Exhibit 10.42


 





ACTINIUM
PHARMACEUTICALS, INC.


Amended
and Restated Stock Plan


 


1.            Purposes
of the Plan. The purposes of this Amended and Restated Stock Plan of the Company (the “Plan”) are to attract
and retain the best available personnel for positions of substantial responsibility, to provide additional incentive to Employees,
Directors and Consultants and to promote the success of the Company’s business. To achieve these purposes, the Company may
grant Incentive Stock Options or Nonstatutory Stock Options, as determined by the Administrator at the time of grant of an option
and subject to the applicable provisions of Section 422 of the Code and the regulations promulgated thereunder, or the Company
may grant Stock Purchase Rights, all in accordance with the terms and conditions of the Plan.


 


The
Plan was originally adopted by the Board on November 8, 2013 as the Amended and Restated 2013 Stock Plan, and was approved by
the stockholders of the Company on December 23, 2013.


 


The
amendments made to the Plan shall affect only Option and Restricted Stock awards granted on or after the Effective Date. Awards
granted prior to the Effective Date shall be governed by the terms of the Plan and the related Option Agreements or Restricted
Stock Purchase Agreements as in effect prior to the Effective Date. In the event that the Plan is not approved by the stockholders
of the Company, this Amended and Restated Stock Plan of the Company shall be null and void and of no force or effect, but the
2013 Stock Plan then in effect and the Options and Stock Purchase Rights granted thereunder shall remain in full force and effect.


 


2.            Definitions.
As used herein, the following definitions shall apply:


 


(a)          “Administrator”
means the Board or its Committee appointed pursuant to Section 4 of the Plan.


 


(b)          “Affiliate”
means an entity other than a Subsidiary (as defined below) which, together with the Company, is under common control of a
third person or entity.


 


(c)          “Applicable
Laws” means the legal requirements relating to the administration of stock option and restricted stock purchase
plans under applicable U.S. state corporate laws, U.S. federal laws and other applicable state laws, the Code and regulations
thereunder, any Stock Exchange rules or regulations and the applicable laws of any other country or jurisdiction where Options
or Stock Purchase Rights are granted under the Plan, as such laws, rules, regulations and requirements shall be in place from
time to time.


 


(d)          “Board”
means the Board of Directors of the Company.


 


(e)          “Change
of Control” means a sale of all or substantially all of the Company’s assets, or any merger, consolidation
or other transaction of the Company with or into another corporation, entity or person, other than a transaction in which the
holders of at least a majority of the shares of capital stock of the Company outstanding immediately prior to such transaction
continue to hold (either by the voting securities remaining outstanding or by their being converted into voting securities of
the surviving entity) a majority of the total voting power represented by the voting securities of the Company, or such surviving
entity, outstanding immediately after such transaction.


 






    	 



    	 



    

 


(f)          “Code”
means the Internal Revenue Code of 1986, as amended.


 


(g)          “Committee”
means one or more committees or subcommittees of the Board appointed by the Board to administer the Plan in accordance with
Section 4 below.


 


(h)          “Common
Stock” means the Common Stock of the Company.


 


(i)          “Company”
means Actinium Pharmaceuticals, Inc., a Delaware corporation.


 


(j)          “Consultant”
means any person, including an advisor, who is engaged by the Company or any Parent, Subsidiary or Affiliate to render services
and is compensated for such services, and any director of the Company whether compensated for such services or not.


 


(k)          “Continuous
Service Status” means the absence of any interruption or termination of service as an Employee or Consultant since
the date of grant of the Option. Continuous Service Status as an Employee or Consultant shall not be considered interrupted in
the case of: (i) sick leave; (ii) military leave; (iii) any other leave of absence approved by the Administrator,
provided that such leave is for a period of not more than three (3) months, or if longer, so long as the individual’s right
to reemployment is guaranteed by contract or statute; or (iv) in the case of transfers between locations of the Company or
between the Company, its Parents, Subsidiaries, Affiliates or their respective successors. A change in status from an Employee
to a Consultant or from a Consultant to an Employee will not constitute an interruption of Continuous Service.


 


(l)          “Corporate
Transaction” means a sale of all or substantially all of the Company’s assets, or a merger, consolidation
or other capital reorganization or transaction of the Company with or into another corporation, entity or person, and includes
a Change of Control.


 


(m)         “Director”
means a member of the Board.


 


(n)          “Effective
Date” means the date the Plan is approved by the stockholders of the Company.


 


(o)          “Employee”
means any person employed by the Company or any Parent, Subsidiary or Affiliate, with the status of employment determined
based upon such factors as are deemed appropriate by the Administrator in its discretion, subject to any requirements of the Code
or the Applicable Laws. The payment by the Company of a director’s fee to a Director shall not be sufficient to constitute
“employment” of such Director by the Company.


 


(p)          “Exchange
Act” means the Securities Exchange Act of 1934, as amended.


 






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(q)          “Fair
Market Value” means, as of any date, per share of Common Stock, the closing price on the business day immediately
preceding such date for the Common Stock on the NYSE MKT or, if applicable, principal securities exchange on which the shares
of Common Stock are then traded, or, if not traded, the price set by the Administrator.


 


(r)          “Incentive
Stock Option” means an Option intended to qualify as an incentive stock option within the meaning of Section 422
of the Code, as designated in the applicable Option Agreement.


 


(s)          “Nonstatutory
Stock Option” means an Option not intended to qualify as an Incentive Stock Option, as designated in the applicable
Option Agreement, or that otherwise does not meet the requirements of an Incentive Stock Option.


 


(t)          “Option”
means a stock option granted pursuant to the Plan.


 


(u)          “Option
Agreement” means a written document, substantially in the form attached hereto as Attachment A, reflecting
the terms of an Option granted under the Plan and includes any documents attached to or incorporated into such Option Agreement,
including, but not limited to, a notice of stock option grant and a form of exercise notice.


 


(v)          “Option
Exchange Program” means a program approved by the Administrator whereby outstanding Options are exchanged for Options
with a lower exercise price or are amended to decrease the exercise price as a result of a decline in the Fair Market Value of
the Common Stock.


 


(w)         “Optioned
Stock” means the Common Stock subject to an Option.


 


(x)          “Optionee”
means an Employee, Director or Consultant who receives an Option.


 


(y)          “Parent”
means a “parent corporation,”, whether now or hereafter existing, as defined in Section 424(e) of the Code,
or any successor provision.


 


(z)          “Participant”
means any holder of one or more Options or Stock Purchase Rights, or the Shares issuable or issued upon exercise of such awards,
under the Plan.


 


(aa)         “Reporting
Person” means an officer, Director, or greater than ten percent stockholder of the Company within the meaning of
Rule 16a-2 under the Exchange Act, who is required to file reports pursuant to Rule 16a-3 under the Exchange Act.


 


(bb)         “Restricted
Stock” means Shares of Common Stock acquired pursuant to a grant of a Stock Purchase Right under Section 11
below.


 


(cc)         “Restricted
Stock Purchase Agreement” means a written document, the form(s) of which shall be approved from time to time by
the Administrator, reflecting the terms of a Stock Purchase Right granted under the Plan and includes any documents attached to
such agreement.


 






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(dd)          “Rule
16b-3” means Rule 16b-3 promulgated under the Exchange Act, as amended from time to time, or any successor provision.


 


(ee)          “Share”
means a share of the Common Stock, as adjusted in accordance with Section 14 of the Plan.


 


(ff)           “Stock
Exchange” means any stock exchange or consolidated stock price reporting system on which prices for the Common Stock
are quoted at any given time.


 


(gg)          “Stock
Purchase Right” means the right to purchase Common Stock pursuant to Section 11 below.


 


(hh)          “Subsidiary”
means a “subsidiary corporation,” whether now or hereafter existing, as defined in Section 424(f) of the
Code, or any successor provision.


 


(ii)            “Ten
Percent Holder” means a person who owns stock representing more than ten percent (10%) of the voting power of all
classes of stock of the Company or any Parent or Subsidiary.


