Document:

Exhibit 10.3

 

 

SECOND AMENDMENT TO LICENSED MEDICAL MARIJUANA FACILITY
TRIPLE NET (NNN) LEASE AGREEMENT 

 

This Second Amendment to the Licensed Medical Marijuana
Facility Triple Net (NNN) Lease Agreement ("Amendment"), dated as of November 30, 2022 (the "Amendment Effective
Date") is entered into by and between KINGMAN PROPERTY GROUP, LLC, an Arizona limited liability company (“Landlord”),
and CJK, INC., an Arizona non-profit corporation (“Tenant”). Landlord and Tenant are referred to individually as a
"Party" or collectively as the "Parties".

RECITALS

A.        Landlord
and Tenant entered into that certain Licensed Medical Marijuana Facility Triple Net (NNN) Lease Agreement, dated May 1, 2018 (the “Original
Lease”).

 

B.        
 Landlord and CJK amended the Original Lease by entering into that certain First Amendment to the Licensed Medical
Marijuana Facility Triple Net (NNN) Lease Agreement, dated May 31, 2020 (the "First Amendment" and together with
the Original Lease and this Amendment, the "Lease").

 

C.          Landlord and Tenant desire to amend the Lease in accordance with the terms set forth below, effective as of the Amendment Effective
Date.

 

AMENDMENT  

1.           Defined Terms; Recitals. All capitalized terms used but not otherwise defined herein shall have the meanings given such
terms in the Lease. The recitals are incorporated into this Amendment as if fully stated herein.

 

2.           
Landlord Termination Right. A new Section 4.03 is added to the Lease as follows:

 

4.03 Landlord’s
Termination Right

 

Landlord shall have the
right to terminate the Lease in its sole discretion by giving Tenant not less than fifteen (15) days’ written notice, provided that
Landlord may not exercise its right to terminate under this Section 4.03 if Tenant is operating its business at the Premises as a going
concern as permitted in the Lease.

 

3.           Guaranty.
Tenant (among other parties) previously executed that certain Guaranty of Payment and Performance dated May 1, 2018 (the “Guaranty”)
in favor of Landlord, guaranteeing the payment and performance of all Tenant’s obligations under the Lease and further granting
Landlord certain rights and remedies as set forth therein. Landlord and Tenant agree to modify the Guaranty to delete Section 17 thereof.
The parties intend this reference for the Guaranty to be modified to be self-operative and no further amendment or instrument shall be
required in order to effectuate the deletion of Section 17. Except as expressly provided in this paragraph, the Guaranty shall remain
in full force and effect, unmodified, and is hereby ratified and confirmed by the Tenant.

 

4.           Ratification of Lease; Conflict. Except as expressly and specifically amended herein, the Original Lease, as amended by
the First Amendment, shall remain in full force and effect and is hereby ratified and confirmed by the parties. In the event of a conflict
between this Amendment and the Lease, this Amendment shall control.

 

5.            Choice of Law. This Amendment is governed by the laws of the State of Arizona without regard to conflict of laws principles.

 

6.          Counterparts;
Electronic Signatures. This Amendment may be executed in one or more counterparts and the signature pages combined to constitute
one document. Electronic signatures shall have the same force and effect as original signatures.

 

[ SIGNATURE PAGE FOLLOWS ]

 

    

     

    

 

This Amendment is executed effective as of the Amendment
Effective Date set forth above.

 

 

	
    LANDLORD:

     

    KINGMAN PROPERTY GROUP, LLC, an Arizona limited liability company

     

    By: ZONED PROPERTIES, INC.

    Its: Member

     

    By: /s/ Bryan McLaren___________________

    Name: Bryan McLaren

    Its: Chairman/CEO

    
	 
	 

 

 

	
    TENANT:

     

    CJK INC., an Arizona non-profit corporation

     
	 
	 
	By: 	/s/ Delano Phillips	 
	Name: 	Delano Phillips	 
	Title:                	General Counsel	 
	 	 	 	 

 

	
    GUARANTOR:

     

    CJK INC., an Arizona non-profit corporation

     
	 
	 
	By: 	/s/ Delano Phillips	 
	Name: 	Delano Phillips	 
	Title:                	General CounselExhibit 10.1

 

PRIVILEGED
AND CONFIDENTIAL

 

DIRECTOR AND OFFICER

 

INDEMNIFICATION AGREEMENT

 

THIS INDEMNIFICATION AGREEMENT
(this “Agreement”) is entered into as of the ______ day of ___________, 20___, by and between Cellectar Biosciences, Inc.,
a Delaware corporation (the “Company”), and ____________________ (“Indemnitee”).

