Document:

Exhibit 10.3

 

FORM OF

 

INDEMNIFICATION AGREEMENT

 

THIS INDEMNIFICATION AGREEMENT (this “Agreement”)
is made and entered into this ___ day of _________, 2015, by and between Actinium Pharmaceuticals, Inc., a Delaware
corporation (the “Corporation”), and __________________ (“Indemnitee”).

 

RECITALS

 

WHEREAS, the Corporation,
which is organized under the General Corporation Law of the State of Delaware (as amended, the “DGCL”), wishes
to enter into this Agreement to set forth certain rights and obligations of the Indemnitee and the Corporation with respect to
the Indemnitee’s service as a [director/officer] of the Corporation;

 

WHEREAS, it is essential
to the Corporation that it be able to retain and attract as directors and officers the most capable persons available;

 

WHEREAS, increased corporate
litigation has subjected directors and officers to litigation risks and expenses, and the limitations on the availability of directors
and officers liability insurance have made it difficult for the Corporation to attract and retain such persons;

 

WHEREAS, the Board of Directors
of the Corporation (the “Board”) has determined that the difficulty in attracting and retaining such persons
is detrimental to the best interests of the Corporation’s stockholders and that the Corporation should contractually obligate
itself to indemnify, and to advance expenses on behalf of, such persons to the fullest extent permitted by applicable law so that
they will serve the Corporation free from undue concern that they will not be so indemnified;

 

WHEREAS, Indemnitee performs
a valuable service to the Corporation in Indemnitee’s capacity as a [director/officer] of the Corporation;

 

WHEREAS, the Corporation’s
Amended and Restated Bylaws (the “Bylaws”) include provisions providing for the indemnification of the directors
and officers of the Corporation, including persons serving at the request of the Corporation in such capacities with other corporations
or enterprises, as authorized by the DGCL;

 

WHEREAS, the Corporation’s
Certificate of Incorporation (the “Charter”), the Bylaws and the DGCL, by their nonexclusive nature, permit
contracts between the Corporation and its directors and officers with respect to indemnification of such persons;

 

WHEREAS, in recognition
of Indemnitee’s need for (a) substantial protection against personal liability as a condition to Indemnitee’s service
to the Corporation in Indemnitee’s capacity as a [director/officer] of the Corporation in addition to Indemnitee’s
reliance on the Bylaws, which Indemnitee believes is inadequate in the present circumstances, and (b) specific contractual assurance
of Indemnitee’s rights to full indemnification against risks and expenses (regardless of, among other things, any amendment
to or revocation of the Charter and/or the Bylaws, any change in the composition of the Corporation’s Board, or a change
in control of the Corporation);

 

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WHEREAS, the Corporation
intends that this Agreement provide Indemnitee with greater protection than that which is provided by the Bylaws; and

 

WHEREAS, in order to induce
Indemnitee to serve as a [director/officer] of the Corporation, the Corporation has determined and agreed to enter into
this Agreement with Indemnitee.

 

NOW, THEREFORE, in consideration
of Indemnitee’s service as a [director/officer] of the Corporation following the date hereof, and for other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Corporation and Indemnitee hereby
agree as follows:

 

1.          Indemnity
of Indemnitee. The Corporation agrees to hold harmless and indemnify Indemnitee to the fullest extent authorized or permitted
by law, the provisions of the Charter, and the Bylaws, as the same may be amended from time to time (but, only to the extent that
such amendment permits the Corporation to provide broader indemnification rights than such law, the Charter, or the Bylaws permitted
prior to adoption of such amendment). For purposes of this Agreement, the meaning of the phrase “to the fullest extent authorized
or permitted by law” shall include, but not be limited to: (i) to the fullest extent authorized or permitted by the provision
of the DGCL that authorizes or contemplates additional indemnification by agreement, or the corresponding provision of any amendment
to or replacement of the DGCL or such provision thereof; and (ii) to the fullest extent authorized or permitted by any amendments
to or replacements of the DGCL adopted after the date of this Agreement that increase the extent to which a corporation may indemnify
its directors and officers.

 

2.          Additional
Indemnity. In addition to and not in limitation of the indemnification otherwise provided for herein, and subject only to
the exclusions set forth in Section 3 hereof, the Corporation further agrees to hold harmless and indemnify Indemnitee:

 

