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& SCHEDULE 14A NA%$TO BE HELD TUESDAY MAY 15 2018&,THIS PROXY STATEMENT IS FURNISH5TABLE OF CONTENTS&QNUMBER OF SHARES OF COMMON STOC|bNO TITLEo NO TITLE (1)&MTHE ELECTION OF ALL NOMINEES NA&8 Continuing Class I Director N&ǟ2017 DIRECTOR COMPENSATION TABL32017 DIRECTOR C (1)Summary Compensation Incentive CompensationFIncentive Compe (1)Summary Compens (1),Stock Option Grants 'Outstanding Equity AwardsO NO TITLE (2)&e]29 Potential Payments Upon Term!k29 Potential Payments (1)&x30 Equity Compensation Plan Inf XFEES&m34 Potential Dilution and Burn &WHERE YOU CAN FIND ADDITIONAL I l  h  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??NA TO BE HELD TUESDAY MAY 15 2018!THIS PROXY STATEMENT IS FURNISHTABLE OF CONTENTS!NUMBER OF SHARES OF COMMON STOC NO TITLE NO TITLE (1)!THE ELECTION OF ALL NOMINEES NA!8 Continuing Class I Director N!2017 DIRECTOR COMPENSATION TABL2017 DIRECTOR C (1)Summary CompensationIncentive CompensationIncentive Compe (1)Summary Compens (1)Stock Option GrantsOutstanding Equity Awards NO TITLE (2)!29 Potential Payments Upon Term29 Potential Payments (1)!30 Equity Compensation Plan InfFEES!34 Potential Dilution and Burn !WHERE YOU CAN FIND ADDITIONAL IU } $} a/       CELSION CORPDEF 14A 03/30/2018 SCHEDULE 14A& Check the appropriate box: ?# Preliminary Proxy Statement ?/ 'Confidential, for Use of the Commission / 'Only (as permitted by Rule 14a-6(e)(2)) ?" Definitive Proxy Statement ?' Definitive Additional Materials ?.&Soliciting Material under ? 240.14a-12$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/.uwMg/=PF0*8X> @" l  -0#  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? SCHEDULE 14A TO BE HELD TUESDAY MAY 15 2018!THIS PROXY STATEMENT IS FURNISHTABLE OF CONTENTS!NUMBER OF SHARES OF COMMON STOC NO TITLE NO TITLE (1)!THE ELECTION OF ALL NOMINEES NA!8 Continuing Class I Director N!2017 DIRECTOR COMPENSATION TABL2017 DIRECTOR C (1)Summary CompensationIncentive CompensationIncentive Compe (1)Summary Compens (1)Stock Option GrantsOutstanding Equity Awards NO TITLE (2)!29 Potential Payments Upon Term29 Potential Payments (1)!30 Equity Compensation Plan InfFEES!34 Potential Dilution and Burn !WHERE YOU CAN FIND ADDITIONAL IU } $} U} : -      CELSION CORPDEF 14A 03/30/2018 N/A7/ Payment of Filing Fee (Check the appropriate box):   ? No fee required. ?0 (Fee computed on table below per Exchange ' Act Rules 14a-6(i)(1) and 0-11.~ 2*Title of each class of securities to whichtransaction applies:~ /'Aggregate number of securities to whichtransaction applies:~ 0(Per unit price or other underlying value4,of transaction computed pursuant to Exchange4,Act Rule 0-11 (set forth the amount on which2*the filing fee is calculated and state howit was determined):~ 80Proposed maximum aggregate value of transaction:~ Total fee paid: ?7/Fee paid previously with preliminary materials. ?2*Check box if any part of the fee is offset3+as provided by Exchange Act Rule 0-11(a)(2)80and identify the filing for which the offsetting6.fee was paid previously. Identify the previous0(filing by registration statement number,DlE4{cVhXB !"#$%&'()*+, 3 +or the Form or Schedule and the date of its!!filing.""#~ ##Amount Previously Paid:$~ $0$(Form, Schedule or Registration Statement%% %No.:&~ && Filing Party:'~ '' Date Filed:()$*____________________________1+)Created by Morningstar Document Research.0,(http://documentresearch.morningstar.com/>IocW/=PF0*8X> @,,++**!!      l  z+  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? SCHEDULE 14ANA!THIS PROXY STATEMENT IS FURNISHTABLE OF CONTENTS!NUMBER OF SHARES OF COMMON STOC NO TITLE NO TITLE (1)!THE ELECTION OF ALL NOMINEES NA!8 Continuing Class I Director N!2017 DIRECTOR COMPENSATION TABL2017 DIRECTOR C (1)Summary CompensationIncentive CompensationIncentive Compe (1)Summary Compens (1)Stock Option GrantsOutstanding Equity Awards NO TITLE (2)!29 Potential Payments Upon Term29 Potential Payments (1)!30 Equity Compensation Plan InfFEES!34 Potential Dilution and Burn !WHERE YOU CAN FIND ADDITIONAL IU } $ } m)       CELSION CORPDEF 14A 03/30/2018'TO BE HELD TUESDAY