 

RECITALS

 

A.            The
Company is aware that competent and experienced persons are increasingly reluctant to serve or continue serving as directors or officers
of companies unless they are protected by comprehensive liability insurance and adequate indemnification due to the increased exposure
to litigation costs and risks resulting from service to such companies that often bear no relationship to the compensation of such directors
or officers.

 

B.            The
statutes and judicial decisions regarding the duties of directors and officers are often insufficient to provide directors and officers
with adequate, reliable knowledge of the legal risks to which they are exposed or the manner in which they are expected to execute their
fiduciary duties and responsibilities.

 

C.            The
Company and the Indemnitee recognize that plaintiffs often seek damages in such large amounts, and the costs of litigation may be so great
(whether or not the claims are meritorious), that the defense and/or settlement of such litigation can create an extraordinary burden
on the personal resources of directors and officers.

 

D.            The
board of directors of the Company has concluded that, to attract and retain competent and experienced persons to serve as directors and
officers of the Company, it is not only reasonable and prudent but necessary to promote the best interests of the Company and its stockholders
for the Company to contractually indemnify its directors and certain of its officers in the manner set forth herein, and to assume for
itself liability for expenses and damages in connection with claims against such directors and officers in connection with their service
to the Company as provided herein.

 

E.            Section 145
of the General Corporation Law of Delaware (the “DGCL”) permits the Company to indemnify and advance defense costs
to its officers and directors and to indemnify and advance expenses to persons who serve at the request of the Company as directors, officers,
employees, or agents of other corporations or enterprises.

 

F.            The
Company desires and has requested the Indemnitee to serve or continue to serve as a director and/or officer of the Company, and the Indemnitee
is willing to serve, or to continue to serve, as a director and/or officer of the Company if the Indemnitee is furnished the indemnity
provided for herein by the Company.

 

     

     

    

 

NOW, THEREFORE, in
consideration of the foregoing premises and the mutual covenants and agreements set forth below, the parties hereto, intending to be legally
bound, hereby agree as follows:

 

1.            Definitions.
For purposes of this Agreement, the following terms shall have the corresponding meanings set forth below.

 

“Change in
Control” means each of the following:

 

(i) The date any Person becomes
the “Beneficial Owner,” as such term is defined in Rule 13d-3 promulgated under the Exchange Act, of 30% or more of the
combined voting power of the Company’s outstanding shares, other than beneficial ownership by (A) the Company or any subsidiary
of the Company, (B) any employee benefit plan of the Company or any subsidiary of the Company or (C) any entity of the Company
for or pursuant to the terms of any such plan. Notwithstanding the foregoing, a Change in Control shall not occur as the result of an
acquisition of outstanding shares of the Company by the Company which, by reducing the number of shares outstanding, increases the proportionate
number of shares beneficially owned by a Person to 30% or more of the shares of the Company then outstanding; provided, however, that
if a Person becomes the Beneficial Owner of 30% or more of the shares of the Company then outstanding by reason of share purchases by
the Company and shall, after such share purchases by the Company, become the Beneficial Owner of any additional shares of the Company,
then a Change in Control shall be deemed to have occurred; or

 

(ii)  The date the Company consummates
a merger or consolidation with another entity, or engages in a reorganization with or a statutory share exchange or an exchange offer
for the Company’s outstanding voting stock of any class with another entity or acquires another entity by means of a statutory share
exchange or an exchange offer, or engages in a similar transaction; provided that no Change in Control shall have occurred by reason of
this paragraph unless either:

 

(A)  the stockholders of the Company
immediately prior to the consummation of the transaction would not, immediately after such consummation, as a result of their beneficial
ownership of voting stock of the Company immediately prior to such consummation (I) be the Beneficial Owners, directly or indirectly,
of securities of the resulting or acquiring entity entitled to elect a majority of the members of the board of directors or other governing
body of the resulting or acquiring entity; and (II) be the Beneficial Owners of the resulting or acquiring entity in substantially
the same proportion as their beneficial ownership of the voting stock of the Company immediately prior to such transaction; or

 

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(B) those persons who were directors
of the Company immediately prior to the consummation of the proposed transaction would not, immediately after such consummation, constitute
a majority of the directors of the resulting entity.

