Document:

EXHIBIT 4.3

 

Description
of Securities Registered under Section 12(b) of the

Securities
Exchange Act of 1934

 

The following summary description of
our common stock is based on the provisions of our Second Amended and Restated Certificate of Incorporation, as amended, which
we refer to as our certificate of incorporation or charter, our by-laws, and the applicable provisions of the Delaware General
Corporation Law, which we refer to as the DGCL. This description may not contain all of the information that is important to you
and is subject to, and is qualified in its entirety by reference to our certificate of incorporation, our by-laws and the applicable
provisions of the DGCL. 

 

Authorized and Outstanding Capital Stock

 

Our authorized capital stock consists of
80,000,000 shares of common stock, $0.00001 par value per share and 7,000 shares of preferred stock, $0.00001 par value per share.
Our certificate of incorporation authorizes us to issue shares of our preferred stock from time to time in one or more series without
stockholder approval, each such series to have rights and preferences, including voting rights, dividend rights, conversion rights,
redemption privileges and liquidation preferences as our board of directors may determine. The rights of the holders of common
stock will be subject to, and may be adversely affected by, the rights of holders of any preferred stock that we may issue in the
future. The issuance of preferred stock, while providing desirable flexibility in connection with possible acquisitions and other
corporate purposes, could have the effect of making it more difficult for others to acquire, or of discouraging others from attempting
to acquire, a majority of our outstanding voting stock.

 

Common Stock

 

Voting. Holders of our common
stock are entitled to one vote per share held of record on all matters to be voted upon by our stockholders. Our common stock does
not have cumulative voting rights. Persons who hold a majority of the outstanding common stock entitled to vote on the election
of directors can elect all of the directors who are eligible for election.

 

Dividends. Subject to preferences
that may be applicable to the holders of any outstanding shares of our preferred stock, the holders of our common stock are entitled
to receive such lawful dividends as may be declared by our board of directors.

 

Liquidation and Dissolution. In
the event of our liquidation, dissolution or winding up, and subject to the rights of the holders of any outstanding shares of
our preferred stock, the holders of shares of our common stock will be entitled to receive pro rata all of our remaining assets
available for distribution to our stockholders.

 

Other Rights and Restrictions. Our
charter prohibits us from granting preemptive rights to any of our stockholders.

 

April 2016 Underwritten Registered Series A 

 

The Series A Warrants were issued on April
20, 2016 and are exercisable for five years. The Series A Warrants are listed on the NASDAQ Capital Market under the symbol CLRBZ.
No fractional shares of common stock will be issued in connection with the exercise of a Series A Warrant. In lieu of fractional
shares, we will pay the holder an amount in cash equal to the fractional amount multiplied by the market value of a share of common
stock. A Series A Warrant may be transferred by a holder, upon surrender of the warrant, properly endorsed (by the holder executing
an assignment in the form attached to the warrant). The holder of a Series A warrant does not possess any stockholder rights until
the holder exercise the warrant.

 

Anti-Takeover Effect of Certain Charter and By-Law Provisions

 

Provisions of our charter and our
by-laws could make it more difficult to acquire us by means of a merger, tender offer, proxy contest, open market purchases,
removal of incumbent directors and otherwise. These provisions, which are summarized below, are expected to discourage types
of coercive takeover practices and inadequate takeover bids and to encourage persons seeking to acquire control of us to
first negotiate with us. We believe that the benefits of increased protection of our potential ability to negotiate with the
proponent of an unfriendly or unsolicited proposal to acquire or restructure us outweigh the disadvantages of discouraging
takeover or acquisition proposals because negotiation of these proposals could result in an improvement of their terms.

 

    1 

     

    

 

Authorized but Unissued Stock. We
have shares of common stock and preferred stock available for future issuance, in some cases, without stockholder approval. We
may issue these additional shares for a variety of corporate purposes, including public offerings to raise additional capital,
corporate acquisitions, stock dividends on our capital stock or equity compensation plans. The existence of unissued and unreserved
common stock and preferred stock may enable our board of directors to issue shares to persons friendly to current management or
to issue preferred stock with terms that could render more difficult or discourage a third-party attempt to obtain control of us,
thereby protecting the continuity of our management. In addition, if we issue preferred stock, the issuance could adversely affect
the voting power of holders of common stock and the likelihood that such holders will receive dividend payments and payments upon
liquidation.

