Document:

fs12013a1ex10xxxii_actinium.htm

Exhibit 10.32

 

August 15, 2013

Dr. Kaushik J. Dave

4 Winter Street

Edison, NJ 08820

Dear Dr. Dave:

 

On behalf of Actinium Pharmaceuticals, Inc. (the “Company”), I am pleased to offer you the position of President and Chief Executive Officer (the “Employee”).  Speaking for myself, as well as the other members of the Company’s Board of Directors (the “Board”), we are all very impressed with your credentials and look forward to your future success in this position.

 

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

 

(a)           You shall serve as Chief Executive Officer of the Company with such responsibilities, duties and authority as are assigned to you by the Board, or its designee.  These responsibilities shall include implementation of the overall direction of the Company as set by the Board, including, planning, corporate policies, research and development, staffing, finance and operations.  The Employee shall perform such other duties and shall have authority consistent with your position as may be from time to time specified by the Board of Directors of the Company (“Board”) and subject to the discretion of the Board.  You shall report directly to the Board and shall perform your duties for the Company at the Company’s offices except for travel that may be necessary or appropriate in connection with the performance of your duties hereunder. The offices will be located in New York City at 546 Fifth Avenue, 14th Floor, New York, NY 10036.

 

(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 hold up to two board seats on for-profit and not-for-profit boards that do not represent a conflict with the Company and subject to Board approval after review of the time commitment involved.

 

2. Start Date. Subject to fulfillment of any conditions imposed by this letter agreement, you will commence this new position with the Company on September 16, 2013   (“Start Date”).  The Company has the right to withdraw this Offer if you are unable to fulfill the Start Date requirement.

 

  

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3. Proof of Right to Work. For purposes of federal immigration law, you will be required to provide to the Company documentary evidence of your identity and eligibility for employment in the United States.  Such documentation must be provided to us within three (3) business days of your date of hire, or our employment relationship with you may be terminated.

 

4. Compensation.

(a)           Base Salary. You will be paid an annual base salary of three hundred and fifty thousand dollars ($350,000), which will be paid in accordance with the Company's regular payroll practices.  In addition, for the duration that the Company maintains its primary office in New York City, the Company will reimburse you for upto $500 per month in travel expenses plus the dollar amount of the difference between your New York State and New Jersey State taxes based on your income from the Company..  Upon the six month anniversary of your Start Date, the Board will review your base salary with the help of an independent compensation consultant to adjust your base salary is to be competitively aligned to a range between the 25th (twenty-fifth) and 75th (seventy-fifth) percentile of the relevant market data of CEO positions of similarly situated publicly traded Biotech companies. 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 within 60 days of the start of each calendar year.

(b)           Performance Cash Bonus.  You shall be entitled to participate in an executive bonus program, 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.  Upon the attainment of such performance objectives, in addition to your base salary, you shall be entitled to a cash bonus in an amount to be determined by the Board with a target of forty percent (40%) of your base salary.  Within thirty (30) days after the Start Date, the Board shall establish written individual and corporate performance objectives for the balance of 2013 and the amount of the performance pro-rata bonus payable upon the attainment of each objective.  At least thirty (30) days before each subsequent calendar year, the Board shall establish written individual and corporate performance objectives for such calendar year and the amount of the performance bonus payable upon the attainment of such objectives.  Within sixty (60) days after the end of each calendar year, the Board shall determine the amount of any performance bonus payable hereunder.  Any such performance bonus shall be due and payable within ninety (90) days after the end of the calendar year to which it relates.

 

  

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(c)           Stock Option and Restricted Stock Grant.  The Board has agreed to grant to you an option to purchase common shares of the Company and restricted stock (the “Grant”).  The Grant will consist of (A) an option grant to purchase 675,000 common shares of the Company; (B) 125,000 shares of restricted and (C) 100,000 shares of restricted stock a sign-on bonus of which fifty percent will vest at the one year anniversary of the Start Date upon starting work.  An additional twenty-five percent each will vest at eighteen months and twenty-four months after the Start Date.

