HUNDRED TWENTY THOUSAND DOLLARS AND NO/100 ($1,120,000.00) (the “Reduced Repayment Amount”). 

 

	 	(2)	To be entitled to the Reduced Repayment Amount instead of the Total Repayment Amount, Defendant must 

  

	 	(a)	make all payments of the Reduced Repayment Amount required in this Agreement timely and pursuant to the terms set forth in Section 2(C); and 

 

	 	(b)	remain employed by the Company until December 31, 2018, except that termination of Defendant’s employment prior to such date shall not affect Defendant’s right to the Reduced Repayment Amount if such
termination is (i) a termination by the Corporation without “Cause” (or any substantively similar provisions as set forth in Defendant’s then-governing employment agreement with the Corporation); (ii) a resignation by
Defendant “For Good Reason” (or any substantively similar provisions as set forth in Defendant’s then-governing employment agreement with the Corporation); or (iii) the result of Defendant’s death or disability.

  
  

 

					
	Settlement and Release Agreement	  		  	Page 2

	 	(B)	As Related to the Litigation Costs of the Shareholder Derivative Lawsuit: 

  

	 	(1)	Defendant shall also be obligated to pay TWENTY-FIVE PERCENT (25%) of the Litigation Costs incurred as a result of the Lawsuit. “Litigation Costs” shall be defined as (i) all fees and expenses of the
SLC, including but not limited to the fees and expenses of the SLC’s counsel, PLUS (ii) the fees and expenses of the Corporation’s counsel, Baker Donelson Bearman Caldwell & Berkowitz, P.C., in connection with and
directly related to the Shareholder Derivative Lawsuit, PLUS (iii) the fees and expenses of Plaintiffs, including but not limited to the fees and expenses of Plaintiffs’ counsel, MINUS (iv) any insurance proceeds
offsetting or covering the foregoing costs. For the avoidance of doubt, the obligation to repay any portion of Litigation Costs is not entitled to any 2:1 credit. 

 

	 	(2)	No later than within thirty (30) days of the later of (a) Court approval of the settlement and (b) an agreement by the Parties and the other required defendants in the Lawsuit, or a decision of the Court,
as to the amount of fees and expenses of Plaintiffs (including attorneys’ fees); the Parties, including the SLC, shall agree on a final Litigation Costs Settlement Statement which shall set forth the total Litigation Costs for purposes of this
Agreement. 

  

	 	(C)	Terms of Cash Repayment. The “Cash Repayment Obligations” shall equal (i) the Reduced Repayment Amount (or the Total Repayment Amount if Defendant fails to satisfy the conditions set forth in
Section 2(A) and this Section 2(C)) PLUS (ii) the Litigation Costs set forth above in Section 2(B). 

  

	 	(1)	Term / Annual Minimum: 

  

	 	(a)	The Cash Repayment Obligations shall be paid in full by Defendant within five (5) years from the date of this Agreement. 

  

	 	(b)	Defendant shall pay a minimum of $200,000.00 per year to the Corporation towards the Cash Repayment Obligations. Defendant authorizes and agrees that, so long as Defendant is employed by the Corporation, the Corporation
shall retain from Defendant’s annual salary the sum of $200,000 per year to be applied toward the Cash Repayment Obligations, which amount shall be withheld from each salary payment on a pro rata basis in accordance with the
Corporation’s payroll policies and procedures. 

  
  

 

					
	Settlement and Release Agreement	  		  	Page 3

	 	(2)	Acceleration of Payment: All Cash Repayment Obligations outstanding under this Agreement shall become immediately due and payable by Defendant and shall bear an annual interest rate of ten percent (10%) or
the maximum allowed by law, whichever is less, upon the occurrence of any one or more of the following: (a) Defendant materially breaches the terms of this Agreement and does not cure such breach within thirty (30) days after notice from
the Company that failure to cure the breach will result in acceleration of all cash repayment obligations; or (b) Defendant’s employment with the Corporation is terminated prior to December 31, 2018 for any reason other than those set
forth in Paragraph 2(a)(2)(b). 

