Document:

Exhibit 10.1

 

EMPLOYMENT AGREEMENT

 

THIS
EMPLOYMENT AGREEMENT (this "Agreement") is made and entered into as of February 23, 2022, between CELLECTAR
BIOSCIENCES, INC., a Delaware corporation (the "Company"), and Chad Kolean ("Executive").

 

RECITALS

 

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

 

1.            Employment.
The Company shall employ Executive, and Executive hereby agrees to employment with the Company, upon the terms and conditions set forth
in this Agreement for the period beginning on or about February 22, 2022 and ending as provided in Section 4 hereof
(the “Employment Period”).

 

		2.	Position
                                            and Duties.

 

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

 

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

 

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

 

		3.	Compensation
                                            and Benefits.

 

(a)            Compensation.

 

(i)     Base
Salary.     During the Employment Period, Executive's base salary will be three hundred fifteen thousand
dollars ($340,000) per annum (as may be adjusted from time to time by the Board, the "Base Salary"), which salary will
be payable by the Company in regular installments in accordance with the Company's general payroll practices (in effect from time to
time). Executive's Base Salary for any partial year will be prorated based upon the number of days elapsed in such year.

 

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(ii)            Bonus.
During the Employment Period, Executive will be eligible to earn an annual cash bonus each calendar year, under the terms and conditions
of the Company's annual incentive compensation plan for which Executive's initial target shall be forty percent (40%) of Base Salary
(the “Annual Bonus”).

 

(iii)            Equity
Award. The Company shall grant to Executive an option to purchase one hundred-fifty thousand (150,000) shares of the Company’s
Common Stock (the “Option Grant”). The exercise price per share shall be equal to the closing market price on the date of
grant. The Option shall vest in three equal annual installments beginning on the first anniversary of the date of grant. The Option shall
be evidenced by an option agreement. Executive shall be eligible to receive periodic future stock option grants at the discretion of
the Board.

 

		(b)	Benefits.

 

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

 

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

 

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

 

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

 

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

 

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

 

		4.	Termination
                                            and Obligations of the Company Upon Termination.

 

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

 

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

 

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

 

(d)            Resignation
or Termination for Cause. If Executive's employment is terminated due to Executive's resignation without Good Reason (as defined
below) or a termination by the Company for Cause, Executive will be entitled to receive his Accrued Obligations.

 

(e)            Termination
by the Company Without Cause, or by Executive for Good Reason. If Executive's employment is terminated by (i) the Company without
Cause, or (ii) by Executive for "Good Reason," Executive will be entitled to receive (A) his Accrued Obligations,
(B) a cash severance payment equal to seventy-five percent (75%) of Executive's then applicable Base Salary, payable in regular
installments in accordance with the Company's general payroll practices (in effect from time to time) beginning on the first pay date
following the date of termination and ending on the ninth monthly anniversary date of the first pay date provided, however, that if Executive
is terminated by (i) the Company without Cause, or (ii) by Executive for "Good Reason," within 12 months after a
Change in Control, Executive will be entitled to receive an increased severance payment equal to one hundred-fifty percent (150%) of
Executive’s then applicable Base Salary and Annual Bonus, each payable in eighteen (18) monthly installments pursuant to the terms
of this Section 4(e)(B), and (C) addition of the cost of Company-provided health insurance to each severance payment made in
accordance with Section 4(e)(B) above (for 9 or 18 months as applicable). In addition to the foregoing, the Company
shall provide to Executive, for a period of up to nine (9) months following the date of termination of employment with the Company,
outplacement services, including, but not limited to: instruction and counseling to assess and develop job goals and interviewing, networking
and negotiating skills; assistance with resume preparation and initiation of a job search; secretarial support, and the use of private
offices at the outplacement firm's premises. Executive and the Company shall agree upon the outplacement services provider, and the aggregate
cost of such services under this Section 4(e) shall not exceed Seventy Five Hundred Dollars ($7,500).

