Document:

Exhibit 10.3

 

 

 

August 12, 2020

 

Sandesh Seth

275 Madison Avenue, Suite 702

New York, NY 10016

 

Dear Mr. Seth:

 

On behalf of Actinium
Pharmaceuticals, Inc. (the “Company”), I am pleased to provide you with this contract (the “Agreement”)
related to your position as Chief Executive Officer and Chairman of the Board of the Company. This Agreement replaces your employment
agreement with the Company dated August 8, 2018 (“Prior Agreement”). This Agreement sets forth the terms related
to your position as Chief Executive Officer and Chairman of the Board of the Company.

 

1.  Position.
The terms of your position with the Company are as set forth below:

 

(a)  You shall serve
as Chief Executive Officer and Chairman of the Board of the Company with such responsibilities, duties and authority as are assigned
to you by the Board of Directors (the “Board”), or its designee. These responsibilities shall include implementation
of the overall direction of the Company as agreed to with the Board, including, strategic planning, corporate policies, research
and development, staffing, finance, commercial, business development and all aspects of company operations. You shall perform such
other duties and shall have authority consistent with your position.

 

(b)  You agree to
devote your best efforts to advance the interests of the Company and to discharge adequately your duties hereunder. Nothing herein
shall prohibit you from being an investor in another company such as a member of a limited liability company, a general or limited
partner of a limited partnership or a stockholder of a corporation, or accepting or continuing in any advisory, or board position
with any other for-profit or non-profit entity, so long as such activities are not in direct competition with the Company’s
business nor interfere with the duties of your position with the Company.

 

2.  Compensation.
The Board shall review the amount of your base salary and performance bonus, and shall determine the appropriate adjustments to
each component of your compensation each calendar year as specified below. As has been customary, the services of an independent
compensation consultant shall be utilized to determine the relevant benchmark companies and provide the market data which the Board
shall use as reference materials in setting compensation in addition to other parameters including overall company performance.

 

    

     

    

 

(a)  Base Salary.
Each calendar year the Board will review your base salary and make appropriate adjustments as needed and make its best efforts
to accomplish such review within the first calendar quarter. In doing so, the Board will seek to adjust your base fee is to be
competitively aligned to a range between the 25th (twenty-fifth) and 75th (seventy-fifth) percentile of the relevant market data
of Chief Executive Officer positions of similarly situated publicly traded Biotech companies provided however, that such adjustment
does not represent a reduction in base salary.

 

(b)  Performance
Bonus. You shall be entitled to participate in a Company annual bonus program for each calendar year of your employment period,
which shall be established by the Board pursuant to which the Board shall award bonuses to you, based upon the achievement of written
individual and corporate objectives such as the Board shall determine in consultation and agreement with you. Upon the attainment
of such performance objectives, in addition to your salary, you shall be entitled to a cash bonus in an amount to be determined
by the Board with a target of fifty percent (50%) of your annual base salary as well as any multiplier that may be deemed appropriate
taking into consideration individual contributions, overall company performance and other industry related benchmarks based on
relevant benchmark companies and market data. The Board shall make its best efforts to determine, award and have the Company pay
out such bonus, if applicable, in the first calendar quarter of the annual period for which the bonus is awarded.

 

(c) Stock Option
Grant. From time to time the Board may grant you an option to purchase common shares of the Company (the “Grant”).
Unless specified otherwise, the Grant shall be subject to the vesting schedule below.

 

(i)  Stock
Options. Such option will have an exercise price equal to the closing price of the Company’s common stock on the date
of Board approval of the Grant, which is equal to fair market value as determined by the Board on the date of the grant (the “Grant
Date”).

 

(ii) Vesting
Schedule of the Grant. Two percent (2%) of the Grant shall vest each month from the Grant Date until fully vested in accordance
with the provisions of the Company’s Amended and Restated 2013 Stock Plan and 2019 Stock Plan. The term of all option granted
under this Agreement will be for 10 years from the Grant Date, subject to your continuing service with the Company. The option
will be incentive stock options to the maximum extent allowed by the tax code and will be subject to the terms of the Company’s
Amended and Restated 2013 Stock Plan and 2019 Stock Plan and corresponding Stock Option Agreement between you and the Company.

 

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3.  Benefits.

 

(a)  Benefit
Plans. The Company will provide you with the opportunity to participate in the standard benefits plans currently available
to other senior executives, including health, disability and life insurance plans. The Company reserves the right to cancel and/or
change the benefits plans it offers to its participants at any time, subject to applicable law.

 

(b) Vacation;
Sick Leave. You will be entitled to 20 days paid vacation per year. Vacation may not be taken before it is accrued. You will
be entitled to 5 days paid sick leave per year. You may carry over a maximum of 5 days of paid vacation days and 5 days of paid
sick leave time vacation and sick leave policy.

 

(c) Reimbursement
of Expenses. You shall be reimbursed for all normal items of travel and entertainment and miscellaneous expenses reasonably
incurred by you on behalf of the Company provided such expenses are documented and submitted in accordance with the reimbursement
policies in effect from time to time.

 

4. Confidential
Information and Invention Assignment Agreement. You have already executed the Company’s Confidential Information and
Invention Assignment Agreement, (the “Confidentiality Agreement”), which remains in effect.

 

5. Term and
Severance. The term of your Chief Executive Officer and Chairman of the Board positions shall be until February 21, 2024, unless
terminated earlier as provided herein. If your employment as Chief Executive Officer or Chairman positions are terminated because
of your death or Disability, the Company’s only obligation to you shall be to pay your earned, but unpaid, salary (as of
the date of termination), benefits and the Pro-Rated Bonus for the year of termination (as defined below) and provide you, if eligible,
with the option to elect health coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”);
provided that upon termination of your employment due to death, your estate also shall be entitled to receive a single lump sum
payment equal to three (3) months of your compensation at the rate in effect as of the date of termination, payable within 30 days
of your death. Upon termination of your employment for Cause (as defined below), or your resignation without Good Reason (as defined
below), you shall be paid any accrued and unpaid base salary, the Pro-Rated Bonus and benefits through the date of termination
and shall have no further rights to any compensation or any other benefits under the Agreement or otherwise.

