Document:

Exhibit 10.1

 

Cellectar Biosciences, Inc.

 

2015 STOCK INCENTIVE PLAN

 

SECTION 1. General Purpose of the Plan; Definitions

 

The purpose of this 2015 Stock Incentive
Plan (the “Plan”) is to encourage and enable officers and employees of, and other persons providing services to, Cellectar
Biosciences, Inc. (the “Company”) and its Subsidiaries (as defined below) to acquire a proprietary interest in the
Company. It is anticipated that providing such persons with a direct stake in the Company’s welfare will assure a closer
identification of their interests with those of the Company and its stockholders, thereby stimulating their efforts on the Company’s
behalf and strengthening their desire to remain with the Company.

 

The following terms shall be defined as
set forth below:

 

“Award” or “Awards”,
except where referring to a particular category of grant under the Plan, shall include Incentive Stock Options, Non-Statutory Stock
Options, Restricted Stock Awards, Unrestricted Stock Awards, Performance Share Awards, Stock Appreciation Rights and Restricted
Stock Units. Awards shall be evidenced by a written agreement (which may be in electronic form and may be electronically acknowledged
and accepted by the recipient) containing such terms and conditions not inconsistent with the provisions of this Plan as the Committee
shall determine.

 

“Board” means the Board of Directors
of the Company.

 

“Cause” shall mean, with respect
to any Award holder, a determination by the Company (including the Board) or any Subsidiary that the Holder’s employment
or other relationship with the Company or any such Subsidiary should be terminated as a result of (i) a material breach by the
Award holder of any agreement to which the Award holder and the Company (or any such Subsidiary) are parties, (ii) any act (other
than retirement) or omission to act by the Award holder that may have a material and adverse effect on the business of the Company,
such Subsidiary or any other Subsidiary or on the Award holder’s ability to perform services for the Company or any such
Subsidiary, including, without limitation, the proven or admitted commission of any crime (other than an ordinary traffic violation),
or (iii) any material misconduct or material neglect of duties by the Award holder in connection with the business or affairs of
the Company or any such Subsidiary.

 

“Change of Control” shall have
the meaning set forth in Section 16.

 

“Code” means the Internal Revenue
Code of 1986, as amended, and any successor Code, and related rules, regulations and interpretations.

 

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

 

“Covered Employee” means an
employee who is a “covered employee” within the meaning of Section 162(m) of the Code.

 

“Disability” means disability
as set forth in Section 22(e)(3) of the Code.

 

“Effective Date” means the date
on which the Plan is approved by the stockholders as set forth in Section 18.

 

    	 	 	 

     

    

 

“Eligible Person” shall have
the meaning set forth in Section 4.

 

“Exchange Act” shall mean the
Securities Exchange Act of 1934, as amended.

 

“Fair Market Value” on any given
date means the closing price per share of the Stock on such date as reported by such registered national securities exchange on
which the Stock is listed, or, if the Stock is not listed on such an exchange, as quoted in the Over-the-Counter Market provided,
that, if there is no trading on such date, Fair Market Value shall be deemed to be the closing price per share on the last preceding
date on which the Stock was traded. If the Stock is not listed on any registered national securities exchange or quoted in the
Over-the-Counter Market, the Fair Market Value of the Stock shall be determined in good faith by the Committee.

 

“Incentive Stock Option” means
any Stock Option designated and qualified as an “incentive stock option” as defined in Section 422 of the Code.

 

“Non-Employee Director” means
any director who: (i) is not currently an officer of the Company or a Subsidiary, or otherwise currently employed by the Company
or a Subsidiary, (ii) does not receive compensation, either directly or indirectly, from the Company or a Subsidiary, for services
rendered as a consultant or in any capacity other than as a director, except for an amount that does not exceed the dollar amount
for which disclosure would be required pursuant to Rule 404(a) of Regulation S-K promulgated by the SEC, (iii) does not possess
an interest in any other transaction for which disclosure would be required pursuant to Rule 404(a) of Regulation S-K, and (iv)
is not engaged in a business relationship for which disclosure would be required pursuant to Rule 404(b) of Regulation S-K.

 

“Non-Statutory Stock Option”
means any Stock Option that is not an Incentive Stock Option.

 

“Option” or “Stock Option”
means any option to purchase shares of Stock granted pursuant to Section 5.

 

“Outside Director” means any
director who (i) is not an employee of the Company or of any “affiliated group,” as such term is defined in Section
1504(a) of the Code, which includes the Company (an “Affiliated Group Member”), (ii) is not a former employee of the
Company or any Affiliated Group Member who is receiving compensation for prior services (other than benefits under a tax-qualified
retirement plan) during the Company’s or any Affiliated Group Member’s taxable year, (iii) has not been an officer
of the Company or any Affiliated Group Member and (iv) does not receive remuneration from the Company or any Affiliated Group Member,
either directly or indirectly, in any capacity other than as a director. “Outside Director” shall be determined in
accordance with Section 162(m) of the Code and the Treasury regulations issued thereunder.

 

“Performance Criteria” means
the criteria that the Committee selects for purposes of establishing the Performance Goal or Performance Goals for an individual
for a Performance Period. The Performance Criteria (which shall be applicable to the organizational level specified by the Committee,
including, but not limited to, the Company as a whole, or a unit, division, department, group, line of business, or other business
unit, whether or not legally constituted, in which the individual works) that will be used to establish Performance Goals are limited
to the following: (i) stock price, (ii) market share, (iii) sales, (iv) revenue, (v) return on equity, assets or capital,
(vi) economic profit (economic value added), (vii) total stockholder return, (viii) costs, (ix) expenses, (x) margins, (xi) earnings
(including EBITDA) or earnings per share, (xii) cash flow (including adjusted operating cash flow), (xiii) customer satisfaction,
(xiv) operating profit, (xv) net income, (xvi) research and development, (xvii) product releases, (xviii) manufacturing , or (xix)
any combination of the foregoing, any of which under the preceding clauses (i) through (xix) may be measured either in
absolute terms or as compared to any incremental increase or as compared to results of a peer group or market index.

 

 

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“Performance Goals” means,
for a Performance Period, the specific goals established in writing by the Committee for a Performance Period based upon the Performance
Criteria.

 

“Performance Period” means
one or more periods of time, which may be of varying and overlapping durations, as the Committee may select, over which the attainment
of one or more Performance Criteria will be measured for the purpose of determining a recipient’s right to and the payment
of a Performance-Based Award granted pursuant to Section 11.

 

“Performance Share Award” means
an Award pursuant to Section 8.

 

“Restricted Stock Award” means
an Award granted pursuant to Section 6.

 

“Restricted Stock Unit” means
an Award granted pursuant to Section 10.

 

“SEC” means the Securities and
Exchange Commission or any successor authority.

“Section 409A” means
Section 409A of the Code and the regulations and other guidance promulgated thereunder.

 

“Stock” means the common stock,
$0.00001 par value per share, of the Company, subject to adjustments pursuant to Section 3.

 

“Stock Appreciation Right” means
an Award granted pursuant to Section 9.

 

“Subsidiary” means any subsidiary
corporation of the Company, as defined in Section 424 of the Code.

 

“Termination Date” means the
date, as determined by the Committee, that an individual’s employment or service relationship, as applicable, with the Company
or a Subsidiary terminates for any reason.

 

“Unrestricted Stock Award” means
Awards granted pursuant to Section 7.

 

SECTION 2. Administration of Plan; Committee Authority to
Select Participants and Determine Awards.

 

(a) Committee. It is intended that
the Plan shall be administered by the Compensation Committee of the Board (the “Committee”), consisting of not less
than two (2) persons each of whom qualifies as an Outside Director and a Non-Employee Director, but, except as required by law,
the authority and validity of any act taken or not taken by the Committee shall not be affected if any person administering the
Plan is not an Outside Director or a Non-Employee Director. Except as specifically reserved to the Board under the terms of the
Plan, and subject to any limitations set forth in the charter of the Committee, the Committee shall have full and final authority
to operate, manage and administer the Plan on behalf of the Company.

 

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(b) Powers of Committee. The Committee
shall have the power and authority to grant and modify Awards consistent with the terms of the Plan, including the power and authority:

 

(i) to select the persons to whom Awards may
from time to time be granted;

 

(ii) to determine the time or times of grant,
and the extent, if any, of Incentive Stock Options, Non-Statutory Stock Options, Restricted Stock, Unrestricted Stock, Performance
Shares and Stock Appreciation Rights, or any combination of the foregoing, granted to any one or more participants;

 

(iii) to determine the number of shares to
be covered by any Award;

 

(iv) to determine and modify the terms and
conditions, including restrictions, not inconsistent with the terms of the Plan, of any Award, which terms and conditions may differ
among individual Awards and participants, and to approve the form of written instruments evidencing the Awards, except that repricing
of Stock Options and Stock Appreciation Right shall not be permitted without stockholder approval; provided, however, that no such
action shall adversely affect rights under any outstanding Award without the participant’s consent;

 

(v) to accelerate the exercisability or vesting
of all or any portion of any Award;

 

(vi) to extend the period in which any outstanding
Stock Option or Stock Appreciation Right may be exercised; and

 

(vii) to adopt, alter and repeal such rules,
guidelines and practices for administration of the Plan and for its own acts and proceedings as it shall deem advisable; to interpret
the terms and provisions of the Plan and any Award (including related written instruments); to make all determinations it deems
advisable for the administration of the Plan; to decide all disputes arising in connection with the Plan; and to otherwise supervise
the administration of the Plan.