MAY 15, 2018*"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/*h|pd*yma9=PF0*8X> @ l  D5  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? SCHEDULE 14ANA TO BE HELD TUESDAY MAY 15 2018TABLE OF CONTENTS!NUMBER OF SHARES OF COMMON STOC NO TITLE NO TITLE (1)!THE ELECTION OF ALL NOMINEES NA!8 Continuing Class I Director N!2017 DIRECTOR COMPENSATION TABL2017 DIRECTOR C (1)Summary CompensationIncentive CompensationIncentive Compe (1)Summary Compens (1)Stock Option GrantsOutstanding Equity Awards NO TITLE (2)!29 Potential Payments Upon Term29 Potential Payments (1)!30 Equity Compensation Plan InfFEES!34 Potential Dilution and Burn !WHERE YOU CAN FIND ADDITIONAL IU } $ } $} 7       CELSION CORPDEF 14A 03/30/2018kcTHIS PROXY STATEMENT IS FURNISHED IN CONNECTION WITH THE SOLICITATION OF PROXIES BY THE COMPANY, ON ?0(COMPLETE AND RETURN A WRITTEN PROXY CARD     ?6 .ATTEND THE COMPANY ?S 201 8 ANNUAL MEETING  * "OF STOCKHOLDERS AND VOTE IN PERSON     ?2 *VOTE VIA THE INTERNET AT WWW.PROXYVOTE.COM ?3+VOTE BY PHONE BY CALLING THE NUMBER PRINTED+#ON THE ACCOMPANYING VOTING DOCUMENT$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/0yD8, \/=PF0*8X> @ l  QA,LP  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? SCHEDULE 14ANA TO BE HELD TUESDAY MAY 15 2018!THIS PROXY STATEMENT IS FURNISH!NUMBER OF SHARES OF COMMON STOC NO TITLE NO TITLE (1)!THE ELECTION OF ALL NOMINEES NA!8 Continuing Class I Director N!2017 DIRECTOR COMPENSATION TABL2017 DIRECTOR C (1)Summary CompensationIncentive CompensationIncentive Compe (1)Summary Compens (1)Stock Option GrantsOutstanding Equity Awards NO TITLE (2)!29 Potential Payments Upon Term29 Potential Payments (1)!30 Equity Compensation Plan InfFEES!34 Potential Dilution and Burn !WHERE YOU CAN FIND ADDITIONAL IU } $ } 6}  Q      CELSION CORPDEF 14A 03/30/2018TABLE OF CONTENTS Page+ #Information Concerning Solicitation~   and Voting, $Information About the Annual Meeting~  2 *Date, Time and Place of the Annual Meeting~  ) !Who May Attend the Annual Meeting~  Who May Vote~  How to Vote~  Voting by Proxy~  Quorum Requirement~  Voting Requirements~  Other Matters~ -%Information about the Proxy Statement~ 'and the Solicitation of Proxies Annual Report~ 0(Householding of Annual Meeting Materials~ ,$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~ Dl~rVu.^%p=kU- !"#$%&'()*+,-./0123456789:;<=>?  General~ !3!+Directors, Executive Officers and Corporate~ !""" Governance##Legal Proceedings~ #*$.$&Board Leadership Structure and Role in~ $*%%Risk Oversight&,&$Committees of the Board of Directors~ &.'0'(Meetings of the Board and Its Committees~ '2((Director Nominations~ (2)")Stockholder Communications~ )>**Board Attendance~ *>+Director Compensation~ +>,(, 2017 Director Compensation Table~ ,>-5--Narrative disclosure to Director Compensation~ -B. .Table/-/%Compensation Committee Interlocks and~ /B00Insider Participation131+Stock Ownership Guidelines for Non-Employee~ 1B22and Executive Directors3%3Report of the Audit Committee~ 3F4Executive Compensation~ 4J5,5$Compensation Discussion and Analysis~ 5J626*Compensation Committee Report on Executive~ 6b77 Compensation818)2017 Executive Summary Compensation Table~ 8f949,Narrative Disclosure to Summary Compensation~ 9j: :Table;(; 2017 Grants of Plan-Based Awards~ ;r<2<*2017 Outstanding Equity Awards at Year-End~ <v=)=!Option Exercises and Stock Vested~ =v>.>&Potential Payments Upon Termination or~ >z??Change in ControlD/ l`)mo@?Oa] @ABCDEFGHIJKLMNOP@,@$Equity Compensation Plan Information~ @~AA2B*Proposal No. 2 : Ratification of Selection~ B3C+of Independent Registered Public Accounting DFirmEE0F(Proposal No. 3 : Approval of the Celsion~ F-G%Corporation 2018 Stock Incentive PlanHH-I%Stockholder Nominations and Proposals~ I3J+for the 2019 Annual Meeting of Stockholders4K, Where You Can Find Additional Information~ KLM$N____________________________1O)Created by Morningstar Document Research.0P(http://documentresearch.morningstar.com/&I@Z#p1t=PF0*8X> @PPOONNKKJJIIGGFFDDCCBB44++    l   sa  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? SCHEDULE 14ANA TO BE HELD TUESDAY MAY 15 2018!THIS