Document:

exhibit10_2.htm

    Exhibit
10.2

    WARRANT

    

    THESE
SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD OR OFFERED FOR
SALE IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES OR
AN OPINION OF COUNSEL OR OTHER EVIDENCE ACCEPTABLE TO THE COMPANY THAT SUCH
REGISTRATION IS NOT REQUIRED.

     

    PROVECTUS
PHARMACEUTICALS, INC.

     

    COMMON
STOCK PURCHASE WARRANT

     

    1.         Issuance; Certain
Definitions.  In consideration of good and valuable
consideration as of  March ___, 2010, the receipt of which is hereby
acknowledged by PROVECTUS
PHARMACEUTICALS, INC., a Nevada corporation (the “Company”), ___________________ or
registered assigns (the “Holder”) is hereby granted the right to purchase at any
time until 5:00 p.m., New York City time, on March ___, 2015, _______________
(_________) fully paid and nonassessable shares of the Company’s Common Stock,
$.001 par value per share (the “Common Stock”), at an initial exercise price per
share (the “Exercise Price”) of $1.00 per share, subject to further adjustment
as set forth herein.  This Warrant is being issued pursuant to that
certain Securities Purchase Agreement and Registration Rights Agreement, each by
and among the Company and the Holder, and each of even date
herewith.

     

    2.         Exercise of
Warrants.

     

    2.1       Method of
Exercise.

     

    
          (a)      
This Warrant is exercisable in whole or in part at any time and from time to
time.  Such exercise shall be effectuated by submitting to the Company
(either by delivery to the Company or by facsimile transmission as provided in
Section 8 hereof) a completed and duly executed Notice of Exercise
(substantially in the form attached to this Warrant) as provided in this
paragraph.  The date such Notice of Exercise is faxed to the Company
shall be the “Exercise Date,” provided that the Holder of this Warrant tenders
this Warrant Certificate to the Company within five (5) business days
thereafter.  The Notice of Exercise shall be executed by the Holder of
this Warrant and shall indicate the number of shares then being purchased
pursuant to such exercise. Upon surrender of this Warrant Certificate, together
with appropriate payment of the Exercise Price for the shares of Common Stock
purchased, the Holder shall be entitled to receive a certificate or certificates
for the shares of Common Stock so purchased.  The Exercise Price may
be paid in a “cashless” or “cash” exercise or a combination thereof pursuant to
Section 2.1(b) and/or Section 2.1(c) below.

    

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    
       

          (b)       If
the Notice of Exercise form elects a “cashless” exercise, the Holder shall
thereby be entitled to receive a number of shares of Common Stock equal to (x)
the excess of the Current Market Value (as defined below) over the total cash
exercise price of the portion of the Warrant then being exercised, divided by
(y) the Market Price of the Common Stock as of the trading day immediately prior
to the Exercise Date. For the purposes of this Warrant, the terms (Q) “Current
Market Value” shall be an amount equal to the Market Price of the Common Stock
as of the trading day immediately prior to the Exercise Date, multiplied by the
number of shares of Common Stock specified in such Notice of Exercise Form, and
(R) “Market Price of the Common Stock” shall be the closing price of the Common
Stock as reported by the OTC Bulletin Board, or if listed on a national
securities exchange or quoted on an automated quotation service, such national
securities exchange or automated quotation service, for the relevant date. If
the Common Stock is not then listed on a national stock exchange or quoted on
the OTC Bulletin Board or such other quotation system or association, the fair
market value of one share of Common Stock as of the date of determination, as
determined in good faith by the Board of Directors of the Company and the
Holder.  If the Common Stock is not then listed on a national
securities exchange, the OTC Bulletin Board or such other quotation system or
association, the Board of Directors of the Company shall respond promptly, in
writing, to an inquiry by the Holder prior to the exercise hereunder as to the
fair market value of a share of Common Stock as determined by the Board of
Directors of the Company.  In the event that the Board of Directors of
the Company and the Holder are unable to agree upon the fair market value, the
Company and the Holder shall jointly select an appraiser, who is experienced in
such matters.  The decision of such appraiser shall be final and
conclusive, and the cost of such appraiser shall be borne equally by the Company
and the Holder.  Such adjustment shall be made successively whenever
such a payment date is fixed.

    

     

    
          (c)       If the
Notice of Exercise form elects a “cash” exercise, the Exercise Price per share
of Common Stock for the shares then being exercised shall be payable in cash or
by certified or official bank check.

    

     

    
          (d)      
The Holder shall be deemed to be the holder of the shares issuable to it in
accordance with the provisions of this Section 2.1 on the Exercise
Date

    

     

      
2.2         Limitation on
Exercise. Notwithstanding anything in this Warrant or the Securities
Purchase Agreement to the contrary, the Holder shall not be entitled to exercise
this Warrant, and the Company shall not have the obligation to issue shares upon
such exercise of all or any portion of this Warrant to the extent that, after
such exercise the Holder (together with the Holder’s affiliates) would
beneficially own in excess of 4.99% (the “Ownership Limitation Percentage”) of
the number of shares of the Common Stock outstanding immediately after giving
effect to such exercise. For purposes of the foregoing sentence, the number of
shares of Common Stock beneficially owned by the Holder (together with the
Holder’s affiliates) shall include the number of shares of Common Stock issuable
upon exercise of the Warrants for which determination is being made under this
Section 2.2, but shall exclude the number of shares of Common Stock issuable
upon (A) conversion of the remaining unexercised shares under this Warrant
beneficially owned by the Holder and its affiliates and (B) exercise or
conversion of the unexercised or unconverted portion of any other securities of
the Company. Except as set forth in the preceding sentence, for purposes of this
Warrant, beneficial ownership shall be determined in accordance with Section
13(d) of the Securities Exchange Act of 1934, as amended and Regulation 13d-3
thereunder. By written notice to the Company, the Holder may increase or
decrease the Ownership Limitation Percentage to any percentage not in excess of
9.99% as specified in such notice; provided that any such increase will not be
effective until the 61st day after such notice is delivered to the Company and
any such increase or decrease will apply only to the requesting. The Holder, by
its acceptance of this Warrant, further agrees that if the Holder transfers or
assigns any of the Warrants, such assignment shall be made subject to the
transferee’s or assignee’s specific agreement to be bound by the provisions of
this Section 2.2 as if such transferee or assignee were the original Holder
hereof.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    3.        Reservation of
Shares.  The Company hereby agrees that at all times during the
term of this Warrant there shall be reserved for issuance upon exercise of this
Warrant such number of shares of its Common Stock as shall be required for
issuance upon exercise of this Warrant (the “Warrant Shares”). The
Company agrees that all Warrant Shares issued upon due exercise of the Warrant
shall be, at the time of delivery of the certificates for such Warrant Shares,
duly authorized, validly issued, fully paid and non-assessable shares of Common
Stock of the Company.

     

    4.        Mutilation or Loss of
Warrant.  Upon receipt by the Company of evidence satisfactory
to it of the loss, theft, destruction or mutilation of this Warrant, and (in the
case of loss, theft or destruction) receipt of reasonably satisfactory
indemnification, and (in the case of mutilation) upon surrender and cancellation
of this Warrant, the Company will execute and deliver a duplicate Warrant and
any such lost, stolen, destroyed or mutilated Warrant shall thereupon become
void.

     

    5.        Rights of the
Holder.  The Holder shall not, by virtue hereof, be entitled to
any rights of a stockholder in the Company, either at law or equity, and the
rights of the Holder are limited to those expressed in this Warrant and are not
enforceable against the Company except to the extent set forth
herein.

