Document:

f8k122812a1ex10xxv_cactus.htm

Exhibit 10.25

 

Actinium Pharmaceuticals, Inc.

 

June 19, 2011

 

Sloan-Kettering Institute for Cancer Research

1275 York Avenue 

New York, NY 10021 

Attn: Andrew Maslow

 

Dear Andrew:

 

Following up on our recent discussions I am writing to confirm the agreement between Sloan-Kettering Institute for Cancer Research (SKI) and Actinium Pharmaceutical, Inc. (API) as follows:

 

	
1)     

	
By letter of April 9, 2010 ("Letter") SKI agreed on behalf of itself and certain related parties to forbear and defer collection of certain Obligations (as defined in that letter, a copy of which is attached hereto). Actinium Holdings Limited, an affiliate of SKI owns a majority of the currently issued and outstanding capital stock of API. In order to facilitate the consummation of API's Series E Preferred Stock financing, SKI and its related parties agree to cancel, forgive and release API from all further liability for the Obligations which are set forth in the Letter.

 

	
2)     

	
API agrees to re-affirm its ongoing support of the actinium related research being conducted at SKI and has budgeted the following amounts for the support of that research and maintenance of the intellectual property estate that is licensed to API:

 

	
2011

	
$50,000

	
2012

	
$200,000

	
2013

	
$250,000

 

Please acknowledge your agreement by signing and returning to me a counterpart of this letter agreement (including by fax or email) at which time it will become a binding agreement between us as of the date first written above.

 

	ACTINIUM PHARMACEUTICALS, INC.	 	SLOAN-KETTERING INSTITUTE

FOR CANCE SEARCH

	 
	 	 	 	 	 	 
	By:	 	 	
By: 

	/s/ Andrew D. Maslow	 
	 	Name:	 	 	Name: Andrew D. Maslow	 
	 	Title:	 	 	Title: Director Office of Industrial Affairsf8k122812a1ex10xxvi_cactus.htm

Exhibit 10.26

 

Sloan-Kettering Institute for Cancer 

Research 1275 York Avenue 

New York, NY 10021

 

April 9, 2010

 

Dr. Dragan Cicic, President

Actinium Pharmaceuticals, Inc.

clo Stempel Bennett Claman & Hochberg, P.C.

675 Third Avenue, 31st Floor

New York, NY 10017

 

Dear Dragan:

 

Reference is made to certain obligations of Actinium Pharmaceuticals, Inc. ("API") to Sloan-Kettering Institute for Cancer Research ("SKI") and its related or affiliated entities (such entities, together with SKI, Memorial Sloan-Kettering Cancer Institute, Inc. ("MSKCC") and Memorial Hospital for Cancer and Allied Diseases, the "SKI Parties") in the approximate amount of $260,000 on the date hereof (the "Current Obligations"), consisting of obligations under (i) Section 5 and Section 6.3 of the License, Development and Commercialization Agreement, dated as of February 11, 2002, between SKI, API and Actinium Pharmaceuticals, Ltd. (the "License Agreement"); and (ii) Section 5 of the Clinical Trial Agreement, dated as of February 26, 2006, between SKI and its affiliate Memorial Hospital for Cancer and Allied Diseases and API (the "Clinical Trial Agreement"). Prior to January 1, 2012, API will incur additional obligations to SKI under Section 5 and Section 6.3 of the License Agreement and may incur other obligations to one or more of the SKI Parties for the goods and/or services provided (the "Forbearance Period Obligations," the Forbearance Period Obligations, together with the Current Obligations, the "Obligations").

 

