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#܈ ~~<#܈ ~~83ffff̙̙3f3fff3f3f33333f33m SCHEDULE 14A&&TO BE HELD WEDNESDAY JUNE 15 20%6TO BE HELD WEDNESDAY JUNE (1)&?THIS PROXY STATEMENT IS FURNISHBKTABLE OF CONTENTSiVoting by Proxy&{4 BENEFICIAL OWNERSHIP OF COMMO&mNUMBER OF SHARES OF COMMON STOCיNO TITLE&ЫTHE BOARD OF DIRECTORS UNANIMOU&]Continuing Class II Director No Good Governance PracticesGood Governance (1)&Nominating and Governance Commi&2015 DIRECTOR COMPENSATION TABL2015 DIRECTOR C (1) 2015 DIRECTOR C (2)f  Introduction82Introduction (1)>Summary CompensationKIncentive CompensationIXIncentive Compe (1)nSummary Compens (1)Stock Option Grants $Outstanding Equity Awards/ NO TITLE (1)&531 2015 OUTSTANDING EQUITY AWAR&POTENTIAL PAYMENTS UPON TERMINA#POTENTIAL PAYMENTS UPON (1)&33 PROPOSAL NO 2 ADVISORY VOTE .FEES&>APPROVAL OF AMENDMENT OF THE CE&sIWHERE YOU CAN FIND ADDITIONAL I l  =b$  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? !TO BE HELD WEDNESDAY JUNE 15 20 TO BE HELD WEDNESDAY JUNE (1)!THIS PROXY STATEMENT IS FURNISHTABLE OF CONTENTSVoting by Proxy!4 BENEFICIAL OWNERSHIP OF COMMO!NUMBER OF SHARES OF COMMON STOC NO TITLE!THE BOARD OF DIRECTORS UNANIMOU!Continuing Class II Director NoGood Governance PracticesGood Governance (1)!Nominating and Governance Commi!2015 DIRECTOR COMPENSATION TABL2015 DIRECTOR C (1)2015 DIRECTOR C (2) IntroductionIntroduction (1)Summary CompensationIncentive CompensationIncentive Compe (1)Summary Compens (1)Stock Option GrantsOutstanding Equity Awards NO TITLE (1)!31 2015 OUTSTANDING EQUITY AWAR!POTENTIAL PAYMENTS UPON TERMINAPOTENTIAL PAYMENTS UPON (1)!33 PROPOSAL NO 2 ADVISORY VOTE FEES!APPROVAL OF AMENDMENT OF THE CE!WHERE YOU CAN FIND ADDITIONAL IU } $} $ } } $ =                                  CELSION CORPDEF 14A 05/05/2016 SCHEDULE 14A!Filed by the Registrant ?2*Filed by a Party other than the Registrant        ?  $  Check the appropriate box: ? # Preliminary Proxy Statement ? / 'Confidential, for Use of the Commission/'Only (as permitted by Rule 14a-6(e)(2)) ?"Definitive Proxy Statement ?'Definitive Additional Materials ?-%Soliciting Material under ?240.14a-12   Celsion Corporation /'(Name of Registrant as Specified In ItsCharter) N/A 2*(Name of Person(s) Filing Proxy Statement,%if other than the Registrant)5- Payment of Filing Fee (Check the appropriate box): ?No fee required. ?0(Fee computed on table below per Exchange'Act Rules 14a-6(i)(1) and 0-11.Dlw{;AX%s:) ! " # $ % & ' ( ) * + , - . / 0 1 2 3 4 5 6 7 8 9 : ; <   ~  2 *Title of each class of securities to which!!!!!!!transaction applies:""~ ""/"'Aggregate number of securities to which#######transaction applies:$$~ $$0$(Per unit price or other underlying value%%%%%%4%,of transaction computed pursuant to Exchange&&&&&&4&,Act Rule 0-11 (set forth the amount on which''''''2'*the filing fee is calculated and state how(((((((it was determined):))~ ))8)0Proposed maximum aggregate value of transaction:**~ ***Total fee paid: +?+7+/Fee paid previously with preliminary materials. ,?,2,*Check box if any part of the fee is offset--3-+as provided by Exchange Act Rule 0-11(a)(2)..8.0and identify the filing for which the offsetting//6/.fee was paid previously. Identify the previous0000(filing by registration statement number,1131+or the Form or Schedule and the date of its222filing.33~ 333Amount Previously Paid:44~ 4404(Form, Schedule or Registration Statement555555 5No.:66~ 666 Filing Party:77~ 777 Date Filed:89$:____________________________1;)Created by Morningstar Document Research.0<(http://documentresearch.morningstar.com/> 00c}] ky*DXL@=PF0*8X> @=<< ;; :: 7777 6666 55 4444 3333 22 11 00 // .. -- ,, ++ **** )))) (( '' && %% $$$$ ## """" !!                       l  %'5|6  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??  SCHEDULE 14A TO BE HELD WEDNESDAY JUNE (1)!THIS PROXY STATEMENT IS FURNISHTABLE OF CONTENTSVoting by Proxy!4 BENEFICIAL OWNERSHIP OF COMMO!NUMBER OF SHARES OF COMMON STOC NO TITLE!THE BOARD OF DIRECTORS UNANIMOU!Continuing Class II Director NoGood Governance PracticesGood Governance (1)!Nominating and Governance Commi!2015 DIRECTOR COMPENSATION TABL2015 DIRECTOR C (1)2015 DIRECTOR C (2) IntroductionIntroduction (1)Summary CompensationIncentive CompensationIncentive Compe (1)Summary Compens (1)Stock Option GrantsOutstanding Equity Awards NO TITLE (1)!31 2015 OUTSTANDING EQUITY AWAR!POTENTIAL PAYMENTS UPON TERMINAPOTENTIAL PAYMENTS UPON (1)!33 PROPOSAL NO 2 ADVISORY VOTE FEES!APPROVAL OF AMENDMENT OF THE CE!WHERE YOU CAN FIND ADDITIONAL IU } $ } $} I; %      CELSION CORPDEF 14A 05/05/2016*"TO BE HELD WEDNESDAY JUNE 15, 2016~ 0(To elect three Class III Directors, each  9 1to serve until the Annual Meeting of Stockholders  5 -in 2019 and until their respective successors  ' are duly elected and qualified;    ~  3 +To approve, by a non-binding advisory vote,/'the 2016 executive compensation for the%Company?s executive officers;~ 4,To ratify the selection of Stegman & Company/'as the Company?s independent registered2*public accounting firm for the fiscal year!ending December 31, 2016;~ 0(To approve an amendment to the Company?s1)Certificate of Incorporation, as amended,91to increase the number of shares of the Company?s1)common stock authorized for issuance from&75,000,000 to 112,500,000; and~ 2*To consider and act upon any other matters0(that may properly come before the Annual3+Meeting and any adjournment or postponementthereof.D lymam*j)hk|:z !"#$ !$"____________________________1#)Created by Morningstar Document Research.0$(http://documentresearch.morningstar.com/ P=PF0*8X> @$$##"" l  l?  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??  SCHEDULE 14A!TO BE HELD WEDNESDAY JUNE 15 20!THIS PROXY STATEMENT IS FURNISHTABLE OF CONTENTSVoting by Proxy!4 BENEFICIAL OWNERSHIP OF COMMO!NUMBER OF SHARES OF COMMON STOC NO TITLE!THE BOARD OF DIRECTORS UNANIMOU!Continuing Class II Director NoGood Governance PracticesGood Governance (1)!Nominating and Governance Commi!2015 DIRECTOR COMPENSATION TABL2015 DIRECTOR C (1)2015 DIRECTOR C (2) IntroductionIntroduction (1)Summary CompensationIncentive CompensationIncentive Compe (1)Summary Compens (1)Stock Option GrantsOutstanding Equity Awards NO TITLE (1)!31 2015 OUTSTANDING EQUITY AWAR!POTENTIAL PAYMENTS UPON TERMINAPOTENTIAL PAYMENTS UPON (1)!33 PROPOSAL NO 2 ADVISORY VOTE FEES!APPROVAL OF AMENDMENT OF THE CE!WHERE YOU CAN FIND ADDITIONAL IU } $ } m)       CELSION CORPDEF 14A 05/05/2016*"TO BE HELD WEDNESDAY JUNE 15, 2016*"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/(TymaRF:=PF0*8X> @ l  J  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??  