  

	 	(3)	Security: Defendant agrees to grant the Corporation a first-priority security interest in ONE MILLION (1,000,000) shares of Corporation’s common stock beneficially owned by Defendant (the “Common
Stock”) to serve as collateral for the Cash Repayment Obligations owing and due to Corporation pursuant to the terms and conditions set forth in the Stock Pledge Agreement, the form of which is attached hereto as Exhibit A.

  

	 	(4)	Prepayment. Defendant shall be entitled to pay in full all Cash Repayment Obligations due and owing pursuant to this Agreement at any time prior to the expiration of the five-year period; provided, however,
prepayment of such amounts shall not relieve Defendant of the obligations set forth in Section 2(A)(2) of this Agreement to remain employed by the Corporation until December 31, 2018. For purposes of clarification, even if Defendant has
paid all Cash Repayment Obligations due hereunder prior to the expiration of the five-year period, in the event Defendant’s employment with the Corporation is terminated prior to December 31, 2018 for any reason other than those set forth
in Paragraph 2(a)(2)(b), Defendant will owe the Corporation the Total Repayment Amount (minus any payments theretofore made by Defendant with regard to the Reduced Repayment Amount or the Total Repayment Amount). 

3. [This Section 3 intentionally left blank.] 

4. New or Restated Employment Agreement Between Defendant and the Corporation. Defendant agrees that, to the extent such has not
already been completed in 2014, he will within ninety (90) days of the Effective Date of this Agreement enter into a new or restated employment agreement with the Corporation, which employment agreement shall be approved and adopted by the
Compensation Committee of the Corporation’s Board of Directors acting with the advice and assistance of the Corporation’s legal counsel. 

  
  

 

					
	Settlement and Release Agreement	  		  	Page 4

 5. Representations as to Corporate Governance. Defendant represents, warrants, and
covenants as part of this settlement that he – in his individual capacity as an officer, director, and/or shareholder of the Corporation – will (a) take all actions necessary and proper for the Corporation to satisfy the SLC’s
recommendations with respect to improvements in the corporate governance of the Corporation (as set forth in Exhibit C to this Agreement, and as approved by Plaintiffs) and (b) will not otherwise take any action contrary to the
SLC’s recommendations or contrary to the governance of the Corporation in a manner consistent with his fiduciary duties to the Corporation and its shareholders. 

6. Court Approval / Effective Date of Settlement. The settlement, and this Agreement, shall become final and binding upon the
Parties only if it is approved by the Court in the Lawsuit. The effective date of the settlement and this Agreement (the “Effective Date”) shall be the date that the Final Approval Order shall be final and not subject to appeal pursuant to
the Tennessee Rules of Civil Procedure and other applicable law. In the event the settlement is not approved by the Court, the settlement and this Agreement will be of no force and effect, and shall not be binding on any Party. 

7. Plaintiffs’ Fees and Expenses. Within ninety (90) days of Court approval of this settlement or Court award of fees
and expenses to Plaintiffs (whichever is later), the Corporation shall pay to Plaintiffs an amount of attorneys fees, expenses and other compensation (i) that has been agreed to by Plaintiffs, Defendants and the SLC; or, alternatively,
(ii) that has been ordered by the Court. Pursuant to Section 2(B), such payment shall be part of the Litigation Costs to be borne in part by Defendant. 

8. Dismissal of the Lawsuit With Prejudice. Pursuant to the terms of the Final Approval Order and the Joint Motion for Approval,
the Lawsuit shall be dismissed with prejudice. The Parties acknowledge and agree that dismissal of the Lawsuit and the terms of this Agreement form good and sufficient consideration, and that none of the Parties is entitled to receive any money or
additional consideration from any other party in connection with the Lawsuit other than as expressly provided in this Agreement. 
 9.
Mutual Release. Upon the Effective Date of this Agreement and excluding causes of action that arise out of the breach of this Agreement, the Parties shall be deemed to have forever released and discharged each other and each of their
related entities, predecessors, successors, affiliates, attorneys, guarantors, and past and present officers, directors, employees, agents, shareholders, members, and trustees (hereinafter the “Released Parties”) from any and all payments,
damages, costs, fees, claims, counterclaims, demands, actions, causes of action, claims of appeal, obligations, penalties and losses, known or unknown, contingent or accrued, now existing or hereafter arising, which relate in any way to the issues
alleged, or to compensation related issues that could have been alleged, in the Lawsuit. This release does not and shall not apply to or operate to release any claims arising out of the Parties’ respective obligations in the Settlement
Documents. 