 

(iii) The date of the sale or disposition,
in one or a series of related transactions, of all or substantially all of the assets of the Company to any Person (as defined in paragraph
(i) above) other than an affiliate of the Company (meaning any corporation that is part of a controlled group within the meaning
of the Internal Revenue Code of 1986, as amended, Section 414(b) or (c)); or

 

(iv) The date the number of duly
elected and qualified directors of the Company who were not either elected by the Company’s Board or nominated by the Board or its
nominating/governance committee for election by the shareholders shall constitute a majority of the total number of directors of the Company
as fixed by its By-Laws.

 

The Reviewing Party shall have full
and final authority, which shall be exercised in its discretion, to determine conclusively whether a Change in Control of the Company
has occurred pursuant to the above definition, and the date of the occurrence of such Change in Control and any incidental matters relating
thereto.

 

“Claim”
means a claim or action asserted by a Person in a Proceeding or any other written demand for relief in connection with or arising from
an Indemnification Event.

 

“Covered
Entity” means (i) the Company, (ii) any subsidiary of the Company or (iii) any other Person for which Indemnitee
is or was or may be deemed to be serving, at the request of the Company or any subsidiary of the Company, as a director, officer, employee,
controlling person, agent or fiduciary.

 

“Disinterested
Director” means, with respect to any determination contemplated by this Agreement, any Person who, as of the time of such determination,
is a member of the Company’s board of directors but is not a party to any Proceeding then pending with respect to any Indemnification
Event.

 

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

 

“Expenses”
means any and all direct and indirect fees and costs, retainers, court costs, transcript costs, fees of experts, witness fees, travel
expenses, duplicating, printing and binding costs, telephone charges, postage and delivery service fees and all other disbursements or
expenses of any type or nature whatsoever reasonably incurred by Indemnitee (including, subject to the limitations set forth in Section 3(c) below,
reasonable attorneys’ fees) in connection with or arising from an Indemnification Event, including, without limitation: (i) the
investigation or defense of a Claim; (ii) being, or preparing to be, a witness or otherwise participating, or preparing to participate,
in any Proceeding; (iii) furnishing, or preparing to furnish, documents in response to a subpoena or otherwise in connection with
any Proceeding; (iv) any appeal of any judgment, outcome or determination in any Proceeding (including, without limitation, any premium,
security for and other costs relating to any cost bond, supersedeas bond or any other appeal bond or its equivalent); (v) establishing
or enforcing any right to indemnification under this Agreement (including, without limitation, pursuant to Section 2(c) below),
the DGCL or otherwise, regardless of whether Indemnitee is ultimately successful in such action, unless as a part of such action, a court
of competent jurisdiction over such action determines that each of the material assertions made by Indemnitee as a basis for such action
was not made in good faith or was frivolous; (vi) Indemnitee’s defense of any Proceeding instituted by or in the name of the
Company under this Agreement to enforce or interpret any of the terms of this Agreement (including, without limitation, costs and expenses
incurred with respect to Indemnitee’s counterclaims and cross-claims made in such action); and (vii) any Federal, state, local
or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement, including all
interest, assessments and other charges paid or payable with respect to such payments. For purposes of clarification, Expenses shall not
include Losses.

 

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An “Indemnification
Event” shall be deemed to have occurred if Indemnitee was or is or becomes, or is threatened to be made, a party to or witness
or other participant in, or was or is or becomes obligated to furnish or furnishes documents in response to a subpoena or otherwise in
connection with, any Proceeding by reason of the fact that Indemnitee is or was or may be deemed a director, officer, employee, controlling
person, agent or fiduciary of any Covered Entity, or by reason of any action or inaction on the part of Indemnitee while serving in any
such capacity.