 


3.            Stock
Subject to the Plan. Subject to the provisions of Section 14 of the Plan, the maximum aggregate number of Shares reserved
for issuance to Participants under the Plan is 5,750,000, and the maximum aggregate number of Shares that may be granted in the
form of Incentive Stock Options is 5,750,000. The Shares may be authorized, but unissued, or reacquired Common Stock. If an award
should expire or become unexercisable for any reason without having been exercised in full, or is surrendered pursuant to an Option
Exchange Program, the unpurchased Shares that were subject thereto shall, unless the Plan shall have been terminated, become available
for future grant under the Plan. In addition, any Shares of Common Stock which are retained by the Company upon exercise of an
award in order to satisfy the exercise or purchase price for such award or any withholding taxes due with respect to such exercise
or purchase shall be treated as not issued and shall continue to be available under the Plan. Shares issued under the Plan and
later repurchased by the Company pursuant to any repurchase right which the Company may have shall not be available for future
grant under the Plan.


 


4.            Administration
of the Plan.


 


(a)          General.
The Plan shall be administered by the Board or a Committee, or a combination thereof, as determined by the Board. The Plan
may be administered by different administrative bodies with respect to different classes of Participants and, if permitted by
the Applicable Laws, the Board may authorize one or more officers to make awards under the Plan.


 


(b)          Committee
Composition. If a Committee has been appointed pursuant to this Section 4, such Committee shall continue to serve in its
designated capacity until otherwise directed by the Board. From time to time the Board may increase the size of any Committee
and appoint additional members thereof, remove members (with or without cause) and appoint new members in substitution therefor,
fill vacancies (however caused) and remove all members of a Committee and thereafter directly administer the Plan, all to the
extent permitted by the Applicable Laws and, in the case of a Committee administering the Plan in accordance with the requirements
of Rule 16b-3 or Section 162(m) of the Code, to the extent permitted or required by such provisions.


 






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(c)          Powers
of the Administrator. Subject to the provisions of the Plan and in the case of a Committee, the specific duties delegated
by the Board to such Committee, the Administrator shall have the authority, in its discretion:


 


(i)         to
determine the Fair Market Value of the Common Stock, in accordance with Section 2(q) of the Plan, provided that such determination
shall be applied consistently with respect to Participants under the Plan;


 


(ii)        to
select the Employees, Directors and Consultants to whom Plan awards may from time to time be granted;


 


(iii)       to
determine whether and to what extent Plan awards are granted;


 


(iv)       to
determine the number of Shares of Common Stock to be covered by each award granted;


 


(v)        to
approve the form(s) of agreement(s) used under the Plan;


 


(vi)       to
determine the terms and conditions, not inconsistent with the terms of the Plan, of any award granted hereunder, which terms and
conditions include but are not limited to the exercise or purchase price, the time or times when awards may be exercised (which
may be based on performance criteria), any vesting acceleration or waiver of forfeiture restrictions, any pro-rata adjustment
to vesting as a result of a Participant’s transitioning from full- to part-time services (or vice versa), and any restriction
or limitation regarding any Option, Optioned Stock, Stock Purchase Right or Restricted Stock, based in each case on such factors
as the Administrator, in its sole discretion, shall determine;


 


(vii)      to
determine whether and under what circumstances an Option may be settled in cash under Section 10(c) instead of Common Stock;


 


(viii)      to
implement an Option Exchange Program on such terms and conditions as the Administrator in its discretion deems appropriate, provided
that no amendment or adjustment to an Option that would materially and adversely affect the rights of any Optionee shall be made
without the prior written consent of the Optionee;


 


(ix)        to
adjust the vesting of an Option held by an Employee, Director or Consultant as a result of a change in the terms or conditions
under which such person is providing services to the Company;


 


(x)         to
construe and interpret the terms of the Plan and awards granted under the Plan, which constructions, interpretations and decisions
shall be final and binding on all Participants; and


 


(xi)        in
order to fulfill the purposes of the Plan and without amending the Plan, to modify grants of Options or Stock Purchase Rights
to Participants who are foreign nationals or employed outside of the United States in order to recognize differences in local
law, tax policies or customs.


 






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5.            Eligibility.


 


(a)          Recipients
of Grants. Nonstatutory Stock Options and Stock Purchase Rights may be granted to Employees, Directors and Consultants.
Incentive Stock Options may be granted only to Employees, provided that Employees of Affiliates shall not be eligible to receive
Incentive Stock Options.


 


(b)          Type
of Option. Each Option shall be designated in the Option Agreement as either an Incentive Stock Option or a Nonstatutory
Stock Option.


 


(c)          ISO
$100,000 Limitation.  Notwithstanding any designation under Section 5(b), to the extent that the aggregate Fair Market
Value of Shares with respect to which Options designated as Incentive Stock Options are exercisable for the first time by any
Optionee during any calendar year (under all plans of the Company or any Parent or Subsidiary) exceeds $100,000, such excess Options
shall be treated as Nonstatutory Stock Options. For purposes of this Section 5(c), Incentive Stock Options shall be taken
into account in the order in which they were granted, and the Fair Market Value of the Shares subject to an Incentive Stock Option
shall be determined as of the date of the grant of such Option.


 


(d)          No
Employment Rights. The Plan shall not confer upon any Participant any right with respect to continuation of an employment
or consulting relationship with the Company, nor shall it interfere in any way with such Participant’s right or the Company’s
right to terminate his or her employment or consulting relationship at any time or any reason.


 


6.            Term
of Plan. The Plan shall become effective upon the Effective Date. The duration of the Plan shall not exceed ten (10) years
from the earlier of the date the plan is adopted by the Board of Directors or the date the Plan is approved by the stockholders
of the Company and may be terminated earlier pursuant to Section 16 of the Plan.


 


7.            Term
of Option. The term of each Option shall be the term stated in the Option Agreement; provided that the term shall be no
more than ten (10) years from the date of grant thereof or such shorter term as may be provided in the Option Agreement and
provided further that, in the case of an Incentive Stock Option granted to a person who at the time of such grant is a Ten Percent
Holder, the term of the Option shall be five (5) years from the date of grant thereof or such shorter term as may be provided
in the Option Agreement.


 


8.            [Reserved.]


 


9.            Option
Exercise Price and Consideration.


 


(a)          Exercise
Price. The per Share exercise price for the Shares to be issued pursuant to exercise of an Option shall be such price
as is determined by the Administrator and set forth in the Option Agreement, but shall be subject to the following:


 


(i)          In
the case of an Incentive Stock Option


 


(A)         granted
to an Employee who at the time of grant is a Ten Percent Holder, the per Share exercise price shall be no less than 110% of the
Fair Market Value per Share on the date of grant; or


 






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(B)         granted
to any other Employee, the per Share exercise price shall be no less than 100% of the Fair Market Value per Share on the date
of grant.


 


(ii)          In
the case of a Nonstatutory Stock Option, the exercise price shall be no less than 100% of the Fair Market Value per Share on the
date of grant.


 


(b)          Permissible
Consideration. The consideration to be paid for the Shares to be issued upon exercise of an Option, including the method
of payment, shall be determined by the Administrator (and, in the case of an Incentive Stock Option, shall be determined at the
time of grant) and may consist entirely of (1) cash; (2) check; (3) delivery of Optionee’s promissory note
with such recourse, interest, security and redemption provisions as the Administrator determines to be appropriate (subject to
applicable provisions of Delaware law); (4) cancellation of indebtedness; (5) other Shares that have a Fair Market Value
on the date of surrender equal to the aggregate exercise price of the Shares as to which the Option is exercised, provided that
in the case of Shares acquired, directly or indirectly, from the Company, such Shares must have been owned by the Optionee for
more than six (6) months on the date of surrender (or such other period as may be required to avoid the Company’s incurring
an adverse accounting charge); (6) delivery of a properly executed exercise notice together with such other documentation
as the Administrator and a securities broker approved by the Company shall require to effect exercise of the Option and prompt
delivery to the Company of the sale or loan proceeds required to pay the exercise price and any applicable withholding taxes;
or (7) any combination of the foregoing methods of payment. In making its determination as to the type of consideration to accept,
the Administrator shall consider if acceptance of such consideration may be reasonably expected to benefit the Company and the
Administrator may, in its sole discretion, refuse to accept a particular form of consideration at the time of any Option exercise.


 


10.          Exercise
of Option.


 


(a)          General.