     

    6.        Protection Against Dilution
and Other Adjustments.

     

       6.1         Adjustment
Mechanism.  If an adjustment of the Exercise Price is required
pursuant to Sections 6.2, 6.3,  or 6.4 the Holder shall be entitled to
purchase such number of additional shares of Common Stock as will cause (i) the
total number of shares of Common Stock Holder is entitled to purchase pursuant
to this Warrant, multiplied by (ii) the adjusted Exercise Price per share, to
equal (iii) the dollar amount of the total number of shares of Common Stock
Holder is entitled to purchase before adjustment multiplied by the total
Exercise Price immediately before adjustment.

     

       6.2         Dividends;
Distributions.  If the Company shall, at any time or from time
to time while this Warrant is outstanding, pay a dividend or make a distribution
on its Common Stock in shares of Common Stock, subdivide its outstanding shares
of Common Stock into a greater number of shares or combine its outstanding
shares of Common Stock into a smaller number of shares or issue by
reclassification of its outstanding shares of Common Stock any shares of its
capital stock (including any such reclassification in connection with a
consolidation or merger in which the Company is the continuing corporation),
then (i) the Exercise Price in effect immediately prior to the date on which
such change shall become effective shall be adjusted by multiplying such
Exercise Price by a fraction, the numerator of which shall be the number of
shares of Common Stock outstanding immediately prior to such change and the
denominator of which shall be the number of shares of Common Stock outstanding
immediately after giving effect to such change and (ii) the number of Warrant
Shares purchasable upon exercise of this Warrant shall be adjusted by
multiplying the number of Warrant Shares purchasable upon exercise of this
Warrant immediately prior to the date on which such change shall become
effective by a fraction, the numerator of which is shall be the Exercise Price
in effect immediately prior to the date on which such change shall become
effective and the denominator of which shall be the Exercise Price in effect
immediately after giving effect to such change, calculated in accordance with
clause (i) above.  Such adjustments shall be made successively
whenever any event listed above shall occur.

     

    
      
        
        

      

      
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       6.3.        Reorganization;
Reclassification; Merger; Consolidation.  If any capital
reorganization, reclassification of the capital stock of the Company,
consolidation or merger of the Company with another corporation in which the
Company is not the survivor, or sale, transfer or other disposition of all or
substantially all of the Company’s assets to another corporation shall be
effected, then, as a condition of such reorganization, reclassification,
consolidation, merger, sale, transfer or other disposition, lawful and adequate
provision shall be made whereby each Holder shall thereafter have the right to
purchase and receive upon the basis and upon the terms and conditions herein
specified and in lieu of the Warrant Shares immediately theretofore issuable
upon exercise of the Warrant, such shares of stock, securities or assets as
would have been issuable or payable with respect to or in exchange for a number
of Warrant Shares equal to the number of Warrant Shares immediately theretofore
issuable upon exercise of the Warrant, had such reorganization,
reclassification, consolidation, merger, sale, transfer or other disposition not
taken place, and in any such case appropriate provision shall be made with
respect to the rights and interests of each Holder to the end that the
provisions hereof (including, without limitation, provision for adjustment of
the Exercise Price) shall thereafter be applicable, as nearly equivalent as may
be practicable in relation to any shares of stock, securities or assets
thereafter deliverable upon the exercise hereof.  The Company shall
not effect any such consolidation, merger, sale, transfer or other disposition
unless prior to or simultaneously with the consummation thereof the successor
corporation (if other than the Company) resulting from such consolidation or
merger, or the corporation purchasing or otherwise acquiring such assets or
other appropriate corporation or entity shall assume the obligation to deliver
to the Holder, at the last address of the Holder appearing on the books of the
Company, such shares of stock, securities or assets as, in accordance with the
foregoing provisions, the Holder may be entitled to purchase, and the other
obligations under this Warrant.  The provisions of this Section 6.3
shall similarly apply to successive reorganizations, reclassifications,
consolidations, mergers, sales, transfers or other dispositions.

     

       6.4         Distributions to Holders of
Common Stock.  In case the Company shall fix a payment date for
the making of a distribution to all holders of Common Stock (including any such
distribution made in connection with a consolidation or merger in which the
Company is the continuing corporation) of evidences of indebtedness or assets
(other than cash dividends or cash distributions payable out of consolidated
earnings or earned surplus or dividends or distributions referred to in Section
6.2, or subscription rights or warrants), the Exercise Price to be in effect
after such payment date shall be determined by multiplying the Exercise Price in
effect immediately prior to such payment date by a fraction, the numerator of
which shall be the total number of shares of Common Stock outstanding multiplied
by the Current Market Value per share of Common Stock immediately prior to such
payment date, less the fair market value (as determined by the Company’s Board
of Directors in good faith) of said assets or evidences of indebtedness so
distributed, or of such subscription rights or warrants, and the denominator of
which shall be the total number of shares of Common Stock outstanding multiplied
by such Current Market Value per share of Common Stock immediately prior to such
payment date.

     

    
      
        
        

      

      
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       6.5         Adjustment for Dilutive
Issues.

     

    
      
        	
                (a)  

              	
                Special
      Definitions.  For purposes of Section 6.5, the following
      definitions shall apply:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                Option”
      shall mean rights, options or warrants to subscribe for, purchase or
      otherwise acquire Common Stock or Convertible
  Securities.

              

      

      

      
        	
                 
      

              	
                (ii)

              	
                “8%
      Convertible Preferred Stock” shall mean shares of 8% Convertible Preferred
      Stock, par value $.001 per share, convertible into Common Stock, with such
      terms as described in the Certificate of Designation filed by the Company
      on March 5, 2010, as may be amended from time to time (the “Certificate of
      Designation”).

              

      

      

      
        	
                 
      

              	
                (iii)

              	
                “Convertible
      Securities” shall mean any evidences of indebtedness, shares or other
      securities directly or indirectly convertible into or exchangeable for
      Common Stock, but excluding
Options.

              

      

      

      
        	
                 
      

              	
                (iv)

              	
                “Original
      Issue Date” shall mean the date that the first share of 8% Convertible
      Preferred Stock is issued.

              

      

      

      
        	
                 
      

              	
                (v)

              	
                “Additional
      Shares of Common Stock” shall mean all shares of Common Stock issued (or,
      pursuant to Section 6.5(b), deemed to be issued) by the Company after the
      Original Issue Date, other than (1) the following shares of Common Stock
      and 8% Convertible Preferred Stock and (2) shares of Common Stock deemed
      issued pursuant to the following Options and Convertible Securities
      (clauses (1) and (2), collectively, “Exempted
  Securities”):

              

      

      

      
        	
                (A)  

              	
                shares
      of 8% Convertible Preferred Stock issued by the Company or shares of
      Common Stock, Options or Convertible Securities issued as a dividend or
      distribution on the 8% Convertible Preferred
  Stock;

              

      

      

      
        	
                (B)  

              	
                shares
      of Common Stock, Options or Convertible Securities issued by reason of a
      dividend, stock split, split-up or other distribution on shares of Common
      Stock that is covered by Sections 6.2, 6.3 or
  6.4;

              

      

      

      
        	
                (C)  

              	
                shares
      of Common Stock or Options issued to employees or directors of, or
      consultants or advisors to, the Company or any of its subsidiaries
      pursuant to a plan, agreement or arrangement approved by the Board of
      Directors of the Company;

              

      

       

       

       

       

       

      
        
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                (D)  

              	
                shares
      of Common Stock or Convertible Securities actually issued upon the
      exercise of Options or shares of Common Stock actually issued upon the
      conversion or exchange of Convertible Securities, in each case provided
      such issuance is pursuant to the terms of such Option or Convertible
      Security;

              

      

      

      
        	
                (E)  

              	
                shares
      of Common Stock, Options or Convertible Securities issued to banks,
      equipment lessors or other financial institutions, or to real property
      lessors, pursuant to a debt financing, equipment leasing or real property
      leasing transaction approved by the Board of Directors of the
      Company;

              

      

      

      
        	
                (F)  

              	
                shares
      of Common Stock, Options or Convertible Securities issued to suppliers or
      third party service providers in connection with the provision of goods or
      services pursuant to transactions approved by the Board of Directors of
      the Company;

              

      

      

      
        	
                (G)  

              	
                shares
      of Common Stock, Options or Convertible Securities issued pursuant to the
      acquisition of another corporation by the Company by merger, purchase of
      substantially all of the assets or other reorganization or to a joint
      venture agreement, provided, that such issuances are approved by the Board
      of Directors of the Company; or

              

      

      

      
        	
                (H)  

              	
                shares
      of Common Stock, Options or Convertible Securities issued in connection
      with sponsored research, collaboration, technology license, development,
      OEM, marketing or other similar agreements or strategic partnerships
      approved by the Board of Directors of the
  Company.