 

“Independent
Legal Counsel” means an attorney or firm of attorneys that is experienced in matters of corporate law and neither presently
is, nor in the thirty-six (36) months prior to such designation has been, retained to represent: (i) the Company or Indemnitee in
any matter material to either such party, or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder.

 

“Losses”
means any and all losses, claims, damages, liabilities, judgments, fines, penalties, settlement payments, awards and amounts of any type
whatsoever incurred by Indemnitee in connection with or arising from an Indemnification Event. For purposes of clarification, Losses shall
not include Expenses.

 

“Organizational
Documents” means any and all organizational documents, charters or similar agreements or governing documents, including, without
limitation, (i) with respect to a corporation, its certificate of incorporation and bylaws, (ii) with respect to a limited liability
company, its operating agreement, and (iii) with respect to a limited partnership, its partnership agreement.

 

“Proceeding”
means any threatened, pending or completed claim, action, suit, proceeding, arbitration or alternative dispute resolution mechanism, investigation,
inquiry, administrative hearing or appeal or any other actual, threatened or completed proceeding, whether brought in the right of a Covered
Entity or otherwise and whether of a civil (including intentional or unintentional tort claims), criminal, administrative, internal or
investigative nature.

 

    4

     

    

 

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

 

“Reviewing
Party” means, with respect to any determination contemplated by this Agreement, any one of the following: (i) a majority
of the Disinterested Directors, even if such Persons would not constitute a quorum of the Company’s board of directors; (ii) a
committee consisting solely of Disinterested Directors, even if such Persons would not constitute a quorum of the Company’s board
of directors, so long as such committee was designated by a majority of the Disinterested Directors; (iii) Independent Legal Counsel
designated by the Disinterested Directors (or, if there are no Disinterested Directors, the Company’s board of directors) (in which
case, any determination shall be evidenced by the rendering of a written opinion); or (iv) in the absence of any Disinterested Directors,
the Company’s stockholders; provided, that, in the event that a Change in Control has occurred, the Reviewing Party shall be Independent
Legal Counsel (selected by Indemnitee) in a written opinion to the board of directors of the Company, a copy of which shall be delivered
to the Indemnitee.

 

“SEC”
means the Securities and Exchange Commission.

 

“Securities
Act” means the Securities Act of 1933, as amended.

 

2.            Indemnification.

 

(a)            Indemnification
of Losses and Expenses. If an Indemnification Event has occurred, then, subject to Section 9 below, the Company shall
indemnify and hold harmless Indemnitee, to the fullest extent permitted by the DGCL, as such law may be amended from time to time (but
in the case of any such amendment, only to the extent that such amendment permits the Company to provide broader indemnification rights
than were permitted prior thereto), against any and all Losses and Expenses; provided that the Company’s commitment set forth in
this Section 2(a) to indemnify the Indemnitee shall be subject to the limitations and procedural requirements set forth
in this Agreement.

 

(b)            Partial
Indemnification. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion
of Losses or Expenses, but not, however, for the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion
thereof to which Indemnitee is entitled.

 

(c)            Advancement
of Expenses. The Company shall advance Expenses to or on behalf of Indemnitee to the fullest extent permitted by the DGCL, as such
law may be amended from time to time (but in the case of any such amendment, only to the extent that such amendment permits the Company
to provide broader indemnification rights than were permitted prior thereto), as soon as practicable, but in any event not later than
30 days after written request therefor by Indemnitee, which request shall be accompanied by vouchers, invoices or similar evidence documenting
in reasonable detail the Expenses incurred or to be incurred by Indemnitee; provided, however, that Indemnitee need not submit to the
Company any information that counsel for Indemnitee reasonably deems is privileged and exempt from compulsory disclosure in any Proceeding.
Execution and delivery of this Agreement by the Indemnitee constitutes an undertaking to repay such amounts advanced only if, and to the
extent that, it shall ultimately be determined that Indemnitee is not entitled to be indemnified by the Company as authorized by this
Agreement. No other form of undertaking shall be required other than the execution of this Agreement.