 


(i)          Exercisability.
Any Option granted hereunder shall be exercisable at such times and under such conditions as determined by the Administrator,
consistent with the term of the Plan and reflected in the Option Agreement, including vesting requirements and/or performance
criteria with respect to the Company and/or the Optionee. The Administrator shall have the discretion to determine whether and
to what extent the vesting of Options shall be tolled during any unpaid leave of absence; provided however that in the absence
of such determination, vesting of Options shall be tolled during any such leave (unless otherwise required by the Applicable Laws).
In the event of military leave, vesting shall toll during any unpaid portion of such leave, provided that upon a Participant’s
return from military leave he or she will be given vesting credit with respect to awards to the same extent as would have applied
had the Participant continued to provide services to the Company throughout the leave on the same terms as he or she was providing
services immediately prior to the leave.


 






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(ii)          Minimum
Exercise Requirements. An Option may not be exercised for a fraction of a Share. The Administrator may require that an
Option be exercised as to a minimum number of Shares, provided that such requirement shall not prevent an Optionee from exercising
the full number of Shares as to which the Option is then exercisable.


 


(iii)          Procedures
for and Results of Exercise. An Option shall be deemed exercised when written notice of such exercise has been given to
the Company in accordance with the terms of the Option by the person entitled to exercise the Option and the Company has received
full payment for the Shares with respect to which the Option is exercised. Full payment may, as authorized by the Administrator,
consist of any consideration and method of payment allowable under Section 9(b) of the Plan, provided that the Administrator
may, in its sole discretion, refuse to accept any form of consideration at the time of any Option exercise.


 


Exercise
of an Option in any manner shall result in a decrease in the number of Shares that thereafter may be available, both for purposes
of the Plan and for sale under the Option, by the number of Shares as to which the Option is exercised.


 


(iv)          Rights
as Stockholder. Until the issuance of the Shares (as evidenced by the appropriate entry on the books of the Company or
of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a stockholder
shall exist with respect to the Optioned Stock, notwithstanding the exercise of the Option. No adjustment will be made for a dividend
or other right for which the record date is prior to the date the stock certificate is issued, except as provided in Section 14
of the Plan.


 


(b)          Termination
of Employment or Consulting Relationship.


 


(i)          Termination
other than Upon Disability or Death. In the event of termination of an Optionee’s Continuous Service Status, such
Optionee may exercise an Option within three (3) months following such termination to the extent the Optionee was vested in the
Optioned Stock as of the date of such termination. No termination shall be deemed to occur and this Section 10(b)(i) shall not
apply if (A) the Optionee is a Consultant who becomes an Employee, or (B) the Optionee is an Employee who becomes a Consultant.


 


(ii)          Disability
of Optionee. In the event of termination of an Optionee’s Continuous Service Status as a result of his or her permanent
and total disability within the meaning of Section 22(e)(3) of the Code, such Optionee may exercise an Option at any time within
one (1) year following such termination to the extent the Optionee was vested in the Optioned Stock as of the date of such termination.


 


(iii)          Death
of Optionee. In the event of the death of an Optionee during the period of Continuous Service Status or within three (3)
months following termination thereof, the Option may be exercised by Optionee’s estate or by a person who acquired the right
to exercise the Option by bequest or inheritance at any time within one (1) year following the date of death, but only to the
extent the Optionee was vested in the Optioned Stock as of the date of death or, if earlier, the date the Optionee’s Continuous
Service Status terminated.


 


(c)          Buyout
Provisions. The Administrator may at any time offer to buy out for a payment in cash or Shares an Option previously granted
under the Plan based on such terms and conditions as the Administrator shall establish and communicate to the Optionee at the
time that such offer is made.


 






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11.          Stock
Purchase Rights.


 


(a)          Rights
to Purchase. When the Administrator determines that it will offer Stock Purchase Rights under the Plan, it shall advise
the offeree in writing of the terms, conditions and restrictions related to the offer, including the number of Shares that such
person shall be entitled to purchase, the price to be paid, and the time within which such person must accept such offer. The
offer to purchase Shares subject to Stock Purchase Rights shall be accepted by execution of a Restricted Stock Purchase Agreement
in the form determined by the Administrator.


 


(b)          Repurchase
Option. Unless the Administrator determines otherwise, the Restricted Stock Purchase Agreement shall grant the Company
a repurchase option exercisable upon the voluntary or involuntary termination of the purchaser’s employment with the Company
for any reason (including death or disability). The purchase price for Shares repurchased pursuant to the Restricted Stock Purchase
Agreement shall be the original purchase price paid by the purchaser and may be paid by cancellation of any indebtedness of the
purchaser to the Company. The repurchase option shall lapse at such date as the Administrator may determine, as reflected in the
Restricted Stock Purchase Agreement.


 


(c)          Other
Provisions. The Restricted Stock Purchase Agreement shall contain such other terms, provisions and conditions not inconsistent
with the Plan as may be determined by the Administrator in its sole discretion. In addition, the provisions of Restricted Stock
Purchase Agreements need not be the same with respect to each purchaser.


 


(d)          Rights
as a Stockholder. Once the Stock Purchase Right is exercised, the purchaser shall have the rights equivalent to those
of a stockholder, and shall be a stockholder when his or her purchase is entered upon the records of the duly authorized transfer
agent of the Company. No adjustment will be made for a dividend or other right for which the record date is prior to the date
the Stock Purchase Right is exercised, except as provided in Section 14 of the Plan.


 


12.          Taxes.


 


(a)          As
a condition of the exercise of an Option or Stock Purchase Right granted under the Plan, the Participant (or in the case of the
Participant’s death, the person exercising the Option or Stock Purchase Right) shall make such arrangements as the Administrator
may require for the satisfaction of any applicable federal, state, local or foreign withholding tax obligations that may arise
in connection with the exercise of the Option or Stock Purchase Right and the issuance of Shares. The Company shall not be required
to issue any Shares under the Plan until such obligations are satisfied. If the Administrator allows the withholding or surrender
of Shares to satisfy a Participant’s tax withholding obligations under this Section 12 (whether pursuant to Section 12(c),
(d) or (e), or otherwise), the Administrator shall not allow Shares to be withheld in an amount that exceeds the minimum statutory
withholding rates for federal and state tax purposes, including payroll taxes.


 






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(b)          In
the case of an Employee and in the absence of any other arrangement, the Employee shall be deemed to have directed the Company
to withhold or collect from his or her compensation an amount sufficient to satisfy such tax obligations from the next payroll
payment otherwise payable after the date of an exercise of the Option or Stock Purchase Right.


 


(c)          In
the case of Participant other than an Employee (or in the case of an Employee where the next payroll payment is not sufficient
to satisfy such tax obligations, with respect to any remaining tax obligations), in the absence of any other arrangement and to
the extent permitted under the Applicable Laws, the Participant shall be deemed to have elected to have the Company withhold from
the Shares to be issued upon exercise of the Option or Stock Purchase Right that number of Shares having a Fair Market Value determined
as of the applicable Tax Date (as defined below) equal to the amount required to be withheld. For purposes of this Section 12,
the Fair Market Value of the Shares to be withheld shall be determined on the date that the amount of tax to be withheld is to
be determined under the Applicable Laws (the “Tax Date”).


 


(d)          If
permitted by the Administrator, in its discretion, a Participant may satisfy his or her tax withholding obligations upon exercise
of an Option or Stock Purchase Right by surrendering to the Company Shares that have a Fair Market Value determined as of the
applicable Tax Date equal to the amount required to be withheld. In the case of shares previously acquired from the Company that
are surrendered under this Section 12(d), such Shares must have been owned by the Participant for more than six (6) months on
the date of surrender (or such other period of time as is required for the Company to avoid adverse accounting charges).


 


(e)          Any
election or deemed election by a Participant to have Shares withheld to satisfy tax withholding obligations under Section 12(c)
or (d) above shall be irrevocable as to the particular Shares as to which the election is made and shall be subject to the consent
or disapproval of the Administrator. Any election by a Participant under Section 12(d) above must be made on or prior to the applicable
Tax Date.


 


(f)          In
the event an election to have Shares withheld is made by a Participant and the Tax Date is deferred under Section 83 of the Code
because no election is filed under Section 83(b) of the Code, the Participant shall receive the full number of Shares with respect
to which the Option or Stock Purchase Right is exercised but such Participant shall be unconditionally obligated to tender back
to the Company the proper number of Shares on the Tax Date.


 


13.          Non-Transferability
of Options and Stock Purchase Rights.


 


(a)          General.
Except as set forth in this Section 13, Options and Stock Purchase Rights may not be sold, pledged, assigned, hypothecated,
transferred or disposed of in any manner other than by will or by the laws of descent or distribution. The designation of a beneficiary
by an Optionee will not constitute a transfer. An Option or Stock Purchase Right may be exercised, during the lifetime of the
holder of an Option or Stock Purchase Right, only by such holder or a transferee permitted by this Section 13.


