Document:

Exhibit 4.4

 

 

 

Cellectar Biosciences, Inc.

 

and

 

American Stock Transfer & Trust Company,
LLC, as

Warrant Agent

 

 

 

Warrant Agency Agreement

 

Dated as of April __, 2016

 

     

     

    

 

WARRANT AGENCY AGREEMENT

 

WARRANT AGENCY AGREEMENT,
dated as of April __, 2016 (“Agreement”), between Cellectar Biosciences, Inc., a Delaware corporation (the “Company”),
and American Stock Transfer & Trust Company, LLC, a New York limited liability trust company (the “Warrant Agent”).

 

WITNESSETH

 

WHEREAS, pursuant to
a registered offering by the Company of shares of common stock, par value $0.00001 per share (the “Common Stock”),
Series A-2016 warrants to purchase shares of Common Stock (the “Series A Warrants” or the “Warrants”)
and Series B-2016 pre-funded warrants to purchase shares of Common Stock, pursuant to an effective registration statement on Form
S-1 (File No. 333-208638) (the “Registration Statement”), the Company wishes to issue Series A Warrants in book
entry form entitling the respective holders of the Warrants (the “Holders”, which term shall include a Holder’s
transferees, successors and assigns) to purchase an aggregate of up to __________ shares of Common Stock upon the terms and subject
to the conditions hereinafter set forth (the “Offering”);

 

WHEREAS, the shares
of Common Stock and Warrants to be issued in connection with the Offering shall be immediately separable and will be issued separately,
but will be purchased together in the Offering; and

 

WHEREAS, the Company
wishes the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing so to act, in connection with the issuance,
registration, transfer, exchange, exercise and replacement of the Warrants and, in the Warrant Agent’s capacity as the Company’s
transfer agent, the delivery of the Warrant Shares (as defined below).

 

NOW, THEREFORE, in
consideration of the premises and the mutual agreements herein set forth, the parties hereby agree as follows:

 

Section 1. Certain
Definitions. For purposes of this Agreement, the following terms have the meanings indicated:

 

(a) “Business
Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or
any day on which the New York Stock Exchange is authorized or required by law or other governmental action to close.

 

(b) “Close
of Business” on any given date means 5:00 p.m., New York City time, on such date; provided, however, that
if such date is not a Business Day it means 5:00 p.m., New York City time, on the next succeeding Business Day.

 

(c) “Person”
means an individual, corporation, association, partnership, limited liability company, joint venture, trust, unincorporated organization,
government or political subdivision thereof or governmental agency or other entity.

 

(d) “Warrant
Certificate” means a certificate in substantially the form attached as Exhibit 1 hereto, representing such number
of Warrant Shares as is indicated therein, provided that any reference to the delivery of a Warrant Certificate in this Agreement
shall include delivery of notice from the Depositary or a Participant (each as defined below) of the transfer or exercise of Warrant
in the form of a Global Warrant (as defined below).

 

(e) “Warrant
Shares” means the shares of Common Stock underlying the Warrants and issuable upon exercise of the Warrants.

 

All other capitalized
terms used but not otherwise defined herein shall have the meaning ascribed to such terms in the Warrant Certificate.

 

Section 2. Appointment
of Warrant Agent. The Company hereby appoints the Warrant Agent to act as agent for the Company in accordance with the terms
and conditions hereof, and the Warrant Agent hereby accepts such appointment. The Company may from time to time appoint a Co-Warrant
Agent as it may, in its sole discretion, deem necessary or desirable. The Warrant Agent shall have no duty to supervise, and will
in no event be liable for the acts or omissions of, any co-Warrant Agent.

 

Section 3. Global
Warrants.

 

(a) The Warrants
shall be issuable in book entry form (the “Global Warrants”). All of the Warrants shall initially be represented
by one or more Global Warrants deposited with the Warrant Agent and registered in the name of Cede & Co., a nominee of The
Depository Trust Company (the “Depositary”), or as otherwise directed by the Depositary. Ownership of beneficial
interests in the Warrants shall be shown on, and the transfer of such ownership shall be effected through, records maintained by
(i) the Depositary or its nominee for each Global Warrant or (ii) institutions that have accounts with the Depositary (such institution,
with respect to a Warrant in its account, a “Participant”).

 

    	 	2	 

     

    

 

(b) If the Depositary
subsequently ceases to make its book-entry settlement system available for the Warrants, the Company may instruct the Warrant Agent
regarding other arrangements for book-entry settlement. In the event that the Warrants are not eligible for, or it is no longer
necessary to have the Warrants available in, book-entry form, the Warrant Agent shall provide written instructions to the Depositary
to deliver to the Warrant Agent for cancellation each Global Warrant, and the Company shall instruct the Warrant Agent to deliver
to each Holder a Warrant Certificate.

 

Section 4. Form
of Warrant Certificates. The Warrant Certificate, together with the form of election to purchase Common Stock (the “Exercise
Notice”) and the form of assignment to be printed on the reverse thereof, shall be substantially in the form of Exhibit
1 hereto.

 

Section 5. Countersignature
and Registration. The Warrant Certificates shall be executed on behalf of the Company by its Chief Executive Officer, Chief
Financial Officer or Vice President, either manually or by facsimile signature, and have affixed thereto the Company’s seal
or a facsimile thereof which shall be attested by the Secretary or an Assistant Secretary of the Company, either manually or by
facsimile signature. The Warrant Certificates shall be countersigned by the Warrant Agent either manually or by facsimile signature
and shall not be valid for any purpose unless so countersigned. In case any officer of the Company who shall have signed any of
the Warrant Certificates shall cease to be such officer of the Company before countersignature by the Warrant Agent and issuance
and delivery by the Company, such Warrant Certificates, nevertheless, may be countersigned by the Warrant Agent, issued and delivered
with the same force and effect as though the person who signed such Warrant Certificate had not ceased to be such officer of the
Company; and any Warrant Certificate may be signed on behalf of the Company by any person who, at the actual date of the execution
of such Warrant Certificate, shall be a proper officer of the Company to sign such Warrant Certificate, although at the date of
the execution of this Warrant Agreement any such person was not such an officer.

 

The Warrant Agent will
keep or cause to be kept, at one of its offices, or at the office of one of its agents, books for registration and transfer of
the Warrant Certificates issued hereunder. Such books shall show the names and addresses of the respective Holders of the Warrant
Certificates, the number of warrants evidenced on the face of each of such Warrant Certificate and the date of each of such Warrant
Certificate. The Warrant Agent will create a special account for the issuance of Warrant Certificates.

 

Section 6. Transfer,
Split Up, Combination and Exchange of Warrant Certificates; Mutilated, Destroyed, Lost or Stolen Warrant Certificates. Subject
to the provisions of the Warrant Certificate and the last sentence of this first paragraph of Section 6 and subject to applicable
law, rules or regulations, or any “stop transfer” instructions the Company may give to the Warrant Agent, at any time
after the closing date of the Offering, and at or prior to the Close of Business on the Termination Date (as such term is defined
in the Warrant Certificate), any Warrant Certificate or Warrant Certificates or Global Warrant or Global Warrants may be transferred,
split up, combined or exchanged for another Warrant Certificate or Warrant Certificates or Global Warrant or Global Warrants, entitling
the Holder to purchase a like number of shares of Common Stock as the Warrant Certificate or Warrant Certificates or Global Warrant
or Global Warrants surrendered then entitled such Holder to purchase. Any Holder desiring to transfer, split up, combine or exchange
any Warrant Certificate or Global Warrant shall make such request in writing delivered to the Warrant Agent, and shall surrender
the Warrant Certificate or Warrant Certificates to be transferred, split up, combined or exchanged at the principal office of the
Warrant Agent, provided that no such surrender is applicable to the Holder of a Global Warrant. Any requested transfer of Warrants,
whether in book-entry form or certificate form, shall be accompanied by reasonable evidence of authority of the party making such
request that may be required by the Warrant Agent. Thereupon the Warrant Agent shall, subject to the last sentence of this first
paragraph of Section 6, countersign and deliver to the Person entitled thereto a Warrant Certificate or Warrant Certificates, as
the case may be, as so requested. The Company may require payment from the Holder of a sum sufficient to cover any tax or governmental
charge that may be imposed in connection with any transfer, split up, combination or exchange of Warrant Certificates. The Company
shall compensate the Warrant Agent per the fee schedule mutually agreed upon by the parties hereto and provided separately on the
date hereof.

 

Upon receipt by the
Warrant Agent of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of a Warrant Certificate,
which evidence shall include an affidavit of loss, or in the case of mutilated certificates, the certificate or portion thereof
remaining, and, in case of loss, theft or destruction, of indemnity in customary form and amount, and satisfaction of any other
reasonable requirements established by Section 8-405 of the Uniform Commercial Code as in effect in the State of Delaware, and
reimbursement to the Company and the Warrant Agent of all reasonable expenses incidental thereto, and upon surrender to the Warrant
Agent and cancellation of the Warrant Certificate if mutilated, the Company will make and deliver a new Warrant Certificate of
like tenor to the Warrant Agent for delivery to the Holder in lieu of the Warrant Certificate so lost, stolen, destroyed or mutilated.

 

    	 	3	 

     

    

 

Section 7. Exercise
of Warrants; Exercise Price; Termination Date.

 

(a) The Warrants shall
be exercisable commencing on the Issue Date. The Warrants shall cease to be exercisable and shall terminate and become void, and
all rights thereunder and under this Agreement shall cease, at or prior to the Close of Business on the Termination Date. Subject
to the foregoing and to Section 7(b) below, the Holder of a Warrant may exercise the Warrant in whole or in part upon surrender
of the Warrant Certificate, if required, with the executed Exercise Notice and payment of the Exercise Price pursuant to Section
2(a) of the Warrant Certificate, to the Warrant Agent at the principal office of the Warrant Agent or to the office of one of its
agents as may be designated by the Warrant Agent from time to time. In the case of the Holder of a Global Warrant, the Holder shall
deliver the executed Exercise Notice and payment of the Exercise Price pursuant to Section 2(a) of the Warrant Certificate. Notwithstanding
any other provision in this Agreement, a holder whose interest in a Global Warrant is a beneficial interest in a Global Warrant
held in book-entry form through the Depositary (or another established clearing corporation performing similar functions), shall
effect exercises by delivering to the Depositary (or such other clearing corporation, as applicable) the appropriate instruction
form for exercise, complying with the procedures to effect exercise that are required by the Depositary (or such other clearing
corporation, as applicable). The Company acknowledges that the bank accounts maintained by the Warrant Agent in connection with
the services provided under this Agreement will be in its name and that the Warrant Agent may receive investment earnings in connection
with the investment at Warrant Agent risk and for its benefit of funds held in those accounts from time to time. Neither the Company
nor the Holders will receive interest on any deposits or Exercise Price.

 

(b) Upon receipt
of an Exercise Notice for a Cashless Exercise, the Company will promptly calculate and transmit to the Warrant Agent the number
of Warrant Shares issuable in connection with such Cashless Exercise and deliver a copy of the Exercise Notice to the Warrant Agent,
which shall issue such number of Warrant Shares in connection with such Cashless Exercise.

 

(c) Upon the Warrant
Agent’s receipt of a Warrant Certificate at or prior to the Close of Business on the Termination Date set forth in such Warrant
Certificate, with the executed Exercise Notice and accompanied by payment of the Exercise Price pursuant to Section 2(a) of the
Warrant Certificate, the shares to be purchased (other than in the case of a Cashless Exercise) and an amount equal to any applicable
tax, governmental charge or expense reimbursement referred to in Section 6 in cash, or by certified check or bank draft payable
to the order of the Company (or, in the case of the Holder of a Global Warrant, the delivery of the executed Exercise Notice and
the payment of the Exercise Price pursuant to Section 2(a) of the Warrant Certificate (other than in the case of a Cashless Exercise)
and any other applicable amounts as set forth herein), the Warrant Agent shall cause the Warrant Shares underlying such Warrant
Certificate or Global Warrant to be delivered to or upon the order of the Holder of such Warrant Certificate or Global Warrant,
registered in such name or names as may be designated by such Holder, no later than the Warrant Share Delivery Date. If the Company
is then a participant in the DWAC system of the Depositary and either (A) there is an effective registration statement permitting
the issuance of the Warrant Shares to or resale of the Warrant Shares by Holder or (B) the Warrant is being exercised via Cashless
Exercise, then the certificates for Warrant Shares shall be transmitted by the Warrant Agent to the Holder by crediting the account
of the Holder’s broker with the Depositary through its DWAC system. For the avoidance of doubt, if the Company becomes obligated
to pay any amounts to any Holders pursuant to Section 2(d)(i) or 2(d)(iv) of the Warrant Certificate, such obligation shall be
solely that of the Company and not that of the Warrant Agent. Notwithstanding anything else to the contrary in this Agreement,
except in the case of a Cashless Exercise, if any Holder fails to duly deliver payment to the Warrant Agent of an amount equal
to the aggregate Exercise Price of the Warrant Shares to be purchased upon exercise of such Holder’s Warrant as set forth
in Section 7(a) hereof, the Warrant Agent will not obligated to deliver certificates representing any such Warrant Shares (via
DWAC or otherwise) until following receipt of such payment, and the applicable Warrant Share Delivery Date shall be deemed extended
by one day for each day (or part thereof) until such payment is delivered to the Warrant Agent.