 

(a) Termination
of Service Other Than for Cause or Resignation for Good Reason (Not in Connection with a Change in Control). If the Company
terminates your employment or Chairman position other than for Cause or Disability or death, or if you resign for Good Reason,
in any case in circumstances other than those described in Section 5(b), you shall be entitled to the following:

 

(i)  Subject to
Section 6 hereof, a single lump sum payment equal to twenty-four (24) months of your compensation (at the rate in effect as of
the date of termination), payable on the first payroll date following the date the Release (as defined in Section 6 hereof) becomes
effective and irrevocable in accordance with its terms.

 

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(ii) Subject to
Section 6 hereof, continued health benefits for the 24-month period beginning on the date of termination, with such period to run
concurrently with any period for which you are eligible to elect health coverage under COBRA. During this continuation period,
the Company will subsidize your premiums in an amount equal to what it would have paid toward health insurance premiums for an
active employee with similar coverage. Notwithstanding the foregoing, you shall be required to pay any and all service provider
premiums associated with COBRA coverage and, if you begin providing services to another service recipient and become covered by
such service recipient’s health benefits plan or program, the continued health benefits and Company subsidy provided hereunder
shall cease.

 

(iii) All outstanding
equity awards granted to you under the Company’s equity compensation plans shall become immediately vested and exercisable
(as applicable) as of the date of such termination, the performance goals with respect to such outstanding performance awards,
if any, will deemed satisfied at “target”, and all outstanding and vested Company stock options (including those that
vest pursuant to the operation of this paragraph) will remain exercisable for the full duration of their term.

 

(iv) Subject to
Section 6 hereof, a single lump sum payment equal to your annual bonus for the year of termination, assuming that the applicable
goals were satisfied at the “target” level, pro-rated based on the number of days in the Company’s fiscal year
through (and including) the date of termination (the “Pro-Rated Bonus”), payable on the first payroll date following
the date the Release (as defined in Section 6 hereof) becomes effective and irrevocable in accordance with its terms.

 

(b) Change in
Control. If the Company terminates your employment or Chairman position other than for Cause or Disability or death, or if
you resign for Good Reason, or if the Company fails to renew your position as Chief Executive Officer and Chairman of the Board
on February 21, 2024 under this Agreement and your employment with the Company terminates, in any case during the 12-month period
beginning on the date of a Change in Control (as defined in the Company’s 2013 Amended and Restated Stock Plan and 2019 Stock
Plan), you shall be entitled to the following:

 

(i) Subject to
Section 6 hereof, a single lump sum payment equal to thirty (30) months of your compensation (at the rate in effect as of the date
of termination), payable on the first payroll date following the date the Release (as defined in Section 6 hereof) becomes effective
and irrevocable in accordance with its terms.

 

(ii) Subject to
Section 6 hereof, continued health benefits for the 30-month period beginning on the date of termination, with such period to run
concurrently with any period for which you are eligible to elect health coverage under COBRA. During this continuation period,
the Company will subsidize your premiums in an amount equal to what it would have paid toward health insurance premiums for an
active employee with similar coverage. Notwithstanding the foregoing, you shall be required to pay any and all service provider
premiums associated with COBRA coverage and, if you begin providing services to another service recipient and become covered by
such service recipient’s health benefits plan or program, the continued health benefits and Company subsidy provided hereunder
shall cease.

 

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(iii) All outstanding
equity awards granted to you under the Company’s equity compensation plans shall become immediately vested and exercisable
(as applicable) as of the date of such termination, the performance goals with respect to such outstanding performance awards,
if any, will deemed satisfied at “target”, and all outstanding and vested Company stock options (including those that
vest pursuant to the operation of this paragraph) will remain exercisable for the full duration of their term.

 

(iv) Subject to
Section 6 hereof, a single lump sum payment equal to Pro-Rated Bonus, payable on the first payroll date following the date the
Release (as defined in Section 6 hereof) becomes effective and irrevocable in accordance with its terms.

 

(c) “Cause”
means: (i) your gross negligence and/or willful misconduct (as such terms are generally understood and applied to the performance
of an executive) in the performance of your material duties with respect to the Company as determined, in each case, by a court
of competent jurisdiction not subject to further appeal or a final arbitration award, as provided hereunder; (ii) the conviction
by you of a crime constituting a felony, or (iii) you shall have committed any material act of malfeasance, dishonesty or breach
of fiduciary duty against the Company, for which you shall have a thirty (30) day cure period following notice thereof from the
Company (except for a conviction pursuant to subsection (ii), for which there shall be no cure period).

 

(d) “Good
Reason” means: (i) the Company’s material breach any of its obligations under this Agreement; (ii) a material reduction
of your base salary or target bonus opportunity; (iii) a material change to the title, scope of your work; (iv) an abandonment
of, or fundamental change in, the primary business or primary products of the Company; (v) the termination, elimination of your
duties as Chief Executive Officer or director or Chairman of the Board of the Company, other than for Cause or voluntary resignation;
(vi) the appointment of a new Chief Executive Officer or Chairman of the Board, or person performing similar duties; or (vii) the
Company’s regular requirement that you perform services in or relocate to a location that is outside New York City. A termination
will not be deemed to be for Good Reason unless the Company does not cure within 30 days after receipt of written notice from you
specifying the Good Reason and referring to your right to resign for Good Reason. Any resignation for Good Reason will be effective
immediately upon your giving notice of your resignation for Good Reason to the Company, conditioned upon your having provided proper
notice of Good Reason and time to cure in accordance with this provision.

 

(e) “Disability”
means that (i) you have been unable, for a period of 180 consecutive business days, to perform your duties under this Agreement,
as a result of physical or mental illness or injury, and (ii) a physician selected or approved by the Company has determined that
it is either not possible to determine when such inability to perform will cease or that it appears probable that such inability
will be permanent during the remainder of your life.

 

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(f) Mitigation.
In the event that you are entitled to severance pursuant to this Agreement, you have no duty to mitigate and your severance will
not be reduced for any reason.

 

6. Release.
Notwithstanding anything contained herein to the contrary, the Company shall not be obligated to provide any severance payment
or benefit under Sections 5(a)(i), 5(a)(ii), 5(a)(iv), 5(b)(i), 5(b)(ii), or 5(b)(iv) hereof unless: (a) you or your legal representative
first executes within 50 calendar days after the date of presentment a release of claims agreement in the form as to be provided
by the Company (the “Release”) and substantially similar to the form of Release attached hereto as Exhibit
A, (b) you do not revoke the Release, and (c) the Release becomes effective and irrevocable in accordance with its terms. The
Company shall provide the Release to you for your review within ten (10) days of the date of termination.