SCHEDULE 14A!TO BE HELD WEDNESDAY JUNE 15 20 TO BE HELD WEDNESDAY JUNE (1)TABLE OF CONTENTSVoting by Proxy!4 BENEFICIAL OWNERSHIP OF COMMO!NUMBER OF SHARES OF COMMON STOC NO TITLE!THE BOARD OF DIRECTORS UNANIMOU!Continuing Class II Director NoGood Governance PracticesGood Governance (1)!Nominating and Governance Commi!2015 DIRECTOR COMPENSATION TABL2015 DIRECTOR C (1)2015 DIRECTOR C (2) IntroductionIntroduction (1)Summary CompensationIncentive CompensationIncentive Compe (1)Summary Compens (1)Stock Option GrantsOutstanding Equity Awards NO TITLE (1)!31 2015 OUTSTANDING EQUITY AWAR!POTENTIAL PAYMENTS UPON TERMINAPOTENTIAL PAYMENTS UPON (1)!33 PROPOSAL NO 2 ADVISORY VOTE FEES!APPROVAL OF AMENDMENT OF THE CE!WHERE YOU CAN FIND ADDITIONAL IU } $ } $} $ } $4       CELSION CORPDEF 14A 05/05/2016kcTHIS PROXY STATEMENT IS FURNISHED IN CONNECTION WITH THE SOLICITATION OF PROXIES BY THE COMPANY, ON ?0(COMPLETE AND RETURN A WRITTEN PROXY CARD      ? 0 (ATTEND THE COMPANY?S 2016 ANNUAL MEETING   * "OF STOCKHOLDERS AND VOTE IN PERSON      ? 2 *VOTE VIA THE INTERNET AT WWW.PROXYVOTE.COM ?3+VOTE BY PHONE BY CALLING THE NUMBER PRINTED+#ON THE ACCOMPANYING VOTING DOCUMENT$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/0D8, >a1vjB=PF0*8X> @ l  LCYd^h  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??  SCHEDULE 14A!TO BE HELD WEDNESDAY JUNE 15 20 TO BE HELD WEDNESDAY JUNE (1)!THIS PROXY STATEMENT IS FURNISHVoting by Proxy!4 BENEFICIAL OWNERSHIP OF COMMO!NUMBER OF SHARES OF COMMON STOC NO TITLE!THE BOARD OF DIRECTORS UNANIMOU!Continuing Class II Director NoGood Governance PracticesGood Governance (1)!Nominating and Governance Commi!2015 DIRECTOR COMPENSATION TABL2015 DIRECTOR C (1)2015 DIRECTOR C (2) IntroductionIntroduction (1)Summary CompensationIncentive CompensationIncentive Compe (1)Summary Compens (1)Stock Option GrantsOutstanding Equity Awards NO TITLE (1)!31 2015 OUTSTANDING EQUITY AWAR!POTENTIAL PAYMENTS UPON TERMINAPOTENTIAL PAYMENTS UPON (1)!33 PROPOSAL NO 2 ADVISORY VOTE FEES!APPROVAL OF AMENDMENT OF THE CE!WHERE YOU CAN FIND ADDITIONAL IU } $ } U5} $ }  L      CELSION CORPDEF 14A 05/05/2016TABLE 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"~ ".#.#&Board Leadership Structure and Role in#~ #2$$Risk Oversight%,%$Committees of the Board of Directors%~ %2&0&(Meetings of the Board and Its Committees&~ &:''Director Nominations'~ ':("(Stockholder Communications(~ (B))Board Attendance)~ )F*Director Compensation*~ *F+(+ 2015 Director Compensation Table+~ +F,-,%Compensation Committee Interlocks and,~ ,J--Insider Participation.3.+Stock Ownership Guidelines for Non-Employee.~ .J//and Executive Directors0%0Report of the Audit Committee0~ 0N1Executive Compensation1~ 1R2,2$Compensation Discussion and Analysis2~ 2R323*Compensation Committee Report on Executive3~ 3j44 Compensation515)2015 Executive Summary Compensation Table5~ 5n646,Narrative Disclosure to Summary Compensation6~ 6r7 7Table8(8 2015 Grants of Plan-Based Awards8~ 8~929*2015 Outstanding Equity Awards at Year-End9~ 9:):!Option Exercises and Stock Vested:~ :;.;&Potential Payments Upon Termination or;~ ;<<Change in Control0=(Proposal No. 2: Advisory Vote to Approve=~ =>Executive Compensation1?)Proposal No. 3: Ratification of Selection?~ ?DY l>j~<X+Pb>hg@ABCDEFGHIJK3@+of Independent Registered Public Accounting AFirm/B'Proposal No.4: Approval of Amendment toB~ B0C(Certificate of Incorporation, as amended-D%Stockholder Nominations and ProposalsD~ D3E+for the 2017 Annual Meeting of Stockholders1F)Where You Can Find Additional InformationF~ FGH$I____________________________1J)Created by Morningstar Document Research.0K(http://documentresearch.morningstar.com/2l8g[O'=PF0*8X> @KKJJIIFFEEDDCCBBAA@@??>>==11**    l  *xT{  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??  SCHEDULE 14A!TO BE HELD WEDNESDAY JUNE 15 20 TO BE HELD WEDNESDAY JUNE (1)!THIS PROXY STATEMENT IS FURNISHTABLE OF CONTENTS!4 BENEFICIAL OWNERSHIP OF COMMO!NUMBER OF SHARES OF COMMON STOC NO TITLE!THE BOARD OF DIRECTORS UNANIMOU!Continuing Class II Director NoGood Governance PracticesGood Governance (1)!Nominating and Governance Commi!2015 DIRECTOR COMPENSATION TABL2015 DIRECTOR C (1)2015 DIRECTOR C (2) IntroductionIntroduction (1)Summary CompensationIncentive CompensationIncentive Compe (1)Summary Compens (1)Stock Option GrantsOutstanding Equity Awards NO TITLE (1)!31 2015 OUTSTANDING EQUITY AWAR!POTENTIAL PAYMENTS UPON TERMINAPOTENTIAL PAYMENTS UPON (1)!33 PROPOSAL NO 2 ADVISORY VOTE FEES!APPROVAL OF AMENDMENT OF THE CE!WHERE YOU CAN FIND ADDITIONAL IU } $ } $} I; *      CELSION CORPDEF 14A 05/05/2016Voting by Proxy ?4,Proposal No. 1. ? FOR ? (if authority to do  5 -so is not withheld) the election of the three  2 *nominees for the Class III Directors, each  3 +to serve until the earlier of the Company?s  . &Annual Meeting of Stockholders in 2019  8 0and his successor is duly elected and qualified; ?80Proposal No. 2 . ? FOR ?, by a non-binding-%advisory vote, the proposal regarding/'the 2016 executive compensation for the%Company?s executive officers; ?.&Proposal No. 3. ?FOR? the ratification/'of the appointment of Stegman & Company7/as our independent registered public accounting3+firm for the year ending December 31, 2016; ?91Proposal No. 4. ? FOR ? the approval of the6.amendment to our Certificate of Incorporation,80as amended (the "Certificate of Incorporation"),3+to increase the number of authorized shares/'of the our common stock from 75,000,000to 112,500,000; andD lt#5sI% @))(('' l  چ  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??  SCHEDULE 14A!TO BE HELD WEDNESDAY JUNE 15 20 TO BE HELD WEDNESDAY JUNE (1)!THIS PROXY STATEMENT IS FURNISHTABLE OF CONTENTSVoting by Proxy!NUMBER OF SHARES OF COMMON STOC NO TITLE!THE BOARD OF DIRECTORS UNANIMOU!Continuing Class II Director NoGood Governance PracticesGood Governance (1)!Nominating and Governance Commi!2015 DIRECTOR COMPENSATION TABL2015 DIRECTOR C (1)2015 DIRECTOR C (2) IntroductionIntroduction (1)Summary CompensationIncentive CompensationIncentive Compe (1)Summary Compens (1)Stock Option GrantsOutstanding Equity Awards NO TITLE (1)!31 2015 OUTSTANDING EQUITY AWAR!POTENTIAL PAYMENTS UPON TERMINAPOTENTIAL PAYMENTS UPON (1)!33 PROPOSAL NO 2 ADVISORY VOTE FEES!APPROVAL OF AMENDMENT OF THE CE!WHERE YOU CAN FIND ADDITIONAL IU } $ } $} >       CELSION CORPDEF 14A 05/05/2016.&4 BENEFICIAL OWNERSHIP OF COMMON STOCK ?<4each person or group known by us to own beneficially  1 )more than five percent of the outstanding    Common Stock;     ?8 0each of our directors and the director nominees,  / 'as well as each executive officer named3+in the Summary Compensation Table appearing3+under the heading "Executive Compensation"; and ?