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(3)            a
requirement that Executive relocate his primary office to a location more than thirty (30) miles away from his current location; or

 

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

 

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

 

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

 

5.            Confidential
Information and Trade Secrets.

 

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

 

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

 

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

 

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		7.	Noncompetition;
                                            Non-Solicitation.

 

(a)            Noncompetition.
Executive acknowledges that in the course of his employment with the Company he shall become familiar with the Company's trade secrets
and with other Confidential Information concerning the Company and its Subsidiaries and that his services shall be of special and unique
value to the Company and its Subsidiaries. Therefore, Executive agrees that, during the period of Executive's employment with the Company
and for period of nine (9) consecutive months immediately following the date of Executive's termination of employment by the Company
(the "Noncompete Period"), he shall not, without prior written approval by the Board, directly or indirectly participate
in any country in which the Company is doing business at the time of Executive's termination of employment with the Company in any business
competing with the businesses of the Company or its Subsidiaries conducted during the Employment Period (collectively, the "Business"),
either as a partner, proprietor, shareholder, officer, director, agent, employee, consultant or otherwise. Executive agrees and acknowledges
that the potential harm to the Company of its non-enforcement outweighs any harm to Executive of its enforcement by injunction or otherwise.
Executive further acknowledges and agrees that each and every restraint imposed by this Agreement is reasonable with respect to subject
matter, time period and geographical area. Nothing herein shall prohibit Executive from being a passive owner of not more than five percent
(5%) of the outstanding securities of any publicly traded company engaged in the Business, so long as Executive has no active participation
in the Business of such company, unless otherwise approved by the Board.

 

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

 

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

 

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		8.	Section 280G.

 

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

 

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

 

		9.	Section 409A.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		10.	Miscellaneous.

 

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

 

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

 

	 	Notices to Executive:
	 	 
	 	Chad Kolean
	 	W6485 County Rd. H
	 	New Glarus, WI 53574
	 	 
	 	Notices to the Company:
	 	 
	 	Cellectar Biosciences, Inc.
	 	100 Campus Drive
	 	Florham Park, New Jersey 07932
	 	Attention:	Board of Directors 
	 	 	Chief Executive Officer and Secretary

 

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

 

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(c)            Severability.
Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or
rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision of this Agreement
or any action in any other jurisdiction, but this Agreement shall be reformed, construed and enforced in such jurisdiction as if such
invalid, illegal or unenforceable provision had never been contained herein.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(k)            Insurance.
The Company may, at its discretion, apply for and procure in its own name and for its own benefit life and/or disability insurance on
Executive in any amount or amounts considered advisable. Executive agrees to cooperate in any medical or other examination, supply any
information and execute and deliver any applications or other instruments in writing as may be reasonably necessary to obtain and constitute
such insurance.

 

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

 

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

 

	 	CELLECTAR BIOSCIENCES, INC.
	 	 
	 	By:	/s/
    James  Caruso       
	 	 	James V. Caruso
	 	 
	 	Its: President and Chief Executive Officer
	 	 
	 	 
	 	EXECUTIVE
	 	 
	 	 
	 	/s/ Chad Kolean
	 	Chad Kolean

 

    11ARIS - Separation Agreement 00544898.DOCX;2

EXHIBIT 10.18
ICAHN ENTERPRISES L.P.
16690 Collins Avenue, PH-1
Sunny Isles Beach, FL 33160
​

​
Via Email
​
November 8, 2021
​
Aris Kekedjian
2960 Northeast 207th Street 
Aventura Parksquare 
Unit 1115
Aventura, FL 33180
​
This agreement sets forth the terms and conditions regarding your separation from employment from Icahn Enterprises L.P. (the “Company”).
​
The terms and conditions set forth in paragraphs 1, 2 and 5 below will apply regardless of whether you decide to sign this letter agreement. However, you will not be eligible to receive the payment set forth in paragraph 3 below unless you sign and do not revoke this letter agreement. (See paragraph 13 below for what it means to revoke this letter agreement.) 
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	1.	Your last day of employment is November 5, 2021 (the “Separation Date”). You will receive your regular pay as a full-time employee according to the Company’s regular payroll practices through the Separation Date. You also will receive a payment in the amount of $43,261.79, less applicable tax and payroll withholdings, for 59.99 hours of accrued, unused Paid Time Off according to the Company’s records as of the Separation Date.