              

      

    

     

     

    
      
        	
                (b)  

              	
                Deemed
      Issue of Additional Shares of Common
Stock.

              

      

       

      
        	
                (i)  

              	
                If
      the Company at any time or from time to time after the Original Issue Date
      shall issue any Options (excluding Options which are themselves Exempted
      Securities) or shall fix a record date for the determination of holders of
      any class of securities entitled to receive any such Options, then the
      maximum number of shares of Common Stock (as set forth in the instrument
      relating thereto, assuming the satisfaction of any conditions to
      exercisability but without regard to any provision contained therein for a
      subsequent adjustment of such number) issuable upon the exercise of such
      Options shall be deemed to be Additional Shares of Common Stock issued as
      of the time of such issue or, in case such a record date shall have been
      fixed, as of the close of business on such record
  date.

              

      

       

       

       

       

      
        
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                (ii)  

              	
                If
      the terms of any Option, the issuance of which resulted in an adjustment
      to the Exercise Price pursuant to the terms of Section 6.5(c) are revised
      as a result of an amendment to such terms or any other adjustment pursuant
      to the provisions of such Option (but excluding automatic adjustments to
      such terms pursuant to anti-dilution or similar provisions of such Option)
      to provide for either (1) any increase or decrease in the number of shares
      of Common Stock issuable upon the exercise of any such Option or (2) any
      increase or decrease in the consideration payable to the Company upon such
      exercise, then, effective upon such increase or decrease becoming
      effective, the Exercise Price computed upon the original issue of such
      Option or Convertible Security (or upon the occurrence of a record date
      with respect thereto) shall be readjusted to such Exercise Price as would
      have obtained had such revised terms been in effect upon the original date
      of issuance of such Option.  Notwithstanding the foregoing, no
      readjustment pursuant to this Section 6.5(b)(ii) shall have the effect of
      increasing the Exercise Price to an amount which exceeds the lower of (i)
      the Exercise Price in effect immediately prior to the original adjustment
      made as a result of the issuance of such Option, or (ii) the Exercise
      Price that would have resulted from any issuances of Additional Shares of
      Common Stock (other than deemed issuances of Additional Shares of Common
      Stock as a result of the issuance of such Option) between the original
      adjustment date and such readjustment
date.

              

      

      

      
        	
                (iii)  

              	
                If
      the terms of any Option (excluding Options which are themselves Exempted
      Securities), the issuance of which did not result in an adjustment to the
      Exercise Price pursuant to the terms of Section 6.5(c) (either because the
      consideration per share (determined pursuant to Section 6.5(d)) of the
      Additional Shares of Common Stock subject thereto was equal to or greater
      than the Exercise Price then in effect, or because such Option was issued
      before the Original Issue Date), are revised after the Original Issue Date
      as a result of an amendment to such terms or any other adjustment pursuant
      to the provisions of such Option o (but excluding automatic adjustments to
      such terms pursuant to anti-dilution or similar provisions of such
      Option)  to provide for either (1) any increase in the number of
      shares of Common Stock issuable upon the exercise, conversion or exchange
      of any such Option or (2) any decrease in the consideration payable to the
      Company upon such exercise, then such Option, as so amended or adjusted,
      and the Additional Shares of Common Stock subject thereto (determined in
      the manner provided in Section 6.5(b)(i)) shall be deemed to have been
      issued effective upon such increase or decrease becoming
      effective.

              

      

      

      
        	
                (iv)  

              	
                Upon
      the expiration or termination of any unexercised Option (or portion
      thereof) which resulted (either upon its original issuance or upon a
      revision of its terms) in an adjustment to the Exercise Price pursuant to
      the terms of Section 6.5(b)(i), the Exercise Price shall be readjusted to
      such Exercise Price as would have obtained had such Option (or portion
      thereof) never been issued.

              

      

      

      
        	
                (v)  

              	
                If
      the number of shares of Common Stock issuable upon the exercise of any
      Option, or the consideration payable to the Company upon such exercise, is
      calculable at the time such Option is issued or amended but is subject to
      adjustment based upon subsequent events, any adjustment to the Exercise
      Price provided for in this Section 6.5(b) shall be effected at the time of
      such issuance or amendment based on such number of shares or amount of
      consideration without regard to any provisions for subsequent adjustments
      (and any subsequent adjustments shall be treated as provided in clauses
      (2) and (3) of this Section 6.5(b)).  If the number of shares of
      Common Stock issuable upon the exercise of any Option, or the
      consideration payable to the Company upon such exercise, cannot be
      calculated at all at the time such Option is issued or amended, any
      adjustment to the Exercise Price that would result under the terms of this
      Section 6.5(b) at the time of such issuance or amendment shall instead be
      effected at the time such number of shares and/or amount of consideration
      is first calculable (even if subject to subsequent adjustments), assuming
      for purposes of calculating such adjustment to the Exercise Price that
      such issuance or amendment took place at the time such calculation can
      first be made.

              

      

    

     

     

    

    
      
        
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                (c)  

              	
                Adjustment
      of Exercise Price Upon Issuance of Additional Shares of Common Stock.
      In the event the Company shall at any
      time after the Original Issue Date and prior to the date that is five
      years after the Original Issue Date issue Options that results in a deemed
      issuance pursuant to Section 6.5(b),without consideration or for a
      consideration per share less than the applicable Exercise Price in effect
      immediately prior to such issue, then the Exercise Price shall be reduced,
      concurrently with such issue, to the consideration per share received by
      the Company for such deemed issue; provided that if such deemed issuance
      was without consideration, then the Company shall be deemed to have
      received an aggregate of $.001 of consideration for all such Additional
      Shares of Common Stock deemed to be
  issued.

              

      

       

      
        	
                (d)  

              	
                Determination of Consideration.  For purposes of this Section 6.5(d), the
      consideration received by the Company for the issue of any Additional
      Shares of Common Stock shall be computed as
      follows:

              

      

       

      
        	
                (i)  

              	
                Cash
      and Property. Such consideration
shall:

              

      

      

      
        	
                (A)  

              	
                insofar
      as it consists of cash, be computed at the aggregate amount of cash
      received by the Company, excluding amounts paid or payable for accrued
      interest;

              

      

      

      
        	
                (B)  

              	
                insofar
      as it consists of property other than cash, be computed at the fair market
      value thereof at the time of such issue, as determined in good faith by
      the Board of Directors of the Company;
and

              

      

      

      
        	
                (C)  

              	
                in
      the event Additional Shares of Common Stock are issued together with other
      shares or securities or other assets of the Company for consideration
      which covers both, be the proportion of such consideration so received,
      computed as provided in clauses (A) and (B) above, as determined in good
      faith by the Board of Directors of the
Company.

