Document:

Exhibit

June 14, 2018

Mr. Paul Sacco
paul.sacco@rlcho.com 

RE: Red Lion Hotels Corporation Promotion Letter

Dear Paul:

On behalf of Red Lion Hotels Corporation (the “Company”), we are delighted to offer you a promotion to the position of Executive Vice President, President of Global Development. In your new position, you will report to the President and CEO of the Company.

As an executive officer of the Company, the details of your hire, your compensation and any of your acquisitions and dispositions of stock of the Company may in the future be subject to Securities Exchange Commission reporting rules. 

The following outlines the employment package for your position.

START DATE:  June 14, 2018.

POSITION: Executive Vice President, President of Global Development. Your responsibilities will be those outlined in your job description, as may be modified, and as may be assigned to you from time to time by the President and CEO. You will also be required, as appropriate and consistent with other senior executives, to attend and participate in (i) necessary senior executive meetings, committees and councils and (ii) meetings of the Board of Directors of the Company.

COMPENSATION: Your position is classified as a salaried exempt position, which means it is exempt from state and federal overtime laws. You will be paid a bi-weekly base salary of $14,423.08, which is equivalent to $375,000 per year, subject to normal withholdings and payroll taxes. You will not be entitled to any additional compensation in the event you are appointed to serve as an officer or director of any of the Company’s direct or indirect subsidiaries or affiliates.

COMMISSIONS:  You will continue to be eligible for commissions under your current plan for the remainder of 2018, capped at a maximum of $150,000.  In 2019 you will no longer be eligible for commissions, but your bonus opportunity shall be increased as set forth below.

BONUS: In addition to your base salary, you are eligible to earn a bonus if you are actively employed throughout the applicable bonus period, and if you meet the other requirements outlined in any bonus plan as may be approved by the Company from time to time for Executive Vice Presidents of the Company. Bonus targets and goals for achievement of bonuses by executive officers are set by the Compensation Committee of the Board.  Your bonus target for this position for the remainder of 2018 is set at a target of 50% of base salary.  Any bonus earned by you in 2018 would be prorated for the portion of the year you are employed by the Company as an Executive Vice President, and the portion of the year you were employed by the Company as a Senior Vice President with a 20% bonus target.  For 2019, your bonus target will be set at 80% of base salary, with the goals for such bonus being weighted three-fourths toward franchising growth objectives. 

EQUITY GRANT: At the sole discretion of the Compensation Committee of the Company’s Board, you will receive an annual grant of equity under the Company’s 2015 Stock Incentive Plan (or such successor plan as may be then in effect).  Subject to such discretion, such grant shall be in a value equal to 80% of your base salary, a portion of which is anticipated to be issued in the form of restricted stock units (“RSUs”) vesting 25% on each of the first four anniversaries of issuance, and the balance of which is anticipated to be issued in the form of performance stock units (“PSUs”) vesting in accordance with performance metrics to be determined by the Compensation Committee in its sole discretion and consistent with the terms and conditions of PSUs issued to the Company’s other executive officers.  The annual equity grant is typically issued at the end of March.  

You will also receive a one-time grant of 88,000 Restricted Stock Units in the Company vesting entirely on the fourth anniversary of your Start Date. As with all equity, you must be employed by the Company at the time of vesting for vesting to occur.  Any such vested RSUs shall be settled exclusively in the common stock of the Company.

OFFICE ALLOWANCE:  The Company will continue to provide you with a reasonable office location outside of your home.

RELOCATION: You shall not be required to relocate from your present residence as a condition of your employment now or at any time during your employment. You may, however, be expected as part of your duties to travel frequently to such places as may be directed from time to time by the Company. The Company will reimburse your reasonable travel expenses in accordance with its travel reimbursement policies as such policies may change from time to time. 

BENEFITS: You will be eligible to participate in all employee benefit programs on the same terms and conditions as any Company Executive Vice President, as they may be modified from time to time, including:

	
		
	•
	Medical and Dental insurance eligible the first of the month following your Start Date

	•
	Employee Assistance Program (EAP)

	•
	Long Term Disability insurance coverage starting the first of the month following your Start Date

	•
	Flexible Spending Account - Section 125 Medical Reimbursement and Dependent Care accounts eligible within 30 days of your Start Date for the following 1st of the month effective date

	•
	AFLAC - Voluntary Cancer Protection, Short Term Disability, Personal Recovery and Accident / Injury Protection Plans available following Start Date and also during open enrollment periods

	•
	Vacation, Holiday, Sick Pay and Disability Programs

	•
	Participation in the Company 401(k) Retirement Savings Plan with a discretionary match made after the end of each calendar year.