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	2.	Because of your separation from employment, your eligibility for and coverage under the Company’s employee benefit plans will end on the Separation Date. You are not required to repay your relocation allowance. 

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	3.	In addition to the above payments, the Company is offering you the opportunity to receive the following payments and benefits to which you are entitled under the offer letter between you and the Company dated as of April 4, 2021 (the “Offer Letter”) upon a termination without cause: (a) a lump sum cash payment in the amount of $1,090,410.96, less applicable tax and payroll withholdings, which shall be paid on the first payroll date that occurs after the Effective Date of this letter agreement (as defined below in paragraph 13) and represents your pro-rated bonus for 2021 under the terms of the Offer Letter, (b) vesting of 23,506 deferred units (the “Vested Units”) granted to you under the Deferred Unit Agreement pursuant to the Icahn Enterprises L.P. 2017 Long-Term Incentive Plan between you and the Company dated as of April 26, 2021 (the “Award Agreement”), less applicable tax and payroll withholdings via the net unit withholding method set forth in the Award Agreement, which shall be payable on the terms set forth in Section 3 of the Award Agreement (including the Company’s option to settle the Vested Units in cash) and represents the pro-rated vesting of your deferred units under the Offer Letter and the Award Agreement, and (c) a lump sum cash payment in the amount of $141,036.00, less applicable tax and payroll withholdings, which shall be paid at the same time the Vested Units are paid and represents the cash dividend equivalents with respect to the Vested Units under the Award Agreement. Notwithstanding any other provision hereof, as a condition to the Company’s payment to you of the amounts in this paragraph 3, you shall be required to execute, return to the Company, and not revoke within the Revocation Period (as defined in paragraph 13), this letter agreement agreeing to its terms, including the general release of claims contained in paragraph 7(a). The amounts paid to you as set forth in this paragraph 3 will be in full and complete satisfaction of any 

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		amounts due to you as severance upon a termination without cause under the Offer Letter, the Award Agreement or any other plan or arrangement sponsored by the Company or its affiliates. For the avoidance of doubt, as of the Separation Date, your unvested deferred units under the Award Agreement (after application of the vesting set forth in paragraph 3(b) above) shall be cancelled without further action or notice. 

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	4.	(a) You agree to keep confidential and not to, directly or indirectly, publish, post on your own, or disclose to any third party, including, but not limited to, newspapers, authors, publicists, journalists, bloggers, gossip columnists, producers, directors, media personalities, and the like, all Confidential information relating to Carl Icahn and his family, the Company and its affiliates, related, parent, and subsidiary companies, and each of their officers, directors, employees and clients, learned in the course of your employment with the Company. Confidential Information includes all secret or confidential information, knowledge or data, including, without limitation, trade secrets, sources of supplies and materials, customer lists and their identity, customer information, designs, production and design techniques and methods, identity of investments, identity of contemplated investments, business opportunities, valuation models and methodologies, processes, technologies, and any intellectual property relating to the business of the Company or its affiliates, related, parent, or subsidiary companies and their respective businesses, and any personal information related to Carl Icahn and his family.

