ࡱ>  l \pThe Free Software Foundation B=PF0*8X@"1 Helvetica1Courier1 Courier New1 Courier New1 Helvetica$#,##0_);($#,##0)$#,##0_);[Red]($#,##0)$#,##0.00_);($#,##0.00)$#,##0.00_);[Red]($#,##0.00)-**_($* #,##0_);_($* (#,##0);_($* "-"_);_(@_)*)'_(* #,##0_);_(* (#,##0);_(* "-"_);_(@_)5,2_($* #,##0.00_);_($* (#,##0.00);_($* "-"??_);_(@_)2+/_(* #,##0.00_);_(* (#,##0.00);_(* "-"??_);_(@_)2$#,##0.00;[Red]$#,##0.003$#,##0.00;[Red]($#,##0.00)4$#,##0;[Red]($#,##00)50.00%;[Red](0.00%)6 0%;[Red](0%)7#,##0.00;[Red](#,##0.00)8#,##0;[Red](#,##0)                + ) , *   Ј ~~ ؈ ~~#؈ ~~ ؈ ~~8#܈ ~~7#܈ ~~4#܈ ~~3#܈ ~~<#܈ ~~83ffff̙̙3f3fff3f3f33333f33%3 TO BE HELD TUESDAY MAY 16 2017ATABLE OF CONTENTS&2NUMBER OF SHARES OF COMMON STOC~DNO TITLE&PTHE ELECTION OF ALL NOMINEES NA&;_2016 DIRECTOR COMPENSATION TABLm2016 DIRECTOR C (1)GSummary CompensationIncentive Compensation Summary Compens (1)Stock Option Grants Outstanding Equity AwardsG NO TITLE (1)&*31 2016 Outstanding Equity Awar&433 Potential Payments Upon Term!B33 Potential Payments (1)&OEquity Compensation Plan Inform aFEESo37 Outstanding Shares&FPotential Dilution and Burn Rat$tEquity Compensation Plan (1)&WHERE YOU CAN FIND ADDITIONAL I &2007 STOCK INCENTIVE PLAN 2007 STOCK INCENTIVE (1) l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??TABLE OF CONTENTS!NUMBER OF SHARES OF COMMON STOC NO TITLE!THE ELECTION OF ALL NOMINEES NA!2016 DIRECTOR COMPENSATION TABL2016 DIRECTOR C (1)Summary CompensationIncentive CompensationSummary Compens (1)Stock Option GrantsOutstanding Equity Awards NO TITLE (1)!31 2016 Outstanding Equity Awar!33 Potential Payments Upon Term33 Potential Payments (1)!Equity Compensation Plan InformFEES37 Outstanding Shares!Potential Dilution and Burn RatEquity Compensation Plan (1)!WHERE YOU CAN FIND ADDITIONAL I2007 STOCK INCENTIVE PLAN2007 STOCK INCENTIVE (1)U } $ } m)       CELSION CORPDEF 14A 04/04/2017'TO BE HELD TUESDAY MAY 16, 2017*"By Order of the Board of Directors      /s/ Jeffrey W. Church   Jeffrey W. Church   Corporate Secretary $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/(T|pdUI==PF0*8X> @ l  WJ*Q1  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? TO BE HELD TUESDAY MAY 16 2017!NUMBER OF SHARES OF COMMON STOC NO TITLE!THE ELECTION OF ALL NOMINEES NA!2016 DIRECTOR COMPENSATION TABL2016 DIRECTOR C (1)Summary CompensationIncentive CompensationSummary Compens (1)Stock Option GrantsOutstanding Equity Awards NO TITLE (1)!31 2016 Outstanding Equity Awar!33 Potential Payments Upon Term33 Potential Payments (1)!Equity Compensation Plan InformFEES37 Outstanding Shares!Potential Dilution and Burn RatEquity Compensation Plan (1)!WHERE YOU CAN FIND ADDITIONAL I2007 STOCK INCENTIVE PLAN2007 STOCK INCENTIVE (1)U } $ } U5} $ }  W      CELSION CORPDEF 14A 04/04/2017TABLE OF CONTENTS Page+ #Information Concerning Solicitation ~   and Voting, $Information About the Annual Meeting ~  2 *Date, Time and Place of the Annual Meeting ~  ) !Who May Attend the Annual Meeting ~  Who May Vote~  How to Vote~ Voting by Proxy~  Quorum Requirement~  Vote Requirements~  Other Matters~ -%Information about the Proxy Statement~ 'and the Solicitation of Proxies Annual Report~ 0(Householding of Annual Meeting Materials~ ,$Beneficial Ownership of Common Stock~ 4,Section 16(a) Beneficial Ownership Reporting~  ComplianceCode of Ethics~ /'Certain Relationships and Related Party~  Transactions.&Proposal No. 1 : Election of Directors~ &General~ &D l~rJEw6pIc !"#$%&'()*+,-./0123456789:;<=>? 3 +Directors, Executive Officers and Corporate ~ *!! Governance""Legal Proceedings"~ "2#.#&Board Leadership Structure and Role in#~ #2$$Risk Oversight%,%$Committees of the Board of Directors%~ %6&0&(Meetings of the Board and Its Committees&~ &:''Director Nominations'~ ':("(Stockholder Communications(~ (F))Board Attendance)~ )F*Director Compensation*~ *F+(+ 2016 Director Compensation Table+~ +F,-,%Compensation Committee Interlocks and,~ ,J--Insider Participation.3.+Stock Ownership Guidelines for Non-Employee.