Item 5.02 Departure of Directors or Certain Officers; Election of Directors;


           Appointment of Certain Officers; Compensatory Arrangements of Certain
           Officers.

On January 7, 2020, Cellectar Biosciences, Inc. (the "Company") announced the appointment of Igor Grachev. M.D., Ph.d, as Chief Medical Officer effective as of January 6, 2020.

Dr. Grachev, has nearly 20 years of industry experience, having led clinical development programs at both multinational pharmaceutical and biotech organizations. He has served as Global Development Leader and Head of Innovative Clinical Trials Initiative, R&D for TEVA Branded Specialty Pharmaceuticals. Dr. Grachev also had clinical development and medical affairs leadership roles at GE Healthcare, Novartis, GSK, Merck, Schering Plough, Sanofi-Aventis, and BioClinica. Dr. Grachev is a former Assistant Professor of Radiology at SUNY Upstate Medical University and as a Fellow in Radiology at Massachusetts General Hospital, Harvard Medical School. Dr. Grachev earned his MD from Bogomolets National Medical University, and his Ph.D. in Medical Sciences from the Shupyk National Medical Academy of Postgraduate Education.

In connection with the appointment of Dr. Grachev to the position of Chief Medical Officer, the Company entered into an employment agreement with Dr. Grachev (the "Employment Agreement"). The Employment Agreement provides that Dr. Grachev will be an employee "at will" and includes his expected compensation package. Pursuant to the Employment Agreement, Dr. Grachev will receive an annual base salary of $400,000 and a targeted annual bonus of 30 percent of base salary, and will be granted, as an inducement award, an option to purchase 80,000 shares of the Company's common stock, vesting annually over three years. In the event of a dismissal without cause, or resignation by Dr. Grachev for good reason, Dr. Grachev will be entitled to nine months of severance. In the event of dismissal without cause, or resignation by Dr. Grachev for good reason, within the twelve months following a change in control, Dr. Grachev will be entitled to twelve months of severance.

The foregoing description of the Employment Agreement does not purport to be complete and is qualified in its entirety by reference to the Employment Agreement (Exhibit 10.1 to this Current Report on Form 8-K) and incorporated herein by reference. The Company's press release announcing the appointment of Dr. Grachev is filed as Exhibit 99.1 hereto and incorporated by reference herein.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS






(d) Exhibits



 Number    Title
  10.1       Employment Agreement between the Company and Igor Grachev dated
           January 6, 2020
  99.1       Press release dated January 7, 2020

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