(a)          against
any and all (i) expenses (including attorneys’ fees), retainers, court costs, transcript costs, fees of experts, witness
fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees and all
other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute
or defend, investigating, participating, or being or preparing to be a witness in any threatened, pending or completed action,
suit, arbitration, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual,
threatened or completed proceeding, including any appeal thereof or related thereto (each, a “Proceeding”),
or responding to, or objecting to, a request to provide discovery in any Proceeding, (ii) damages, judgments, fines and amounts
paid in settlement and any other amounts that Indemnitee becomes legally obligated to pay (including any federal, state or local
taxes imposed on Indemnitee as a result of receipt of reimbursements or advances of expenses under this Agreement) and (iii) the
premium, security for, and other costs relating to any costs bond, supersedes bond, or other appeal bond or its equivalent, whether
civil, criminal, arbitrational, administrative or investigative with respect to any Proceeding (items under clauses, (i), (ii)
and (iii), collectively, the “Expenses”) actually and reasonably incurred by Indemnitee, or on Indemnitee’s
behalf, because of any claim or claims made against or by him in connection with any Proceeding, whether formal or informal (including
an action by or in the right of the Corporation), to which Indemnitee is, was or at any time becomes a party or a witness, or
is threatened to be made a party to, a participant in or a witness with respect to, by reason of the fact that Indemnitee is,
was or at any time becomes a director or officer of the Corporation, or is or was serving or at any time serves at the request
of the Corporation as a director or officer of another corporation, partnership, joint venture, trust or other enterprise (“Corporate
Status”);

 

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(b)          against
any and all Expenses actually and reasonably incurred by Indemnitee, or on Indemnitee’s behalf, if Indemnitee is, or is
threatened to be made, a party to or a participant in any Proceeding by or in the right of the Corporation to procure a judgment
in its favor;

 

(c)          against
any and all Expenses actually and reasonably incurred by Indemnitee, or on Indemnitee’s behalf, if Indemnitee is, by reason
of his or her Corporate Status, a witness in any Proceeding to which Indemnitee is not a party and is not threatened to be made
a party; and

 

(d)          otherwise
to the fullest extent as may be provided to Indemnitee by the Corporation under the nonexclusivity provisions of the DGCL, the
Charter and the Bylaws.

 

3.          Limitations on
Additional Indemnity. No indemnity pursuant to Section 2 hereof shall be paid by the Corporation:

 

(a)          on
account of any claim or Proceeding against Indemnitee for an accounting of profits made from the purchase or sale by Indemnitee
of securities of the Corporation pursuant to the provisions of Section 16(b) of the Securities Exchange Act of 1934, as heretofore
or hereafter amended (the “Exchange Act”), or similar provisions of any federal, state or local law if the
final, nonappealable judgment of a court of competent jurisdiction finds Indemnitee to be liable for disgorgement under Section
16(b) of the Exchange Act;

 

(b)          on
account of Indemnitee’s conduct that is established by a final, nonappealable judgment of a court of competent jurisdiction
as knowingly fraudulent or deliberately dishonest or that constituted willful misconduct;

 

(c)          for
which payment is actually made to Indemnitee under (i) a valid and collectible insurance policy, including under any policy of
insurance purchased and maintained on Indemnitee’s behalf by the Corporation or (ii) under a valid and enforceable indemnity
clause, bylaw, or agreement, including, but not limited to, an indemnity clause, bylaw, or agreement relating to another corporation,
partnership, joint venture, trust, or other enterprise for which Indemnitee is or was serving as a director or officer at the
request of the Corporation; provided, that indemnity pursuant to Section 2 hereof shall be paid by the Corporation
in respect of any excess beyond payment actually received by Indemnitee under such insurance policy, clause, bylaw or agreement;

 

(d)          if
and to the extent indemnification is contrary to law, either as a matter of public policy, or under the provisions of the Federal
Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, the DGCL, or any other applicable law; or

 

(e)          in
connection with any Proceeding (or part thereof) initiated by Indemnitee, against the Corporation or its directors, officers,
employees or other agents, unless (i) such indemnification is expressly required to be made by law, (ii) the Corporation has joined
in the Proceeding (or relevant part thereof), (iii) the Board has consented to the initiation of such Proceeding, (iv) such indemnification
is provided by the Corporation, in its sole discretion, pursuant to the powers vested in the Corporation under the DGCL, or (v)
the Proceeding (or relevant part thereof) is initiated pursuant to Section 12 hereof.

 

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4.          Continuation
of Indemnity. All agreements and obligations of the Corporation contained herein shall continue during the period Indemnitee
is a director or officer of the Corporation (or is or was serving at the request of the Corporation as a director or officer of
another corporation, partnership, joint venture, trust or other enterprise) and shall continue thereafter so long as Indemnitee
shall be subject to any possible claim or threatened, pending or completed Proceeding, whether civil, criminal, arbitrational,
administrative or investigative, including any appeal thereof or relating thereto, in respect of which Indemnitee is granted rights
of indemnification or advancement of Expenses hereunder, in each case, by reason of the fact of the Indemnitee’s Corporate
Status.

 

5.          Partial
Indemnification. Indemnitee shall be entitled under this Agreement to indemnification by the Corporation for a portion of
the Expenses, judgments, fines and amounts paid in settlement and any other amounts that Indemnitee becomes legally obligated
to pay in connection with any Proceeding referred to in Section 2 hereof even if not entitled hereunder to indemnification
for the total amount thereof, and the Corporation shall indemnify Indemnitee for the portion thereof to which Indemnitee is entitled.