 

(d) The Warrant Agent
shall deposit all funds received by it in payment of the Exercise Price for all Warrants in the account of the Company maintained
with the Warrant Agent for such purpose (or to such other account as directed by the Company in writing) and shall advise the Company
via telephone at the end of each day on which funds for the exercise of any Warrant are received of the amount so deposited to
its account. The Warrant Agent shall promptly confirm such telephonic advice to the Company in writing.

 

(e) In case the Holder
of any Warrant Certificate shall exercise fewer than all Warrants evidenced thereby, a new Warrant Certificate evidencing the number
of Warrants equivalent to the number of Warrants remaining unexercised may be issued by the Warrant Agent to the Holder of such
Warrant Certificate or to his duly authorized assigns in accordance with Section 2(d)(ii) of the Warrant Certificate, subject to
the provisions of Section 6 hereof.

 

    	 	4	 

     

    

 

Section 8. Cancellation
and Destruction of Warrant Certificates. All Warrant Certificates surrendered for the purpose of exercise, transfer, split
up, combination or exchange shall, if surrendered to the Company or to any of its agents, be delivered to the Warrant Agent for
cancellation or in canceled form, or, if surrendered to the Warrant Agent, shall be canceled by it, and no Warrant Certificates
shall be issued in lieu thereof except as expressly permitted by any of the provisions of this Agreement. The Company shall deliver
to the Warrant Agent for cancellation and retirement, and the Warrant Agent shall so cancel and retire, any other Warrant Certificate
purchased or acquired by the Company otherwise than upon the exercise thereof. The Warrant Agent shall deliver all canceled Warrant
Certificates to the Company, or shall, at the written request of the Company, destroy such canceled Warrant Certificates, and in
such case shall deliver a certificate of destruction thereof to the Company, subject to any applicable law, rule or regulation
requiring the Warrant Agent to retain such canceled certificates.

 

Section 9. Certain
Representations; Reservation and Availability of Shares of Common Stock or Cash.

 

(a) This Agreement
has been duly authorized, executed and delivered by the Company and, assuming due authorization, execution and delivery hereof
by the Warrant Agent, constitutes a valid and legally binding obligation of the Company enforceable against the Company in accordance
with its terms, and the Warrants have been duly authorized, executed and issued by the Company and, assuming due authentication
thereof by the Warrant Agent pursuant hereto and payment therefor by the Holders as provided in the Registration Statement, constitute
valid and legally binding obligations of the Company enforceable against the Company in accordance with their terms and entitled
to the benefits hereof; in each case except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium
and other similar laws relating to or affecting creditors’ rights generally or by general equitable principles (regardless
of whether such enforceability is considered in a proceeding in equity or at law).

 

(b) As of the date
hereof, the authorized capital stock of the Company consists of (i) 40,000,000 shares of Common Stock, of which __________ shares
of Common Stock are issued and outstanding, and __________ shares of Common Stock are reserved for issuance upon exercise of the
Warrants, and (ii) 7,000 shares of Preferred Stock, none of which are issued and outstanding. Except as disclosed in the Registration
Statement, there are no other outstanding obligations, warrants, options or other rights to subscribe for or purchase from the
Company any class of capital stock of the Company.

 

(c) The Company covenants
and agrees that it will cause to be reserved and kept available out of its authorized and unissued shares of Common Stock or its
authorized and issued shares of Common Stock held in its treasury, free from preemptive rights, the number of shares of Common
Stock that will be sufficient to permit the exercise in full of all outstanding Warrants.

 

(d) The Company further
covenants and agrees that it will pay when due and payable any and all federal and state transfer taxes and charges which may be
payable in respect of the original issuance or delivery of the Warrant Certificates or certificates evidencing Common Stock upon
exercise of the Warrants. The Company shall not, however, be required to pay any tax or governmental charge which may be payable
in respect of any transfer involved in the transfer or delivery of Warrant Certificates or the issuance or delivery of certificates
for Common Stock in a name other than that of the Holder of the Warrant Certificate evidencing Warrants surrendered for exercise
or to issue or deliver any certificate for shares of Common Stock upon the exercise of any Warrants until any such tax or governmental
charge shall have been paid (any such tax or governmental charge being payable by the Holder of such Warrant Certificate at the
time of surrender) or until it has been established to the Company’s reasonable satisfaction that no such tax or governmental
charge is due.

 

Section 10. Common
Stock Record Date. Each Holder shall be deemed to have become the holder of record for the Warrant Shares pursuant to Section
2(d)(i) of the Warrant Certificate.

 

Section 11. Adjustment
of Exercise Price, Number of Shares of Common Stock or Number of the Company Warrants. The Exercise Price, the number of shares
covered by each Warrant and the number of Warrants outstanding are subject to adjustment from time to time as provided in Section
3 of the Warrant Certificate. In the event that at any time, as a result of an adjustment made pursuant to Section 3 of the Warrant
Certificate, the Holder of any Warrant thereafter exercised shall become entitled to receive any shares of capital stock of the
Company other than shares of Common Stock, thereafter the number of such other shares so receivable upon exercise of any Warrant
shall be subject to adjustment from time to time in a manner and on terms as nearly equivalent as practicable to the provisions
with respect to the shares contained in Section 3 of the Warrant Certificate, and the provisions of Sections 7, 9 and 13 of this
Agreement with respect to the shares of Common Stock shall apply on like terms to any such other shares. All Warrants originally
issued by the Company subsequent to any adjustment made to the Exercise Price pursuant to the Warrant Certificate shall evidence
the right to purchase, at the adjusted Exercise Price, the number of shares of Common Stock purchasable from time to time hereunder
upon exercise of the Warrants, all subject to further adjustment as provided herein.

 

    	 	5	 

     

    

 

Section 12. Certification
of Adjusted Exercise Price or Number of Shares of Common Stock. Whenever the Exercise Price or the number of shares of Common
Stock issuable upon the exercise of each Warrant is adjusted as provided in Section 11 or 13, the Company shall (a) promptly prepare
a certificate setting forth the Exercise Price of each Warrant as so adjusted, and a brief statement of the facts accounting for
such adjustment, (b) promptly file with the Warrant Agent and with each transfer agent for the Common Stock a copy of such certificate
and (c) instruct the Warrant Agent to send a brief summary thereof to each Holder of a Warrant Certificate.

 

Section 13. Fractional
Shares of Common Stock.

 

(a) The Company shall
not issue fractions of Warrants or distribute Warrant Certificates which evidence fractional Warrants. Whenever any fractional
Warrant would otherwise be required to be issued or distributed, the actual issuance or distribution shall reflect a rounding of
such fraction to the nearest whole Warrant (rounded down).

 

(b) The Company shall
not issue fractions of shares of Common Stock upon exercise of Warrants or distribute stock certificates which evidence fractional
shares of Common Stock. Whenever any fraction of a share of Common Stock would otherwise be required to be issued or distributed,
the actual issuance or distribution in respect thereof shall be made in accordance with Section 2(d)(v) of the Warrant Certificate.

 

Section 14. Conditions
of the Warrant Agent’s Obligations. The Warrant Agent accepts its obligations herein set forth upon the terms and conditions
hereof, including the following to all of which the Company agrees and to all of which the rights hereunder of the Holders from
time to time of the Warrant Certificates shall be subject:

 

		(a)	Compensation and Indemnification. The Company agrees promptly to pay the Warrant Agent the compensation
detailed on Exhibit 2 hereto for all services rendered by the Warrant Agent and to reimburse the Warrant Agent for reasonable out-of-pocket
expenses (including reasonable counsel fees) incurred without gross negligence, bad faith or willful misconduct by the Warrant
Agent in connection with the services rendered hereunder by the Warrant Agent. The Company also agrees to indemnify the Warrant
Agent for, and to hold it harmless against, any loss, liability or expense incurred without gross negligence, bad faith or willful
misconduct on the part of the Warrant Agent, arising out of or in connection with its acting as Warrant Agent hereunder, including
the reasonable costs and expenses of defending against any claim of such liability.

 

		(b)	Agent for the Company. In acting under this Warrant Agreement and in connection with the Warrant
Certificates, the Warrant Agent is acting solely as agent of the Company and does not assume any obligations or relationship of
agency or trust for or with any of the Holders of Warrant Certificates or beneficial owners of Warrants.

 

		(c)	Counsel. The Warrant Agent may consult with counsel satisfactory to it, which may include counsel
for the Company, and the written advice of such counsel shall be full and complete authorization and protection in respect of any
action taken, suffered or omitted by it hereunder in good faith and in accordance with the advice of such counsel.

 

		(d)	Documents. The Warrant Agent shall be protected and shall incur no liability for or in respect
of any action taken or omitted by it in reliance upon any Warrant Certificate, notice, direction, consent, certificate, affidavit,
statement or other paper or document reasonably believed by it to be genuine and to have been presented or signed by the proper
parties.

 

		(e)	Certain Transactions. The Warrant Agent, and its officers, directors and employees, may become
the owner of, or acquire any interest in, Warrants, with the same rights that it or they would have if it were not the Warrant
Agent hereunder, and, to the extent permitted by applicable law, it or they may engage or be interested in any financial or other
transaction with the Company and may act on, or as depositary, trustee or agent for, any committee or body of Holders of Warrant
Securities or other obligations of the Company as freely as if it were not the Warrant Agent hereunder. Nothing in this Warrant
Agreement shall be deemed to prevent the Warrant Agent from acting as trustee under any indenture to which the Company is a party.

 

		(f)	No Liability for Interest. Unless otherwise agreed with the Company, the Warrant Agent shall have
no liability for interest on any monies at any time received by it pursuant to any of the provisions of this Agreement or of the
Warrant Certificates.

 

		(g)	No Liability for Invalidity. The Warrant Agent shall have no liability with respect to any invalidity
of this Agreement or any of the Warrant Certificates (except as to the Warrant Agent's countersignature thereon).

 

    	 	6	 

     

    

 

		(h)	No Responsibility for Representations. The Warrant Agent shall not be responsible for any of the
recitals or representations herein or in the Warrant Certificates (except as to the Warrant Agent's countersignature thereon),
all of which are made solely by the Company.

 

		(i)	No Implied Obligations. The Warrant Agent shall be obligated to perform only such duties as are
herein and in the Warrant Certificates specifically set forth and no implied duties or obligations shall be read into this Agreement
or the Warrant Certificates against the Warrant Agent. The Warrant Agent shall not be under any obligation to take any action hereunder
which may tend to involve it in any expense or liability, the payment of which within a reasonable time is not, in its reasonable
opinion, assured to it. The Warrant Agent shall not be accountable or under any duty or responsibility for the use by the Company
of any of the Warrant Certificates authenticated by the Warrant Agent and delivered by it to the Company pursuant to this Agreement
or for the application by the Company of the proceeds of the Warrant Certificates. The Warrant Agent shall have no duty or responsibility
in case of any default by the Company in the performance of its covenants or agreements contained herein or in the Warrant Certificates
or in the case of the receipt of any written demand from a Holder of a Warrant Certificate with respect to such default, including,
without limiting the generality of the foregoing, any duty or responsibility to initiate or attempt to initiate any proceedings
at law.

 

Section 15. Purchase
or Consolidation or Change of Name of Warrant Agent. Any corporation into which the Warrant Agent or any successor Warrant
Agent may be merged or with which it may be consolidated, or any corporation resulting from any merger or consolidation to which
the Warrant Agent or any successor Warrant Agent shall be party, or any corporation succeeding to the corporate trust business
of the Warrant Agent or any successor Warrant Agent, shall be the successor to the Warrant Agent under this Agreement without the
execution or filing of any paper or any further act on the part of any of the parties hereto, provided that such corporation would
be eligible for appointment as a successor Warrant Agent under the provisions of Section 17. In case at the time such successor
Warrant Agent shall succeed to the agency created by this Agreement any of the Warrant Certificates shall have been countersigned
but not delivered, any such successor Warrant Agent may adopt the countersignature of the predecessor Warrant Agent and deliver
such Warrant Certificates so countersigned; and in case at that time any of the Warrant Certificates shall not have been countersigned,
any successor Warrant Agent may countersign such Warrant Certificates either in the name of the predecessor Warrant Agent or in
the name of the successor Warrant Agent; and in all such cases such Warrant Certificates shall have the full force provided in
the Warrant Certificates and in this Agreement.

 

In case at any time
the name of the Warrant Agent shall be changed and at such time any of the Warrant Certificates shall have been countersigned but
not delivered, the Warrant Agent may adopt the countersignature under its prior name and deliver Warrant Certificates so countersigned;
and in case at that time any of the Warrant Certificates shall not have been countersigned, the Warrant Agent may countersign such
Warrant Certificates either in its prior name or in its changed name; and in all such cases such Warrant Certificates shall have
the full force provided in the Warrant Certificates and in this Agreement.

 

Section 16. Duties
of Warrant Agent. The Warrant Agent undertakes the duties and obligations imposed by this Agreement upon the following terms
and conditions, by all of which the Company, by its acceptance hereof, shall be bound:

 

(a) The Warrant Agent
may consult with legal counsel reasonably acceptable to the Company (who may be legal counsel for the Company), and the opinion
of such counsel shall be full and complete authorization and protection to the Warrant Agent as to any action taken or omitted
by it in good faith and in accordance with such opinion.