 

7. Non-Solicitation.
You agree that during the term of your employment with the Company, and for a period of 24 months following the cessation of employment
with the Company for any reason or no reason, you shall not directly or indirectly solicit, induce, recruit or encourage any of
the Company’s employees or consultants to terminate their relationship with the Company, or attempt any of the foregoing,
either for yourself or any other person or entity. For a period of 24 months following cessation of your employment with the Company
for any reason or no reason, you shall not attempt to negatively influence any of the Company’s clients or customers from
purchasing Company products or services or to solicit or influence or attempt to influence any client, customer or other person
either directly or indirectly, to direct his or its purchase of products and/or services to any person, firm, corporation, institution
or other entity in competition with the business of the Company.

 

8. Arbitration.
Any dispute or claim arising out of or in connection with your employment with the Company (except with regard to enforcement of
the Confidentiality Agreement) will be finally settled by arbitration in New York, New York in accordance with the Commercial Arbitration
Rules of the American Arbitration Association by one arbitrator appointed in accordance with said rules. Judgment on the award
rendered by the arbitrator may be entered in any court having jurisdiction thereof. The parties agree that this Agreement evidences
a transaction involving interstate commerce and that the operation, interpretation and enforcement of this arbitration provision,
the procedures to be used in conducting an arbitration pursuant to this arbitration provision, and the confirmation of any award
issued to either party by reason of such arbitration, is governed exclusively by the Federal Arbitration Act, 9 U.S.C. § 21
et seq. Notwithstanding the foregoing, the parties may apply to any court of competent jurisdiction for preliminary or interim
equitable relief, or to compel arbitration in accordance with this paragraph, without breach of this arbitration provision. The
Company shall pay all fees and expenses for the arbitration itself; provided that the cost of the arbitrator will be equally divided
between the parties. The Company will pay your legal fees, provided that, if you substantially do not prevail, the Company shall
be reimbursed for your reasonable legal fees.

 

9. Indemnification.
Effective August 7, 2015, you have entered into an Indemnification Agreement with the Company. This agreement shall still remain
in effect.

 

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10. Section
280G. In the event it shall be determined that any payment or distribution by the Company to or for your benefit (whether paid
or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise) (the “Total Payments”),
is or will be subject to the excise tax (the “Excise Tax”) imposed by Section 4999 of the Internal Revenue Code
of 1986, as amended (the “Code”), then the Total Payments shall be reduced to the maximum amount that could
be paid to you without giving rise to the Excise Tax (the “Safe Harbor Cap”), if the net after-tax benefit to
you after reducing your Total Payments to the Safe Harbor Cap is greater than the net after-tax (including the Excise Tax) benefit
to you without such reduction. The reduction of the amounts payable hereunder, if applicable, shall be made by reducing such payment
that trigger the Excise Tax in the following order: (i) reduction of cash payments, (ii) cancellation of accelerated vesting of
performance-based equity awards (based on the reverse order of the date of grant), (iii) cancellation of accelerated vesting of
other equity awards (based on the reverse order of the date of grant), and (iv) reduction of any other payments due to you (with
benefits or payments in any group having different payment terms being reduced on a pro-rata basis). All mathematical determinations,
and all determinations as to whether any of the Total Payments are “parachute payments” (within the meaning of Section
280G of the Code), that are required to be made under this paragraph, including determinations as to whether the Total Payments
to you shall be reduced to the Safe Harbor Cap and the assumptions to be utilized in arriving at such determinations, shall be
made at the Company’s expense by the Company’s then current independent auditors, or such other nationally recognized
accounting firm selected by the Committee prior to the relevant change in control transaction.

 

11.  Section
409A.

 

(a) In General.
It is the Company’s intent that this Agreement be exempt from the application of, or otherwise comply with, the requirements
of Section 409A of the Code (“Section 409A”). Specifically, any taxable benefits or payments provided under
this Agreement are intended to be separate payments that qualify for the “short-term deferral” exception to Section
409A to the maximum extent possible, and to the extent they do not so qualify, are intended to qualify for the involuntary separation
pay exceptions to Section 409A, to the maximum extent possible. If neither of these exceptions applies, and if you are a “specified
employee” within the meaning of Section 409A, then notwithstanding any provision in this Agreement to the contrary and to
the extent required to comply with Section 409A, all amounts that would otherwise be paid or provided to you during the first six
(6) months following your date of termination shall instead be accumulated through and paid or provided (without interest) on the
first business day following the six-month anniversary of the date of termination. If the period during which the Release must
become effective and irrevocable in accordance with its terms spans two calendar years, then, to the extent required to comply
with Section 409A, any payment to be made under this Agreement will commence on the first payroll date that occurs in the second
calendar year and after the Release has become effective and irrevocable in accordance with its terms. Further, to the extent required
to comply with Section 409A: (i) the amount of any expense reimbursement to which you may be entitled hereunder during a calendar
year will not affect the amount of reimbursements to be provided in any other calendar year; (ii) your right to receive reimbursement
of an eligible expense hereunder is not subject to liquidation or exchange for another benefit; and (iii) provided that the requisite
documentation is submitted, the Company will reimburse your eligible expenses on or before the last day of the calendar year following
the calendar year in which the expense was incurred.

 

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(b) Separation
from Service. A termination of service shall not be deemed to have occurred for purposes of any provision of this Agreement
providing for the payment of any amounts or benefits subject to Section 409A upon or following a termination of service unless
such termination is also a “separation from service” within the meaning of Section 409A and you are no longer providing
services (at a level that would preclude the occurrence of a “separation from service” within the meaning of Section
409A) to the Company or its affiliates as an employee or consultant, and for purposes of any such provision of this Plan, references
to a “termination,” “termination of employment” or like terms shall mean “separation from service”
within the meaning of Section 409A.

 

12. Attorneys’
Fees. Should either party hereto, or any heir, personal representative, successor or assign of either party hereto, resort
to legal proceedings in connection with this Agreement, the party or parties prevailing in such legal proceedings shall be entitled,
in addition to such other relief as may be granted, to recover its or their reasonable attorneys’ fees and costs in such
legal proceedings from the non-prevailing party or parties.