/'our directors and executive officers asa group.$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/6<ui]b s$aUI!=PF0*8X> @ l  !|  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??  SCHEDULE 14A!TO BE HELD WEDNESDAY JUNE 15 20 TO BE HELD WEDNESDAY JUNE (1)!THIS PROXY STATEMENT IS FURNISHTABLE OF CONTENTSVoting by Proxy!4 BENEFICIAL OWNERSHIP OF COMMO NO TITLE!THE BOARD OF DIRECTORS UNANIMOU!Continuing Class II Director NoGood Governance PracticesGood Governance (1)!Nominating and Governance Commi!2015 DIRECTOR COMPENSATION TABL2015 DIRECTOR C (1)2015 DIRECTOR C (2) IntroductionIntroduction (1)Summary CompensationIncentive CompensationIncentive Compe (1)Summary Compens (1)Stock Option GrantsOutstanding Equity Awards NO TITLE (1)!31 2015 OUTSTANDING EQUITY AWAR!POTENTIAL PAYMENTS UPON TERMINAPOTENTIAL PAYMENTS UPON (1)!33 PROPOSAL NO 2 ADVISORY VOTE FEES!APPROVAL OF AMENDMENT OF THE CE!WHERE YOU CAN FIND ADDITIONAL IU } $4} $ } y} $ }  } $ !      CELSION CORPDEF 14A 05/05/2016;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 ~ ~ EGWU, Inc. (3)~ ~($@ %.&Sabby Healthcare Master Fund, Ltd. (4)~ z#@ %Augustine Chow (5)~ ^ **Robert W. Hooper (6)~ f **Alberto Martinez (7)~ 2  **Frederick J. Fritz (8)~ R **Donald P. Braun~ "N ** Andreas Voss~ "N **Michael H. Tardugno (9)~ . @ %Nicholas Borys (10)~ >~  %Jeffrey Church (11)~ |~  %Khursheed Anwer (12)~ fh **3+Directors and Executive Officers as a group~ qףp= @ %(10 persons)(13)$____________________________1)Created by Morningstar Document Research.D lth\PFjD>P^{  0 (http://documentresearch.morningstar.com/H=PF0*8X> @            l  *=[  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??  SCHEDULE 14A!TO BE HELD WEDNESDAY JUNE 15 20 TO BE HELD WEDNESDAY JUNE (1)!THIS PROXY STATEMENT IS FURNISHTABLE OF CONTENTSVoting by Proxy!4 BENEFICIAL OWNERSHIP OF COMMO!NUMBER OF SHARES OF COMMON STOC!THE BOARD OF DIRECTORS UNANIMOU!Continuing Class II Director NoGood Governance PracticesGood Governance (1)!Nominating and Governance Commi!2015 DIRECTOR COMPENSATION TABL2015 DIRECTOR C (1)2015 DIRECTOR C (2) IntroductionIntroduction (1)Summary CompensationIncentive CompensationIncentive Compe (1)Summary Compens (1)Stock Option GrantsOutstanding Equity Awards NO TITLE (1)!31 2015 OUTSTANDING EQUITY AWAR!POTENTIAL PAYMENTS UPON TERMINAPOTENTIAL PAYMENTS UPON (1)!33 PROPOSAL NO 2 ADVISORY VOTE FEES!APPROVAL OF AMENDMENT OF THE CE!WHERE YOU CAN FIND ADDITIONAL IU } $ } U} = *      CELSION CORPDEF 14A 05/05/2016NO 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 23,424,699 shares of Common Stock)!outstanding as of April 25, 2016.~ 5-Based solely on the Schedule 13G/A (Amendment1)No. 2) filed with the SEC on February 16,3+2016 by EGWU, Inc. (formerly known as Egen,/'Inc.), an Alabama corporation (?EGEN?).Dv l{*o3x-HS!hD !"#$%&'()  ; 3EGEN has the sole voting power and sole dispositive!!.!&power with respect to 2,427,423 shares""3"+of Common Stock. The address of EGEN is 601##3#+Genome Way, Suite 3400, Huntsville, Alabama$$~ $z/%&$'____________________________1()Created by Morningstar Document Research.0)(http://documentresearch.morningstar.com/_[=PF0*8X> @))(('' l  ĺ  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??  SCHEDULE 14A!TO BE HELD WEDNESDAY JUNE 15 20 TO BE HELD WEDNESDAY JUNE (1)!THIS PROXY STATEMENT IS FURNISHTABLE OF CONTENTSVoting by Proxy!4 BENEFICIAL OWNERSHIP OF COMMO!NUMBER OF SHARES OF COMMON STOC NO TITLE!Continuing Class II Director NoGood Governance PracticesGood Governance (1)!Nominating and Governance Commi!2015 DIRECTOR COMPENSATION TABL2015 DIRECTOR C (1)2015 DIRECTOR C (2) IntroductionIntroduction (1)Summary CompensationIncentive CompensationIncentive Compe (1)Summary Compens (1)Stock Option GrantsOutstanding Equity Awards NO TITLE (1)!31 2015 OUTSTANDING EQUITY AWAR!POTENTIAL PAYMENTS UPON TERMINAPOTENTIAL PAYMENTS UPON (1)!33 PROPOSAL NO 2 ADVISORY VOTE FEES!APPROVAL OF AMENDMENT OF THE CE!WHERE YOU CAN FIND ADDITIONAL IU } } $ } } $ } 6}        CELSION CORPDEF 14A 05/05/2016iaTHE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS A VOTE FOR 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/< F:."{MxAm!=PF0*8X> @ l  <  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??  SCHEDULE 14A!TO BE HELD WEDNESDAY JUNE 15 20 TO BE HELD WEDNESDAY JUNE (1)!THIS PROXY STATEMENT IS FURNISHTABLE OF CONTENTSVoting by Proxy!4 BENEFICIAL OWNERSHIP OF COMMO!NUMBER OF SHARES OF COMMON STOC NO TITLE!THE BOARD OF DIRECTORS UNANIMOUGood Governance PracticesGood Governance (1)!Nominating and Governance Commi!2015 DIRECTOR COMPENSATION TABL2015 DIRECTOR C (1)2015 DIRECTOR C (2) IntroductionIntroduction (1)Summary CompensationIncentive CompensationIncentive Compe (1)Summary Compens (1)Stock Option GrantsOutstanding Equity Awards NO TITLE (1)!31 2015 OUTSTANDING EQUITY AWAR!POTENTIAL PAYMENTS UPON TERMINAPOTENTIAL PAYMENTS UPON (1)!33 PROPOSAL NO 2 ADVISORY VOTE FEES!APPROVAL OF AMENDMENT OF THE CE!WHERE YOU CAN FIND ADDITIONAL IU } $ } $} U5       CELSION CORPDEF 14A 05/05/2016D<Continuing Class II Director Nominees (Term Expires in 2018) ?,$Leadership attributes and experience     ?3 +Management experience in the pharmaceutical  . &industry and/or business experience in  4 ,countries in which the Company is conducting   its clinical trials; and ?0(Professional and educational background.$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/. k_SG@C7+=PF0*8X> @ l   ]  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??  SCHEDULE 14A!TO BE HELD WEDNESDAY JUNE 15 20 TO BE HELD WEDNESDAY JUNE (1)!THIS PROXY STATEMENT IS FURNISHTABLE OF CONTENTSVoting by Proxy!4 BENEFICIAL OWNERSHIP OF COMMO!NUMBER OF SHARES OF COMMON STOC NO TITLE!THE BOARD OF DIRECTORS UNANIMOU!Continuing Class II Director NoGood Governance (1)!Nominating and Governance Commi!2015 DIRECTOR COMPENSATION TABL2015 DIRECTOR C (1)2015 DIRECTOR C (2) IntroductionIntroduction (1)Summary CompensationIncentive CompensationIncentive Compe (1)Summary Compens (1)Stock Option GrantsOutstanding Equity Awards NO TITLE (1)!31 2015 OUTSTANDING EQUITY AWAR!POTENTIAL PAYMENTS UPON TERMINAPOTENTIAL PAYMENTS UPON (1)!33 PROPOSAL NO 2 ADVISORY VOTE FEES!APPROVAL OF AMENDMENT OF THE CE!WHERE YOU CAN FIND ADDITIONAL IU } $ } $}  6charters (charters are available at www.celsion.com );    ?4,The Board conducts an annual self-evaluation+#and a review of Board Independence; ?<4The Board Committees conduct annual self-evaluations5-that are reviewed by the Corporate Governance-%Committee and the Board of Directors; ?3+New directors participate in an orientation4,program and receive a current state briefing)!before their first Board Meeting; ?3+We have stock ownership and stock retention%guidelines for our directors;$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/DlvjYCu,h#nbV.