 

(b) Whenever in the
performance of its duties under this Agreement the Warrant Agent shall deem it necessary or desirable that any fact or matter be
proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless other evidence
in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established by a certificate
signed by the Chief Executive Officer, Chief Financial Officer or Vice President of the Company; and such certificate shall be
full authentication to the Warrant Agent for any action taken or suffered in good faith by it under the provisions of this Agreement
in reliance upon such certificate.

 

(c) Subject to the
limitation set forth in Section 14, the Warrant Agent shall be liable hereunder only for its own gross negligence, bad faith or
willful misconduct, or for a breach by it of this Agreement.

 

(d) The Warrant Agent
shall not be liable for or by reason of any of the statements of fact or recitals contained in this Agreement or in the Warrant
Certificates (except its countersignature thereof) by the Company or be required to verify the same, but all such statements and
recitals are and shall be deemed to have been made by the Company only.

 

    	 	7	 

     

    

 

(e) The Warrant Agent
shall not be under any responsibility in respect of the validity of this Agreement or the execution and delivery hereof (except
the due execution hereof by the Warrant Agent) or in respect of the validity or execution of any Warrant Certificate (except its
countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant or condition contained in
this Agreement or in any Warrant Certificate; nor shall it be responsible for the adjustment of the Exercise Price or the making
of any change in the number of shares of Common Stock required under the provisions of Section 11 or 13 or responsible for the
manner, method or amount of any such change or the ascertaining of the existence of facts that would require any such adjustment
or change (except with respect to the exercise of Warrants evidenced by Warrant Certificates after actual notice of any adjustment
of the Exercise Price); nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization
or reservation of any shares of Common Stock to be issued pursuant to this Agreement or any Warrant Certificate or as to whether
any shares of Common Stock will, when issued, be duly authorized, validly issued, fully paid and nonassessable.

 

(f) Each party hereto
agrees that it will perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged and delivered all
such further and other acts, instruments and assurances as may reasonably be required by the other party hereto for the carrying
out or performing by any party of the provisions of this Agreement.

 

(g) The Warrant Agent
is hereby authorized to accept instructions with respect to the performance of its duties hereunder from the Chief Executive Officer,
Chief Financial Officer or Vice President of the Company, and to apply to such officers for advice or instructions in connection
with its duties, and it shall not be liable and shall be indemnified and held harmless for any action taken or suffered to be taken
by it in good faith in accordance with instructions of any such officer, provided Warrant Agent carries out such instructions without
gross negligence, bad faith or willful misconduct.

 

(h) The Warrant Agent
and any shareholder, director, officer or employee of the Warrant Agent may buy, sell or deal in any of the Warrants or other securities
of the Company or become pecuniarily interested in any transaction in which the Company may be interested, or contract with or
lend money to the Company or otherwise act as fully and freely as though it were not Warrant Agent under this Agreement. Nothing
herein shall preclude the Warrant Agent from acting in any other capacity for the Company or for any other legal entity.

 

(i) The Warrant Agent
may execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder either itself or by or through
its attorney or agents, and the Warrant Agent shall not be answerable or accountable for any act, default, neglect or misconduct
of any such attorney or agents or for any loss to the Company resulting from any such act, default, neglect or misconduct, provided
reasonable care was exercised in the selection and continued employment thereof.

 

Section 17. Change
of Warrant Agent. The Warrant Agent may resign and be discharged from its duties under this Agreement upon 30 days’ notice
in writing sent to the Company and to each transfer agent of the Common Stock, and to the Holders of the Warrant Certificates.
The Company may remove the Warrant Agent or any successor Warrant Agent upon 30 days’ notice in writing, sent to the Warrant
Agent or successor Warrant Agent, as the case may be, and to each transfer agent of the Common Stock, and to the Holders of the
Warrant Certificates. If the Warrant Agent shall resign or be removed or shall otherwise become incapable of acting, the Company
shall appoint a successor to the Warrant Agent. If the Company shall fail to make such appointment within a period of 30 days after
such removal or after it has been notified in writing of such resignation or incapacity by the resigning or incapacitated Warrant
Agent or by the Holder of a Warrant Certificate (who shall, with such notice, submit his Warrant Certificate for inspection by
the Company), then the Holder of any Warrant Certificate may apply to any court of competent jurisdiction for the appointment of
a new Warrant Agent. Any successor Warrant Agent, whether appointed by the Company or by such a court, shall be a corporation organized
and doing business under the laws of the United States or of a state thereof, in good standing, which is authorized under such
laws to exercise corporate trust powers and is subject to supervision or examination by federal or state authority and which has
at the time of its appointment as Warrant Agent a combined capital and surplus of at least $50,000,000. After appointment, the
successor Warrant Agent shall be vested with the same powers, rights, duties and responsibilities as if it had been originally
named as Warrant Agent without further act or deed; but the predecessor Warrant Agent shall deliver and transfer to the successor
Warrant Agent any property at the time held by it hereunder, and execute and deliver any further assurance, conveyance, act or
deed necessary for the purpose. Not later than the effective date of any such appointment, the Company shall file notice thereof
in writing with the predecessor Warrant Agent and each transfer agent of the Common Stock, and mail a notice thereof in writing
to the Holders of the Warrant Certificates. However, failure to give any notice provided for in this Section 17, or any defect
therein, shall not affect the legality or validity of the resignation or removal of the Warrant Agent or the appointment of the
successor Warrant Agent, as the case may be.

 

Section 18. Issuance
of New Warrant Certificates. Notwithstanding any of the provisions of this Agreement or of the Warrants to the contrary, the
Company may, at its option, issue new Warrant Certificates evidencing Warrants in such form as may be approved by its Board of
Directors to reflect any adjustment or change in the Exercise Price per share and the number or kind or class of shares of stock
or other securities or property purchasable under the several Warrant Certificates made in accordance with the provisions of this
Agreement.

 

    	 	8	 

     

    

 

Section 19. Notices.
Notices or demands authorized by this Agreement to be given or made (i) by the Warrant Agent or by the Holder of any Warrant Certificate
to or on the Company, (ii) subject to the provisions of Section 17, by the Company or by the Holder of any Warrant Certificate
to or on the Warrant Agent or (iii) by the Company or the Warrant Agent to the Holder of any Warrant Certificate, shall be deemed
given (a) on the date delivered, if delivered personally, (b) on the first Business Day following the deposit thereof with Federal
Express or another recognized overnight courier, if sent by Federal Express or another recognized overnight courier, (c) on the
fourth Business Day following the mailing thereof with postage prepaid, if mailed by registered or certified mail (return receipt
requested), and (d) the date of transmission, if such notice or communication is delivered via facsimile or email attachment at
or prior to 5:30 p.m. (New York City time) on a Business Day and (e) the next Business Day after the date of transmission, if such
notice or communication is delivered via facsimile or email attachment on a day that is not a Business Day or later than 5:30 p.m.
(New York City time) on any Business Day, in each case to the parties at the following addresses (or at such other address for
a party as shall be specified by like notice):

 

		(a)	If to the Company, to:

 

Cellectar Biosciences, Inc.

3301 Agriculture Drive

Madison, WI 53716

Facsimile: (608) 441-8121

Attention:
Chad Kolean, Vice President and CFO

 

		(b)	If to the Warrant Agent, to:

 

American
Stock Transfer & Trust Company, LLC

6201 15th
Avenue

Brooklyn,
New York 11219

Attention:
________________

 

For any notice delivered by email to be
deemed given or made, such notice must be followed by notice sent by overnight courier service to be delivered on the next business
day following such email, unless the recipient of such email has acknowledged via return email receipt of such email.

 

(c) If to the Holder
of any Warrant Certificate, to the address of such Holder as shown on the registry books of the Company. Any notice required to
be delivered by the Company to the Holder of any Warrant may be given by the Warrant Agent on behalf of the Company. Notwithstanding
any other provision of this Agreement, where this Agreement provides for notice of any event to a Holder of any Warrant, such notice
shall be sufficiently given if given to the Depositary (or its designee) pursuant to the procedures of the Depositary or its designee.

 

Section 20. Supplements
and Amendments.

 

(a) The Company and
the Warrant Agent may from time to time supplement or amend this Agreement without the approval of any Holders of Warrant Certificates
in order to cure any ambiguity, to correct or supplement any provision contained herein which may be defective or inconsistent
with any other provisions herein, or to make any other provisions with regard to matters or questions arising hereunder which the
Company and the Warrant Agent may deem necessary or desirable and which shall not adversely affect the interests of the Holders
of the Warrants Certificates in any material respect.

 

(b) In addition to
the foregoing, with the consent of Holders of Warrants entitled, upon exercise thereof, to receive not less than a majority of
the shares of Common Stock issuable thereunder, the Company and the Warrant Agent may modify this Agreement for the purpose of
adding any provisions to or changing in any manner or eliminating any of the provisions of this Warrant Agreement or modifying
in any manner the rights of the Holders of the Warrant Certificates; provided, however, that no modification of the
terms (including but not limited to the adjustments described in Section 11) upon which the Warrants are exercisable or reducing
the percentage required for consent to modification of this Agreement may be made without the consent of the Holder of each outstanding
warrant certificate affected thereby. As a condition precedent to the Warrant Agent’s execution of any amendment, the Company
shall deliver to the Warrant Agent a certificate from a duly authorized officer of the Company that states that the proposed amendment
complies with the terms of this Section 20.

 

    	 	9	 

     

    

 

Section 21. Successors.
All covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent shall bind and inure to
the benefit of their respective successors and assigns hereunder.

 

Section 22. Benefits
of this Agreement. Nothing in this Agreement shall be construed to give any Person other than the Company, the Holders of Warrant
Certificates and the Warrant Agent any legal or equitable right, remedy or claim under this Agreement; but this Agreement shall
be for the sole and exclusive benefit of the Company, the Warrant Agent and the Holders of the Warrant Certificates.

 

Section 23. Governing
Law. This Agreement and each Warrant Certificate issued hereunder shall be governed by, and construed in accordance with, the
laws of the State of New York without giving effect to the conflicts of law principles thereof.

 

Section 24. Counterparts.
This Agreement may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to
be an original, and all such counterparts shall together constitute but one and the same instrument.

 

Section 25. Captions.
The captions of the sections of this Agreement have been inserted for convenience only and shall not control or affect the meaning
or construction of any of the provisions hereof.

 

Section 26. Information.
The Company agrees to promptly provide to the Holders of the Warrants any information it provides to the holders of the Common
Stock, except to the extent any such information is publicly available on the EDGAR system (or any successor thereof) of the Securities
and Exchange Commission.

 

Section 27. Force
Majeure. Notwithstanding anything to the contrary contained herein, Warrant Agent shall not be liable for any delays or failures
in performance resulting from acts beyond its reasonable control including, without limitation, acts of God, terrorist acts, shortage
of supply, breakdowns or malfunctions, interruptions or malfunction of computer facilities, or loss of data due to power failures
or mechanical difficulties with information storage or retrieval systems, labor difficulties, war, or civil unrest, it being understood
that the Warrant Agent shall use reasonable best efforts which are consistent with accepted practices in the banking industry to
resume performance as soon as practicable under the circumstances.

 

    	 	10	 

     

    

 

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

 

	 	CELLECTAR BIOSCIENCES, INC.
	 	 	 
	 	By: 	 
	 	Name:
	 	Title:
	 	 
	 	AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC
	 	 	 
	 	By: 	 
	 	Name: 
	 	Title: 

 

    	 	11	 

     

    

 

Exhibit 1: Form of Warrant CertificateExhibit 10.43

 

AMENDMENT AND EXCHANGE
AGREEMENT (the “Agreement”) is made as of the 13 day of April 2016, by and between, Cellectar Biosciences, Inc., a
Delaware corporation (the “Company”), and the investors signatory hereto (each, a “Investor”, and collectively,
the “Investors”). Defined terms not otherwise defined herein shall have the meanings set forth in the Purchase Agreement.

 

WHEREAS, pursuant to
certain securities purchase agreement dated September 28, 2015, by and between the Company and the Investors (the “Purchase
Agreement”), the Company issued to the Investors (i) shares of Common Stock, and/or (ii) Series B Prefunded Warrants and
(iii) Series A Warrants;

 

WHEREAS, subject to
the terms and conditions herein, in exchange for the Series B Prefunded Warrants, the Company desires to issue to the Investors
shares of Series Z Convertible Preferred Stock] (the “Exchange Shares”) having the rights, privileges and preferences
set forth in the Certificate of Designation of Rights, Privileges and Preferences of Series Z Convertible Preferred Stock in the
form attached hereto as Exhibit A (the “Certificate of Designation”);

 

WHEREAS, the parties
desire to effect certain other amendments to the Transaction Documents as set forth herein;

 

WHEREAS, the exchange
of the Series B Prefunded Warrants for the Exchange Shares (and shares of Common Stock issuable upon conversion thereof is being
made in reliance upon the exemption from registration provided by Section 3(a)(9) of the Securities Act of 1933, as amended (the
“Securities Act”);

 

WHEREAS, the Company
has filed a registration statement with the Commission (333-208638) in connection with a proposed firm commitment underwritten
offering of its securities (the “Offering”).