              

      

       

       

       

       

       

       

       

       

      
        
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                (ii)  

              	
                Options
      and Convertible Securities.  The consideration per share
      received by the Company for Additional Shares of Common Stock deemed to
      have been issued pursuant to Section 6.5(b), relating to Options, shall be
      determined by dividing:

              

      

      

      
        	
                (A)  

              	
                the
      total amount, if any, received or receivable by the Company as
      consideration for the issue of such Options, plus the minimum aggregate
      amount of additional consideration (as set forth in the instruments
      relating thereto, without regard to any provision contained therein for a
      subsequent adjustment of such consideration) payable to the Company upon
      the exercise of such Options, by

              

      

      

      
        	
                (B)  

              	
                the
      maximum number of shares of Common Stock (as set forth in the instruments
      relating thereto, without regard to any provision contained therein for a
      subsequent adjustment of such number) issuable upon the exercise of such
      Options.

              

      

      

      
        	
                (e)  

              	
                Multiple
      Closing Dates.  In the event the Company shall issue on more
      than one date Additional Shares of Common Stock that are a part of one
      transaction or a series of related transactions and that would result in
      an adjustment to the Exercise Price pursuant to the terms of Section
      6.5(c), then, upon the final such issuance, the Exercise Price shall be
      readjusted to give effect to all such issuances as if they occurred on the
      date of the first such issuance (and without giving effect to any
      additional adjustments as a result of any such subsequent issuances within
      such period).

              

      

       

    

    
      7.     Transfer to Comply with the
Securities Act; Registration Rights.

    

     

       
7.1           Transfer.  This
Warrant has not been registered under the Securities Act of 1933, as amended,
(the “Act”) and has been issued to the Holder for investment and not with a view
to the distribution of either the Warrant or the Warrant
Shares.  Except for transfers to officers, employees and affiliates of
the Holder, neither this Warrant nor any of the Warrant Shares or any other
security issued or issuable upon exercise of this Warrant may be sold,
transferred, pledged or hypothecated in the absence of an effective registration
statement under the Act relating to such security or an opinion of counsel
satisfactory to the Company that registration is not required under the
Act.  Each certificate for the Warrant, the Warrant Shares and any
other security issued or issuable upon exercise of this Warrant shall contain a
legend on the face thereof, in form and substance satisfactory to counsel for
the Company, setting forth the restrictions on transfer contained in this
Section.

     

    7.2           Registration
Rights.  The Holder and any assignee or transferee of the
Holder shall have registration rights as specified in the Registration Rights
Agreement.

     

    
      
        
        

      

      
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    8.     Notices.  Any
notice or other communication required or permitted hereunder shall be in
writing and shall be delivered personally, telegraphed, sent by facsimile
transmission or sent by certified, registered or express mail, postage
pre-paid.  Any such notice shall be deemed given when so delivered
personally, telegraphed, telexed or sent by facsimile transmission, or, if
mailed, four days after the date of deposit in the United States mails, as
follows:

     

    If to the Company, to:

     

    PROVECTUS PHARMACEUTICALS,
INC.

    7327 Oak Ridge Highway, Suite
A

    Knoxville, TN 37931

    Attention: Peter R.
Culpepper

    Telephone No.: (865)
769-4011

    Telecopier No.: (865)
769-4013

    

    with a
copy to:

    

    Linda
Crouch

    Baker,
Donelson, Bearman, Caldwell & Berkowitz, PC

    100 Med
Tech Parkway

    Suite
200

    Johnson
City, Tennessee 37604

    Telephone
No.: (423) 928-0181

    Telecopier
No.: (423) 928-5694

    

    
      	
               
      

            	
              If
      to the Holder, to:

            

    

    

    
      	
               
      

            	
              Such
      address or addresses set forth beside such Holder’s name on the signature
      pages to the Securities Purchase
Agreement.

            

    

    

    Any party
may give notice in accordance with this Section to designate to another address
or person for receipt of notices hereunder.

     

    9.     Supplements and Amendments;
Whole Agreement.  This Warrant may be amended or supplemented
only by an instrument in writing signed by the parties hereto.  This
Warrant contains the full understanding of the parties with respect to the
subject matter hereof and thereof and there are no representations, warranties,
agreements or understandings other than expressly contained herein and
therein.

     

    10.   Governing
Law.  This Warrant shall be governed by, and construed in
accordance with, the internal laws of the State of New York without regard to
the choice of law principles thereof.  Each of the parties hereto
irrevocably submits to the exclusive jurisdiction of the courts of the State of
New York located in New York County and the United States District Court for the
Southern District of New York for the purpose of any suit, action, proceeding or
judgment relating to or arising out of this Warrant and the transactions
contemplated hereby.  Service of process in connection with any such
suit, action or proceeding may be served on each party hereto anywhere in the
world by the same methods as are specified for the giving of notices under this
Warrant.  Each of the parties hereto irrevocably consents to the
jurisdiction of any such court in any such suit, action or proceeding and to the
laying of venue in such court.  Each party hereto irrevocably waives
any objection to the laying of venue of any such suit, action or proceeding
brought in such courts and irrevocably waives any claim that any such suit,
action or proceeding brought in any such court has been brought in an
inconvenient forum.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    11.   Jury Trial
Waiver.   EACH OF THE
PARTIES HERETO WAIVES ANY RIGHT TO REQUEST A TRIAL BY JURY IN ANY LITIGATION
WITH RESPECT TO THIS WARRANT AND REPRESENTS THAT COUNSEL HAS BEEN CONSULTED
SPECIFICALLY AS TO THIS WAIVER.

     

    12.   Counterparts.  This
Warrant may be executed in any number of counterparts and each of such
counterparts shall for all purposes be deemed to be an original, and all such
counterparts shall together constitute but one and the same
instrument.

     

    13.   Descriptive
Headings.  Descriptive headings of the several Sections of this
Warrant are inserted for convenience only and shall not control or affect the
meaning or construction of any of the provisions hereof.

     

     

     

     

     

     

     

     

     

     

     

    

    
      
        
           

        

        
          11

          
            

          

        

        
           

        

      

    

    

    IN
WITNESS WHEREOF, the Company has executed this Warrant as of the date set forth
above.

     

    PROVECTUS
PHARMACEUTICALS, INC.

     

    By:_______________________________                                                                

    Name:
Peter R. Culpepper

    Title:
Chief Financial Officer

     

     

     

     

     

    
 

    
      
        
           

        

        
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    PROVECTUS
PHARMACEUTICALS, INC.

    Exercise
Form

    

    (To be
executed by the Holder to purchase

    Common
Stock pursuant to the Warrant)

    

    The
undersigned holder of the attached Warrant hereby irrevocably elects to exercise
purchase rights represented by such Warrant for, and to purchase, ___________
shares of Common Stock of PROVECTUS PHARMACEUTICALS,
INC., a Nevada corporation.

     

    The
undersigned herewith tenders payment for those shares in the following manner
(please check type, or types, of payment and, if checking both types, indicate
the portion of the Exercise Price to be paid by each type of
payment):

     

    ____           Exercise
for Cash

     

    ____           Cashless Exercise

     

    The
undersigned requests that (1) a certificate for the shares be issued in the name
of the undersigned and (2) if such number of shares is not all of the shares
purchasable under this Warrant, that a new Warrant of like tenor for the balance
of the remaining shares purchasable under this Warrant be issued.

