Document:

Exhibit 10.4

 

EMPLOYMENT AGREEMENT

 

THIS
EMPLOYMENT AGREEMENT (this "Agreement") is made and entered into as of March 27, 2017, between CELLECTAR
BIOSCIENCES, INC., a Delaware corporation (the "Company"), and John E. Friend II ("Executive").

 

RECITALS

 

The Company and Executive
desire to enter into this Agreement to document the terms and conditions of Executive's employment by the Company. The parties
hereto agree as follows:

 

1.           Employment.
The Company shall employ Executive, and Executive hereby agrees to employment with the Company, upon the terms and conditions
set forth in this Agreement for the period beginning on the Effective Date (as defined below) and ending as provided in Section
4 hereof (the “Employment Period”).

 

2.           Position
and Duties.

 

(a)           During
the Employment Period, Executive will serve as the Vice President and Chief Medical Officer of the Company. Executive will have
the normal duties, responsibilities and authority of his role, subject to the overall direction and authority of the Board of
Directors of the Company (the “Board”) and the Chief Executive Officer.

 

(b)           During the Employment Period, except as otherwise determined by the Board, Executive will
report to the Chief Executive Officer, and will devote his full business time and attention (except for permitted vacation periods
and reasonable periods of illness or other incapacity) to the business and affairs of the Company. During the Employment Period,
Executive shall not serve as an officer or director of, or otherwise perform services for compensation for, any other entity without
the prior written consent of the Board (which shall not be unreasonably withheld or delayed); provided that Executive may
serve as an officer or director of or otherwise participate in purely educational, welfare, social, religious, recreational and
civic organizations so long as such activities do not interfere with Executive's employment.

 

(c)           For purposes of this Agreement, the term "Company" shall include all of
the Company's Subsidiaries. The term "Subsidiaries" shall mean any corporation or other entity of which the securities
or other ownership interests having the voting power to elect a majority of the board of directors or other governing body are,
at the time of determination, owned by the Company, directly or through one or more Subsidiaries.

 

3.           Compensation
and Benefits.

 

(a)           Compensation.

 

(i)           Base Salary.During the Employment Period, Executive's base salary will be three
hundred fifty-five thousand dollars ($355,000) per annum (as may be adjusted from time to time by the Board, the "Base
Salary"), which salary will be payable by the Company in regular installments in accordance with the Company's general
payroll practices (in effect from time to time). Executive's Base Salary for any partial year will be prorated based upon the
number of days elapsed in such year.

 

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(ii)          Bonus. During the Employment Period, Executive will be eligible to earn an annual
bonus each calendar year (commencing with calendar year 2017), under the terms and conditions of the Company's annual incentive
compensation plan for which Executive's initial target shall be thirty percent (30%) of Base Salary, prorated for partial years
of employment.

 

 (b)           Benefits.

 

(i)           During the Employment Period, Executive will be entitled to participate in all of the Company's
employee benefit programs for which senior executive employees of the Company are generally eligible in accordance with the terms
and conditions of such program s as the same may be modified from time to time.

 

(ii)          In addition to the benefits described in Section 3(b)(i) above, during the Employment
Period, Executive will also be entitled to the following (without duplication):

 

(A)           Vacation. Three weeks of paid vacation each calendar year, which if not taken during
any year may not be carried forward to subsequent calendar year(s) or otherwise paid; and

 

(B)           Personal Days. Four paid personal days each calendar year, which if not taken during
any year may not be carried forward to subsequent calendar year(s) or otherwise paid; and

 

(C)           Business Expenses. Reimbursement for all reasonable business expenses incurred by
Executive in the course of performing his duties and responsibilities under this Agreement, and that are excludable from gross
income, with respect to travel, entertainment and other business expenses, subject to the Company's requirements with respect
to reporting and documentation of such expenses.

 

(D)           Signing Bonus. A one-time signing bonus of $50,000, to be paid as part of the first
regular payroll.

 

(c)           Withholding. All amounts payable to Executive as compensation hereunder shall be subject
to all required and customary withholding by the Company.

 

4.           Termination and Obligations of the Company Upon Termination.

 

(a)           At-Will Employment. Executive’s employment is at-will and shall be of no specific
period. Executive is free to resign at any time, for any reason or no reason, as Executive deems appropriate. Subject to this
Section 4, the Company has a similar right to terminate Executive employment at any time, with or without Cause (as defined
below).