(i)           Stock Options.  Such options will have an exercise price equal to the prior day closing price of the Company’s common stock which is equal to fair market value as determined by the Board on the date of the grant (the “Grant date”).  The Grant Date shall occur no later than 90 days from the start date.

 

(ii)          Restricted Stock Grant (excluding the sign-on bonus).  One third (33.33%) of the restricted stock shall be granted upon the next closing of a financing of the Company of at least $5 million, and shall vest per the vesting schedule below.  The remaining two thirds (66.66%) of the restricted stock shall be granted upon the treatment of the first patient in 2014 for the IomabTM-B trial and subject to the vesting schedule below.

Vesting Schedule.  Twenty-eight percent (28%) of the initial options or restricted stock granted shall vest twelve months after the date of grant and two percent (2%) of the remainder shall vest each month thereafter until fully vested.  Such additional options or restricted stock will have an exercise price per share which is equal to fair market value as determined by the Board on the date of the grant.   Two percent (2%) of such additional options or stock shall vest each month thereafter until fully vested.  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 or restricted stock 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 2013 Stock Plan and the Stock Option Agreement between you and the Company.

 

5. 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 currently available to other similarly situated employees. 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, pro-rated for the remainder of this calendar year and pro-rated by the number of hours worked.  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.

 

  

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6. Confidential Information and Invention Assignment Agreement. Your acceptance of this offer and commencement of employment with the Company is contingent upon the execution, and delivery to an officer of the Company, of the Company’s Confidential Information and Invention Assignment Agreement, a copy of which is enclosed for your review and execution (the “Confidentiality Agreement”), prior to or on your Start Date.

7. At-Will Employment. The initial term of your employment shall be a period of three (3) years from the Start Date, provided that 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, except that upon termination of your employment by the Company including change of control during the initial term other than for cause you will be entitled to severance equal to 12 months base salary and health benefits.

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 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.

 

  

  

  

 

10. 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: 

	546 Fifth Avenue, 14th Floor	 
	 	 	New York, NY 10036	 
	 	 	 	 
	 	
If to you: 

	4 Winter Street 

Edison, NJ 08820

	 

 

We are all delighted to be able to extend you this offer and look forward to working with you. 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 by the 21st of August, 2013, along with a signed and dated copy of the Confidentiality Agreement.

 

	
Very truly yours,

	  	
ACCEPTED AND AGREED:

	  	  	  	  
	
ACTINIUM PHARMACEUTICALS, INC.

	  	
KAUSHIK J. DAVE

	  	  	  	  
	
By:

	
/s/ Sergio Traversa

	  	
/s/ Kaushik Dave

	  	
Interim President and Chief Executive

	  	  
	  	
Board Member

	  	 
	 	 	 	 
	Date: August 15, 2013	  	
Date:  August 15, 2013

 

  

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Attachment A: Confidential Information and Invention Assignment Agreement

 

 

6f10k2012a1ex10ix_soupman.htm

Exhibit 10.9

 

EXECUTIVE EMPLOYMENT AGREEMENT

 

THIS AGREEMENT made as of the 1St day of September 2010 by and between The Original Soupman, Inc. (herein called ("COMPANY"), a company incorporated under the lows of the State o\f Delaware and having its principal place of business at 1110 South Ave. Suite 100, Staten Island, NY 10314 and MR. ARNOLD CASALE, an individual residing at 185 Carlton Ave. Staten Island, NY 10312 (herein called "EXECUTIVE").

 

WITNESSETH:

 

WHEREAS, COMPANY wishes to employ EXECUTIVE in the position of Chief Executive Officer; and

 

WHEREAS, EXECUTIVE wishes to be so employed.