    

    

    

    

    

    Date:______________________________                                                                           ____________________________________

                                                             
Signatureexhibit10_3.htm

    Exhibit 10.3

       

      REGISTRATION
RIGHTS AGREEMENT

       

      This
REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made as of the ___ day of
March, 2010, by and among PROVECTUS PHARMACEUTICALS, INC., a Nevada corporation
(the “Company”), and the stockholders set forth on the signature pages affixed
hereto (each a “Stockholder” and collectively the “Stockholders”).

       

      Recitals

       

      A.          As
of March 9, 2010, the Company and the Stockholders entered into that certain
Securities Purchase Agreement (the “Securities Purchase Agreement”) providing
for the issuance and sale of 10,000,000 units (the “Units”), each Unit
consisting of one share of 8% convertible preferred stock (the “Preferred
Stock”), par value $.001 per share, of the Company, and a warrant (the
“Warrants”) to purchase one-half of one share of common stock, par value $.001
per share (the “Common Stock”) as indicated therein.

       

      B.           In
connection with the sale of the Units, Maxim Group LLC (the “Placement Agent”)
served as the placement agent and in connection therewith is entitled to payment
by the Company of shares of Common Stock equal to 10% of the shares of Preferred
Stock sold pursuant to the Securities Purchase Agreement.

      

      C.           In
connection with the Securities Purchase Agreement the Company desires to provide
certain registration rights under the Securities Act of 1933, as amended, and
the rules and regulations promulgated thereunder, and applicable state
securities laws.

       

      Now,
therefore, in consideration of the foregoing and the mutual promises contained
herein, the Company and Stockholders agree as follows:

       

      Agreement

       

      1. Definitions.  For
purposes of this Agreement, capitalized terms used herein but not otherwise
defined shall have the meaning given to them in the Securities Purchase
Agreement, and the following terms shall have the meanings given
them:

       

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

       

      1.2. “Charter”
the Company’s Restated Articles of Incorporation, as amended by the Certificate
of Amendment to Restated Articles of Incorporation, as may be amended from time
to time.

       

      1.3. “Common
Stock” means the common stock, par value $.001 per share, of the Company, or
shares or other equity interests of the Company issued in exchange for or
otherwise in connection with any conversion of the Preferred Stock or exercise
of the Warrants.

       

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

       

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

      1.5. “Damages”
means any loss, damage, or liability to which a party hereto may become subject
under the 1933 Act, the 1934 Act, or other federal or state law, insofar as such
loss, damage, or liability (or any action in respect thereof) arises out of or
is based upon (a) any untrue statement or alleged untrue statement of a material
fact contained in any registration statement of the Company, including any
preliminary prospectus or final prospectus contained therein or any amendments
or supplements thereto; (b) an omission or alleged omission to state therein a
material fact required to be stated therein, or necessary to make the statements
therein not misleading; or (c) any violation or alleged violation by the
indemnifying party (or any of its agents or Affiliates) of the 1933 Act, the
1934 Act, any state securities law, or any rule or regulation promulgated under
the 1933 Act, the 1934 Act, or any state securities law.

       

      1.6. “Excluded
Registration” means (a) a registration relating to the sale of securities to
employees of the Company or a subsidiary pursuant to a stock option, stock
purchase, or similar plan on a Registration Statement on Form S-8; or (b) a
registration relating to a Rule 145 transaction.

       

      1.7. “Form
S-1” means such form under the 1933 Act as in effect on the date hereof or any
successor registration form under the 1933 Act subsequently adopted by the
SEC.

       

      1.8. “Form
S-3” means such form under the 1933 Act as in effect on the date hereof or any
registration form under the 1933 Act subsequently adopted by the SEC that
permits incorporation of substantial information by reference to other documents
filed by the Company with the SEC.

       

      1.9. “GAAP”
means generally accepted accounting principles in the United
States.

       

      1.10. “Holder”
means any holder of Registrable Securities who is a party to this Agreement,
including permitted transferees that agree in writing to be bound by and subject
to the terms and conditions of this Agreement.

       

      1.11. “Preferred
Stock” means the 8% Convertible Preferred Stock, par value $.001 per share, of
the Company.

       

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

       

      1.13. “Registrable
Securities” means (a) the Common Stock issued to the Placement Agent in
connection with the sales of Preferred Stock pursuant to the Securities Purchase
Agreement; (b) the Common Stock issuable to any Holder upon conversion of the
Preferred Stock and exercise of the Warrants issued to such Holder; (c) any
Common Stock issued as a dividend or other distribution with respect to the
Preferred Stock; and (d) any Common Stock issued as (or issuable upon the
conversion or exercise of any warrant, right, or other security that is issued
as) a dividend or other distribution with respect to, or in exchange for or in
replacement of, the Common Stock referenced in clauses (a), (b) and (c) above,
including without limitation any Common Stock which is issued to any Holder
subsequent to the conversion resulting from any stock split or merger, and
excluding in all cases, however, any Registrable Securities sold by a Person in
a transaction in which the applicable rights under this Agreement are not
assigned pursuant to Section 3.1, and excluding for purposes of Section 2 any
Common Stock for which registration rights have terminated or suspended pursuant
to Section 2.9 of this Agreement.

       

      
        
          
          

        

        
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      1.14. “SEC”
means the Securities and Exchange Commission.

       

      1.15. “Rule
144” means Rule 144 promulgated by the SEC under the 1933 Act.

       

      1.16. “Rule
145” means Rule 145 promulgated by the SEC under the 1933 Act.

       

      1.17. “Selling
Expenses” means all underwriting discounts, selling commissions, and stock
transfer taxes applicable to the sale of Registrable Securities, and shall
include fees and disbursements of counsel for any Holder (except for such fees
and disbursements of counsel for the Holders as provided in Section
2.6).

       

      1.18. “1933
Act” means the Securities Act of 1933, as amended, or any successor statute, and
the rules and regulations promulgated thereunder.

       

      1.19. “1934
Act” means the Securities Exchange Act of 1934, as amended, or any successor
statute, and the rules and regulations promulgated thereunder.

       

      2. Registration Rights.
The Company covenants and agrees as follows:

       

      2.1. Company
Registration.  If the Company proposes to register (including,
for this purpose, a registration effected by the Company for equity holders
other than the Holders) any of its securities under the 1933 Act in connection
with the public offering of such securities (other than in an Excluded
Registration), the Company shall, at such time, promptly give each Holder notice
of such registration.  Upon the request of each Holder given within
ten (10) business days after such notice is given by the Company, the Company
shall, subject to the provisions of Section 2.2 and Section 2.3, cause to be
registered all of the Registrable Securities that each such Holder has requested
to be included in such registration.  The Company shall have the right
to terminate or withdraw any registration initiated by it under this Section 2.1
before the effective date of such registration, whether or not any Holder has
elected to include Registrable Securities in such registration. The expenses
(other than Selling Expenses) of such withdrawn registration shall be borne by
the Company in accordance with Section 2.6.