 

(b)           Death. If Executive's employment is terminated due to Executive's death, the Company
will pay to Executive's estate Executive's (i) Base Salary through the date of termination to the extent not theretofore paid,
any accrued vacation pay to the extent not theretofore paid and any reimbursement of business expenses as described in Section
3(b)(ii)(B) above (together, the "Accrued Obligations") and (ii) the bonus described in Section 3(a)(ii)
above for the calendar year in which such termination occurs if Executive would have otherwise been entitled to receive such
bonus had his employment not been terminated (provided that if the date of such termination occurs prior to the last day of the
calendar year in respect of which such bonus is awarded, then such bonus will be prorated upon the number of days elapsed prior
to Executive's date of termination). Any such bonus amount payable under this Section 4(b) will be payable at such time
as such amount would have been payable had Executive's employment not been terminated.

 

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(c)           Disability. If Executive's employment is terminated either by Executive or the Company
due to Executive's Disability, Executive will be entitled to receive (i) his Accrued Obligations, (ii) such benefits as are available
to Executive under the Company's long-term disability insurance plans (if any) as in effect on the date of termination, (iii)
continuation of Company provided health insurance at the Company's cost during the COBRA continuation period, and (iv) the bonus
described in Section 3(a)(ii) above for the calendar year in which such termination occurs if Executive would have otherwise
been entitled to receive such bonus had his employment not been terminated (provided that if the date of such termination occurs
prior to the last day of the calendar year in respect of which such bonus is awarded, then such bonus will be prorated upon the
number of days elapsed prior to Executive's date of termination). Any such bonus amount payable under this Section 4(c)
will be payable at such time as such amount would have been payable had Executive's employment not been terminated. “Disability”
means any physical or mental condition of Executive that (i) results in a qualification for benefits under the Company's long
term disability insurance plans (referred to above) or (ii) in the good faith judgment of the Board, based upon the receipt of
competent medical advice, results in the inability of Executive to perform his services under this Agreement and such incapacity
will likely continue for a period of at least 180 consecutive days or at least 180 days in any 365 consecutive day period.

 

(d)           Resignation or Termination for Cause. If Executive's employment is terminated due
to Executive's resignation without Good Reason (as defined below) or a termination by the Company for Cause, Executive will be
entitled to receive his Accrued Obligations. If such an event occurs within three years of the Executive’s first day of
employment, Executive will also reimburse the Company for the entire amount of the Singing Bonus from Section 3(b)(ii)(D) above.

 

(e)           Termination by the Company Without Cause, or by Executive for Good Reason. If Executive's
employment is terminated by (i) the Company without Cause, or (ii) by Executive for "Good Reason," Executive will be
entitled to receive (A) his Accrued Obligations, (B) a cash severance payment equal to fifty percent (50%) of Executive's Annual
Base Salary, payable in regular installments in accordance with the Company's general payroll practices (in effect from time to
time) beginning on the first pay date following the date of termination and ending on the sixth monthly anniversary date of the
first pay date, (C) addition of the cost of Company-provided health insurance to each severance payment made in accordance with
Section 4(e)(B) above, and (D) the bonus described in Section 3(a)(ii) above for the calendar year in which such
termination occurs if Executive would have otherwise been entitled to receive such bonus had his employment not been terminated
(provided that if the date of such termination occurs prior to the last day of the calendar year in respect of which such bonus
is awarded, then such bonus will be prorated upon the number of days elapsed prior to Executive's date of termination). Any such
bonus amount payable under this Section 4(e) will be payable at such time as such amount would have been payable had Executive's
employment not been terminated. In addition to the foregoing, the Company shall provide to Executive, for a period of up to six
(6) months following the date of termination of employment with the Company, outplacement services, including, but not limited
to: instruction and counseling to assess and develop job goals and interviewing, networking and negotiating skills; assistance
with resume preparation and initiation of a job search; secretarial support, and the use of private offices at the outplacement
firm's premises. Executive and the Company shall agree upon the outplacement services provider, and the aggregate cost of such
services under this Section 4(e) shall not exceed Seventy Five Hundred Dollars ($7,500).

 

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As a condition to the Company's obligations
to make the payments described in this Section 4(e), the Company and Executive will execute and deliver within 30 days
after the date of termination of employment a general mutual release in the form reasonably required by the Company. Notwithstanding
anything in this Agreement to the contrary, the Company will have no obligation to pay any amounts payable under this Section
4(e) during such times as Executive is in breach of Sections 5, 6, or 7 hereof.

 

(f)           Other. Except as otherwise
expressly provided herein, all of Executive's rights to salary, bonuses, employee benefits and other compensation hereunder which
would have accrued or become payable after the termination or expiration of the Employment Period shall cease upon such termination
or expiration, other than those expressly required under applicable law.