	•
	Direct Deposit

	•
	Option to purchase shares of Company stock at a 15% discount through payroll deduction under Red Lion’s Employee Stock Purchase Plan

	•
	Voluntary Term Life and AD&D Insurance coverage eligible the first of the month following your Start Date

	•
	Continuing education reimbursement

	•
	Discounted hotel accommodations for you and your family at Company hotels

SEVERANCE BENEFITS:

UPON TERMINATION WITHOUT CAUSE: If the Company terminates your employment without Cause (defined below), the Company will pay you a lump sum payment equal to one-half (1/2) your base annual salary for the then current fiscal year, provided that as a previous condition to such payment, you shall execute and not revoke during any legally applicable revocation period, a mutually acceptable separation agreement and general release.

UPON CHANGE OF CONTROL AND CONSTRUCTIVE TERMINATION: If, during the term of your employment with the Company, there is a Change of Control (defined below) and there is a Constructive Termination (defined below) of your employment without Cause within twelve (12) months after such Change of Control, you will, in lieu of severance under the preceding paragraph, be entitled to a lump sum payment equal to the sum of (a) your base annual salary for the then current fiscal year, plus (b) an amount equal to (i) your target annual bonus under the then applicable bonus plan for the then current fiscal year, multiplied by (ii) a fraction, the numerator of which is 365 plus the number of days elapsed in the then current fiscal year at the time of the termination and the denominator of which is 365. In addition, (A) the Company shall accelerate vesting on any portion of any equity grant previously made to you under the Company’s 2015 Stock Incentive Plan, or any successor plan, that would otherwise have vested after the date of the termination of your employment; and (B) all Company imposed restrictions under any restricted stock, restricted stock unit or other similar equity-based awards granted to you by the Company shall be terminated upon the termination of your employment, and the Company shall issue all common stock that underlies such awards but has not yet been issued; provided that (i) if the terms of any such award require you to pay monetary consideration for such stock, the stock underlying such award shall be issued only if you pay such consideration, and (ii) if any restrictions under any such award are performance-based, such restrictions shall terminate and the stock underlying such award shall be issued only if and to the extent expressly provided in the agreement evidencing the award.

As used herein, the term “Cause” means: (i) your willful and intentional failure or refusal to perform or observe any of your material duties, responsibilities or obligations, if such breach is not cured within 30 days after notice thereof to you by the Company, which notice shall state that such conduct shall, without cure, constitute Cause; (ii) any willful and intentional act by you involving fraud, theft, embezzlement or dishonesty affecting the Company; or (iii) your conviction of (or a plea of nolo contendere to) an offense which is a felony in the jurisdiction involved. 

“Constructive Termination” shall be deemed to occur if the Company terminates your employment without Cause, or if you voluntarily elect to terminate your employment within thirty (30) days after any of the following events occurring without your consent: (i) there is a significant reduction in your overall scope of duties, authorities and responsibilities (it being understood that a new position within a larger combined company is not a constructive termination if it is in the same area of operations and involves similar scope of management responsibility notwithstanding that you may not retain as senior a position overall within the larger combined company as your prior position within the Company); or (ii) there is a reduction of more than 20% of your base salary or target bonus (other than any such reduction consistent with a general reduction of pay across the Company’s or its successor’s executive staff as a group, as an economic or strategic measure due to poor financial performance by the Company).

As used herein, the term “Change of Control” means the occurrence of any one of the following events:  any merger or consolidation involving the acquisition of 50% or more of the combined voting power of the outstanding securities of the Company by a “person” or “group” (as those terms are defined in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934), adoption of a plan for liquidation of the Company or for sale of all or substantially all of the assets of the Company or other similar transaction or series of transactions involving the Company, or the acquisition of 50% or more of the combined voting power of the outstanding securities of the Company by a “person” or “group” (as those terms are defined in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934).

The severance amounts hereunder shall, subject to COMPLIANCE WITH SECTION 409A below, be paid to you as soon as practicable following the occurrence of the event that entitles you to such payments.

COMPLIANCE WITH SECTION 409A:  Notwithstanding any other provision of this letter to the contrary, the provision, time and manner of payment or distribution of all compensation and benefits provided by this letter (“Section 409A Deferred Compensation”) that constitute nonqualified deferred compensation subject to and not exempted from the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), shall be subject to, limited by and construed in accordance with the requirements of such section and all regulations and other guidance promulgated by the Secretary of the Treasury pursuant to such section (such section, regulations and other guidance being referred to herein as “Section 409A”), including the following:

(a)    Separation from Service. Payments and benefits constituting Section 409A Deferred Compensation otherwise payable or provided pursuant to this letter upon your Constructive Termination shall be paid or provided only at the time of a termination of your employment that constitutes a Separation from Service. For the purposes of this letter, a “Separation from Service” is a separation from service within the meaning of Treasury Regulation Section 1.409A-1(h).