 

NOW, THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and in consideration of the premises
and the mutual agreements, representations and warranties, provisions and covenants contained herein, the parties hereto, intending
to be legally bound hereby, agree as follows:

 

1.          Exchange.
On the Exchange Closing Date (as defined below), subject to the terms and conditions of this Agreement, pursuant to Section 3(a)(9)
of the Securities Act, each Investor shall exchange all of the Series B Prefunded Warrants then held by such Investor for Exchange
Shares as follows: the Stated Value (as defined in the Certificate of Designation) of the Exchange Shares issuable to each Investor
shall be equal to the pro-rata Subscription Amount of the Series B Prefunded Warrants then held by such Investor (by way of an
example, if such Investor’s Subscription Amount under the Purchase Agreement was equal to $1,000,000 and such Investor then
holds 50% of the Series B Prefunded Warrants issued to it pursuant to the Purchase Agreement (as adjusted for forward and reverse
stock splits and the like), the Exchange Shares issued to such Investor would have an aggregate “Stated Value” (as
defined in the Certificate of Designation) of $500,000). The initial Conversion Price (as defined in the Certificate of Designation)
of the Exchange Shares shall be equal to the lesser of (x) the Per Warrant Share Purchase Price or (y) the lowest “Base Share
Price” (as defined in the Series B Prefunded Warrants). The Stated Value for each Exchange Share shall be $10,000. At the
Exchange Closing (as defined below), the following transactions shall occur (such transactions in this Section 1, the “Exchange”):

 

     

     

    

 

1.1           Within
5 Trading Days following the date of “Shareholder Approval” (for clarity, as defined in Section 7.4 herein and not
as defined in the Purchase Agreement) is received and effective each Investor shall tender to the Company a copy (which may be
delivered by facsimile or electronic mail) of the Series B Prefunded Warrant (or a duly executed and delivered lost warrant affidavit,
in form and substance reasonably satisfactory to the Company). Upon receipt of the Exchange Shares in accordance with Section 1.2,
all of the Investors’ rights under the Series B Prefunded Warrants shall be extinguished. For clarity, prior to consummation
of the Exchange, nothing herein limits the Purchasers’ rights under its Series B Prefunded Warrants (including, without limitation,
exercise rights in accordance with the terms thereof).

 

1.2           On
or prior to the fifth (5th) Trading Day after the Shareholder Approval, the Company shall issue each Investor a certificate evidencing
its respective Exchange Shares (as calculated in Section 1 above) along with evidence of the filing of the Certificate of Designation
with the Secretary of State of the State of Delaware.

 

2.           The
Closing. Subject to the conditions set forth below, the Exchange shall take place at the offices of Company Counsel within
5 Trading Days of Shareholder Approval or at such other time and place following Shareholder Approval as the Company and the Investors
mutually agree (the “Exchange Closing” and the “Exchange Closing Date”) and the amendments to the Series
A Warrants and other agreements under Section 3 shall be effective immediately following the consummation of the Offering.

 

3.           Other
Agreements.

 

3.1           Effectively
immediately following the consummation of the Offering and any adjustment to the exercise price of the Series A Warrants as a result
of the Offering, Section 3(b) of the Series A Warrants is hereby amended and restated in its entirety as follows:

 

“(b)          [RESERVED]”

 

3.2           In
consideration of the amendment in Section 3.1 above, upon consummation of the Offering, the Company hereby agrees to issue each
Investor a warrant (the “New Warrant”), in the form of the Series A Warrant, as amended hereunder, exercisable for
a number of shares of Common Stock as set forth on Schedule A hereto, but having an exercise price equal to the exercise
price of the Series A Warrants as adjusted in respect of the Offering, and a term of exercise commencing 6 months following their
issuance and expiring five years from when such warrants become exercisable. Upon issuance of the New Warrants, the term “Series
A Warrants” under all Transaction Documents shall be amended to include the New Warrants (and, for clarity, among other rights,
the Company shall file a registration statement with respect thereto as provided under the Registration Rights Agreement).

 

4.           Conditions.

 

4.1          Condition’s
to Investor(s)’ Obligations. The obligations of each Investor is subject to the fulfillment of each of the following
conditions:

 

(a)          Representations
and Warranties. The representations and warranties of the Company contained in this Agreement shall be true and correct in
all material respects on the date hereof and on and as of the Exchange Closing Date as if made on and as of such date.

 

(b)          Issuance
of Securities. At the Exchange Closing, the Company shall issue the Exchange Shares. On the closing of the Offering, the Company
shall issue the New Warrants.

 

(c)          No
Actions. No action, proceeding, investigation, regulation or legislation shall have been instituted, threatened or proposed
before any court, governmental agency or authority or legislative body to enjoin, restrain, prohibit or obtain substantial damages
in respect of, this Agreement or the consummation of the transactions contemplated by this Agreement.

 

    	 	2	 

     

    

 

(d)          Proceedings
and Documents. All proceedings in connection with the transactions contemplated hereby and all documents and instruments incident
to such transactions shall be satisfactory in substance and form to each Investor, and each Investor shall have received all such
counterpart originals or certified or other copies of such documents as they may reasonably request.

 

(e)          Shareholder
Approval. With respect to the Exchange, Shareholder Approval shall be received and effective.

 

4.2          Condition’s
to the Company’s Obligations. The obligation of the Company is subject to the fulfillment, to the Company’s reasonable
satisfaction, of each of the following conditions:

 

(a)          Representations
and Warranties. The representations and warranties of the Investors contained in this Agreement shall be true and correct in
all material respects on the date hereof and on and as of the Exchange Closing Date as if made on and as of such date.

 

(b)          Deliverables.
At or prior to the Exchange Closing, each Investor shall have tendered to the Company a copy (which may be delivered by facsimile
or electronic mail) of the Series B Prefunded Warrant certificate (or a duly executed and delivered lost warrant affidavit, in
form and substance reasonably satisfactory to the Company).

 

(c)          No
Actions. No action, proceeding, investigation, regulation or legislation shall have been instituted, threatened or proposed
before any court, governmental agency or authority or legislative body to enjoin, restrain, prohibit, or obtain substantial damages
in respect of, this Agreement or the consummation of the transactions contemplated by this Agreement.

 

(d)          Proceedings
and Documents. All proceedings in connection with the transactions contemplated hereby and all documents and instruments incident
to such transactions shall be satisfactory in substance and form to the Company and the Company shall have received all such counterpart
originals or certified or other copies of such documents as the Company may reasonably request.

 

5.           Representations
and Warranties of the Company. The Company hereby represents and warrants to each Investor that:

 

5.1           Organization,
Good Standing and Qualification. The Company is a corporation duly organized, validly existing and in good standing under the
laws of the State of Delaware. The Company is duly qualified to transact business and is in good standing in each jurisdiction
in which the failure to so qualify would have a material adverse effect on its business or properties.

 

5.2           Authorization.
Other than Shareholder Approval with respect to the Exchange Shares (and shares of Common Stock issuable upon conversion thereof),
all corporate action on the part of the Company, its officers, directors and stockholders necessary for the authorization, execution
and delivery of this Agreement and the performance of all obligations of the Company hereunder and thereunder, and the authorization
(or reservation for issuance), the Exchange, and the issuance of the Exchange Shares, the New Warrant and the shares of Common
Stock issuable upon conversion and exercise thereof (collectively, the “Securities”) have been taken on or prior to
the date hereof.

 

    	 	3	 

     

    

 

5.3           Valid
Issuance of the Securities. The Exchange Shares when issued and delivered in accordance with the terms of this Agreement, for
the consideration expressed herein, will be duly and validly issued, fully paid and non-assessable. The Exchange Shares (and shares
of Common Stock issuable upon conversion thereof) are freely tradeable and shall not be required to bear any Securities Act legend.
The New Warrants when issued and delivered in accordance with the terms of this Agreement, will be duly and validly issued. The
shares of Common Stock underlying the New Warrants, when issued and delivered upon exercise in accordance with the terms of the
New Warrants, will be duly and validly issued, fully paid and non-assessable. 

 

5.4           Offering.
Subject to the truth and accuracy of the Investors’ representations set forth in Section 6 of this Agreement, the offer and
issuance of the Securities as contemplated by this Agreement are exempt from the registration requirements of the Securities Act
and the qualification or registration requirements of state securities laws or other applicable blue sky laws. Neither the Company
nor any authorized agent acting on its behalf will take any action hereafter that would cause the loss of such exemptions.

 

5.5           Compliance
With Laws. The Company has not violated any law or any governmental regulation or requirement which violation has had or would
reasonably be expected to have a material adverse effect on its business, and the Company has not received written notice of any
such violation.

 

5.6           Consents;
Waivers. No consent, waiver, approval or authority of any nature, or other formal action, by any Person, not already obtained,
is required in connection with the execution and delivery of this Agreement by the Company or the consummation by the Company of
the transactions provided for herein and therein.

 

5.7           Acknowledgment
Regarding Investor’s Relationship to the Company. The Company acknowledges and agrees that each Investor is acting solely
in the capacity of arm’s length Investor with respect to this Agreement and the other documents entered into in connection
herewith and the transactions contemplated hereby and thereby and that such Investor is not an officer or director of the Company.
The Company further acknowledges that no Investor is acting as a financial advisor or fiduciary of the Company (or in any similar
capacity) with respect to the transactions contemplated hereby. 

 

5.8           Absence
of Litigation. There is no action, suit, proceeding, inquiry or investigation before or by any court, public board, government
agency, self-regulatory organization or body pending or, to the knowledge of the Company, threatened against or affecting the Company,
the Common Stock, or any of the Company’s officers or directors in their capacities as such. 

 

5.9           Validity;
Enforcement; No Conflicts. This Agreement and other documents contemplated hereby to which the Company is a party have been
duly and validly authorized, executed and delivered on behalf of the Company and shall constitute the legal, valid and binding
obligations of the Company enforceable against the Company in accordance with their respective terms, except as such enforceability
may be limited by general principles of equity or to applicable bankruptcy, insolvency, reorganization, moratorium, liquidation
and other similar laws relating to, or affecting generally, the enforcement of applicable creditors’ rights and remedies.
The execution, delivery and performance by the Company of this Agreement and each Transaction Document to which the Company is
a party and the consummation by the Company of the transactions contemplated hereby and thereby will not (i) result in a violation
of the organizational documents of the Company or (ii) conflict with, or constitute a default (or an event which with notice or
lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation
of, any agreement, indenture or instrument to which the Company is a party or by which it is bound, or (iii) result in a violation
of any law, rule, regulation, order, judgment or decree (including federal and state securities or “blue sky” laws)
applicable to the Company, except in the case of clause (ii) above, for such conflicts, defaults or rights which would not, individually
or in the aggregate, reasonably be expected to have a material adverse effect on the ability of the Company to perform its obligations
hereunder.

 

    	 	4	 

     

    

 

5.10         Disclosure.
Other than as set forth in the 8-K Filing (as defined below), the Company confirms that neither it nor any other Person acting
on its behalf has provided any Investor or its agents or counsel with any information that constitutes or could reasonably be expected
to constitute material, nonpublic information. The Company understands and confirms that each Investor will rely on the foregoing
representations in effecting transactions contemplated hereby.

 

6.           Representations
and Warranties of the Investors. Each Investor, severally and not jointly with the other Investors hereby represents, warrants
and covenants that:

 

6.1           Authorization.
The Investor has full power and authority to enter into this Agreement, to perform its obligations hereunder and to consummate
the transactions contemplated hereby and has taken all action necessary to authorize the execution and delivery of this Agreement,
the performance of its obligations hereunder and the consummation of the transactions contemplated hereby.

 

6.2           Accredited
Investor Status; Investment Experience. The Investor is an “accredited investor” as that term is defined in Rule
501(a) of Regulation D. The Investor can bear the economic risk of its investment in the Securities, and has such knowledge and
experience in financial and business matters that it is capable of evaluating the merits and risks of an investment in the Securities.

 

6.3           Reliance
on Exemptions. The Investor understands that the Securities are being offered and issued to it in reliance on specific exemptions
from the registration requirements of United States federal and state securities laws and that the Company is relying in part upon
the truth and accuracy of, and the Investor’s compliance with, the representations, warranties, agreements, acknowledgments
and understandings of the Investor set forth herein in order to determine the availability of such exemptions and the eligibility
of the Investor to acquire the Securities. 

 

6.4           Information.
The Investor and its advisors, if any, have been furnished with all materials relating to the business, finances and operations
of the Company and materials relating to the offer and issuance of the Securities which have been requested by the Investor. The
Investor and its advisors, if any, have been afforded the opportunity to ask questions of the Company. Neither such inquiries nor
any other due diligence investigations conducted by the Investor or its advisors, if any, or its representatives shall modify,
amend or affect the Investor’s right to rely on the Company’s representations and warranties contained herein. The
Investor understands that its investment in the Securities involves a high degree of risk. The Investor has sought such accounting,
legal and tax advice as it has considered necessary to make an informed investment decision with respect to its acquisition of
the Securities. The Investor is relying solely on its own accounting, legal and tax advisors, and not on any statements of the
Company or any of its agents or representatives, for such accounting, legal and tax advice with respect to its acquisition of the
Securities and the transactions contemplated by this Agreement.