In consideration of certain grants made by General Atlantic Group Limited on the date of this letter to MSKCC, SKI agrees to forbear, and to cause the other SKI Parties to forbear, from collecting the Obligations, or from otherwise enforcing its or their rights in respect of the Obligations, during the period from the date hereof until the earliest to occur of any of the following (the "Forbearance Period"): (i) January I, 2012; (ii) the date on which API has raised a minimum of US $3,000,000 in new equity financing in one or more equity financing transactions; (iii) the dissolution, liquidation, winding-up, bankruptcy or insolvency of API; the effecting of any assignment for the benefit of the creditors of API; the appointment of a trustee, conservator or similar official for all or a substantial portion of the property or assets of API; nr the initiation of any proceeding in respect of any of the foregoing or any similar proceeding; (iv) the assertion by API or any person acting in the right of, or on behalf of, API of any claims against any of the SKI Parties or any of their respective directors, trustees, officers, employees or agents (collectively, the "SKI Related Parties"), the initiation of any legal, equitable, arbitral, regulatory or other proceeding against any of the SKI Related Parties by API or any person acting in the right of, or on behalf of, API; (v) the material breach by API of any of its obligations to any of the SKI Parties under the License Agreement, the Clinical Trial Agreement or any other agreement or arrangement involving API and any of the SKI Parties, other than the breach of API's payment obligations in respect of the Obligations; (vi) any action or omission by API or any person acting in the right of, or on behalf of, API that would deny or call into question the validity or enforceability of any or all of the obligations of API to any of the SKI Parties (including, without limitation, the Obligations) or the assertion by API or any person acting in the right of, or on behalf of, API of any defense (other than the forbearance provided hereby) in respect of any such obligations; and (vii) the transfer of all or substantially all of the assets or business of API; any merger, consolidation, share exchange or other business combination of API with or into another entity, if, following such event, the stockholders of API immediately prior to such event do not directly or indirectly own a majority of the outstanding voting stock of API; or the sale, transfer or other disposition of shares of stock representing a majority of the outstanding voting stock of API, specifially excluding, however, the transfer by General Atlantic Group Limited of the shares of Actinium Holdings Limited to MSKCC on the date hereof and MSKCC's subsequent transfer of such shares to AHLB Holdings, LLC on the date hereof.

 

  

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In addition, during the Forbearance Period, (x) the SKI Parties shall not terminate the License Agreement under Section 12.2 of the License Agreement, and (y) API shall be deemed to be satisfying all of its obligations under the License Agreement to use "Reasonable Commercial Efforts" (as defined in the License Agreement) and all other similar diligence standards and efforts with respect to API's obligations under the License Agreement and the Clinical Trial Agreement.

 

API acknowledges and agrees that, except as specifically provided in this letter agreement, the SKI Parties reserve all rights in respect of the Obligations, and API irrevocably waives any claim of waiver, laches, estoppel or any similar claim to the extent arising out of or related to the performance by SKI of its obligations under this letter agreement (or any actions or omissions of any of the other SKI Parties consistent with the obligations under this letter agreement).

 

This letter agreement shall be governed by New York law applicable to agreements made and to be fully performed in the State of New York. The undersigned agree that any and all claims arising under this letter or relating thereto shall be heard and determined exclusively in the United States District Court for the Southern District of New York or in the courts of the State of New York located in the City and County of New York, and the undersigned agree to submit themselves to the personal jurisdiction of those courts and not to raise any objection to venue being had in those courts. THE UNDERSIGNED IRREVOCABLY WAIVE ANY RIGHT TO JURY TRIAL.

 

[Remainder of this page intentionally left blank.]

 

  

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If you are in agreement with the foregoing, please sign and return to us a counterpart of this letter agreement (including by fax or e-mail), at which time it will become a binding agreement between us.

 

	 	
SLOAN-KETTERING INSTITUTE FOR CANCER RESEARCH

	 
	 	 	 	 
	
Date

	
By: 

	/s/ Andrew D. Maslow	 
	 	Name: 	ANDREW D. MASLOW	 
	 	Title: 	DIRECTOR, OFFICE OF INDUSTRIAL AFFAIRS	 
	 	 	 	 

 

	
Accepted and agreed as of the date first ‘sritten above:

	 
	 	 
	

ACTINIUM PHARMACEUTICALS, INC.

	 
	 	 	 
	
By: 

	 	 
	Name:	 
	Title:	 

 

  

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If you are in agreement with the loregoing, please sign and return to us a counterpart of this letter igrecinent (including by fax or e-mail). at which time it will become a binding agreement between us.

 

	 	
SLOAN-KETTERING INSTITUTE FOR CANCER RESEARCH

	 
	 	 	 	 
	 	
By: 

	\	 
	 	Name 	 
	 	Title 	 
	 	 	 	 

 

	
Accepted and agreed as of the date first ‘sritten above:

	 
	 	 
	

ACTINIUM PHARMACEUTICALS, INC.

	 
	 	 	 
	
By: 

	/s/ Dragan Cicic	 
	Name:	
DRAGAN CICIC

	 
	Title:	CEO	 

 

 

4f8k122812a1ex10xxvii_cactus.htm

Exhibit 10.27

 

July , 2011

 

Actinium Pharmaceuticals, Inc.