=PF0*8X> @ l  !  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??  SCHEDULE 14A!TO BE HELD WEDNESDAY JUNE 15 20 TO BE HELD WEDNESDAY JUNE (1)!THIS PROXY STATEMENT IS FURNISHTABLE OF CONTENTSVoting by Proxy!4 BENEFICIAL OWNERSHIP OF COMMO!NUMBER OF SHARES OF COMMON STOC NO TITLE!THE BOARD OF DIRECTORS UNANIMOU!Continuing Class II Director NoGood Governance Practices!Nominating and Governance Commi!2015 DIRECTOR COMPENSATION TABL2015 DIRECTOR C (1)2015 DIRECTOR C (2) IntroductionIntroduction (1)Summary CompensationIncentive CompensationIncentive Compe (1)Summary Compens (1)Stock Option GrantsOutstanding Equity Awards NO TITLE (1)!31 2015 OUTSTANDING EQUITY AWAR!POTENTIAL PAYMENTS UPON TERMINAPOTENTIAL PAYMENTS UPON (1)!33 PROPOSAL NO 2 ADVISORY VOTE FEES!APPROVAL OF AMENDMENT OF THE CE!WHERE YOU CAN FIND ADDITIONAL IU } $ } $} >       CELSION CORPDEF 14A 05/05/2016!Good Governance Practices ?<4We have policies and practices to specifically align  - %executive compensation with long-term   shareholder interests;     ?0 (We have a policy prohibiting hedging and  0 (pledging for our officers and directors; ?1)An executive compensation clawback policy)!was adopted by the Board in 2014; ?/'The Board reviews management talent and-%succession annually with the CEO; and ?6.There is no automatic enhancement of executive80incentive compensation upon a change-in-control.$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/<Cvjj_a=~V=PF0*8X> @ l  2   dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??  SCHEDULE 14A!TO BE HELD WEDNESDAY JUNE 15 20 TO BE HELD WEDNESDAY JUNE (1)!THIS PROXY STATEMENT IS FURNISHTABLE OF CONTENTSVoting by Proxy!4 BENEFICIAL OWNERSHIP OF COMMO!NUMBER OF SHARES OF COMMON STOC NO TITLE!THE BOARD OF DIRECTORS UNANIMOU!Continuing Class II Director NoGood Governance PracticesGood Governance (1)!2015 DIRECTOR COMPENSATION TABL2015 DIRECTOR C (1)2015 DIRECTOR C (2) IntroductionIntroduction (1)Summary CompensationIncentive CompensationIncentive Compe (1)Summary Compens (1)Stock Option GrantsOutstanding Equity Awards NO TITLE (1)!31 2015 OUTSTANDING EQUITY AWAR!POTENTIAL PAYMENTS UPON TERMINAPOTENTIAL PAYMENTS UPON (1)!33 PROPOSAL NO 2 ADVISORY VOTE FEES!APPROVAL OF AMENDMENT OF THE CE!WHERE YOU CAN FIND ADDITIONAL IU } $ } $} : 2      CELSION CORPDEF 14A 05/05/20163+Nominating and Governance Committee Process ?/'The Nominating and Governance Committee  2 *has a policy with respect to stockholders?  3 +suggestions for nominees for directorships.  / 'Under this policy, stockholder nominees  5 -are given identical consideration as nominees  3 +identified by the Nominating and Governance Committee. ?4,The process by which stockholders may submit-%potential nominees is described below3+under "Stockholder Recommendation Process." ?/'The Nominating and Governance Committee7/then determines the eligibility and suitability80of any candidate based on the criteria described/'above and the Nominating and Governance#Committee?s search profile. ?2*The Chairman of the Board of Directors and1)at least one member of the Nominating and2*Governance Committee interview prospective3+candidate(s) who satisfy the qualificationsdescribed above.D l|pdX o$V2I%25K !"#$%&'()*+,-./01  ?/ 'The Nominating and Governance Committee!!6!.offers other members of the Board of Directors""5"-the opportunity to interview the candidate(s)##2#*and then meets to consider and approve the$$$final candidate(s).%%%& &?/&'The Nominating and Governance Committee''3'+seeks endorsement of the final candidate(s)(()(!from the full Board of Directors.)))* *?/*'The final candidate(s) are nominated by++0+(the Board of Directors for submission to,,8,0a stockholder vote or elected to fill a vacancy.-.$/____________________________10)Created by Morningstar Document Research.01(http://documentresearch.morningstar.com/(Tbhdxl`8=PF0*8X> @1100// l  '  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??  SCHEDULE 14A!TO BE HELD WEDNESDAY JUNE 15 20 TO BE HELD WEDNESDAY JUNE (1)!THIS PROXY STATEMENT IS FURNISHTABLE OF CONTENTSVoting by Proxy!4 BENEFICIAL OWNERSHIP OF COMMO!NUMBER OF SHARES OF COMMON STOC NO TITLE!THE BOARD OF DIRECTORS UNANIMOU!Continuing Class II Director NoGood Governance PracticesGood Governance (1)!Nominating and Governance Commi2015 DIRECTOR C (1)2015 DIRECTOR C (2) IntroductionIntroduction (1)Summary CompensationIncentive CompensationIncentive Compe (1)Summary Compens (1)Stock Option GrantsOutstanding Equity Awards NO TITLE (1)!31 2015 OUTSTANDING EQUITY AWAR!POTENTIAL PAYMENTS UPON TERMINAPOTENTIAL PAYMENTS UPON (1)!33 PROPOSAL NO 2 ADVISORY VOTE FEES!APPROVAL OF AMENDMENT OF THE CE!WHERE YOU CAN FIND ADDITIONAL IU } } $ }  } $ }  }  $ } } $                          CELSION CORPDEF 14A 05/05/2016( 2015 DIRECTOR COMPENSATION TABLE Name FeesOption   Total ($)    Earned   Awards   and Paid   ($) (1)  ~  Augustine Chow ~ q  ~ J  ~   Robert W. Hooper  ~    ~ J   ~ F Alberto R. Martinez~ r~ J  ~  & Frederick J. Fritz~ b~ J  ~    Donald P. Braun(2) ?~ b  ~  b Andreas Voss(2) ?~ b  ~  b $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/2|{oc)w\=PF0*8X> @r          l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??  SCHEDULE 14A!TO BE HELD WEDNESDAY JUNE 15 20 TO BE HELD WEDNESDAY JUNE (1)!THIS PROXY STATEMENT IS FURNISHTABLE OF CONTENTSVoting by Proxy!4 BENEFICIAL OWNERSHIP OF COMMO!NUMBER OF SHARES OF COMMON STOC NO TITLE!THE BOARD OF DIRECTORS UNANIMOU!Continuing Class II Director NoGood Governance PracticesGood Governance (1)!Nominating and Governance Commi!2015 DIRECTOR COMPENSATION TABL2015 DIRECTOR C (2) IntroductionIntroduction (1)Summary CompensationIncentive CompensationIncentive Compe (1)Summary Compens (1)Stock Option GrantsOutstanding Equity Awards NO TITLE (1)!31 2015 OUTSTANDING EQUITY AWAR!POTENTIAL PAYMENTS UPON TERMINAPOTENTIAL PAYMENTS UPON (1)!33 PROPOSAL NO 2 ADVISORY VOTE FEES!APPROVAL OF AMENDMENT OF THE CE!WHERE YOU CAN FIND ADDITIONAL IU } U} $ }  } $ } } $       CELSION CORPDEF 14A 05/05/2016( 2015 DIRECTOR COMPENSATION TABLE1)Non-Employee Director Stock Option Awards Table Name   Number of   Exercise  Grant   Expiration   Grant Date    Options   Price    Date   Fair Value   Granted      Date Augustine Chow (1)  ~    @   3/17/2015   3/17/2025 ~ J Robert W. Hooper (1)~ @  3/17/2015   3/17/2025 ~ JAlberto R. Martinez (1)~ @  3/17/2015   3/17/2025 ~ JFrederick J. Fritz (1)~ @  3/17/2015   3/17/2025 ~ JDonald P. Braun (2)~ q{Gz?  12/15/2015   12/15/2025 ~ bAndreas Voss (2)~ q{Gz?  12/15/2015   12/15/2025 ~ b$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/4u {oc"G&Px=PF0*8X> @                 l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??  