 

6.5           No
Governmental Review. The Investor understands that no United States federal or state agency or any other government or governmental
agency has passed on or made any recommendation or endorsement of the Securities or the fairness or suitability of the investment
in the Securities nor have such authorities passed upon or endorsed the merits of the offering of the Securities. 

 

    	 	5	 

     

    

 

6.6           Validity;
Enforcement; No Conflicts. This Agreement has been duly and validly authorized, executed and delivered on behalf of the Investor
and shall constitute the legal, valid and binding obligations of such Investor enforceable against the Investor in accordance with
their respective terms, except as such enforceability may be limited by general principles of equity or to applicable bankruptcy,
insolvency, reorganization, moratorium, liquidation and other similar laws relating to, or affecting generally, the enforcement
of applicable creditors’ rights and remedies. The execution, delivery and performance by the Investor of this Agreement a
and the consummation by the Investor of the transactions contemplated hereby and thereby will not (i) result in a violation of
the organizational documents of the Investor or (ii) conflict with, or constitute a default (or an event which with notice or lapse
of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation
of, any agreement, indenture or instrument to which the Investor is a party, or (iii) result in a violation of any law, rule, regulation,
order, judgment or decree applicable to the Investor, except in the case of clause (ii) above, for such conflicts, defaults or
rights which would not, individually or in the aggregate, reasonably be expected to have a material adverse effect on the ability
of the Investor to perform its obligations hereunder.

 

6.7           No
Consideration Paid. No commission or other remuneration has been paid by the Investor (or any of its agents or affiliates)
to the Company related to the Exchange.

 

6.8           Investor’s
Relationship to the Company. The Investor is not an officer or director of the Company. The Investor has not acted as financial
advisor or fiduciary of the Company (or in any similar capacity) with respect to the transactions contemplated hereby.

 

7.           Additional
Covenants

 

7.1           Disclosure.
The Company shall, on or before 8:30 a.m., New York City Time, on the first business day after the date of this Agreement, issue
a press release and/or Current Report on Form 8-K (collectively, the “8-K Filing”) disclosing all material terms of
the transactions contemplated hereby. From and after the issuance of the 8-K Filing, the Investors shall not be in possession of
any material, nonpublic information received from the Company or any of its respective officers, directors, employees or agents
that is not disclosed in the 8-K Filing. The Company shall not, and shall cause its officers, directors, employees and agents,
not to, provide any Investor with any material, nonpublic information regarding the Company from and after the filing of the 8-K
Filing without the express written consent of such Investor. The Company shall not disclose the name of any Investor in any filing,
announcement, release or otherwise, unless such disclosure is required by law or regulation. In addition, effective upon the filing
of the 8-K Filing, the Company acknowledges and agrees that any and all confidentiality or similar obligations under any agreement,
whether written or oral, between the Company, any of its subsidiaries or any of their respective officers, directors, affiliates,
employees or agents, on the one hand, and any Investor or any of its affiliates, on the other hand, shall terminate. 

 

7.2           Listing.
The Company shall promptly secure the listing or designation for quotation (as applicable) of all of the Common Stock underlying
the Exchange Shares and New Warrants upon each national securities exchange and automated quotation system, if any, upon which
the Common Stock is then listed or designated for quotation (as applicable) (subject to official notice of issuance) and shall
maintain such listing of all the Common Stock from time to time issuable under the terms of the Transaction Documents. The Company
shall pay all fees and expenses in connection with satisfying its obligations under this Section 7.2.

 

7.3           Holding
Period. For the purposes of Rule 144 of the Securities Act, the Company acknowledges that the holding period of the Series
B Prefunded Warrants may be tacked onto the holding period of the Exchange Shares, and the Company agrees not to take a position
contrary to this Section 7.3. In addition, subject to the truth and accuracy of the Investor’s representations set forth
herein, the Exchange Shares (and shares of Common Stock issuable upon conversion thereof) shall take on the unrestricted characteristics
of the Series B Prefunded Warrants (and shall be issued free of legends) and the Company agrees not to take a position to the contrary.

 

    	 	6	 

     

    

 

7.4           Conversion
Exercise Procedures. The form of Notice of Conversion included in the Certificate of Designation sets forth the totality of
the procedures required of the Investor in order to convert the Exchange Shares. Without limiting the preceding sentences, no ink-original
Notice of Conversion shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice
of Conversion form be required in order to convert the Exchange Shares. No additional legal opinion, other information or instructions
shall be required of the Investors (from the Company or their transfer agent) to convert their Exchange Shares and receive unrestricted
free trading shares of Common Stock on conversion thereof.

 

7.5           Shareholder
Approval. The Company shall hold a special meeting of shareholders (which may also be at the annual or special in lieu of annual
meeting of shareholders) at the earliest practical date after the closing of the Offering, but in no event later than 90 days following
the closing of the Offering, for the purpose of obtaining Shareholder Approval, with the recommendation of the Company’s
Board of Directors that such proposal be approved, and the Company shall solicit proxies from its shareholders in connection therewith
in the same manner as all other management proposals in such proxy statement and all management-appointed proxyholders shall vote
their proxies in favor of such proposal. The Company shall use its reasonable best efforts to obtain such Shareholder Approval.
As used herein, “Shareholder Approval” means such approval as may be required by the applicable rules and regulations
of the Nasdaq Stock Market (or any successor entity) from the shareholders of the Company with respect to the transactions contemplated
by the Exchange, including the issuance of shares of Common Stock upon conversion of the Exchange Shares in excess of 19.99% of
the issued and outstanding Common Stock on the date hereof.

 

8.           Miscellaneous

 

8.1           Successors
and Assigns. Except as otherwise provided herein, the terms and conditions of this Agreement shall inure to the benefit of
and be binding upon the parties hereto and the respective successors and assigns of the parties. Nothing in this Agreement, express
or implied, is intended to confer upon any party, other than the parties hereto or their respective successors and assigns, any
rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

 

8.2           Governing
Law; Jurisdiction. All questions concerning the construction, validity, enforcement and interpretation of this Agreement and
the Certificate of Designation shall be governed in accordance with the governing law and jurisdiction provisions of the Purchase
Agreement, except that the Certificate of Designation shall be governed by Delaware law.

 

8.3           Titles
and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in
construing or interpreting this Agreement.

 

8.4           Notices.
Any notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement must
be in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when sent
by facsimile (provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending
party) or by electronic mail; or (iii) one Business Day after deposit with an overnight courier service, in each case properly
addressed to the party to receive the same. The addresses, facsimile numbers and e-mail addresses for such communications shall
be:

 

    	 	7	 

     

    

 

If to the Company:

 

Cellectar Biosciences,
Inc.

Address: 3301 Agriculture Drive, Madison, WI 53716

Facsimile: (608) 441-8121

Attention: Chief Financial Officer

 

With a copy to:

 

Foley Hoag LLP,

155 Seaport Boulevard

Boston, MA 02210

Attn: Paul Bork

Facsimile: (617) 832-7000

Email: pbork@foleyhoag.com

 

If to a Investor, to
its address, facsimile number and e-mail address set forth on its signature page hereto,

 

or to such other address,
facsimile number and/or e-mail address and/or to the attention of such other Person as the recipient party has specified by written
notice given to each other party five (5) days prior to the effectiveness of such change. Written confirmation of receipt (A) given
by the recipient of such notice, consent, waiver or other communication, (B) mechanically or electronically generated by the sender’s
facsimile machine or e-mail containing the time, date, recipient facsimile number and an image of the first page of such transmission
or (C) provided by an overnight courier service shall be rebuttable evidence of personal service, receipt by facsimile or receipt
from an overnight courier service in accordance with clause (i), (ii) or (iii) above, respectively.

 

8.5           Amendments
and Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either
generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Company
and the Investors. Any amendment or waiver effected in accordance with this paragraph shall be binding upon the Investors and the
Company, provided that no such amendment shall be binding on a holder that does not consent thereto to the extent such amendment
treats such party differently than any party that does consent thereto.

 

8.6           Severability.
If one or more provisions of this Agreement are held to be unenforceable under applicable law, such provision shall be excluded
from this Agreement and the balance of the Agreement shall be interpreted as if such provision were so excluded and shall be enforceable
in accordance with its terms.

 

8.7           Entire
Agreement. This Agreement represents the entire agreement and understandings between the parties concerning the Exchange and
the other matters described herein and therein and supersedes and replaces any and all prior agreements and understandings solely
with respect to the subject matter hereof and thereof.

 

    	 	8	 

     

    

 

8.8           Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument.

 

8.9           Interpretation.
Unless the context of this Agreement clearly requires otherwise, (a) references to the plural include the singular, the singular
the plural, the part the whole, (b) references to any gender include all genders, (c) “including” has the inclusive
meaning frequently identified with the phrase “but not limited to” and (d) references to “hereunder” or
“herein” relate to this Agreement.

 

8.10         No
Third Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective permitted
successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other Person.

 

8.11         Survival.
The representations, warranties and covenants of the Company and the Holder contained herein shall survive the Closing and delivery
of the Securities.

 

8.12         Further
Assurances. Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall
execute and deliver all such other agreements, certificates, instruments and documents, as any other party may reasonably request
in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated
hereby.

 

8.13         No
Strict Construction. The language used in this Agreement will be deemed to be the language chosen by the parties to express
their mutual intent, and no rules of strict construction will be applied against any party. 

 

9.           Independent
Nature of Investors’ Obligations and Rights. The obligations of each Investor under any Transaction Document are several
and not joint with the obligations of any other Purchaser, and no Investor shall be responsible in any way for the performance
or non-performance of the obligations of any other Investor under any Transaction Document. Nothing contained herein or in any
other Transaction Document, and no action taken by any Investor pursuant hereto or thereto, shall be deemed to constitute the Investors
as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Investors are in
any way acting in concert or as a group with respect to such obligations or the transactions contemplated by the Transaction Documents.
Each Investor shall be entitled to independently protect and enforce its rights including, without limitation, the rights arising
out of this Agreement or out of the other Transaction Documents, and it shall not be necessary for any other Investor to be joined
as an additional party in any Proceeding for such purpose. Each Investor has been represented by its own separate legal counsel
in its review and negotiation of the Transaction Documents. For reasons of administrative convenience only, each Investor and its
respective counsel have chosen to communicate with the Company through EGS. EGS does not represent any of the Investors only represented
the Placement Agent of the securities sold under the purchase agreement. The Company has elected to provide all Investors with
the same terms and Transaction Documents for the convenience of the Company and not because it was required or requested to do
so by any of the Investors. It is expressly understood and agreed that each provision contained in this Agreement and in each other
Transaction Document is between the Company and an Investor, solely, and not between the Company and the Investors collectively
and not between and among the Investors.

 

[SIGNATURES ON THE FOLLOWING
PAGE]

 

    	 	9	 

     

    

 

IN WITNESS WHEREOF,
the parties have caused this Agreement to be duly executed and delivered as of the date provided above.

 

	 	THE COMPANY
	 	 
	 	CELLECTAR
    BIOSCIENCES, INC.
	 	 	 
	 	By:	/s/ Chad J. Kolean
	 	 	Name: Chad J. Kolean
	 	 	Title: Vice President and Chief Financial Officer

 

    	 	10	 

     

    

 

IN WITNESS WHEREOF,
the parties have caused this Agreement to be duly executed and delivered as of the date provided above.

 

	 	INVESTOR:
	 	 
	 	Greenway Properties Inc.
	 	 	 
	 	By:	/s/ Jeff Straubel
	 	 	Name: Jeff Straubel
	 	 	Title:
	 	 
	 	Address for Notices:
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 

 

    11 

     

    

 

IN WITNESS WHEREOF,
the parties have caused this Agreement to be duly executed and delivered as of the date provided above.

 

	 	INVESTOR:
	 	 
	 	Lincoln Park Capital Fund LLC
	 	 	 
	 	By:	/s/ Joshua Scheinfeld
	 	 	Name: Joshua Scheinfeld
	 	 	Title:
	 	 
	 	Address for Notices:
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 

 

    12 

     

    

 

IN WITNESS WHEREOF,
the parties have caused this Agreement to be duly executed and delivered as of the date provided above.

 

	 	INVESTOR:
	 	 
	 	Sabby Healthcare Master Fund
	 	 	 
	 	By:	/s/ Robert Grundstein
	 	 	Name: Robert Grundstein
	 	 	Title:
	 	 
	 	Address for Notices:
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 

 

    13 

     

    

 

IN WITNESS WHEREOF,
the parties have caused this Agreement to be duly executed and delivered as of the date provided above.

 

	 	INVESTOR:
	 	 
	 	Sabby Volatility Warrant Master Fund, Ltd.
	 	 	 
	 	By:	/s/ Robert Grundstein
	 	 	Name: Robert Grundstein
	 	 	Title:
	 	 
	 	Address for Notices:
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 

 

    14 

     

    

 

SCHEDULE A

 

New Warrants being issued

 

	Investor Name	 	 	 
	 	 	 	 
	Sabby Healthcare Master Fund, Ltd.	 	 	84,850	 
	Sabby Volatility Warrant Master Fund, Ltd.	 	 	42,426	 
	Total Sabby	 	 	127,276	 
	 	 	 	 	 
	Lincoln Park Capital Fund, LLC	 	 	127,274	 
	 	 	 	 	 
	Greenway Properties, Inc.	 	 	45,456	 
	 	 	 	 	 
	Total	 	 	300,006	 

 

    	 	15	 

     

    

 

Exhibit A

 

cellectar
biosciences, inc.