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(b) Nothing in this agreement prohibits you from reporting any possible violations of federal law or regulation to any government agency or entity, including but not limited to the Department of Justice and the Securities and Exchange Commission, or making any other disclosures that are protected under the whistleblower provisions of federal law or regulation. You are not required to notify the Company that you will make or have made such reports or disclosures. Non-Compliance with the disclosure provisions of this Agreement shall not subject you to criminal or civil liability under any Federal or State trade secret law for the disclosure of a Company trade secret if the disclosure is made: (i) in confidence to a Federal, State or local government official, either directly or indirectly, or to an attorney in confidence solely for the purpose of reporting or investigating a suspected violation of law; (ii) in a complaint or other document filed in a lawsuit or other proceeding, provided that any complaint or document containing the trade secret is filed under seal; or (iii) to an attorney representing you in a lawsuit for retaliation by the Company for reporting a suspected violation of law or to use the trade secret information in that court proceeding, provided that any document containing the trade secret is filed under seal and you do not disclose the trade secret, except pursuant to court order. 
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(c) Furthermore, you agree not to disparage, or encourage or induce others to disparage, Carl Icahn and his family, the Company and its affiliates, related, parent, and subsidiary companies, and each of their officers, directors, employees, and clients, with any third party, including, but not limited to, newspapers, authors, publicists, journalists, bloggers, gossip columnists, producers, directors, media personalities, and the like. For purposes of this letter agreement, the term "disparage" includes, without limitation, comments or statements on the internet, to the press and/or media, to any Released Party or to any individual or entity with whom any of the Released Parties have a business relationship which would adversely affect in any manner (i) the conduct of the business of any of the Released Parties (including, without limitation, any business plans or prospects) or (ii) the business reputation of any the Released Parties. 
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	5.	This letter agreement is not intended to modify but rather is intended to supplement the following agreements entered into between you and the Company which remain in full force and effect: (i) the Icahn Enterprises L.P. Compliance Manual dated April 2021 (including all policies contained and referenced therein); (ii) the Icahn Enterprises L.P. Confidentiality Policy dated April 3, 2021; and (iii) the Icahn Enterprises L.P. Policy and Procedures on Confidentiality, Non-Public Information and Personal Investing dated April 10, 2021. In addition, you will be subject to the 

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		extent permitted by state and local law to the non-solicitation and non-competition obligations enumerated below for a period of one year following the Separation Date:

(a) You will not, in any capacity, either directly or indirectly, induce, encourage, or assist any other individual or entity directly or indirectly, to: (i) hire or engage any employee of the Company (or any individual who was an employee of the Company within the 12 months preceding the date such hiring or engagement occurs) or solicit or seek to persuade any employee of the Company to discontinue such employment with the Company, (ii) solicit or encourage any customer of the Company or independent contractor providing services to the Company to terminate or diminish its relationship with the Company, or (iii) seek to persuade any customer (or any individual who was a customer of the Company within the 12 months prior to the date such solicitation or encouragement commences or occurs, as the case may be) or prospective customer of the Company to conduct with anyone else any business or activity that such customer or prospective customer conducts or could conduct with the Company, or (iv) attempt to divert, divert, or otherwise usurp any actual or potential business opportunity or transaction that you learned about during your employment with the Company. For purposes of this paragraph 5, (x) references to the Company include any of its affiliates or subsidiaries, and (y) “in any capacity” includes, but is not limited to, as an employee, independent contractor, volunteer, or owner. 
(b) You will not, as principal, agent, owner, employee, director, partner, investor shareholder (other than solely as a holder of not more than 1% of the issued and outstanding shares of any public corporation), consultant, advisor, or otherwise howsoever participate in, act for, or on behalf of, or for the benefit of, own, operate, carry on or engage in the operation of or have any financial interest in or provide in any manner, directly or indirectly, financial assistance to or lend money to or guarantee the debts or obligations of any person carrying on or engaged in any business that is directly competitive with the business conducted by the Company or any of its subsidiaries during or on the date of termination of your employment. 
(c) You agree and acknowledge that the restrictive covenants set forth in paragraphs 4 and 5 (including, without limitation, the confidentiality, non-solicitation and non-competition provisions) are reasonable as to duration, terms, and geographical area and that they protect the legitimate interests of the Company and its affiliates and subsidiaries, impose no undue hardship on you, are not injurious to the public, and that any violation of these provisions shall be specifically enforceable in any court with jurisdiction upon short notice. You agree and acknowledge that any breach of these provisions shall cause irreparable injury to the Company and its affiliates and subsidiaries and upon breach of any such provision, the Company and/or its affiliates and subsidiaries shall be entitled to obtain injunctive relief, specific performance, or other equitable relief or pursue any remedies or relief available to them in law or equity (including, without limitation, monetary damages). If any of the provisions of paragraphs 4 or 5 above are adjudged by a court to be invalid or unenforceable, the same shall in no way affect any other circumstance or the validity or enforceability of any other provision set forth herein. If the scope of any provision (or any part thereof) is too broad to permit enforcement to its fullest extent, you agree that the court making such determination shall have the power to reduce the duration, area, and/or other aspects of the provision to the extent necessary to permit enforcement, and, in its reduced form, such provision shall then be enforceable and shall be enforced.
	6.	You acknowledge that you have returned to the Company any and all property, tangible or intangible, relating to its business or the business of its parent companies, subsidiaries, affiliates and related entities, which you possessed or had control over at any time, including but not limited to Company-provided cell phones, keys, smartphones, personal computers, credit cards, building access cards, computer equipment, files, documents and software. You agree that all processes, technologies, and inventions, including new contributions, improvements, ideas, discoveries, agreements, contracts, trademarks, or trade names conceived, developed, invented, made, or found 