 

13. Assistance
in Litigation. You shall, during and after termination of employment, upon reasonable notice, furnish such information and
proper assistance to the Company as may reasonably be required by the Company in connection with any litigation in which it or
any of its subsidiaries or affiliates is, or may become a party; provided, however, that such assistance following termination
shall be furnished at mutually agreeable times and for mutually agreeable compensation.

 

14. Miscellaneous.
This Agreement, together with the Confidentiality Agreement, and Indemnification Agreement sets forth the terms of your employment
with the Company and supersedes any prior representations or agreements, whether written or oral. This Agreement may not be modified
or amended except by a written agreement, signed by the Company and by you. Whenever possible, each provision of this Agreement
will be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is
held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity,
illegality or unenforceability will be lessened or reduced to the extent possible or will be severed and will not affect any other
provision and this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable
provision had never been contained herein. This Agreement will be governed by New York law without reference to rules of conflicts
of law. All notices, requests, demands and other communications called for hereunder shall be in writing and shall be deemed given
(i) on the date of delivery if delivered personally, (ii) one (1) day after being sent by a well established commercial overnight
service, (iii) three (3) days after being mailed by registered or certified mail, return receipt requested, prepaid and addressed
to the parties or their successors at the following addresses, or at such other addresses as the parties may later designate in
writing, (iv) upon confirmation of facsimile transfer, if sent by facsimile or (v) upon confirmation of delivery when directed
to the electronic mail address set forth below, if sent by electronic mail:

 

	 	If to the Company:	275 Madison Avenue, Suite 702
	 	 	New York, NY 10016
	 	 	 
	 	If to you:	Sandesh Seth
	 	 	275 Madison Avenue, Suite 702
	 	 	New York, NY 10016

 

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15. Withholding
of Taxes. The Company may withhold from any amounts payable under this Agreement all federal, state, city or other taxes as
the Company may be required to withhold pursuant to any law or government regulation or ruling.

 

To indicate your acceptance
of the Company’s offer, please sign and date this letter in the space provided below.

 

	Very truly yours,	 	ACCEPTED AND AGREED:
	 	 	 
	ACTINIUM PHARMACEUTICALS, INC.	 	SANDESH SETH
	 	 	 	 
	By:	                        	 	                            
	 	David Nicholson	 	 
	 	Chairman Compensation Committee	 	 
	 	 	 	 
	Dated: August 12, 2020	 	Dated: August 12, 2020

 

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EXHIBIT A

 

RELEASE OF CLAIMS

 

FOR AND IN CONSIDERATION
OF the payments and benefits (the “Separation Benefits”) to be provided to me in connection with the separation
of my relationship with the Company, in accordance with the Agreement between Actinium Pharmaceuticals, Inc. (the “Company”)
and me dated as August 12, 2020 (the “Agreement”), which Separation Benefits are conditioned on my signing this
Release of Claims (“Release”) and which I will forfeit unless I execute and do not revoke this Release of Claims,
I, on my own behalf and on behalf of my heirs and estate, voluntarily, knowingly and willingly release and forever discharge the
Company, its subsidiaries, affiliates, parents, and stockholders, together with each of those entities’ respective officers,
directors, stockholders, employees, agents, fiduciaries and administrators (collectively, the “Releasees”) from
any and all claims and rights of any nature whatsoever which I now have against them up to the date I execute this Release, whether
known or unknown, suspected or unsuspected. This Release includes, but is not limited to, any rights or claims relating in any
way to my employment or consulting relationship with the Company or any of the other Releasees or the termination thereof, any
contract claims (express or implied, written or oral), including, but not limited to, the Agreement, or any rights or claims under
any statute, including, without limitation, the Americans with Disabilities Act, the Age Discrimination in Employment Act, the
Older Workers’ Benefit Protection Act, the Rehabilitation Act of 1973 (including Section 504 thereof), Title VII of the 1964
Civil Rights Act, the Civil Rights Act of 1866 (42 U.S.C. § 1981), the Civil Rights Act of 1991, the Equal Pay Act, the National
Labor Relations Act, the Worker Adjustment and Retraining Notification Act, the Family Medical Leave Act, the Lilly Ledbetter Fair
Pay Act, the Genetic Information Non-Discrimination Act, the New York State Human Rights Law, the New York City Human Rights Law,
and the Employee Retirement Income Security Act of 1974, all as amended, and any other federal, state or local law. This Release
specifically includes, but is not limited to, any claims based upon the right to the payment of wages, incentive and performance
compensation, bonuses, equity grants, vacation, pension benefits, 401(k) Plan benefits, stock benefits or any other employee benefits,
or any other rights arising under federal, state or local laws prohibiting discrimination and/or harassment on the basis of race,
color, age, religion, sexual orientation, religious creed, sex, national origin, ancestry, alienage, citizenship, nationality,
mental or physical disability, denial of family and medical care leave, medical condition (including cancer and genetic characteristics),
marital status, military status, gender identity, harassment or any other basis prohibited by law.

 

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As a condition of the
Company entering into this Release, I further represent that I have not filed against the Company or any of the other Releasees,
any complaints, claims or lawsuits with any arbitral tribunal, administrative agency, or court prior to the date hereof, and that
I have not transferred to any other person any such complaints, claims or lawsuits. I understand that by signing this Release,
I waive my right to any monetary recovery in connection with a local, state or federal governmental agency proceeding and I waive
my right to file a claim seeking monetary damages in any arbitral tribunal, administrative agency, or court. This Release does
not: (i) prohibit or restrict me from communicating, providing relevant information to or otherwise cooperating with the U.S. Equal
Employment Opportunity Commission or any other governmental authority with responsibility for the administration of fair employment
practices laws regarding a possible violation of such laws or responding to any inquiry from such authority, including an inquiry
about the existence of this Release or its underlying facts, or (ii) require me to notify the Company of such communications or
inquiry. Furthermore, notwithstanding the foregoing, this Release does not include and will not preclude: (a) rights or claims
to vested benefits under any applicable retirement and/or pension plans; (b) rights under the Consolidated Omnibus Budget Reconciliation
Act of 1985 (“COBRA”); (c) claims for unemployment compensation; (d) rights to defense and indemnification,
if any, from the Company for actions or inactions taken by me in the course and scope of my employment with the Company and its
parents, subsidiaries and/or affiliates; (e) any rights I may have to obtain contribution as permitted by law in the event of entry
of judgment against the Company as a result of any act or failure to act for which I and the Company are held jointly liable; (f)
the right to any equity awards that vested prior to or because of the termination of my employment, and/or (g) any actions to enforce
the Agreement.