~ .N//and Executive Directors0%0Report of the Audit Committee0~ 0R1Executive Compensation1~ 1V2,2$Compensation Discussion and Analysis2~ 2V323*Compensation Committee Report on Executive3~ 3n44 Compensation515)2016 Executive Summary Compensation Table5~ 5r646,Narrative Disclosure to Summary Compensation6~ 6v7 7Table8(8 2016 Grants of Plan-Based Awards8~ 8~929*2016 Outstanding Equity Awards at Year-End9~ 9:):!Option Exercises and Stock Vested:~ :;.;&Potential Payments Upon Termination or;~ ;<<Change in Control2=*Proposal No. 2 : Ratification of Selection=~ =3>+of Independent Registered Public Accounting ?FirmD1 l>j~<X+Pb>hg@ABCDEFGHIJKLMNOPQRSTUV/@'Proposal No. 3 : Grant of Discretionary@~ @4A,Authority to the Board of Directors to Amend/B'the Certificate of Incorporation of the3C+Company, As Amended, to Effect, At Any Time2D*On or Prior To The Date of the 2017 Annual0E(Meeting of Stockholders, a Reverse Stock3F+Split at an Exchange Ratio Within Specified GRange1H)Proposal No. 4 : Approval of Amendment toH~ H1I)the Celsion Corporation 2007 Stock Option JPlan0K(Proposal No. 5: Approval of the IssuanceK~ K0L(of More Than 20% of the Company?s Issued1M)and Outstanding Common Stock in a CertainNOffering-O%Stockholder Nominations and ProposalsO~ O3P+for the 2018 Annual Meeting of Stockholders1Q)Where You Can Find Additional InformationQ~ QRS$T____________________________1U)Created by Morningstar Document Research.0V(http://documentresearch.morningstar.com/2F{Hp_}I~/#=PF0*8X> @"$VVUUTTQQPPOONNMMLLKKJJIIHHGGFFEEDDCCBBAA@@??>>==11**    l  !#CC  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? TO BE HELD TUESDAY MAY 16 2017TABLE OF CONTENTS NO TITLE!THE ELECTION OF ALL NOMINEES NA!2016 DIRECTOR COMPENSATION TABL2016 DIRECTOR C (1)Summary CompensationIncentive CompensationSummary Compens (1)Stock Option GrantsOutstanding Equity Awards NO TITLE (1)!31 2016 Outstanding Equity Awar!33 Potential Payments Upon Term33 Potential Payments (1)!Equity Compensation Plan InformFEES37 Outstanding Shares!Potential Dilution and Burn RatEquity Compensation Plan (1)!WHERE YOU CAN FIND ADDITIONAL I2007 STOCK INCENTIVE PLAN2007 STOCK INCENTIVE (1)U } $4} $ } y} $ } U} $ !      CELSION CORPDEF 14A 04/04/2017;3NUMBER OF SHARES OF COMMON STOCK BENEFICIALLY OWNED!NAME OF BENEFICIAL OWNER* NUMBER OF PERCENT OF    SHARES OF   SHARES OF   COMMON  COMMON   STOCK  STOCK    BENEFICIALLY   OUTSTANDING   OWNED ~ ~ .&Sabby Healthcare Master Fund, Ltd. (3)~ 3R#@ %,$Anson Investments Master Fund LP (4)~ be!@ %Augustine Chow (5)a@ **Robert W. Hooper (6)~ Z **Alberto Martinez (7)~ & **Frederick J. Fritz (8)~ z **Donald P. Braun (9)~ v **Andreas Voss (10)~ v ** Michael H. Tardugno (11)~ /ffffff? %Jeffrey W. Church (12)~  **Nicholas Borys (13)~ \ **Khursheed Anwer (14)~  **3+Directors and Executive Officers as a group~ ffffff@ %(10 persons)(15)$____________________________1)Created by Morningstar Document Research.D+ lth\PFjD(6DX]n 0 (http://documentresearch.morningstar.com/H=PF0*8X> @            l   >P  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? TO BE HELD TUESDAY MAY 16 2017TABLE OF CONTENTS!NUMBER OF SHARES OF COMMON STOC!THE ELECTION OF ALL NOMINEES NA!2016 DIRECTOR COMPENSATION TABL2016 DIRECTOR C (1)Summary CompensationIncentive CompensationSummary Compens (1)Stock Option GrantsOutstanding Equity Awards NO TITLE (1)!31 2016 Outstanding Equity Awar!33 Potential Payments Upon Term33 Potential Payments (1)!Equity Compensation Plan InformFEES37 Outstanding Shares!Potential Dilution and Burn RatEquity Compensation Plan (1)!WHERE YOU CAN FIND ADDITIONAL I2007 STOCK INCENTIVE PLAN2007 STOCK INCENTIVE (1)U } U} =       CELSION CORPDEF 14A 04/04/2017NO TITLE *4,The address of each of the individuals named 4 ,is c/o Celsion Corporation, 997 Lenox Drive, + #Suite 100, Lawrenceville, NJ 08648.   ** Less than one percent.  ~ -%Beneficial Ownership is determined in0(accordance with the rules of the SEC and/'generally includes voting or investment0(power with respect to securities. Except0(as indicated by footnote, and subject to1)community property laws where applicable,1)the persons named in the table above have5-sole voting and investment power with respect;3to all shares of common stock shown as beneficiallyowned by them.~ 2*Based on 55,466,492 shares of common stock)!outstanding as of March 31, 2017.