Document:

Employment
Agreement

 

This
Employment Agreement (“Agreement”), dated August 16, 2017 and effective as of the Commencement Date (as defined
below), is entered into between Motus GI Medical Technologies Ltd., a Delaware corporation, having its corporate headquarters
at 1301 East Broward Blvd, Fort Lauderdale, Florida (“Company”), and Andrew Taylor, an individual residing
at 816 Winter Road, Rydal, PA 19046 (“Executive”) (Company and Executive, each a “Party”
and together, the “Parties”).

 

WHEREAS,
Company desires to employ Executive as its Chief Financial Officer; and

 

WHEREAS,
Executive is willing to accept such employment on the terms and conditions set forth in this Agreement.

 

NOW,
THEREFORE, in consideration of the mutual agreements set forth herein, Company and Executive hereby agree as follows:

 

ARTICLE
I

EMPLOYMENT;
POSITION, DUTIES AND RESPONSIBILITIES

 

1.01
Employment and Acceptance. Company agrees to, and does hereby, employ Executive, and Executive agrees to, and does hereby
accept, such employment, upon the terms and subject to the conditions set forth in this Agreement.

 

1.02
Position, Duties and Responsibilities. During the Term (as defined in Section 2.01 below), Executive shall serve as Chief
Financial Officer of Company as well as in such other positions or capacities as may be reasonably requested by the Board of Directors
of Company (the “Board”) or the Chief Executive Officer of Company (the “CEO”) and shall
have such duties and responsibilities as are customary for, and are consistent with, such position(s) as may, from time to time,
be assigned by the Board, the CEO and/or any of their respective nominees. Executive’s employment by Company shall be full-time
and exclusive to Company and Executive shall (a) report to Company’s CEO, (b) comply with Company’s policies and procedures
in place from time to time, and (c) serve Company faithfully and to the best of Executive’s ability. During the Term, and
except for paid time off in accordance with the terms of Section 3.01(G) below or absences due to illness or incapacity, Executive
shall devote all of Executive’s business time, attention, skill and efforts exclusively to the business and affairs of Company
(including its affiliates) and the promotion of its interests. Notwithstanding anything contained herein to the contrary, Executive
may do the following, provided that such activities do not inhibit or prohibit the performance of Executive’s duties hereunder
or inhibit or conflict with the business of Company and/or its affiliates: (i) engage in charitable, educational, religious, civic
and similar types of activities and manage Executive’s personal investments, and (ii) with consent of the Board which shall
not be unreasonably withheld, serve on the board of directors, managers, advisors (or their equivalent) of outside business enterprises
for up to 30 hours in the aggregate per calendar quarter (including but not limited to AngelMed, GenPro, and eNeura). Executive
shall be required to spend on average eight days per month at the Company’s corporate offices in either Florida or Israel
including travel. Executive acknowledges that he shall be required to travel as reasonably necessary to perform Executive’s
duties hereunder, including international travel.

 

    	 

    	 

    

 

ARTICLE
II

TERM

 

2.01
Term of Employment. Executive’s employment under this Agreement shall commence on August 16, 2017 (the “Commencement
Date”) and shall continue for two years, unless terminated sooner by either Company or Executive pursuant to Article
IV hereof. The Term shall thereafter be deemed to be automatically extended, upon the same terms and conditions, for successive
periods of one year, unless either Party, at least one hundred twenty (120) days prior to the expiration of the original term
or any extended term, shall give written notice to the other of its intention not to renew such employment term. The period during
which Executive is employed pursuant to this Agreement, including any extension thereof in accordance with the preceding sentence,
shall be referred to as the “Term.” It is understood and agreed that, for purposes of this Agreement, the non-renewal
of this Agreement by either party shall not be deemed to be a termination of Executive’s employment hereunder without “Cause”
(as defined below).