(b)    Six-Month Delay Applicable to Specified Employees. If, at the time of your Separation from Service, you are a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, then any payments and benefits 

constituting Section 409A Deferred Compensation to be paid or provided pursuant to this letter upon your Separation from Service shall be paid or provided commencing on the later of (i) the first business day after the date that is six months after the date of such Separation from Service or, if earlier, the date of your death (in either case, the “Delayed Payment Date”), or (ii) the date or dates on which such Section 409A Deferred Compensation would otherwise be paid or provided in accordance with this letter without regard to this paragraph. All such payments and benefits that would, but for this paragraph, become payable prior to the Delayed Payment Date shall be accumulated and paid on the Delayed Payment Date.

 
(c)    Installments. Your right to receive any amounts payable hereunder in two or more installments shall be treated as a right to receive a series of separate payments and, accordingly, each such installment payment shall at all times be considered a separate and distinct payment for purposes of Section 409A.

 
(d)    Notice Upon Constructive Termination.  If you voluntarily elect to terminate your employment under circumstances that would otherwise constitute a Constructive Termination under this letter, a Constructive Termination shall not be deemed to have occurred unless (i) you have given the Company written notice that a specified event has occurred giving you the right to voluntarily terminate your employment and have that be treated as a Constructive Termination, (ii) the Company fails to cure such event within a period of thirty (30) days after the receipt of such notice, and (iii) you voluntarily terminate your employment within thirty (30) days following the end of that period.

LOYALTY, NONDISCLOSURE OF CONFIDENTIAL INFORMATION: By accepting this offer, you agree that you will continue to act at all times in the best interest of the Company. You also agree that, except as required for performance of your work, you will not use, disclose or publish any Confidential Information of the Company either during or after your employment, or remove any such information from the Company’s premises. Confidential Information includes, but is not limited to, lists of actual and prospective customers and clients, financial and personnel-related information, projections, operating procedures, budgets, reports, business or marketing plans, compilations of data created by the Company or by third parties for the benefit of the Company. 

NONCOMPETITION AND NONSOLICITATION:  (a)  You agree that during a period after termination of your employment commensurate with the months of base salary you are paid as a benefit in connection with a related severance event, you will not, directly or indirectly, engage or participate or make any financial investments in (other than ownership of up to 5% of the aggregate of any class of securities of any corporation if such securities are listed on a national stock exchange or under section 12(g) of the Securities Exchange Act of 1934) or become employed by, or act as an agent or principal of, or render advisory or other management services to or for, any Competing Business. As used herein the term “Competing Business” means any business which includes hotel ownership, hotel management, hotel services or hotel franchising that competes directly or indirectly with the Company.

(b)     You also agree that during your employment at the Company and during a period after termination of your employment commensurate with the months of base salary you are paid as a benefit in connection with a related severance event, you will not solicit, raid, entice or induce any person that then is or at any time during the twelve-month period prior to the end of your employment was an employee of the Company (other than a person whose 

employment with the Company has been terminated by the Company), to become employed by any person, firm or corporation.

COMPLAINT RESOLUTION: By accepting this offer with the Company, you also agree to continue to familiarize yourself with its policies, including its policies on equal opportunity and anti-harassment, and to promptly report to the appropriate the Company supervisors or officers any matters which require their attention. 

KEY EMPLOYEE STATUS: You are regarded as a key employee under certain federal regulations governing family and medical leave. This status will require that you work closely with us in planning if you develop a need for family or medical leave.

NATURE OF EMPLOYMENT: As you know, the Company is an at-will employer. This means that your employment is not for a set amount of time; either you or the Company may terminate employment at any time, with or without cause. 

ENTIRE AGREEMENT: This letter contains all of the terms of your employment with the Company, and supersedes any prior understandings or agreements, whether oral or in writing. 

The Company reserves the right, subject to limitations and provisions of applicable law and regulations, to change, interpret, withdraw, or add to any of its policies, benefits, or terms and conditions of employment at its sole discretion, and without prior notice or consideration to any associate. The Company’s policies, benefits or terms and conditions of employment do not create a contract or make any promises of specific treatment. 

We are pleased and proud to be adding your talents to a leadership team that is dedicated to making a difference in the communities we serve, creating fulfilling jobs and environments conducive to success, and providing the foundation for the ongoing success of the Company.