$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/Dl{6oWYRL@4 =PF0*8X> @ l  ^  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? TO BE HELD TUESDAY MAY 16 2017TABLE OF CONTENTS!NUMBER OF SHARES OF COMMON STOC NO TITLE!2016 DIRECTOR COMPENSATION TABL2016 DIRECTOR C (1)Summary CompensationIncentive CompensationSummary Compens (1)Stock Option GrantsOutstanding Equity Awards NO TITLE (1)!31 2016 Outstanding Equity Awar!33 Potential Payments Upon Term33 Potential Payments (1)!Equity Compensation Plan InformFEES37 Outstanding Shares!Potential Dilution and Burn RatEquity Compensation Plan (1)!WHERE YOU CAN FIND ADDITIONAL I2007 STOCK INCENTIVE PLAN2007 STOCK INCENTIVE (1)U } } $ } } $ } 6}        CELSION CORPDEF 14A 04/04/20171)THE ELECTION OF ALL NOMINEES NAMED ABOVE. NAME AGE POSITION(S) CLASS       Michael H. Tardugno ~   / 'Chairman, President and Chief Executive III     Officer Robert W. Hooper ~   Director II! Alberto R. Martinez, M.D. ~   Director IIAugustine Chow, Ph.D.~ Director IFrederick J. Fritz~  Director IDonald P. Braun, Ph.D.~ Director IIIAndreas Voss, M.D.~ Director III"Khursheed Anwer, Ph.D. MBA~ 5-Executive Vice President and Chief ScientificOfficerNicholas Borys, M.D.~ /'Senior Vice President and Chief MedicalOfficerJeffrey W. Church~ 1)Senior Vice President and Chief FinancialOfficer$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/< ~rfZ,Ky Y =PF0*8X> @ l  l  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? TO BE HELD TUESDAY MAY 16 2017TABLE OF CONTENTS!NUMBER OF SHARES OF COMMON STOC NO TITLE!THE ELECTION OF ALL NOMINEES NA2016 DIRECTOR C (1)Summary CompensationIncentive CompensationSummary Compens (1)Stock Option GrantsOutstanding Equity Awards NO TITLE (1)!31 2016 Outstanding Equity Awar!33 Potential Payments Upon Term33 Potential Payments (1)!Equity Compensation Plan InformFEES37 Outstanding Shares!Potential Dilution and Burn RatEquity Compensation Plan (1)!WHERE YOU CAN FIND ADDITIONAL I2007 STOCK INCENTIVE PLAN2007 STOCK INCENTIVE (1)U } $} $ }  } $ }  }  $ } } $ }  } $       CELSION CORPDEF 14A 04/04/2017( 2016 DIRECTOR COMPENSATION TABLE Name Fees Earned Stock Grants   Option Awards   Total ($)  ~     ($) (1) (2)    ($) (2) (4) Augustine Chow (3) ~ g  ~ g  ~ "&  ~   Robert W. Hooper  ~ "   ~ g   ~ Vt   ~ ^  Alberto R. Martinez  ~ g   ~ g   ~ 9   ~   Frederick J. Fritz (3)  ~ G   ~ g   ~    ~ : Donald P. Braun~ ")~ g    ?  ~   Andreas Voss~ ~ g    ?  ~ $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/.g {oc\x=PF0*8X> @r        l  &  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? TO BE HELD TUESDAY MAY 16 2017TABLE OF CONTENTS!NUMBER OF SHARES OF COMMON STOC NO TITLE!THE ELECTION OF ALL NOMINEES NA!2016 DIRECTOR COMPENSATION TABLSummary CompensationIncentive CompensationSummary Compens (1)Stock Option GrantsOutstanding Equity Awards NO TITLE (1)!31 2016 Outstanding Equity Awar!33 Potential Payments Upon Term33 Potential Payments (1)!Equity Compensation Plan InformFEES37 Outstanding Shares!Potential Dilution and Burn RatEquity Compensation Plan (1)!WHERE YOU CAN FIND ADDITIONAL I2007 STOCK INCENTIVE PLAN2007 STOCK INCENTIVE (1)U } } $ }  } U} $ }  } U} $ } } $ } y }  } $ }  } $ &      CELSION CORPDEF 14A 04/04/2017( 2016 DIRECTOR COMPENSATION TABLE.&Non-Employee Director Stock Option and Grant Awards Table Name   Number of    Number of   Exercise  Grant  Expiration  Grant     Stock Awards   Options   Price  Date Date  Date   Granted   Granted         Fair                 ValueAugustine Chow~ "N~    $?  2/2/20162/2/2026HzG?~ ~    HzG?  2/2/20162/2/2026{Gz?~ "b~    Q?  9/6/20169/6/2026= ףp=?     Robert W. Hooper~ "N~    $?  2/2/20162/2/2026HzG?~ ~    HzG?  2/2/20162/2/2026{Gz?~ ~    Q?  9/6/20169/6/2026= ףp=?     Alberto R. Martinez~ "N~    $?  2/2/20162/2/2026HzG?~ ~    HzG?  2/2/20162/2/2026{Gz?~ ґ~    Q?  9/6/20169/6/2026= ףp=?     Frederick J. Fritz~ "N~    $?  2/2/20162/2/2026HzG?~ ~    HzG?  2/2/20162/2/2026{Gz?~ r~    Q?  9/6/20169/6/2026= ףp=?     Donald P. Braun~ "N~    $?  2/2/20162/2/2026HzG?     D0l{oc%!U+ !"#$%  Andreas Voss  ~ "N~       $?  2/2/2016 2/2/2026  HzG? !"