 

    5

     

    

 

(d)            Contribution.
To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee
for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee, whether
for Losses or Expenses, in connection with any Proceeding relating to an Indemnification Event under this Agreement, in such proportion
as is deemed fair and reasonable by the Reviewing Party in light of all of the circumstances of such Proceeding in order to reflect (1) the
relative benefits received by the Company and Indemnitee as a result of the event(s) and/or transaction(s) giving rise to such
Proceeding; and (2) the relative fault of the Company (and its directors, officers, employees and agents) and Indemnitee in connection
with such event(s) and/or transaction(s).

 

3.            Indemnification
Procedures.

 

(a)            Notice
of Indemnification Event. Indemnitee shall give the Company notice as soon as practicable of any Indemnification Event of which Indemnitee
becomes aware and of any request for indemnification hereunder, provided that any failure to so notify the Company shall not relieve the
Company of any of its obligations under this Agreement, except if, and then only to the extent that, such failure increases the liability
of the Company under this Agreement.

 

(b)            Notice
to Insurers. The Company shall give prompt written notice of any Indemnification Event which may be covered by the Company’s
liability insurance to the insurers in accordance with the procedures set forth in each of the applicable policies of insurance. The Company
shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as
a result of such Indemnification Event in accordance with the terms of such policies; provided that nothing in this Section 3(b) shall
affect the Company’s obligations under this Agreement or the Company’s obligations to comply with the provisions of this Agreement
in a timely manner as provided.

 

(c)            Selection
of Counsel. If the Company shall be obligated hereunder to pay or advance Expenses or indemnify Indemnitee with respect to any Losses,
the Company shall be entitled to assume the defense of any related Claims, with counsel selected by the Company. After the retention of
such counsel by the Company, the Company will not be liable to Indemnitee under this Agreement for any fees of counsel subsequently incurred
by Indemnitee with respect to the defense of such Claims; provided that: (i) Indemnitee shall have the right to employ counsel in
connection with any such Claim at Indemnitee’s expense; and (ii) if (A) the employment of counsel by Indemnitee has been
previously authorized by the Company, (B) counsel for Indemnitee shall have provided the Company with written advice that there is
a conflict of interest between the Company and Indemnitee in the conduct of any such defense, or (C) the Company shall not continue
to retain such counsel to defend such Claim, then the fees and expenses of Indemnitee’s counsel shall be at the expense of the Company.

 

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4.            Determination
of Right to Indemnification.

 

(a)            Successful
Proceeding. To the extent Indemnitee has been successful, on the merits or otherwise, in defense of any Proceeding referred to in
Section 2(a), the Company shall indemnify Indemnitee against Losses and Expenses incurred by him in connection therewith.
If Indemnitee is not wholly successful in such Proceeding, but is successful, on the merits or otherwise, as to one or more but less than
all Claims in such Proceeding, the Company shall indemnify Indemnitee against all Losses and Expenses actually or reasonably incurred
by Indemnitee in connection with each successfully resolved Claim.

 

(b)            Other
Proceedings. In the event that Section 4(a) is inapplicable, the Company shall nevertheless indemnify Indemnitee
as provided in Section 2(a) or 2(b), as applicable, or provide a contribution payment to the Indemnitee as provided
in Section 2(d), to the extent determined by the Reviewing Party.

 

(c)            Reviewing
Party Determination. A Reviewing Party chosen by the Company’s board of directors shall determine whether Indemnitee is entitled
to indemnification, subject to the following:

 

(i)            A
Reviewing Party so chosen shall act in the utmost good faith to assure Indemnitee a complete opportunity to present to such Reviewing
Party Indemnitee’s case that Indemnitee has met the applicable standard of conduct.

 

(ii)            Indemnitee
shall be deemed to have acted in good faith if Indemnitee’s action is based on the records or books of account of a Covered Entity,
including, without limitation, its financial statements, or on information supplied to Indemnitee by the officers or employees of a Covered
Entity in the course of their duties, or on the advice of legal counsel for a Covered Entity or on information or records given, or reports
made, to a Covered Entity by an independent certified public accountant or by an appraiser or other expert selected with reasonable care
by a Covered Entity. In addition, the knowledge and/or actions, or failure to act, of any director, officer, agent or employee of a Covered
Entity shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement. Whether or not
the foregoing provisions of this Section 4(c)(ii) are satisfied, it shall in any event be presumed that Indemnitee has
at all times acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company.
Any Person seeking to overcome this presumption shall have the burden of proof and the burden of persuasion, by clear and convincing evidence.

