Entry into a Material Definitive Agreement

On December 30, 2022, Cellectar Biosciences, Inc. (the "Company") reported to have entered into an Amended Agreement of Lease (the "Amended Lease"), with CAMPUS 100 LLC (the "Landlord") (Filing, 8-K, Cellectar Biosciences, JAN 4, 2023, View Source [SID1234625794]).

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Under the Amended Lease, the Company will continue to lease 3,983 square feet of rentable area on the second floor of a building located at 100 Campus Drive in Florham Park, New Jersey, commencing on March 1, 2023 (the "New Commencement Date") until April 30, 2029 (the "New Expiration Date). The Company also has an option to extend the term of the Amended Lease for one additional 60-month period.

Under the terms of the Amended Lease, the Company’s previously paid security deposit of $75,000 will be reduced to $23,566 and the aggregate rent due over the term of the Amended Lease is approximately $918,000, which will be reduced to approximately $893,000 after certain rent abatements. The Company will also be required to pay its proportionate share of certain operating expenses and real estate taxes applicable to the leased premises.

The foregoing description of Amended Lease does not purport to be complete and is subject to, and qualified in its entirety by reference to, the full text of the Lease, which will be filed as an exhibit to the Company’s Annual Report on Form 10-K.