 

NOW, THEREFORE, in consideration of the mutual promises and mutual covenants contained herein, the parties agree as follows:

 

1.    During the employment term of three (3) years from the date set forth above, COMPANY shall employ EXECUTIVE as Chief Executive Officer of the COMPANY, and EXECUTIVE accepts employment in such capacity and agrees to perform such duties as are consistent with said position. EXECUTIVE's employment by COMPANY shall be "at will" and shall be for as long as COMPANY shall continue employment, except that COMPANY agrees not to terminate this Agreement during the initial year except, for cause, as defined in Paragraph 9 of this Agreement. Subsequent to the first anniversary of your employment, COMPANY shall have the right to terminate this Agreement upon ninety (90) days prior notice. Upon termination, EXECUTIVE shall have only such rights as are afforded to full-time executives of COMPANY.

 

2.    During your employment, you shall devote your business time and efforts to the business and affairs of COMPANY. EXECUTIVE shall be a full-time employee of COMPANY and shall be entitled to all benefits afforded full-time employees of COMPANY, as same may change from time-to-time.

 

3.    It is recognized that EXECUTIVE in the performance of his duties hereunder, will be required to expend sums for travel and for the entertainment of various persons, including representatives of companies with whom COMPANY has or might expect to have business relationships. COMPANY shall reimburse EXECUTIVE for reasonable business expenses incurred by EXECUTIVE in accordance with COMPANY travel and entertainment policy during the employment term in connection with the performance of his duties hereunder, conditioned upon and subject to receipt by COMPANY from EXECUTIVE of an appropriate itemized accounting with vouchers, where obtainable, attached.

 

4.    During your employment by COMPANY, you agree not to perform services for any other soup company.

 

5.    EXECUTIVE's services hereunder shall be performed primarily in the New York City/New Jersey Metropolitan area where COMPANY has its principal place of business. EXECUTIVE understands and agrees, however, that the nature of his duties hereunder may also require reasonable periods of travel, from time to time.

 

6.    As full compensation during the employment term for EXECUTIVE's services hereunder and the obligations assumed and agreements given by EXECUTIVE hereunder:  COMPANY and EXECUTIVE agree as follows: 

 

(a)   COMPANY shall pay EXECUTIVE a gross annual Base Salary as follows:

 

  

	
Base Salary Year One

	 	$	150,000.00 	 
	
Base Salary Year Two

	 	$	175,000.00	 
	
Base Salary Year Three

	 	$	200,000.00	 

 

  

  

  

 

The Executive agrees to be paid at the rate of $100,000 annually with the balance accruing and payable at the end of each year in cash so long as the Company has cash reserves of over $750,000 in the bank. If not paid in cash the compensation will be paid in stock.

 

(b)   COMPANY shall provide to EXECUTIVE all benefits regularly afforded to full-time employees of COMPANY.

 

(c)   EXECUTIVE shall be granted CASHLESS options to purchase a total of 300,000 shares of common stock of the COMPANY at an exercise price of fifty ($0.50) cents per share. The options shall vest, and he exercisable beginning as follows on the anniversary date of this Agreement

 

(i)    100,000 shares on the first day of year 1;

 

(ii)   75,000 shares on the first day of year 2;

 

(iii)   75,000 shares on the first day of year 3.

 

(d)    EXECUTIVE shall receive an automobile allowance of $600.00 per month, payable on the first day of each month.

 

(e)    EXECUTIVE shall receive medical insurance coverage during his employment with coverage and deductible limits not less favorable than the insurance in effect as of the date of this Agreement.

 

(f)    COMPANY shall obtain and maintain during EXECUTIVE's employment, at its expense, "key man" life insurance on the life of EXECUTIVE in an amount of $500.000.00. EXECUTIVE shall be entitled to designate the beneficiary of $250,000.00 of such insurance.

 

(g)    EXECUTIVE shall be entitled to participate in all 401k, retirement, deferred benefit, and retirement plans offered to, or provided to any other employee of COMPANY.

 

7.     EXECUTIVE shall be entitled to two (2) weeks vacation, with pay, which shall be taken so as to not interfere with the performance of his obligations hereunder or otherwise reimbursed in cash.