       

      2.2. Underwriting
Requirements.  In connection with any offering involving an
underwriting of the Company’s securities pursuant to Section 2.1, the Company
shall not be required to include any of the Holders’ Registrable Securities in
such underwriting unless the Holders accept the terms of the underwriting
agreement as agreed upon between the Company and its underwriters (which
underwriting agreement shall contain customary terms and conditions), and then
only in such quantity as the underwriters in their reasonable discretion
determine will not jeopardize the success of the offering by the Company. If the
total number of securities, including Registrable Securities, requested by
security holders of the Company to be included in such offering exceeds the
number of securities to be sold (other than by the Company) that the
underwriters in their reasonable discretion determine is compatible with the
success of the offering, then the Company shall be required to include in the
offering only that number of such securities, including Registrable Securities,
which the underwriters in their reasonable discretion determine will not
jeopardize the success of the offering. When allocating the cut-back required by
this Section 2.2, holders of securities for which registration rights have been
granted pursuant to agreements effective prior to the date of this Agreement and
which agreements provide for registration rights with priority over the
Registrable Securities shall take priority over the Registrable Securities for
inclusion in the offering. After application of the priority provision of the
proceeding sentence, if the underwriters determine that less than all of the
Registrable Securities requested to be registered can be included in such
offering, then the Registrable Securities that are included in such offering
shall be allocated among the selling Holders in proportion (as nearly as
practicable to) the number of Registrable Securities owned by each selling
Holder or in such other proportions as shall mutually be agreed to by all such
selling Holders. For purposes of the provision in this Section 2.2 concerning
apportionment, for any selling Holder that is a partnership, limited liability
company, or corporation, the partners, members, retired partners, retired
members, stockholders, and Affiliates of such Holder, shall be deemed to be a
single “selling Holder,” and any pro rata reduction with respect to such
“selling Holder” shall be based upon the aggregate number of Registrable
Securities owned by all Persons included in such “selling Holder” as defined in
this sentence.

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

      2.3. Rule 415 Cutback. If
at any time the SEC takes the position that the offering of some or all of the
Registrable Securities in a registration statement is not eligible to be made on
a delayed or continuous basis under the provisions of Rule 415 under the 1933
Act or requires any Holder to be named as an “underwriter,” the Company shall
(i) remove from the registration statement such portion of the Registrable
Securities (the “Cut Back Shares”) and/or (ii) agree to such restrictions and
limitations on the registration and resale of the Registrable Securities as the
SEC may require to ensure the Company’s compliance with the requirements of Rule
415 (collectively, the “SEC Restrictions”); provided, however, that the Company
shall not agree to name any Holder as an “underwriter” in such registration
statement without the prior written consent of such Holder. When allocating the
cut-back required by this Section 2.3, holders of securities for which
registration rights have been granted pursuant to agreements effective prior to
the date of this Agreement and which agreements provide for registration rights
with priority over the Registrable Securities shall take priority over the
Registrable Securities for inclusion in the offering. After application of the
priority provision of the proceeding sentence, if the Company determines that
less than all of the Registrable Securities requested to be registered can be
included in such offering, then the Registrable Securities that are included in
such offering shall be allocated among the selling Holders, subject to
compliance with the SEC Restrictions, in proportion (as nearly as practicable
to) the number of Registrable Securities owned by each selling Holder or in such
other proportions as shall mutually be agreed to by all such selling
Holders.

       

      2.4. Obligations of the
Company. Whenever required under Section 2.1 to effect the registration
of any Registrable Securities, the Company shall, as expeditiously as reasonably
possible:

       

      (a) prepare
and file with the SEC a registration statement with respect to such Registrable
Securities and use its commercially reasonable efforts to cause such
registration statement to become effective and keep such registration statement
effective until the latter to occur of (i) the expiration of six months or, if
earlier, such time that the distribution contemplated by the registration
statement has been completed or (ii) such time that the Registrable Securities
may be resold by the Holder without restriction under Rule 144 (assuming that
such Registrable Securities that consist of securities convertible into other
securities of the Company are exercised solely in exchange for other securities
(including Common Stock) of the Company as contemplated by Rule
144(d)(3)(ii));

       

      
        
          
          

        

        
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      (b) prepare
and file with the SEC such amendments and supplements to such registration
statement, and the prospectus used in connection with such registration
statement, as may be necessary to comply with the 1933 Act in order to enable
the disposition of all securities covered by such registration
statement;

       

      (c) furnish
to the selling Holders such numbers of copies of a prospectus, including a
preliminary prospectus, as required by the 1933 Act, and such other documents as
the Holders may reasonably request in order to facilitate their disposition of
their Registrable Securities;

       

      (d) use its
commercially reasonable efforts to register and qualify the securities covered
by such registration statement under such other securities or blue-sky laws of
such jurisdictions as shall be reasonably requested by the selling Holders;
provided that the Company shall not be required to qualify to do business or to
file a general consent to service of process in any such states or
jurisdictions, unless the Company is already subject to service in such
jurisdiction and except as may be required by the 1933 Act;

       

      (e) in the
event of any underwritten public offering, enter into and perform its
obligations under an underwriting agreement, in usual and customary form, with
the underwriter(s) of such offering;

       

      (f) use its
commercially reasonable efforts to cause all such Registrable Securities covered
by such registration statement to be listed on a national securities exchange or
trading system and each securities exchange and trading system (if any) on which
similar securities issued by the Company are then listed;

       

      (g) provide a
transfer agent and registrar for all Registrable Securities registered pursuant
to this Agreement and provide a CUSIP number for all such Registrable
Securities, in each case not later than the effective date of such
registration;

       

      (h) promptly
make available for inspection by the selling Holders, any underwriter(s)
participating in any disposition pursuant to such registration statement, and
any attorney or accountant or other agent retained by any such underwriter or
selected by the selling Holders, all financial and other records, pertinent
corporate documents, and properties of the Company, and cause the Company’s
officers, directors, employees, and independent accountants to supply all
information reasonably requested by any such seller, underwriter, attorney,
accountant, or agent, in each case, as necessary or advisable to verify the
accuracy of the information in such registration statement and to conduct
appropriate due diligence in connection therewith; and

       

      
        
          
          

        

        
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      (i) notify
each selling Holder, promptly after the Company receives notice thereof, of the
time when such registration statement has been declared effective or a
supplement to any prospectus forming a part of such registration statement has
been filed.

       

      2.5. Furnish
Information.  It shall be a condition precedent to the
obligations of the Company to take any action pursuant to Section 2 with respect
to the Registrable Securities of any selling Holder that such Holder shall
furnish to the Company such information regarding itself, the Registrable
Securities held by it, and the intended method of disposition of such securities
as is reasonably required to effect the registration of such Holder’s
Registrable Securities.

       

      2.6. Expenses of
Registration.  All expenses (other than Selling Expenses)
incurred in connection with registrations, filings, or qualifications pursuant
to Section 2, including all registration, filing, and qualification fees;
printers’ and accounting fees; and fees and disbursements of counsel for the
Company, shall be borne and paid by the Company.  All Selling Expenses
relating to Registrable Securities registered pursuant to Section 2 shall be
borne and paid by the Holders pro rata on the basis of the number of Registrable
Securities registered on their behalf. Notwithstanding the foregoing, upon the
registration of Registrable Securities pursuant to Section 2, Holders of a
majority of the Registrable Securities, including all such Holders that
acquired, directly or indirectly, their Registrable Securities through sales
made by the Company pursuant to its Confidential Private Placement Memorandum
dated May 13, 2009, its Confidential Private Placement Memorandum dated August
17, 2009, or its Confidential Private Placement Memorandum dated January 20,
2010 that are to be registered pursuant to Section 2 shall be entitled to
appoint one counsel in connection with the registration, and the Company shall
pay such counsel’s fees and disbursements related to the registration in an
amount not to exceed $15,000.