 

CERTIFICATE OF DESIGNATION OF PREFERENCES,

RIGHTS AND LIMITATIONS

OF

SERIES Z
CONVERTIBLE PREFERRED STOCK

 

PURSUANT
TO SECTION 151 OF THE 

delaware
GENERAL CORPORATION LAW

 

The undersigned, __________,
does hereby certify that:

 

1. He is the President
of Cellectar Biosciences, Inc., a Delaware corporation (the “Corporation”).

 

2. The Corporation
is authorized to issue 7,000 shares of preferred stock, none of which have been issued.

 

3. The following resolutions
were duly adopted by the board of directors of the Corporation (the “Board of Directors”):

 

WHEREAS, the certificate
of incorporation of the Corporation provides for a class of its authorized stock known as preferred stock, consisting of 7,000
shares, $.00001 par value per share, issuable from time to time in one or more series;

 

WHEREAS, the Board
of Directors is authorized to fix the dividend rights, dividend rate, voting rights, conversion rights, rights and terms of redemption
and liquidation preferences of any wholly unissued series of preferred stock and the number of shares constituting any series and
the designation thereof, of any of them; and

 

WHEREAS, it is the
desire of the Board of Directors, pursuant to its authority as aforesaid, to fix the rights, preferences, restrictions and other
matters relating to a series of the preferred stock, which shall consist of, except as otherwise set forth in the Exchange Agreement,
up to [__],000 shares of the preferred stock which the Corporation has the authority to issue, as follows:

 

NOW, THEREFORE, BE
IT RESOLVED, that the Board of Directors does hereby provide for the issuance of a series of preferred stock for cash or exchange
of other securities, rights or property and does hereby fix and determine the rights, preferences, restrictions and other matters
relating to such series of preferred stock as follows:

 

    1 

     

    

 

TERMS OF PREFERRED STOCK

 

Section 1. Definitions.
For the purposes hereof, the following terms shall have the following meanings:

 

“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common
control with a Person, as such terms are used in and construed under Rule 405 of the Securities Act.

 

“Alternate
Consideration” shall have the meaning set forth in Section 7(e).

 

“Beneficial
Ownership Limitation” shall have the meaning set forth in Section 6(d).

 

“Business
Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or
any day on which banking institutions in the State of New York are authorized or required by law or other governmental action to
close.

 

“Buy-In”
shall have the meaning set forth in Section 6(c)(iv).

 

“Commission”
means the United States Securities and Exchange Commission.

 

“Common
Stock” means the Corporation’s common stock, par value $.00001 per share, and stock of any other class of securities
into which such securities may hereafter be reclassified or changed.

 

“Common
Stock Equivalents” means any securities of the Corporation or the Subsidiaries which would entitle the holder thereof
to acquire at any time Common Stock, including, without limitation, any debt, preferred stock, rights, options, warrants or other
instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to
receive, Common Stock.

 

“Conversion
Amount” means the sum of the Stated Value at issue.

 

“Conversion
Date” shall have the meaning set forth in Section 6(a).

 

“Conversion
Price” shall have the meaning set forth in Section 6(b).

 

“Conversion
Shares” means, collectively, the shares of Common Stock issuable upon conversion of the shares of Preferred Stock in
accordance with the terms hereof.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

    2 

     

    

 

“Exchange
Agreement” means the Exchange and Amendment Agreement dated as of April ___, 2016 among the Company and the original
Holders, as amended, modified or supplemented from time to time in accordance with its terms.

 

“Exempt
Issuance” shall have the meaning set forth in the Exchange Agreement.

 

“Fundamental
Transaction” shall have the meaning set forth in Section 7(e).

 

“GAAP”
means United States generally accepted accounting principles.

 

“Holder”
shall have the meaning given such term in Section 2.

 

“Liquidation”
shall have the meaning set forth in Section 5.

 

“New
York Courts” shall have the meaning set forth in Section 8(d).

 

“Notice
of Conversion” shall have the meaning set forth in Section 6(a).

 

“Original
Issue Date” means the date of the first issuance of any shares of the Preferred Stock regardless of the number of transfers
of any particular shares of Preferred Stock and regardless of the number of certificates which may be issued to evidence such Preferred
Stock.

 

“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

“Preferred
Stock” shall have the meaning set forth in Section 2.

 

“Purchase
Agreement” means the Securities Purchase Agreement, dated as of September 28, 2015 among the Corporation and the investors
signatory thereto, as amended, modified or supplemented from time to time in accordance with its terms.

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Share
Delivery Date” shall have the meaning set forth in Section 6(c).

 

“Stated
Value” shall have the meaning set forth in Section 2, as the same may be increased pursuant to Section 3.

 

“Subsidiary”
means any subsidiary of the Corporation as set forth on Schedule 3.1(a) of the Purchase Agreement and shall, where applicable,
also include any direct or indirect subsidiary of the Corporation formed or acquired after the date of the Purchase Agreement.

 

    3 

     

    

 

“Successor
Entity” shall have the meaning set forth in Section 7(e).

 

“Termination
Date” means, as to each Holder, the date its Preferred Stock is converted in full.

 

“Trading
Day” means a day on which the principal Trading Market is open for business.

 

“Trading
Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on
the date in question: the NYSE MKT, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New
York Stock Exchange (or any successors to any of the foregoing).

 

“Transaction
Documents” means this Certificate of Designation and all Exchange Agreement.

 

“Transfer
Agent” means American Stock Transfer & Trust Company, LLC, the current transfer agent of the Corporation with a mailing
address of 6201 15th Avenue, Brooklyn, NY 11219 and a facsimile number of 718-236-2641, and any successor transfer agent
of the Corporation.

 

 

Section 2. Designation,
Amount and Par Value. The series of preferred stock shall be designated as its Series Z Convertible Preferred Stock (the “Preferred
Stock”) and the number of shares so designated shall be up to ___ (which shall not be subject to increase without the
written consent of all of the holders of the Preferred Stock (each, a “Holder” and collectively, the “Holders”)).
Each share of Preferred Stock shall have a par value of $.00001 per share and a stated value equal to $10,000 (the “Stated
Value”).

 

Section 3. Dividends.
Except for stock dividends or distributions for which adjustments are to be made pursuant to Section 7, Holders shall be entitled
to receive, and the Corporation shall pay, dividends on shares of Preferred Stock equal (on an as-if-converted-to-Common-Stock
basis without regard to conversion limitations herein) to and in the same form as dividends actually paid on shares of the Common
Stock when, as and if such dividends are paid on shares of the Common Stock. No other dividends shall be paid on shares of Preferred
Stock.

 

Section 4. Voting
Rights. Except as otherwise provided herein or as otherwise required by law, the Preferred Stock shall have no voting rights.
However, as long as any shares of Preferred Stock are outstanding, the Corporation shall not, without the affirmative vote of the
Holders of a majority of the then outstanding shares of the Preferred Stock, (a) alter or change adversely the powers, preferences
or rights given to the Preferred Stock or alter or amend this Certificate of Designation, (b) amend its certificate of incorporation
or other charter documents in any manner that adversely affects any rights of the Holders, (c) increase the number of authorized
shares of Preferred Stock, or (d) enter into any agreement with respect to any of the foregoing.

 

    4 

     

    

 

Section 5. Liquidation.
Upon any liquidation, dissolution or winding-up of the Corporation, whether voluntary or involuntary (a “Liquidation”),
the Holders shall be entitled to receive out of the assets, whether capital or surplus, of the Corporation the same amount that
a holder of Common Stock would receive if the Preferred Stock were fully converted (disregarding for such purposes any conversion
limitations hereunder) to Common Stock which amounts shall be paid pari passu with all holders of Common Stock. The
Corporation shall mail written notice of any such Liquidation, not less than 45 days prior to the payment date stated therein,
to each Holder.

 

Section 6. Conversion.

 

a)                 
Conversions at Option of Holder. Each share of Preferred Stock shall be convertible, at any time and from time to
time from and after the Original Issue Date at the option of the Holder thereof, into that number of shares of Common Stock (subject
to the limitations set forth in Section 6(d)) determined by dividing the Stated Value of such share of Preferred Stock by the Conversion
Price. Holders shall effect conversions by providing the Corporation with the form of conversion notice attached hereto as Annex
A (a “Notice of Conversion”). Each Notice of Conversion shall specify the number of shares of Preferred
Stock to be converted, the number of shares of Preferred Stock owned prior to the conversion at issue, the number of shares of
Preferred Stock owned subsequent to the conversion at issue and the date on which such conversion is to be effected, which date
may not be prior to the date the applicable Holder delivers by facsimile such Notice of Conversion to the Corporation (such date,
the “Conversion Date”). If no Conversion Date is specified in a Notice of Conversion, the Conversion Date shall
be the date that such Notice of Conversion to the Corporation is deemed delivered hereunder. No ink-original Notice of Conversion
shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Conversion form
be required. The calculations and entries set forth in the Notice of Conversion shall control in the absence of manifest
or mathematical error. To effect conversions of shares of Preferred Stock, a Holder shall not be required to surrender the certificate(s)
representing the shares of Preferred Stock to the Corporation unless all of the shares of Preferred Stock represented thereby are
so converted, in which case such Holder shall deliver the certificate representing such shares of Preferred Stock promptly following
the Conversion Date at issue. Shares of Preferred Stock converted into Common Stock or redeemed in accordance with the terms hereof
shall be canceled and shall not be reissued.

 

b)                 
Conversion Price. The conversion price for the Preferred Stock shall equal [$[_____]1,
subject to adjustment herein (the “Conversion Price”).

 

 c)                  
Mechanics of Conversion

 

                                                                   
i.                       
Delivery of Conversion Shares Upon Conversion. Conversion Shares issuable hereunder shall be transmitted by the Transfer
Agent to the Holder by crediting the converting Holder’s or its designee’s balance account with The Depository Trust
Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Corporation is then a participant in
such system, and otherwise by physical delivery of a certificate, registered in the Corporation’s share register in the name
of the converting Holder or its designee, for the number of Conversion Shares to which the Holder is entitled pursuant to such
conversion to the address specified by the Holder in the Notice of Conversion by the date that is three (3) Trading Days after
the delivery to the Company of the Notice of Exercise (such date, the “Share Delivery Date”), which shall be
free of restrictive legends and trading restrictions representing the number of Conversion Shares being acquired upon the conversion
of the Preferred Stock. The Conversion Shares shall be deemed to have been issued, and the converting Holder or its designee shall
be deemed to have become a holder of record of such shares for all purposes, as of the Conversion Date. Not later than five (5)
Trading Days after the Conversion Date, the Company shall deliver or cause to be delivered to the converting Holder a bank check
for the amount of any accrued but unpaid dividends on the shares of Preferred Stock so converted.

 

 

1
Insert lowest “Base Share Price” as defined in Series B Prefunded Warrants since September transaction.

 

    5 

     

    

 

                                                                 
ii.                       
Failure to Deliver Conversion Shares. If, in the case of any Notice of Conversion, such Conversion Shares are not
delivered to or as directed by the applicable Holder by the Share Delivery Date, the Holder shall be entitled to elect by written
notice to the Corporation at any time on or before its receipt of such Conversion Shares, to rescind such Conversion, in which
event the Corporation shall promptly return to the Holder any original Preferred Stock certificate delivered to the Corporation
and the Holder shall promptly return to the Corporation the Conversion Shares issued to such Holder pursuant to the rescinded Conversion
Notice.

 

                                                               
iii.                       
Obligation Absolute; Partial Liquidated Damages. The Corporation’s obligation to issue and deliver the Conversion
Shares upon conversion of Preferred Stock in accordance with the terms hereof are absolute and unconditional, irrespective of any
action or inaction by a Holder to enforce the same, any waiver or consent with respect to any provision hereof, the recovery of
any judgment against any Person or any action to enforce the same, or any setoff, counterclaim, recoupment, limitation or termination,
or any breach or alleged breach by such Holder or any other Person of any obligation to the Corporation or any violation or alleged
violation of law by such Holder or any other person, and irrespective of any other circumstance which might otherwise limit such
obligation of the Corporation to such Holder in connection with the issuance of such Conversion Shares; provided, however,
that such delivery shall not operate as a waiver by the Corporation of any such action that the Corporation may have against such
Holder. In the event a Holder shall elect to convert any or all of the Stated Value of its Preferred Stock, the Corporation may
not refuse conversion based on any claim that such Holder or any one associated or affiliated with such Holder has been engaged
in any violation of law, agreement or for any other reason, unless an injunction from a court, on notice to Holder, restraining
and/or enjoining conversion of all or part of the Preferred Stock of such Holder shall have been sought and obtained, and the Corporation
posts a surety bond for the benefit of such Holder in the amount of 150% of the Stated Value of Preferred Stock which is subject
to the injunction, which bond shall remain in effect until the completion of arbitration/litigation of the underlying dispute and
the proceeds of which shall be payable to such Holder to the extent it obtains judgment. In the absence of such injunction, the
Corporation shall issue Conversion Shares and, if applicable, cash, upon a properly noticed conversion. If the Corporation fails
to deliver to a Holder such Conversion Shares pursuant to Section 6(c)(i) on the second Trading Day after the Share Delivery Date
applicable to such conversion, the Corporation shall pay to such Holder, in cash, as liquidated damages and not as a penalty, for
each $1,000 of Stated Value of Preferred Stock being converted, $10 per Trading Day (increasing to $20 per Trading Day on the fifth
Trading Day after such damages begin to accrue) for each Trading Day after such second Trading Day after the Share Delivery Date
until such Conversion Shares are delivered or Holder rescinds such conversion. Nothing herein shall limit a Holder’s right
to pursue actual damages for the Corporation’s failure to deliver Conversion Shares within the period specified herein and
such Holder shall have the right to pursue all remedies available to it hereunder, at law or in equity including, without limitation,
a decree of specific performance and/or injunctive relief. The exercise of any such rights shall not prohibit a Holder from seeking
to enforce damages pursuant to any other Section hereof or under applicable law.