$#____________________________1$)Created by Morningstar Document Research.0%(http://documentresearch.morningstar.com/d =PF0*8X> @%%$$##                  l  K  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? TO BE HELD TUESDAY MAY 16 2017TABLE OF CONTENTS!NUMBER OF SHARES OF COMMON STOC NO TITLE!THE ELECTION OF ALL NOMINEES NA!2016 DIRECTOR COMPENSATION TABL2016 DIRECTOR C (1)Incentive CompensationSummary Compens (1)Stock Option GrantsOutstanding Equity Awards NO TITLE (1)!31 2016 Outstanding Equity Awar!33 Potential Payments Upon Term33 Potential Payments (1)!Equity Compensation Plan InformFEES37 Outstanding Shares!Potential Dilution and Burn RatEquity Compensation Plan (1)!WHERE YOU CAN FIND ADDITIONAL I2007 STOCK INCENTIVE PLAN2007 STOCK INCENTIVE (1)U } 1} $} 8       CELSION CORPDEF 14A 04/04/2017Summary Compensation ?4,The program is intended to attract, motivate  1 )and retain talented executives with total  / 'compensation that is competitive within  7 /the drug development and broader pharmaceutical  # and biotechnology industry; $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/(T{o3=PF0*8X> @ l  :  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? TO BE HELD TUESDAY MAY 16 2017TABLE OF CONTENTS!NUMBER OF SHARES OF COMMON STOC NO TITLE!THE ELECTION OF ALL NOMINEES NA!2016 DIRECTOR COMPENSATION TABL2016 DIRECTOR C (1)Summary CompensationSummary Compens (1)Stock Option GrantsOutstanding Equity Awards NO TITLE (1)!31 2016 Outstanding Equity Awar!33 Potential Payments Upon Term33 Potential Payments (1)!Equity Compensation Plan InformFEES37 Outstanding Shares!Potential Dilution and Burn RatEquity Compensation Plan (1)!WHERE YOU CAN FIND ADDITIONAL I2007 STOCK INCENTIVE PLAN2007 STOCK INCENTIVE (1)U } } $ }  } $ } } $                        CELSION CORPDEF 14A 04/04/2017Incentive Compensation Name Target Annual Target Annual    Incentive for    Incentive for    Entire 2016   Entire 2016 Year   Year ($)   (% of Base Salary) Michael H. Tardugno ~ ~    100%  Jeffrey W. Church  ~ r6    40% Nicholas Borys~ (  40%Khursheed Anwer~ 2 40%$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/.sym6[Z=PF0*8X> @b         l  !N  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? TO BE HELD TUESDAY MAY 16 2017TABLE OF CONTENTS!NUMBER OF SHARES OF COMMON STOC NO TITLE!THE ELECTION OF ALL NOMINEES NA!2016 DIRECTOR COMPENSATION TABL2016 DIRECTOR C (1)Summary CompensationIncentive CompensationStock Option GrantsOutstanding Equity Awards NO TITLE (1)!31 2016 Outstanding Equity Awar!33 Potential Payments Upon Term33 Potential Payments (1)!Equity Compensation Plan InformFEES37 Outstanding Shares!Potential Dilution and Burn RatEquity Compensation Plan (1)!WHERE YOU CAN FIND ADDITIONAL I2007 STOCK INCENTIVE PLAN2007 STOCK INCENTIVE (1)U } U} } $ }  } $ }  } $ } } $ }  } $ }  } $ }  } $ } y} $ !      CELSION CORPDEF 14A 04/04/2017Summary CompensationName and YearSalary Bonus    Stock Option Non-Equity All Other Total ($)  Principal           Awards   Awards   Incentive Plan    Compensation Position            ( 1 )    ( 1 )    Compensation    ( 3 )                     ( 2 )                               Michael H. Tardugno (4)~  ~    $?  ~   ~     $?  ~ *  ~ 5 Chairman, President &~ ~~ _ ?     ? ~ B~ Ψ~ v~ VI CEO               Jeffrey W. Church (5)~ ~ m $?  ~  b ~  $?~ -~ fSenior VP & CFO~ ~~ *~ "     ? ~ *~ ~ 2~ !          Nicholas Borys (6)~ ~ . $?   ~  b ~  $?~ ~ v@Senior VP & CMO~ ~~ ^~ 2u     ? ~ *~ ~ v~ D"          Khursheed Anwer (7)~ ~  $?    $? ~  $?~ 2u~ Executive VP & CSO~ ~~ Zk ?     ~ ~ ~ .l~ $____________________________1)Created by Morningstar Document Research.Dul{of+5e,>>th 0 (http://documentresearch.morningstar.com/H=PF0*8X> @r.                  l  '  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? TO BE HELD TUESDAY MAY 16 2017TABLE OF CONTENTS!NUMBER OF SHARES OF COMMON STOC NO TITLE!THE ELECTION OF ALL NOMINEES NA!2016 DIRECTOR COMPENSATION TABL2016 DIRECTOR C (1)Summary CompensationIncentive CompensationSummary Compens (1)Outstanding Equity Awards NO TITLE (1)!31 2016 Outstanding Equity Awar!33 Potential Payments Upon Term33 Potential Payments (1)!Equity Compensation Plan InformFEES37 Outstanding Shares!Potential Dilution and Burn RatEquity Compensation Plan (1)!WHERE YOU CAN FIND ADDITIONAL I2007 STOCK INCENTIVE PLAN2007 STOCK INCENTIVE (1)U } } $ } }  $ } } $ }  } $ }  } $ }  } $ '      CELSION CORPDEF 14A 04/04/2017Stock Option Grants Name Grant Date Estimated   All other   All OtherExercise Grant       Future Payouts   Stock   Option   or Base    Date Fair        Under Non-   Awards:   Awards:   Price of   Value of       Equity   Number    Number of   Option   Stock       Incentive Plan    of Shares    Securities   Awards   and        Awards Target   or Units   Under-    ($/Share)   Option($) (1)  of Stock   lyingAwards  (#) (2)  Options($) (4)     (#) (3)Michael H. Tardugno N/A~ ~     2/2/2016  ~     $?~ 2/2/2016     ~ ' HzG?