 

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(iii)            If
a Reviewing Party chosen pursuant to this Section 4(c) shall not have made a determination whether Indemnitee is entitled
to indemnification within thirty (30) days after receipt by the Company of the request therefor, the requisite determination of entitlement
to indemnification shall be deemed to have been made and Indemnitee shall be entitled to such indemnification, absent (A) a misstatement
by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading,
in connection with the request for indemnification, or (B) a prohibition of such indemnification under applicable law; provided,
however, that such 30 day period may be extended for a reasonable time, not to exceed an additional fifteen (15) days, if the Reviewing
Party in good faith requires such additional time for obtaining or evaluating documentation and/or information relating thereto; and provided,
further, that the foregoing provisions of this Section 4(c)(iii) shall not apply if (I) the determination of entitlement
to indemnification is to be made by the stockholders of the Company, (II) a special meeting of stockholders is called by the board
of directors of the Company for such purpose within thirty (30) days after the stockholders are chosen as the Reviewing Party, (III) such
meeting is held for such purpose within sixty (60) days after having been so called, and (IV) such determination is made thereat.

 

(d)            Appeal
to Court. Notwithstanding a determination by a Reviewing Party chosen pursuant to Section 4(c) that Indemnitee is
not entitled to indemnification with respect to a specific Claim or Proceeding (an “Adverse Determination”), Indemnitee
shall have the right to apply to the court in which that Claim or Proceeding is or was pending or the courts in the state of Delaware
for the purpose of enforcing Indemnitee's right to indemnification pursuant to this Agreement, provided that Indemnitee shall commence
any such Proceeding seeking to enforce Indemnitee’s right to indemnification within one (1) year following the date upon which
Indemnitee is notified in writing by the Company of the Adverse Determination. In the event of any dispute between the parties concerning
their respective rights and obligations hereunder, the Company shall have the burden of proving that the Company is not obligated to make
the payment or advance claimed by Indemnitee.

 

(e)            Presumption
of Success. The Company acknowledges that a settlement or other disposition short of final judgment shall be deemed a successful resolution
for purposes of Section 4(a) if it permits a party to avoid expense, delay, distraction, disruption or uncertainty. In
the event that any Proceeding to which Indemnitee is a party is resolved in any manner other than by adverse judgment against Indemnitee
(including, without limitation, settlement of such Proceeding with or without payment of money or other consideration), it shall be presumed
that Indemnitee has been successful on the merits or otherwise in such Proceeding. Anyone seeking to overcome this presumption shall have
the burden of proof and the burden of persuasion, by clear and convincing evidence.

 

(f)            Settlement
of Claims. The Company shall not be liable to indemnify Indemnitee under this Agreement or otherwise for any amounts paid in settlement
of any Proceeding effected without the Company’s written consent. The Company shall not settle any Proceeding in any manner that
would impose any penalty or limitation on Indemnitee without Indemnitee’s written consent. Neither the Company nor the Indemnitee
will unreasonably withhold their consent to any proposed settlement. The Company shall not be liable to indemnify the Indemnitee under
this Agreement with regard to any judicial award if the Company was not given a reasonable and timely opportunity, at its expense, to
participate in the defense of such action; the Company’s liability hereunder shall not be excused if participation in the Proceeding
by the Company was barred by this Agreement.

 

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5.            Additional
Indemnification Rights; Non-exclusivity.

 

(a)            Scope.
The Company hereby agrees to indemnify Indemnitee to the fullest extent permitted by law, even if such indemnification is not specifically
authorized by the other provisions of this Agreement or any other agreement, the Organizational Documents of any Covered Entity or by
applicable law. In the event of any change after the date of this Agreement in any applicable law, statute or rule that expands the
right of a Delaware corporation to indemnify a member of its board of directors or an officer, employee, controlling person, agent or
fiduciary, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits afforded by such
change. In the event of any change in any applicable law, statute or rule that narrows the right of a Delaware corporation to indemnify
a member of its board of directors or an officer, employee, controlling person, agent or fiduciary, such change, to the extent not otherwise
required by such law, statute or rule to be applied to this Agreement, shall have no effect on this Agreement or the parties rights
and obligations hereunder except as set forth in Section 9(a) hereof.