 

6.          Notification
and Defense of Claim. To obtain indemnification under this Agreement, Indemnitee shall submit to the Corporation a written
request therefor. As soon as practicable, and in any event, not later than thirty (30) days after Indemnitee becomes aware, by
written or other overt communication, of any pending or threatened litigation, claim or assessment, Indemnitee will, if a claim
for indemnification in respect thereof is to be made against the Corporation under this Agreement, notify the Corporation of such
pending or threatened litigation, claim or assessment; but the omission so to notify the Corporation will not relieve the Corporation
from any liability which it may have to Indemnitee otherwise under this Agreement, and any delay in so notifying the Corporation
shall not constitute a waiver by Indemnitee of any of Indemnitee’s rights under this Agreement. With respect to any such
pending or threatened litigation, claim or assessment as to which Indemnitee notifies the Corporation of the commencement thereof:

 

(a)          the
Corporation will be entitled to participate therein at its own expense;

 

(b)          except
as otherwise provided below, the Corporation may, at its option and jointly with any other indemnifying party similarly notified
and electing to assume such defense, assume the defense thereof, with counsel reasonably satisfactory to Indemnitee. After notice
from the Corporation to Indemnitee of its election to assume the defense thereof, the Corporation will not be liable to Indemnitee
under this Agreement for any legal or other expenses subsequently incurred by Indemnitee in connection with the defense thereof
except for reasonable costs of investigation or otherwise as provided below. Indemnitee shall have the right to employ separate
counsel in such Proceeding but the fees and expenses of such counsel incurred after notice from the Corporation of its assumption
of the defense thereof shall be at the expense of Indemnitee unless (i) the employment of counsel by Indemnitee has been authorized
by the Corporation, (ii) Indemnitee shall have reasonably concluded, and so notified the Corporation, that there may be a conflict
of interest between the Corporation and Indemnitee in the conduct of the defense of such action, or (iii) the Corporation shall
not in fact have employed counsel to assume the defense of Indemnitee in connection with such action; in any of such cases the
fees and expenses of Indemnitee’s separate counsel shall be at the expense of the Corporation. The Corporation shall not
be entitled to assume the defense of any Proceeding brought by or on behalf of the Corporation or as to which Indemnitee shall
have made the conclusion provided for in clause (ii) above; and

 

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(c)          the
Corporation shall not be liable to indemnify Indemnitee under this Agreement for any amounts paid in settlement of any action
or claim effected without the Corporation’s written consent, which consent shall not be unreasonably withheld, conditioned
or delayed. The Corporation shall not enter into any settlement in connection with a Proceeding in any manner which would impose
any Expenses, penalties (whether civil or criminal) or limitations on Indemnitee without Indemnitee’s written consent, which
may be given or withheld in Indemnitee’s sole and reasonable discretion.

 

7.          Expenses.
The Corporation shall advance, to the extent not prohibited by law, all Expenses actually and reasonably incurred by Indemnitee
in connection with any Proceeding promptly following request therefor, but in any event no later than twenty (20) days after the
receipt by the Corporation of a written statement or statements requesting such advances (which shall include invoices received
by Indemnitee in connection with such Expenses but, in the case of invoices in connection with legal services, any references
to legal work performed or to expenditure made that would cause Indemnitee to waive any privilege accorded by applicable law shall
not be included with the invoice) from time to time, whether prior to or after the final disposition of any Proceeding. The right
to advancement described in this Section 7 is vested. Advances shall be unsecured and interest free. Advances shall be
made without regard to Indemnitee’s ability to repay the expenses and without regard to Indemnitee’s ultimate entitlement
to indemnification under the other provisions of this Agreement. The execution and delivery to the Corporation of this Agreement
shall constitute an undertaking by Indemnitee to the fullest extent required by law to repay all advances if and to the extent
that it is ultimately determined by a court of competent jurisdiction in a final, nonappealable judgment that Indemnitee is not
entitled to be indemnified by the Corporation, and Indemnitee shall qualify for advances immediately upon such execution and delivery.
The right to advances under this Section 7 shall in all events continue until final disposition of any Proceeding, including
any appeal therein.

 

8.          Contribution.

 

(a)          Whether
or not the indemnification provided in Section 2 is available, in respect of any Proceeding in which the Corporation is
jointly liable with Indemnitee (or would be if joined in such Proceeding), the Corporation shall pay, in the first instance, the
entire amount of any judgment or settlement of such Proceeding without requiring Indemnitee to contribute to such payment and
the Corporation hereby waives and relinquishes any right of contribution it may have against Indemnitee. The Corporation shall
not enter into any settlement of any Proceeding in which the Corporation is jointly liable with Indemnitee (or would be if joined
in such Proceeding) unless such settlement provides for a full and final release of all claims asserted against Indemnitee.