391 Lafayette Street, Newark, NJ 

07105 Attention: Dragan Cicic, M.D.

 

	
Re: 

	
Waiver of Anti-dilution Rights, New Issuance Notice and 

Notice of Exercise of Preemptive Rights; Agreements  

Regarding Indemnification, Insurance and Other Matters

 

Gentlemen:

 

Reference is made to that certain Stockholders Agreement by and among Actinium Pharmaceuticals, Inc. (the "Company"), Actinium Pharmaceuticals, Ltd., Actinium Holdings Limited ("AHL" and formerly named General Atlantic Investments Limited) and the Stockholders listed on Schedule A thereto, dated June 30, 2000 (the "Stockholders Agreement"). Capitalized terms used and not otherwise defined herein shall have the meanings ascribed to such terms in the Stockholders Agreement. The Company intends to sell up to 27,586,207 shares of Series E Convertible Preferred Stock (the "New Securities") pursuant to a draft Series E Preferred Stock Purchase Agreement (the "Purchase Agreement") by and among the Company and the Purchasers identified on Exhibit A thereto (the "Sale").

 

Waiver of New Issuance Notice

 

In connection with the Sale, pursuant to Section 4.1 of the Stockholders Agreement, the Company is required to send to AHL a New Issuance Notice specifying (i) the number of New Securities proposed to be issued, and (ii) the proposed purchase price of the New Securities.

 

AHL hereby waives, solely for the purposes of the Sale, any and all rights that it has in accordance with Section 4.1 of the Stockholders Agreement to receive a New Issuance Notice.

 

Notice of Exercise of Preemptive Rights

 

Pursuant Section 4.2(a)(i) of the Stockholders Agreement, AHL has the right to purchase its Proportionate Percentage of the New Securities issued in the Sale upon the same terms and conditions as the Company proposes to sell the New Securities pursuant to the Purchase Agreement, plus its pro rata share of any Excess New Securities.

 

AHL hereby waives its right to purchase its Proportionate Percentage of the New Securities issued at each Closing pursuant to the Purchase Agreement, as well as its pro-rata share of any Excess New Securities available to be purchased at each such Closing (subject to the consummation of the Initial Closing (as defined in the Purchase Agreement)).

  

1

  

 

Waiver of Anti-Dilution Adjustment

 

AHL hereby waives its right to any anti-dilution adjustment to which it would be entitled pursuant to Article IV(C) 5.3 of the Company's Certificate of Incorporation as it might otherwise apply to the sale and issuance of the New Securities.

 

Agreements Regarding Indemnification, Insurance and Other Matters

 

In consideration of the foregoing waivers and for other good and valuable consideration, receipt of which is hereby acknowledged, the Company covenants and agrees with AHL as follows:

 

	
1.  

	
From and after the date hereof, the Company will not, and will not permit any of its subsidiaries to, eliminate or otherwise reduce the right of any present or former director or officer of the Company, Actinium Pharmaceuticals Limited, a Bermuda corporation that has merged into the Company ("APL"), and/or the present and former subsidiaries the Company or APL (all such entities, collectively, the "Company Group") who currently serves, or at any time prior to the date hereof served, in any such capacity (all such directors and officers, collectively "Company Group Managers") to be indemnified against any costs or expenses (including reasonable attorneys' fees), judgments, fines, losses, claims, damages or liabilities of any nature whatsoever, incurred in connection with any claim, action, suit, proceeding or investigation, whether civil, criminal, administrative or investigative, arising out of or pertaining to matters existing or occurring on, prior to or after the date hereof, whether asserted or claimed prior to, on or after the date hereof, arising, in whole or in part, out of or pertaining to the fact that he or she is or was, or at any time in the future will have been, a Company Group Manager or is or was, or at any time in the future will have been, serving at the request of any entity in the Company Group (or at the request of any present or former affiliate (as such term is defined in Rule 405 under the Securities Act of 1933, as amended) of the Company for and on behalf of any entity in the Company Group as a director, officer, employee, fiduciary or agent of another corporation, partnership, joint venture, trust, other entity or otherwise, or to be advanced expenses, in any of the foregoing cases, to the fullest extent that such Company Group Manager would be entitled to be indemnified or advanced expenses under applicable law, the Company's or any such subsidiaries' certificate or articles of incorporation or bylaws or equivalent documents or any applicable contract (collectively, the "Applicable Documents"), in each case, as in effect on the date hereof. The Company further represents and warrants that from April 8, 2010 through and including the date hereof there has not been any adverse change in any term or provision of any of the Applicable Documents regarding indemnification or advancement of expenses.

 

	
2.  