 

All decisions and interpretations of the
Committee shall be binding on all persons, including the Company and Plan participants. No member or former member of the Committee
or the Board shall be liable for any action or determination made in good faith with respect to this Plan.

 

 

SECTION 3. Shares Issuable under the Plan; Mergers; Substitution.

 

(a) Shares Issuable. The maximum
number of shares of Stock which may be issued in respect of Awards (including Stock Appreciation Rights) granted under the Plan,
subject to adjustment upon changes in capitalization of the Company as provided in this Section 3, shall be 700,000 shares, plus
an additional number of shares, that are currently available under the Company’s Amended and Restated 2006 Stock Incentive
Plan (the “Prior Plan”) or may be added back to the Prior Plan pursuant to the next sentence, in each case subject
to adjustment upon changes in capitalization of the Company as provided in this Section 3. For purposes of this limitation, the
shares of Stock underlying any Awards, or awards under the Prior Plan, as applicable, which are forfeited, cancelled, reacquired
by the Company or otherwise terminated (other than by exercise) shall be added back to the shares of Stock with respect to which
Awards may be granted under the Plan. Shares issued under the Plan may be authorized but unissued shares or shares reacquired by
the Company.

 

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(b) Change
in Stock. Subject to Section 16 hereof, if, as a result of any reorganization, recapitalization, reclassification, stock
dividend, stock split, reverse stock split or other similar change in the Company’s capital stock, the outstanding shares
of Stock are increased or decreased or are exchanged for a different number or kind of shares or other securities of the Company,
or additional shares or new or different shares or other securities of the Company or other non-cash assets are distributed with
respect to such shares of Stock or other securities, or, if, as a result of any merger or consolidation, sale of all or substantially
all of the assets of the Company, the outstanding shares of Stock are converted into or exchanged for a different number or kind
of securities of the Company or any successor entity (or a parent or subsidiary thereof), the Committee shall make an appropriate
or proportionate adjustment in (i) the maximum number of shares reserved for issuance under the Plan, (ii) the number
of shares of Stock that can be granted to any one individual recipient, (iii) the maximum number of shares that may be granted
under a Performance-Based Award, (iv) the number and kind of shares or other securities subject to any then outstanding Awards
under the Plan, (v) the repurchase price per share subject to each outstanding Restricted Stock Award, and (vi) the price
for each share subject to any then outstanding Stock Options and Stock Appreciation Rights under the Plan, without changing the
aggregate exercise price (i.e., the exercise price multiplied by the number of Stock Options or Stock Appreciation Rights) as to
which such Stock Options and Stock Appreciation Rights remain exercisable. The adjustment by the Committee shall be final, binding
and conclusive. No fractional shares of Stock shall be issued under the Plan resulting from any such adjustment, but the Committee
in its discretion may make a cash payment in lieu of fractional shares.

 

(c) Substitute Awards. The Committee
may grant Awards under the Plan in substitution for stock and stock based awards held by employees of another corporation who concurrently
become employees of the Company or a Subsidiary as the result of a merger or consolidation of the employing corporation with the
Company or a Subsidiary or the acquisition by the Company or a Subsidiary of property or stock of the employing corporation. The
Committee may direct that the substitute awards be granted on such terms and conditions as the Committee considers appropriate
in the circumstances. Any substitute Awards granted under the Plan shall not count against the share limitation applicable to individuals
set forth in the penultimate sentence of Section 3(a)

 

SECTION 4. Eligibility.

 

Incentive Stock Options may be granted to
employees (including officer and directors who are also employees) of the Company or a Subsidiary, and all other Awards may be
granted to officers, directors and employees of, and consultants and advisers to, the Company and its Subsidiaries (all such persons,
“Eligible Persons”).

 

SECTION 5. Stock Options.

 

Any Stock Option granted under the Plan
shall be in such form as the Committee may from time to time approve.

 

Stock Options granted under the Plan may
be either Incentive Stock Options (subject to compliance with applicable law) or Non-Statutory Stock Options. Unless otherwise
so designated, an Option shall be a Non-Statutory Stock Option. To the extent that any option does not qualify as an Incentive
Stock Option, it shall constitute a Non-Statutory Stock Option.

 

No Incentive Stock Option shall be granted
under the Plan after the tenth anniversary of the date of adoption of the Plan by the Board.

 

Stock Options granted pursuant to this Section
5 shall contain such additional terms and conditions, not inconsistent with the terms of the Plan, as the Committee shall deem
desirable.

 

(a) Exercise Price. The exercise
price per share for the Stock covered by a Stock Option granted pursuant to this Section 5 shall be determined by the Committee
at the time of grant but shall be not less than one hundred percent (100%) of Fair Market Value on the date of grant. If an employee
owns or is deemed to own (by reason of the attribution rules applicable under Section 424(d) of the Code) more than ten percent
(10%) of the combined voting power of all classes of stock of the Company or any subsidiary or parent corporation and an Incentive
Stock Option is granted to such employee, the option price shall be not less than one hundred ten percent (110%) of Fair Market
Value on the date of grant.

 

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(b) Option Term. The term of each
Stock Option shall be fixed by the Committee, but no Stock Option shall be exercisable more than ten (10) years after the date
the option is granted. If an employee owns or is deemed to own (by reason of the attribution rules of Section 424(d) of the Code)
more than ten percent (10%) of the combined voting power of all classes of stock of the Company or any subsidiary or parent corporation
and an Incentive Stock Option is granted to such employee, the term of such option shall be no more than five (5) years from the
date of grant.

 

(c) Exercisability; Rights of a Stockholder.
Stock Options shall become vested and exercisable at such time or times, whether or not in installments, as shall be determined
by the Committee. The Committee may at any time accelerate the exercisability of all or any portion of any Stock Option. An optionee
shall have the rights of a stockholder only as to shares acquired upon the exercise of a Stock Option and not as to unexercised
Stock Options.

 

(d) Method of Exercise. Stock Options
may be exercised in whole or in part, by delivering written notice of exercise to the Company, specifying the number of shares
to be purchased. Payment of the purchase price may be made by delivery of cash or bank check or other instrument acceptable to
the Committee in an amount equal to the exercise price of such Options, or, to the extent provided in the applicable Option Agreement,
by one or more of the following methods:

 

(i) by delivery to the Company of (or attestation
to the ownership of) shares of Stock, not subject to restrictions under any Company plan, having a Fair Market Value equal in amount
to the aggregate exercise price of the Options being exercised; or

 

(ii) if the class of Stock is registered under
the Exchange Act at such time, by delivery to the Company of a properly executed exercise notice along with irrevocable instructions
to a broker to deliver promptly to the Company cash or a check payable and acceptable to the Company for the purchase price; provided
that in the event that the optionee chooses to pay the purchase price as so provided, the optionee and the broker shall comply
with such procedures and enter into such agreements of indemnity and other agreements as the Committee shall prescribe as a condition
of such payment procedure (including, in the case of an optionee who is an executive officer of the Company, such procedures and
agreements as the Committee deems appropriate in order to avoid any extension of credit in the form of a personal loan to such
officer). The Company need not act upon such exercise notice until the Company receives full payment of the exercise price; or

 

(iii) by reducing the number of Option shares
otherwise issuable to the optionee upon exercise of the Option by a number of shares of Common Stock having a Fair Market Value
equal to such aggregate exercise price of the Options being exercised; or

 

(iv) by any combination of such methods of
payment.

 

The delivery of certificates representing
shares of Stock to be purchased pursuant to the exercise of a Stock Option will be contingent upon receipt from the optionee (or
a purchaser acting in his stead in accordance with the provisions of the Stock Option) by the Company of the full purchase price
for such shares and the fulfillment of any other requirements contained in the Stock Option or imposed by applicable law.

 

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(e) Non-transferability of Options.
Except as the Committee may provide with respect to a Non-Statutory Stock Option, no Stock Option shall be transferable other than
by will or by the laws of descent and distribution and all Stock Options shall be exercisable, during the optionee’s lifetime,
only by the optionee.

 

(f) Annual Limit on Incentive Stock Options.
To the extent required for “incentive stock option” treatment under Section 422 of the Code, the aggregate Fair Market
Value (determined as of the time of grant) of the Stock with respect to which Incentive Stock Options granted under this Plan and
any other plan of the Company or its Subsidiaries become exercisable for the first time by an optionee during any calendar year
shall not exceed $100,000.