 

(b)          Without
diminishing or impairing the obligations of the Corporation set forth in Section 8(a), if, for any reason, Indemnitee shall
elect or be required to pay all or any portion of any judgment or settlement in any threatened, pending or completed Proceeding
in which the Corporation is jointly liable with Indemnitee (or would be if joined in such Proceeding), the Corporation shall contribute
to the amount of Expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred and paid or payable
by Indemnitee in proportion to the relative benefits received by the Corporation and all officers, directors or employees of the
Corporation, other than Indemnitee, who are jointly liable with Indemnitee (or would be if joined in such Proceeding), on the
one hand, and Indemnitee, on the other hand, from the transaction from which such Proceeding arose; provided, however,
that the proportion determined on the basis of relative benefit may, to the extent necessary to conform to law, be further adjusted
by reference to the relative fault of the Corporation and all officers, directors or employees of the Corporation other than Indemnitee
who are jointly liable with Indemnitee (or would be if joined in such Proceeding), on the one hand, and Indemnitee, on the other
hand, in connection with the events that resulted in such expenses, judgments, fines or settlement amounts, as well as any other
equitable considerations which the law may require to be considered. The relative fault of the Corporation and all officers, directors
or employees of the Corporation, other than Indemnitee, who are jointly liable with Indemnitee (or would be if joined in such
Proceeding), on the one hand, and Indemnitee, on the other hand, shall be determined by reference to, among other things, the
degree to which their actions were motivated by intent to gain personal profit or advantage, the degree to which their liability
is primary or secondary and the degree to which their conduct is active or passive.

 

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(c)          The
Corporation hereby agrees to fully indemnify and hold Indemnitee harmless from any claims of contribution which may be brought
by officers, directors or employees of the Corporation, other than Indemnitee, who may be jointly liable with Indemnitee.

 

(d)          To the fullest extent
permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee for any reason
whatsoever, the Corporation, in lieu of indemnifying Indemnitee, shall contribute to the amount actually and reasonably incurred
by Indemnitee, whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses,
in connection with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and
reasonable in light of all of the circumstances of such Proceeding in order to reflect (i) the relative benefits received by the
Corporation and Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such Proceeding; and/or (ii)
the relative fault of the Corporation (and its directors, officers, employees and agents) and Indemnitee in connection with such
event(s) and/or transaction(s).

 

9.          Presumptions and
Effect of Certain Proceedings.

 

(a)          In
making a determination with respect to Indemnitee’s entitlement to indemnification hereunder, the person, persons or entity
making such determination shall, to the fullest extent not prohibited by law, presume that Indemnitee is entitled to indemnification
under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 6 hereof. If
the Corporation contests any claim or assertion that Indemnitee is entitled to indemnification hereunder, the Corporation shall,
to the fullest extent not prohibited by law, have the burden of proof to overcome such presumption in connection with the making
by such person, persons, or entity of any determination with respect to Indemnitee’s entitlement to indemnification.

 

(b)          Without
limiting the foregoing, if any Proceeding is disposed of on the merits or otherwise (including a disposition without prejudice),
without (i) the final disposition being adverse to Indemnitee, (ii) a final adjudication by a court of competent jurisdiction
that Indemnitee was liable to the Corporation, (iii) a plea of guilty (iv) a final adjudication by a court of competent jurisdiction
that Indemnitee did not act in good faith, and in a manner Indemnitee reasonably believed to be in or not opposed to the best
interests of the Corporation, or (v) with respect to any criminal proceeding, a final adjudication by a court of competent jurisdiction
that Indemnitee had reasonable cause to believe Indemnitee’s conduct was unlawful, Indemnitee shall be considered for the
purposes hereof to have been wholly successful with respect thereto.

 

(c)          The
termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon
a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely
affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner
which he or she reasonably believed to be in or not opposed to the best interests of the Corporation or, with respect to any criminal
Proceeding, that Indemnitee had reasonable cause to believe that such Indemnitee’s conduct was unlawful.

 

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(d)          For
purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith to the extent Indemnitee relied
in good faith on (i) the records or books of account of the Corporation, including financial statements , (ii) information supplied
to Indemnitee by the officers of the Corporation in the course of their duties, (iii) the advice of legal counsel for the Corporation
or its Board or counsel selected by any committee of the Board or (iv ) information or records given or reports made to the Corporation
by an independent certified public accountant, an appraiser, investment banker or other expert selected with reasonable care by
the Corporation or its Board or any committee of the Board.