 

(g)           Definition of "Cause.” For purposes of this Agreement, "Cause"
shall mean:

 

(l)           the
commission by Executive of a (i) felony or (ii) to the extent it compromises the best interests of the Company or renders Executive
unfit or unable to perform his services and duties hereunder, any other criminal act (excluding any such acts involving the operation
of a motor vehicle);

 

(2)           the commission by Executive of any act or any omission to act by Executive involving fraud,
dishonesty or disloyalty with respect to the Company or any of its customers or suppliers;

 

(3)           the continued failure by Executive to perform substantially his duties to the Company (other
than any such failure resulting from Executive's Disability) after written notice thereof (specifying the particulars thereof
in reasonable detail and requirements for remediation) and a reasonable opportunity to be heard and cure such failure, if cure
is possible under the circumstances, are given to Executive by the Board (it being agreed that such opportunity to be heard and
cure period shall not cumulatively exceed thirty (30) consecutive days from the date written notice of such failure to perform
is delivered by Executive); or

 

 (4)           a breach by Executive of Sections 5, 6, or 7 hereof.

 

Notwithstanding the foregoing,
immediately following a "Change in Control" of the Company, the definition of Cause shall exclude Subsection 4(g)(3)
above.

 

(h)           Definition of Good Reason. A termination by Executive for "Good Reason"
means Executive's resignation from employment by the Company, after any of the following and not later than thirty (30) days following
the expiration of the Cure Period (defined below):

 

(1)           a decrease of ten percent (10%) or more in Executive's Base Salary;

 

(2)           a material diminution in Executive's authority, duties, or responsibilities;

 

(3)           a requirement that Executive relocate his primary office to a location more than fifty (50)
miles away from the current geographic location at which Executive performs services; or

 

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(4)           any other action or inaction that constitutes a material breach by the Company of this Agreement.

 

No occurrence shall constitute
a basis for a termination for "Good Reason" unless Executive notifies the Company, in writing, within thirty (30) days
after such occurrence that Executive considers such occurrence to be a basis for a termination with "Good Reason" and,
the Company fails to cure such occurrence within (30) days following receipt of such notice. The Company and Executive intend
that a resignation by Executive for Good Reason, as defined above, constitutes an involuntary separation from service within the
meaning of Section 409A of the Internal Revenue Code (the "Code").

 

(i)           Definition of Change in Control. For purposes of this Agreement, "Change in
Control" shall mean (a) the acquisition of ownership, directly or indirectly, beneficially or of record, by any person
or group (within the meaning of the Securities Exchange Act of 1934, as amended, and the rules promulgated thereunder as then
in effect) of shares representing more than 50% of the aggregate voting power represented by the issued and outstanding capital
stock of the Company entitled to vote in the election of directors, (b) the occupation of a majority of the seats (other than
vacant seats) on the Board by persons who were neither (i) nominated by the Board; nor (ii) appointed by directors so nominated,
(c) the dissolution or liquidation of the Company, (d) a reorganization, merger, or consolidation of the Company with one or more
entities as a result of which the holders of the Company's outstanding equity securities prior to such transaction do not hold
equity securities representing a majority of the voting power of the surviving entity, or (e) the sale of all or substantially
all of the Company's assets.

 

5.           Confidential Information and Trade Secrets.

 

(a)           “Confidential Information” means information (to the extent it is not a Trade Secret), whether oral,
written, recorded, magnetically or electronically or otherwise stored and whether originated by Executive or otherwise coming
into the possession or knowledge of Executive, which is possessed by or developed for the Company and which relates to the Company’s
existing or potential business, which information is not reasonably ascertainable by the Company’s competitors or by the
general public through lawful means, and which information the Company treats as confidential, including but not limited to information
regarding the Company’s products or services, specifications, designs, processes, business affairs, business plans, strategies,
finances, computer programs, research, customer development, planning, purchasing, finance, marketing, customer relations and
customer information, and other information received by the Company from others which the Company has an obligation to treat as
confidential. “Trade Secret” means a trade secret as that term is defined under Wis. Stat. §134.90.

 

(b)           Confidentiality Obligations. During the Employment Period and for a period of two (2) years after the termination
of Executive’s employment with the Company, regardless of the reason for such termination, Executive shall not use or disclose
any of the Company’s Confidential Information. Additionally, during and after termination of employment with the Company,
Executive shall not use or disclose the Company’s Trade Secrets so long as they remain Trade Secrets.

 

6.           Intellectual Property; Inventions and Patents. Executive acknowledges and agrees that all inventions, innovations,
improvements, developments, methods, designs, analyses, drawings, reports and all similar or related information (whether or not
patentable) which relate to the Company's or any of its Subsidiaries' actual or anticipated business, research and development
or existing or future products or services and which are conceived, developed or made by Executive while employed by the Company
("Work Product") belong to the Company or such Subsidiary. Executive will promptly disclose such Work Product
to the Board and perform all actions reasonably requested by the Board (whether during or after the Employment Period) to establish
and confirm such ownership (including, without limitation, assignments, consents, powers of attorney and other instruments).