 

(g) Exercise Period following Termination.
When an optionee’s employment (or other service relationship) with the Company and its Subsidiaries terminates, the optionee’s
Stock Options may be exercised within the period of time specified in the agreement evidencing the Option, to the extent that the
Option is vested on the optionee’s Termination Date. In the absence of a specific period of time set forth in such agreement,
Stock Options shall remain exercisable (to the extent vested on the optionee’s Termination Date): (i) for 90 days following
the Termination Date upon any termination by us without cause; (ii) for 30 days following voluntary termination by the optionee;
(iii) for 90 days following the Disability of the optionee; or (iv) for 180 days following the Termination Date upon termination
for death; provided however that in no event shall any Option be exercisable after the expiration of the term of such Option; and
provided further that in the event that an optionee’s employment with the Company or a Subsidiary has been terminated by
the Company for Cause, as determined by the Committee in its sole discretion, any Stock Option held by such optionee shall immediately
terminate and be of no further force and effect.

 

(h) Non-Employee Director Options.
Notwithstanding anything to the contrary in the foregoing, in the event that any Non-Employee Director holding a Stock Option granted
under the Plan resigns voluntarily from the Board, the vesting of such Option shall be accelerated such that the Option is fully
vested on the Non-Employee Director’s Termination Date, and the Non-Employee Director shall be allowed to exercise such Option
for a period equal to the lesser of the term of the Option or three years from the Termination Date.

 

SECTION 6. Restricted Stock Awards.

 

(a) Nature of Restricted Stock Award.
The Committee in its discretion may grant Restricted Stock Awards to any Eligible Person, entitling the recipient to acquire, for
such purchase price, if any, as may be determined by the Committee, shares of Stock subject to such restrictions and conditions
as the Committee may determine at the time of grant (“Restricted Stock”), including continued employment and/or achievement
of pre-established performance goals and objectives.

 

(b) Acceptance of Award. A participant
who is granted a Restricted Stock Award shall have no rights with respect to such Award unless the participant shall have accepted
the Award within sixty (60) days (or such shorter date as the Committee may specify) following the award date by making payment
to the Company of the specified purchase price, if any, of the shares covered by the Award and by executing and delivering to the
Company a written instrument that sets forth the terms and conditions applicable to the Restricted Stock in such form as the Committee
shall determine.

 

(c) Rights as a Stockholder. Upon
complying with Section 6(b) above, a participant shall have all the rights of a stockholder with respect to the Restricted Stock,
including voting and dividend rights, subject to non-transferability restrictions and Company repurchase or forfeiture rights described
in this Section 6 and subject to such other conditions contained in the written instrument evidencing the Restricted Award. Unless
the Committee shall otherwise determine, certificates evidencing shares of Restricted Stock Award shall remain in the possession
of the Company until such shares are vested as provided in Section 6(e) below.

 

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(d) Restrictions. Shares of Restricted
Stock may not be sold, assigned, transferred, pledged or otherwise encumbered or disposed of except as specifically provided herein.
In the event of termination of employment by the Company and its Subsidiaries for any reason (including death, Disability, Normal
Retirement and for Cause), any shares of Restricted Stock which have not then vested shall automatically be forfeited to the Company.

 

(e) Vesting of Restricted Stock.
The Committee at the time of grant shall specify the date or dates and/or the attainment of pre-established performance goals,
objectives and other conditions on which the non-transferability of the Restricted Stock and the Company’s right of forfeiture
shall lapse. Subsequent to such date or dates and/or the attainment of such pre-established performance goals, objectives and other
conditions, the shares on which all restrictions have lapsed shall no longer be Restricted Stock and shall be deemed “vested.”
The Committee at any time may accelerate such date or dates and otherwise waive or, subject to Section 14, amend any conditions
of the Award.

 

(f) Waiver, Deferral and Reinvestment
of Dividends. The written instrument evidencing the Restricted Stock Award may require or permit the immediate payment, waiver,
deferral or investment of dividends paid on the Restricted Stock.

 

SECTION 7. Unrestricted Stock Awards.

 

(a) Grant or Sale of Unrestricted Stock.
The Committee in its discretion may grant or sell to any Eligible Person shares of Stock free of any restrictions under the Plan
(“Unrestricted Stock”) at a purchase price determined by the Committee. Shares of Unrestricted Stock may be granted
or sold as described in the preceding sentence in respect of past services or other valid consideration.

 

(b) Restrictions on Transfers. The
right to receive unrestricted Stock may not be sold, assigned, transferred, pledged or otherwise encumbered, other than by will
or the laws of descent and distribution.

 

SECTION 8. Performance Share Awards.

 

A Performance Share Award is an award entitling
the recipient to acquire shares of Stock upon the attainment of specified performance goals; provided however that the Committee,
in its discretion, may provide either at the time of grant or at the time of settlement that a Performance Share Award will be
settled in cash. The Committee may make Performance Share Awards independent of or in connection with the granting of any other
Award under the Plan. Performance Share Awards may be granted under the Plan to any Eligible Person. The Committee in its discretion
shall determine whether and to whom Performance Share Awards shall be made, the performance goals applicable under each such Award
(which may include, without limitation, continued employment by the recipient or a specified achievement by the recipient, the
Company or any business unit of the Company), the periods during which performance is to be measured, and all other limitations
and conditions applicable to the Award or the Stock issuable thereunder. Upon the attainment of the specified performance goal
shares of Stock (or cash, as applicable) shall be issued pursuant to the Performance Share Award as soon as practicable thereafter,
but in no event later than two and one-half months after the calendar year in which such performance goal is attained.

 

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SECTION 9. Stock Appreciation Rights.

 

The Committee in its discretion may grant
Stock Appreciation Rights to any Eligible Person. A Stock Appreciation Right shall entitle the participant upon exercise thereof
to receive from the Company, upon written request to the Company at its principal offices (the “Request”), a number
of shares of Stock, a cash payment, or a combination of shares and cash (as provided in the Stock Appreciation Right) having an
aggregate Fair Market Value equal to the product of (a) the excess of Fair Market Value, on the date of such Request, over the
exercise price per share of Stock specified in such Stock Appreciation Right (which exercise price shall be not less than one hundred
percent (100%) of Fair Market Value on the date of grant), multiplied by (b) the number of shares of Stock for which such Stock
Appreciation Right shall be exercised. Any Stock Appreciation Right granted under the Plan shall contain such terms and conditions
with respect to its termination as the Committee, in its discretion, may from time to time determine; provided however that the
term of a Stock Appreciation Right shall not exceed ten years.

 

SECTION 10. Restricted Stock Units.

 

A Restricted Stock Unit is a bookkeeping
entry representing the right to receive, upon its vesting, one share of Stock (or a percentage or multiple of one share of Stock
if so specified in the agreement evidencing the Award) for each Restricted Stock Unit awarded to a recipient and represents an
unfunded and unsecured obligation of the Company. The Committee shall determine the restrictions and conditions applicable to each
Restricted Stock Unit at the time of grant. Conditions may be based on continuing employment (or other service relationship) and/or
achievement of pre-established performance goals and objectives. At the end of the vesting period, the Restricted Stock Units,
to the extent vested, shall be settled in the form of shares of Stock. Notwithstanding the foregoing, the Committee, in its discretion,
may determine either at the time of grant or at the time of settlement, that a Restricted Stock Unit shall be settled in cash.
Except to the extent that the Committee provides otherwise, a recipient’s right in all Restricted Stock Units that have not
vested shall automatically terminate immediately following the recipient’s termination of employment (or cessation of service
relationship) with the Company and its Subsidiaries.

 

SECTION 11. Performance-Based Awards to
Covered Employees.

 

(a) Performance-Based
Awards. A Performance-Based Award means any Restricted Stock Award, Performance Share Award, or Restricted Stock Unit granted
to a Covered Employee (or to an employee that the Committee determines may become a Covered
Employee) that is intended to qualify as “performance-based compensation” under Section 162(m) of the Code. A
Performance-Based Award shall be payable upon the attainment of Performance Goals that are established by the Committee and related
to one or more of the Performance Criteria, in each case on a specified date or dates or over any period or periods determined
by the Committee. The Committee shall define in an objective fashion the manner of calculating the Performance Criteria it selects
to use for any Performance Period. The Committee, in its discretion, may adjust or modify the calculation of Performance Goals
for such Performance Period in order to prevent the dilution or enlargement of the rights of an individual (i) in the event
of, or in anticipation of, any unusual or extraordinary corporate item, transaction, event or development, (ii) in recognition
of, or in anticipation of, any other unusual or nonrecurring events affecting the Company, or the financial statements of the Company,
or (iii) in response to, or in anticipation of, changes in applicable laws, regulations, accounting principles, or business
conditions; provided, however, that the Committee may not exercise such discretion in a manner that would increase the amount of
the Performance-Based Award. 

 

(b) Grant of Performance-Based Awards.
With respect to each Performance-Based Award, the Committee shall select, within the first 90 days of a Performance Period
(or, if shorter, within the maximum period allowed under Section 162(m) of the Code) the Performance Criteria for such grant,
and the Performance Goals with respect to each Performance Criterion (including a threshold level of performance below which no
amount will become payable with respect to such Award). Each Performance-Based Award will specify the amount payable, or the formula
for determining the amount payable, upon achievement of the various applicable Performance Goals.