 

Nothing herein shall
be construed to limit my right to (1) respond accurately and fully to any question, inquiry or request for information when required
by legal process; or (2) disclose information to regulatory bodies. I understand that I am not required to contact the Company
before engaging in such communications.

 

I acknowledge that,
in signing this Release, I have not relied on any promises or representations, express or implied, other than those that are set
forth expressly herein or in the Agreement and that are intended to survive separation from employment, in accordance with the
terms of the Agreement.

 

I further acknowledge
that:

 

1. I first received
this Release on the date of the Agreement to which it is attached as Exhibit A;

 

2. I understand
that, in order for this Release to be effective, I may not sign it prior to the date of my separation of employment with the Company
but that if I wish to receive the Separation Benefits, I must sign and return this Release within [21/45] days of its presentation
to me after my termination of employment;

 

3. I have carefully
read and understand this Release;

 

4. The Company
advised me to consult with an attorney and/or any other advisors of my choice before signing this Release;

 

5. I understand
that this Release is LEGALLY BINDING and by signing it I give up certain rights;

 

6. I have voluntarily
chosen to enter into this Release and have not been forced or pressured in any way to sign it;

 

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7. I acknowledge
and agree that the Separation Benefits are contingent on execution of this Release, which releases all of my claims against the
Company and the Releasees, and I KNOWINGLY AND VOLUNTARILY AGREE TO RELEASE the Company and the Releasees from any and all
claims I may have, known or unknown, in exchange for the benefits I have obtained by signing, and that these benefits are in addition
to any benefit I would have otherwise received if I did not sign this Release;

 

8. I have seven
(7) days after I sign this Release to revoke it by notifying the Company in writing. The Release will not become effective or enforceable
until the seven (7) day revocation period has expired;

 

9. This Release
includes a WAIVER OF ALL RIGHTS AND CLAIMS I may have under the Age Discrimination in Employment Act of 1967 (29 U.S.C.
§621 et seq.); and

 

10. This Release
does not waive any rights or claims that may arise after this Release becomes effective, which is seven (7) days after I sign it,
provided that I do not exercise my right to revoke this Agreement.

 

Intending to be legally bound, I have signed
this Release as of the date written below.

 

	Signature:	 	 	Date Signed:  	 

 

 

12Exhibit 10.4

 

 

August
12, 2020

  

Steve
O’Loughlin

275
Madison Avenue, Suite 702

New
York, NY 10016

 

Dear
Mr. O’Loughlin,

 

On
behalf of Actinium Pharmaceuticals, Inc. (the “Company”), I am pleased to provide you with this contract (the
“Agreement”) related to your position as Chief Financial Officer of the Company. This Agreement replaces and
supersedes the employment agreement between you and the Company dated August 8, 2018.

 

1. Position.
The terms of your position with the Company are as set forth below:

 

(a) You
shall serve as Chief Financial Officer. You shall report to the Chief Executive Officer or appropriate company officer, as designated
by the CEO, the Board of Directors of the Company (the “Board”) or its representative, and shall perform your
duties for the Company at the Company’s offices in New York City or at another location as directed by the Company in accordance
with its policies that may be in place from time to time, except for travel that may be necessary or appropriate in connection
with the performance of your duties hereunder. The offices of the Company are currently located in New York City at 275 Madison
Avenue, 7th Floor, New York, NY 10016.

 

(b) You
agree to devote your best efforts and substantially all of your business time to advance the interests of the Company and to discharge
adequately your duties hereunder. You may perform certain consulting projects that do not interfere with your Company duties and
maintain whatever licenses required for performance of such consulting activities. Consulting activities must be non-competitive
with the Company’s plans, disclosed and approved on a case by case basis by your direct supervisor or an authorized Company
representative.

 

2. Compensation.

 

(a)
 Base Salary. The Board shall review the amount of your base salary and performance bonus,
and shall determine the appropriate adjustments to each component of your compensation each calendar year.

 

(b)
 Performance Bonus. You shall be entitled to participate in an executive bonus program,
which shall be established by the Board pursuant to which the Board may award bonuses to you of up to 30% of your annual base
salary, based upon the achievement of written individual and corporate objectives such as the Board shall determine.

 

(c)
Stock Option Grant. From time to time the Board may grant you an option to purchase common shares of the Company (the “Grant”).
Unless specified otherwise, the Grant shall be subject to the vesting schedule below.

 

(i)
 Stock Options. Such option will have an exercise price equal to the closing price
of the Company’s common stock on the date of Board approval of the Grant, which is equal to fair market value as determined
by the Board on the date of the grant (the “Grant Date”).

 

     

     

    

 

(ii) Vesting
Schedule of the Grant. Two percent (2%) of the Grant shall vest each month from the Grant Date until fully vested in accordance
with the provisions of the Company’s Amended and Restated 2013 Stock Plan and 2019 Stock Plan. The term of all option granted
under this Agreement will be for 10 years from the Grant Date, subject to your continuing service with the Company. The option
will be incentive stock options to the maximum extent allowed by the tax code and will be subject to the terms of the Company’s
Amended and Restated 2013 Stock Plan or 2019 Stock Plan and corresponding Stock Option Agreement between you and the Company.

 

3. Benefits.

 

(a) Benefit
Plans. The Company will provide you with the opportunity to participate in the standard benefit plans currently available
to other similarly situated employees, including health, disability and life insurance plans. The Company reserves the right to
cancel and/or change the benefits plans it offers to its employees at any time, subject to applicable law.

 

(b) Vacation;
Sick Leave. You will be entitled to 20 days paid vacation per year. Vacation may not be taken before it is accrued. You will
be entitled to 5 days paid sick leave per year. You may carry over a maximum of 5 days of paid vacation days and 5 days of paid
sick leave time in accordance with the Company’s vacation and sick leave policy.

 

(c) Reimbursement
of Expenses. You shall be reimbursed for all normal items of travel and entertainment and miscellaneous expenses reasonably
incurred by you on behalf of the Company provided such expenses are documented and submitted in accordance with the reimbursement
policies in effect from time to time.