~ r 9/6/2016     ~ "Q?~      Jeffrey W. Church N/A~ r6     2/2/2016  ~     $?~ b2/2/2016     ~ HzG?~ 9/6/2016     ~ RQ?~       Nicholas Borys N/A~ (      2/2/2016  ~     $?~ b2/2/2016     ~ B HzG?~ B&9/6/2016     ~ ^{Q?~       Dl|pVI=9+Gi3ZD !"#$%& Khursheed Anwer   N/A  ~ B                 !!!2/2/2016!!!!!! ! ! ! ! !~ !q!!!!HzG?!!!~ !!"#$$____________________________1%)Created by Morningstar Document Research.0&(http://documentresearch.morningstar.com/xZ=PF0*8X> @>&&%%$$!!                         l  3p 0  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? TO BE HELD TUESDAY MAY 16 2017TABLE OF CONTENTS!NUMBER OF SHARES OF COMMON STOC NO TITLE!THE ELECTION OF ALL NOMINEES NA!2016 DIRECTOR COMPENSATION TABL2016 DIRECTOR C (1)Summary CompensationIncentive CompensationSummary Compens (1)Stock Option Grants NO TITLE (1)!31 2016 Outstanding Equity Awar!33 Potential Payments Upon Term33 Potential Payments (1)!Equity Compensation Plan InformFEES37 Outstanding Shares!Potential Dilution and Burn RatEquity Compensation Plan (1)!WHERE YOU CAN FIND ADDITIONAL I2007 STOCK INCENTIVE PLAN2007 STOCK INCENTIVE (1)U } }  } $ }  } $ }  } U} $ }  } $ 3      CELSION CORPDEF 14A 04/04/2017!Outstanding Equity Awards Option Awards Name Grant No. of Securities   No. of Securities   Option  Option  Date  Underlying    Underlying   Exercise   Expiration     Unexercised    Unexercised   Price  Date     Options (#)    Options (#)  ~      Exercisable    UnexercisableMichael H. Tardugno1/3/2007~  ?   Hz%@ 1/3/2017 2/19/2008~ j ?   8@  2/19/2018 1/19/2009~ j ?   {Gz(@  1/19/2019 2/19/2010~ "' ?   (\u*@  2/19/2020 2/25/2011~ q ?   Qk&@  2/25/2021 2/22/2012~ r ?    ףp="@  2/22/2022 6/15/2012~ . ?   \(\#@  6/15/20225/6/2013~ r ?   {Gz@ 5/6/2023 2/11/2014~ r ?   HzG @  2/11/2024 6/20/2014~ 2 ?    @  6/20/2024 3/17/2015~ Zh|?UG@~    @  3/17/2025 6/19/2015~ ~ R~    Q@  6/19/20252/2/2016~ B ~ ~    HzG? 2/2/20269/6/2016~ " ?~    Q? 9/6/2026     Jeffrey W. Church7/6/2010~ :[ ?   Q.@ 7/1/2020 2/25/2011~  ?   Qk&@  2/25/2021 2/27/2012~ / ?   R"@  2/27/2022Dlvj-r9j._L| !"#$%&'()*+,-./012   6/15/2012  ~ }    ?   \(\#@   6/15/2022 !!5/6/2013!!~ !!!! !?! ! ! {Gz@! !5/6/2023!"" 2/11/2014""~ "q""" "?" 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TO BE HELD TUESDAY MAY 16 2017TABLE OF CONTENTS!NUMBER OF SHARES OF COMMON STOC NO TITLE!THE ELECTION OF ALL NOMINEES NA!2016 DIRECTOR COMPENSATION TABL2016 DIRECTOR C (1)Summary CompensationIncentive CompensationSummary Compens (1)Stock Option GrantsOutstanding Equity Awards!31 2016 Outstanding Equity Awar!33 Potential Payments Upon Term33 Potential Payments (1)!Equity Compensation Plan InformFEES37 Outstanding Shares!Potential Dilution and Burn RatEquity Compensation Plan (1)!WHERE YOU CAN FIND ADDITIONAL I2007 STOCK INCENTIVE PLAN2007 STOCK INCENTIVE (1)U } }  } $ }  } $ }  } U} $ }  } $       CELSION CORPDEF 14A 04/04/2017NO TITLE 6/15/2012~ } ?   \(\#@  6/15/2022  5/6/2013  ~     ?   {Gz@  5/6/2023    2/11/2014  ~ q    ?   HzG @   2/11/2024    6/20/2014  ~ B     ?    @   6/20/2024    3/17/2015  ~    ~ j~   @   3/17/2025   2/2/2016  ~ j   ~  ~   HzG?  2/2/2026 9/6/2016~ ^{ ?~    Q? 9/6/2026     Khursheed Anwer 6/20/2014~ ~ b~     @  6/20/2024 3/17/2015~ R~ ~    @  3/17/20252/2/2016~ V~ ~    HzG? 2/2/2026$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/4 {Ao/]uM=PF0*8X> @j      l  4  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? TO BE HELD TUESDAY MAY 16 2017TABLE OF CONTENTS!NUMBER OF SHARES OF COMMON STOC NO TITLE!THE ELECTION OF ALL NOMINEES NA!2016 DIRECTOR COMPENSATION TABL2016 DIRECTOR C (1)Summary CompensationIncentive CompensationSummary Compens (1)Stock Option GrantsOutstanding Equity Awards NO TITLE (1)!33 Potential Payments Upon Term33 Potential Payments (1)!Equity Compensation Plan InformFEES37 Outstanding Shares!Potential Dilution and Burn RatEquity Compensation Plan (1)!WHERE YOU CAN FIND ADDITIONAL I2007 STOCK INCENTIVE PLAN2007 STOCK INCENTIVE (1)U } }  } $ }  } U}  $                      CELSION CORPDEF 14A 04/04/20175-31 2016 Outstanding Equity Awards at Year-End Stock Awards  Name  Grant Date  Number    Market Value      of Shares or    of Shares or    Units of Stock   Units of Stock    That Have Not Vested   That Have Not Vested Khursheed Anwer  6/20/2014  ~ "~  ~  $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/*yhznbV"6l=PF0*8X> @j             