 

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(c) Payment of Performance-Based Awards.  Following
the completion of a Performance Period, the Committee shall review and certify in writing whether, and to what extent, the Performance
Goals for the Performance Period have been achieved and, if so, shall calculate and certify in writing the amount of the Performance-Based
Awards earned for the Performance Period. The Committee shall then determine the actual size of each recipient’s Performance-Based
Award, and, in doing so, may reduce (but not increase) or eliminate the amount of the Performance-Based Award if, in its sole judgment,
such reduction or elimination is appropriate.

 

SECTION 12. Tax Withholding.

 

(a) Payment by Participant. Each
participant shall, no later than the date as of which the value of an Award or of any Stock or other amounts received thereunder
first becomes includable in the gross income of the participant for Federal income tax purposes, pay to the Company, or make arrangements
satisfactory to the Committee regarding payment of any Federal, state, local and/or payroll taxes of any kind required by law to
be withheld with respect to such income. The Company and its Subsidiaries shall, to the extent permitted by law, have the right
to deduct any such taxes from any payment of any kind otherwise due to the participant.

 

(b) Payment in Shares. A participant
may elect, with the consent of the Committee, to have the statutory minimum tax withholding obligation satisfied, in whole or in
part, by (i) authorizing the Company to withhold from shares of Stock to be issued pursuant to an Award a number of shares with
an aggregate Fair Market Value (as of the date the withholding is effected) that would satisfy the withholding amount due with
respect to such Award, or (ii) delivering to the Company a number of shares of Stock with an aggregate Fair Market Value (as of
the date the withholding is effected) that would satisfy the withholding amount due.

 

SECTION 13. Transfer and Leave of Absence.

 

For purposes of the Plan, the following
events shall not be deemed a termination of employment:

 

(a) a transfer to the employment of the
Company from a Subsidiary or from the Company to a Subsidiary, or from one Subsidiary to another;

 

(b) an approved leave of absence for military
service or sickness, or for any other purpose approved by the Company, if the employee’s right to re-employment is guaranteed
either by a statute or by contract or under the policy pursuant to which the leave of absence was granted or if the Committee otherwise
so provides in writing; provided, that the vesting date or dates of any unvested Award held by such employee shall automatically
be extended by a period of time equal to the period of such approved leave of absence.

 

SECTION 14. Amendments and Termination.

 

The Board may at any time amend or discontinue
the Plan and the Committee may at any time amend or cancel any outstanding Award for the purpose of satisfying changes in law or
for any other lawful purpose, but no such action shall adversely affect rights under any outstanding Award without the holder’s
consent. Notwithstanding the foregoing, neither the Board nor the Committee shall have the power or authority to decrease the exercise
price of any outstanding Stock Option or Stock Appreciation Right, whether through amendment, cancellation and regrant, exchange
or any other means, except for changes made pursuant to Section 3(b).

 

    	 	10	 

     

    

 

This Plan shall terminate as of the tenth
anniversary of its effective date. The Board may terminate this Plan at any earlier time for any reason. No Award may be granted
after the Plan has been terminated. No Award granted while this Plan is in effect shall be adversely altered or impaired by termination
of this Plan, except upon the consent of the holder of such Award. The power of the Committee to construe and interpret this Plan
and the Awards granted prior to the termination of this Plan shall continue after such termination.

 

SECTION 15. Status of Plan.

 

With respect to the portion of any Award
which has not been exercised and any payments in cash, Stock or other consideration not received by a participant, a participant
shall have no rights greater than those of a general creditor of the Company unless the Committee shall otherwise expressly determine
in connection with any Award or Awards.

 

SECTION 16. Change of Control Provisions.

 

(a) Upon the occurrence of a Change of Control
as defined in this Section 16, the Committee in its discretion may, at the time an Award is made or at any time thereafter,
take one or more of the following actions: (i) provide for the acceleration of any time period relating to the exercise or payment
of the Award; (ii) provide for termination of any Awards not exercised prior to the occurrence of a Change in Control; (iii) provide
for payment to the holder of the Award of cash or other property with a Fair Market Value equal to the amount that would have been
received upon the exercise or payment of the Award had the Award been exercised or paid upon the Change in Control in exchange
for cancellation of the Award; (iv) adjust the terms of the Award in a manner determined by the Committee to reflect the Change
in Control; (v) cause the Award to be assumed, or new rights substituted therefor, by another entity; or (vi) make such other provision
as the Committee may consider equitable to the holders of Awards and in the best interests of the Company.

 

(b) “Change of Control” shall
mean the occurrence of any one of the following events:

 

(i) any “person” (as such term
is used in Sections 13(d) and 14(d)(2) of the Exchange Act) becomes, after the Effective Date of this Plan, a “beneficial
owner” (as such term is defined in Rule 13d-3 promulgated under the Exchange Act) (other than the Company, any trustee or
other fiduciary holding securities under an employee benefit plan of the Company, or any corporation owned, directly or indirectly,
by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company), directly
or indirectly, of securities of the Company representing more than fifty percent (50%) of the combined voting power of the Company’s
then outstanding securities; or

 

(ii) the consummation of a merger or consolidation
of the Company with any other corporation or other entity, other than a merger or consolidation which would result in the voting
securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by
being converted into voting securities of the surviving entity) more than fifty percent (50%) of the combined voting power of the
voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation; or

 

(iii) the closing of a sale or other disposition
by the Company of all or substantially all of the assets of the Company;

 

    	 	11	 

     

    

 

(iv) individuals who constitute the
Board on the Effective Date (“Incumbent Directors”) cease for any reason to constitute at least a majority of the Board;
provided, that any individual who becomes a member of the Board subsequent to the Effective Date, whose election or nomination
for election was approved by a vote of at least two-thirds of the Incumbent Directors shall be treated as an Incumbent Director
unless he or she assumed office as a result of an actual or threatened election contest with respect to the election or removal
of directors; or

 

(v) a complete liquidation or
dissolution of the Company;

 

provided, in each case, that such event also constitutes
a “change in control event” within the meaning of the Treasury Regulation Section 1.409A-3(i)(5) if necessary to avoid
the imposition of additional taxes under Section 409A.

 

SECTION 17. General Provisions.

 

(a) No Distribution; Compliance with
Legal Requirements. The Committee may require each person acquiring shares pursuant to an Award to represent to and agree with
the Company in writing that such person is acquiring the shares without a view to distribution thereof.

 

No shares of Stock shall be issued pursuant
to an Award until all applicable securities laws and other legal and stock exchange requirements have been satisfied. The Committee
may require the placing of such stop orders and restrictive legends on certificates for Stock and Awards as it deems appropriate.

 

No Award under the Plan shall be a a nonqualified
deferred compensation plan, as defined in Code Section 409A, unless such Award meets in form and in operation the requirements
of Code Section 409A(a)(2),(3), and (4).

 

Notwithstanding anything to the contrary
contained in this Plan, Awards may be made to an individual who is a foreign national or employed or performing services outside
of the United States on such terms and conditions different from those specified in the Plan as the Committee considers necessary
or advisable to achieve the purposes of the Plan or to comply with applicable laws.

 

(b) Delivery of Stock Certificates.
Delivery of stock certificates to participants under this Plan shall be deemed effected for all purposes when the Company or a
stock transfer agent of the Company shall have delivered such certificates in the United States mail, addressed to the participant,
at the participant’s last known address on file with the Company. In lieu of delivery of stock certificates, the Company
may, to the extent permitted by law and the Certificate of Incorporation and by-laws of the Company, issue shares of Stock hereunder
in book entry form.

 

(c) Other Compensation Arrangements;
No Employment Rights. Nothing contained in this Plan shall prevent the Board from adopting other or additional compensation
arrangements, including trusts, subject to stockholder approval if such approval is required; and such arrangements may be either
generally applicable or applicable only in specific cases. The adoption of the Plan or any Award under the Plan does not confer
upon any employee any right to continued employment with the Company or any Subsidiary.

 

(d) Trading Policy Restrictions.
Option exercises and other Awards under the Plan shall be subject to the Company’s insider trading policy, as in effect from
time to time.

 

 

    	 	12	 

     

    

 

(e) Lock-Up Agreement. By accepting
any Award, the recipient shall be deemed to have agreed that, if so requested by the Company or by the underwriters managing any
underwritten offering of the Company’s securities, the recipient will not, without the prior written consent of the Company
or such underwriters, as the case may be, sell, make any short sale of, loan, grant any option for the purchase of, or otherwise
dispose of any shares subject to any such Award during the Lock-up Period, as defined below. The “Lock-Up Period” shall
mean a period of time not exceeding 180 days or, if greater, such number of days as shall have been agreed to by each director
and executive officer of the Company in connection with such offering in a substantially similar lock-up agreement by which each
such director and executive officer is bound. If requested by the Company or such underwriters, the recipient shall enter into
an agreement with such underwriters consistent with the foregoing.