 

4.
Change in Control. If the Company terminates your employment other than for death, Disability or Cause, or if you resign
for Good Reason, in any case during the 12-month period beginning on the date of a Change in Control (as defined in the Company’s
Amended and Restated 2013 Stock Plan and 2019 Stock Plan), you shall be entitled to the following, subject to Section 5 hereof:

 

(a)
 A single lump sum payment equal to twelve (12) months of your annual base salary (at
the rate in effect as of the date of termination), payable within thirty (30) business days following the date the Release (as
defined in Section 5 hereof) becomes effective and irrevocable in accordance with its terms.

 

(b)
 Continued health benefits for the 12-month period beginning on the date of termination,
with such period to run concurrently with any period for which you are eligible to elect health coverage under COBRA. During this
12-month continuation period, the Company will subsidize your COBRA premiums in an amount equal to what it would have paid toward
health insurance premiums for an active employee with similar coverage. Notwithstanding the foregoing, you shall be required to
pay any and all service provider premiums associated with COBRA coverage and, if you begin providing services to another service
recipient and become covered by such service recipient’s health benefits plan or program, the continued health benefits
and Company subsidy provided hereunder shall cease.

 

(c)
 All outstanding equity awards granted to you under the Company’s equity compensation
plans shall become immediately vested and exercisable (as applicable) as of the date of such termination, the performance goals
with respect to such outstanding performance awards, if any, will deemed satisfied at “target”, and all outstanding
and vested Company stock options (including those that vest pursuant to the operation of this paragraph) will remain exercisable
for the full duration of their term.

 

(d)
 “Cause” means: (i) your gross negligence and/or willful misconduct
(as such terms are generally understood and applied to the performance of an executive) in the performance of your material duties
with respect to the Company as determined, in each case, by a court of competent jurisdiction not subject to further appeal or
a final arbitration award, as provided hereunder; (ii) the conviction by you of a crime constituting a felony, or (iii) you shall
have committed any material act of malfeasance, dishonesty or breach of fiduciary duty against the Company, for which you shall
have a thirty (30) day cure period following notice thereof from the Company (except for a conviction pursuant to subsection (ii),
for which there shall be no cure period).

 

    2

     

    

 

(e) “Good
Reason” means, during the 12-month period beginning on the date of a Change in Control: (i) the Company’s material
breach of any of its obligations under this Agreement; (ii) a material reduction of your base salary or target bonus opportunity;
(iii) a material change to the scope of your work; or (iv) the Company’s regular requirement that you perform services in
or relocate to a location that is more than twenty-five (25) miles from New York City. A termination will not be deemed to be
for Good Reason unless the Company does not cure within 30 days after receipt of written notice from you specifying the Good Reason
and referring to your right to resign for Good Reason. Any resignation for Good Reason will be effective immediately upon your
giving notice of your resignation for Good Reason to the Company, conditioned upon your having provided proper notice of Good
Reason and time to cure in accordance with this provision.

 

(f)
 “Disability” means that (i) you have been unable, for a period of
180 consecutive business days, to perform your duties under this Agreement, as a result of physical or mental illness or injury,
and (ii) a physician selected or approved by the Company has determined that it is either not possible to determine when such
inability to perform will cease or that it appears probable that such inability will be permanent during the remainder of your
life.

 

(g) Mitigation. In
the event that you are entitled to severance pursuant to this Agreement, you have no duty to mitigate and your severance will
not be reduced for any reason.

 

5. Release.
Notwithstanding anything contained herein to the contrary, the Company shall not be obligated to provide any severance payment
or benefit under Section 4(a), (b) or (c) hereof unless: (a) you or your legal representative first executes within fifty (50)
calendar days after the date of presentment a release of claims agreement in the form as to be provided by the Company (the “Release”)
and substantially similar to the form of Release attached hereto as Exhibit A, (b) you do not revoke the Release, and (c) the
Release becomes effective and irrevocable in accordance with its terms. The Company shall provide the Release to you for your
review within ten (10) days of the date of termination.

 

6. Confidential
Information and Invention Assignment Agreement. You have already executed the Company’s Confidential Information and
Invention Assignment Agreement (the “Confidentiality Agreement”), which remains in effect.

 

7. At-Will
Employment. Your employment with the Company will be on an “at will” basis, meaning that either you or the Company
may terminate your employment at any time for any reason or no reason, without further obligation or liability.

 

8. Non-Competition.
During the term and for a period of three (3) years thereafter, you shall not, either directly or indirectly, engage (as principal,
partner, employee, consultant, owner, independent contractor, advisor or otherwise, with or without compensation) in any business
that directly or indirectly competes with the Company (the “Competing Business”). Notwithstanding the foregoing,
this does not prevent you from being engaged or employed with a business that has a Competing Business as part of its business,
so long as you are not engaged or involved in any way in the Competing Business at such business or enterprise.

 

9. Non-Solicitation.
You agree that during the term of your employment with the Company, and for a period of 24 months following the cessation of employment
with the Company for any reason or no reason, you shall not directly or indirectly solicit, induce, recruit or encourage any of
the Company’s employees or consultants to terminate their relationship with the Company, or attempt any of the foregoing,
either for yourself or any other person or entity. For a period of 24 months following cessation of employment with the Company
for any reason or no reason, you shall not attempt to negatively influence any of the Company’s clients or customers from
purchasing Company products or services or to solicit or influence or attempt to influence any client, customer or other person
either directly or indirectly, to direct his or its purchase of products and/or services to any person, firm, corporation, institution
or other entity in competition with the business of the Company.

 

    3

     

    

 

10. Arbitration.
Any dispute or claim arising out of or in connection with your employment with the Company (except with regard to enforcement
of the Confidentiality Agreement) will be finally settled by arbitration in New York, New York in accordance with the Commercial
Arbitration Rules of the American Arbitration Association by one arbitrator appointed in accordance with said rules. Judgment
on the award rendered by the arbitrator may be entered in any court having jurisdiction thereof. The parties agree that this Agreement
evidences a transaction involving interstate commerce and that the operation, interpretation and enforcement of this arbitration
provision, the procedures to be used in conducting an arbitration pursuant to this arbitration provision, and the confirmation
of any award issued to either party by reason of such arbitration, is governed exclusively by the Federal Arbitration Act, 9 U.S.C.
§ 21 et seq. Notwithstanding the foregoing, the parties may apply to any court of competent jurisdiction for preliminary
or interim equitable relief, or to compel arbitration in accordance with this paragraph, without breach of this arbitration provision.