 

8.     COMPANY shall have the right at any time, including during the term of this Agreement, by written notice to EXECUTIVE, to terminate this agreement and to discharge EXECUTIVE for cause if one or both of these following events should occur during the employment term:

 

(a)    EXECUTIVE is convicted in a court of law of a (i) felony or (ii) any crime or offense involving material misuse or misappropriation a money or other property of COMPANY; or

 

(b)    EXECUTIVE breaches a material provision of this Agreement and such breach continues for a period of ten (10) business days after written notices of such breach is given to EXECUTIVE by COMPANY.

 

The determination of whether EXECUTIVE has breached a material provision or this Agreement shall he made by the Board of Directors of COMPANY alter a hearing at which EXECUTIVE shall be entitled to be present and he heard, to be represented by counsel, and to present witnesses and evidence. The COMPANY and EXECUTIVE agree to binding arbitration in the State of New York by the American Arbitration Association in the event of a dispute regarding termination which shall consist of a panel of three arbitrators to be agreed upon mutually.

 

9.     If EXECUTIVE should die during the employment term, this Agreement shall terminate on the last day of the calendar month in which his death occurs.

 

10.   If EXECUTIVE is totally unable to perform his duties hereunder because of physical or mental disability for a continuous period of six (6) months or any twelve (12) months, then EXECUTIVE's obligation to thereafter perform services hereunder and COMPANY's obligation to thereafter make payments hereunder shall cease so long as the disability shall continue. However, Base Salary and Additional Compensation, if any, shall continue for a period of six (6) months after death.

 

  

  

  

 

11.    If this Agreement is terminated pursuant to Paragraph 9 or 10 hereof, EXECUTIVE shall have no further rights against COMPANY under this Agreement except the right to (i) receive unpaid Base Salary, Additional Compensation, and stock under Paragraph 7 to be reimbursed for expenses incurred by him through the termination date as provided in Paragraph 4.

 

12.    In the course of your employment, you have, and will continue to have, access to trade secrets, confidential records, formulas, specifications, Methods of doing business, and other data owned by COMPANY and its clients. During your employment, and thereafter, you will not directly or indirectly disclose such information to any person or use any such information, except as required in the course of your employment or in litigation. In the case of litigation, you will give COMPANY reasonable notice of the possibility such disclosures or use will occur, or unless such information has become publicly available through no fault of yours. All records, tiles, drawings, documents, models, equipment and the like relating to the business of COMPANY, which you prepare or use or you come into contact with, will be and remain the sole property of COMPANY and will not be removed from the business, premises of COMPANY without written consent of COMPANY except as reasonably required in the regular course of your employment.

 

13.    EXECUTIVE represents and warrants that he is not a party to any agreement, contract or understanding, whether of employment or otherwise, which would in any way restrict or prohibit him from undertaking and performing in accordance with the terms and conditions of this Agreement.

 

14.    All notices hereunder shall be in writing and shall be sent by registered mail, return receipt requested, or personally, delivered to each of the parties hereto at the address set forth above, or at such other address as either party may from time to time, designate to the other in writing.

 

15.    This Agreement and the rights and obligations hereunder may not be assigned by either party hereto. This Agreement shall be binding upon any corporate or other successor of COMPANY which shall acquire, directly or indirectly, by merger, consolidation, purchase or otherwise of all or substantially all the assets of COMPANY.

 

16.    The failure of any party to insist upon strict adherence to any term of this Agreement on any occasion shall not be considered as a waiver or any right hereunder, nor shall it deprive that party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement. Any waiver of any provision or this Agreement must be in writing.

 

17.    This Agreement contains the entire understanding between the parties hereto relating to the subject matter hereof and can be amended, modified or discharged only by a written agreement signed by EXECUTIVE, and COMPANY.

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.

 

The Original SoupMan, Inc.

                                                                                                                               

	By:	/s/ Robert Bertrand	  	DATE:  9/1/2010 
	  	ROBERT BERTRAND	  	  
	  	PRESIDENT	  	  
	  	  	  	  
	/s/Arnold Casale	  	DATE:  9/1/2010
	Arnold Casale

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