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		by you alone or with other employees during the period of your employment by the Company shall remain property of the Company.

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	7.	(a) By signing this letter agreement, except as to the claims and rights referred to in paragraphs 7(b) and 7(c) below, in consideration of the payments provided for in paragraph 3, and other terms of this letter, you voluntarily and knowingly release and forever discharge the Company, its subsidiaries, parent, affiliates, and related entities, and each of their employee benefit plans, and each of their shareholders, partners, directors, members, officers, employees, trustees, administrators and fiduciaries, and each of their successors and assigns, (each a “Released Party” and collectively, the “Released Parties”) from any and all claims, demands, causes of action, obligations, damages and liabilities of whatever kind, in law or equity, by statute or otherwise (all collectively referred to as “Claims”), that can be waived, whether known or unknown, asserted or unasserted, arising out of or relating directly or indirectly in any way to your employment or termination of employment or the terms and conditions of your employment with the Company or any parent, subsidiary, affiliated, or related entity, including but not limited to (i) Claims of discrimination, harassment, retaliation, or failure to accommodate under any federal, state, or local law, without limitation, the Age Discrimination in Employment Act, Title VII of the Civil Rights Act of 1964, Sections 1981 through 1988 of Title 42 of the United States Code, the Americans with Disabilities Act, the Equal Pay Act, the Older Workers Benefits Protection Act, and the Genetic Information Non-Discrimination Act (as any such law was enacted or amended); (ii) Claims under the Immigration Reform and Control Act; (iii) Claims under the Uniformed Services Employment and Reemployment Rights Act; (iv) Claims under the Employee Retirement Income Security Act of 1974 (excluding claims for vested benefits as set forth in paragraph 7(b) below); (v) Claims regarding leaves of absence, including, but not limited to, Claims under the Family and Medical Leave Act; (vi) Claims under the National Labor Relations Act; (vii) Claims under the Sarbanes-Oxley Act or the Dodd-Frank Act; (viii) Claims under New York State Human Rights Law, New York Executive Law, New York Civil Rights Law, New York City Human Rights Law, New York City Local Civil Rights Restoration Act of 2005, New York City Administrative Code, New York Minimum Wage Act, New York City Earned Safe and Sick Time Act, New York Worker Adjustment Retraining and Notification Act, New York Labor Law, New York Wage Theft Protection Act, the New York Paid Family Leave Law, the New York laws for jury duty, voting, bone marrow and blood donation, and military family leave, the New York Fair Credit Reporting Act, and the retaliation provisions of the New York Workers’ Compensation law; all as amended; Florida Civil Rights Act, f/k/a Human Rights Act of 1977, Fla. Stat. § 760.01 et seq.; Florida Equal Pay Law, Fla. Stat. § 448.07, Fla. Stat. § 725.07; Florida AIDS Act, Fla. Stat. § 760.50; Florida Law Sickle-Cell Trait Discrimination Law, Fla. Stat. §§ 448.075, 448.076; Florida Private Whistleblower Protection Law, Fla. Stat. § 448.101 et seq.; Florida Public Whistle-Blower’s Act, Fla. Stat. § 112.3187 et seq.; Florida Worker’s Compensation Retaliation Law, Fla. Stat. § 440.205; Florida Unpaid Wages Law, Fla. Stat. § 448.08; Florida Minimum Wage Act, Fla. Stat. §§ 448.109, 448.110; Florida Leave to Victims of Domestic Violence Act, Fla. Stat. § 741.313, and waivable rights under the Florida Constitution; all as amended; and similar local, state and federal laws; (ix) Claims for breach of contract (express or implied), retaliation, wrongful discharge, detrimental reliance, invasion of privacy, defamation, emotional distress or compensatory and/or punitive damages; (x) Claims for attorneys' fees, costs, disbursements and/or the like; and (xi) Claims under any severance plan, policy, or program of the Company, including any claims for severance pay, termination pay, or similar type of payment. By signing below, you also acknowledge that you cannot benefit monetarily or obtain other personal relief from any Claims released in this paragraph 7(a) and that you have waived any right to equitable relief that may have been available to you (including, without limitation, reinstatement) with respect to any Claim waived in this paragraph 7(a). Your signature below acknowledges the fact that you are receiving payments to which you would otherwise not be entitled, that it is sufficient consideration for the waiver of Claims herein, and that after the Separation Date you will not be entitled to receive any other payments or benefits from the Company apart from the payments and benefits described in this letter agreement.