 

11.
Section 280G. In the event it shall be determined that any payment or distribution by the Company to or for your benefit
(whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise) (the “Total
Payments”), is or will be subject to the excise tax (the “Excise Tax”) imposed by Section 4999 of
the Internal Revenue Code of 1986, as amended (the “Code”), then the Total Payments shall be reduced to the
maximum amount that could be paid to you without giving rise to the Excise Tax (the “Safe Harbor Cap”), if
the net after-tax benefit to you after reducing your Total Payments to the Safe Harbor Cap is greater than the net after-tax (including
the Excise Tax) benefit to you without such reduction. The reduction of the amounts payable hereunder, if applicable, shall be
made by reducing such payment that trigger the Excise Tax in the following order: (i) reduction of cash payments, (ii) cancellation
of accelerated vesting of performance-based equity awards (based on the reverse order of the date of grant), (iii) cancellation
of accelerated vesting of other equity awards (based on the reverse order of the date of grant), and (iv) reduction of any other
payments due to you (with benefits or payments in any group having different payment terms being reduced on a pro-rata basis).
All mathematical determinations, and all determinations as to whether any of the Total Payments are “parachute payments”
(within the meaning of Section 280G of the Code), that are required to be made under this paragraph, including determinations
as to whether the Total Payments to you shall be reduced to the Safe Harbor Cap and the assumptions to be utilized in arriving
at such determinations, shall be made at the Company’s expense by the Company’s then current independent auditors,
or such other nationally recognized accounting firm selected by the Committee prior to the relevant change in control transaction. 

 

12. Section
409A.

 

(a) In
General. It is the Company’s intent that this Agreement be exempt from the application of, or otherwise comply
with, the requirements of Section 409A of the Code (“Section 409A”). Specifically, any taxable benefits or
payments provided under this Agreement are intended to be separate payments that qualify for the “short-term
deferral” exception to Section 409A to the maximum extent possible, and to the extent they do not so qualify, are
intended to qualify for the involuntary separation pay exceptions to Section 409A, to the maximum extent possible. If neither
of these exceptions applies, and if you are a “specified employee” within the meaning of Section 409A, then
notwithstanding any provision in this Agreement to the contrary and to the extent required to comply with Section 409A, all
amounts that would otherwise be paid or provided to you during the first six (6) months following your date of termination
shall instead be accumulated through and paid or provided (without interest) on the first business day following the
six-month anniversary of the date of termination. If the period during which the Release must become effective and
irrevocable in accordance with its terms spans two calendar years, then, to the extent required to comply with Section 409A,
any payment to be made under this Agreement will commence on the first payroll date that occurs in the second calendar year
and after the Release has become effective and irrevocable in accordance with its terms. Further, to the extent required to
comply with Section 409A: (i) the amount of any expense reimbursement to which you may be entitled hereunder during a
calendar year will not affect the amount of reimbursements to be provided in any other calendar year; (ii) your right to
receive reimbursement of an eligible expense hereunder is not subject to liquidation or exchange for another benefit; and
(iii) provided that the requisite documentation is submitted, the Company will reimburse your eligible expenses on or before
the last day of the calendar year following the calendar year in which the expense was incurred.

 

(b) Separation
from Service. A termination of service shall not be deemed to have occurred for purposes of any provision of this
Agreement providing for the payment of any amounts or benefits subject to Section 409A upon or following a termination of
service unless such termination is also a “separation from service” within the meaning of Section 409A and you
are no longer providing services (at a level that would preclude the occurrence of a “separation from service”
within the meaning of Section 409A) to the Company or its affiliates as an employee or consultant, and for purposes of any
such provision of this Plan, references to a “termination,” “termination of employment” or like terms
shall mean “separation from service” within the meaning of Section 409A.

 

    4

     

    

 

13. Miscellaneous. This
Agreement, together with the Confidentiality Agreement, sets forth the terms of your employment with the Company and supersedes
any prior representations or agreements, whether written or oral. This Agreement may not be modified or amended except by a written
agreement, signed by the Company and by you. Whenever possible, each provision of this Agreement will be interpreted in such manner
as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable
in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability will be lessened
or reduced to the extent possible or will be severed and will not affect any other provision and this Agreement will be reformed,
construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein.
This Agreement will be governed by New York law without reference to rules of conflicts of law. All notices, requests, demands
and other communications called for hereunder shall be in writing and shall be deemed given (i) on the date of delivery if delivered
personally, (ii) one (1) day after being sent by a well established commercial overnight service, (iii) three (3) days after being
mailed by registered or certified mail, return receipt requested, prepaid and addressed to the parties or their successors at
the following addresses, or at such other addresses as the parties may later designate in writing, (iv) upon confirmation of facsimile
transfer, if sent by facsimile or (v) upon confirmation of delivery when directed to the electronic mail address set forth below,
if sent by electronic mail:

 

	 	If
    to the Company:	275 Madison Avenue,
    Suite 702
	 	 	New York, NY 10016
	 	 	 
	 	If to you:	Steve
        O’Loughlin

        275
        Madison Avenue, Suite 702

        New
        York, NY 10016

 

14.
Withholding of Taxes. The Company may withhold from any amounts payable under this Agreement all federal, state, city or
other taxes as the Company may be required to withhold pursuant to any law or government regulation or ruling.

 

To
indicate your acceptance of the Company’s offer, please sign and date this letter in the space provided below and return
it to me.

 

	Very truly yours,	 
	 	 
	ACTINIUM
    PHARMACEUTICALS, INC.  	 
	 	 