 

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7.           Noncompetition; Non-Solicitation.

 

(a)           Noncompetition. Executive acknowledges that in the course of his employment with the Company he shall become familiar
with the Company's trade secrets and with other Confidential Information concerning the Company and its Subsidiaries and that
his services shall be of special and unique value to the Company and its Subsidiaries. Therefore, Executive agrees that, during
the period of Executive's employment with the Company and for period of twelve (12) consecutive months immediately following the
date of Executive's termination of employment by the Company (the "Noncompete Period"), he shall not, without
prior written approval by the Board, directly or indirectly participate in any country in which the Company is doing business
at the time of Executive's termination of employment with the Company in any business competing with the businesses of the Company
or its Subsidiaries conducted during the Employment Period (collectively, the "Business"), either as a partner,
proprietor, shareholder, officer, director, agent, employee, consultant or otherwise. Executive agrees and acknowledges that the
potential harm to the Company of its non-enforcement outweighs any harm to Executive of its enforcement by injunction or otherwise.
Executive further acknowledges and agrees that each and every restraint imposed by this Agreement is reasonable with respect to
subject matter, time period and geographical area. Nothing herein shall prohibit Executive from being a passive owner of not more
than five percent (5%) of the outstanding securities of any publicly traded company engaged in the Business, so long as Executive
has no active participation in the Business of such company, unless otherwise approved by the Board.

 

(b)           Non-Solicitation. During the Noncompete Period, Executive shall not directly or indirectly (i) induce or attempt
to induce any employee of the Company or any Subsidiary to leave the employ of the Company or such Subsidiary (other than through
general advertisements for employment not directed at employees of the Company or any of its Subsidiaries), (ii) solicit to hire
any person who was an employee of the Company or any Subsidiary at any time during the six (6) months preceding the termination
of the Employment Period (other than through general advertisements for employment not directed at employees of the Company or
any of its Subsidiaries) or (iii) solicit or attempt to solicit for the purpose of engaging in any business in which the Company
was engaged at the time of Executive's termination of employment and in which the Company was still engaged at the time of Executive's
solicitation, any customer who was a customer of the Company during the last twelve (12) months of Executive's employment with
the Company.

 

(c)           Enforcement. If at the time of enforcement of Sections 5, 6, or 7 of this Agreement a court holds
that the restrictions stated herein are unreasonable under circumstances then existing, the parties hereto agree that the maximum
period, scope or geographical area reasonable under such circumstances shall be substituted for the stated period, scope, or area.
Because Executive's services are unique and because Executive has access to Confidential Information and Work Product, the parties
hereto agree that money damages would not be an adequate remedy for any breach of this Agreement. Therefore, in the event a breach
or threatened breach of this Agreement, the Company or its successors or assigns may, in addition to other rights and remedies
existing in their favor, apply to any court of competent jurisdiction for specific performance and/or injunctive or other relief
in order to enforce, or prevent any violations of, the provisions hereof (without posting a bond or other security). In addition,
in the event of an alleged breach or violation by Executive of Section 7(a) or 7(b), the Noncompete Period will
be tolled during the pendency of any proceeding (including any arbitration) over such breach or violation, provided that such
proceeding was initiated during the Noncompete Period. Executive agrees that the restrictions contained in Sections 5, 6,
and 7 are reasonable.

 

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8.           Section 280G.

 

(a)           If any of the payments or benefits received or to be received by Executive (including, without limitation, any payment
or benefits received in connection with a Change in Control or Executive's termination of employment, whether pursuant to the
terms of this Agreement or any other plan, arrangement or agreement, or otherwise) (all such payments collectively referred to
herein as the “280G Payments”) constitute “parachute payments” within the meaning
of Section 280G of the Code and would, but for this Section 8, be subject to the excise tax imposed under Section 4999
of the Code (the “Excise Tax”), then prior to making the 280G Payments, a calculation shall be made comparing
(i) the Net Benefit (as defined below) to Executive of the 280G Payments after payment of the Excise Tax to (ii) the Net Benefit
to Executive if the 280G Payments are limited to the extent necessary to avoid being subject to the Excise Tax. Only if the amount
calculated under (i) above is less than the amount under (ii) above will the 280G Payments be reduced to the minimum extent necessary
to ensure that no portion of the 280G Payments is subject to the Excise Tax. “Net Benefit” shall mean the present
value of the 280G Payments net of all federal, state, local, foreign income, employment, and excise taxes. Any reduction made
pursuant to this Section 8 shall be made in a manner determined by the Company that is consistent with the requirements
of Section 409A.

