Exhibit 10.1


 


 


 


 


April 1, 2018


 


 


Brian Posner


[ADDRESS REDACTED]


 


Dear Brian:


 


We are pleased to extend you an offer to join Cellectar Biosciences,
Inc. (the Company) in the position of Vice President and Chief Financial Officer, starting no later than April 1, 2018. In
this position, you will report to Jim Caruso, President and Chief Executive Officer.


 


Compensation


Your compensation for this exempt position will be $300,000
per year, payable at $25,000 at the end of each month, subject to normal withholding. Subject to approval by the Board of Directors,
the Company shall also provide you an inducement grant of 80,000 stock options, vesting annually over three years. Your performance
and compensation will be reviewed annually. You will also be eligible to participate in the Executive Incentive Compensation Plan
which consists of an on-target bonus of 30% of your base salary. In the event your position is terminated by the Company without
cause or if you voluntarily resign for good reason, you shall be entitled to six months’ severance following the date of
termination. A separate employment agreement will follow.


 


Relocation


You are expected to relocate closer to the Company’s New Jersey
office within twelve (12) months of your acceptance of this offer. The Company will reimburse you up to $10,000 in relocation expenses.


 


Policies and Benefits


You will be eligible to participate in a comprehensive benefits
program that the Company offers to its employees. This currently includes full premium payment for medical, dental and vision insurance,
short-term and long-term disability insurance, three weeks of prorated paid time off per year, six days of paid holidays plus four
floating holidays, and participation in the Company’s 401(k) plan (provided that you meet the eligibility requirements of
the plans and policies). The benefit package will be discussed with you in detail during your employment orientation on or around
your first day of work. You will become eligible to participate in our medical, dental, vision and disability insurance programs
on your start date.




 






    	 	Cellectar Biosciences, Inc., 3301 Agriculture Drive, Madison, WI 53716, (608) 441-8120
	 



     


    

 


Brian Posner


April 1, 2018


Page 2


 


 





Confidentiality and Authorization to Work


As a condition of employment, you will be required to sign a
Confidentiality and Non-Compete Agreement. Also, on your first day of work, you will be asked to complete an “Employment
Eligibility Verification Form” that proves eligibility for employment in the United States. You must provide us with the
documentation required by Form I-9 within three business days of your date of hire.


 


Employment At-Will


Your employment is “at-will,” voluntarily entered
into, and is for no specific period. As a result, you are free to resign at any time, for any reason or for no reason. Similarly,
the Company is free to conclude its at-will employment relationship with you at any time, with or without cause. The terms of this
offer letter, therefore, do not and are not intended to create an expressed or implied contract of employment for any specific
term, other than that explicitly stated above, regarding termination without cause or resignation for good reason.


 


Acceptance


To indicate your acceptance of this offer, please sign and date
below and return one copy of this letter to me. This letter sets forth the terms of your employment with the Company and supersedes
any prior representations or agreements, whether written or oral. If you have any questions regarding your employment, please call
me at [REDACTED].


 


I am excited that you will be joining the team and I look forward
to sharing in your continued professional success.


 





	Sincerely,	 	 	 
	 	 	 	 	 
	CELLECTAR
    BIOSCIENCES, INC.	 	 	 
	 	 	 	 	 
	/s/
    James Caruso	 	 	 
	James
    Caruso, CEO	 	 	 
	 	 	 	 	 
	Date:   	04/01/2018	 	 	 
	 	 	 	Accepted
    by:
	 	 	 	 	 
	 	 	 	/s/
    Brian Posner
	 	 	 	Brian
    Posner
	 	 	 	 	 
	 	 	 	Date:	04/01/2018






 






    	 	Cellectar Biosciences, Inc., 3301 Agriculture Drive, Madison, WI 53716, (608) 441-8120