 

(f) Section 409A Awards. To the extent
that any Award is determined to constitute “nonqualified deferred compensation” within the meaning of Section 409A
(a “409A Award”), the Award shall be subject to such additional rules and requirements as specified by the Committee
from time to time in order to comply with Section 409A. In this regard, if any amount under a 409A Award is payable upon a
“separation from service” (within the meaning of Section 409A) to a recipient who is then considered a “specified
employee” (within the meaning of Section 409A), then no such payment shall be made prior to the date that is the earlier
of (i) six months and one day after the recipient’s separation from service, or (ii) the recipient’s death,
but only to the extent such delay is necessary to prevent such payment from being subject to interest, penalties and/or additional
tax imposed pursuant to Section 409A. Further, the settlement of any 409A Award may not be accelerated or postponed except
to the extent permitted by Section 409A.

 

SECTION 18. Effective Date of Plan.

 

This Plan shall become effective upon approval
by the holders of a majority of the shares of stock of the Company present or represented and entitled to vote at a meeting of
stockholders at which a quorum is present or by written consent of the stockholders. Subject to such approval by the stockholders,
Stock Options and other Awards may be granted hereunder on and after adoption of this Plan by the Board.

 

SECTION 19. Governing Law.

 

This Plan shall be governed by, and construed
and enforced in accordance with, the substantive laws of the State of Delaware without regard to its principles of conflicts of
laws.

 

    	 	13Exhibit 10.2

 

EMPLOYMENT AGREEMENT

 

This AGREEMENT is made
as of the 15th day of June, 2015, by and between Cellectar Biosciences, Inc., a Delaware corporation, with its principal
offices in Madison, Wisconsin (the “Company”), and James Caruso of Lauderdale By The Sea, Florida (the “Executive”).

 

WITNESSETH

 

WHEREAS, the Company
and the Executive desire to set forth the terms and conditions on which, from and after the Effective Date, (i) the Company
shall employ the Executive, (ii) the Executive shall render services to the Company, and (iii) the Company shall compensate
the Executive for such services;

 

NOW THEREFORE, in consideration
of the mutual covenants contained herein, the Company and the Executive (individually a “Party” and together the “Parties”)
agree as follows:

 

1. Employment.

 

1.1. Term of Employment.
This Agreement shall be effective on June 15, 2015 or such other date as the Company and the Executive shall mutually agree in
writing (the “Effective Date”), and employment hereunder shall be at will. Notwithstanding the foregoing, the term
of employment (the “Term”) shall end on the date on which the Executive’s employment is terminated by either
Party in accordance with the provisions herein.

 

1.2. Title and Responsibilities.
The Executive shall serve the Company as President and Chief Executive Officer. In addition, on the Effective Date the Executive
will be elected as a Director of the Company. In such positions, the Executive shall have the duties, responsibilities and authorities
as determined and designated from time to time by the board of directors, including, without limitation, management authority with
respect to, and responsibility for, the overall day-to-day business and affairs of the Company. The Executive shall serve under
the direction and supervision of, and report to, the board of directors. Notwithstanding the above, the Executive shall not be
required to perform any duties and responsibilities which would result in noncompliance with or violation of any applicable law
or regulation.

 

2. Compensation and Benefits.
The compensation and benefits payable to the Executive under this Agreement shall be as follows:

 

2.1. Salary.
For all services rendered by the Executive to the Company, the Executive shall be entitled to receive a base salary at the rate
of $375,000 per year beginning on the Effective Date. The Executive’s base salary shall be reviewed annually by the compensation
committee of the board of directors, with the first review no later than the first anniversary of the Effective Date, and shall
be subject to increase from time to time as approved by the compensation committee of the board of directors. In addition, if the
compensation committee of the board of directors increases the Executive’s annual base salary, such increased annual base
salary shall become a floor below which such annual base salary shall not fall without the Executive’s written consent. Executive’s
salary shall be payable in periodic installments in accordance with the Company’s usual practice for its senior executives,
but no less frequently than monthly.

 

     

     

    

 

2.2. Bonus.
The Executive shall be eligible to receive an annual bonus at the discretion of the compensation committee of the board of directors
based on the Executive’s performance. The Executive’s target bonus shall be up to fifty percent (50%) of the Executive’s
base salary.

 

2.3. Equity Awards.
The Company shall grant to the Executive an inducement option to purchase up to 375,000 shares of the Common Stock, representing
approximately five percent (5%) of the outstanding stock of the Company (the “Option”). The exercise price per share
shall be equal to the closing market price on the date of grant. The option shall vest in four equal annual installments beginning
on the first anniversary of the date of grant. The option shall be evidenced by an option agreement in substantially the form attached
hereto as Exhibit B (the “Option Agreement”). The Executive shall be eligible to receive periodic future stock option
grants at the discretion of the board of directors.

 

2.4. Regular Benefits.
The Executive shall also be entitled to participate in any and all employee benefit plans, medical insurance plans, disability
income plans, retirement plans, bonus incentive plans, and other benefit plans from time to time in effect for senior executives
of the Company. Such participation shall be subject to (i) the terms of the applicable plan documents, (ii) generally
applicable policies of the Company and (iii) the discretion of the board of directors or any administrative or other committee
provided for in or contemplated by such plan.

 

2.5. Relocation
Expenses. The Company shall reimburse the Executive for reasonable moving and relocation expenses, not to exceed $100,000,
in connection with the Executive’s relocation to Madison, Wisconsin.

 

2.6. Business Expenses.
The Company shall reimburse the Executive for all reasonable travel and other business expenses incurred by the Executive in the
performance of his duties and responsibilities, subject to such reasonable requirements with respect to substantiation and documentation
as may be specified by the Company. In no event shall any reimbursement be made later than the last day of the year following the
year in which the expenses were incurred.

 

2.7. Vacation.
The Executive shall be entitled to four (4) weeks of paid vacation per year, to be taken at such times and intervals as shall be
determined by the Executive consistent with his responsibilities.

 

3. Service.

 

3.1. Extent of Service.
The Executive shall, subject to the direction and supervision of the board of directors, devote his full time, best efforts and
business judgment, skill and knowledge to the advancement of the Company’s interests and to the discharge of his duties and
responsibilities hereunder; provided, however, that nothing herein shall be construed as preventing the Executive from:

 

(a) investing
his assets in such form or manner as shall not require any material services on his part in the operations or affairs of the companies
or the other entities in which such investments are made;

 

    	 	- 2 -	 

     

    

 

(b) serving
on the board of directors of any other company, provided that he obtains the prior approval of a majority of the board of
directors to serve on more than one other board and shall not be required to render any material services with respect to the operations
or affairs of any such company; or

 

(c) engaging
in religious, charitable or other community or non-profit activities which do not impair his ability to fulfill his duties and
responsibilities under this Agreement.

 

4. Termination by the Company.

 

4.1. Termination by Company for Cause.
The Executive’s employment hereunder may be terminated by the Company, without further liability on the part of the Company,
effective immediately, by the board of directors for Cause (as such term is defined in Section 4.2) by written notice to the Executive
setting forth in reasonable detail the nature of such Cause.

 

4.2. Definition of Cause.
For purposes of this agreement, “Cause” shall mean:

 

(a) Executive’s
dishonesty relating to the Company or its assets (including, without limitation, theft or embezzlement of Company funds or assets);

 

(b) A material
misstatement or misrepresentation by Executive to the Company with respect to his educational and professional background and experience;

 

(c) Executive’s
commission of any action with the intent to injure the Company, its business or its assets;

 

(d) Executive
is indicted for any felony, or for any misdemeanor which may interfere with the performance of his duties or responsibilities under
this Agreement;

 

(e) Executive
violates any material directive, policy, standard or instruction of the Board with respect to the operation of the Company’s
business;

 

(f) Executive
fails to obey any direction of the Board which is not illegal;

 

(g) Executive’s
willful noncompliance in any material respect with any laws or regulations, foreign or domestic, in the operation of the Company’s
business;

 

(h) Executive’s
material breach of any of his obligations pursuant to this Agreement or any fiduciary duty arising under law;

 

(i) Executive’s
gross negligence or willful misconduct with respect to the business affairs of the Company or with respect to performing his duties
or responsibilities under this agreement (other than on account of a medically determinable disability which renders the
Executive incapable of performing such services); or

 

(j) Executive’s
unlawful use of alcohol or controlled substances or other drugs.

 

    	 	- 3 -	 

     

    

 

4.3. Termination Procedure.
With respect to the circumstances described in clauses (e) through (i) of Section 4.2, a termination by reason of any such circumstances
shall be deemed to be for Cause only if such circumstances are not cured by the Executive in all material respects within 30 days
following written notice thereof to the Executive, which notice shall identify in reasonable detail the facts that lead the Company
to believe that such circumstances exist and shall give Executive an opportunity to response; provided, however, that Executive
shall be entitled to only one notice and one cure period with respect to each alleged breach. In each case, in determining Cause,
the alleged acts or omissions of the Executive shall be measured against standards prevailing in the industry generally and the
ultimate existence of Cause must be confirmed by a majority of the board of directors (excluding the Executive) at a meeting prior
to any termination therefor. In the event of such a confirmation, the Company shall notify the Executive that the Company intends
to terminate the Executive’s employment for Cause under this Section 4 (the “Confirmation Notice”).