 






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(b)          Limited
Transferability Rights. The Administrator may in its discretion grant transferable Nonstatutory Stock Options pursuant
to Option Agreements specifying the manner in which such Nonstatutory Stock Options are transferable.


 


14.          Adjustments
Upon Changes in Capitalization, Merger or Certain Other Transactions.


 


(a)          Changes
in Capitalization. Subject to any required action by the stockholders of the Company, the number of Shares of Common Stock
covered by each outstanding Option or Stock Purchase Right, the number of Shares set forth in Sections 3 and 8 above and the number
of Shares of Common Stock that have been authorized for issuance under the Plan but as to which no Options or Stock Purchase Rights
have yet been granted or that have been returned to the Plan upon cancellation or expiration of an Option or Stock Purchase Right,
as well as the price per Share of Common Stock covered by each such outstanding Option or Stock Purchase Right, shall be proportionately
adjusted for any increase or decrease in the number of issued Shares of Common Stock resulting from a stock split, reverse stock
split, stock dividend, combination, recapitalization or reclassification of the Common Stock, or any other increase or decrease
in the number of issued Shares of Common Stock effected without receipt of consideration by the Company; provided, however, that
conversion of any convertible securities of the Company shall not be deemed to have been “effected without receipt of consideration.”
Such adjustment shall be made by the Administrator, whose determination in that respect shall be final, binding and conclusive.
Except as expressly provided herein, no issuance by the Company of shares of stock of any class, or securities convertible into
shares of stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number or price
of Shares of Common Stock subject to an Option or Stock Purchase Right.


 


(b)          Dissolution
or Liquidation. In the event of the dissolution or liquidation of the Company, each Option and Stock Purchase Right will
terminate immediately prior to the consummation of such action, unless otherwise determined by the Administrator.


 


(c)          Corporate
Transaction. In the event of a Corporate Transaction, each outstanding Option or Stock Purchase Right shall be assumed
or an equivalent option or right shall be substituted by such successor corporation or a parent or subsidiary of such successor
corporation (the “Successor Corporation”), unless the Successor Corporation does not agree to assume the award
or to substitute an equivalent option or right, in which case such Option or Stock Purchase Right shall terminate upon the consummation
of the transaction.


 


For
purposes of this Section 14(c), an Option or a Stock Purchase Right shall be considered assumed, without limitation, if, at the
time of issuance of the stock or other consideration upon a Corporate Transaction or a Change of Control, as the case may be,
each holder of an Option or Stock Purchase Right would be entitled to receive upon exercise of the award the same number and kind
of shares of stock or the same amount of property, cash or securities as such holder would have been entitled to receive upon
the occurrence of the transaction if the holder had been, immediately prior to such transaction, the holder of the number of Shares
of Common Stock covered by the award at such time (after giving effect to any adjustments in the number of Shares covered by the
Option or Stock Purchase Right as provided for in this Section 14); provided that if such consideration received in the transaction
is not solely common stock of the Successor Corporation, the Administrator may, with the consent of the Successor Corporation,
provide for the consideration to be received upon exercise of the award to be solely common stock of the Successor Corporation
equal to the Fair Market Value of the per Share consideration received by holders of Common Stock in the transaction.


 






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(d)          Certain
Distributions. In the event of any distribution to the Company’s stockholders of securities of any other entity
or other assets (other than dividends payable in cash or stock of the Company) without receipt of consideration by the Company,
the Administrator may, in its discretion, appropriately adjust the price per Share of Common Stock covered by each outstanding
Option or Stock Purchase Right to reflect the effect of such distribution.


 


15.          Time
of Granting Options and Stock Purchase Rights. The date of grant of an Option or Stock Purchase Right shall, for all purposes,
be the date on which the Administrator makes the determination granting such Option or Stock Purchase Right, or such other date
as is determined by the Administrator, provided that in the case of any Incentive Stock Option, the grant date shall be the later
of the date on which the Administrator makes the determination granting such Incentive Stock Option or the date of commencement
of the Optionee’s employment relationship with the Company. Notice of the determination shall be given to each Employee,
Director or Consultant to whom an Option or Stock Purchase Right is so granted within a reasonable time after the date of such
grant.


 


16.          Amendment
and Termination of the Plan.


 


(a)          Authority
to Amend or Terminate. The Board may at any time amend, alter, suspend or discontinue the Plan, but no amendment, alteration,
suspension or discontinuation (other than an adjustment pursuant to Section 14 above) shall be made that would materially and
adversely affect the rights of any Optionee or holder of Stock Purchase Rights under any outstanding grant, without his or her
consent. In addition, to the extent necessary and desirable to comply with the Applicable Laws, the Company shall obtain stockholder
approval of any Plan amendment in such a manner and to such a degree as required.


 


(b)          Effect
of Amendment or Termination. No amendment or termination of the Plan shall materially and adversely affect Options or
Stock Purchase Rights already granted, unless mutually agreed otherwise between the Optionee or holder of the Stock Purchase Rights
and the Administrator, which agreement must be in writing and signed by the Optionee or holder and the Company.


 


17.          Conditions
Upon Issuance of Shares. Notwithstanding any other provision of the Plan or any agreement entered into by the Company
pursuant to the Plan, the Company shall not be obligated, and shall have no liability for failure, to issue or deliver any Shares
under the Plan unless such issuance or delivery would comply with the Applicable Laws, with such compliance determined by the
Company in consultation with its legal counsel. As a condition to the exercise of an Option or Stock Purchase Right, the Company
may require the person exercising the award to represent and warrant at the time of any such exercise that the Shares are being
purchased only for investment and without any present intention to sell or distribute such Shares if, in the opinion of counsel
for the Company, such a representation is required by law.


 






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18.          Reservation
of Shares. The Company, during the term of this Plan, will at all times reserve and keep available such number of Shares
as shall be sufficient to satisfy the requirements of the Plan.


 


19.          Agreements.
Options and Stock Purchase Rights shall be evidenced by Option Agreements and Restricted Stock Purchase Agreements, respectively,
in such form(s) as the Administrator shall from time to time approve.


 


20.          Stockholder
Approval. If required by the Applicable Laws, continuance of the Plan shall be subject to approval by the stockholders
of the Company within twelve (12) months before or after the date the Plan is adopted. Such stockholder approval shall be obtained
in the manner and to the degree required under the Applicable Laws.


 


21.          Information
and Documents to Optionees and Purchasers. If required by the Applicable Laws, the Company shall provide financial statements
at least annually to each Optionee and to each individual who acquired Shares pursuant to the Plan, during the period such Optionee
or purchaser has one or more Options or Stock Purchase Rights outstanding, and in the case of an individual who acquired Shares
pursuant to the Plan, during the period such individual owns such Shares. The Company shall not be required to provide such information
if the issuance of Options or Stock Purchase Rights under the Plan is limited to key employees whose duties in connection with
the Company assure their access to equivalent information.


 


22.          Section
409A. The Plan is intended to comply with Section 409A of the Code to the extent subject thereto, and, accordingly, to
the maximum extent permitted, the Plan shall be interpreted and administered to be in compliance therewith. Any payments described
in the Plan that are due within the "short-term deferral period" as defined in Section 409A of the Code shall not be
treated as deferred compensation unless Applicable Laws require otherwise. Notwithstanding anything to the contrary in the Plan,
to the extent required to avoid accelerated taxation and tax penalties under Section 409A of the Code, amounts that would otherwise
be payable and benefits that would otherwise be provided pursuant to the Plan during the six (6) month period immediately following
the Participant's termination of Continuous Service Status shall instead be paid on the first payroll date after the six-month
anniversary of the Participant's separation from service (or the Participant's death, if earlier). Notwithstanding the foregoing,
neither the Company nor the Administrator shall have any obligation to take any action to prevent the assessment of any excise
tax or penalty on any Participant under Section 409A of the Code and neither the Company nor the Administrator will have any liability
to any Participant for such tax or penalty.


 






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Attachment
A


 


ACTINIUM
PHARMACEUTICALS, INC.