 

(b)           All calculations and determinations under this Section 8 shall be made by an independent accounting firm or independent
tax counsel appointed by the Company (the “Tax Counsel”) whose determinations shall be conclusive and binding
on the Company and Executive for all purposes. For purposes of making the calculations and determinations required by this Section
8, the Tax Counsel may rely on reasonable, good faith assumptions and approximations concerning the application of Section
280G and Section 4999 of the Code. The Company and Executive shall furnish the Tax Counsel with such information and documents
as the Tax Counsel may reasonably request in order to make its determinations under this Section 8. The Company shall bear
all costs the Tax Counsel may reasonably incur in connection with its services.

 

9.           Section 409A.

 

(a)           General Compliance. This Agreement is intended to comply with Section 409A or an exemption thereunder and shall
be construed and administered in accordance with Section 409A. Notwithstanding any other provision of this Agreement, payments
provided under this Agreement may only be made upon an event and in a manner that complies with Section 409A or an applicable
exemption. Any payments under this Agreement that may be excluded from Section 409A either as separation pay due to an involuntary
separation from service or as a short-term deferral shall be excluded from Section 409A to the maximum extent possible. For purposes
of Section 409A, each installment payment provided under this Agreement shall be treated as a separate payment. Any payments to
be made under this Agreement upon a termination of employment shall only be made upon a "separation from service" under
Section 409A. Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided under
this Agreement comply with Section 409A, and in no event shall the Company be liable for all or any portion of any taxes, penalties,
interest, or other expenses that may be incurred by Executive on account of non-compliance with Section 409A.

 

(b)           Specified Employee. Notwithstanding any other provision of this Agreement, if any payment or benefit provided to
Executive in connection with his termination of employment is determined to constitute "nonqualified deferred compensation"
within the meaning of Section 409A and Executive is determined to be a "specified employee" as defined in Section 409A(a)(2)(b)(i),
then such payment or benefit shall not be paid until the first payroll date to occur following the six-month anniversary of the
Termination Date or, if earlier, on Executive's death (the "Specified Employee Payment Date"). The aggregate
of any payments that would otherwise have been paid before the Specified Employee Payment Date shall be paid to Executive in a
lump sum on the Specified Employee Payment Date and thereafter, any remaining payments shall be paid without delay in accordance
with their original schedule.

 

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(c)           Reimbursements. To the extent required by Section 409A, each reimbursement or in-kind benefit provided under this
Agreement shall be provided in accordance with the following:

 

(i)           the amount of expenses eligible for reimbursement, or in-kind benefits provided, during each calendar year cannot affect
the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year;

 

(ii)           any reimbursement of an eligible expense shall be paid to Executive on or before the last day of the calendar year following
the calendar year in which the expense was incurred; and

 

(iii)           any right to reimbursements or in-kind benefits under this Agreement shall not be subject to liquidation or exchange for
another benefit.

 

(d)           Tax Gross-ups. Any tax gross-up payments provided under this Agreement shall be paid to Executive on or before December
31 of the calendar year immediately following the calendar year in which Executive remits the related taxes.

 

10.           Miscellaneous.

 

(a)           Survival. Except as otherwise provided in this Agreement,
Sections 4 through 10, inclusive, shall survive and continue in full force in accordance with their terms notwithstanding the
expiration or termination of the Employment Period.

 

(b)           Notices. Any notice provided for in this Agreement
shall be in writing and shall be either personally delivered, sent by reputable overnight courier service or mailed by first class
mail, return receipt requested, to the recipient at the address below indicated:

 

Notices to Executive:

 

	 	John E. Friend
	 	[REDACTED]
	 	[REDACTED]

 

Notices to the Company:

 

	 	Cellectar Biosciences, Inc.
	 	3301 Agriculture Drive
	 	Madison, WI  53716
	 	 		 
	 	Attention:	Board of Directors
	 	 	Chief Executive Officer and Secretary

 

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or such other address
or to the attention of such other person as the recipient party shall have specified by prior written notice to the sending party.
Any notice under this Agreement shall be deemed to have been given when so delivered, sent or mailed.

 

(c)           Severability. Whenever possible, each provision of this Agreement shall 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 shall not affect
any other provision of this Agreement or any action in any other jurisdiction, but this Agreement shall be reformed, construed
and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein.

 

(d)           Complete Agreement. This Agreement, those documents expressly referred to herein and
other documents of even date herewith embody the complete agreement and understanding among the parties and supersede and preempt
any prior understandings, agreements or representations by or among the parties, written or oral, which may have related to the
subject matter hereof in any way.

 

(e)           No Strict Construction. The language used in this Agreement shall be deemed to be
the language chosen by the parties hereto to express their mutual intent, and no rule of strict construction shall be applied
against any party.