 

Amendments to By-laws. Our certificate
of incorporation and by-laws authorize the Board to amend, repeal, alter or rescind the by-laws at any time without stockholder
approval. Allowing the Board to amend our by-laws without stockholder approval enhances Board control over our by-laws.

 

Classification of Board; Removal of
Directors; Vacancies. Our certificate of incorporation provide for the division of the Board into three classes as nearly
equal in size as possible with staggered three-year terms; that directors may be removed only for cause by the affirmative vote
of the holders of two-thirds of our shares of capital stock entitled to vote; and that any vacancy on the Board, however occurring,
including a vacancy resulting from an enlargement of the board, may be filled only by the vote of a majority of the directors then
in office. The limitations on the removal of directors and the filling of vacancies could have the effect of making it more difficult
for a third party to acquire, or of discouraging a third party from acquiring, control of us. Our certificate of incorporation
requires the affirmative vote of the holders of at least 75% of our shares of capital stock issued and outstanding and entitled
to vote to amend or repeal any of these provisions.

 

Notice Periods for Stockholder Meetings.
Our by-laws provide that for business to be brought by a stockholder before an annual meeting of stockholders, the stockholder
must give written notice to the corporation not less than 90 nor more than 120 days prior to the one year anniversary of the date
of the annual meeting of stockholders of the previous year; provided, however, that in the event that the annual meeting of stockholders
is called for a date that is not within 30 days before or after such anniversary date, notice by the stockholder must be received
not later than the close of business on the tenth day following the day on which the corporation's notice of the date of the meeting
is first given or made to the stockholders or disclosed to the general public, whichever occurs first.

  

Stockholder Action; Special Meetings.
Our certificate of incorporation provides that stockholder action may not be taken by written action in lieu of a meeting and provides
special meetings of the stockholders may only be called by our president or by our Board. These provisions could have the effect
of delaying until the next stockholders' meeting stockholder actions that are favored by the holders of a majority of our outstanding
voting securities. These provisions may also discourage another person or entity from making a tender offer for our common stock,
because that person or entity, even if it acquired a majority of our outstanding voting securities, would be able to take action
as a stockholder only at a duly called stockholders' meeting, and not by written consent. Our certificate of incorporation requires
the affirmative vote of the holders of at least 75% of our shares of capital stock issued and outstanding and entitled to vote
to amend or repeal the provisions relating to prohibition on action by written consent and the calling of a special meeting of
stockholders.

 

Nominations. Our by-laws provide
that nominations for election of directors may be made only by (i) the Board or a committee appointed by the Board; or (ii) a stockholder
entitled to vote on director election, if the stockholder provides notice to the Secretary of the Corporation presented not less
than 90 days nor more than 120 days prior to the anniversary of the last annual meeting (subject to the limited exceptions set
forth in the bylaws). These provisions may deter takeovers by requiring that any stockholder wishing to conduct a proxy contest
have its position solidified well in advance of the meeting at which directors are to be elected and by providing the incumbent
Board with sufficient notice to allow them to put an election strategy in place.

 

    2Exhibit 10.36

 

 

NON-STATUTORY STOCK OPTION

 

Granted by

 

Cellectar Biosciences, Inc.(the “Company”)

 

Under the 2015 Stock Incentive Plan

  

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

 

		1.	Name of Holder: Dov Elefant

 

		2.	Date of Grant: September 10, 2019

 

		3.	Maximum Number of Shares for which this Option is exercisable: 90,000

 

		4.	Exercise (purchase) price per share: $2.32

 

		5.	Payment method: 

 

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

 

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

 

		6.	Expiration Date of Option: 

 

		7.	Vesting Schedule:  This Option shall vest quarterly over three years such that 1/12 of the number of shares granted
become exercisable on the three-month anniversary of the Date of Grant and an additional 1/12 of the number of shares granted become
exercisable at the end of each-three month period thereafter, so that the Option shall be fully vested on the third anniversary
of the Date of Grant. All vesting shall cease upon the date of termination of employment.

 

Notwithstanding the foregoing, the vesting of this
Option shall accelerate with respect to all of the then unvested shares upon a Termination Event.

 

     

     

    

 

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

 

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

 

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

 

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

 

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

 

(i)        the
date of expiration thereof;

 

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

 

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

 

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

 

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

 

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

 

    	 	2	 

     

    

 

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

 

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

 

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

  

 

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

 

	 	CELLECTAR BIOSCIENCES, INC.
	 	 
	 	By:	 /s/ Jim Caruso	 

 

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

 

	/s/ Dov Elefant	 
	Holder	 

 

 

    	 	3

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