 


AMENDED
AND RESTATED STOCK PLAN 


 


STOCK
OPTION AGREEMENT


 


1.           Grant
of Option. Actinium Pharmaceuticals, Inc., a Delaware corporation (the “Company”), hereby grants to
«Optionee» (“Optionee”), an option (the “Option”) to purchase the total number
of shares of Common Stock (the “Shares”) set forth in the Notice of Stock Option Grant, in the form attached
hereto as Exhibit A (the “Notice”), at the exercise price per Share set forth in the Notice (the “Exercise
Price”) subject to the terms, definitions and provisions of the Actinium Pharmaceuticals, Inc. Amended and Restated
Stock Plan (the “Plan”) adopted by the Company, which is incorporated in this Agreement by reference. Unless
otherwise defined in this Agreement, the terms used in this Agreement shall have the meanings defined in the Plan.


 


2.           Designation
of Option. This Option is intended to be an Incentive Stock Option as defined in Section 422 of the Code only to
the extent so designated in the Notice, and to the extent it is not so designated or to the extent the Option does not qualify
as an Incentive Stock Option, it is intended to be a Nonstatutory Stock Option.


 


Notwithstanding
the above, if designated as an Incentive Stock Option, in the event that the Shares subject to this Option (and all other Incentive
Stock Options granted to Optionee by the Company or any Parent or Subsidiary, including under other plans of the Company) that
first become exercisable in any calendar year have an aggregate fair market value (determined for each Share as of the date of
grant of the option covering such Share) in excess of $100,000, the Shares in excess of $100,000 shall be treated as subject to
a Nonstatutory Stock Option, in accordance with Section 5(c) of the Plan.


 


3.           Exercise
of Option. This Option shall be exercisable during its term in accordance with the Vesting/Exercise Schedule set out in
the Notice and with the provisions of Section 10 of the Plan as follows:


 


(a)          Right
to Exercise.


 


(i)          This
Option may not be exercised for a fraction of a share.


 


(ii)          In
the event of Optionee’s death, disability or other termination of employment, the exercisability of the Option is governed
by Section 5 below, subject to the limitations contained in this Section 3.


 


(iii)          In
no event may this Option be exercised after the Expiration Date of the Option as set forth in the Notice, which shall not be more
than ten (10) years after the date the Option was granted. However, in the case of an Incentive Stock Option granted to a Ten
Percent Holder, the Expiration Date of such Incentive Stock Option shall not be more than five (5) years after the date of the
grant thereof.


 






    	 



    	 



    

 


(b)          Method
of Exercise.


 


(i)          This
Option shall be exercisable by execution and delivery of the Exercise Notice and Restricted Stock Purchase Agreement attached
hereto as Exhibit B (the “Exercise Agreement”) or of any other form of written notice approved for such
purpose by the Company which shall state Optionee’s election to exercise the Option, the number of Shares in respect of
which the Option is being exercised, and such other representations and agreements as to the holder’s investment intent
with respect to such Shares as may be required by the Company pursuant to the provisions of the Plan. Such written notice shall
be signed by Optionee and shall be delivered to the Company by such means as are determined by the Plan Administrator in its discretion
to constitute adequate delivery. The written notice shall be accompanied by payment of the Exercise Price. This Option shall be
deemed to be exercised upon receipt by the Company of such written notice accompanied by the Exercise Price.


 


(ii)          As
a condition to the exercise of this Option and as further set forth in Section 12 of the Plan, Optionee agrees to make adequate
provision for federal, state or other tax withholding obligations, if any, which arise upon the vesting or exercise of the Option,
or disposition of Shares, whether by withholding, direct payment to the Company, or otherwise.


 


(iii)          The
Company is not obligated, and will have no liability for failure, to issue or deliver any Shares upon exercise of the Option unless
such issuance or delivery would comply with the Applicable Laws, with such compliance determined by the Company in consultation
with its legal counsel.  This Option may not be exercised until such time as the Plan has been approved by the stockholders
of the Company, or if the issuance of such Shares upon such exercise or the method of payment of consideration for such shares
would constitute a violation of any applicable federal or state securities or other law or regulation, including any rule under
Part 221 of Title 12 of the Code of Federal Regulations as promulgated by the Federal Reserve Board. As a condition
to the exercise of this Option, the Company may require Optionee to make any representation and warranty to the Company as may
be required by the Applicable Laws. Assuming such compliance, for income tax purposes the Shares shall be considered transferred
to Optionee on the date on which the Option is exercised with respect to such Shares.


 


(c)
Voting Agreement. Upon exercise of the Option, Optionee shall enter into a voting agreement providing that Otionee
will grant a revocable proxy to management of the Company to vote the Otionee’s Option Shares for all purposes, in form
and substance satisfactory to the Company.


 


4.           Method
of Payment. Payment of the Exercise Price shall be by any of the following, or a combination of the following, at the
election of Optionee:


 


(a)          cash
or check; or


 


(b)          delivery
of a properly executed exercise notice together with irrevocable instructions to a broker approved by the Company to deliver promptly
to the Company the amount of sale or loan proceeds required to pay the exercise price.


 






    	2



    	 



    

 


5.           Termination
of Relationship. Following the date of termination of Optionee’s Continuous Service Status for any reason (the “Termination
Date”), Optionee may exercise the Option only as set forth in the Notice and this Section 5. To the extent that Optionee
is not vested in the Optioned Stock as of the Termination Date, or if Optionee (or other person entitled to exercise the Option)
does not exercise this Option within the Termination Period set forth in the Notice or the termination periods set forth below,
the Option shall terminate in its entirety. In no event, may any Option be exercised after the Expiration Date of the Option as
set forth in the Notice and subject to the restrictions set forth in Section 3(a)(iii).


 


(a)          Termination.
In the event of termination of Optionee’s Continuous Service Status other than as a result of Optionee’s permanent
and total disability or death and subject to the restrictions set forth in Section 3(a)(iii), Optionee may, to the extent Optionee
is vested in the Optioned Stock as of the Termination Date, exercise this Option during the Termination Period set forth in the
Notice.


 


(b)          Other
Terminations. In connection with any termination other than a termination covered by Section 5(a), Optionee may exercise
the Option only as described below:


 


(i)          Termination
upon Disability of Optionee.  In the event of termination of Optionee’s Continuous Service Status as a result of
Optionee’s permanent and total disability within the meaning of Section 22(e)(3) of the Code, Optionee may, to the extent
Optionee was vested in the Optioned Stock as of such Termination Date, exercise this Option at any time within one (1) year from
the Termination Date.


 


(ii)          Death
of Optionee. In the event of the death of Optionee (A) during the term of this Option and while an Employee or
Consultant of the Company and having been in Continuous Service Status since the date of grant of the Option, or (B) within three
(3) months after Optionee’s Termination Date, to the extent Optionee was vested in the Optioned Stock as of the Termination
Date, the Option may be exercised within one (1) year of the date of Optionee’s death by Optionee’s estate or by a
person who acquired the right to exercise the Option by bequest or inheritance.


 


6.            Non-Transferability
of Option. This Option may not be transferred in any manner otherwise than by will or by the laws of descent or distribution
and may be exercised during the lifetime of Optionee only by him or her. The terms of this Option shall be binding upon the executors,
administrators, heirs, successors and assigns of Optionee.


 


7.            Tax
Consequences. Below is a brief summary as of the date of this Option of certain of the federal tax consequences of exercise
of this Option and disposition of the Shares under the laws in effect as of the Date of Grant. THIS SUMMARY IS INCOMPLETE, AND
THE TAX LAWS AND REGULATIONS ARE SUBJECT TO CHANGE. OPTIONEE SHOULD CONSULT A TAX ADVISER BEFORE EXERCISING THIS OPTION OR DISPOSING
OF THE SHARES.


 






    	3



    	 



    

 


(a)          Incentive
Stock Option.


 


(i)          Tax
Treatment upon Exercise and Sale of Shares. If this Option qualifies as an Incentive Stock Option, there will be no regular
federal income tax liability upon the exercise of the Option, although the excess, if any, of the fair market value of the Shares
on the date of exercise over the Exercise Price will be treated as an adjustment to the alternative minimum tax for federal tax
purposes and may subject Optionee to the alternative minimum tax in the year of exercise. If Shares issued upon exercise of an
Incentive Stock Option are held for at least one (1) year after exercise and are disposed of at least two (2) years after the
Option grant date, any gain realized on disposition of the Shares will also be treated as long-term capital gain for federal income
tax purposes. If Shares issued upon exercise of an Incentive Stock Option are disposed of within such one-year period or within
two (2) years after the Option grant date, any gain realized on such disposition will be treated as compensation income (taxable
at ordinary income rates) to the extent of the difference between the Exercise Price and the lesser of (i) the fair market
value of the Shares on the date of exercise, or (ii) the sale price of the Shares.