 

10.          Information
Sharing. To the extent that the Corporation receives a request or requests from a governmental third party or other licensing
or regulating organization (the “Requesting Agency”), whether formal or informal, to produce documentation
or other information concerning an investigation, whether formal or informal, being conducted by the Requesting Agency, and such
investigation is reasonably likely to include review of any actions or failures to act by Indemnitee, the Corporation shall promptly
give notice to Indemnitee of said request or requests and any subsequent request. In addition, the Corporation shall provide Indemnitee
with a copy of any and all information or documentation that the Corporation shall provide to the Requesting Agency.

 

11.          No
Imputation. The knowledge and/or actions, or failure to act, of any director, officer, agent or employee of the Corporation
or the Corporation itself shall not be imputed to Indemnitee for purposes of determining any rights under this Agreement.

 

12.          Enforcement.

 

(a)          Any right
to indemnification or advances granted by this Agreement to Indemnitee shall be enforceable by or on behalf of Indemnitee in any
court of competent jurisdiction if (i) the claim for indemnification or advances is denied, in whole or in part, (ii) no disposition
of such claim is made within ninety (90) days of request therefor; (iii) advancement of Expenses is not timely made pursuant
to Section 7, (iv) payment of indemnification pursuant to this Agreement is not made within ten (10) days after a determination
has been made that Indemnitee is entitled to indemnification, or (v) the Corporation or any other person or entity takes or threatens
to take any action to declare this Agreement void or unenforceable, or institutes any litigation or other action or proceeding
designed to deny, or to recover from, Indemnitee the benefits provided or intended to be provided to Indemnitee hereunder, Indemnitee
shall be entitled to an adjudication by the Delaware Court of Chancery of Indemnitee’s entitlement to such indemnification
or advancement of Expenses, and the Corporation shall not oppose Indemnitee’s right to seek any such adjudication in accordance
with this Agreement. Indemnitee, in such enforcement action, if successful in whole or in part, shall be entitled to be paid also
the Expenses of prosecuting Indemnitee’s claim. It shall be a defense to any action for which a claim for indemnification
is made under Section 2 hereof (other than an action brought to enforce a claim for advance or reimbursement of Expenses
under this Agreement, provided that the required undertaking has been tendered to the Corporation) that Indemnitee is not
entitled to indemnification because of the limitations set forth in Section 3 hereof. Neither the failure of the Corporation
(including the Board, any committee of the Board, or the Corporation’s its stockholders, or any subgroup of such directors
or stockholders) to have made a determination prior to the commencement of such enforcement action that indemnification of Indemnitee
is proper in the circumstances, nor an actual determination by the Corporation (including the Board, any committee of the Board,
or the Corporation’s stockholders, or any subgroup of such directors or stockholders) that such indemnification is improper
shall be a defense to the action or create a presumption that Indemnitee is not entitled to indemnification under this Agreement
or otherwise.

 

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(b)          To the fullest
extend not prohibited by law, the Corporation shall be precluded from asserting in any judicial proceeding commenced pursuant
to this Section 12 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall
stipulate in any such court that the Corporation is bound by all the provisions of this Agreement. If a determination shall have
been made pursuant to this Agreement that Indemnitee is entitled to indemnification, the Corporation shall be bound by such determination
in any Proceeding commenced pursuant to this Section 12, absent (i) a misstatement by Indemnitee of a material fact, or
an omission of a material fact necessary to make Indemnitee’s statements not materially misleading, in connection with the
request for indemnification, or (ii) a prohibition of such indemnification under applicable law.

 

13.          Subrogation.
In the event of payment under this Agreement, the Corporation shall be subrogated to the extent of such payment to all of the
rights of recovery of Indemnitee, who shall execute all documents required and shall do all acts that may be necessary to secure
such rights and to enable the Corporation effectively to bring suit to enforce such rights.

 

14.          NonExclusivity
of Rights. The rights conferred on Indemnitee by this Agreement shall not be exclusive of any other right which Indemnitee
may have or hereafter acquire under any statute, provision of the Charter or Bylaws, agreement, vote of stockholders or directors,
or otherwise, both as to action in Indemnitee’s official capacity and as to action in another capacity while holding office.
To the extent that a change in applicable law, whether by statute or judicial decision, permits greater indemnification or advancement
of Expenses than would be afforded currently under the Charter or Bylaws and this Agreement, it is the intent of the parties hereto
that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change, subject to the restrictions expressly
set forth herein or therein. Except as expressly set forth herein, no right or remedy herein conferred is intended to be exclusive
of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy
given hereunder or now or hereafter existing at law or in equity or otherwise. Except as expressly set forth herein, the assertion
or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any
other right or remedy.

 

15.          Insurance.
To the extent that the Corporation maintains an insurance policy or policies providing liability insurance for directors, trustees,
general partners, managing members, officers, employees, agents or fiduciaries of the Corporation, Indemnitee shall be covered
by such policy or policies (including with respect to prior service) to the same extent as the most favorablyinsured persons under
such policy or policies in a comparable position.