 

(f)           Counterparts. This Agreement may be executed in separate counterparts, each of which
is deemed to be an original and all of which taken together constitute one and the same agreement.

 

(g)           Successors and Assigns. This Agreement shall bind and inure to the benefit of and
be enforceable by Executive, the Company and their respective heirs, successors and assigns, except that Executive may not assign
his rights or delegate his duties or obligations hereunder without the prior written consent of the Company.

 

The Company will require
any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the
business and/or assets of the Company to assume expressly and agree to perform this Agreement in the same manner and to the same
extent that the Company would be required to perform it if no such succession had taken place. As used in this Agreement, “company”
shall mean the Company as herein before defined and any successor to its business and/or assets as aforesaid which assumes and
agrees to perform this Agreement by operation of law, or otherwise.

 

(h)           Choice of Law. All issues and questions concerning the construction, validity, enforcement
and interpretation of this Agreement and the exhibits and schedules hereto shall be governed by, and construed in accordance with,
the laws of the State of Wisconsin, without giving effect to any choice of law or conflict of law rules or provisions (whether
of the State of Wisconsin or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than
the State of Wisconsin. Subject to Section 10(i) below, each party hereby expressly and irrevocably agrees that any case
or controversy related to this Agreement must be conducted in state Circuit Court in Dane County, Wisconsin, or the United States
District Court for the Western District of Wisconsin. Each party hereby irrevocably consents to personal jurisdiction in such
court and to accept service of process in accordance with the provisions of the laws of the State of Wisconsin. Executive hereby
waives any and all right to trial by jury in any action or proceeding related to this Agreement. 

 

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(i)           Dispute Resolution. Because disputes arising in connection with complex agreements
are most quickly and economically resolved by an experienced and expert person, the parties agree that claims relating to an alleged
breach of this Agreement (excluding claims arising under Sections 5, 6, and/or 7) shall be resolved by binding arbitration
with a single arbitrator before the American Arbitration Association in Madison, Wisconsin, pursuant to the then-applicable rules
of the American Arbitration Association. If Executive is determined in such arbitration to be successful in asserting his rights,
Executive shall be entitled to reimbursement of all legal fees reasonably incurred in asserting Executive's rights under the Agreement.

 

(j)           Amendment and Waiver. The provisions of this Agreement may be amended or waived only
with the prior written consent of the Company (as approved by the Board) and Executive, and no course of conduct or course of
dealing or failure or delay by any party hereto in enforcing or exercising any of the provisions of this Agreement (including,
without limitation, the Company's right to terminate the Employment Period for Cause) shall affect the validity, binding effect
or enforceability of this Agreement or be deemed to be an implied waiver of any provision of this Agreement.

 

(k)           Insurance. The Company may, at its discretion, apply for and procure in its own name
and for its own benefit life and/or disability insurance on Executive in any amount or amounts considered advisable. Executive
agrees to cooperate in any medical or other examination, supply any information and execute and deliver any applications or other
instruments in writing as may be reasonably necessary to obtain and constitute such insurance. Executive hereby represents that
he has no reason to believe that his life is not insurable at rates now prevailing for healthy men of his age.

 

(l)           Executive's Cooperation. During the Employment Period and thereafter, Executive shall
cooperate with the Company and its Subsidiaries in any internal investigation, any administrative, regulatory or judicial investigation
or proceeding or any dispute with a third party as reasonably requested by the Company (including, without limitation, Executive
being available to the Company upon reasonable notice for interviews and factual investigations, appearing at the Company's request
to give testimony without requiring service of a subpoena or other legal process, volunteering to the Company all pertinent information
and turning over to the Company all relevant documents which are or may come into Executive's possession, all at times and on
schedules that are reasonably consistent with Executive's other permitted activities and commitments).

 

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

 

	 	CELLECTAR BIOSCIENCES, INC.	 
	 	 	 	 
	 	 	 	 
	 	 	By: 	/s/ Chad Kolean	 
	 	 	 	 
	 	 	Its:   	Vice President and Chief Financial Officer	 
	 	 	 	 
	 	 	 	 
	 	EXECUTIVE	 
	 	 	 	 
	 	 	 	 
	 	/s/ John E. Friend II	 
	 	John E. Friend II	 

 

 

    	 	11Exhibit

EXHIBIT 10.4
    
SNYDER’S-LANCE, INC.

2017 Enterprise Incentive Plan

1.Purposes and Introduction.  The Enterprise Incentive Plan (the “Plan”) provides for Performance Non-Qualified Stock Options and Performance Restricted Stock, or cash Awards under the Snyder’s-Lance, Inc. 2016 Key Employee Incentive Plan (the “Incentive Plan”).  Except as otherwise expressly defined herein, capitalized terms shall be as defined in the Incentive Plan.  The primary purposes of the Plan are to:

		
	•
	Ensure a strong commitment to the Company’s performance transformation by providing a meaningful reward that motivates and excites associates to be part of the three year plan.