 


(ii)          Notice
of Disqualifying Dispositions. With respect to any Shares issued upon exercise of an Incentive Stock Option, if Optionee
sells or otherwise disposes of such Shares on or before the later of (i) the date two (2) years after the Option grant date,
or (ii) the date one (1) year after the date of exercise, Optionee shall immediately notify the Company in writing of such
disposition. Optionee acknowledges and agrees that he or she may be subject to income tax withholding by the Company on the compensation
income recognized by Optionee from the early disposition by payment in cash or out of the current earnings paid to Optionee.


 


(b)          Nonstatutory
Stock Option. If this Option does not qualify as an Incentive Stock Option, there may be a regular federal (and state)
income tax liability upon the exercise of the Option. Optionee will be treated as having received compensation income (taxable
at ordinary income tax rates) equal to the excess, if any, of the fair market value of the Shares on the date of exercise over
the Exercise Price. If Optionee is an Employee, the Company will be required to withhold from Optionee’s compensation or
collect from Optionee and pay to the applicable taxing authorities an amount equal to a percentage of this compensation income
at the time of exercise. If Shares issued upon exercise of a Nonstatutory Stock Option are held for at least one (1) year, any
gain realized on disposition of the Shares will be treated as long-term capital gain for federal income tax purposes.


 


8.            Lock-Up
Agreement. In connection with the initial public offering of the Company’s securities and upon request of the Company
or the underwriters managing any underwritten offering of the Company’s securities, Optionee hereby agrees not to sell,
make any short sale of, loan, grant any option for the purchase of, or otherwise dispose of any securities of the Company however
and whenever acquired (other than those included in the registration) without the prior written consent of the Company or such
underwriters, as the case may be, for such period of time (not to exceed 180 days) from the effective date of such registration
as may be requested by the Company or such managing underwriters and to execute an agreement reflecting the foregoing as may be
requested by the underwriters at the time of the public offering.


 


9.            Effect
of Agreement. Optionee acknowledges receipt of a copy of the Plan and represents that he or she is familiar with the terms
and provisions thereof (and has had an opportunity to consult counsel regarding the Option terms), and hereby accepts this Option
and agrees to be bound by its contractual terms as set forth herein and in the Plan. Optionee hereby agrees to accept as binding,
conclusive and final all decisions and interpretations of the Plan Administrator regarding any questions relating to the Option.
In the event of a conflict between the terms and provisions of the Plan and the terms and provisions of the Notice and this Agreement,
the Plan terms and provisions shall prevail. The Option, including the Plan, constitutes the entire agreement between Optionee
and the Company on the subject matter hereof and supersedes all proposals, written or oral, and all other communications between
the parties relating to such subject matter.


 


[Signature
Page Follows]


 






    	4



    	 



    







 


This
Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which together shall
constitute one document.


 


	«Optionee»	 	ACTINIUM
    PHARMACEUTICALS, INC.
	 	 	 	 	 
	 	 	By:	 
	 	 	 	Name:	 
	Dated:  	 	 	Title:	 



 




    	5



    	 



    

 


EXHIBIT
A


 


ACTINIUM
PHARMACEUTICALS, INC.


 


AMENDED
AND RESTATED STOCK PLAN 


 


NOTICE
OF STOCK OPTION GRANT


 


«Optionee»


 


You
have been granted an option to purchase Common Stock of Actinium Pharmaceuticals, Inc. (the “Company”) as follows:


 


	 	Board
    Approval Date:	 	«BoardApprovalDate»
	 	 	 	 
	 	Date
                                         of Grant (Later of Board Approval Date or Commencement

        of
        Employment/Consulting):
	 	«GrantDate»
	 	 	 	 
	 	Exercise
    Price per Share:	 	$«ExercisePrice»
	 	 	 	 
	 	Total
    Number of Shares Granted:	 	«NoofShares»
	 	 	 	 
	 	Total
    Exercise Price:	 	$«TotalExercisePrice»
	 	 	 	 
	 	Type
    of Option:	 	«NoSharesISO»
    Shares Incentive Stock Option
	 	 	 	 
	 	 	 	«NoSharesNSO»
    Shares Nonstatutory Stock Option
	 	 	 	 
	 	Expiration
    Date:	 	«Term»/«ExpirationDate»
	 	 	 	 
	 	Vesting
    Commencement Date:	 	«VestingCommencementDate»
	 	 	 	 
	 	Vesting/Exercise
    Schedule:	 	So
    long as your full time employment or consulting relationship with the Company continues, the Shares underlying this Option
    shall vest and become exercisable in accordance with the following schedule: ___________ of the Shares subject to the Option
    shall vest and become exercisable on the ________ month anniversary of the Vesting Commencement Date and _______ of the total
    number of Shares subject to the Option shall vest and become exercisable each month thereafter.
	 	 	 	 
	 	Termination
    Period:	 	This
    Option must be exercised within 3 months after termination of employment or consulting relationship except as set out in Section 5
    of the Stock Option Agreement (but in no event later than the Expiration Date).  Optionee is responsible for keeping
    track of these exercise periods following termination for any reason of his or her service relationship with the Company.  The
    Company will not provide further notice of such periods.
	 	 	 	 
	 	Transferability:	 	This
    Option may not be transferred.


 






    	 



    	 



    

 


By
your signature and the signature of the Company’s representative below, you and the Company agree that this option is granted
under and governed by the terms and conditions of the Actinium Pharmaceuticals, Inc. Amended and Restated Stock Plan and the Stock
Option Agreement, both of which are attached and made a part of this document.


 


In
addition, you agree and acknowledge that your rights to any Shares underlying the Option will be earned only as you provide services
to the Company over time, that the grant of the Option is not as consideration for services you rendered to the Company prior
to your Vesting Commencement Date, and that nothing in this Notice or the attached documents confers upon you any right to continue
your employment or consulting relationship with the Company for any period of time, nor does it interfere in any way with your
right or the Company’s right to terminate that relationship at any time, for any reason, with or without cause.


 


	 	 	ACTINIUM
    PHARMACEUTICALS, INC.
	 	 	 	 
	 	 	By:	 
	«Optionee»	 	Name:	 
	 	 	Title:	 


 




    	2



    	 



    

 


EXHIBIT
B


 


ACTINIUM
PHARMACEUTICALS, INC.


 


AMENDED
AND RESTATED STOCK PLAN


 


EXERCISE
NOTICE AND RESTRICTED STOCK PURCHASE AGREEMENT


 


This
Agreement (“Agreement”) is made as of _______________, by and between Actinium Pharmaceuticals, Inc., a Delaware
corporation (the “Company”), and «Optionee» (“Purchaser”). To the extent any
capitalized terms used in this Agreement are not defined, they shall have the meaning ascribed to them in the Company’s
Amended and Restated Stock Plan.


 


1.           Exercise
of Option. Subject to the terms and conditions hereof, Purchaser hereby elects to exercise his or her option to purchase
«NoofShares» shares of the Common Stock (the “Shares”) of the Company under and pursuant to the
Company’s Amended and Restated Stock Plan (the “Plan”) and the Stock Option Agreement granted «GrantDate»
(the “Option Agreement”). The purchase price for the Shares shall be $«ExercisePrice» per Share
for a total purchase price of $__________. The term “Shares” refers to the purchased Shares and all securities
received in replacement of the Shares or as stock dividends or splits, all securities received in replacement of the Shares in
a recapitalization, merger, reorganization, exchange or the like, and all new, substituted or additional securities or other properties
to which Purchaser is entitled by reason of Purchaser’s ownership of the Shares.


 


2.           Time
and Place of Exercise. The purchase and sale of the Shares under this Agreement shall occur at the principal office of
the Company simultaneously with the execution and delivery of this Agreement in accordance with the provisions of Section 3(b)
of the Option Agreement. On such date, the Company will deliver to Purchaser a certificate representing the Shares to be purchased
by Purchaser (which shall be issued in Purchaser’s name) against payment of the exercise price therefor by Purchaser by
(a) check made payable to the Company, (b) cancellation of indebtedness of the Company to Purchaser, (c) delivery of shares of
the Common Stock of the Company in accordance with Section 4 of the Option Agreement, or (d) by a combination of the foregoing.


