EXHIBIT 4.2
FORM OF 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, 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 _______, 2007, ____________________
(_________) fully paid and nonassessable shares of the Company's Common
Stock,
$0.001 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.
Capitalized
terms not otherwise
herein defined
shall have the meanings ascribed to them in the Securities
Purchase Agreement
between the Company and the Holder dated
_______, 2004 (the "Agreement").
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
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Common Stock
purchased,
the Holder
shall be entitled to receive a
certificate or
certificates
for the shares of Common Stock so
purchased.
(b) 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.
(c) 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 the provisions of this Warrant,
the Agreement or of the other Transaction
Agreements, in no event (except (i) as
specifically provided in this Warrant as an
exception to this
provision, (ii)
while there is outstanding a tender offer for any or all of the shares
of the
Company's Common Stock, or (iii) at the
Holder's option, on at
least sixty-five
(65) days' advance written notice from the Holder)
shall the Holder be entitled
to exercise this Warrant, or shall the Company 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 sum of (1) the number of
shares of Common Stock
beneficially owned by the Holder and its
affiliates (other than shares of Common
Stock which may be deemed beneficially owned through the ownership of the
unexercised portion of the Warrants or other
rights to purchase
Common Stock),
and (2) the number of shares of Common
Stock issuable
upon the exercise of
the
Warrants with respect to which the
determination of this
proviso is being made,
would result in beneficial ownership by the Holder and its
affiliates of more
than 4.99% of the outstanding shares of Common Stock (after
taking into account
the shares to be issued to the Holder upon
such exercise).
For purposes of
the
proviso to the immediately preceding sentence, beneficial ownership shall be
determined in accordance with Section 13(d) of the
Securities
Exchange Act of
1934, as amended (the "1934 Act"), except
as otherwise provided in clause (1) of
such sentence. 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.
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