 

ARTICLE
III

COMPENSATION
AND BENEFITS; EXPENSES

 

3.01
Compensation and Benefits. For all services rendered by Executive in any capacity during the Term (including, without limitation,
serving as an officer, director or member of any committee of Company or any affiliate or division thereof), Executive shall be
compensated as follows (subject, in each case, to the provisions of Article IV below):

 

(A)
Base Salary. During the Term, Company shall pay to Executive a base salary at the initial rate of $295,000 on an annualized
basis (the “Base Salary”). As used in this Agreement, the term “Base Salary” shall refer
to Base Salary as may be adjusted from time to time with the consent of the Company and the Executive. Base Salary shall be payable
in accordance with the customary payroll practices of Company.

 

(B)
Starting Bonus. Executive shall be eligible to receive a starting bonus of $15,000.00 payable on the next regular paydate
following the six month anniversary of the Commencement Date, provided Executive is actively employed in good standing on such
date.

 

(C)
Relocation Bonus. The Company agrees to reimburse the Executive for reasonable and customary expenses that the Executive
incurs through the twenty-fourth month anniversary of the Commencement Date, in an amount up to $35,000, if Executive elects to
relocate to Florida and upon presentation of receipts associated with Executive’s relocation to Florida.

 

(D)
First Year Bonus. Executive shall be eligible to receive a bonus of up to $30,000.00 payable on the next regular paydate
following the one year anniversary of the Commencement Date (the “First Year Bonus”), provided Executive is
actively employed in good standing on such date. Seventy percent (70%) of the First Year Bonus shall be based upon the Company’s
determination of whether the Company has achieved certain designated milestones (such milestones to be communicated to Executive
in advance of the Commencement Date) and thirty percent (30%) of the First Year Bonus shall be based upon the Company’s
assessment of the Executive’s performance, as determined in the Board’s discretion and judgment.

 

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(E)
Second Year Bonus. Executive shall be eligible to receive a bonus of up to $35,000.00 payable on the next regular paydate
following the two year anniversary of the Commencement Date (the “Second Year Bonus”), provided Executive is
actively employed in good standing on such date. Seventy percent (70%) of the Second Year Bonus shall be based upon the Company’s
determination of whether the Company has achieved certain designated milestones (such milestones to be communicated to Executive
in advance of Second Year) and thirty percent (30%) of the Second Year Bonus shall be based upon the Company’s assessment
of the Executive’s performance, as determined in the Board’s discretion and judgment.

 

(F)
Equity Compensation. Pursuant to the terms of the Company’s Equity Incentive Plan (the “Plan”),
Executive shall, as soon as reasonably practicable after the Commencement Date, be granted an option (the “Option”)
to purchase 240,000 shares of the Company’s common stock (the “Common Stock”). The Option shall vest
equally over three (3) years on a quarterly basis. The exercise price of the Option will be equal to the fair market value of
the Common Stock on the date of grant, as determined by the Board in a manner consistent with Section 409A of the Code. The Option
will be governed by a stock option agreement to be entered into between Executive and the Company pursuant to the Plan. Thereafter
during the Term, Executive shall be eligible to receive from time to time stock option grants and/or restricted stock awards pursuant
to the Plan in amounts, if any, to be approved by the Board or the Compensation Committee in its discretion. Such grants or awards
will be subject to the terms and conditions established within the Plan (or any successor equity compensation plan as may be in
place from time to time) and separate stock option and/or restricted stock award agreements between Company and Executive that
sets forth the terms of the award or grant. If there is a Change of Control, the Company agrees that all outstanding unvested
equity options or rights granted to the Executive during the Term shall become fully vested and exercisable for the remainder
of their full term. A “Change in Control” shall mean the consummation of any one of the following events: (a)
a sale, lease, transfer or other disposition of all or substantially all of the assets of the Company; (b) a consolidation or
merger of the Company with or into any other corporation or other entity or person, or any other corporate reorganization, in
which the stockholders of the Company immediately prior to such consolidation, merger or reorganization, own less than fifty percent
(50%) of the Company’s outstanding voting power of the surviving entity following the consolidation, merger or reorganization;
(c) any transaction (or series of related transactions involving a person or entity, or a group of affiliate persons or entities)
in which in excess of fifty percent (50%) of the Company’s then outstanding voting power is transferred, excluding any consolidation
or merger, effected exclusively to change the domicile of the Company and excluding any such change of voting power resulting
from a bona fide equity financial event or public offering of the stock of the Company.