 

(b)            Non-exclusivity.
The rights to indemnification, contribution and advancement of Expenses provided in this Agreement shall not be deemed exclusive of,
but shall be in addition to, any other rights to which Indemnitee may at any time be entitled under the Organizational Documents of any
Covered Entity, any other agreement, any vote of stockholders or Disinterested Directors, the laws of the State of Delaware or otherwise.
Furthermore, no right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy
shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or
otherwise. The assertion of any right or remedy hereunder or otherwise shall not prevent the concurrent assertion of any other right or
remedy. The rights to indemnification, contribution and advancement of Expenses provided in this Agreement shall continue as to Indemnitee
for any action Indemnitee took or did not take while serving in an indemnified capacity even though Indemnitee may have ceased to serve
in such capacity.

 

6.            No
Duplication of Payments. The Company shall not be liable under this Agreement to make any
payment of any amount otherwise indemnifiable hereunder, or for which advancement is provided hereunder, if and to the extent Indemnitee
has otherwise actually received such payment, whether pursuant to any insurance policy, the Organizational Documents of any Covered Entity
or otherwise.

 

7.            Mutual
Acknowledgment. Both the Company and Indemnitee acknowledge that, in certain instances, Federal
law or public policy may override applicable state law and prohibit the Company from indemnifying its directors and officers under this
Agreement or otherwise. For example, the Company and Indemnitee acknowledge that the SEC has taken the position that indemnification is
not permissible for liabilities arising under certain Federal securities laws, and Federal legislation prohibits indemnification for certain
violations of the Employee Retirement Income Security Act of 1979, as amended. Indemnitee understands and acknowledges that the Company
has undertaken, or may be required in the future to undertake, with the SEC to submit the question of indemnification to a court in certain
circumstances for a determination of the Company’s right under public policy to indemnify Indemnitee, and any right to indemnification
hereunder shall be subject to, and conditioned upon, any such required court determination.

 

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8.            Liability
Insurance. The Company shall maintain liability insurance applicable to directors and officers
of the Company and shall cause Indemnitee to be named as an insured in such a manner as to provide Indemnitee the same rights and benefits
as are accorded to the most favorably insured of the Company’s officers and directors (other than in the case of an independent
director liability insurance policy if Indemnitee is not an independent or outside director). The Company shall advise Indemnitee as to
the general terms of, and the amounts of coverage provide by, any liability insurance policy described in this Section 8 and
shall promptly notify Indemnitee if, at any time, any such insurance policy is terminated or expired without renewal or if the amount
of coverage under any such insurance policy will be decreased.

 

9.            Exceptions.
Any other provision herein to the contrary notwithstanding, the Company shall not be obligated
pursuant to the terms of this Agreement to indemnify Indemnitee:

 

(a)            against
any Losses or Expenses, or advance Expenses to Indemnitee, with respect to Claims initiated or brought voluntarily by Indemnitee, and
not by way of defense (including, without limitation, affirmative defenses and counter-claims), except (i) Claims to establish or
enforce a right to indemnification, contribution or advancement with respect to an Indemnification Event, whether under this Agreement,
any other agreement or insurance policy, the Company’s Organizational Documents of any Covered Entity, the laws of the State of
Delaware or otherwise, or (ii) if the Company’s board of directors has approved specifically the initiation or bringing of
such Claim;

 

(b)            against
any Losses or Expenses, or advance Expenses to Indemnitee, with respect to Claims arising (i) with respect to an accounting of profits
made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within the meaning of Section 16(b) of
the Exchange Act or (ii) pursuant to Section 304 or 306 of the Sarbanes-Oxley Act of 2002, as amended, or any rule or regulation
promulgated pursuant thereto; or

 

(c)            if,
and to the extent, that a court of competent jurisdiction renders a final, unappealable decision that such indemnification is not lawful.

 

10.            Miscellaneous.

 

(a)            Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall constitute an original.