Sincerely,

/s/Gregory T. Mount        
 
Gregory T. Mount
President and CEO 
Red Lion Hotels Corporation

Accepted as of the date first set forth above:
/s/Paul Sacco            
Paul SaccoExhibit
10.1

  

 

 

August
8, 2018

 

Sandesh
Seth

244
Fifth Avenue, 2nd Floor

Suite
S217

New
York, NY 10001

 

Dear
Mr. :

 

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 August 6, 2015 Executive Chairman Agreement (“Prior Agreement”), as amended. This Agreement sets forth
the terms related to your position as Chief Executive Officer and Chairman of the Board of the Company while retaining and adapting
material provisions of the Prior Agreement to that of your role of Chief Executive Officer.

 

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 as Chief Executive Officer or Chairman of the Board 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 Companies business nor interfere with the duties of your position with Actinium.

 

2.
Proof of Right to Work. For purposes of federal immigration law, you, if applicable, will be required to provide to the
Company documentary evidence of your identity and eligibility for employment in the United States.

 

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3.
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 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 options to purchase common shares of the Company (the
“Grant”). The Grants shall be subject to the vesting schedule below.

 

(i)
Stock Options. Such options 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. The term of all options granted
under this Agreement will be for 10 years from the date of grant, subject to your continuing service with the Company. The options
will be incentive stock options or stock 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 corresponding Stock Option Agreement between you and the Company.

 

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4.
Benefits.

 

(a)
Benefit Plan — Health Insurance, Retirement and Stock Option Plan. The Company will provide you with the opportunity
to participate in the standard benefits 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 pro-rated.

 

(c)
Other Benefits. The Company will provide you with standard business reimbursements (including mileage, supplies, long distance
calls), subject to Company policies and procedures and with appropriate receipts. In addition, you will receive any other statutory
benefits required by law.

 

(d)
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.

 

5.
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.

 

6.
Term and Severance. The term of your Chief Executive Officer and Chairman of the Board positions shall be until February
21, 2021 which is the same as your Prior Agreement as is the rest of this section. If your employment 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) 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,
payable within 30 days of your death. Upon termination of your employment for Cause (as defined below) you shall be paid any accrued
and unpaid base salary 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 if you resign for Good Reason, in any case
in circumstances other than those described in Section 6(b), you shall be entitled to the following:

 

(i)
Subject to Section 7 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 in accordance with the Company’s regular payroll practices for employees in effect
at the date of termination, on the first payroll date following the date the Release (as defined in Section 7 hereof) becomes
effective and irrevocable in accordance with its terms.

 

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(ii)
Subject to Section 7 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. Notwithstanding the
foregoing, you shall be required to pay any and all service provider premiums associated with continued health benefits 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 cash payments 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 and the performance goals with respect to such outstanding
performance awards, if any, will deemed satisfied at “target”.

 

(b)
Change in Control. If the Company terminates your employment other than for 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 2013 Equity Incentive Plan,
as amended), you shall be entitled to the following:

 

(i)
Subject to Section 7 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 in accordance with the Company’s regular payroll practices for employees in effect
at the date of termination, on the first payroll date following the date the Release (as defined in Section 7 hereof) becomes
effective and irrevocable in accordance with its terms.

 

(ii)
Subject to Section 7 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. Notwithstanding the
foregoing, you shall be required to pay any and all service provider premiums associated with continued health benefits 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 cash payments 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 and the performance goals with respect to such outstanding
performance awards, if any, will deemed satisfied at “target”.

 

    	 	4	 

     

    

  

 

(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 his 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 (vi) 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.

 

(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.

 

(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.

 

7.
Release. Notwithstanding anything contained herein to the contrary, the Company shall not be obligated to provide any severance
payment or benefit under Sections 6(a)(i), 6(a)(ii), 6(b)(i) or 6(b)(ii) 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.

 

    	 	5	 

     

    

  

 

8.
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.

 

9.
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.

 

10.
Indemnification. Effective August 7, 2015, you have entered into an Indemnification Agreement with the Company. This agreement
shall still remain in effect.

 

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.

 

    	 	6	 

     

    

  

 

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.

 

    	 	7	 

     

    

  

 

13.
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.

 

14.
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.

 

15.
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, 21st Floor

        New
        York, NY 10016

	 	 	 
	 	If
    to you:	244
        Fifth Avenue, 2nd Floor

        Suite
        S217

        New
        York, NY 10001

         

 

    	 	8	 

     

    

  

 

16.
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:	/s/
    David Nicholson	 	/s/
    Sandesh Seth
	 	David
        Nicholson

        Chairman
        Compensation Committee
	 	 
	 	 	 	 
	Dated:
    August 8, 2018	 	Dated:
    August 8, 2018

 

    	 	9	 

     

    

 

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 __, 2018 (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.

 

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.

 

    	 	A-1	 

     

    

 

 

 

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 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;

		 	 

		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:	 

 

    	 	A-2

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