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(b) By signing this letter agreement, you are not releasing claims that arise after you sign this letter agreement; claims to enforce this letter agreement; claims relating to the enforceability, meaning, or effect of this letter agreement; claims or rights you may have to workers’ compensation or unemployment benefits; claims for accrued, vested benefits under any employee pension benefit plan of the Company in accordance with the terms of such plans and applicable law; and/or claims or rights which cannot be waived by private agreement. 
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(c) Additionally, by signing this letter agreement, you are not waiving your right to file a charge with, or participate in an investigation conducted by, any governmental agency, including, without limitation, the United States Equal Employment Opportunity Commission (EEOC). Nevertheless, as set forth in paragraph 7(a) above, you acknowledge that you cannot benefit monetarily or obtain damages or equitable relief of any kind from or through any such charge or any action commenced by a government agency or third party with respect to claims waived in paragraph 7(a).
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	8.	You agree that you have been paid and/or received all leave (paid or unpaid), compensation, wages, bonuses, severance or termination pay, commissions, notice period, and/or benefits to which you may have been entitled and that no other remuneration or benefits are due to you, except as set forth in this letter agreement. You affirm that you have had no known workplace injuries or occupational diseases. You also represent that you have disclosed to the Company any information you have concerning any fraudulent or unlawful conduct involving the Released Parties.
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	9.	This letter agreement contains the entire understanding between you and the Company with respect to the subject matter hereof, and supersedes any and all prior agreements and understandings, whether written or oral, between or among you, the Company or any of its parent companies, subsidiaries, affiliates and related entities (other than the agreements, if any, referred to in the first sentence of paragraph 5 above, which shall remain in full force and effect following your Separation Date according to their terms). 