 

16.          Enforcement;
Survival of Rights.

 

(a)          The
Corporation expressly confirms and agrees that the Corporation has entered into this Agreement and assumed the obligations imposed
on it hereby in order to induce Indemnitee to serve as a director of the Corporation, and the Corporation acknowledges that Indemnitee
is relying upon this Agreement in serving the Corporation in such capacity.

 

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(b)          The
rights conferred on Indemnitee by this Agreement shall continue after Indemnitee has ceased to be a director or officer of the
Corporation or to serve at the request of the Corporation as a director or officer agent of another corporation, partnership,
joint venture, trust or other enterprise, and shall inure to the benefit of Indemnitee’s heirs, executors and administrators.

 

(c)          The
Corporation shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the business or assets of the Corporation, expressly to assume and agree to perform this Agreement in the
same manner and to the same extent that the Corporation would be required to perform if no such succession had taken place.

 

(d)          The
Corporation and Indemnitee agree herein that a monetary remedy for breach of this Agreement, at some later date, may be inadequate,
impracticable and difficult of proof, and further agree that such breach may cause Indemnitee and the Corporation irreparable
harm. Accordingly, the parties hereto agree that each of the Corporation and the Indemnitee may enforce this Agreement by seeking
injunctive relief and/or specific performance hereof, without any necessity of showing actual damage or irreparable harm and that
by seeking injunctive relief and/or specific performance, they shall not be precluded from seeking or obtaining any other relief
to which they may be entitled. The Corporation and Indemnitee further agree that they shall be entitled to such specific performance
and injunctive relief, including temporary restraining orders, preliminary injunctions and permanent injunctions, without the
necessity of posting bonds or other undertaking in connection therewith. The Corporation and Indemnitee acknowledge that in the
absence of a waiver, a bond or undertaking may be required by the Delaware Court of Chancery, and they hereby waive any such requirement
of such a bond or undertaking.

 

17.          No
Conflicts. To the extent that any provision of this Agreement conflicts with the Charter, the Bylaws, or applicable law,
the Charter, the Bylaws, or such applicable law (as applicable) shall govern.

 

18.          Separability.
Each of the provisions of this Agreement is a separate and distinct agreement and independent of the others, so that if any provision
hereof shall be held to be invalid, illegal or unenforceable for any reason, (i) such invalidity, illegality or unenforceability
shall not affect the validity, legality or enforceability of the remaining provisions of this Agreement (including without limitation,
each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that
is not itself invalid, illegal or unenforceable) and such other provisions shall remain enforceable to the fullest extent permitted
by law; (ii) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to
give the maximum effect to the intent of the parties hereto; and (iii) to the fullest extent possible, the provisions of this
Agreement (including, without limitation, each portion of any section of this Agreement containing any such provision held to
be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect
to the intent manifested thereby. Furthermore, if this Agreement shall be invalidated in its entirety on any ground, then the
Corporation shall nevertheless indemnify Indemnitee to the fullest extent provided by the Charter (if applicable), the Bylaws,
the DGCL or any other applicable law.

 

19.          Governing Law.
This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without
regard to its principles of conflicts of laws. The Corporation and Indemnitee hereby irrevocably and unconditionally (i) agree
that any action or proceeding arising out of or in connection with this Agreement may be brought in the Delaware Court of Chancery,
(ii) consent to submit to the jurisdiction of the Delaware Court of Chancery for purposes of any action or proceeding arising
out of or in connection with this Agreement, (iii) waive any objection to the laying of venue of any such action or proceeding
in the Delaware Court of Chancery, and (iv) waive, and agree not to plead or to make, any claim that any such action or proceeding
brought in the Delaware Court of Chancery has been brought in an improper or inconvenient forum.

 

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20.          Amendment and
Termination. No amendment, modification, termination or cancellation of this Agreement shall be effective unless in writing
signed by both parties hereto.

 

21.          Identical Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but
all of which together shall constitute but one and the same Agreement. Only one such counterpart need be produced to evidence
the existence of this Agreement.

 

22.          Notices.
All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given
(i) upon delivery if delivered by hand to the party to whom such communication was directed or (ii) upon the third business day
after the date on which such communication was mailed if mailed by certified or registered mail with postage prepaid:

 

(a)          If to Indemnitee,
at the address indicated on the signature page hereof.

 

(b)          If to the
Corporation, to:

 

Actinium Pharmaceuticals, Inc.

757 Third Avenue, 21st Floor

New York, NY 10017

Attention:    Chief Executive Officer

 

or to such other address as may have been furnished to
Indemnitee by the Corporation.

 

22.          Headings.
The headings of the sections of this Agreement are inserted for convenience only and shall not be deemed to constitute part of
this Agreement or to affect the construction hereof.