l  A  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? TO BE HELD TUESDAY MAY 16 2017TABLE OF CONTENTS!NUMBER OF SHARES OF COMMON STOC NO TITLE!THE ELECTION OF ALL NOMINEES NA!2016 DIRECTOR COMPENSATION TABL2016 DIRECTOR C (1)Summary CompensationIncentive CompensationSummary Compens (1)Stock Option GrantsOutstanding Equity Awards NO TITLE (1)!31 2016 Outstanding Equity Awar33 Potential Payments (1)!Equity Compensation Plan InformFEES37 Outstanding Shares!Potential Dilution and Burn RatEquity Compensation Plan (1)!WHERE YOU CAN FIND ADDITIONAL I2007 STOCK INCENTIVE PLAN2007 STOCK INCENTIVE (1)U } a/}  $ } $} $       CELSION CORPDEF 14A 04/04/2017C;33 Potential Payments Upon Termination or Change in Control/'Severance Benefits (Outside of a Change CashContinuation of  Equity   Total  in Control)   Severance    Health/Life    Acceleration       Benefit Name                  Michael H. Tardugno ~ ~  ~     ?  ~ N] Jeffrey W. Church~ D ~     ?  ~  Nicholas Borys~ r ~     ?  ~  Khursheed Anwer~ ~ )    ?  ~ $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/0l`THgueZ\=PF0*8X> @         l  N  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? TO BE HELD TUESDAY MAY 16 2017TABLE OF CONTENTS!NUMBER OF SHARES OF COMMON STOC NO TITLE!THE ELECTION OF ALL NOMINEES NA!2016 DIRECTOR COMPENSATION TABL2016 DIRECTOR C (1)Summary CompensationIncentive CompensationSummary Compens (1)Stock Option GrantsOutstanding Equity Awards NO TITLE (1)!31 2016 Outstanding Equity Awar!33 Potential Payments Upon Term!Equity Compensation Plan InformFEES37 Outstanding Shares!Potential Dilution and Burn RatEquity Compensation Plan (1)!WHERE YOU CAN FIND ADDITIONAL I2007 STOCK INCENTIVE PLAN2007 STOCK INCENTIVE (1)U } +}  $ } $} $       CELSION CORPDEF 14A 04/04/2017C;33 Potential Payments Upon Termination or Change in Control,$Change of Control Severance Benefits CashContinuation of  Equity   Total    Severance    Health/Life    Acceleration       Benefit Name                  Michael H. Tardugno ~ v[  ~     ?  ~ F\ Jeffrey W. Church~ F1~ b    ?  ~ d2Nicholas Borys~ 6~ b#    ?  ~ v8$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/.l`THjs%h\P(=PF0*8X> @         l  k`  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? TO BE HELD TUESDAY MAY 16 2017TABLE OF CONTENTS!NUMBER OF SHARES OF COMMON STOC NO TITLE!THE ELECTION OF ALL NOMINEES NA!2016 DIRECTOR COMPENSATION TABL2016 DIRECTOR C (1)Summary CompensationIncentive CompensationSummary Compens (1)Stock Option GrantsOutstanding Equity Awards NO TITLE (1)!31 2016 Outstanding Equity Awar!33 Potential Payments Upon Term33 Potential Payments (1)FEES37 Outstanding Shares!Potential Dilution and Burn RatEquity Compensation Plan (1)!WHERE YOU CAN FIND ADDITIONAL I2007 STOCK INCENTIVE PLAN2007 STOCK INCENTIVE (1)U } 0.} $ } y} U} $ }  }  $ }  } U                                CELSION CORPDEF 14A 04/04/2017D<Equity Compensation Plan Information as of December 31, 2016 Plan CategoryNumber of securities Weighted-   Number of    to be issued upon   average    Securities   exercise of outstanding   exercise price    remaining   options, warrants   of outstanding    available for   and rights (a)   options,   future issuance        warrants and    under equity rights (b)   compensation  plans (excluding  securities reflected  in column (a)) (c )    -%Equity compensation plans approved by~ @~ 333333@  ~  & ~  security holders.&Equity compensation plans not approved~ ~ Hz%@    ? by security holders Total~ Gz@  ~  &  $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/> 0k_SGtK-j "dXL$=PF0*8X> @                 l  o  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? TO BE HELD TUESDAY MAY 16 2017TABLE OF CONTENTS!NUMBER OF SHARES OF COMMON STOC NO TITLE!THE ELECTION OF ALL NOMINEES NA!2016 DIRECTOR COMPENSATION TABL2016 DIRECTOR C (1)Summary CompensationIncentive CompensationSummary Compens (1)Stock Option GrantsOutstanding Equity Awards NO TITLE (1)!31 2016 Outstanding Equity Awar!33 Potential Payments Upon Term33 Potential Payments (1)!Equity Compensation Plan Inform37 Outstanding Shares!Potential Dilution and Burn RatEquity Compensation Plan (1)!WHERE YOU CAN FIND ADDITIONAL I2007 STOCK INCENTIVE PLAN2007 STOCK INCENTIVE (1)U } a} $ }  } $ } $} $} $ } } $ } $} $       CELSION CORPDEF 14A 04/04/2017 FEES~  ~  ~  FEE CATEGORY  AMOUNT   % OF   AMOUNT   % OF        TOTAL       TOTAL  Audit Fees ~    ~ J % ~ r>   ~ * % Audit Related Fees  ~    ~ .   ~    ~ N  Tax Fees  ~    ~    ~ "   ~  All Other Fees ? ?    ?   ? Total Fees~ RN~  % ~  u  ~  %$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/.'k /Q}qI=PF0*8X> @z        l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? TO BE HELD TUESDAY MAY 16 2017TABLE OF CONTENTS!NUMBER OF SHARES OF COMMON STOC NO TITLE!THE ELECTION OF ALL NOMINEES NA!2016 DIRECTOR COMPENSATION TABL2016 DIRECTOR C (1)Summary CompensationIncentive CompensationSummary Compens (1)Stock Option GrantsOutstanding Equity Awards NO TITLE (1)!31 2016 Outstanding Equity Awar!33 Potential Payments Upon Term33 Potential Payments (1)!Equity Compensation Plan InformFEES!Potential Dilution and Burn RatEquity Compensation Plan (1)!WHERE YOU CAN FIND ADDITIONAL I2007 STOCK INCENTIVE PLAN2007 STOCK INCENTIVE (1)U } $} $ } } $ } }  $ } } $ } } $       CELSION CORPDEF 14A 04/04/201737 Outstanding Shares Shares of Shares of   Shares of   Total   Common   Common   Common    Authorized    Stock Issued   Stock   Stock   Shares   and    Authorized    Authorized    of Common    Outstanding    and Reserved   and   Stock        for Issuance    Unreserved   for Issuance     As of March 31, 2017~ g9 ~ W   ~  A  ~ t     8-for-1 Reverse Split~ -~ 2*  ~  Re  ~ t     10-for-1 Reverse Split~ fR~ ^  ~  ΐ  ~ t     12-for-1 Reverse Split~ ~ vA  ~    ~ t     14-for-1 Reverse Split~ ~ fʪ  ~  5  ~ t$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/@DznZm)]t @               l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? TO BE HELD TUESDAY MAY 16 2017TABLE OF CONTENTS!NUMBER OF SHARES OF COMMON STOC NO TITLE!THE ELECTION OF ALL NOMINEES NA!2016 DIRECTOR COMPENSATION TABL2016 DIRECTOR C (1)Summary CompensationIncentive CompensationSummary Compens (1)Stock Option GrantsOutstanding Equity Awards NO TITLE (1)!31 2016 Outstanding Equity Awar!33 Potential Payments Upon Term33 Potential Payments (1)!Equity Compensation Plan InformFEES37 Outstanding SharesEquity Compensation Plan (1)!WHERE YOU CAN FIND ADDITIONAL I2007 STOCK INCENTIVE PLAN2007 STOCK INCENTIVE (1)U } $4} U}        CELSION CORPDEF 14A 04/04/2017( Potential Dilution and Burn RateAs of December 31, 2016As of March 31, 2017   3 +Shares subject to outstanding stock options~ ~ b   0 (Shares subject to outstanding restricted~ ~ . &stock and restricted stock unit awards-%Shares available for new award grants~ & ~ r`6$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/.{ocy)znF=PF0*8X> @ l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? TO BE HELD TUESDAY MAY 16 2017TABLE OF CONTENTS!NUMBER OF SHARES OF COMMON STOC NO TITLE!THE ELECTION OF ALL NOMINEES NA!2016 DIRECTOR COMPENSATION TABL2016 DIRECTOR C (1)Summary CompensationIncentive CompensationSummary Compens (1)Stock Option GrantsOutstanding Equity Awards NO TITLE (1)!31 2016 Outstanding Equity Awar!33 Potential Payments Upon Term33 Potential Payments (1)!Equity Compensation Plan InformFEES37 Outstanding Shares!Potential Dilution and Burn Rat!WHERE YOU CAN FIND ADDITIONAL I2007 STOCK INCENTIVE PLAN2007 STOCK INCENTIVE (1)U } 0.} $ } y} U} $ }  }  $ }  } U                               CELSION CORPDEF 14A 04/04/2017D<Equity Compensation Plan Information as of December 31, 2016 Plan Category"Number of securities to beWeighted-average   Number of    issued upon exercise of   exercise price of    securities   outstanding options,    outstanding    remaining   warrants and rights (a)   options, warrants    available for       and rights (b)   future issuance            under equity   compensation  plans (excluding  securities reflected  in column (a)) (c )-%Equity compensation plans approved by~ @~ 333333@  ~  & ~  security holders.