	
Until April 30, 2016, the Company and its subsidiaries will maintain in effect directors' and officers' liability insurance covering all Company Group Managers in at least the same manner and to the same extent that such Company Group Managers are covered as on the date hereof. The Company further represents and warrants that from April 8, 2010 through and including the date hereof there has not been any adverse change in any such coverage.

  

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3.  

	
If, on or prior to April 30, 2016, the Company or any of its subsidiaries or any of their respective successors or assigns (i) consolidates with or merges into another person or entity and shall not be the continuing or surviving corporation or entity of such consolidation or merger or (ii) transfers all or substantially all of its properties and assets to another person or entity, then, and in each case, proper provisions shall be made so that the Company Group Managers (and each of them) shall have at least the same rights, if any, in respect of indemnification, advancement of expenses and directors' and officers' liability insurance coverage to be provided by any such surviving entity or any transferee following any such consolidation, merger or transfer as are applicable following any such consolidation, merger or transfer to the non-continuing directors and officers of the Company or its subsidiaries or their successors and assigns, as applicable, serving immediately prior to any such event.

 

	
4.  

	
The rights of each of the Company Group Managers under this letter agreement shall be in addition to, and not in lieu of, the respective rights such Company Group Managers may have under the Applicable Documents, any other documents and instruments and any applicable laws.

 

This letter agreement (i) contains the entire agreement and understanding of the parties concerning its subject matter and supersedes all prior and contemporaneous agreements, oral or written; (ii) may not be amended or otherwise modified except in a writing signed by each of the parties hereto; (iii) shall be binding on, and inure to the benefit of, each of the parties hereto and their respective successors and assigns; and (iv) shall be governed and construed in accordance with the laws of the State of Delaware without regard to the conflict of laws principles of the State of Delaware or any other jurisdiction. The parties acknowledge and agree that each of the Company Group Managers (including their respective successors and assigns) is an intended third-party beneficiary of this letter agreement.

 

 

	 	
Very truly yours,

	 
	 	 	 
	 	
ACTINIUM HOLDINGS LIMITED

	 
	 	 	 	 
	 	
By: 

	 /s/ Michael Sheffery	 
	 	 	Michael Sheffery	 

 

Accepted and agreed as of the date written above:

 

ACTINIUM PHARMACEUTICALS, INC.

 

	
By: 

	 	 

 

  

3

  

 

IN WITNESS WHEREOF, the undersigned shareholders of the Company have executed this Action by Written Consent effective as of the 7th day of July, 2011.

 

SHAREHOLDERS:

 

Actinium Holdings Limited

144,605 Common Shares, 1,000,000 Series A Preferred Shares, 4,083,333 Series B Preferred Shares, 666,667 Series C-2 Preferred Shares, 502,604 Series C-3 Preferred Shares, 4,250,000 Series C-4 Preferred Shares, 3,000,000 Series D Preferred Shares.

 

And Actinium Holdings Limited by proxy for the following shareholders, solely to the extent that the consent or approval of such shareholders is required under Section 6.6 of the Stockholders Agreement dated June 30, 2000 among the Company and certain of its shareholders:

 

	 	

Herbert Frank

	15,225 Common Shares 
	 	

Damon Hostin

	

8,526 Common Shares

	 	

Dr. Maurits Geerlings, Jr.

	240,859 Common Shares
	 	

Peter G. Kuipers

	14,413 Common Shares
	 	

William 0. Weiss

	37,047 Common Shares
	 	

Jean Lyon

	17,255 Common Shares 
	 	

Norval E. Carey

	48,111 Common Shares
	 	

Linda Fennelly

	23,548 Common Shares
	 	

Sandra Sherman

	14,413 Common Shares
	 	

N. V. Organon

	21,418 Common Shares, 627,914 Series B
	 	 	

Preferred Shares, 800,000 Series C-1 Preferred

	 	Richard P. Fennelly	35,119 Common Shares
	 	Joel Koenig IRA	25,273 Common Shares
	 	Joel and Gloria Koenig	25,273 Common Shares
	 	Dennis Fennelly	23,548 Common Shares 
	 	Dr. George Ehrlich	15,225 Common Shares
	 	

H.J. Hangelbroek

	

15,225 Common Shares

 

	 	 	 	
	 	 	 	Signature
	 	 	 	 
	 	 	 	 
	 	 	 	

Title: President, Actinium Holdings Limited

	 	 	 	 
	 	 	 	 
	 	 	 	

Name: Michael Sheffery

 

 

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