•Foster cross-functional collaboration and a positive Company spirit.

2.Performance Periods.  Awards shall be made under the Plan for the period commencing as of August 31 and ending as of the end of the 2020 fiscal year (the “Performance Period”). 

3.Eligibility and Participation.  Eligibility in the Plan is defined as all salaried associates in the US and Canada and the Managing Director of the UK business, as reviewed and approved by the Compensation Committee.  An employee hired or promoted into an eligible position during the Performance Period will not participate in the Plan, except to the extent otherwise determined by the Compensation Committee.  

4.Target Incentive.  Each Participant will be assigned a Target Incentive for the Performance Period, stated as a percent of Long Term Incentive Plan targeted amount based on salary as of August 31, 2017 or as a percentage of base salary as of August 31, 2017 or such other amount as determined by the Compensation Committee.  The amount of the Target Incentive will be delivered in the form of one or more awards as described below.

5.Awards.  For associates who currently do not participate in the Long Term Incentive Plan, awards will be made in cash at the end of the Performance Period and paid in full in quarter one of 2021.  For associates eligible for the Long Term Incentive Plan, the Target Incentive for the Performance Period will be divided among an award of 50% Performance Nonqualified Stock Options (the “Performance Stock Option Incentive”) and an award of 50% Performance Restricted Stock (the “Performance Restricted Stock Incentive”), as determined by the Compensation Committee.  The following provides additional details about the terms of these awards, unless and until changed by the Compensation Committee:

		
	a.
	Stock Options.  The number of Performance Non-Qualified Stock Options awarded to each Participant for the Performance Period will equal the dollar value of the Participant’s Performance Stock Option Incentive divided by the Black-Scholes value of the Performance Non-Qualified Stock Options, with the result rounded up to the nearest multiple of three shares.  The grant date for Performance Non-Qualified Stock Options will be the date during the Performance Period specified by the Compensation Committee upon approval of the awards and the exercise price will be the Fair Market Value of the Common Stock, which is the closing price of the Common Stock, on the grant date. Each Performance Non-Qualified Stock Option will be earned at the end of the Performance Period as described below in 5c and will vest 50% in quarter one of 2021 and 50% in quarter one of 2022.  The term of each Performance Non-Qualified Stock Option will be ten years. 

		
	b.
	Performance Restricted Stock.  The number of Performance Restricted Stock awarded to each Participant for a Plan Year will equal the dollar value of the Participant’s Performance Restricted Stock Incentive divided by the closing price of the Common Stock on the grant date, with the results rounded to the nearest whole share.  The grant date for Performance Restricted Stock will be the date during the Performance Period specified by the Compensation Committee upon approval of the awards and the value shall be the Fair Market Value of the Common Stock on the grant date.  Performance Restricted Stock Awards for the Performance Period will be earned at the end of the Performance Period as described below in 5c and will vest 50% in quarter one of 2021 and 50% in quarter one of 2022.  Restrictions shall lapse as of the end of the Performance Period.  

		
	c.
	Performance Goals.  The Compensation Committee will establish the Performance Goals and formula, including Threshold, Target and Maximum performance levels (to the extent applicable), for the Performance Non-Qualified Stock Options and the Performance Restricted Stock. If more than one Performance Goal applies for a Performance Period, the Compensation Committee will establish the relative weighting of the Performance Goals.  For awards intended to be Qualified Performance-Based Awards, the Compensation Committee will establish the Performance Goals in a manner consistent with that intent.  Award funding levels will be determined based on actual performance over the Performance Period as follows:

Threshold      Target         Maximum
Award Level Funded           50%               100%           200%

The Threshold and Maximum funding levels will be determined by the Compensation Committee at the time the terms of the Performance Restricted Stock Award are established.  Percent of payout will be determined on a straight line basis from Threshold to Target and from Target to Maximum, and may be subject to further adjustment as specified in the formula established by the Compensation Committee.  There will be no payout unless the Thresholds for both applicable Performance Goals are reached.  Threshold, Target and Maximum levels will be defined at the beginning of the Performance Period for the applicable Performance Goals.  The Performance Goals and formula for the Performance Period will be communicated to each Participant as soon as practicable after they have been established.  Final Performance Non-Qualified Stock Options and Performance Restricted Stock Awards will be calculated after the Compensation Committee has reviewed the Company’s audited financial statements for the Performance Period and determined the performance level achieved. 
Progress reports should be made to Participants annually, showing performance results.  
 