 

    	 	-3-	 

    	 

    

 

(G)
Benefits. During the Term, Executive shall be entitled to participate in all Executive benefit plans and programs (excluding
severance plans, if any) generally made available by Company to Executives of Company, to the extent permissible under the general
terms and provisions of such plans or programs and in accordance with the provisions thereof. Company may amend, modify or rescind
any employee benefit plan or program and/or change employee contribution amounts to benefit costs without notice in its discretion.
Executive’s eligibility for severance shall be governed by the terms of this Agreement.

 

(H)
Paid Time Off (PTO). During the Term, Executive shall be entitled to paid time off in accordance with Company’s policy
in place from time to time; provided, however, that Executive shall be eligible to accrue no less than twenty (20) days
per calendar year (with such amount prorated for the balance of 2017).

 

3.02
Expenses. Executive shall be entitled to receive reimbursement from Company for reasonable out-of-pocket expenses incurred
by Executive during the Term in connection with the performance of Executive’s duties and obligations under this Agreement,
according to Company’s expense account and reimbursement policies in place from time to time and provided that Executive
shall submit reasonable documentation with respect to such expenses; provided, however, in no event shall a reimbursement
be made later than December 31 of the year following the year in which the expense was incurred. For purposes of clarity, notwithstanding
the Company’s expense account and reimbursement policies, Executive is permitted to travel by air in business class or equivalent
if the trip is international and if flight time (one-way) of such international trip is greater than six hours. Further, for all
air, lodging, ground transportation and related expenses associated with Executive’s business travel, Executive is eligible
to retain in his own personal account all points, mileage and equivalent affinity benefits associated with that travel.

 

ARTICLE
IV

TERMINATION

 

4.01
Events of Termination. This Agreement and Executive’s employment hereunder shall terminate upon the occurrence of
any one or more of the following events:

 

(A)
Death. In the event of Executive’s death, this Agreement and Executive’s employment hereunder shall automatically
terminate on the date of death.

 

(B)
Disability. To the extent permitted by law, in the event of Executive’s physical or mental disability that prevents
Executive from performing the essential functions of Executive’s duties under this Agreement (with or without reasonable
accommodation) for a period of at least ninety (90) consecutive days in any 12-month period or one hundred twenty (120) non-consecutive
days in any 12-month period, Company may terminate this Agreement and Executive’s employment hereunder upon giving written
notice of termination to Executive.

 

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(C)
Termination by Company for Cause. Company may, at its option, terminate this Agreement and Executive’s employment
hereunder for Cause (as defined below) upon giving notice of termination to Executive. As used in this Agreement, “Cause”
shall mean the termination of the Executive’s employment because of:

 

(1)
gross negligence or willful misconduct in the performance of the Executive’s duties hereunder, or if the Executive otherwise
breaches this Agreement;

 

(2)
the Executive’s failure to obey a lawful directive that is from the CEO or the Board, which failure is not cured within
15 days written notice of the alleged failure to perform;

 

(3)
a material violation of the restrictive covenants described in Article V below or of any written employee conduct policy of the
Company against workplace harassment or discrimination); or

 

(4)
conviction of a felony or other serious crime; or

 

(5)
any other act or omission that results in material harm to the business, reputation of the Company.

 

(D)
Without Cause by Company. Company may, at its option, at any time terminate this Agreement and Executive’s employment
hereunder for no reason or for any reason whatsoever (other than for Cause or as a result of Executive’s death or Disability)
by giving written notice of termination to Executive.