 

4.4. Termination of Obligations.
In the event of termination pursuant to Section 4.1, all obligations of the Company under this Agreement, other than the Company’s
obligations under the provisions of COBRA, shall terminate as of the date specified in the Confirmation Notice, but vested rights
of the parties hereunder as of such date shall not be affected.

 

4.5. Termination by the Company Without Cause.
The Executive’s employment with the Company may be terminated without cause by a majority of the board of directors on five
(5) business days prior written notice to the Executive (or, in lieu of such notice, the Executive’s base salary for one
week), provided, however, that the Company shall have the obligation upon any such termination to make the payments to the
Executive provided for under Section 6 of this Agreement.

 

5. Termination by the Executive

 

5.1. Termination by the Executive for Good Reason.
The Executive shall be entitled to terminate his employment hereunder for Good Reason (as defined in Section 5.3), provided
that (i) within 30 days of the first occurrence of one or more of the events listed in Section 5.3 below the Executive
delivers to the board of directors written notice of his intention to terminate employment for Good Reason, which notice specifies
in reasonable detail the circumstances claimed to give rise to such right, (ii) the Company shall have 30 days after receipt of
such notice to cure such circumstances, and (iii) failing a cure, the Executive terminates employment within 10 days after the
expiration of the 30 day period set forth in clause (ii).

 

Upon any such termination, the Executive
shall be entitled to receive the benefits set forth in Section 6.

 

5.2. Other Voluntary Termination by the Executive.
The Executive may effect, upon thirty (30) days prior written notice to the Company, which notice may be waived by the Company,
a Voluntary Termination of his employment hereunder. A “Voluntary Termination” shall mean a termination of employment
by the Executive on his own initiative other than a termination for Good Reason. If the Executive’s employment is
so terminated due to Voluntary Termination, the Executive shall be entitled to his base salary up to the date of termination. Provision
of medical benefits shall be in accordance with the provisions of COBRA.

 

    	 	- 4 -	 

     

    

 

5.3. Good Reason.
For purposes of this Agreement, the term “Good Reason” shall mean any of the following:

 

(a) the failure
of the board of directors to elect the Executive to the offices of President and Chief Executive Officer, or to continue the Executive
in such offices;

 

(b) the failure
by the stockholders of the Company to continue to elect the Executive to the board of directors;

 

(c) the failure
by the Company to pay compensation as provided for in Sections 2.1, 2.2, 2.3 or 2.4,
except for across the board cuts applicable to all officers of the Company on an equal percentage basis; provided that such
reduction is approved by the board of directors;

 

(d) there
occurs any reduction of base salary or material reduction in other benefits or any material change by the Company to the Executive’s
function, duties, authority, or responsibilities in effect on the date hereof or as set forth in this Agreement, which change would
cause the Executive’s position with the Company to become one of lesser responsibility, importance, or scope from the position
and attributes thereof in effect on the date hereof or as set forth in this Agreement (and any such material change shall be deemed
a continuing breach of this Agreement); and

 

(e) a material
breach by the Company of any of the other provisions of this Agreement.

 

5.4. Change of Control.
For purposes of this Agreement, the term “Change of Control” means (i) the sale of all or substantially all of
the assets or issued and outstanding capital stock of the Company, (ii) merger or consolidation involving the Company in which
stockholders of the Company immediately before such merger or consolidation do not own immediately after such merger or consolidation
capital stock or other equity interests of the surviving corporation or entity representing more than fifty percent (50%) in voting
power of capital stock or other equity interests of such surviving corporation or entity outstanding immediately after such merger
or consolidation, or (iii) a change, without the approval of the board of directors, in the composition of the board of directors
such that directors who were serving as of the date of this Agreement cease to constitute a majority of the board of directors.

 

6. Certain Termination Benefits.
In the event of termination pursuant to Section 4.5 or Section 5.1, the Executive shall be entitled to certain benefits (the “Termination
Benefits”), subject to the following provisions:

 

6.1. Benefits.
The Termination Benefits are:

 

(a) Payment of Salary.
For a period of six (6) months following the date of the Executive’s termination, the Executive shall continue to receive
the installments of base salary set forth in Section 2.1 payable when and as if the Executive had continued to be employed by the
Company.

 

    	 	- 5 -	 

     

    

 

(b) Option Acceleration and Exercise.
Contingent upon the Executive’s execution and delivery of the release discussed below, in the event of a termination pursuant
to Sections 4.5 or 5.1, the Option shall be vested as to such number of additional shares of Common Stock as if the Executive had
been employed for a period ending on the first anniversary of termination. In the event of such termination within twelve (12)
months of Change of Control, one hundred percent (100%) of the Executive’s unvested Option shall vest. In either instance
the Option shall remain exercisable for a period ending on the first anniversary of termination.

 

(c) Benefit Continuation.
For the six (6) month period subsequent to the date of termination, provided that the Executive has elected COBRA coverage, the
Company shall pay the portion of the Executive’s medical insurance COBRA premium equal to the medical insurance premium paid
by the Company for the Executive prior to the date of termination, provided however that the Company in its sole discretion may
elect to make a lump sum cash payment equal to the aggregate of such premiums in lieu of paying the premiums.

 

6.2. Release and Procedure.
The Company’s obligation to make payments pursuant to this Section 6 shall be conditioned upon the Executive’s execution
of a release in favor of the Company and its affiliates in the form attached hereto as Exhibit A (which the Company agrees to execute
and deliver simultaneously), subject to the following provisions.

 

(a)     The
Company will deliver the release to the Executive for execution no later than eight days after the Executive’s termination
of employment.

 

(b)     The
Executive must execute and deliver the release within 21 days after receipt thereof.

 

(c)     If the
Executive has revocation rights, he shall exercise such rights, if at all, not later than seven days after executing the release.

 

Subject to the execution and effectiveness
of such release, any payments that, pursuant to this Section 6, would otherwise be payable within the 46 day period commencing
on termination of employment shall be paid in a lump sum within 10 days after execution of the release; provided that, if the 46
day period begins in one calendar year and ends in the subsequent calendar year, the payment shall be made in the subsequent calendar
year.

 

(d)     The
failure of the Executive to provide the release within the time periods specified above will relieve the Company of its obligations
to make the payments and accelerate the options covered in Section 6.1.

 

7. Death, Disability.
The Executive’s employment shall terminate immediately upon the death or Disability of the Executive. “Disability”
means Executive’s failure by reason of sickness, accident or physical or mental disability to substantially perform the duties
and responsibilities of his employment with the Company for a period of ninety (90) consecutive days. In the event of termination
under this Section 7, the Executive or his estate shall receive the Executive’s Pre-Termination Compensation as defined in
Section 6.1, and fifty percent (50%) of the Executive’s unvested options shall vest and all vested options held by the Executive
shall remain exercisable for a period ending of the first anniversary of termination.

 

    	 	- 6 -	 

     

    

 

8. Applicability of Section 280G of the Code.

 

8.1. Limitation of Benefit.
In the event that any payment or benefit arising out of or in connection with a change of ownership or effective control of the
Company or a substantial portion of its assets within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended
(the “Code”, and such change, a “280G Change in Control”), that is made or provided, or to be made or provided,
by the Company (or any successors thereto or affiliates thereof) to the Executive, whether pursuant to the terms of this Agreement
or any other plan, agreement, or arrangement (any such payment or benefit, a “Parachute Payment”) would be subject
to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then such Parachute Payments shall be reduced
to the extent necessary to eliminate the imposition of the Excise Tax.

 

8.2. Determination.
A determination as to whether any reduction in the Executive’s Parachute Payments is required and if so, as to the amount
of reduction so required, shall be made by no later than 30 days after the closing of the transaction or the occurrence of the
event that constitutes the 280G Change in Control, or as soon thereafter as administratively practicable. Such determination, and
the assumptions to be utilized in arriving at such determination, shall be made reasonably and in good faith by the Company.

 

8.3. Order of Reductions.
Any reduction in the Parachute Payments required to be made shall be made first with respect to Parachute Payments payable in cash
before being made in respect of any Parachute Payments to be provided in the form of benefits or equity award acceleration, and
in the form of benefits before being made with respect to equity award acceleration, and in any case, shall be made with respect
to such Parachute Payments in inverse order of the scheduled dates or times for the payment or provision of such Parachute Payments.

 

8.4. Scope.
For the avoidance of doubt, the provisions of this Section 8 are intended to apply to any and all payments or benefits available
to the Executive under this Agreement or any other plan, agreement, or arrangement of the Company under which the Executive may
receive Parachute Payments, and shall supersede any contrary language in such plan, agreement, or arrangement.

 

9. Confidential Information.
Executive understands that the Company continually obtains and develops valuable proprietary and confidential information concerning
its technical and business affairs (the “Confidential Information”) which may become known to Executive in connection
with Executive’s employment by the Company.