SCHEDULE 14A!TO BE HELD WEDNESDAY JUNE 15 20 TO BE HELD WEDNESDAY JUNE (1)!THIS PROXY STATEMENT IS FURNISHTABLE OF CONTENTSVoting by Proxy!4 BENEFICIAL OWNERSHIP OF COMMO!NUMBER OF SHARES OF COMMON STOC NO TITLE!THE BOARD OF DIRECTORS UNANIMOU!Continuing Class II Director NoGood Governance PracticesGood Governance (1)!Nominating and Governance Commi!2015 DIRECTOR COMPENSATION TABL2015 DIRECTOR C (1) IntroductionIntroduction (1)Summary CompensationIncentive CompensationIncentive Compe (1)Summary Compens (1)Stock Option GrantsOutstanding Equity Awards NO TITLE (1)!31 2015 OUTSTANDING EQUITY AWAR!POTENTIAL PAYMENTS UPON TERMINAPOTENTIAL PAYMENTS UPON (1)!33 PROPOSAL NO 2 ADVISORY VOTE FEES!APPROVAL OF AMENDMENT OF THE CE!WHERE YOU CAN FIND ADDITIONAL IU } } $ }  } $       CELSION CORPDEF 14A 05/05/2016( 2015 DIRECTOR COMPENSATION TABLEDirector Number of    Stock Options    Outstanding      Augustine Chow  ~ ^  Robert W. Hooper  ~  Alberto R. Martinez~ .dFrederick J. Fritz~ 0Donald P. Braun~ q Andreas Voss~ q$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/2{oc":Kt=PF0*8X> @2   l  +.1  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??  SCHEDULE 14A!TO BE HELD WEDNESDAY JUNE 15 20 TO BE HELD WEDNESDAY JUNE (1)!THIS PROXY STATEMENT IS FURNISHTABLE OF CONTENTSVoting by Proxy!4 BENEFICIAL OWNERSHIP OF COMMO!NUMBER OF SHARES OF COMMON STOC NO TITLE!THE BOARD OF DIRECTORS UNANIMOU!Continuing Class II Director NoGood Governance PracticesGood Governance (1)!Nominating and Governance Commi!2015 DIRECTOR COMPENSATION TABL2015 DIRECTOR C (1)2015 DIRECTOR C (2)Introduction (1)Summary CompensationIncentive CompensationIncentive Compe (1)Summary Compens (1)Stock Option GrantsOutstanding Equity Awards NO TITLE (1)!31 2015 OUTSTANDING EQUITY AWAR!POTENTIAL PAYMENTS UPON TERMINAPOTENTIAL PAYMENTS UPON (1)!33 PROPOSAL NO 2 ADVISORY VOTE FEES!APPROVAL OF AMENDMENT OF THE CE!WHERE YOU CAN FIND ADDITIONAL IU } $ } $} y< +      CELSION CORPDEF 14A 05/05/2016 Introduction What we do:  ?. &A significant portion of our executive  / 'compensation is based on actual Company  5 -performance compared to absolute and relative  , $measures and is therefore ?at risk?;    ?/'Performance shares in our long-term and-%annual incentive programs are subject:2to both time and performance vesting requirements; ?,$Multiple performance metrics between0(the annual and long-term incentive plans4,discourage excessive risk-taking by removing6.any incentive to focus on a single performance-%goal to the detriment of the Company; ?.&Appropriate balance between annual and5-long-term compensation discourages short-term/'risk taking at the expense of long-termresults; ?0(Our executives are encouraged to acquire3+and maintain meaningful ownership positions&in our Company?s common stock;DG lwT m%l] rNg; !"#$%&'()*   ! !?4!,Use relevant peer groups in our compensation""" surveys; and###$ $?1$)Provide reasonable, double trigger change%% %in control arrangements.&'$(____________________________1))Created by Morningstar Document Research.0*(http://documentresearch.morningstar.com/[7m=PF0*8X> @"**))(( l  h=  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??  SCHEDULE 14A!TO BE HELD WEDNESDAY JUNE 15 20 TO BE HELD WEDNESDAY JUNE (1)!THIS PROXY STATEMENT IS FURNISHTABLE OF CONTENTSVoting by Proxy!4 BENEFICIAL OWNERSHIP OF COMMO!NUMBER OF SHARES OF COMMON STOC NO TITLE!THE BOARD OF DIRECTORS UNANIMOU!Continuing Class II Director NoGood Governance PracticesGood Governance (1)!Nominating and Governance Commi!2015 DIRECTOR COMPENSATION TABL2015 DIRECTOR C (1)2015 DIRECTOR C (2) IntroductionSummary CompensationIncentive CompensationIncentive Compe (1)Summary Compens (1)Stock Option GrantsOutstanding Equity Awards NO TITLE (1)!31 2015 OUTSTANDING EQUITY AWAR!POTENTIAL PAYMENTS UPON TERMINAPOTENTIAL PAYMENTS UPON (1)!33 PROPOSAL NO 2 ADVISORY VOTE FEES!APPROVAL OF AMENDMENT OF THE CE!WHERE YOU CAN FIND ADDITIONAL IU } $ } $} I;       CELSION CORPDEF 14A 05/05/2016 IntroductionWhat we don?t do:  ?2 *Re-pricing or backdating of stock options;     ?9 1Hedging or engaging in the following transactions  5 -that include shares of Common Stock: collars,  5 -short sales and other derivative transactionsfor NEOs or directors; ?-%Excessive perquisites for executives; and ?91Provisions for excise tax gross ups in employmentcontracts issued.$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/8LwN4;eYM%=PF0*8X> @" l  XK  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??  SCHEDULE 14A!TO BE HELD WEDNESDAY JUNE 15 20 TO BE HELD WEDNESDAY JUNE (1)!THIS PROXY STATEMENT IS FURNISHTABLE OF CONTENTSVoting by Proxy!4 BENEFICIAL OWNERSHIP OF COMMO!NUMBER OF SHARES OF COMMON STOC NO TITLE!THE BOARD OF DIRECTORS UNANIMOU!Continuing Class II Director NoGood Governance PracticesGood Governance (1)!Nominating and Governance Commi!2015 DIRECTOR COMPENSATION TABL2015 DIRECTOR C (1)2015 DIRECTOR C (2) IntroductionIntroduction (1)Incentive CompensationIncentive Compe (1)Summary Compens (1)Stock Option GrantsOutstanding Equity Awards NO TITLE (1)!31 2015 OUTSTANDING EQUITY AWAR!POTENTIAL PAYMENTS UPON TERMINAPOTENTIAL PAYMENTS UPON (1)!33 PROPOSAL NO 2 ADVISORY VOTE FEES!APPROVAL OF AMENDMENT OF THE CE!WHERE YOU CAN FIND ADDITIONAL IU } $ } $} 8       CELSION CORPDEF 14A 05/05/2016Summary 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;    ?6.The program is intended to create an alignment5-of interests between the Company?s executives0(and stockholders such that a significant0(portion of each executive?s compensation/'varies with business performance and is.&dependent on stock price appreciation; and ?1)The program is designed to award behavior2*which results in optimizing the commercial.&potential of the Company?s developmentprogram.$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/BsX{o3},Ifb=PF0*8X> @ l  vW  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??  