 

[Remainder of Page Intentionally Left Blank]

 

    	10

    	 

    

 

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

 

	 	COMPANY:
	 	 	 
	 	ACTINIUM PHARMACEUTICALS, INC.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	INDEMNITEE:

 

	 	 
	 	[NAME]
	 	 
	 	Address for notices:
	 	 
	 	 
	 	 

 

 

Signature
Page to Indemnification Agreement

 

11Exhibit 10.4

 

Effective Date: August 6, 2015

 

Sandesh Seth

40 East 89th Street, Apt. 7A

New York, NY  10128

 

Dear Mr. Seth:

 

On behalf of Actinium
Pharmaceuticals, Inc. (the “Company”), I am pleased to provide you with this contract related to your consulting
position of Executive Chairman of the Company. This Agreement amends your August 11, 2014 Consulting Agreement.

 

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

 

(a)         You shall serve as Executive Chairman of the Company with such responsibilities, duties and authority as are assigned to
you by the Board of Directors (the “Board”), or its designee. As Executive Chairman of our Company, you act
as an officer and consultant and, as such, perform your duties subject in all instances to the oversight of our Board and the
power of our Board to approve all applicable corporation actions (which powers shall not be vested in the office of Executive
Chairman). The Executive Chairman is not an “executive officer” (as defined in SEC Rule 3b-7) of our company
as the role of the Executive Chairman by design is not an officer who performs a policy making function for our company. Rather,
the Executive Chairman serves as a conduit between our Board and our executive management team and is available to act as an advisor
and consultant to our executive management team, who are responsible for development and implementation of our corporate policies
under the supervision of our Board. Subject to such other roles, duties and projects as may (consistent with the terms and provisions
of our Amended and Restated Bylaws, as amended, and the resolutions of our Board that formed the office of Executive Chairman)
be assigned by our Board to the Executive Chairman, the primary responsibilities of the Executive Chairman are as follows:

 

(i)            Chair annual and special Board meetings and annual stockholder meetings and, subject to availability, attend meetings of
the committees of the Board;

 

(ii)           Provide overall Board leadership and establish guiding principles for the Board;

 

(iii)          Manage the affairs of the Board and facilitate Board action in such a way that strategic and policy decisions are fully
discussed, debated and decided by the Board;

 

(iv)         In cooperation with the President, and Chief Executive Officer, and other Company officers as appropriate or selected by
the Executive Chairman/Board, ensure that our strategic orientation is defined and communicated to the Board for its approval
and that all material issues are dealt with by the Board in a timely manner;

 

(v)          Ensure that the Board has efficient communication channels regarding all material issues concerning the business and see
to it that directors are informed about these issues;

 

    	1

    	 

    

 

(vi)         Act as a representative of the Board and consult with Board members outside the regularly scheduled meetings of the Board
and of Board committees;

 

(vii)        Meet and confer as often as required with our President, and Chief Executive Officer and executive management to ensure
that there is efficient communication between the Executive Chairman, the President, and Chief Executive Officer, other executive
management and Board members;

 

(viii)       Offer advice and consultation to the President, and Chief Executive Officer and executive management on the overall management
of the business and affairs of our company as well as specific matters upon the request of the President, and Chief Executive Officer
and or the Board;

 

(ix)          In consultation and partnership with the President, and Chief Executive Officer, the Executive Chairman may act as our representative
with business partners of our company; and

 

(x)           At the request of the Board or the President, and Chief Executive Officer the Executive Chairman may be placed in charge
of special corporate strategic initiatives or projects.

 

(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 the Executive Chairman from accepting or continuing in any employment, consultancy, management
or board position with any other for-profit or non-profit entity, 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. You shall report directly
to the Board.

 

2.             Start Date. You commenced service in this position with the Company on August 11, 2014 (“Start Date”).

 

3.             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.

 

4.             Compensation.

 

(a)           Consulting
Fee. You will be paid an annual consulting fee of three hundred fifty thousand dollars ($350,000.00), which will be
paid in accordance with the Company’s regular payroll practices for consultants. Upon the six month anniversary of
your Start Date, the Board will review your consulting fee with the help of an independent compensation consultant to adjust
your consulting 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 Chairman positions of similarly situated publicly traded
Biotech companies. The Board shall review the amount of your consulting fee 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. During
the term of this Agreement, your annual consulting fee shall be maintained at least at the same amount as the  total
compensation (including annual salary and all other payments of any kind paid to the CEO) of the Chief Executive Officer
(Principal Executive Officer) (the “CEO”) of the Company. For example, if the CEO’s annual salary is
increased by $30,000 per year, the Consultant’s annual consulting fee shall also be increased by $30,000 per year. For
the avoidance of doubt, the Board at its discretion may also pay the consultant an annual consulting fee in excess of the
CEO’s total compensation.