       

      2.7. Indemnification.  If
any Registrable Securities are included in a registration statement under this
Section 2:

       

      (a) To the
extent permitted by law, the Company will indemnify and hold harmless each
selling Holder, and the partners, members, officers, directors, and stockholders
of each such Holder; legal counsel and accountants for each such Holder; any
underwriter (as defined in the 1933 Act) for each such Holder; and each Person,
if any, who controls such Holder or underwriter within the meaning of the 1933
Act or the 1934 Act, against any Damages, and the Company will pay to each such
Holder, underwriter, controlling Person, or other aforementioned Person any
legal or other expenses reasonably incurred thereby in connection with
investigating or defending any claim or proceeding from which Damages may
result, as such expenses are incurred; provided, however, that the indemnity
agreement contained in this Section 2.7(a) shall not apply to amounts paid in
settlement of any such claim or proceeding if such settlement is effected
without the consent of the Company, which consent shall not be unreasonably
withheld, nor shall the Company be liable for any Damages to the extent that
they arise out of or are based upon actions or omissions made in reliance upon
and in conformity with written information furnished by or on behalf of any such
Holder, underwriter, controlling Person, or other aforementioned Person
expressly for use in connection with such registration.

       

      
        
          
          

        

        
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      (b) To the
extent permitted by law, each selling Holder, severally and not jointly, will
indemnify and hold harmless the Company, and each of its directors, each of its
officers who has signed the registration statement, each Person (if any), who
controls the Company within the meaning of the 1933 Act, legal counsel and
accountants for the Company, any underwriter (as defined in the 1933 Act), any
other Holder selling securities in such registration statement, and any
controlling Person of any such underwriter or other Holder, against any Damages,
in each case only to the extent that such Damages arise out of or are based upon
actions or omissions made in reliance upon and in conformity with written
information furnished by or on behalf of such selling Holder expressly for use
in connection with such registration; and each such selling Holder will pay,
severally and not jointly, to the Company and each other aforementioned Person
any legal or other expenses reasonably incurred thereby in connection with
investigating or defending any claim or proceeding from which Damages may
result, as such expenses are incurred; provided, however, that the indemnity
agreement contained in this Section 2.7(b) shall not apply to amounts paid in
settlement of any such claim or proceeding if such settlement is effected
without the consent of the Holder, which consent shall not be unreasonably
withheld.

       

      (c) Promptly
after receipt by an indemnified party under this Section 2.7 of notice of the
commencement of any action (including any governmental action) for which a party
may be entitled to indemnification hereunder, such indemnified party will, if a
claim in respect thereof is to be made against any indemnifying party under this
Section 2.7 give the indemnifying party notice of the commencement thereof. The
indemnifying party shall have the right to participate in such action and, to
the extent the indemnifying party so desires, participate jointly with any other
indemnifying party to which notice has been given, and to assume the defense
thereof with counsel mutually satisfactory to the parties; provided, however,
that an indemnified party (together with all other indemnified parties that may
be represented without conflict by one counsel) shall have the right to retain
one separate counsel, with the fees and expenses to be paid by the indemnifying
party, if representation of such indemnified party by the counsel retained by
the indemnifying party would be inappropriate due to actual or potential
conflicting interests between such indemnified party and any other party
represented by such counsel in such action.  The failure to give
notice to the indemnifying party within a reasonable time of the commencement of
any such action shall not relieve such indemnifying party of any liability to
the indemnified party under this Section 2.7 unless such failure actually and
materially prejudices the indemnifying party’s ability to defend such
action.

       

      (d) Notwithstanding
anything else herein to the contrary, the foregoing indemnity agreements of the
Company and the selling Holders are subject to the condition that, insofar as
they relate to any Damages arising from any untrue statement or alleged untrue
statement of a material fact contained in, or omission or alleged omission of a
material fact from, a preliminary prospectus (or necessary to make the
statements therein not misleading) that has been corrected in the form of
prospectus included in the registration statement at the time it becomes
effective, or any amendment or supplement thereto filed with the SEC pursuant to
Rule 424(b) under the 1933 Act (the “Final Prospectus”), such indemnity
agreement shall not inure to the benefit of any Person if a copy of the Final
Prospectus was furnished to the indemnified party and such indemnified party
failed to deliver, at or before the confirmation of the sale of the shares
registered in such offering, a copy of the Final Prospectus to the Person
asserting the loss, liability, claim, or damage in any case in which such
delivery was required by the 1933 Act.

       

      
        
          
          

        

        
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      (e) To
provide for just and equitable contribution to joint liability under the 1933
Act in any case in which either (i) any party otherwise entitled to
indemnification hereunder makes a claim for indemnification pursuant to this
Section 2.7 but it is judicially determined (by the entry of a final judgment or
decree by a court of competent jurisdiction and the expiration of time to appeal
or the denial of the last right of appeal) that such indemnification may not be
enforced in such case, notwithstanding the fact that this Section 2.7 provides
for indemnification in such case, or (ii) contribution under the 1933 Act may be
required on the part of any party hereto for which indemnification is provided
under this Section 2.7, then, and in each such case, such parties will
contribute to the aggregate losses, claims, damages, liabilities, or expenses to
which they may be subject (after contribution from others) in such proportion as
is appropriate to reflect the relative fault of each of the indemnifying party
and the indemnified party in connection with the statements, omissions, or other
actions that resulted in such loss, claim, damage, liability, or expense, as
well as to reflect any other relevant equitable considerations.  The
relative fault of the indemnifying party and of the indemnified party shall be
determined by reference to, among other things, whether the untrue or allegedly
untrue statement of a material fact, or the omission or alleged omission of a
material fact, relates to information supplied by the indemnifying party or by
the indemnified party and the parties’ relative intent, knowledge, access to
information, and opportunity to correct or prevent such statement or omission;
provided, however, that, in any such case, no Person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the 1933 Act) will be
entitled to contribution from any Person who was not guilty of such fraudulent
misrepresentation.

       

      (f) Notwithstanding
the foregoing, to the extent that the provisions on indemnification and
contribution contained in the underwriting agreement entered into in connection
with the underwritten public offering are in conflict with the foregoing
provisions, the provisions in the underwriting agreement shall control;
provided, however, that the provisions on indemnification and contribution
contained in the underwriting agreement shall not contain provisions which
expose the Holders to greater liability than the terms contained
herein.

       

      (g) Unless
otherwise superseded by an underwriting agreement entered into in connection
with the underwritten public offering, the obligations of the Company and
Holders under this Section 2.7 shall survive the completion of any offering of
Registrable Securities in a registration under Section 2, and otherwise shall
survive the termination of this Agreement.

       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

      2.8. Current Public
Information. With a view to making available to the Holders the benefits
of Rule 144 and any other rule or regulation of the SEC that may at any time
permit a Holder to sell securities of the Company to the public without
registration, the Company shall:

       

      (a) make and
keep available adequate current public information, as those terms are
understood and defined in Rule 144, at all times; and

       

      (b) furnish
to any Holder, so long as the Holder owns any Registrable Securities, upon
request (A) to the extent accurate, a written statement by the Company that it
has complied with the reporting requirements of Rule 144; (B) a copy of the most
recent annual or quarterly report of the Company and such other reports and
documents so filed by the Company; and (C) such other information as may be
reasonably requested in availing any Holder of any rule or regulation of the SEC
that permits the selling of any such securities without
registration.

       

      2.9. Termination and Suspension
of Registration Rights. The right of any Holder to request registration
or inclusion of Registrable Securities in any registration pursuant to Section 2
shall terminate upon such time that the Registrable Securities may be resold by
the Holder without restriction under Rule 144 (as amended from time to
time).  The right of any Holder to request registration or inclusion
of Registrable Securities in any registration pursuant to Section 2 shall be
suspended as of the date of this Agreement until the date that is one year after
the date of this Agreement; provided, however, that the rights of a Holder shall
not be suspended if at any time during the time period described in this
sentence the Company fails to satisfy the adequate current public information
requirements of Rule 144.