 


3.           Limitations
on Transfer. In addition to any other limitation on transfer created by applicable securities laws, Purchaser shall not
assign, encumber or dispose of any interest in the Shares except in compliance with the provisions below and applicable securities
laws.


 


(a)          Right
of First Refusal. Before any Shares held by Purchaser or any transferee of Purchaser (either being sometimes referred
to herein as the “Holder”) may be sold or otherwise transferred (including transfer by gift or operation of
law), the Company or its assignee(s) shall have a right of first refusal to purchase the Shares on the terms and conditions set
forth in this Section 3(a) (the “Right of First Refusal”).


 


(i)          Notice
of Proposed Transfer. The Holder of the Shares shall deliver to the Company a written notice (the “Notice”)
stating: (i) the Holder’s bona fide intention to sell or otherwise transfer such Shares; (ii) the name of each
proposed purchaser or other transferee (“Proposed Transferee”); (iii) the number of Shares to be transferred
to each Proposed Transferee; and (iv) the terms and conditions of each proposed sale or transfer. The Holder shall offer
the Shares at the same price (the “Offered Price”) and upon the same terms (or terms as similar as reasonably
possible) to the Company or its assignee(s).


 






    	 



    	 



    

 


(ii)          Exercise
of Right of First Refusal. At any time within thirty (30) days after receipt of the Notice, the Company and/or its assignee(s)
may, by giving written notice to the Holder, elect to purchase all, but not less than all, of the Shares proposed to be transferred
to any one or more of the Proposed Transferees, at the purchase price determined in accordance with subsection (iii) below.


 


(iii)          Purchase
Price. The purchase price (“Purchase Price”) for the Shares purchased by the Company or its assignee(s)
under this Section 3(a) shall be the Offered Price. If the Offered Price includes consideration other than cash, the cash equivalent
value of the non-cash consideration shall be determined by the Board of Directors of the Company in good faith.


 


(iv)          Payment.
Payment of the Purchase Price shall be made, at the option of the Company or its assignee(s), in cash (by check), by cancellation
of all or a portion of any outstanding indebtedness, or by any combination thereof within thirty (30) days after receipt of the
Notice or in the manner and at the times set forth in the Notice.


 


(v)          Holder’s
Right to Transfer. If all of the Shares proposed in the Notice to be transferred to a given Proposed Transferee are not
purchased by the Company and/or its assignee(s) as provided in this Section 3(a), then the Holder may sell or otherwise transfer
such Shares to that Proposed Transferee at the Offered Price or at a higher price, provided that such sale or other transfer is
consummated within sixty (60) days after the date of the Notice and provided further that any such sale or other transfer is effected
in accordance with any applicable securities laws and the Proposed Transferee agrees in writing that the provisions of this Section 3
shall continue to apply to the Shares in the hands of such Proposed Transferee. If the Shares described in the Notice are not
transferred to the Proposed Transferee within such period, or if the Holder proposes to change the price or other terms to make
them more favorable to the Proposed Transferee, a new Notice shall be given to the Company, and the Company and/or its assignees
shall again be offered the Right of First Refusal before any Shares held by the Holder may be sold or otherwise transferred.


 


(vi)          Exception
for Certain Family Transfers. Anything to the contrary contained in this Section 3(a) notwithstanding, the transfer
of any or all of the Shares during Purchaser’s lifetime or on Purchaser’s death by will or intestacy to Purchaser’s
Immediate Family or a trust for the benefit of Purchaser’s Immediate Family shall be exempt from the provisions of this
Section 3(a). “Immediate Family” as used herein shall mean spouse, lineal descendant or antecedent, father,
mother, brother or sister. In such case, the transferee or other recipient shall receive and hold the Shares so transferred subject
to the provisions of this Section, and there shall be no further transfer of such Shares except in accordance with the terms of
this Section 3.


 






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(b)          Involuntary
Transfer.


 


(i)          Company’s
Right to Purchase upon Involuntary Transfer. In the event, at any time after the date of this Agreement, of any transfer
by operation of law or other involuntary transfer (including death or divorce, but excluding a transfer to Immediate Family as
set forth in Section 3(a)(vi) above) of all or a portion of the Shares by the record holder thereof, the Company shall have an
option to purchase all of the Shares transferred at the greater of the purchase price paid by Purchaser pursuant to this Agreement
or the Fair Market Value of the Shares on the date of transfer. Upon such a transfer, the person acquiring the Shares shall promptly
notify the Secretary of the Company of such transfer. The right to purchase such Shares shall be provided to the Company for a
period of thirty (30) days following receipt by the Company of written notice by the person acquiring the Shares.


 


(ii)          Price
for Involuntary Transfer. With respect to any stock to be transferred pursuant to Section 3(b)(i), the price per
Share shall be a price set by the Board of Directors of the Company that will reflect the current value of the stock in terms
of present earnings and future prospects of the Company. The Company shall notify Purchaser or his or her executor of the price
so determined within thirty (30) days after receipt by it of written notice of the transfer or proposed transfer of Shares. However,
if the Purchaser does not agree with the valuation as determined by the Board of Directors of the Company, the Purchaser shall
be entitled to have the valuation determined by an independent appraiser to be mutually agreed upon by the Company and the Purchaser
and whose fees shall be borne equally by the Company and the Purchaser.


 


(c)          Assignment.
The right of the Company to purchase any part of the Shares may be assigned in whole or in part to any shareholder or shareholders
of the Company or other persons or organizations.


 


(e)          Restrictions
Binding on Transferees. All transferees of Shares or any interest therein will receive and hold such Shares or interest
subject to the provisions of this Agreement. Any sale or transfer of the Company’s Shares shall be void unless the provisions
of this Agreement are satisfied.


 


(f)          Termination
of Rights. The right of first refusal granted the Company by Section 3(a) above and the option to repurchase the
Shares in the event of an involuntary transfer granted the Company by Section 3(b) above shall terminate upon the first sale of
Common Stock of the Company to the general public pursuant to a registration statement filed with and declared effective by the
Securities and Exchange Commission under the Securities Act of 1933, as amended (the “Securities Act”). Upon
termination of the right of first refusal described in Section 3(a) above, a new certificate or certificates representing the
Shares not repurchased shall be issued, on request, without the legend referred to in Section 5(a)(ii) herein and delivered to
Purchaser.


 






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4.            Investment
and Taxation Representations. In connection with the purchase of the Shares, Purchaser represents to the Company the following:


 


(a)          Purchaser
is aware of the Company’s business affairs and financial condition and has acquired sufficient information about the Company
to reach an informed and knowledgeable decision to acquire the Shares. Purchaser is purchasing these securities for investment
for his or her own account only and not with a view to, or for resale in connection with, any “distribution” thereof
within the meaning of the Securities Act or under any applicable provision of state law. Purchaser does not have any present intention
to transfer the Shares to any person or entity.


 


(b)          Purchaser
understands that the Shares have not been registered under the Securities Act by reason of a specific exemption therefrom, which
exemption depends upon, among other things, the bona fide nature of Purchaser’s investment intent as expressed herein.


 


(c)          Purchaser
further acknowledges and understands that the securities must be held indefinitely unless they are subsequently registered under
the Securities Act or an exemption from such registration is available. Purchaser further acknowledges and understands that the
Company is under no obligation to register the securities. Purchaser understands that the certificate(s) evidencing the securities
will be imprinted with a legend which prohibits the transfer of the securities unless they are registered or such registration
is not required in the opinion of counsel for the Company.


 


(d)          Purchaser
is familiar with the provisions of Rules 144 and 701, each promulgated under the Securities Act, which, in substance, permit
limited public resale of “restricted securities” acquired, directly or indirectly, from the issuer of the securities
(or from an affiliate of such issuer), in a non-public offering subject to the satisfaction of certain conditions. Purchaser understands
that the Company provides no assurances as to whether he or she will be able to resell any or all of the Shares pursuant to Rule
144 or Rule 701, which rules require, among other things, that the Company be subject to the reporting requirements of the Securities
Exchange Act of 1934, as amended, that resales of securities take place only after the holder of the Shares has held the Shares
for certain specified time periods, and under certain circumstances, that resales of securities be limited in volume and take
place only pursuant to brokered transactions. Notwithstanding this paragraph (d), Purchaser acknowledges and agrees to the restrictions
set forth in paragraph (e) below.