SCHEDULE 14A!TO BE HELD WEDNESDAY JUNE 15 20 TO BE HELD WEDNESDAY JUNE (1)!THIS PROXY STATEMENT IS FURNISHTABLE OF CONTENTSVoting by Proxy!4 BENEFICIAL OWNERSHIP OF COMMO!NUMBER OF SHARES OF COMMON STOC NO TITLE!THE BOARD OF DIRECTORS UNANIMOU!Continuing Class II Director NoGood Governance PracticesGood Governance (1)!Nominating and Governance Commi!2015 DIRECTOR COMPENSATION TABL2015 DIRECTOR C (1)2015 DIRECTOR C (2) IntroductionIntroduction (1)Summary CompensationIncentive Compe (1)Summary Compens (1)Stock Option GrantsOutstanding Equity Awards NO TITLE (1)!31 2015 OUTSTANDING EQUITY AWAR!POTENTIAL PAYMENTS UPON TERMINAPOTENTIAL PAYMENTS UPON (1)!33 PROPOSAL NO 2 ADVISORY VOTE FEES!APPROVAL OF AMENDMENT OF THE CE!WHERE YOU CAN FIND ADDITIONAL IU } } $ }  } $ } U} $                        CELSION CORPDEF 14A 05/05/2016Incentive Compensation Name Target Annual Target Annual    Incentive for    Incentive for    Entire 2015   Entire 2015 Year   Year($)   (% of Base Salary) Michael H. Tardugno ~ ‹   ~  % Jeffrey W. Church  ~    ~  %Nicholas Borys~ ~  %Khursheed Anwer~ rb~  %$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/.qym6]\=PF0*8X> @b         l  8fQn  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??  SCHEDULE 14A!TO BE HELD WEDNESDAY JUNE 15 20 TO BE HELD WEDNESDAY JUNE (1)!THIS PROXY STATEMENT IS FURNISHTABLE OF CONTENTSVoting by Proxy!4 BENEFICIAL OWNERSHIP OF COMMO!NUMBER OF SHARES OF COMMON STOC NO TITLE!THE BOARD OF DIRECTORS UNANIMOU!Continuing Class II Director NoGood Governance PracticesGood Governance (1)!Nominating and Governance Commi!2015 DIRECTOR COMPENSATION TABL2015 DIRECTOR C (1)2015 DIRECTOR C (2) IntroductionIntroduction (1)Summary CompensationIncentive CompensationSummary Compens (1)Stock Option GrantsOutstanding Equity Awards NO TITLE (1)!31 2015 OUTSTANDING EQUITY AWAR!POTENTIAL PAYMENTS UPON TERMINAPOTENTIAL PAYMENTS UPON (1)!33 PROPOSAL NO 2 ADVISORY VOTE FEES!APPROVAL OF AMENDMENT OF THE CE!WHERE YOU CAN FIND ADDITIONAL IU } $ } $} 7 8      CELSION CORPDEF 14A 05/05/2016Incentive Compensation~ .&Research and Development objectives to  1 )enroll patients and activate sites in the  . &Phase III clinical trial of ThermoDox?  2 *for treatment of primary liver cancer (the   OPTIMA Study) (15%).   ~  .&Research and Development objectives to4,close out the Phase I/II study of ThermoDox?4,for treatment of recurrent chest wall breast0(cancer (RCW) in the U.S. (the US Dignity3+Study) and initiate a Phase II study of RCW/'in Europe (the EU-Dignity Study) (10%).~ -%Research and Development objective to6.launch an early access program in the European Union (10%).~ -%Research and Development objective to/'initiate a neoadjuvant Phase I Study of3+GEN-1 in ovarian cancer (the OVATION Study)(15%).~ -%Research and Development objective to1)file a Phase I Study protocol of GEN-1 inDR lym!<DYMc !"#$%&'()*+,-./01234567  3 +combination with Avastin? in ovarian cancer!!!with the FDA (5%)."""#~ #-#%Research and Development objective to$$4$,file an Investigational New Drug application%%2%*and begin enrollment in a Phase I Study of&&+&#GEN-1 in glioblastoma cancer (15%).'''(~ (/('Financial objectives to manage cash and))-)%operating expenses, ensure cash flows**6*.are within 10% of plan and maintain sufficient++/+'levels of cash to achieve necessary run,,%,way to fund operations (20%).---.~ ."5.-Corporate development objectives to implement//./&current plans to provide succession of00.0&senior management and expand the Board1111)of Directors, thereby increasing our core222competencies (10%).34$5____________________________16)Created by Morningstar Document Research.07(http://documentresearch.morningstar.com/4{W n'mk7=PF0*8X> @776655 l  !X  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??  SCHEDULE 14A!TO BE HELD WEDNESDAY JUNE 15 20 TO BE HELD WEDNESDAY JUNE (1)!THIS PROXY STATEMENT IS FURNISHTABLE OF CONTENTSVoting by Proxy!4 BENEFICIAL OWNERSHIP OF COMMO!NUMBER OF SHARES OF COMMON STOC NO TITLE!THE BOARD OF DIRECTORS UNANIMOU!Continuing Class II Director NoGood Governance PracticesGood Governance (1)!Nominating and Governance Commi!2015 DIRECTOR COMPENSATION TABL2015 DIRECTOR C (1)2015 DIRECTOR C (2) IntroductionIntroduction (1)Summary CompensationIncentive CompensationIncentive Compe (1)Stock Option GrantsOutstanding Equity Awards NO TITLE (1)!31 2015 OUTSTANDING EQUITY AWAR!POTENTIAL PAYMENTS UPON TERMINAPOTENTIAL PAYMENTS UPON (1)!33 PROPOSAL NO 2 ADVISORY VOTE FEES!APPROVAL OF AMENDMENT OF THE CE!WHERE YOU CAN FIND ADDITIONAL IU } !} } $ }  } $ }  } $ } } $ }  } $ }  } $ }  } $ } y} $ !      CELSION CORPDEF 14A 05/05/2016Summary CompensationName and YearSalary Bonus    Stock Option Non-Equity All Other Total ($)  Principal        ( 1 )   Awards   Awards   Incentive Plan    Compensation Position            ( 2 )    ( 2 )    Compensation    ( 4 )                     ( 3 )                               Michael H. Tardugno (5)~ ~ ~ _   $?   $?  ~ B  ~ Ψ  ~ v  ~ VI #Chairman, President and CEO~ z~ Z9 ?   ~  B ~ v#~ <~ 6~ qg~ v~  ?     ? ~ ~ n~ w~ O:     Jeffrey W. Church (6)~ ~~ *~ "    $? ~ *~ ~ 2~ !Senior VP and CFO~ z~ ~    ~  :> ~ r~ Z~ ~ *1~ v~ N ?     ? ~ 2h~ ~ ~      Nicholas Borys (7)~ ~~ ^~ 2u     ? ~ *~ ~ v~ D"Senior VP and CMO~ z~ +~      ? ~ J ~ z~ ~ Z2~ v~ &  ?     ? ~ 2h~ ~ w~ ¿     Khursheed Anwer (8)~ ~~ Zk $?    $? ~ ~ ~ .l~ Executive VP and CSO~ z~ q  ?   ~   ~ ~ rj~ 1~ A~ v ? ?     ?  ? ? ? ?$____________________________1)Created by Morningstar Document Research.Dl{oi.&Uw@D8, 0 (http://documentresearch.morningstar.com/H=PF0*8X> @z/                   l  #%  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??  SCHEDULE 14A!TO BE HELD WEDNESDAY JUNE 15 20 TO BE HELD WEDNESDAY JUNE (1)!THIS PROXY STATEMENT IS FURNISHTABLE OF CONTENTSVoting by Proxy!4 BENEFICIAL OWNERSHIP OF COMMO!NUMBER OF SHARES OF COMMON STOC NO TITLE!THE BOARD OF DIRECTORS UNANIMOU!Continuing Class II Director NoGood Governance PracticesGood Governance (1)!Nominating and Governance Commi!2015 DIRECTOR COMPENSATION TABL2015 DIRECTOR C (1)2015 DIRECTOR C (2) IntroductionIntroduction (1)Summary CompensationIncentive CompensationIncentive Compe (1)Summary Compens (1)Outstanding Equity Awards NO TITLE (1)!31 2015 OUTSTANDING EQUITY AWAR!POTENTIAL PAYMENTS UPON TERMINAPOTENTIAL PAYMENTS UPON (1)!33 PROPOSAL NO 2 ADVISORY VOTE FEES!APPROVAL OF AMENDMENT OF THE CE!WHERE YOU CAN FIND ADDITIONAL IU } } $ } } $ } } $ }  } $ }  } $ }  } $ #      CELSION CORPDEF 14A 05/05/2016Stock Option Grants Name Grant Date Estimated  All other   All Other Exercise Grant       Future  Stock  Option   or Base    Date Fair       Payouts  Awards:  Awards:   Price of   Value of        Under Non-  Number   Number of   Option   Stock       Equity   of Shares   Securities   Awards   and        Incentive  or Units  Under-    ($/Share)   Option Plan of Stock   lying AwardsAwards  (#)  Options  ($) ( 3 )Target    (#)( 2 )~ Michael H. Tardugno N/A~ ‹      3/17/2015   ~   @~ rn 6/19/2015   ~   Q@~ T     Jeffrey W. Church N/A~       3/17/2015   ~  B  @~ *     Nicholas Borys N/A~       3/17/2015   ~  B  @~ *     Khursheed Anwer N/A~ rb      3/17/2015   ~  I @~ Dl|pnF !"$ ____________________________1!)Created by Morningstar Document Research.0"(http://documentresearch.morningstar.com/ (=PF0*8X> @6""!!                     