 

    6 

     

    

 

                                                               
iv.                       
Compensation for Buy-In on Failure to Timely Deliver Conversion Shares Upon Conversion. In addition to any other
rights available to the Holder, if the Corporation fails for any reason to deliver to a Holder the applicable Conversion Shares
by the Share Delivery Date pursuant to Section 6(c)(i), and if after such Share Delivery Date such Holder is required by its brokerage
firm to purchase (in an open market transaction or otherwise), or the Holder’s brokerage firm otherwise purchases, shares
of Common Stock to deliver in satisfaction of a sale by such Holder of the Conversion Shares which such Holder was entitled to
receive upon the conversion relating to such Share Delivery Date (a “Buy-In”), then the Corporation shall (A)
pay in cash to such Holder (in addition to any other remedies available to or elected by such Holder) the amount, if any, by which
(x) such Holder’s total purchase price (including any brokerage commissions) for the Common Stock so purchased exceeds (y)
the product of (1) the aggregate number of shares of Common Stock that such Holder was entitled to receive from the conversion
at issue multiplied by (2) the actual sale price at which the sell order giving rise to such purchase obligation was executed (including
any brokerage commissions) and (B) at the option of such Holder, either reissue (if surrendered) the shares of Preferred Stock
equal to the number of shares of Preferred Stock submitted for conversion (in which case, such conversion shall be deemed rescinded)
or deliver to such Holder the number of shares of Common Stock that would have been issued if the Corporation had timely complied
with its delivery requirements under Section 6(c)(i). For example, if a Holder purchases shares of Common Stock having a total
purchase price of $11,000 to cover a Buy-In with respect to an attempted conversion of shares of Preferred Stock with respect to
which the actual sale price of the Conversion Shares (including any brokerage commissions) giving rise to such purchase obligation
was a total of $10,000 under clause (A) of the immediately preceding sentence, the Corporation shall be required to pay such Holder
$1,000. The Holder shall provide the Corporation written notice indicating the amounts payable to such Holder in respect of the
Buy-In and, upon request of the Corporation, evidence of the amount of such loss. Nothing herein shall limit a Holder’s right
to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific
performance and/or injunctive relief with respect to the Corporation’s failure to timely deliver Conversion Shares upon conversion
of the shares of Preferred Stock as required pursuant to the terms hereof.

 

    7 

     

    

 

                                                                 
v.                       
Reservation of Shares Issuable Upon Conversion. The Corporation covenants that it will at all times reserve and keep
available out of its authorized and unissued shares of Common Stock for the sole purpose of issuance upon conversion of the Preferred
Stock as herein provided, free from preemptive rights or any other actual contingent purchase rights of Persons other than the
Holder (and the other holders of the Preferred Stock), not less than such aggregate number of shares of the Common Stock as shall
(subject to the terms and conditions set forth in the Exchange Agreement) be issuable (taking into account the adjustments and
restrictions of Section 7) upon the conversion of the then outstanding shares of Preferred Stock. The Corporation covenants that
all shares of Common Stock that shall be so issuable shall, upon issue, be duly authorized, validly issued, fully paid and nonassessable.

 

                                                               
vi.                       
Fractional Shares. No fractional shares or scrip representing fractional shares shall be issued upon the conversion
of the Preferred Stock. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such conversion,
the Corporation shall pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by
the Conversion Price.

 

                                                               
vii.                      
Transfer Taxes and Expenses. The issuance of Conversion Shares on conversion of this Preferred Stock shall be made
without charge to any Holder for any documentary stamp or similar taxes that may be payable in respect of the issue or delivery
of such Conversion Shares, provided that the Corporation shall not be required to pay any tax that may be payable in respect of
any transfer involved in the issuance and delivery of any such Conversion Shares upon conversion in a name other than that of the
Holders of such shares of Preferred Stock and the Corporation shall not be required to issue or deliver such Conversion Shares
unless or until the Person or Persons requesting the issuance thereof shall have paid to the Corporation the amount of such tax
or shall have established to the satisfaction of the Corporation that such tax has been paid. The Corporation shall pay all Transfer
Agent fees required for same-day processing of any Notice of Conversion and all fees to the Depository Trust Company (or another
established clearing corporation performing similar functions) required doe same-day electronic delivery of the Conversion Shares.

 

    8 

     

    

 

d)                
Beneficial Ownership Limitation. Notwithstanding anything to the contrary
herein, the Corporation shall not effect any conversion of the Preferred Stock, and a Holder shall not have the right to convert
any portion of the Preferred Stock, to the extent that, after giving effect to the conversion set forth on the applicable Notice
of Conversion, such Holder (together with such Holder’s Affiliates, and any Persons acting as a group together with such
Holder or any of such Holder’s Affiliates (such Persons, “Attribution Parties”)) would beneficially own in excess
of the Beneficial Ownership Limitation (as defined below).  For purposes of the foregoing sentence, the number of shares
of Common Stock beneficially owned by such Holder and its Affiliates and Attribution Parties shall include the number of shares
of Common Stock issuable upon conversion of the Preferred Stock with respect to which such determination is being made, but shall
exclude the number of shares of Common Stock which are issuable upon (i) conversion of the remaining, unconverted Stated Value
of Preferred Stock beneficially owned by such Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion
of the unexercised or unconverted portion of any other securities of the Corporation subject to a limitation on conversion or
exercise analogous to the limitation contained herein (including, without limitation, the Preferred Stock or the Warrants) beneficially
owned by such Holder or any of its Affiliates or Attribution Parties.  Except as set forth in the preceding sentence, for
purposes of this Section 6(d), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and
the rules and regulations promulgated thereunder. To the extent that the limitation contained in this Section 6(d) applies, the
determination of whether the Preferred Stock is convertible (in relation to other securities owned by such Holder together with
any Affiliates and Attribution Parties) and of how many shares of Preferred Stock are convertible shall be in the sole discretion
of such Holder, and the submission of a Notice of Conversion shall be deemed to be such Holder’s determination of whether
the shares of Preferred Stock may be converted (in relation to other securities owned by such Holder together with any Affiliates
and Attribution Parties) and how many shares of the Preferred Stock are convertible, in each case subject to the Beneficial Ownership
Limitation. To ensure compliance with this restriction, each Holder will be deemed to represent to the Corporation each time it
delivers a Notice of Conversion that such conversion will not violate the restrictions set forth in this paragraph and the Corporation
shall have no obligation to verify or confirm the accuracy of such representation. In addition, a determination as to any group
status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations
promulgated thereunder. For purposes of this Section 6(d), in determining
the number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock as stated
in the most recent of the following: (i) the Corporation’s most recent periodic or annual report filed with the Commission,
as the case may be, (ii) a more recent public announcement by the Corporation or (iii) a more recent written notice by the Corporation
or the Transfer Agent setting forth the number of shares of Common Stock outstanding.  Upon the written or oral request (which
may be via email) of a Holder, the Corporation shall within two Trading Days confirm orally and in writing to such Holder the
number of shares of Common Stock then outstanding.  In any case, the number of outstanding shares of Common Stock shall be
determined after giving effect to the conversion or exercise of securities of the Corporation, including the Preferred Stock,
by such Holder or its Affiliates or Attribution Parties since the date as of which such number of outstanding shares of Common
Stock was reported. The “Beneficial Ownership Limitation” shall be 4.99% of the number of shares of the Common
Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon conversion of Preferred
Stock held by the applicable Holder. A Holder, upon notice to the Corporation, may increase or decrease the Beneficial Ownership
Limitation provisions of this Section 6(d) applicable to its Preferred Stock provided that the Beneficial Ownership Limitation
in no event exceeds 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance
of shares of Common Stock upon conversion of this Preferred Stock held by the Holder and the provisions of this Section 6(d) shall
continue to apply. Any such increase in the Beneficial Ownership Limitation will not be effective until the 61st day
after such notice is delivered to the Corporation and shall only apply to such Holder and no other Holder. The provisions of this
paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 6(d)
to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership
Limitation contained herein or to make changes or supplements necessary or desirable to properly give effect to such limitation.
The limitations contained in this paragraph shall apply to a successor holder of Preferred Stock.

 

    9 

     

    

 

Section 7. Certain
Adjustments.

 

a)                 
Stock Dividends and Stock Splits. If the Corporation, at any time while this Preferred Stock is outstanding: (i)
pays a stock dividend or otherwise makes a distribution or distributions payable in shares of Common Stock on shares of Common
Stock or any other Common Stock Equivalents (which, for avoidance of doubt, shall not include any shares of Common Stock issued
by the Corporation upon conversion of, or payment of a dividend on, this Preferred Stock), (ii) subdivides outstanding shares of
Common Stock into a larger number of shares, (iii) combines (including by way of a reverse stock split) outstanding shares of Common
Stock into a smaller number of shares, or (iv) issues, in the event of a reclassification of shares of the Common Stock, any shares
of capital stock of the Corporation, then the Conversion Price shall be multiplied by a fraction of which the numerator shall be
the number of shares of Common Stock (excluding any treasury shares of the Corporation) outstanding immediately before such event,
and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event. Any adjustment
made pursuant to this Section 7(a) shall become effective immediately after the record date for the determination of stockholders
entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of
a subdivision, combination or re-classification.

 

    10 

     

    

 

b)                 
Subsequent Equity Sales. If, at any time while this Preferred Stock is outstanding, the Corporation or any Subsidiary,
as applicable sells or grants any option to purchase or sells or grants any right to reprice, or otherwise disposes of or issues
(or announces any sale, grant or any option to purchase or other disposition), any Common Stock or Common Stock Equivalents entitling
any Person to acquire shares of Common Stock at an effective price per share that is lower than the then Conversion Price (such
lower price, the “Base Conversion Price” and such issuances, collectively, a “Dilutive Issuance”)
(if the holder of the Common Stock or Common Stock Equivalents so issued shall at any time, whether by operation of purchase price
adjustments, reset provisions, floating conversion, exercise or exchange prices or otherwise, or due to warrants, options or rights
per share which are issued in connection with such issuance, be entitled to receive shares of Common Stock at an effective price
per share that is lower than the Conversion Price, such issuance shall be deemed to have occurred for less than the Conversion
Price on such date of the Dilutive Issuance), then the Conversion Price shall be reduced to equal the Base Conversion Price. Such
adjustment shall be made whenever such Common Stock or Common Stock Equivalents are issued. Notwithstanding the foregoing, no adjustment
will be made under this Section 7(b) in respect of an Exempt Issuance. The Corporation shall notify the Holders in writing, no
later than the Trading Day following the issuance of any Common Stock or Common Stock Equivalents subject to this Section 7(b),
indicating therein the applicable issuance price, or applicable reset price, exchange price, conversion price and other pricing
terms (such notice, the “Dilutive Issuance Notice”). For purposes of clarification, whether or not the Corporation
provides a Dilutive Issuance Notice pursuant to this Section 7(b), upon the occurrence of any Dilutive Issuance, the Holders are
entitled to receive a number of Conversion Shares based upon the Base Conversion Price on or after the date of such Dilutive Issuance,
regardless of whether a Holder accurately refers to the Base Conversion Price in the Notice of Conversion.

 

c)                 
Subsequent Rights Offerings. In addition to any adjustments pursuant to Section 7(a) above, if at any time the Corporation
grants, issues or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata
to the record holders of any class of shares of Common Stock (the “Purchase Rights”), then the Holder of will
be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could
have acquired if the Holder had held the number of shares of Common Stock acquirable upon complete conversion of such Holder’s
Preferred Stock (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation)
immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such
record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the grant, issue or
sale of such Purchase Rights (provided, however, to the extent that the Holder’s right to participate in any such Purchase
Right would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate
in such Purchase Right to such extent (or beneficial ownership of such shares of Common Stock as a result of such Purchase Right
to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its
right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

 

    11 

     

    

 

d)                
Pro Rata Distributions. During such time as this Preferred Stock is outstanding, if the Corporation declares or makes
any dividend or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way
of return of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property
or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction)
(a “Distribution”), at any time after the issuance of this Preferred Stock, then, in each such case, the Holder
shall be entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the
Holder had held the number of shares of Common Stock acquirable upon complete Conversion of this Preferred Stock (without regard
to any limitations on Conversion hereof, including without limitation, the Beneficial Ownership Limitation) immediately before
the date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders
of shares of Common Stock are to be determined for the participation in such Distribution (provided, however, to
the extent that the Holder's right to participate in any such Distribution would result in the Holder exceeding the Beneficial
Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial
ownership of any shares of Common Stock as a result of such Distribution to such extent) and the portion of such Distribution shall
be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder
exceeding the Beneficial Ownership Limitation).