 

    	 	- 7 -	 

     

    

 

9.1. Executive acknowledges
that all Confidential Information, whether or not in writing and whether or not labeled or identified as confidential or proprietary,
is and shall remain the exclusive property of the Company or the third party providing such information to Executive or the Company.
By way of illustration, but not limitation, Confidential Information may include inventions, trade secrets, technical information,
know-how, research and development activities of the Company, product and marketing plans, customer and supplier information and
information disclosed to the Company or to Executive by third parties of a proprietary or confidential nature or under an obligation
of confidence. Confidential Information is contained in various media, including patent applications, research data and observations,
computer programs in object and/or source code, technical specifications, notebooks, supplier and customer lists, internal financial
data and other documents and records of the Company. Confidential Information also shall include all documents, records and other
tangible items of any kind in which Confidential Information is stored, maintained or recorded or from which Confidential Information
may be readily ascertained or derived (whether in the form of documents, correspondence, memoranda, books, records, files, notes,
plans, reports, programs, drawings, sketches, designs, graphics, photographs, prints, mats, films, negatives, recordings, magnetic
media, software (whether in source code or object code), disks, diskettes, CD, CD-ROM, electronic files or other media, charts,
manuals, materials or any other medium. Such Confidential Information shall include all such information not generally known by
the trade or public, even though such information has been disclosed to one or more third parties pursuant to publishing agreements,
development agreements, distribution agreements, joint research agreements, confidentiality agreements, disclosure agreements or
other agreements or collaborations entered into by any of the Company. The definition of Confidential Information applies equally
to information acquired, learned, or disclosed prior to, simultaneously with, or after the date of this Agreement.

 

9.2. Executive agrees
that Executive shall not, during the term of Executive’s engagement by the Company and thereafter, publish, disclose or otherwise
make available to any third party any Confidential Information except as expressly authorized herein or in writing by the Company.
Executive may disclose Confidential Information to (i) directors, employees, consultants and representatives of the Company,
to (ii) accountants, financial advisors and legal counsel of Executive, who have a bona fide need to know such information
and who are bound by an obligation not to use or disclose such information without authorization from the Company and to (iii) other
parties that enter into confidentiality or non-disclosure agreements with the Company and to whom such Confidential Information
will be disclosed for legitimate business purposes of the Company. Executive agrees that Executive shall use such Confidential
Information only in the performance of Executive’s duties for the Company and in accordance with any Company policies with
respect to the protection of Confidential Information. Executive agrees not to use such Confidential Information for Executive’s
own benefit or for the benefit of any other person or business entity.

 

9.3. Executive agrees
to exercise all reasonable precautions to protect the integrity and confidentiality of Confidential Information in Executive’s
possession and not to remove any materials containing Confidential Information from the Company’s premises except to the
extent necessary to Executive’s employment for the benefit of the Company. Upon the termination of Executive’s employment
by the Company, or at any time upon the Company’s request, Executive shall return immediately to the Company any and all
materials containing any Confidential Information then in Executive’s possession or under Executive’s control.

 

9.4. Confidential Information
shall not include information which (i) is or becomes generally known within the Company’s industry or otherwise through
no fault of Executive; (ii) was known to Executive at the time it was disclosed as evidenced by Executive’s written
records in existence at the time of disclosure; (iii) is lawfully and in good faith made available to Executive by a third
party who did not derive it from the Company and who imposes no obligation of confidence on Executive; or (iv) is required
to be disclosed by a governmental authority or by order of a court of competent jurisdiction, provided that Executive shall cooperate
with the Company at its expense in seeking to obtain all applicable governmental or judicial protection available for like material
and provide reasonable advance notice to the Company.

 

    	 	- 8 -	 

     

    

 

10. Non-Competition.
In the event of termination, the Executive shall not, for a period of six (6) months after termination, directly or indirectly,
alone or as a partner, officer, director, employee, consultant, agent, or independent contractor of any company or business organization,
(a) engage in any business activity which is directly or indirectly in competition with the business of the Company in the
area of the development of drugs for the treatment or diagnosis of cancer based on cancer-targeting technologies (“Competitive
Activity”) or (b) solicit or contact in connection with, or in furtherance of, a Competitive Activity any of
the Company’s employees, consultants, agents, suppliers, customers, or prospects that were such with respect to the Company
at any time during the one year immediately preceding the date of termination or that become such with respect to the Company at
any time during the three (3) months immediately following the date of termination; provided, however, that at the election
of the Company, the obligations under this Section 10 shall survive for a period of one (1) year from the termination of employment
on condition that the Company provide the Termination Benefits set forth in Section 6.1(a) and (c) for the duration of such period.
The provisions of this Section 10 shall survive the termination of this Agreement. The Executive represents and warrants that the
covenant imposed by this Section 10 would not cause him an undue hardship.

 

11. No Mitigation; No Offset.
In the event of any termination of employment under this Agreement, the Executive shall be under no obligation to seek other employment
or to mitigate damages, and there shall be no offset against any amounts due to the Executive under this Agreement for any reason,
including, without limitation, on account of any remuneration attributable to any subsequent employment that the Executive may
obtain. Any amounts due under this Agreement are in the nature of severance payments or liquidated damages, or both, and are not
in the nature of a penalty.

 

12. Specific Performance.
The Executive agrees that any breach of Sections 9 or 10 of this Agreement by the Executive could cause irreparable damage and
that in the event of such breach the Company shall have, in addition to any and all remedies available at law or in equity, the
right to an injunction, specific performance or other equitable relief to prevent the violation of the Executive’s obligations
hereunder.

 

13. Section 409A of the Code.

 

13.1. It is intended
that this Agreement comply with or be exempt from Section 409A of the Code and the Treasury Regulations and IRS guidance thereunder
(collectively referred to as “Section 409A”). Notwithstanding anything to the contrary in this Agreement, this Agreement
shall, to the maximum extent possible, be administered, interpreted, and construed in a manner consistent with Section 409A (it
being understood that the Company shall in no event have any obligation to indemnify the Executive in respect of any taxes incurred
under Section 409A). To the extent that any reimbursement, fringe benefit, or other, similar plan or arrangement in which the Executive
participates during the Term or thereafter provides for a “deferral of compensation” within the meaning of Section
409A, (a) the amount of expenses eligible for reimbursement provided to the Executive during any calendar year shall not affect
the amount of expenses eligible for reimbursement or in-kind benefits provided to the Executive in any other calendar year, (b)
the reimbursements for expenses for which the Executive is entitled to be reimbursed shall be made on or before the last day of
the calendar year following the calendar year in which the applicable expense is incurred, (c) the right to payment or reimbursement
or in-kind benefits hereunder may not be liquidated or exchanged for any other benefit, and (d) the reimbursements shall be made
pursuant to objectively determinable and nondiscretionary Company policies and procedures regarding such reimbursement of expenses.
If and to the extent required to comply with Section 409A, no payment or benefit required to be paid under this Agreement on account
of termination of the Executive’s employment shall be made unless and until the Executive incurs a “separation from
service” within the meaning of Section 409A. In the case of any amounts payable to the Executive under this Agreement that
may be treated as payable in the form of “a series of installment payments”, as defined in Treasury Regulation Section
1.409A-2(b)(2)(iii), the Executive’s right to receive such payments shall be treated as a right to receive a series of separate
payments for purposes of such Treasury Regulation. If any paragraph of this Agreement provides for payment within a time period,
the determination of when such payment shall be made within such time period shall be solely in the discretion of the Companies.

 

    	 	- 9 -	 

     

    

 

13.2. If the Executive
is a “specified employee” as determined pursuant to Section 409A as of the date of the Executive’s termination
of employment and if any payment or benefit provided for in this Agreement or otherwise both (x) constitutes a “deferral
of compensation” within the meaning of Section 409A and (y) cannot be paid or provided in the manner otherwise provided without
subjecting the Executive to additional tax, interest, or penalties under Section 409A, then any such payment or benefit shall be
delayed until the earlier of (i) the date which is 6 months after the Executive’s “separation from service”
within the meaning of Section 409A for any reason other than death, or (ii) the date of the Executive’s death. The provisions
of this paragraph shall only apply if, and to the extent, required to avoid the imputation of any tax, penalty, or interest pursuant
to Section 409A. Any payment or benefit otherwise payable or to be provided to the Executive upon or in the 6 month period following
the Executive’s “separation from service” that is not so paid or provided by reason of this Section 13 shall
be accumulated and paid or provided to the Executive in a single lump sum, as soon as practicable (and in all events within 15
days) after the date that is 6 months after the Executive’s “separation from service” (or, if earlier, as soon
as practicable, and in all events within 15 days, after the date the Executive’s death).

 

14. Miscellaneous.

 

14.1. Conflicting Agreements.
The Executive hereby represents and warrants that the execution of this Agreement and the performance of his obligations hereunder
shall not breach or be in conflict with any other agreement to which he is a party or is bound, and that he is not now subject
to any covenants against competition or similar covenants which would affect the performance of his obligations hereunder.

 

14.2. Definition of “Person”.
For purposes of this Agreement, the term “Person” shall mean an individual, a corporation, an association, a partnership,
an estate, a trust and any other entity or organization.

 

    	 	- 10 -	 

     

    

 

14.3. Withholding.
All payments made by the Company under this Agreement shall be net of any tax or other amounts required to be withheld by the Company
under applicable law.