PROXY STATEMENT IS FURNISHTABLE OF CONTENTS NO TITLE NO TITLE (1)!THE ELECTION OF ALL NOMINEES NA!8 Continuing Class I Director N!2017 DIRECTOR COMPENSATION TABL2017 DIRECTOR C (1)Summary CompensationIncentive CompensationIncentive Compe (1)Summary Compens (1)Stock Option GrantsOutstanding Equity Awards NO TITLE (2)!29 Potential Payments Upon Term29 Potential Payments (1)!30 Equity Compensation Plan InfFEES!34 Potential Dilution and Burn !WHERE YOU CAN FIND ADDITIONAL IU } $4} $ }  } $ } U} $       CELSION CORPDEF 14A 03/30/2018;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 ~ ~ Augustine Chow (3)~ Rh **Robert W. Hooper (4)~ > **Alberto Martinez (5)~ Y **Frederick J. Fritz (6)~  **Donald P. Braun (7)~  **Andreas Voss (8)~  **Michael H. Tardugno (9)~ [  **Jeffrey W. Church (10)~  **Nicholas Borys (11)~  **Khursheed Anwer (12)~ X **3+Directors and Executive Officers as a group~ ";333333@ %(10 persons) (13)$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/D lth\PFjDn~$5xP=PF0*8X> @           l   o  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? SCHEDULE 14ANA TO BE HELD TUESDAY MAY 15 2018!THIS PROXY STATEMENT IS FURNISHTABLE OF CONTENTS!NUMBER OF SHARES OF COMMON STOC NO TITLE (1)!THE ELECTION OF ALL NOMINEES NA!8 Continuing Class I Director N!2017 DIRECTOR COMPENSATION TABL2017 DIRECTOR C (1)Summary CompensationIncentive CompensationIncentive Compe (1)Summary Compens (1)Stock Option GrantsOutstanding Equity Awards NO TITLE (2)!29 Potential Payments Upon Term29 Potential Payments (1)!30 Equity Compensation Plan InfFEES!34 Potential Dilution and Burn !WHERE YOU CAN FIND ADDITIONAL IU } $ } U} =       CELSION CORPDEF 14A 03/30/2018NO 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 17,740,035 shares of common stock)!outstanding as of March 30, 2018.$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/Dl{*o3x-HS!h\P(=PF0*8X> @ l  C|ц  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? SCHEDULE 14ANA TO BE HELD TUESDAY MAY 15 2018!THIS PROXY STATEMENT IS FURNISHTABLE OF CONTENTS!NUMBER OF SHARES OF COMMON STOC NO TITLE!THE ELECTION OF ALL NOMINEES NA!8 Continuing Class I Director N!2017 DIRECTOR COMPENSATION TABL2017 DIRECTOR C (1)Summary CompensationIncentive CompensationIncentive Compe (1)Summary Compens (1)Stock Option GrantsOutstanding Equity Awards NO TITLE (2)!29 Potential Payments Upon Term29 Potential Payments (1)!30 Equity Compensation Plan InfFEES!34 Potential Dilution and Burn !WHERE YOU CAN FIND ADDITIONAL IU } $ } } 2 C      CELSION CORPDEF 14A 03/30/2018NO TITLE ( 3).&Includes 21,617 shares of common stock  1 )underlying options and warrants currently  1 )exercisable or exercisable within 60 days   of March 30, 2018.     ( 4). &Includes 18,760 shares of common stock1)underlying options and warrants currently1)exercisable or exercisable within 60 daysof March 30, 2018. ( 5).&Includes 18,522 shares of common stock0(underlying options currently exercisable2*or exercisable within 60 days of March 30,~  ( 6).&Includes 18,379 shares of common stock0(underlying options currently exercisable2*or exercisable within 60 days of March 30,~  ( 7).&Includes 10,327 shares of common stock0(underlying options currently exercisable2*or exercisable within 60 days of March 30,~ Dl{-]9Q]w+E !"#$%&'()*+,-./0123456789:;<=>?   ! !( 8).!&Includes 10,327 shares of common stock""0"(underlying options currently exercisable##2#*or exercisable within 60 days of March 30,$$~ $%%%& &( 9)/&'Includes 151,964 shares of common stock''0'(underlying options currently exercisable((2(*or exercisable within 60 days of March 30,))~ )***+ +(1 0).+&Includes 42,808 shares of common stock,,1,)underlying options and warrants currently--1-)exercisable or exercisable within 60 days...of March 30, 2018.///0 0(1 1).0&Includes 42,904 shares of common stock1101(underlying options currently exercisable2222*or exercisable within 60 days of March 30,33~ 34445 5(1 2).5&Includes 19,196 shares of common stock6606(underlying options currently exercisable7727*or exercisable within 60 days of March 30,88~ 8999: :(1 3)/:'Includes 354,804 shares of common stock;;1;)underlying options and warrants currently<<1<)exercisable or exercisable within 60 days===of March 30, 2018.