 

e)                 
Fundamental Transaction. If, at any time while this Preferred Stock is outstanding, (i) the Corporation, directly
or indirectly, in one or more related transactions effects any merger or consolidation of the Corporation with or into another
Person, (ii) the Corporation, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other
disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect,
purchase offer, tender offer or exchange offer (whether by the Corporation or another Person) is completed pursuant to which holders
of Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted
by the holders of 50% or more of the outstanding Common Stock, (iv) the Corporation, directly or indirectly, in one or more related
transactions effects any reclassification, reorganization or recapitalization of the Common Stock or any compulsory share exchange
pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property, or (v) the
Corporation, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other
business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with
another Person whereby such other Person acquires more than 50% of the outstanding shares of Common Stock (not including any shares
of Common Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons
making or party to, such stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”),
then, upon any subsequent conversion of this Preferred Stock, the Holder shall have the right to receive, for each Conversion Share
that would have been issuable upon such conversion immediately prior to the occurrence of such Fundamental Transaction (without
regard to any limitation in Section 6(d) on the conversion of this Preferred Stock), the number of shares of Common Stock of the
successor or acquiring corporation or of the Corporation, if it is the surviving corporation, and any additional consideration
(the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number
of shares of Common Stock for which this Preferred Stock is convertible immediately prior to such Fundamental Transaction (without
regard to any limitation in Section 6(d) on the conversion of this Preferred Stock). For purposes of any such conversion, the determination
of the Conversion Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate
Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Corporation shall apportion
the Conversion Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components
of the Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received
in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon
any conversion of this Preferred Stock following such Fundamental Transaction. To the extent necessary to effectuate the foregoing
provisions, any successor to the Corporation or surviving entity in such Fundamental Transaction shall file a new Certificate of
Designation with the same terms and conditions and issue to the Holders new preferred stock consistent with the foregoing provisions
and evidencing the Holders’ right to convert such preferred stock into Alternate Consideration. Notwithstanding anything
to the contrary, in the event of a Fundamental Transaction, the Corporation or any Successor Entity (as defined below) shall, at
a Holder’s option, exercisable at any time concurrently with, or within 30 days after, the consummation of the Fundamental
Transaction, purchase the Holder’s Preferred Stock by paying to such Holder an amount of cash equal to the Black Scholes
Value of the remaining unconverted portion of its Preferred Stock on the date of the consummation of such Fundamental Transaction.
“Black Scholes Value” means the value of the Holder’s Preferred Stock based on the Black and Scholes Option
Pricing Model obtained from the “OV” function on Bloomberg, L.P. (“Bloomberg”) determined as of
the day of consummation of the applicable Fundamental Transaction for pricing purposes and reflecting (A) a risk-free interest
rate corresponding to the U.S. Treasury rate for a period equal to the time between the date of the public announcement of the
applicable Fundamental Transaction and the Termination Date, (B) an expected volatility equal to the greater of 100% and the 100
day volatility obtained from the HVT function on Bloomberg as of the Trading Day immediately following the public announcement
of the applicable Fundamental Transaction, (C) the underlying price per share used in such calculation shall be the sum of the
price per share being offered in cash, if any, plus the value of any non-cash consideration, if any, being offered in such Fundamental
Transaction and (D) a remaining option time equal to the time between the date of the public announcement of the applicable Fundamental
Transaction and the Termination Date. The Corporation shall cause any successor entity in a Fundamental Transaction in which the
Corporation is not the survivor (the “Successor Entity”) to assume in writing all of the obligations of the
Corporation under this Certificate of Designation and the other Transaction Documents in accordance with the provisions of this
Section 7(e) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder
(without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the holder of this Preferred Stock,
deliver to the Holder in exchange for this Preferred Stock a security of the Successor Entity evidenced by a written instrument
substantially similar in form and substance to this Preferred Stock which is convertible for a corresponding number of shares of
capital stock of such Successor Entity (or its parent entity) equivalent to the shares of Common Stock acquirable and receivable
upon conversion of this Preferred Stock (without regard to any limitations on the conversion of this Preferred Stock) prior to
such Fundamental Transaction, and with a conversion price which applies the conversion price hereunder to such shares of capital
stock (but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the
value of such shares of capital stock, such number of shares of capital stock and such conversion price being for the purpose of
protecting the economic value of this Preferred Stock immediately prior to the consummation of such Fundamental Transaction), and
which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction,
the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction,
the provisions of this Certificate of Designation and the other Transaction Documents referring to the “Corporation”
shall refer instead to the Successor Entity), and may exercise every right and power of the Corporation and shall assume all of
the obligations of the Corporation under this Certificate of Designation and the other Transaction Documents with the same effect
as if such Successor Entity had been named as the Corporation herein.

 

    12 

     

    

 

f)                  
Calculations. All calculations under this Section 7 shall be made to the nearest cent or the nearest 1/100th of a
share, as the case may be. For purposes of this Section 7, the number of shares of Common Stock deemed to be issued and outstanding
as of a given date shall be the sum of the number of shares of Common Stock (excluding any treasury shares of the Corporation)
issued and outstanding.

 

g)                 
Notice to the Holders.

 

                                                                   
i.                       
Adjustment to Conversion Price. Whenever the Conversion Price is adjusted pursuant to any provision of this Section
7, the Corporation shall promptly deliver to each Holder a notice setting forth the Conversion Price after such adjustment and
setting forth a brief statement of the facts requiring such adjustment.

 

                                                                 
ii.                       
Notice to Allow Conversion by Holder. If (A) the Corporation shall declare a dividend (or any other distribution
in whatever form) on the Common Stock, (B) the Corporation shall declare a special nonrecurring cash dividend on or a redemption
of the Common Stock, (C) the Corporation shall authorize the granting to all holders of the Common Stock of rights or warrants
to subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of
the Corporation shall be required in connection with any reclassification of the Common Stock, any consolidation or merger to which
the Corporation is a party, any sale or transfer of all or substantially all of the assets of the Corporation, or any compulsory
share exchange whereby the Common Stock is converted into other securities, cash or property or (E) the Corporation shall authorize
the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Corporation, then, in each case, the
Corporation shall cause to be filed at each office or agency maintained for the purpose of conversion of this Preferred Stock,
and shall cause to be delivered to each Holder at its last address as it shall appear upon the stock books of the Corporation,
at least twenty (20) calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x)
the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if
a record is not to be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions,
redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale,
transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the
Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other property deliverable
upon such reclassification, consolidation, merger, sale, transfer or share exchange, provided that the failure to deliver such
notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified
in such notice. To the extent that any notice provided hereunder constitutes, or contains, material, non-public information regarding
the Corporation or any of the Subsidiaries, the Corporation shall simultaneously file such notice with the Commission pursuant
to a Current Report on Form 8-K. The Holder shall remain entitled to convert the Conversion Amount of this Preferred Stock (or
any part hereof) during the 20-day period commencing on the date of such notice through the effective date of the event triggering
such notice except as may otherwise be expressly set forth herein.

 

    13 

     

    

 

Section 8.Miscellaneous.

 

a)                 
Notices. Any and all notices or other communications or deliveries to be provided by the Holders hereunder including,
without limitation, any Notice of Conversion, shall be in writing and delivered personally, by facsimile, or sent by a nationally
recognized overnight courier service, addressed to the Corporation, at the address set forth above Attention: _________________,
facsimile number _______________, e-mail address _________ or such other facsimile number, e-mail address or address as the Corporation
may specify for such purposes by notice to the Holders delivered in accordance with this Section 8(a). Any and all notices or other
communications or deliveries to be provided by the Corporation hereunder shall be in writing and delivered personally, by facsimile,
or sent by a nationally recognized overnight courier service addressed to each Holder at the facsimile number or address of such
Holder appearing on the books of the Corporation, or if no such facsimile number or address appears on the books of the Corporation,
at the principal place of business of such Holder, as set forth in the Purchase Agreement. Any notice or other communication or
deliveries hereunder shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice or communication
is delivered via facsimile at the facsimile number set forth in this Section prior to 5:30 p.m. (New York City time) on any date,
(ii) the next Trading Day after the date of transmission, if such notice or communication is delivered via facsimile at the facsimile
number set forth in this Section on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading
Day, (iii) the second Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service,
or (iv) upon actual receipt by the party to whom such notice is required to be given.

 

    14 

     

    

 

b)                 
Absolute Obligation. Except as expressly provided herein, no provision of this Certificate of Designation shall alter
or impair the obligation of the Corporation, which is absolute and unconditional, to pay liquidated damages and accrued dividends,
as applicable, on the shares of Preferred Stock at the time, place, and rate, and in the coin or currency, herein prescribed.

 

c)                 
Lost or Mutilated Preferred Stock Certificate. If a Holder’s Preferred Stock certificate shall be mutilated,
lost, stolen or destroyed, the Corporation shall execute and deliver, in exchange and substitution for and upon cancellation of
a mutilated certificate, or in lieu of or in substitution for a lost, stolen or destroyed certificate, a new certificate for the
shares of Preferred Stock so mutilated, lost, stolen or destroyed, but only upon receipt of evidence of such loss, theft or destruction
of such certificate, and of the ownership hereof reasonably satisfactory to the Corporation.

 

d)                
Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Certificate
of Designation shall be governed by and construed and enforced in accordance with the internal laws of the State of Delaware, without
regard to the principles of conflict of laws thereof.

 

e)                 
Waiver. Any waiver by the Corporation or a Holder of a breach of any provision of this Certificate of Designation
shall not operate as or be construed to be a waiver of any other breach of such provision or of any breach of any other provision
of this Certificate of Designation or a waiver by any other Holders. The failure of the Corporation or a Holder to insist upon
strict adherence to any term of this Certificate of Designation on one or more occasions shall not be considered a waiver or deprive
that party (or any other Holder) of the right thereafter to insist upon strict adherence to that term or any other term of this
Certificate of Designation on any other occasion. Any waiver by the Corporation or a Holder must be in writing.

 

f)                  
Severability. If any provision of this Certificate of Designation is invalid, illegal or unenforceable, the balance
of this Certificate of Designation shall remain in effect, and if any provision is inapplicable to any Person or circumstance,
it shall nevertheless remain applicable to all other Persons and circumstances. If it shall be found that any interest or other
amount deemed interest due hereunder violates the applicable law governing usury, the applicable rate of interest due hereunder
shall automatically be lowered to equal the maximum rate of interest permitted under applicable law.

 

    15 

     

    

 

g)                 
Next Business Day. Whenever any payment or other obligation hereunder shall be due on a day other than a Business
Day, such payment shall be made on the next succeeding Business Day.

 

h)                 
Headings. The headings contained herein are for convenience only, do not constitute a part of this Certificate of
Designation and shall not be deemed to limit or affect any of the provisions hereof.

 

i)                   
Status of Converted or Redeemed Preferred Stock. Shares of Preferred Stock may only be issued pursuant to the Exchange
Agreement. If any shares of Preferred Stock shall be converted, redeemed or reacquired by the Corporation, such shares shall resume
the status of authorized but unissued shares of preferred stock and shall no longer be designated as Series Z Convertible Preferred
Stock.

 

*********************

 

    16 

     

    

 

RESOLVED, FURTHER, that the Chairman, the
president or any vice-president, and the secretary or any assistant secretary, of the Corporation be and they hereby are authorized
and directed to prepare and file this Certificate of Designation of Preferences, Rights and Limitations in accordance with the
foregoing resolution and the provisions of Delaware law.

 

IN WITNESS WHEREOF,
the undersigned have executed this Certificate this ___ day of _____ 2016.

 

	 	 	 
	Name:	 	Name:
	Title:	 	Title:

 

    17 

     

    

 

ANNEX A

 

NOTICE OF CONVERSION

 

(To
be Executed by the Registered Holder in order to Convert Shares of Preferred Stock)

 

The undersigned hereby elects to convert
the number of shares of Series Z Convertible Preferred Stock indicated below into shares of common stock, par value $.00001 per
share (the “Common Stock”), of Cellectar Biosciences, Inc., a Delaware corporation (the “Corporation”),
according to the conditions hereof, as of the date written below. If shares of Common Stock are to be issued in the name of a Person
other than the undersigned, the undersigned will pay all transfer taxes payable with respect thereto and is delivering herewith
such certificates and opinions as may be required by the Corporation in accordance with the Exchange Agreement. No fee will be
charged to the Holders for any conversion, except for any such transfer taxes.

 

Conversion calculations:

 

	Date to Effect Conversion:	 
	 	 
	Number of shares of Preferred Stock owned prior to Conversion: 	 
	 	 
	Number of shares of Preferred Stock to be Converted:	 
	 	 
	Stated Value of shares of Preferred Stock to be Converted:	 
	 	 
	Number of shares of Common Stock to be Issued:	 
	 	 
	Applicable Conversion Price:	 
	 	 
	Number of shares of Preferred Stock subsequent to Conversion:	 

 

Address for Delivery: ______________________

or

DWAC Instructions:

Broker no: _________

Account no: ___________

 

	 	
        [HOLDER]

	 	 
	 	By:  	 
	 	 	Name:
	 	 	Title:

 

    18

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