Item 1.01 Entry into a Material Definitive Agreement.
On December 30, 2022, Cellectar Biosciences, Inc. (the "Company") entered into
an Amended Agreement of Lease (the "Amended Lease"), with CAMPUS 100 LLC (the
"Landlord").
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.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
The information set forth in Item 1.01 above is incorporated by reference
herein.
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