  
  

 

					
	Settlement and Release Agreement	  		  	Page 5

 10. Reliance on Own Judgment; Authority to Sign. The Parties to this Agreement
agree that: (1) no promises or inducements have been made except as set forth herein; (2) they are competent and authorized to execute this Agreement; (3) they execute this Agreement knowingly and voluntarily and accept responsibility
therefor; and (4) they have been represented by competent legal counsel of such party’s own choice with regard to this Agreement, or have otherwise had the opportunity to consult with a legal counsel of such party’s own choice, and
that all Parties fully understand the same. 
 11. Binding Effect. This Agreement shall be binding upon and benefit the
Parties and their respective heirs, executors, personal representatives, successors and assigns. 
 12. Counterparts and Execution by
Facsimile / Scanned Image. This Agreement may be executed in several counterparts, each of which shall be deemed an original, and all of which shall constitute one and the same instrument. Signatures by facsimile or scanned image shall be
accepted as originals. 
 13. Entire Agreement. The Parties hereto acknowledge they have read this Agreement and freely and
voluntarily agree to be bound by its terms. The Parties further agree that the Settlement Documents constitute the complete and the exclusive written expression of the terms of the entire settlement between the Parties and supersede all prior or
contemporaneous proposals, oral or written, understandings, representations, conditions, warranties, covenants and all other communications between the Parties relating to the subject matter of the Settlement Documents. 

14. Governing Law and Forum. This Agreement shall be construed and enforced in accordance with the laws of the State of
Tennessee. The Parties hereby consent to the jurisdiction of the Knox County Circuit Court for the resolution of any and all claims or disputes arising out of the subject matter of this Agreement. The Parties irrevocably waive any right to bring or
to remove any action arising or in any way connected to this Agreement to federal court. 
 15. Default by Defendant. In the
event of any default by Defendant with respect to any term(s) of this Agreement, the Pledge Agreement, or the Option Rescission Agreement, the Corporation shall be entitled to recover all costs and reasonable attorney fees incurred in the
enforcement of the Corporation’s rights in such agreements. 
 16. Amendments. This Agreement may only be amended by a
writing signed by the Defendant and the Corporation, and written notice of such amendment shall be provided to Plaintiffs’ counsel of record in the Lawsuit and the SLC’s counsel of record. 

17. Severability. In the event any provision of this Agreement shall be found to be unenforceable or invalid, such provision
shall be severed from this Agreement and the balance of the Agreement shall remain fully valid and enforceable. 
 18.
Construction. Each of the Parties to this Agreement represents that it has legal counsel representing it with respect to this Agreement. The Parties acknowledge and agree that each party has participated in the drafting of this
Agreement and that the normal rules of construction to the effect that any ambiguities are to be resolved against the drafting party shall 

  
  

 

					
	Settlement and Release Agreement	  		  	Page 6

 
not apply to the interpretation of this Agreement. No inference in favor of, or against, any party shall be drawn by the fact that one party has drafted any portion hereof. The Parties also
represent that they have had full opportunity to review the terms of this Agreement and have willingly consented to the terms set forth herein. 

19. Waiver. Failure by either party to enforce any of its rights hereunder on any particular occasion shall not constitute a
waiver of such rights on any subsequent occasion. 
 20. Actions Necessary to Complete Transaction. Each of the Parties hereby
agrees to execute and deliver all such other documents or instruments and take any action as may be reasonably required in order to effectuate the transactions contemplated by this Agreement. 