 

14.4. Arbitration.

 

(a) Except
for claims of fraud or intentional misrepresentation, which shall be filed in any state or federal court having jurisdiction over
the parties, any claim regarding the Executive’s ongoing relationship with the Company that is not resolved by mutual agreement
shall be resolved solely and exclusively by binding arbitration to be conducted in Chicago, Illinois before a single arbitrator
(the “Arbitrator”) and shall be conducted in accordance with the American Arbitration Association Rules and Procedures
unless specifically modified herein.

 

(b) The parties
covenant and agree that the arbitration shall commence within 90 days of the date on which a written demand for arbitration is
filed by any party hereto. In connection with the arbitration proceeding, the Arbitrator shall have the power to order the production
of documents by each party and any third-party witnesses. In addition, each party may take up to six depositions as of right, and
the Arbitrator may in his or her discretion allow additional depositions upon good cause shown by the moving party. There shall
be no interrogatories or requirements for or response to requests for admission but the parties may require production of documents.
In connection with any arbitration, each party shall provide to the other, no later than seven (7) business days before the date
of the arbitration, the identity of all persons that may testify at the arbitration and a copy of all documents that may be introduced
at the arbitration or considered or used by a party’s witnesses or experts. The Arbitrator’s decision and award shall
be made and delivered within six (6) months of the selection of the Arbitrator. The Arbitrator’s decision shall set forth
a reasoned basis for any award of damages or finding of liability. The Arbitrator shall not have power to award damages in excess
of actual compensatory damages and shall not multiply actual damages or award punitive damages or any other damages that are specifically
excluded under this Agreement, and each party hereby irrevocably waives any claim to such damages in connection with any such arbitration.

 

(c) The parties
covenant and agree that they will participate in the arbitration in good faith and that they will (i) bear their own attorneys’
fees, costs and expenses in connection with the arbitration, and (ii) share equally in the fees and expenses charged by the
Arbitrator. Any party unsuccessfully refusing to comply with an order of the Arbitrator shall be liable for costs and expenses,
including reasonable attorneys’ fees, incurred by the other party in enforcing the award. In the case of temporary or preliminary
injunctive relief any party may proceed in court prior to, during or after arbitration for the purpose of avoiding immediate and
irreparable harm or to enforce its rights under any non-disclosure, confidentiality or non-competition covenants; provided, that
the right to equitable relief by a court is not intended to derogate from this arbitration procedure.

 

    	 	- 11 -	 

     

    

 

14.5. Assignment; Successors and Assigns, etc.
Neither the Company nor the Executive may make any assignment of this Agreement or any interest herein, by operation of law or
otherwise, without the prior written consent of the other party and without such consent any attempted transfer or assignment shall
be null and of no effect; provided, however, that the Company may assign its rights under this Agreement without the consent
of the Executive in the event either Company shall hereafter effect a reorganization, consolidate with or merge into any other
Person, or transfer all or substantially all of its properties or assets to any other Person. This Agreement shall inure to the
benefit of and be binding upon the Company and the Executive, and their respective successors, executors, administrators, heirs
and permitted assigns. In the event of the Executive’s death prior to the completion by the Company of all payments due his
under this Agreement, the Company shall continue such payments to the Executive’s beneficiary designated in writing to the
Company prior to his death (or to his estate, if he fails to make such designation).

 

14.6. Enforceability.
If any portion or provision of this Agreement shall to any extent be declared illegal or unenforceable by a court of competent
jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances other than
those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of
this Agreement shall be valid and enforceable to the fullest extent permitted by law.

 

14.7. Waiver.
No waiver of any provision hereof shall be effective unless made in writing and signed by the waiving party. The failure of any
party to require the performance of any term or obligation of this Agreement, or the waiver by any party of any breach of this
Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach.

 

14.8. Notices.
Any notices, requests, demands and other communications provided for by this Agreement shall be sufficient if in writing and delivered
in person or sent by registered or certified mail, postage prepaid, to the Executive at the last address the Executive has filed
in writing with the Company or, in the case of the Company, at its main office, attention of the board of directors.

 

14.9. Amendment.
This Agreement may be amended or modified only by a written instrument signed by the Executive and by a duly authorized representative
of the Company.

 

14.10. Counterparts; Facsimile Signatures.
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, and in pleading or proving any provision of this Agreement it shall not be necessary
to produce more than one such counterpart. A signature sent by telecopy or facsimile transmission shall be as valid and binding
upon a Party as an original signature of such Party.

 

14.11. Governing Law.
This contract and shall be construed under and be governed in all respects by the laws of the State of Delaware without regard
to its conflict of laws principles.

 

* * * * *

 

    	 	- 12 -	 

     

    

 

IN WITNESS WHEREOF,
this Agreement has been executed by the Company, by its duly authorized officer, and by the Executive, as of the date first above
written.

 

 

	 	CELLECTAR BIOSCIENCES, INC.
	 	 
	 	 
	 	/s/ Stephen Hill	 
	 	By:
	 	Name: Stephen Hill
	 	Title: Chairman of the Board of Directors
	 	 
	 	 
	 	EXECUTIVE:
	 	 
	 	 
	 	/s/ James Caruso	 
	 	James Caruso

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

Exhibit
A

 

Release

 

In consideration of
the undertakings by Cellectar Biosciences, Inc. (the “Company”) set forth in the Employment Agreement with the undersigned
(the “Employee”) dated June 15, 2015 to which this Release is attached as an exhibit (the “Employment Agreement”)
and for other good and valuable consideration, the receipt of which is hereby acknowledged, Employee, on behalf of himself, his
successors, heirs, administrators, executors, assigns, agents, representatives, and all those in privity with him, releases and
forever discharges the Company, all of its present and former officers, directors, employees, servants, agents, representatives,
shareholders, successors, assigns, and beneficiaries, (collectively, the “Company Releasees”), of and from any and
all claims, charges, complaints, causes of action, demands, obligations, liabilities, damages, attorneys fees, expenses, and costs
of any kind which Employee now has or ever had arising out of his employment by the Company (“Released Claims”), including
but not limited to any causes of action or claims arising under or based on the National Labor Relations Act, as amended; the Civil
Rights Act of 1886, 42 U.S.C. § 1981; Section 2 of the Civil Rights Act of 1871, 42 U.S.C. § 1985(c); Title VII of the
Civil Rights Act of 1964, 42 U.S.C. § 2000a et seq., as amended by the Equal Employment Opportunity Act of 1972, 42 U.S.C.
§ 2000e et seq. and the Civil Rights Act of 1991, 42 U.S.C. § 1981a et seq.; the Equal Pay Act of 1963, 29 U.S.C. §206(d);
the Rehabilitation Act of 1973, as amended by the Americans With Disabilities Act and the 1991 Civil Rights Act, 29 U.S.C. §§
706(8), 791, 793, 794, 794a; the Americans with Disabilities Act of 1990, as amended by the Civil Rights Act of 1991, 42 U.S.C.
§ 12101 et seq.; the Age Discrimination in Employment Act (“ADEA”) of 1967, 29 U.S.C. § 621 et seq.; Executive
Order No. 11246, 3 C.F.R. 1964, reprinted as amended in 42 U.S.C. § 2000e; sections 111.310 through 111.395 of the Wisconsin
Statutes; and any other state, federal or municipal equal employment opportunity law, statute, public policy, order, ordinance,
or regulation, and any other federal or state law, statute, order, public policy, or regulation affecting or relating to the claims
or rights of employees, and any and all Released Claims sounding in tort or contract or otherwise, which Employee had, now has,
or claimed to have, known or unknown, against the Company Releasees; provided, however, the foregoing release shall not
relate to any obligations of the Company arising under (i) the Employment Agreement relating to the payment of severance and
other post-termination payments, (ii) any equity award granted by the Company to the Employee, (iii) the 401(k) plan
or similar retirement benefit plan of the Company and any agreements thereunder, or (iv) any statute, provision of the Company’s
certificate of incorporation or by-laws or insurance or other agreement providing indemnification rights to Employee in connection
with his services as an officer of the Company.

 

     

     

    

 

Employee acknowledges
and understands that the consideration Employee is being provided constitutes a full, fair and complete payment for the release
and waiver of all possible claims. Employee represents that Employee understands the various claims Employee could have asserted
under federal or state law, including but not limited to the Age Discrimination in Employment Act of 1967, as amended by the Older
Workers Benefits Protection Act, and other similar laws; that Employee has read this Release carefully and understands all of its
provisions; that Employee understands that Employee has the right to and is advised to consult an attorney concerning this Release
and in particular the waiver of rights Employee might have under these laws; that to the extent, if any, that Employee desired,
Employee availed himself of this right; that Employee has been provided at least twenty-one (21) days to consider whether to sign
this Release; that to the extent Employee has signed this Release before the expiration of such twenty-one (21) day period Employee
has done so knowingly and willingly; that Employee enters into this Release and waives any claims knowingly and willingly; and
that this Release shall become effective seven (7) days after it is signed. Employee may revoke this Release within seven (7) days
after it is signed and it shall not become effective or enforceable until this seven (7) day revocation period has expired.

 

 

	 	____________________________________
	 	James Caruso
	 	 
	 	Dated: ______________________________
	 	 

 

 

 

 

    	 	- 2 -

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