l  9  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??  SCHEDULE 14A!TO BE HELD WEDNESDAY JUNE 15 20 TO BE HELD WEDNESDAY JUNE (1)!THIS PROXY STATEMENT IS FURNISHTABLE OF CONTENTSVoting by Proxy!4 BENEFICIAL OWNERSHIP OF COMMO!NUMBER OF SHARES OF COMMON STOC NO TITLE!THE BOARD OF DIRECTORS UNANIMOU!Continuing Class II Director NoGood Governance PracticesGood Governance (1)!Nominating and Governance Commi!2015 DIRECTOR COMPENSATION TABL2015 DIRECTOR C (1)2015 DIRECTOR C (2) IntroductionIntroduction (1)Summary CompensationIncentive CompensationIncentive Compe (1)Summary Compens (1)Stock Option Grants NO TITLE (1)!31 2015 OUTSTANDING EQUITY AWAR!POTENTIAL PAYMENTS UPON TERMINAPOTENTIAL PAYMENTS UPON (1)!33 PROPOSAL NO 2 ADVISORY VOTE FEES!APPROVAL OF AMENDMENT OF THE CE!WHERE YOU CAN FIND ADDITIONAL IU } }  } $ }  } $ }  } U} $ }  } $ 9      CELSION CORPDEF 14A 05/05/2016!Outstanding Equity Awards Option Awards Name  Grant Date  No. of   No. of Securities    Option  Option     Securities    Underlying    Exercise   Expiration     Underlying    Unexercised    Price  Date     Unexercised    Options (#)   ~      Options (#)    Unexercisable ExercisableMichael 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~ ~ ~~     HzG @ 2/11/2024 6/20/2014~ "~ ~      @ 6/20/2024 3/17/2015~ .~ V~     @ 3/17/2025 6/19/2015~ R~ ~     Q@ 6/19/2025     Jeffrey W. Church7/6/2010~ :[ ?    Q.@7/1/2020 2/25/2011~  ?    Qk&@ 2/25/2021 2/27/2012~ / ?    R"@ 2/27/2022 6/15/2012~ } ?    \(\#@ 6/15/2022Dlvj-`H$In Bv !"#$%&'()*+,-./012345678  5/6/2013  ~     ?    {Gz@  5/6/2023 !! 2/11/2014!!~ !!!!~ !V~ ! ! ! ! HzG @!! 2/11/2024!"" 6/20/2014""~ "q"""~ "8~ " " " "  @"" 6/20/2024"## 3/17/2015##~ #n###~ #~ # # # # @## 3/17/2025#$$$$$$$$$$ $ $ $ $ $$$%%%%%%%%%% % % % % %%%&Nicholas Borys& 9/24/2007&&~ &j&&& &?& & & & 33333s;@&& 9/24/2017&'' 2/19/2008''~ 'y''' '?' ' ' ' 8@'' 2/19/2018'(( 1/19/2009((~ (y((( (?( ( ( ( {Gz(@(( 1/19/2019()) 2/19/2010))~ )))) )?) ) ) ) (\u*@)) 2/19/2020)** 2/25/2011**~ **** *?* * * * Qk&@** 2/25/2021*++ 2/27/2012++~ +/+++ +?+ + + +  ףp="@++ 2/22/2022+,, 6/15/2012,,~ ,},,, ,?, , , , \(\#@,, 6/15/2022,--5/6/2013--~ ---- -?- - - - {Gz@--5/6/2023-.. 2/11/2014..~ ....~ .n~ . . . . HzG @.. 2/11/2024.// 6/20/2014//~ /n///~ /~ / / / /  @// 6/20/2024/00 3/17/201500~ 0n000~ 0~ 0 0 0 0 @00 3/17/202501111111111 1 1 1 1 1112Khursheed Anwer2 6/20/201422~ 2r222~ 2_~ 2 2 2 2  @22 6/20/2024233 3/17/201533 3?333~ 3I~ 3 3 3 3 @33 3/17/2025345$6____________________________17)Created by Morningstar Document Research.08(http://documentresearch.morningstar.com/6'Ik 1V{3Uw=PF0*8X> @788776633 22 00 // .. -- ,, ++ ** )) (( '' && ## "" !!                               l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??  SCHEDULE 14A!TO BE HELD WEDNESDAY JUNE 15 20 TO BE HELD WEDNESDAY JUNE (1)!THIS PROXY STATEMENT IS FURNISHTABLE OF CONTENTSVoting by Proxy!4 BENEFICIAL OWNERSHIP OF COMMO!NUMBER OF SHARES OF COMMON STOC NO TITLE!THE BOARD OF DIRECTORS UNANIMOU!Continuing Class II Director NoGood Governance PracticesGood Governance (1)!Nominating and Governance Commi!2015 DIRECTOR COMPENSATION TABL2015 DIRECTOR C (1)2015 DIRECTOR C (2) IntroductionIntroduction (1)Summary CompensationIncentive CompensationIncentive Compe (1)Summary Compens (1)Stock Option GrantsOutstanding Equity Awards!31 2015 OUTSTANDING EQUITY AWAR!POTENTIAL PAYMENTS UPON TERMINAPOTENTIAL PAYMENTS UPON (1)!33 PROPOSAL NO 2 ADVISORY VOTE FEES!APPROVAL OF AMENDMENT OF THE CE!WHERE YOU CAN FIND ADDITIONAL IU } $ } U} :       CELSION CORPDEF 14A 05/05/2016NO TITLE~ 2*Each of these stock options vests in three  6 .equal installments, with the first installment  6 .vesting on the date of grant and an additional  0 (installment vesting on each of the first  % two anniversaries thereafter.   ~ 7/These stock options vests in five installments,4,with the first installment of 10,000 vesting4,on the date of grant and an additional 7,5000(installment vesting on each of the first&four anniversaries thereafter.~ 0(These stock options vest in three annual80installments commencing on the first anniversaryof the date of grant.$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/<{+;1S/TH<=PF0*8X> @ l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??  SCHEDULE 14A!TO BE HELD WEDNESDAY JUNE 15 20 TO BE HELD WEDNESDAY JUNE (1)!THIS PROXY STATEMENT IS FURNISHTABLE OF CONTENTSVoting by Proxy!4 BENEFICIAL OWNERSHIP OF COMMO!NUMBER OF SHARES OF COMMON STOC NO TITLE!THE BOARD OF DIRECTORS UNANIMOU!Continuing Class II Director NoGood Governance PracticesGood Governance (1)!Nominating and Governance Commi!2015 DIRECTOR COMPENSATION TABL2015 DIRECTOR C (1)2015 DIRECTOR C (2) IntroductionIntroduction (1)Summary CompensationIncentive CompensationIncentive Compe (1)Summary Compens (1)Stock Option GrantsOutstanding Equity Awards NO TITLE (1)!POTENTIAL PAYMENTS UPON TERMINAPOTENTIAL PAYMENTS UPON (1)!33 PROPOSAL NO 2 ADVISORY VOTE FEES!APPROVAL OF AMENDMENT OF THE CE!WHERE YOU CAN FIND ADDITIONAL IU } $ } U} $ }  } $ }  } U}  $                             CELSION CORPDEF 14A 05/05/20165-31 2015 OUTSTANDING EQUITY AWARDS AT YEAR-END Stock Awards    Grant Date  Number    Market Value  Name    of Shares or    of Shares or      Units of Stock   Units of Stock       That Have Not    That Have Not      Vested   VestedKhursheed Anwer 6/20/2014~ "~ ~  : ~ 1)This amount represents a restricted stock1)award granted to Dr. Anwer under the 20073+Plan on June 20, 2014. This award will vest3+on the third anniversary of the grant date,3+subject to Dr. Anwer?s continued employmentthrough such date.$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/8^znbV"v'SG;=PF0*8X> @                 l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??  SCHEDULE 14A!TO BE HELD WEDNESDAY JUNE 15 20 TO BE HELD WEDNESDAY JUNE (1)!THIS PROXY STATEMENT IS FURNISHTABLE OF CONTENTSVoting by Proxy!4 BENEFICIAL OWNERSHIP OF COMMO!NUMBER OF SHARES OF COMMON STOC NO TITLE!THE BOARD OF DIRECTORS UNANIMOU!Continuing Class II Director NoGood Governance PracticesGood Governance (1)!Nominating and Governance Commi!2015 DIRECTOR COMPENSATION TABL2015 DIRECTOR C (1)2015 DIRECTOR C (2) IntroductionIntroduction (1)Summary CompensationIncentive CompensationIncentive Compe (1)Summary Compens (1)Stock Option GrantsOutstanding Equity Awards NO TITLE (1)!31 2015 OUTSTANDING EQUITY AWARPOTENTIAL PAYMENTS UPON (1)!33 PROPOSAL NO 2 ADVISORY VOTE FEES!APPROVAL OF AMENDMENT OF THE CE!WHERE YOU CAN FIND ADDITIONAL IU } a/}  $ } $} $       CELSION CORPDEF 14A 05/05/2016@8POTENTIAL 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~ ‹~     ?  ~ ~Jeffrey W. Church~  ~     ?  ~ l Nicholas Borys~  ~     ?  ~  Khursheed Anwer~ v~ "<    ?  ~ :$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/2ocWKjxl\Q{S=PF0*8X> @      l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??  SCHEDULE 14A!TO BE HELD WEDNESDAY JUNE 15 20 TO BE HELD WEDNESDAY JUNE (1)!THIS PROXY STATEMENT IS FURNISHTABLE OF CONTENTSVoting by Proxy!4 BENEFICIAL OWNERSHIP OF COMMO!NUMBER OF SHARES OF COMMON STOC NO TITLE!THE BOARD OF DIRECTORS UNANIMOU!Continuing Class II Director NoGood Governance PracticesGood Governance (1)!Nominating and Governance Commi!2015 DIRECTOR COMPENSATION TABL2015 DIRECTOR C (1)2015 DIRECTOR C (2) IntroductionIntroduction (1)Summary CompensationIncentive CompensationIncentive Compe (1)Summary Compens (1)Stock Option GrantsOutstanding Equity Awards NO TITLE (1)!31 2015 OUTSTANDING EQUITY AWAR!POTENTIAL PAYMENTS UPON TERMINA!33 PROPOSAL NO 2 ADVISORY VOTE FEES!APPROVAL OF AMENDMENT OF THE CE!WHERE YOU CAN FIND ADDITIONAL IU } +}  $ } $} $       CELSION CORPDEF 14A 05/05/2016@8POTENTIAL 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~ ;~     ?  ~  <Jeffrey W. Church~ ~     ?  ~ Nicholas Borys~ ~     ?  ~ $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/0ocWKmzj_SG=PF0*8X> @      l  !-.  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??  SCHEDULE 14A!TO BE HELD WEDNESDAY JUNE 15 20 TO BE HELD WEDNESDAY JUNE (1)!THIS PROXY STATEMENT IS FURNISHTABLE OF CONTENTSVoting by Proxy!4 BENEFICIAL OWNERSHIP OF COMMO!NUMBER OF SHARES OF COMMON STOC NO TITLE!THE BOARD OF DIRECTORS UNANIMOU!Continuing Class II Director NoGood Governance PracticesGood Governance (1)!Nominating and Governance Commi!2015 DIRECTOR COMPENSATION TABL2015 DIRECTOR C (1)2015 DIRECTOR C (2) IntroductionIntroduction (1)Summary CompensationIncentive CompensationIncentive Compe (1)Summary Compens (1)Stock Option GrantsOutstanding Equity Awards NO TITLE (1)!31 2015 OUTSTANDING EQUITY AWAR!POTENTIAL PAYMENTS UPON TERMINAPOTENTIAL PAYMENTS UPON (1)FEES!APPROVAL OF AMENDMENT OF THE CE!WHERE YOU CAN FIND ADDITIONAL IU } $ } $}  6target total direct compensation was performance-based  3 +and/or linked to the value of the Company?s    stock price. ?6.Executives? bonuses under our annual incentive80program are principally based on the achievement6.of specific performance objectives established2*at the beginning of the fiscal year by theCompensation Committee. ?-%Executives? equity awards are granted1)in the form of stock options that help to2*align the executives? interests with those/'of our stockholders as the options will3+not have value unless there is appreciation5-in the Company?s stock price after the option is granted.$____________________________1)Created by Morningstar Document Research.D; leYMA\_ fo": 0 (http://documentresearch.morningstar.com/H=PF0*8X> @  l  =  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??  SCHEDULE 14A!TO BE HELD WEDNESDAY JUNE 15 20 TO BE HELD WEDNESDAY JUNE (1)!THIS PROXY STATEMENT IS FURNISHTABLE OF CONTENTSVoting by Proxy!4 BENEFICIAL OWNERSHIP OF COMMO!NUMBER OF SHARES OF COMMON STOC NO TITLE!THE BOARD OF DIRECTORS UNANIMOU!Continuing Class II Director NoGood Governance PracticesGood Governance (1)!Nominating and Governance Commi!2015 DIRECTOR COMPENSATION TABL2015 DIRECTOR C (1)2015 DIRECTOR C (2) IntroductionIntroduction (1)Summary CompensationIncentive CompensationIncentive Compe (1)Summary Compens (1)Stock Option GrantsOutstanding Equity Awards NO TITLE (1)!31 2015 OUTSTANDING EQUITY AWAR!POTENTIAL PAYMENTS UPON TERMINAPOTENTIAL PAYMENTS UPON (1)!33 PROPOSAL NO 2 ADVISORY VOTE !APPROVAL OF AMENDMENT OF THE CE!WHERE YOU CAN FIND ADDITIONAL IU } a} $ }  } $ } $} $} $ } } $ } $} $       CELSION CORPDEF 14A 05/05/2016 FEES~ ~ ~  z  FEE CATEGORY  AMOUNT   % OF   AMOUNT   % OF        TOTAL       TOTAL  Audit Fees ~ r>   ~ * % ~ b   ~ > % Audit Related Fees  ~    ~ N   ~ "H   ~ :  Tax Fees  ~ "   ~    ~ *   ~  All Other Fees ? ?    ?   ? Total Fees~ u~  % ~    ~  %$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/.'k /Q}qI=PF0*8X> @z        l  H  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??  SCHEDULE 14A!TO BE HELD WEDNESDAY JUNE 15 20 TO BE HELD WEDNESDAY JUNE (1)!THIS PROXY STATEMENT IS FURNISHTABLE OF CONTENTSVoting by Proxy!4 BENEFICIAL OWNERSHIP OF COMMO!NUMBER OF SHARES OF COMMON STOC NO TITLE!THE BOARD OF DIRECTORS UNANIMOU!Continuing Class II Director NoGood Governance PracticesGood Governance (1)!Nominating and Governance Commi!2015 DIRECTOR COMPENSATION TABL2015 DIRECTOR C (1)2015 DIRECTOR C (2) IntroductionIntroduction (1)Summary CompensationIncentive CompensationIncentive Compe (1)Summary Compens (1)Stock Option GrantsOutstanding Equity Awards NO TITLE (1)!31 2015 OUTSTANDING EQUITY AWAR!POTENTIAL PAYMENTS UPON TERMINAPOTENTIAL PAYMENTS UPON (1)!33 PROPOSAL NO 2 ADVISORY VOTE FEES!WHERE YOU CAN FIND ADDITIONAL IU } $ } $} y<       CELSION CORPDEF 14A 05/05/2016kcAPPROVAL OF AMENDMENT OF THE CERTIFICATE OF INCORPORATION OF THE COMPANY, AS AMENDED, TO INCREASE T ?/'the exercise of outstanding warrants to  2 *purchase 5,894,675 shares of Common Stock;     ?4 ,the expiry of a holdback period and issuance  1 )to EGWU, Inc. of 670,070 shares of Common  : 2Stock pursuant to our acquisition of substantially4,all of the assets of EGEN, Inc. in 2014; and ?4,the exercise, vesting and award of 3,565,770shares of Common Stock.$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/2D8, bnnbV.=PF0*8X> @ l  R  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??  SCHEDULE 14A!TO BE HELD WEDNESDAY JUNE 15 20 TO BE HELD WEDNESDAY JUNE (1)!THIS PROXY STATEMENT IS FURNISHTABLE OF CONTENTSVoting by Proxy!4 BENEFICIAL OWNERSHIP OF COMMO!NUMBER OF SHARES OF COMMON STOC NO TITLE!THE BOARD OF DIRECTORS UNANIMOU!Continuing Class II Director NoGood Governance PracticesGood Governance (1)!Nominating and Governance Commi!2015 DIRECTOR COMPENSATION TABL2015 DIRECTOR C (1)2015 DIRECTOR C (2) IntroductionIntroduction (1)Summary CompensationIncentive CompensationIncentive Compe (1)Summary Compens (1)Stock Option GrantsOutstanding Equity Awards NO TITLE (1)!31 2015 OUTSTANDING EQUITY AWAR!POTENTIAL PAYMENTS UPON TERMINAPOTENTIAL PAYMENTS UPON (1)!33 PROPOSAL NO 2 ADVISORY VOTE FEES!APPROVAL OF AMENDMENT OF THE CEU } } $ } m)       CELSION CORPDEF 14A 05/05/20161)WHERE YOU CAN FIND ADDITIONAL INFORMATION May 5, 2016*"By Order of the Board of Directors      /s/ Jeffrey W. Church   Jeffrey W. Church   Corporate Secretary $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/(T~rfZ w@4(=PF0*8X> @ Root Entry FBook  R  !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()