>?D lB[w(X4K%f~1@AB$@____________________________1A)Created by Morningstar Document Research.0B(http://documentresearch.morningstar.com/ (=PF0*8X> @BBAA@@ l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? SCHEDULE 14ANA TO BE HELD TUESDAY MAY 15 2018!THIS PROXY STATEMENT IS FURNISHTABLE OF CONTENTS!NUMBER OF SHARES OF COMMON STOC NO TITLE NO TITLE (1)!8 Continuing Class I Director N!2017 DIRECTOR COMPENSATION TABL2017 DIRECTOR C (1)Summary CompensationIncentive CompensationIncentive Compe (1)Summary Compens (1)Stock Option GrantsOutstanding Equity Awards NO TITLE (2)!29 Potential Payments Upon Term29 Potential Payments (1)!30 Equity Compensation Plan InfFEES!34 Potential Dilution and Burn !WHERE YOU CAN FIND ADDITIONAL IU } } $ } } $ } 6}        CELSION CORPDEF 14A 03/30/20181)THE ELECTION OF ALL NOMINEES NAMED ABOVE. NAME AGE POSITION(S) CLASS       Michael H. Tardugno  6 7 / 'Chairman, President and Chief Executive III     Officer Robert W. Hooper  7 1  Director II! Alberto R. Martinez, M.D.  6 8  Director IIAugustine Chow, Ph.D. 6 5Director IFrederick J. Fritz 6 7Director IDonald P. Braun, Ph.D. 6 8Director IIIAndreas Voss, M.D. 5 9Director III"Khursheed Anwer, Ph.D. MBA 5 85-Executive Vice President and Chief ScientificOfficerNicholas Borys, M.D. 5 8/'Senior Vice President and Chief MedicalOfficerJeffrey W. Church 6 11)Senior Vice President and Chief FinancialOfficer$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/< ~rfZ+FrO =PF0*8X> @ l  >  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? SCHEDULE 14ANA TO BE HELD TUESDAY MAY 15 2018!THIS PROXY STATEMENT IS FURNISHTABLE OF CONTENTS!NUMBER OF SHARES OF COMMON STOC NO TITLE NO TITLE (1)!THE ELECTION OF ALL NOMINEES NA!2017 DIRECTOR COMPENSATION TABL2017 DIRECTOR C (1)Summary CompensationIncentive CompensationIncentive Compe (1)Summary Compens (1)Stock Option GrantsOutstanding Equity Awards NO TITLE (2)!29 Potential Payments Upon Term29 Potential Payments (1)!30 Equity Compensation Plan InfFEES!34 Potential Dilution and Burn !WHERE YOU CAN FIND ADDITIONAL IU } $ } $} U5       CELSION CORPDEF 14A 03/30/2018E=8 Continuing Class I Director Nominees (Term Expires in 2020) ?,$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/,|j^RFcfZN&=PF0*8X> @ l  P  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? SCHEDULE 14ANA TO BE HELD TUESDAY MAY 15 2018!THIS PROXY STATEMENT IS FURNISHTABLE OF CONTENTS!NUMBER OF SHARES OF COMMON STOC NO TITLE NO TITLE (1)!THE ELECTION OF ALL NOMINEES NA!8 Continuing Class I Director N2017 DIRECTOR C (1)Summary CompensationIncentive CompensationIncentive Compe (1)Summary Compens (1)Stock Option GrantsOutstanding Equity Awards NO TITLE (2)!29 Potential Payments Upon Term29 Potential Payments (1)!30 Equity Compensation Plan InfFEES!34 Potential Dilution and Burn !WHERE YOU CAN FIND ADDITIONAL IU } } $ }  } $ } $}  $ } } $ }  } $       CELSION CORPDEF 14A 03/30/2018( 2017 DIRECTOR COMPENSATION TABLE Name Fees Earned Stock Grants   Option Awards   Total ($)  ~   ~    ($) (1) Augustine Chow ~ q   $?  ~ bp  ~ b  Robert W. Hooper  ~     ?   ~    ~ N  Alberto R. Martinez  ~ q    ?   ~    ~ y  Frederick J. Fritz  ~     ?   ~    ~ ~ Donald P. Braun~ R! ?  ~  "  ~ r Andreas Voss~ q ?  ~  "  ~ 6$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/.O {ocm=PF0*8X> @r        l  ^  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? SCHEDULE 14ANA TO BE HELD TUESDAY MAY 15 2018!THIS PROXY STATEMENT IS FURNISHTABLE OF CONTENTS!NUMBER OF SHARES OF COMMON STOC NO TITLE NO TITLE (1)!THE ELECTION OF ALL NOMINEES NA!8 Continuing Class I Director N!2017 DIRECTOR COMPENSATION TABLSummary CompensationIncentive CompensationIncentive Compe (1)Summary Compens (1)Stock Option GrantsOutstanding Equity Awards NO TITLE (2)!29 Potential Payments Upon Term29 Potential Payments (1)!30 Equity Compensation Plan InfFEES!34 Potential Dilution and Burn !WHERE YOU CAN FIND ADDITIONAL IU } } $ }  } U} $ } } } $       CELSION CORPDEF 14A 03/30/2018( 2017 DIRECTOR COMPENSATION TABLE.