 

(E)
Termination by Executive. Executive may terminate this Agreement and Executive’s employment hereunder with or without
Good Reason (as defined below) by: (i) in the case of a resignation without Good Reason, giving thirty (30) days prior written
notice of termination to Company; or (ii) in the case of a resignation for Good Reason, giving written notice of resignation within
thirty (30) days after the expiration of the Good Reason Cure Period; provided, however, in each case, Company reserves
the right, upon written notice to Executive, to accept Executive’s notice of resignation and to accelerate such notice and
make Executive’s resignation effective immediately, or on such other date prior to Executive’s intended last day of
work as Executive deems appropriate. The Company’s election to accelerate Executive’s notice of resignation shall
not be deemed a termination by Company. For purposes of this Agreement, “Good Reason” means the occurrence
of any of the following circumstances without Executive’s prior express written consent: (i) a material adverse change in
the nature of Executive’s title, duties or responsibilities with the Company that represents a material demotion from his
title, duties or responsibilities as in effect immediately prior to such change; (ii) a material breach of this Agreement by the
Company; (iii) a failure by the Company to make any payments to Executive when due, unless the payment is not material and is
being contested by the Company, in good faith; (iv) the Company’s performance of any illegal or civilly actionable act that
materially damages Executive’s reputation or is considered harassment under applicable law; (v) any material reduction of
the Executive’s then current annual Base Salary except to the extent that the annual Base Salary of all other similarly
situated employees of the Company or its successor is similarly reduced; (vi) any requirement that the Executive relocate to a
work site that is more than fifty miles from his home; or (vii) a liquidation, bankruptcy or receivership of the Company. Notwithstanding
the foregoing, no Good Reason shall be deemed to exist with respect to the Company’s acts described in clause (i) above,
unless Executive shall have given written notice to the company specifying the Good Reason with reasonable particularity within
(ninety) 90 days after the date Executive first knew or should reasonably have known of the occurrence of any such event and,
within fifteen (15) days after such notice, the Company shall not have cured or eliminated the problem or thing giving rise to
such Good Reason; provided, however, that a repeated breach after notice and cure of any provision of clause (i)
above involving the same or substantially similar actions or conduct, shall be grounds for termination for Good Reason without
any additional notice from Executive. If Executive fails to provide the notice and Good Reason Cure Period prior to Executive’s
resignation, or resigns more than ninety (90) days after the initial existence of the condition, Executive’s resignation
will not be deemed to be for “Good Reason” and any claim of such circumstances as “Good Reason” shall
be deemed irrevocably waived by Executive.

 

    	 	-5-	 

    	 

    

 

(F)
Mutual Agreement. This Agreement and Executive’s employment hereunder may be terminated at any time by the mutual
agreement of Company and Executive.

 

4.02
Company’s Obligations upon Termination.

 

(A)
Termination by Company for Cause; Termination by Executive without Good Reason; Mutual Agreement; Death; Disability. In
the event of a termination of this Agreement and Executive’s employment hereunder pursuant to Sections 4.01(A), 4.01(B),
4.01(C), 4.01(E) (other than a termination for Good Reason), or 4.01(F) above, then this Agreement and Executive’s employment
with Company shall terminate and Company’s sole obligation to Executive (or Executive’s estate, heirs, executors,
administrators, representatives and assigns) under this Agreement or otherwise shall be to: (i) pay to Executive (or, if applicable,
Executive’s estate) any Base Salary earned, but not yet paid, prior to the effective date of such termination, payable in
accordance with Company’s standard payroll practices; (ii) reimburse Executive (or, if applicable, Executive’s estate)
for any expenses incurred by Executive through the effective date of such termination in accordance with Section 3.02 above; and
(iii) pay and/or provide any amounts or benefits that are vested amounts or vested benefits or that Executive is otherwise entitled
to receive under any plan, program, policy or practice (with the exception of those, if any, relating to severance) on the date
of termination, in accordance with such plan, program, policy, or practice (including payment for unused, accrued vacation) (clauses
(i), (ii) and (iii) of this sentence are collectively referred to herein as the “Accrued Obligations”).