&Equity compensation plans not approved~ ~ Hz%@    ? by security holders Total~ Gz@  ~  &  $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/< k_SG]'sDey=PF0*8X> @               l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? TO BE HELD TUESDAY MAY 16 2017TABLE OF CONTENTS!NUMBER OF SHARES OF COMMON STOC NO TITLE!THE ELECTION OF ALL NOMINEES NA!2016 DIRECTOR COMPENSATION TABL2016 DIRECTOR C (1)Summary CompensationIncentive CompensationSummary Compens (1)Stock Option GrantsOutstanding Equity Awards NO TITLE (1)!31 2016 Outstanding Equity Awar!33 Potential Payments Upon Term33 Potential Payments (1)!Equity Compensation Plan InformFEES37 Outstanding Shares!Potential Dilution and Burn RatEquity Compensation Plan (1)2007 STOCK INCENTIVE PLAN2007 STOCK INCENTIVE (1)U } m} $ } m)       CELSION CORPDEF 14A 04/04/20171)WHERE YOU CAN FIND ADDITIONAL INFORMATION April 4, 2017*"By Order of the Board of Directors      /s/ Jeffrey W. Church   Jeffrey W. Church   Corporate Secretary $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/(T~rfZu>2&=PF0*8X> @ l  4Q  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? TO BE HELD TUESDAY MAY 16 2017TABLE OF CONTENTS!NUMBER OF SHARES OF COMMON STOC NO TITLE!THE ELECTION OF ALL NOMINEES NA!2016 DIRECTOR COMPENSATION TABL2016 DIRECTOR C (1)Summary CompensationIncentive CompensationSummary Compens (1)Stock Option GrantsOutstanding Equity Awards NO TITLE (1)!31 2016 Outstanding Equity Awar!33 Potential Payments Upon Term33 Potential Payments (1)!Equity Compensation Plan InformFEES37 Outstanding Shares!Potential Dilution and Burn RatEquity Compensation Plan (1)!WHERE YOU CAN FIND ADDITIONAL I2007 STOCK INCENTIVE (1)U } $ } $} 6} $ }  4      CELSION CORPDEF 14A 04/04/2017!2007 STOCK INCENTIVE PLAN Page ~ 2 *Establishment, Purpose and Types of Awards  B-3 ~    Definitions  B-3 ~  Administration  B-5    (a) Procedure  B-5  . &(b) Secondary Committees and Sub-Plans  B-6#(c) Powers of the Committee B-6(d) Limited Liability B-7(e) Indemnification B-7*"(f) Effect of Committee's Decision B-7(g) Apprising the Board B-7~ /'Stock Available Under the Plan; Maximum B-7Awards*"(a) Stock Available Under the Plan B-7/'(b) Maximum Awards to Covered Employees B-8~  Participation B-8~  Stock Options B-8(a) Grant of Option B-8(b) Exercise Price B-8 (c) Payment B-8(d) Term of Options B-93+(e) Restrictions on Incentive Stock Options B-9&(f) Other Terms and Conditions B-9~ -%Restricted Stock and Restricted Stock B-9D% lvj*s$ssT*cu$ !"#$%&'()*+,-./0123   Units!!!(a) In General! !B-9""5"-(b) Vesting Conditions and Other Restrictions" "B-9##1#)(c) Stock Issuance and Stockholder Rights# #B-10$~ $"!$Stock Appreciation Rights$ $B-10%%.%&(a) Award of Stock Appreciation Rights% %B-10&&'&(b) Restrictions of Tandem SARs& &B-10''3'+(c) Amount of Payment upon Exercise of SARs' 'B-11((1()(d) Form of Payment upon Exercise of SARs( (B-11)~ )&) Phantom Stock) )B-11*~ ***Performance Awards* *B-11+++(a) In General+ +B-11,,$,(b) Covered Employee Targets, ,B-11-~ -.*-"Withholding and Reporting of Taxes- -B-12.~ .2.Transferability. .B-12/0$1____________________________12)Created by Morningstar Document Research.03(http://documentresearch.morningstar.com/,z|Z*rt=PF0*8X> @332211 l  $  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? TO BE HELD TUESDAY MAY 16 2017TABLE OF CONTENTS!NUMBER OF SHARES OF COMMON STOC NO TITLE!THE ELECTION OF ALL NOMINEES NA!2016 DIRECTOR COMPENSATION TABL2016 DIRECTOR C (1)Summary CompensationIncentive CompensationSummary Compens (1)Stock Option GrantsOutstanding Equity Awards NO TITLE (1)!31 2016 Outstanding Equity Awar!33 Potential Payments Upon Term33 Potential Payments (1)!Equity Compensation Plan InformFEES37 Outstanding Shares!Potential Dilution and Burn RatEquity Compensation Plan (1)!WHERE YOU CAN FIND ADDITIONAL I2007 STOCK INCENTIVE PLANU } $ } U} $4}  $      CELSION CORPDEF 14A 04/04/2017!2007 STOCK INCENTIVE PLAN Page ~ 6* "Adjustments; Business Combinations B-12   (a) Adjustments B-12   (b) Change in Control B-12  ' (c) Dissolution and Liquidation B-13   (d) Other Adjustments B-13~ :!Termination and Amendment B-131)(a) Amendment or Termination by the Board B-13'(b) Amendments by the Committee B-13 (c) Approval of Grantees B-14~ >#Non-Guarantee of Employment B-14~ B!Termination of Employment B-14~ FWritten Agreement B-14~ J"Non-Uniform Determinations B-14~ NLimitation on Benefits B-14~ R Listing and Registration B-14~ V&Compliance with Securities Law B-15~ Z No Trust or Fund Created B-15~ ^3+No Limit on Other Compensation Arrangements B-15~ b*"No Restriction of Corporate Action B-15~ f Governing Law B-15~ j*"Plan Subject to Charter and Bylaws B-15~ n( Effective Date; Termination Date B-16D> lvj6Rg k4F? !"# $!____________________________1")Created by Morningstar Document Research.0#(http://documentresearch.morningstar.com/ <=PF0*8X> @##""!! 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