&Non-Employee Director Stock Option and   Grant Awards Table      Exercise  Grant  Expiration  Grant     Number of   Price  Date Date  Date Name  Options         Fair   Granted         ValueAugustine Chow~ z{~ Q@  5/30/2017  5/30/2027  (\@     Robert W. Hooper~ N~ Q@  5/30/2017  5/30/2027  (\@     Alberto R. Martinez~ N~ Q@  5/30/2017  5/30/2027  (\@     Frederick J. Fritz~ N~ Q@  5/30/2017  5/30/2027  (\@     Donald P. Braun~ R~ Q@  5/30/2017  5/30/2027  (\@      Andreas Voss~ R~ Q@  5/30/2017  5/30/2027  (\@$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/@D{oc +RPGz=PF0*8X> @             l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? SCHEDULE 14ANA TO BE HELD TUESDAY MAY 15 2018!THIS PROXY STATEMENT IS FURNISHTABLE OF CONTENTS!NUMBER OF SHARES OF COMMON STOC NO TITLE NO TITLE (1)!THE ELECTION OF ALL NOMINEES NA!8 Continuing Class I Director N!2017 DIRECTOR COMPENSATION TABL2017 DIRECTOR C (1)Incentive CompensationIncentive Compe (1)Summary Compens (1)Stock Option GrantsOutstanding Equity Awards NO TITLE (2)!29 Potential Payments Upon Term29 Potential Payments (1)!30 Equity Compensation Plan InfFEES!34 Potential Dilution and Burn !WHERE YOU CAN FIND ADDITIONAL IU } 1} $} :       CELSION CORPDEF 14A 03/30/2018Summary Compensation ?4,The program is intended to attract, motivate  1 )and retain talented executives with total  / 'compensation that is competitive within  8 0the drug d evelopment and broader pharmaceutical  # and biotechnology industry; $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/(T{o2=PF0*8X> @ l  M  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? SCHEDULE 14ANA TO BE HELD TUESDAY MAY 15 2018!THIS PROXY STATEMENT IS FURNISHTABLE OF CONTENTS!NUMBER OF SHARES OF COMMON STOC NO TITLE NO TITLE (1)!THE ELECTION OF ALL NOMINEES NA!8 Continuing Class I Director N!2017 DIRECTOR COMPENSATION TABL2017 DIRECTOR C (1)Summary CompensationIncentive Compe (1)Summary Compens (1)Stock Option GrantsOutstanding Equity Awards NO TITLE (2)!29 Potential Payments Upon Term29 Potential Payments (1)!30 Equity Compensation Plan InfFEES!34 Potential Dilution and Burn !WHERE YOU CAN FIND ADDITIONAL IU } } $ }  } $ } U} $} $ } } $ }  } $       CELSION CORPDEF 14A 03/30/2018Incentive Compensation Name/'Annual Incentive Target for Entire 2017/'Annual Incentive Target for Entire 2017 ) !Annual Incentive Award for Entire  Annual Incentive   Year   Year    2017 Year  $ Awarded for Entire 2017 Year  ~    (% of Base Salary)  ~    (% of Base Salary) Michael H. Tardugno ~ Q   ~  % ~ :    `Q@ % Khursheed Anwer  ~    ~  %  ~    ~ j % Nicholas Borys  ~ `    ~  %  ~ P    333333?@ %Jeffrey W. Church~ h~  %  ~  r  ffffff<@ %$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/,|ymN7L@4 =PF0*8X> @         l  '~  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? SCHEDULE 14ANA TO BE HELD TUESDAY MAY 15 2018!THIS PROXY STATEMENT IS FURNISHTABLE OF CONTENTS!NUMBER OF SHARES OF COMMON STOC NO TITLE NO TITLE (1)!THE ELECTION OF ALL NOMINEES NA!8 Continuing Class I Director N!2017 DIRECTOR COMPENSATION TABL2017 DIRECTOR C (1)Summary CompensationIncentive CompensationSummary Compens (1)Stock Option GrantsOutstanding Equity Awards NO TITLE (2)!29 Potential Payments Upon Term29 Potential Payments (1)!30 Equity Compensation Plan InfFEES!34 Potential Dilution and Burn !WHERE YOU CAN FIND ADDITIONAL IU } $ } $} 6 '      CELSION CORPDEF 14A 03/30/2018Incentive 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) (30%).   ~  .&Research and Development objectives to3+initiate a Phase II study for the treatment3+of recurrent chest wall (RCW) breast cancer/'in Europe (the EU-Dignity Study) (15%).~ -%Research and Development objective to-%complete preclinical proof-of-concept2*studies using ThermoDox? for the treatmentof bladder cancer (5%).~ -%Research and Development objective to4,execute a neoadjuvant Phase I Study of GEN-10(in ovarian cancer (the OVATION Study) to.&establish the dose for future clinicalstudies (1 5%).~ -%Research and Development objective to5-file a follow-on Phase I/II Study protocol ofD^ lym!