 

(b)            Binding
Effect; Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties
hereto and their respective successors and assigns (including with respect to the Company, any direct or indirect successor by purchase,
merger, consolidation or otherwise to all or substantially all of the business and/or assets of the Company) and with respect to Indemnitee,
his or her spouse, heirs, and personal and legal representatives. The Company shall require and cause any successor or assign (whether
direct or indirect, by purchase, merger, consolidation or otherwise) to all, substantially all, or a substantial part, of the business
and/or assets of the Company, to assume and agree to perform this Agreement in the same manner and to the same extent that the Company
would be required to perform if no such succession or assignment had taken place. This Agreement shall continue in effect with respect
to Claims relating to Indemnification Events regardless of whether Indemnitee continues to serve as a director, officer, employee, controlling
person, agent or fiduciary of any Covered Entity.

 

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(c)            Notice.
All notices and other communications required or permitted hereunder shall be in writing, shall be effective when given, and shall in
any event be deemed to be given (a) five (5) days after deposit with the U.S. Postal Service or other applicable postal service,
if delivered by first class mail, postage prepaid, (b) upon delivery, if delivered by hand, (c) one (1) business day after
the business day of deposit with Federal Express or similar, nationally recognized overnight courier, freight prepaid, or (d) one
(1) business day after the business day of delivery by confirmed facsimile transmission, if deliverable by facsimile transmission,
with copy by other means permitted hereunder, and addressed, if to Indemnitee, to the Indemnitee’s address or facsimile number (as
applicable) as set forth beneath the Indemnitee’s signature to this Agreement, or, if to the Company, at the address or facsimile
number (as applicable) of its principal corporate offices (attention: Secretary), or at such other address or facsimile number (as applicable)
as such party may designate to the other parties hereto.

 

(d)            Enforceability.
This Agreement is a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms.

 

(e)            Consent
to Jurisdiction. The Company and Indemnitee each hereby irrevocably consent to the jurisdiction and venue of the courts of the State
of Delaware for all purposes in connection with any Proceeding which arises out of or relates to this Agreement and agree that any Proceeding
instituted under this Agreement shall be commenced, prosecuted and continued only in the courts of the State of Delaware.

 

(f)            Severability.
The provisions of this Agreement shall be severable in the event that any of the provisions hereof (including any provision within a single
section, paragraph or sentence) are held by a court of competent jurisdiction to be invalid, void or otherwise unenforceable, and the
remaining provisions shall remain enforceable to the fullest extent permitted by law. Furthermore, to the fullest extent possible, the
provisions of this Agreement (including, without limitation, each portion of this Agreement containing any provision held to be invalid,
void or otherwise unenforceable that is not itself invalid, void or unenforceable) shall be construed so as to give effect to the extent
manifested by the provision held invalid, illegal or unenforceable.

 

(g)            Choice
of Law. This Agreement shall be governed by and its provisions shall be construed and enforced in accordance with, the laws of the
State of Delaware, without regard to the conflict of laws principles thereof.

 

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(h)            Subrogation.
In the event of payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery
of Indemnitee who shall execute all documents required and shall do all acts that may be necessary to secure such rights and to enable
the Company effectively to bring suit to enforce such rights.

 

(i)            Amendment
and Termination. No amendment, modification, termination or cancellation of this Agreement shall be effective unless it is in a writing
signed by the parties to be bound thereby. Notice of same shall be provided to all parties hereto. No waiver of any of the provisions
of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such
waiver constitute a continuing waiver.

 

(j)            No
Construction as Employment Agreement. This Agreement is not an employment agreement between the Company and the Indemnitee and nothing
contained in this Agreement shall be construed as giving Indemnitee any right to be retained or continue in the employ or service of any
Covered Entity.

 

(k)            Supersedes
Previous Agreements. This Agreement supersedes all prior agreements and understandings, oral, written and implied, between the parties
hereto with respect to the subject matter hereof. All such prior agreements and understandings are hereby terminated and deemed of no
further force or effect.

 

[Signature page follows]

 

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In Witness
Whereof, the parties hereto have executed this Agreement on and as of the day and year first above written.

 

	 	Cellectar
    Biosciences, Inc.
	 	 
	 	By:	                           
	 	 
	 	Name:	 
	 	 
	 	Title:	 
	 	 
	 	INDEMNITEE:
	 	 
	 	 
	 	 

 

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