6.Certain Termination of Employment.  Unless and until the Compensation Committee determines otherwise and except as set forth below, in the event a Participant voluntarily terminates employment (other than by Retirement) or is terminated involuntarily for cause or for performance during and before the end of a Performance Period, the Participant shall not receive any Performance Non-Qualified Stock Option or Performance Restricted Stock Award hereunder.    

In the event of a Participant’s involuntary termination by the Company without cause or for reasons other than performance (as determined by the Compensation Committee, in its sole discretion), death, Disability or Retirement before the end of a Performance Period, any Performance Non-Qualified Stock Option or Performance Restricted Stock Award will be prorated to the date of such event based the number of days employed during the Performance Period divided by the total number of days in the Performance Period (the “Proration”).  The total number of such awards (rounded to the nearest share) shall be determined by multiplying the number of Performance Non-Qualified Stock Options and Performance Restricted Stock 

as determined in accordance with Section 5 by the Proration.  Further, such awards shall continue to vest (become exercisable or restrictions lapse, as applicable) in accordance with Section 5.
   
“Retirement” means the Participant’s termination of employment with the Company either (i) after attainment of age 65 or (ii) after attainment of age 55 with the prior consent of the Compensation Committee, provided that for purposes of this Plan a Participant (A) who has attained age 55 and (B) whose combined age and years of service with the Company (as determined by the Company in its discretion based on payroll records) equals at least 65 will be eligible for Retirement without the prior consent of the Compensation Committee.

With respect to Performance Non-Qualified Stock Options, (a) upon a Participant’s voluntary termination of employment (other than Retirement) or involuntary termination of employment by the Company, vested Performance Non-Qualified Stock Options will remain exercisable for a period of 90 days following the date of termination (or, if earlier, the original expiration date of such award); (b) if a Participant dies, vested Performance Non-Qualified Stock Options will remain exercisable for a period of one year following the date of death (or, if earlier, the original expiration date of the award); provided, that if the Participant dies during the Performance Period, such prorated award will remain exercisable for the one year period following vesting as determined in Section 5; and (c) upon a Participant’s Retirement, vested Performance Non-Qualified Stock Options will remain exercisable for a period of three years following such Retirement (or, if earlier, the original expiration date of the award); provided, that is the Participant retires during the Performance Period, such prorated award will remain exercisable for a period of three years following vesting as determined in Section 5.

7.Change in Control.  In the event of a Change in Control, (i) unvested Performance Non-Qualified Stock Options and unvested Performance Restricted Stock will vest based on achievement of quarterly targets established and based on a pro-rata calculation of the performance cycle and (ii) such payouts will be made within thirty days upon the closing of the Change in Control transaction and shall be in the form designated in by the Change in Control transaction agreement

8.Clawback.  Notwithstanding any other provision of this Plan to the contrary, any award hereunder received by the Participant and/or any amount received with respect to any sale of any such Common Stock underlying the award, shall be subject to potential cancellation, recoupment, rescission, payback or other action in the event the Compensation Committee determines that the Participant engaged in an act of embezzlement, fraud, breach of fiduciary duty or deliberate disregard for Company rules regarding loss, damage or injury to the Company.

9.Withholding.  The Company shall withhold from awards any Federal, foreign, state or local income or other taxes required to be withheld, as and when so required.

10.Executive Officers.  Notwithstanding any provisions to the contrary above, participation, awards and pro-rations for Executive Officers, including the Chief Executive Officer, shall be approved by the Compensation Committee.

11.Stockholder Approval.  The Plan and the awards hereunder are made pursuant to the Incentive Plan, which was most recently approved by the Company’s stockholders at the Annual Meeting of Stockholders held on March 30, 2016.

12.Governance.  The Compensation Committee is ultimately responsible for the administration and governance of the Plan.  Actions requiring Compensation Committee approval include final determination of plan eligibility and participation, identification of types of awards provided, performance 

measures and performance objectives and final award determinations.  The Compensation Committee may adjust any award due to extraordinary events such as acquisitions, dispositions, discontinued operations, required accounting adjustments or similar events, all as specified in Section 11(d) of the Incentive Plan; provided, however, that the Compensation Committee shall at all times be required to exercise this discretionary power in a manner, and subject to such limitations, as will permit all payments under the Plan to “covered employees,” as defined in Section 162(m) of the Internal Revenue Code, to continue to qualify as “performance-based compensation” for purposes of Section 162(m) of the Code.  In addition, under the Incentive Plan, the Compensation Committee retains the discretion to reduce any award amount from the amount otherwise determined under the applicable formula.  Subject to the foregoing, the decisions of the Compensation Committee shall be conclusive and binding on all Participants.
  
APPROVED BY THE COMPENSATION COMMITTEE OF THE BOARD OF DIRECTORS OF THE CORPORATION ON AUGUST 31, 2017.

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