 


(e)          Purchaser
further understands that in the event all of the applicable requirements of Rule 144 or 701 are not satisfied, registration
under the Securities Act, compliance with Regulation A, or some other registration exemption will be required; and that,
notwithstanding the fact that Rules 144 and 701 are not exclusive, the Staff of the Securities and Exchange Commission has
expressed its opinion that persons proposing to sell private placement securities other than in a registered offering and otherwise
than pursuant to Rule 144 or 701 will have a substantial burden of proof in establishing that an exemption from registration
is available for such offers or sales, and that such persons and their respective brokers who participate in such transactions
do so at their own risk.


 


(f)          Purchaser
understands that Purchaser may suffer adverse tax consequences as a result of Purchaser’s purchase or disposition of the
Shares. Purchaser represents that Purchaser has consulted any tax consultants Purchaser deems advisable in connection with the
purchase or disposition of the Shares and that Purchaser is not relying on the Company for any tax advice.


 






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5.            Restrictive
Legends and Stop-Transfer Orders.


 


(a)          Legends.
The certificate or certificates representing the Shares shall bear the following legends (as well as any legends required
by applicable state and federal corporate and securities laws):


 


		(i)	THE
                                         SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
                                         ACT OF 1933 OR APPLICABLE STATE SECURITIES LAWS, AND HAVE BEEN ACQUIRED FOR INVESTMENT
                                         AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH
                                         SALE OR DISTRIBUTION MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED
                                         THERETO OR AN OPINION OF COUNSEL FOR THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED
                                         UNDER THE SECURITIES ACT OF 1933 OR APPLICABLE STATE SECURITIES LAWS.



 


		(ii)	THE
                                         SHARES REPRESENTED BY THIS CERTIFICATE MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE
                                         TERMS OF AN AGREEMENT BETWEEN THE COMPANY AND THE STOCKHOLDER, A COPY OF WHICH IS ON
                                         FILE WITH THE SECRETARY OF THE COMPANY.



 


(b)          Stop-Transfer
Notices. Purchaser agrees that, in order to ensure compliance with the restrictions referred to herein, the Company may
issue appropriate “stop transfer” instructions to its transfer agent, if any, and that, if the Company transfers its
own securities, it may make appropriate notations to the same effect in its own records.


 


(c)          Refusal
to Transfer. The Company shall not be required (i) to transfer on its books any Shares that have been sold or otherwise
transferred in violation of any of the provisions of this Agreement or (ii) to treat as owner of such Shares or to accord
the right to vote or pay dividends to any purchaser or other transferee to whom such Shares shall have been so transferred.


 


6.            No
Employment Rights. Nothing in this Agreement shall affect in any manner whatsoever the right or power of the Company,
or a parent or subsidiary of the Company, to terminate Purchaser’s employment or consulting relationship, for any reason,
with or without cause.


 






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7.            Lock-Up
Agreement. In connection with the initial public offering of the Company’s securities and upon request of the Company
or the underwriters managing any underwritten offering of the Company’s securities, Purchaser agrees not to sell, make any
short sale of, loan, grant any option for the purchase of, or otherwise dispose of any securities of the Company however or whenever
acquired (other than those included in the registration) without the prior written consent of the Company or such underwriters,
as the case may be, for such period of time (not to exceed 180 days) from the effective date of such registration as may be requested
by the Company or such managing underwriters and to execute an agreement reflecting the foregoing as may be requested by the underwriters
at the time of the public offering.


 


8.            Miscellaneous.


 


(a)          Governing
Law. This Agreement and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto
shall be governed, construed and interpreted in accordance with the laws of the State of Delaware, without giving
effect to principles of conflicts of law.


 


(b)          Entire
Agreement; Enforcement of Rights. This Agreement sets forth the entire agreement and understanding of the parties relating
to the subject matter herein and merges all prior discussions between them. No modification of or amendment to this Agreement,
nor any waiver of any rights under this Agreement, shall be effective unless in writing signed by the parties to this Agreement.
The failure by either party to enforce any rights under this Agreement shall not be construed as a waiver of any rights of such
party.


 


(c)          Severability.
If one or more provisions of this Agreement are held to be unenforceable under applicable law, the parties agree to
renegotiate such provision in good faith. In the event that the parties cannot reach a mutually agreeable and enforceable replacement
for such provision, then (i) such provision shall be excluded from this Agreement, (ii) the balance of the Agreement
shall be interpreted as if such provision were so excluded and (iii) the balance of the Agreement shall be enforceable in
accordance with its terms.


 


(d)          Construction.
This Agreement is the result of negotiations between and has been reviewed by each of the parties hereto and their respective
counsel, if any; accordingly, this Agreement shall be deemed to be the product of all of the parties hereto, and no ambiguity
shall be construed in favor of or against any one of the parties hereto.


 


(e)          Notices.
Any notice required or permitted by this Agreement shall be in writing and shall be deemed sufficient when delivered personally
or sent by telegram or fax or forty-eight (48) hours after being deposited in the U.S. mail, as certified or registered mail,
with postage prepaid, and addressed to the party to be notified at such party’s address as set forth below or as subsequently
modified by written notice.


 


(f)          Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which together
shall constitute one instrument.


 






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(g)          Successors
and Assigns. The rights and benefits of this Agreement shall inure to the benefit of, and be enforceable by the Company’s
successors and assigns. The rights and obligations of Purchaser under this Agreement may only be assigned with the prior written
consent of the Company.


 


(h)          California
Corporate Securities Law. THE SALE OF THE SECURITIES WHICH ARE THE SUBJECT OF THIS AGREEMENT HAS NOT BEEN QUALIFIED WITH THE
COMMISSIONER OF CORPORATIONS OF THE STATE OF CALIFORNIA AND THE ISSUANCE OF THE SECURITIES OR THE PAYMENT OR RECEIPT OF ANY PART
OF THE CONSIDERATION THEREFOR PRIOR TO THE QUALIFICATION IS UNLAWFUL, UNLESS THE SALE OF SECURITIES IS EXEMPT FROM QUALIFICATION
BY SECTION 25100, 25102 OR 25105 OF THE CALIFORNIA CORPORATIONS CODE. THE RIGHTS OF ALL PARTIES TO THIS AGREEMENT ARE EXPRESSLY
CONDITIONED UPON THE QUALIFICATION BEING OBTAINED, UNLESS THE SALE IS SO EXEMPT.


 


[Signature
Page Follows]


 




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The
parties have executed this Exercise Notice and Restricted Stock Purchase Agreement as of the date first set forth above.


 


	 	COMPANY:
	 	ACTINIUM
    PHARMACEUTICALS, INC.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	PURCHASER:
	 	«Optionee»
	 	 
	 	(Signature)
	 	 	 
	 	Address:	 
	 	 	 


 


I,
______________________, spouse of «Optionee», have read and hereby approve the foregoing Agreement. In consideration
of the Company’s granting my spouse the right to purchase the Shares as set forth in the Agreement, I hereby agree to be
irrevocably bound by the Agreement and further agree that any community property or other such interest shall hereby by similarly
bound by the Agreement. I hereby appoint my spouse as my attorney-in-fact with respect to any amendment or exercise of any rights
under the Agreement.


 


	 	 
	 	Spouse
    of «Optionee»



 



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RECEIPT


 


The
undersigned hereby acknowledges receipt of Certificate No. _____ for __________ shares of Common Stock of Actinium Pharmaceuticals,
Inc.


	 	 	 	 
	Dated:  	 	 	 
	 	 	 	«Optionee»


 




    	 



    	 



    

 


RECEIPT


 


Actinium
Pharmaceuticals, Inc. (the “Company”) hereby acknowledges receipt of (check as applicable):


 


                   
    A check in the amount of $____________


 


                   
    The cancellation of indebtedness in the amount of $____________


 


            
           Certificate No. _____ representing __________ shares of the Company’s
Common Stock with a fair market value of $___________


 


given
by «Optionee» as consideration for Certificate No. _____ for _________ shares of Common Stock of the Company.


 


	Dated: 	 	 	ACTINIUM
    PHARMACEUTICALS, INC.
	 	 	 	 	 
	 	 	 	By:	 
	 	 	 	Name:	 
	 	 	 	 	(print)
	 	 	 	Title:	 


 


 


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