PROVECTUS BIOPHARMACEUTICALS, INC. (OTCMKTS:PVCT) Files An 8-K Entry into a Material Definitive Agreement

Item1.01.

As previously disclosed by Provectus Biopharmaceuticals, Inc.
(the Company) in a Current Report on Form8-K, filed with the
Securities and Exchange Commission (the Commission) on March23,
2017, the Company entered into an exclusive Definitive Financing
Commitment Term Sheet effective as of March19, 2017, which sets
forth the terms on which a group of the Companys stockholders
(the PRH Group) will provide financing (the Financing) to the
Company (the Term Sheet). As described in the Term Sheet, the
Financing from the PRH Group is in the form of a loan (the Loan)
that is evidenced by secured convertible promissory notes
(individually a PRH Note and collectively, the PRH Notes).

In connection with the funding of the First Tranche, as described
in the Term Sheet, the Company, on April3, 2017, entered into a
PRH Note with Cal Enterprises LLC, a Nevada limited liability
company, an affiliate of Dominic Rodrigues (the Rodrigues Note),
in the principal amount of $2.5million. In addition, Eric Wachter
amended and restated his promissory note from the Company in the
principal amount of $2.5million (the Wachter Note) in order to
match the terms of the Wachter Note to the PRH Notes. As
previously described, in addition to the customary provisions,
each of the Rodrigues Note and the Wachter Note contains the
following provisions:

(i) They are secured on a paripassu basis by a first
priority security interest on the Companys U.S. intellectual
property;

(ii) They bear interest at the rate of eight percent (8%)perannum
on the outstanding principal amount;

(iii) In the event there is a change of control of the Companys
board of directors as proposed by any person or group other than
the PRH Group or Dr.Wachter (the Lenders), the term of each of
the Wachter Note and the Rodrigues Note will be accelerated and
all amounts due under the Wachter Note and the Rodrigues Note
will be immediately due and payable, plus interest at the rate of
eight percent (8%)perannum, plus a penalty in the amount equal to
ten times (10x)the outstanding principal amount of the Wachter
Note and the Rodrigues Note that has been funded to the Company;

(iv) The outstanding principal amount and interest payable under
the Notes is convertible at the sole discretion of the Lenders
into shares of the Companys SeriesD Preferred Stock, a new series
of preferred stock to be designated by the Board, at a price
pershare equal to $0.2862; and

(v) Notwithstanding (v)above, the principal amount of the Notes
and the interest payable thereunder will automatically convert
into shares of the Companys SeriesD Preferred Stock at a price
pershare equal to $0.2862 effective on the 18month anniversary of
the funding of the final tranche of the Financing, subject to
certain exceptions.

The foregoing descriptions of the Rodrigues Note and the Wachter
Note do not purport to be complete and are qualified in their
entirety by reference to the Rodrigues Note and the Wachter Note,
copies of which are filed as exhibits to this Current Report on
Form8-K as Exhibit10.1 and Exhibit10.2, respectively.

As of March29, 2017, the Company has drawn down the entire amount
of $2.5million of the Wachter Note. On April3, 2017, the Company
issued a borrowing request for $500,000 under the Rodrigues Note.

2

The information disclosed in Item5.02 of this Current Report on
Form8-K is
incorporated by reference into this Item1.01.

The information
disclosed in Item1.01 of this Current Report on Form8-K is
incorporated by reference into this Item2.03.

On April3, 2017,
as a condition precedent to the funding of the First Tranche, as
contemplated in the Term Sheet, three members of the Board of
Directors (the Board) of the Company resigned and the Board, as
permitted by Section4.1 of the Companys Bylaws (the Bylaws),
decreased the size of the Board from five members to four
members. The Board, as permitted by section4.4 of the Bylaws,
appointed two new members to fill the vacancies created by the
aforementioned resignations.

Director
Resignations