       

      3. Miscellaneous.

       

      3.1. Successors and
Assigns.  Except as set forth in this Section 3.1, this
Agreement shall not be assignable by any Holder without the prior written
consent of the Company.  Prior written consent will not be required
for any assignment of this Agreement by a Holder to an Affiliate assignee, or in
connection with any transfer of at least seventy-five percent (75%) of the
Registrable Securities of such Holder; provided that such transfer provided that
(i) the Company is, within a reasonable period of time after such transfer,
furnished with written notice of the name and address of the Affiliate or other
assignee and (ii) the Affiliate or other assignee agrees in a written instrument
satisfactory to the Company, to be bound by and subject to the terms and
conditions of this Agreement. Nothing in this Agreement, express or implied, is
intended to confer upon any party other than the parties hereto or their
respective successors and permitted assignees any rights, remedies, obligations
or liabilities under or by reason of this Agreement, except as expressly
provided herein.

       

      3.2. Governing
Law.    This Agreement shall be governed by, and
construed in accordance with, the internal laws of the State of New York without
regard to the choice of law principles thereof.  Each of the parties
hereto irrevocably submits to the exclusive jurisdiction of the courts of the
State of New York located in New York County and the United States District
Court for the Southern District of New York for the purpose of any suit, action,
proceeding or judgment relating to or arising out of this Agreement and the
transactions contemplated hereby.  Service of process in connection
with any such suit, action or proceeding may be served on each party hereto
anywhere in the world by the same methods as are specified for the giving of
notices under this Agreement.  Each of the parties hereto irrevocably
consents to the jurisdiction of any such court in any such suit, action or
proceeding and to the laying of venue in such court.  Each party
hereto irrevocably waives any objection to the laying of venue of any such suit,
action or proceeding brought in such courts and irrevocably waives any claim
that any such suit, action or proceeding brought in any such court has been
brought in an inconvenient forum. EACH OF THE PARTIES HERETO WAIVES ANY
RIGHT TO REQUEST A TRIAL BY JURY IN ANY LITIGATION WITH RESPECT TO THIS
AGREEMENT AND REPRESENTS THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY AS TO THIS
WAIVER.

       

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

      3.3. Counterparts;
Facsimile.  This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.  This Agreement
may also be executed via facsimile, which shall be deemed an
original.

       

      3.4. Titles and
Subtitles.  The titles and subtitles used in this Agreement are
used for convenience only and are not to be considered in construing or
interpreting this Agreement.

       

      3.5. Notices. Unless
otherwise provided, any notice required or permitted under this Agreement shall
be given in writing and shall be deemed effectively given as hereinafter
described (i) if given by personal delivery, then such notice shall be deemed
given upon such delivery, (ii) if given by telex or telecopier, then such notice
shall be deemed given upon receipt of confirmation of complete transmittal,
(iii) if given by mail, then such notice shall be deemed given upon the earlier
of (A) receipt of such notice by the recipient or (B) three days after such
notice is deposited in first class mail, postage prepaid, and (iv) if given by
an internationally recognized overnight air courier, then such notice shall be
deemed given one Business Day after delivery to such carrier.  All
notices shall be addressed to the party to be notified at the address as
follows, or at such other address as such party may designate by ten days’
advance written notice to the other party:

       

      

      If to the Company:

      

      PROVECTUS
PHARMACEUTICALS, INC.

      7327 Oak
Ridge Highway, Suite A

      Knoxville,
TN 37931

      Attention:
Peter R. Culpepper

      Telephone
No.: (865) 769-4011

      Telecopier
No.: (865) 769-4013

      

      with a
copy to:

      

      Linda
Crouch

      Baker,
Donelson, Bearman, Caldwell & Berkowitz, PC

      100 Med
Tech Parkway

      Suite
200

      Johnson
City, Tennessee 37604

      Telephone
No.: (423) 928-0181

      Telecopier
No.: (423) 928-5694

      

      If to the Stockholders:

      

      to the
addresses set forth on the signature pages hereto.

      

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

      3.6. Amendments and
Waivers.  Any term of this Agreement may be amended and the
observance of any term of this Agreement may be waived (either generally or in a
particular instance and either retroactively or prospectively), only with the
written consent of the Company and the Stockholders.  Any amendment or
waiver effected in accordance with this paragraph shall be binding upon each
holder of any Securities purchased under this Agreement at the time outstanding,
each future holder of all such Securities, and the Company.

       

      3.7. Severability.  Any
provision of this Agreement that is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining
provisions hereof but shall be interpreted as if it were written so as to be
enforceable to the maximum extent permitted by applicable law, and any such
prohibition or unenforceability in any jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction.  To the
extent permitted by applicable law, the parties hereby waive any provision of
law which renders any provision hereof prohibited or unenforceable in any
respect.

       

      3.8. Aggregation of
Securities.  All shares of Registrable Securities held or
acquired by Affiliates of a Holder shall be aggregated together for the purpose
of determining the availability of any rights under this Agreement of such
Holder.

       

      3.9. Entire
Agreement.  This Agreement and the other Transaction Documents
constitute the entire agreement among the parties hereof with respect to the
subject matter hereof and thereof and supersede all prior agreements and
understandings, both oral and written, between the parties with respect to the
subject matter hereof and thereof.

       

      3.10. Delays or
Omissions.  No delay or omission to exercise any right, power,
or remedy accruing to any party under this Agreement, upon any breach or default
of any other party under this Agreement, shall impair any such right, power, or
remedy of such nonbreaching or nondefaulting party, nor shall it be construed to
be a waiver of or acquiescence to any such breach or default, or to any similar
breach or default thereafter occurring, nor shall any waiver of any single
breach or default be deemed a waiver of any other breach or default theretofore
or thereafter occurring. All remedies, whether under this Agreement or by law or
otherwise afforded to any party, shall be cumulative and not
alternative.

       

      [signature
page follows]

       

      
        
           

        

        
          11

          
            

          

        

        
           

        

      

      IN WITNESS WHEREOF, the parties have
executed this Agreement or caused their duly authorized officers to execute this
Agreement as of the date first above written.

      

      The
Company:                                                     PROVECTUS
PHARMACEUTICALS, INC.

      

      

      

      By:_________________________

      Name:  Peter R.
Culpepper

      Title:  Chief Financial
Officer

      

      

      

      
        
          
            Signature
Page to Registration Rights Agreement

          

           

        

        
           

          
            

          

        

        
           

        

      

      The
Stockholders:

       

      
        	 	 	MAXIM GROUP
      LLC 
	 	 	 
	 	
              	By:_______________________________________
	 	
              	Name:
	 	 	Title:
	 	 	 
	Aggregate Purchase
      Price: 	 	$_________________________________________ 
	Number of
      Shares: 	 	__________________________________________ 
	Number of
      Warrants: 	 	__________________________________________ 
	 	 	 
	Address for
      Notice:   	 	__________________________________________ 
	 	 	__________________________________________ 
	 	 	__________________________________________ 
	 	 	__________________________________________ 

      

       

                                                        

      

      

      

      
        
          
            Signature
Page to Registration Rights Agreement

          

           

        

        
           

          
            

          

        

        
           

        

      

      The
Stockholders:

      

      
        	 	 	 
	 	 	 
	 	
              	By:_______________________________________
	 	
              	Name:
	 	 	Title:
	 	 	 
	Aggregate Purchase
      Price: 	 	$_________________________________________ 
	Number of
      Shares: 	 	__________________________________________ 
	Number of
      Warrants: 	 	__________________________________________ 
	 	 	 
	Address for
      Notice:   	 	__________________________________________ 
	 	 	__________________________________________ 
	 	 	__________________________________________ 
	 	 	__________________________________________ 

      

       

       

      
 

      
 

       

       

       

       

       

      

      

      

      

      

      
        Signature
Page to Registration Rights Agreement

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