	By: 	 	 
	 	Sandesh Seth	 
	 	 	 
	Title: 	Chief Executive Officer 	 
	 	 
	Accepted and Agreed:	 
	 	 
	By:	 	 
	  	Name: Steve
    O’Loughlin	 

 

    5

     

    

 

EXHIBIT
A

 

RELEASE
OF CLAIMS

 

FOR
AND IN CONSIDERATION OF the payments and benefits (the “Separation Benefits”) to be provided to me in connection
with the separation of my relationship with the Company, in accordance with the Agreement between Actinium Pharmaceuticals, Inc.
(the “Company”) and me dated as August 12, 2020 (the “Agreement”), which Separation Benefits
are conditioned on my signing this Release of Claims (“Release”) and which I will forfeit unless I execute
and do not revoke this Release of Claims, I, on my own behalf and on behalf of my heirs and estate, voluntarily, knowingly and
willingly release and forever discharge the Company, its subsidiaries, affiliates, parents, and stockholders, together with each
of those entities’ respective officers, directors, stockholders, employees, agents, fiduciaries and administrators (collectively,
the “Releasees”) from any and all claims and rights of any nature whatsoever which I now have against them
up to the date I execute this Release, whether known or unknown, suspected or unsuspected. This Release includes, but is not limited
to, any rights or claims relating in any way to my employment or consulting relationship with the Company or any of the other
Releasees or the termination thereof, any contract claims (express or implied, written or oral), including, but not limited to,
the Agreement, or any rights or claims under any statute, including, without limitation, the Americans with Disabilities Act,
the Age Discrimination in Employment Act, the Older Workers’ Benefit Protection Act, the Rehabilitation Act of 1973 (including
Section 504 thereof), Title VII of the 1964 Civil Rights Act, the Civil Rights Act of 1866 (42 U.S.C. § 1981), the Civil
Rights Act of 1991, the Equal Pay Act, the National Labor Relations Act, the Worker Adjustment and Retraining Notification Act,
the Family Medical Leave Act, the Lilly Ledbetter Fair Pay Act, the Genetic Information Non-Discrimination Act, the New York State
Human Rights Law, the New York City Human Rights Law, and the Employee Retirement Income Security Act of 1974, all as amended,
and any other federal, state or local law. This Release specifically includes, but is not limited to, any claims based upon the
right to the payment of wages, incentive and performance compensation, bonuses, equity grants, vacation, pension benefits, 401(k)
Plan benefits, stock benefits or any other employee benefits, or any other rights arising under federal, state or local laws prohibiting
discrimination and/or harassment on the basis of race, color, age, religion, sexual orientation, religious creed, sex, national
origin, ancestry, alienage, citizenship, nationality, mental or physical disability, denial of family and medical care leave,
medical condition (including cancer and genetic characteristics), marital status, military status, gender identity, harassment
or any other basis prohibited by law.

 

    6

     

    

 

As
a condition of the Company entering into this Release, I further represent that I have not filed against the Company or any of
the other Releasees, any complaints, claims or lawsuits with any arbitral tribunal, administrative agency, or court prior to the
date hereof, and that I have not transferred to any other person any such complaints, claims or lawsuits. I understand that by
signing this Release, I waive my right to any monetary recovery in connection with a local, state or federal governmental agency
proceeding and I waive my right to file a claim seeking monetary damages in any arbitral tribunal, administrative agency, or court.
This Release does not: (i) prohibit or restrict me from communicating, providing relevant information to or otherwise cooperating
with the U.S. Equal Employment Opportunity Commission or any other governmental authority with responsibility for the administration
of fair employment practices laws regarding a possible violation of such laws or responding to any inquiry from such authority,
including an inquiry about the existence of this Release or its underlying facts, or (ii) require me to notify the Company of
such communications or inquiry. Furthermore, notwithstanding the foregoing, this Release does not include and will not preclude:
(a) rights or claims to vested benefits under any applicable retirement and/or pension plans; (b) rights under the Consolidated
Omnibus Budget Reconciliation Act of 1985 (“COBRA”); (c) claims for unemployment compensation; (d) rights to
defense and indemnification, if any, from the Company for actions or inactions taken by me in the course and scope of my employment
with the Company and its parents, subsidiaries and/or affiliates; (e) any rights I may have to obtain contribution as permitted
by law in the event of entry of judgment against the Company as a result of any act or failure to act for which I and the Company
are held jointly liable; (f) the right to any equity awards that vested prior to or because of the termination of my employment,
and/or (g) any actions to enforce the Agreement.

 

Nothing
herein shall be construed to limit my right to (1) respond accurately and fully to any question, inquiry or request for information
when required by legal process; or (2) disclose information to regulatory bodies. I understand that I am not required to contact
the Company before engaging in such communications.

 

I
acknowledge that, in signing this Release, I have not relied on any promises or representations, express or implied, other than
those that are set forth expressly herein or in the Agreement and that are intended to survive separation from employment, in
accordance with the terms of the Agreement.

 

I
further acknowledge that:

 

1. I
first received this Release on the date of the Agreement to which it is attached as Exhibit A;

 

2. I
understand that, in order for this Release to be effective, I may not sign it prior to the date of my separation of employment
with the Company but that if I wish to receive the Separation Benefits, I must sign and return this Release within [21/45] days
of its presentation to me after my termination of employment;

 

3. I
have carefully read and understand this Release;

 

4. The
Company advised me to consult with an attorney and/or any other advisors of my choice before signing this Release;

 

5. I
understand that this Release is LEGALLY BINDING and by signing it I give up certain rights;

 

    7

     

    

 

6. I
have voluntarily chosen to enter into this Release and have not been forced or pressured in any way to sign it;

 

7. I
acknowledge and agree that the Separation Benefits are contingent on execution of this Release, which releases all of my claims
against the Company and the Releasees, and I KNOWINGLY AND VOLUNTARILY AGREE TO RELEASE the Company and the Releasees from
any and all claims I may have, known or unknown, in exchange for the benefits I have obtained by signing, and that these benefits
are in addition to any benefit I would have otherwise received if I did not sign this Release;

 

8. I
have seven (7) days after I sign this Release to revoke it by notifying the Company in writing. The Release will not become effective
or enforceable until the seven (7) day revocation period has expired;

 

9. This
Release includes a WAIVER OF ALL RIGHTS AND CLAIMS I may have under the Age Discrimination in Employment Act of 1967 (29
U.S.C. §621 et seq.); and

 

10. This
Release does not waive any rights or claims that may arise after this Release becomes effective, which is seven (7) days after
I sign it, provided that I do not exercise my right to revoke this Agreement.

 

Intending
to be legally bound, I have signed this Release as of the date written below.

 

	Signature:	 	 	Date Signed: 	 

 

 

8

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