 

    	2

    	 

    

 

 

(b)           Performance Cash Bonus. You shall be entitled to participate in a Company 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 consulting
fee, 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 consulting fee. Within thirty (30) days after the Start Date, the Board shall establish written individual and corporate
performance objectives for the balance of 2014 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. During the term of this Agreement, your performance cash bonus shall be at least
at the same amount as the performance cash bonus paid to CEO of the Company. For example, if the CEO’s receives a performance
cash bonus of $140,000, the Consultant shall also receive a performance cash bonus of $140,000. For the avoidance of doubt, the
Board at its discretion may also pay the Consultant a performance cash bonus greater than the performance cash bonus paid to the
CEO.

 

(c)            Stock Option Grant. The Board has agreed to grant to you an option to purchase common shares of the Company (the
“Grant”). The Grant will consist of an option grant to purchase 280,000 (two hundred and eighty thousand common
shares of the Company. The Grant shall be subject to the vesting schedule below.

 

(i)           Stock Options. Such options will have an exercise price equal to $6.23 (six dollars and twenty-three cents), the
closing price of the Company’s common stock on the date of Board approval of the grant, September 23, 2014, which is
equal to fair market value as determined by the Board on the date of the grant (the “Grant date”). During the
term of this Agreement, you shall also be awarded stock option and/or restricted stock grants at least at the same amount as such
stock option and/or restricted stock that is granted to the CEO. For example, if the CEO’s receives a stock option grant
that is exercisable for 100,000 shares, the Consultant shall also receive a stock option grant that is exercisable for 100,000
shares. For the avoidance of doubt, the Board at its discretion may also grant the Consultant options and/or restricted stock
that exceed the number of options and /or restricted stock granted to the CEO.

 

(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 procisions of the Company’s Amended and Restated 2013 Stock Plan, 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.

 

    	3

    	 

    

 

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. 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)           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.

 

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

 

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

 

7.             Term and Severance. The
term of your consulting arrangement shall be a period of five (5) years from the Start Date. If your consulting arrangement
is terminated because of your death or Disability, the Company’s only obligation to you shall be to pay your earned, but
unpaid, consulting fee (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 consulting arrangement due to death, your estate also shall be entitled to receive a single lump sum payment
equal to three (3) months of your consulting fee, 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 consulting arrangement other than for Cause or if you resign for Good Reason, in any case in circumstances
other than those described in Section 7(b), you shall be entitled to the following:

 

(i)            Subject to Section 8
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 consultants in effect at the date
of termination, on the first payroll date following the date the Release (as defined in Section 8 hereof) becomes effective and
irrevocable in accordance with its terms.

 

    	4

    	 

    

 

(ii)           Subject to Section
8 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 consulting arrangement 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 8
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 consultants in effect at the date of termination,
on the first payroll date following the date the Release (as defined in Section 8 hereof) becomes effective and irrevocable in
accordance with its terms.

 

(ii)           Subject to Section
8 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”.

 

(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 the Executive 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).

 

    	5

    	 

    

 

(d)           “Good
Reason” means: (i) the Company’s material breach any of its obligations under this Agreement; (ii) a material
reduction of your consulting fee or target bonus opportunity; (iii) a material change to the title, scope of your work or consulting
duties; (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 Executive Chairman or Chairman of the Board of the Company, other than for Cause or voluntary resignation;
(vi) the appointment of a new Executive Chairman 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 fifty (50) 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.

 

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

 

9.            Non-Solicitation.
You agree that during the term of your consulting arrangement with the Company, and for a period of 12 months following the
cessation of consultancy 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 12 months following cessation of
your consulting arrangement 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.

 

    	6

    	 

    

 

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

 

11.          Indemnification.
On the date hereof, you have entered into an Indemnification Agreement with the Company which is attached hereto as Exhibit B.

 

12.           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.

 

    	7

    	 

    

 

13.          Section 409A.

 

(c)           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.

 

(d)           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.

 

14.          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 or Consultant’s consulting relationship with the Company, 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.

 

15.          Assistance
in Litigation. Consultant 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.

 

    	8

    	 

    

 

16.          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:	757 Third
Avenue, 21st Floor 

        New York, NY 10017

	 	 
	If
    to you:	40 East
    89th Street, Apt. 7A 

    New York, NY  10128

 

17.          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 amendment and this Agreement, 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
    of Compensation Committee	 	 
	 	Board
    Member	 	 
	 	 	 	 
	Dated:  August
    6, 2015	 	Dated:  August
    6, 2015

 

    	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 6, 2015 (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.

 

    	A-1

    	 

    

 

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

 

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

 

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

 

I further acknowledge
that:

 

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

 

	 	2.	I
    understand that, in order for this Release to be effective, I may not sign it prior to the date of my separation of employment
    with the Company but that if I wish to receive the Separation Benefits, I must sign and return this Release within 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;

 

    	A-2

    	 

    

 

	 	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-3

    	 

    

 

EXHIBIT B

 

INDEMNIFICATION AGREEMENT

 

 

B-1

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