Document:

Exhibit 10.3

 

 

NON-STATUTORY STOCK OPTION

 

Granted by

 

Cellectar Biosciences, Inc.(the “Company”)

 

Under the 2015 Stock Incentive Plan

 

 

 

This Option is and shall be subject in every
respect to the provisions of the Company’s 2015 Stock Incentive Plan, as amended from time to time, which is incorporated
herein by reference and made a part hereof. The holder of this Option (the “Holder”) hereby accepts this Option subject
to all the terms and provisions of the Plan and agrees that (a) in the event of any conflict between the terms hereof and those
of the Plan, the latter shall prevail, and (b) all decisions under and interpretations of the Plan by the Board or the Committee
shall be final, binding and conclusive upon the Holder and his or her heirs and legal representatives.

 

		1.	Name of Holder: James Caruso

 

		2.	Date of Grant: June 15, 2015

 

		3.	Maximum Number of Shares for 

which this Option is exercisable: 375,000

 

		4.	Exercise (purchase) price per share: $2.64

 

		5.	Payment method: 

 

a personal, certified or bank
check or postal money order payable to the order of the Company for an amount equal to the exercise price of the shares being purchased;
or

 

with the consent of the Company,
any of the other methods set forth in the Plan.

 

		6.	Expiration Date of Option:  June 15, 2025

 

		7.	Vesting Schedule:  This Option shall vest in four equal annual installments beginning on the first anniversary of the
date of grant.

 

The unvested portion of the stock option is subject
to acceleration and full vesting if the employment is terminated without “cause” or if he terminates his employment
for “good reason,” in each case within 12 months following, or in connection with but prior to, a “change in
control” of Cellectar.

 

    	 	 	 

     

    

 

As used herein, a “Termination Event”
shall mean either of the following events, but only if such event occurs within one year of a “Change of Control” (as
defined in the Plan):

 

(i)termination by the Company of the Holder’s
employment or service relationship with the Company for any reason other than for “Cause,” as defined in the Plan;
or

 

(ii)the Holder’s resignation
as an employee of, or service provider to, the Company , other than for reasons of Disability (as defined in the Plan), following
(x) a significant reduction in the nature or scope of the Holder’s duties, responsibilities, authority or powers, from the
duties, responsibilities, authority or powers exercised by the Holder immediately prior to the Change of Control, or (y) a reduction
in the Holder’s annual base salary (or base fees, as applicable) or benefits as in effect on the date of the Change of Control,
except for across-the-board salary or benefits reductions affecting all similarly situated personnel of the Company, or (z) a transfer
of the Holder from the office of the Company where he is based immediately before the Change of Control to an office more than
twenty-five (25) miles away such office (unless the distance the Holder has to travel to work is actually shortened as a result
of such transfer).

 

For purposes of this Section 7,
“Company” shall include any surviving entity, in the case of a merger or acquisition in which the Company is not the
surviving entity.

 

		8.	Termination of Employment or Provision of Services.  This Option shall terminate on the earliest to occur of:

 

		(i)	the date of expiration thereof;

 

		(ii)	immediately upon termination of the Holder’s employment with, or provision of services to, the Company by the Company
for Cause (as defined in the Plan);

 

		(iii)	thirty (30) days after the date of voluntary termination of employment or provision of services by the Holder (other
than upon death, or for Disability or Normal Retirement, each as defined in the Plan);

 

		(iv)	ninety (90) days after the date of involuntary termination of the Holder’s employment with, or provision of services
to, the Company by the Company without Cause (as defined in the Plan), or termination of the Holder’s employment or provision
of services by reason of Disability or Normal Retirement (each as defined in the Plan); or

 

		(v)	180 days after the date of termination of the Holder’s employment with, or provision of services to, the Company by reason
of death.

 

		9.	Lock-Up Agreement.  The Holder agrees for a period of up to 180 days from the effective date of any registration of
securities of the Company under the Securities Act of 1933, as amended (the “Securities Act”), upon request of the
Company or underwriters managing any underwritten offering of the Company’s securities, not to sell, make any short sale
of, loan, grant any option for the purchase of, or otherwise dispose of any shares issued pursuant to the exercise of this Option,
without the prior written consent of the Company and such underwriters.

 

    	 	2	 

     

    

 

		10.	Tax Withholding. The Company’s obligation to deliver shares shall be subject to the Holder’s satisfaction
of any federal, state and local income and employment tax withholding requirements.

 

		11.	Notice.  Any notice to be given to the Company hereunder shall be deemed sufficient if addressed to the Company and
delivered to the office of the Company, 3301 Agriculture Drive, Madison, WI 53716, attention of the president, or such other address
as the Company may hereafter designate.

 

Any notice to be given to the Holder
hereunder shall be deemed sufficient if addressed to and delivered in person to the Holder at his or her address furnished to the
Company or when deposited in the mail, postage prepaid, addressed to the Holder at such address.

 

 

IN WITNESS WHEREOF, the parties have executed
this Option, or caused this Option to be executed, as of the Date of Grant.

 

 

	 	CELLECTAR BIOSCIENCES, INC.
	 	 
	 	 
	 	By:	/s/ Chad Kolean	 
	 	Chad Kolean, VP of Finance/CFO

 

 

The undersigned Holder hereby acknowledges receipt of a copy
of the Plan and this Option, and agrees to the terms of this Option and the Plan.

 

 

 

/s/ James Caruso

 

Holder

 

    	 	37.3.15 Exhibit 10.01

Exhibit 10.01

FY16 Executive Annual Incentive Plan

President and Chief Executive Officer

This Executive Annual Incentive Plan (the “Plan”) of Symantec Corporation (the “Company”) is effective as of April 4, 2015. The Board of Directors (the “Board”) of the Company reserves the right to alter or cancel all or any portion of the Plan for any reason at any time.