21. Tax Matters. Each of the Parties represents and declares that it has either received or has been afforded the opportunity to
obtain its own professional tax advice. Each of the Parties shall be responsible for its own reporting to the tax authorities and shall be responsible for its own taxes that may arise as a result of this Agreement. 

22. Notices. All notices, requests, demands or other communications required or permitted hereunder shall be given in writing
and personally delivered or sent by certified or registered mail, return receipt requested, postage prepaid, or by a nationally recognized overnight courier service (e.g., Federal Express, UPS, etc.), to the Parties’ address set forth
below: 
 If to Defendant: 

Eric A. Wachter 
 Provectus
Biopharmaceuticals, Inc. 
 7327 Oak Ridge Hwy 

Knoxville, TN 37931 
 Telephone:
(866) 594-5999 
 With a copy to: 

David W. Bernstein 
 K&L Gates
LLP 
 599 Lexington Avenue 

New York, NY 10022 
 Telephone:
(212) 536-4029 
 If to the Corporation: 

Provectus Biopharmaceuticals, Inc. 

Attn: Board of Directors 
 7327
Oak Ridge Hwy 
 Knoxville, TN 37931 

Telephone: (866) 594-5999 

  
  

 

					
	Settlement and Release Agreement	  		  	Page 7

 With a copy to: 

Tonya Mitchem Grindon 
 Baker,
Donelson, Bearman, Caldwell & Berkowitz, PC 
 211 Commerce Street, Suite 800 

Nashville, TN 37201 
 Telephone:
(615) 726-5607 
 If notice required pursuant to Section 16 regarding amendments to this Agreement, with copies to: 

Plaintiffs’ Counsel of Record: 

Al Holifield, Esq. 

Holifield & Associates, PLLC 

11907 Kingston Pike, Suite 201 

Knoxville, TN 37934 
 Telephone:
(865) 566-0115 
 Eduard Korsinsky, Esq. 

Steven J. Purcell, Esq. 

Levi & Korsinsky 
 30
Broad Street, 24th Floor 
 New York, NY 10004 

Telephone: (212) 363-7500 

The SLC’s Counsel of Record: 

Robert J. Walker 
 John C.
Hayworth 
 Charles Malone 

Walker, Tipps & Malone PLC 

2300 One Nashville Place 
 150
Fourth Avenue North 
 Nashville, TN 37219 

Telephone: (615) 313-6000 
 Notice solely
by e-mail shall not be acceptable although a courtesy copy by e-mail is highly recommended. 
 23. Continuing Obligations. All
obligations of the Parties under this Agreement which are not fully performed as of the expiration or earlier termination of this Agreement shall survive the expiration or earlier termination of the underlying agreement. 

24. Section Headings. Headings are used for convenience only and are not intended and shall not be used in interpreting any
provisions of this Agreement. 

  
  

 

					
	Settlement and Release Agreement	  		  	Page 8

 IN WITNESS WHEREOF, the Parties have duly executed this Agreement as of the day and year set
forth below. 
  

			
	PROVECTUS BIOPHARMACEUTICALS, INC., f/k/a PROVECTUS PHARMACEUTICALS, INC.
		
	By:	 	/s/ Jan E. Koe
		 	  

	Name:	 	Jan E. Koe
	Its:	 	Chairman, Special Litigation Committee
	Dated:	 	June 6, 2014
		 	  

	
	ERIC A. WACHTER
	
	/s/ Eric A. Wachter
	  

	Eric A. Wachter
	Dated:	 	12 May 2014
		 	  

	
	APPROVED AND CONSENTED TO:
	
	PLAINTIFFS GLENN KLEBA AND DON B. DALE, DERIVATIVELY ON BEHALF OF PROVECTUS BIOPHARMACEUTICALS, INC.
	
	/s/ Al Holifield
	  

	By:	 	Steven Purcell and Al Holifield, Counsel to Plaintiffs
	Dated:	 	13 May 2014
		 	  

  
  

 

					
	Settlement and Release Agreement	  		  	Page 9

 Exhibit A 

STOCK PLEDGE AGREEMENT 

  
  

 
 Settlement and Release Agreement

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