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	10.	The making of this letter agreement is not intended, and shall not be construed, as an admission that the Company or any of the Released Parties has violated any federal, state or local law (statutory or decisional), ordinance or regulation, breached any contract or committed any wrongdoing whatsoever against you or otherwise.

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	11.	This letter agreement (a) is governed by the laws of the State of Florida applicable to agreements made and to be performed wholly within such state, and as such will be construed under and in accordance with the laws of the State of Florida without regard to conflicts of law, and (b) may not be modified unless evidenced by a writing signed by yourself and an authorized representative of the Company.

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	12.	Any unresolved dispute arising out of this letter agreement and the general release contained in paragraph 7 shall be litigated in any court of competent jurisdiction in Miami-Dade County, Florida; provided that the Company may elect to pursue, without having to post any bond in connection therewith, a court action to seek injunctive relief in any court of competent jurisdiction to enforce any of its rights hereunder, including, without limitation, to terminate the violation of any of its proprietary rights, including but not limited to trade secrets, copyrights or trademarks as well as the restrictions in paragraph 5. Each party shall pay its own costs and fees in connection with any litigation hereunder. 

	13.	You may accept this letter agreement by signing it and inserting the date of signature in the space provided on or before the twenty-first (21st) day after your receipt of this letter agreement (but no earlier than your Separation Date) and delivering this signed letter agreement to Patricia A. Agnello, Esq., Chief HR Officer & Employment Counsel, Icahn Enterprises L.P., 16690 Collins Avenue, PH-1, Sunny Isles Beach, FL 33160, pagnello@sfire.com. After signing this letter agreement and delivering it as set forth above, you will have seven days to revoke your decision 

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		(the “Revocation Period”). You may exercise your right to revoke your decision by sending written notice of revocation to Ms. Agnello as set forth above. Such notice must be postmarked (if by letter) or received (if by email) by the close of business on the seventh day after you sign this letter agreement. Provided you do not timely revoke your decision to sign this letter agreement, this letter agreement will become effective on the eighth day after you sign it (the “Effective Date”). In the event you do not accept this letter agreement, or you revoke this letter agreement as set forth above, this letter agreement, including, without limitation, the obligation of the Company to provide the payments set forth in paragraph 3, shall be deemed automatically null and void. You are advised to speak with an attorney before signing this letter agreement. 

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	14.	If any paragraph or part or subpart of any paragraph in this letter agreement or the application thereof is construed to be overbroad and/or unenforceable, then the court making such determination shall have the authority to narrow the paragraph or part or subpart of the paragraph as necessary to make it enforceable and the paragraph or part or subpart of the paragraph shall then be enforceable in its/their narrowed form. Moreover, each paragraph or part or subpart of each paragraph in this letter agreement is independent of and severable (separate) from each other. In the event that any paragraph or part or subpart of any paragraph in this letter agreement is determined to be legally invalid or unenforceable by a court and is not modified by a court to be enforceable, the affected paragraph or part or subpart of such paragraph shall be stricken from the letter agreement, and the remaining paragraphs or parts or subparts of such paragraphs of this letter agreement shall remain in full force and effect.

	15.	Nothing in this letter agreement is intended to or shall be construed to preclude you from providing truthful information about your employment or this letter agreement to any government agency or in any sworn testimony.

	16.	By signing this letter agreement, you agree that you: (i) have carefully read this letter agreement in its entirety; (ii) are signing it voluntarily of your own free will; (iii) have had at least 21 days within which to consider its terms (iv) are hereby advised by the Company to consult with an attorney of your choosing in connection with your decision whether to accept this letter agreement, (v) fully understand the significance of all of the terms and conditions of this letter agreement and have discussed them with an attorney of your choice, or have had a reasonable opportunity to do so; and (vi) you agree to abide by all of the terms and conditions contained herein.

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Understood and Agreed to by:
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/s/ Aris Kekedjian_______________
Aris Kekedjian
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Date executed: November 7, 2021

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