FY16 Executive Annual Incentive Plan

	
			
	Job Category:
	 
	President and Chief Executive Officer

	 
	 
	 

	Purpose:
	 
	Provide critical focus on specific, measurable corporate goals and provide performance based compensation based upon the level of attainment of such goals.

	 
	 
	 

	Bonus Target:
	 
	The target incentive bonus, as expressed as a percentage of the base salary, and the annual base salary are determined by the Administrator at the beginning of the fiscal year.  The Bonus will be calculated based on actual base salary earnings from time of eligibility under the Plan through April 1, 2016.  Payment will be subject to applicable payroll taxes and withholdings.

	 
	 
	 

	Bonus Payment: 
	 
	The annual incentive bonus will be paid once annually.  Payment will be made within six weeks after the end of the fiscal year, but in the event the amount cannot be calculated within such six weeks, in no event may payment be made later than two and a half months after the end of the fiscal year.  Payment made pursuant to this Plan is at the sole discretion of the Administrator of the Plan.

	 
	 
	 

	Metrics:
	 
	Two corporate performance metrics will be used in the determination of the annual incentive bonus payment as determined by the Administrator:  non-GAAP Operating Income and non-GAAP Revenue.  These two metrics will be equally weighted.  Performance metric targets will be established for the entire duration of the fiscal year.  For fiscal 2016, achievements against targets may be measured for 2 separate periods based on the timing of the separation of the Information Management Business during the fiscal year.   Performance targets will be proportionately adjusted to account for the Information Management Business separation and actual achievements against targets will be measured separately for the 2 periods with the final pool funding level for the fiscal year determined based on the weighted average of the 2 such periods.

	 
	 
	 

	Achievement Schedule:
	 
	An established threshold must be exceeded for each of the applicable performance metrics before the portion of the bonus applicable to such performance metric will be paid. Payout levels will be determined for each metric in accordance with the payout slopes established and approved by the Administrator.  Payouts under both metrics are capped.

	 
	 
	 

	Pro-ration:
	 
	The calculation of the annual incentive bonus will be determined, in part, based on eligible base salary earnings for the fiscal year and, subject to the eligibility requirements below, will be pro-rated based on the number of days the participant is actively employed as a regular status employee of the Company during the fiscal year. If a participant takes a leave of absence from the Company during the fiscal year, any payments received by the participant as an income protection benefit will not be counted toward base salary earnings for the purpose of bonus calculations.

	 
	 
	 

	Eligibility:
	 
	Participant must be a regular status employee on the day bonus checks are distributed to earn the bonus.  If the Company grants an interim payment for any reason, the Participant must be a regular status employee at the end of the fiscal year in order to receive such payment.  Ongoing contributions toward the Company’s overall success, particularly toward year end, is of particular business importance.  As such, a participant who leaves before the end of the fiscal year will not be eligible to earn the annual incentive bonus or any pro-rated portion thereof.  The Plan participant must be a regular status employee of the Company at the end of the fiscal year in order to be eligible to receive the annual incentive bonus and at the time the bonus checks are distributed, unless otherwise determined by the Administrator. 

	 
	 
	 

	 
	 
	To be eligible to participate in the Plan in the given fiscal year, participant must be in an eligible position for at least 60 days before the end of the Plan year.  Employee hired into an eligible position with less than 90 days in the Plan year will not be eligible to participate in the annual bonus plan until the next fiscal year.

	 
	 
	 

	Exchange Rates:
	 
	The performance metrics targets will not be adjusted for any fluctuating currency exchange rates. However, when calculating achievement of performance metrics, foreign exchange movements are held constant at plan rates.

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	Target Changes:
	 
	In the event of an accretive event, such as a stock buyback, or other events that might have an effect on the revenue or operating income targets of the Company, such as acquisition or purchase of products or technology, the Administrator may at its discretion adjust the revenue and operating income metrics to reflect the potential impact upon the Company’s financial performance.

	 
	 
	 

	Restatement of Financial Results:
	 
	If the Company’s financial statements are the subject of a restatement due to error or misconduct, to the extent permitted by governing law, in all appropriate cases, the Company will seek reimbursement of excess incentive cash compensation paid under the Plan. For purposes of this Plan, excess incentive cash compensation means the positive difference, if any, between (i) the incentive bonus paid and (ii) the incentive bonus that would have been made had the performance metrics been calculated based on the Company’s financial statements as restated.  The Company will not be required to award Participant an additional Payment should the restated financial statements result in a higher bonus calculation.

	 
	 
	 

	Plan Provisions:
	 
	This Plan is adopted under the Symantec Senior Executive Incentive Plan, as amended and restated on October 22, 2013 and approved by the Company’s stockholders on October 22, 2013 (the “SEIP”).  All capitalized terms in this Plan shall have the meaning assigned to them in the SEIP.

	 
	 
	 

	 
	 
	This Plan supersedes the FY15 Executive Annual Incentive Plan, dated March 29, 2014, which is null and void as of the adoption of this Plan.

	 
	 
	 

	 
	 
	Participation in the Plan does not guarantee participation in other or future incentive plans, nor does it guarantee continued employment for a specified term.  Plan structures and participation will be determined on a year-to-year basis.

	 
	 
	 

	 
	 
	The Board reserves the right to alter or cancel all or any portion of the Plan for any reason at any time. The Plan shall be administered by the independent members of the Board (the “Administrator”), and the Administrator shall have all powers and discretion necessary or appropriate to administer and interpret the Plan.

	 
	 
	 

	 
	 
	The Board reserves the right to exercise its own judgment with regard to company performance in light of events outside the control of management and/or participant.

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