<E @&&%%$$ l  a  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? SCHEDULE 14ANA TO BE HELD TUESDAY MAY 15 2018!THIS PROXY STATEMENT IS FURNISHTABLE OF CONTENTS!NUMBER OF SHARES OF COMMON STOC NO TITLE NO TITLE (1)!THE ELECTION OF ALL NOMINEES NA!8 Continuing Class I Director N!2017 DIRECTOR COMPENSATION TABL2017 DIRECTOR C (1)Summary CompensationIncentive CompensationIncentive Compe (1)Stock Option GrantsOutstanding Equity Awards NO TITLE (2)!29 Potential Payments Upon Term29 Potential Payments (1)!30 Equity Compensation Plan InfFEES!34 Potential Dilution and Burn !WHERE YOU CAN FIND ADDITIONAL IU } <(} }  $ } } $       CELSION CORPDEF 14A 03/30/2018Summary CompensationName and YearSalary    Stock Option Non-Equity All Other Total ($)  Principal          Awards   Awards   Incentive Plan    Compensation Position       Bonus   ( 1 )  ~     Compensation  ~                    ~                                Michael H. Tardugno (4)~  ~    $?   $?  ~   ~ :  ~   ~ JO !Chairman, President & CEO~ ~ f~ $?  ~   ~  ~ 4~ *~ D     )!Khursheed Anwer ( 5 )( 6 )~ ~ * ~ '     $? ~ ~ ~ 2u~ $Executive VP & CSO~ ~  $?    $? ~ ~ ~ 2u~      Nicholas Borys ( 7 )~ ~ ^% $?     ? ~ ~ P~ ~ z%Senior VP & CMO~ ~ . $?   ~  b ~ ~ z~ ~ "     Jeffrey W. Church~ ~ " $?    $? ~ ~ r $?~ F!Senior VP & CFO~ ~ m $?  ~  b ~ ~ ;~ -~  $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/>o0{o"[q;N~rf>=PF0*8X> @JI                     l  "$%  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? SCHEDULE 14ANA TO BE HELD TUESDAY MAY 15 2018!THIS PROXY STATEMENT IS FURNISHTABLE OF CONTENTS!NUMBER OF SHARES OF COMMON STOC NO TITLE NO TITLE (1)!THE ELECTION OF ALL NOMINEES NA!8 Continuing Class I Director N!2017 DIRECTOR COMPENSATION TABL2017 DIRECTOR C (1)Summary CompensationIncentive CompensationIncentive Compe (1)Summary Compens (1)Outstanding Equity Awards NO TITLE (2)!29 Potential Payments Upon Term29 Potential Payments (1)!30 Equity Compensation Plan InfFEES!34 Potential Dilution and Burn !WHERE YOU CAN FIND ADDITIONAL IU } } $ } } $ }  } $ "      CELSION CORPDEF 14A 03/30/2018Stock Option Grants Name Grant Date Estimated   All other   All OtherExercise 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-    ($/Share)   Option Plan  of Stock   lyingAwardsAwards   (#)  Options($) (3)Target     ( #)(2)($) (1)Michael H. Tardugno N/A~ Q      5/30/2017     ~  Q@~      Khursheed Anwer N/A~       5/30/2017     ~ jTQ@~      Nicholas Borys N/A~ `       5/30/2017     ~ Q@~      Jeffrey W. Church N/A~ h      5/30/2017     ~ Q@~ $____________________________Dsl|pVQH@:0)"m_DhMA !1 )Created by Morningstar Document Research.0!(http://documentresearch.morningstar.com/=PF0*8X> @=!!                         l  1AGN  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? SCHEDULE 14ANA TO BE HELD TUESDAY MAY 15 2018!THIS PROXY STATEMENT IS FURNISHTABLE OF CONTENTS!NUMBER OF SHARES OF COMMON STOC NO TITLE NO TITLE (1)!THE ELECTION OF ALL NOMINEES NA!8 Continuing Class I Director N!2017 DIRECTOR COMPENSATION TABL2017 DIRECTOR C (1)Summary CompensationIncentive CompensationIncentive Compe (1)Summary Compens (1)Stock Option Grants NO TITLE (2)!29 Potential Payments Upon Term29 Potential Payments (1)!30 Equity Compensation Plan InfFEES!34 Potential Dilution and Burn !WHERE YOU CAN FIND ADDITIONAL IU } }  } $ }  } $ } 0} $ } U} $ }  } $ 1      CELSION CORPDEF 14A 03/30/2018!Outstanding Equity Awards Option Awards Name Grant  No. of   No. of Securities     Option  Option   Date   Securities    Underlying     Exercise   Expiration     Underlying    Unexercised     Price  Date     Unexercised    Options (#)    ~      Options (#)    Unexercisable ExercisableMichael H. Tardugno5/6/2013~ 1 ?    ףp= N@5/6/2023 2/11/2014~ 1 ?    QI@ 2/11/2024 6/20/2014~ ޜ ?   ~   6/20/2024 3/17/2015~ B ?    fffff&A@ 3/17/2025 6/19/2015~ H ?    {G@@ 6/19/20252/2/2016~ o~ 7~     Q2@2/2/20269/6/2016~  ?    Gz1@9/6/2026 5/30/2017~ Zb~ ^b~     Q@ 5/30/2027     Khursheed Anwer 6/20/2014~ #~ #~    ~   6/20/2024 3/17/2015~ ~ ~     fffff&A@ 3/17/20252/2/2016~ ~ ~     Q2@2/2/2026 5/30/2017~ 6~ 6~     Q@ 5/30/2027     Nicholas Borys5/6/2013~  ?    ףp= N@5/6/2023 2/11/2014~ , ?    QI@ 2/11/2024 6/20/2014~ 7 ?   ~   6/20/2024Dlvj-M{ fz6]2f !"#$%&'()*+,-./0   3/17/2015  ~ 7   ?     fffff&A@   3/17/2025 !!2/2/2016!!~ !6%!!~ !!~ ! ! ! ! Q2@!!2/2/2026!""9/6/2016""~ "f-"" "?"" " " " Gz1@""9/6/2026"## 5/30/2017##~ #v{##~ #z{#~ # # # # Q@## 5/30/2027#$$$$$$$$$$ $ $ $ $ $$$%Jeffrey W. Church%5/6/2013%%~ %%% %?%% % % % ףp= N@%%5/6/2023%&& 2/11/2014&&~ &,&& &?&& & & & QI@&& 2/11/2024&'' 6/20/2014''~ 'B'' '?'' ' ' ~ ' '' 6/20/2024'(( 3/17/2015((~ (7(( (?(( ( ( ( fffff&A@(( 3/17/2025())2/2/2016))~ ),))~ )R)~ ) ) ) ) Q2@))2/2/2026)**9/6/2016**~ * ** *?** * * * Gz1@**9/6/2026*++ 5/30/2017++~ +v{++~ +z{+~ + + + + Q@++ 5/30/2027+,-$.____________________________1/)Created by Morningstar Document Research.00(http://documentresearch.morningstar.com/&A @%Ip*Os|=PF0*8X> @B(00//..++ ** )) (( '' && %% ## "" !!                       l  \  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? SCHEDULE 14ANA TO BE HELD TUESDAY MAY 15 2018!THIS PROXY STATEMENT IS FURNISHTABLE OF CONTENTS!NUMBER OF SHARES OF COMMON STOC NO TITLE NO TITLE (1)!THE ELECTION OF ALL NOMINEES NA!8 Continuing Class I Director N!2017 DIRECTOR COMPENSATION TABL2017 DIRECTOR C (1)Summary CompensationIncentive CompensationIncentive Compe (1)Summary Compens (1)Stock Option GrantsOutstanding Equity Awards!29 Potential Payments Upon Term29 Potential Payments (1)!30 Equity Compensation Plan InfFEES!34 Potential Dilution and Burn !WHERE YOU CAN FIND ADDITIONAL IU } $ } U} y<       CELSION CORPDEF 14A 03/30/2018NO 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. ~ 1 )Each of these stock option grants vest in0(three installments, with one-half of the2*grant vesting on the date of grant and the:2remainder vesting in two equal annual installments"of one-quarter 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 7,5001)installments 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/BX{+;_}(;W=PF0*8X> @ l  j  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? SCHEDULE 14ANA TO BE HELD TUESDAY MAY 15 2018!THIS PROXY STATEMENT IS FURNISHTABLE OF CONTENTS!NUMBER OF SHARES OF COMMON STOC NO TITLE NO TITLE (1)!THE ELECTION OF ALL NOMINEES NA!8 Continuing Class I Director N!2017 DIRECTOR COMPENSATION TABL2017 DIRECTOR C (1)Summary CompensationIncentive CompensationIncentive Compe (1)Summary Compens (1)Stock Option GrantsOutstanding Equity Awards NO TITLE (2)29 Potential Payments (1)!30 Equity Compensation Plan InfFEES!34 Potential Dilution and Burn !WHERE YOU CAN FIND ADDITIONAL IU } 0}  $ } $} $       CELSION CORPDEF 14A 03/30/2018C;29 Potential Payments Upon Termination or Change in Control0(Severance Benefi ts (Outside of a ChangeContinuation of     Total   Cash    Health/Life     in Control)   Severance   Benefit   Equity            Acceleration Name                 Michael H. Tardugno~ Q~     ?  ~ v. Khursheed Anwer~ J~ F    ?  ~ Nicholas Borys~ θ ~ :    ?  ~ Y Jeffrey W. Church~  ~ j    ?  ~ V $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/2v l`THph:|=PF0*8X> @     l  w  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? SCHEDULE 14ANA TO BE HELD TUESDAY MAY 15 2018!THIS PROXY STATEMENT IS FURNISHTABLE OF CONTENTS!NUMBER OF SHARES OF COMMON STOC NO TITLE NO TITLE (1)!THE ELECTION OF ALL NOMINEES NA!8 Continuing Class I Director N!2017 DIRECTOR COMPENSATION TABL2017 DIRECTOR C (1)Summary CompensationIncentive CompensationIncentive Compe (1)Summary Compens (1)Stock Option GrantsOutstanding Equity Awards NO TITLE (2)!29 Potential Payments Upon Term!30 Equity Compensation Plan InfFEES!34 Potential Dilution and Burn !WHERE YOU CAN FIND ADDITIONAL IU } +}  $ } $} $       CELSION CORPDEF 14A 03/30/2018C;29 Potential Payments Upon Termination or Change in Control,$Change of Control Severance Benefits CashContinuation of  Equity   Total    Severance    Health/Life    Acceleration Name      Benefit                  Michael H. Tardugno ~ RF}  ~ ¹    ?  ~   Nicholas Borys ~ nA  ~     ?  ~ N%D Jeffrey W. Church~ *:~ u    ?  ~ R=$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/,|l`THj4th\4=PF0*8X> @            l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? SCHEDULE 14ANA TO BE HELD TUESDAY MAY 15 2018!THIS PROXY STATEMENT IS FURNISHTABLE OF CONTENTS!NUMBER OF SHARES OF COMMON STOC NO TITLE NO TITLE (1)!THE ELECTION OF ALL NOMINEES NA!8 Continuing Class I Director N!2017 DIRECTOR COMPENSATION TABL2017 DIRECTOR C (1)Summary CompensationIncentive CompensationIncentive Compe (1)Summary Compens (1)Stock Option GrantsOutstanding Equity Awards NO TITLE (2)!29 Potential Payments Upon Term29 Potential Payments (1)FEES!34 Potential Dilution and Burn !WHERE YOU CAN FIND ADDITIONAL IU } 0.} $ }  } U} $ } $}  $ } } U                                 CELSION CORPDEF 14A 03/30/2018G?30 Equity Compensation Plan Information as of December 31, 2017 Plan CategoryNumber of securities Weighted-   Number of    to be issued upon   average    Securities   exercise of outstanding   exercise price    remaining   options, warrants and   of outstanding    available for    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~ J*~ Gz$@  ~  '~  security holders.&Equity compensation plans not approved ? ?    ? by security holders     Total~ J*Gz$@  ~   $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/@8 Dh\PD qH*c#h=PF0*8X> @                 l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? SCHEDULE 14ANA TO BE HELD TUESDAY MAY 15 2018!THIS PROXY STATEMENT IS FURNISHTABLE OF CONTENTS!NUMBER OF SHARES OF COMMON STOC NO TITLE NO TITLE (1)!THE ELECTION OF ALL NOMINEES NA!8 Continuing Class I Director N!2017 DIRECTOR COMPENSATION TABL2017 DIRECTOR C (1)Summary CompensationIncentive CompensationIncentive Compe (1)Summary Compens (1)Stock Option GrantsOutstanding Equity Awards NO TITLE (2)!29 Potential Payments Upon Term29 Potential Payments (1)!30 Equity Compensation Plan Inf!34 Potential Dilution and Burn !WHERE YOU CAN FIND ADDITIONAL IU } } $ }  } $ } $} $} $ } } $ } $} $       CELSION CORPDEF 14A 03/30/2018 FEES~  ~    FEE CATEGORY  AMOUNT   % OF   AMOUNT   % OF        TOTAL       TOTAL  Audit Fees ~ BL   ~ f % ~     ~ j % A udit Related Fees  ~     ~ "   ~    ~   Tax Fees  ~    ~    ~    ~  All Other Fees ? ?    ?   ? Total Fees~ ~  % ~  J)   ~  %$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/.'k .P|pH=PF0*8X> @z        l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? SCHEDULE 14ANA TO BE HELD TUESDAY MAY 15 2018!THIS PROXY STATEMENT IS FURNISHTABLE OF CONTENTS!NUMBER OF SHARES OF COMMON STOC NO TITLE NO TITLE (1)!THE ELECTION OF ALL NOMINEES NA!8 Continuing Class I Director N!2017 DIRECTOR COMPENSATION TABL2017 DIRECTOR C (1)Summary CompensationIncentive CompensationIncentive Compe (1)Summary Compens (1)Stock Option GrantsOutstanding Equity Awards NO TITLE (2)!29 Potential Payments Upon Term29 Potential Payments (1)!30 Equity Compensation Plan InfFEES!WHERE YOU CAN FIND ADDITIONAL IU } $4} $ }  } $ }  } $                        CELSION CORPDEF 14A 03/30/2018+#34 Potential Dilution and Burn RateAs of December 31, 2017As of March 30, 2018         3 +Shares subject to outstanding stock options  ~ J*   ~ #          0 (Shares subject to outstanding restricted  ~    ~  . &stock and restricted stock unit awards-%Shares available for new award grants~ N&~ "$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/.xl`un8c=PF0*8X> @* l  I  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? SCHEDULE 14ANA TO BE HELD TUESDAY MAY 15 2018!THIS PROXY STATEMENT IS FURNISHTABLE OF CONTENTS!NUMBER OF SHARES OF COMMON STOC NO TITLE NO TITLE (1)!THE ELECTION OF ALL NOMINEES NA!8 Continuing Class I Director N!2017 DIRECTOR COMPENSATION TABL2017 DIRECTOR C (1)Summary CompensationIncentive CompensationIncentive Compe (1)Summary Compens (1)Stock Option GrantsOutstanding Equity Awards NO TITLE (2)!29 Potential Payments Upon Term29 Potential Payments (1)!30 Equity Compensation Plan InfFEES!34 Potential Dilution and Burn U } } $ } m)       CELSION CORPDEF 14A 03/30/20181)WHERE YOU CAN FIND ADDITIONAL INFORMATIONMarch 30, 2018*"By Order of the Board of Directors      /s/ Jeffrey W. Church   Jeffrey W Church   Corporate Secretary $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/(T~rfZu>2&=PF0*8X> @ Root Entry FBook  ά  !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~