 

(B)
Termination by Company without Cause; Termination by Executive for Good Reason. In the event of a termination of this Agreement
and Executive’s employment hereunder by Company pursuant to Section 4.01(D) or a termination of this Agreement and Executive’s
employment hereunder by Executive for Good Reason (as defined in Section 4.01(E) above) pursuant to Section 4.01(E), then this
Agreement and Executive’s employment with Company shall terminate and Company’s sole obligation to Executive under
this Agreement or other otherwise shall be to: (i) pay and/or provide, as applicable, the Accrued Obligations in accordance with
the terms set forth in Section 4.02(A) above; and (ii) subject to Section 4.02(C) below, and provided Executive has been actively
employed in good standing for at least 91 days from the Commencement Date (a) pay to Executive an aggregate amount equal to the
Severance Payment (as defined below), (b) if Executive timely elects COBRA coverage, Company shall pay the Company portion of
Executive’s healthcare continuation payments under COBRA for a twelve (12)-month period following the date of Executive’s
termination of employment with Company during which time Executive shall be responsible for the Executive portion (unless Executive
becomes eligible to obtain healthcare coverage from a new Company before the 12-month anniversary of the termination of Executive’s
employment, in which case Company’s obligation to contribute to Executive’s health care continuation payments under
COBRA shall cease), and (c) the Company agrees to accelerate the vesting of any options that otherwise would have vested on the
last day of the calendar quarter during which the termination date occurred. Executive acknowledges that he is obligated to inform
Company if Executive obtains new employment or becomes eligible to obtain healthcare coverage from an alternate source before
the twelve (12)-month anniversary of Executive’s termination of employment.

 

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As
used in this Section 4.02(B), the term “Severance Payment” shall mean the following: (x) zero dollars if Executive
has been employed by the Company for less than 91 days; (y) continuation of Executive’s regular Base Salary for six months,
if, on the termination date, Executive has been actively employed in good standing with the Company for at least 91 days and up
to eighteen months; and (z) continuation of Executive’s regular Base Salary for nine months if, on the termination date,
Executive has been actively employed in good standing with the Company for at least eighteen months, with all amounts offset by
any subsequent salary or consulting fees that the Executive receives from any alternate source during the applicable severance
period. Subject to Section 4.02(E) below, the Severance Payment (less applicable withholdings and customary payroll deductions,
excluding 401(k) contributions) shall be payable in equal installments in accordance with Company’s customary payroll practices,
commencing on the next regular pay date following the date that the Release (as defined in Section 4.02(D) below) becomes effective
and is no longer subject to revocation; provided, however, the first payment shall include the cumulative amount of payments
that would have been paid to Executive during the period of time between the effective date of termination and the actual commencement
date of such payments had such payments commenced immediately following the effective date of Executive’s termination.

 

Notwithstanding
anything set forth in this Section 4.02(B) to the contrary, in the event of a breach by Executive under Article V of this Agreement
or the Release and in addition to any other remedies hereunder, the Release or at law or in equity, Company’s obligation
to make any remaining installments of the Severance Payment or to contribute to Executive’s health care continuation payments
under COBRA through the 12-month anniversary of the date of termination shall terminate as of the date of such breach and Company
shall have no further obligations under this Section 4.02(B) other than to pay/provide the Accrued Obligations (to the extent
not previously paid/provided) and Executive shall be required, upon demand, to return to Company fifty percent (50%) of the Severance
Payment (or installments thereof) paid by the Company pursuant to this Section 4.02(B).

 

    	 	-7-	 

    	 

    

 

(C)
Release. With the exception of Accrued Obligations, all payments and benefits to Executive pursuant to this Section 4.02
(including the Severance Payment and the contribution to the Company portion of Executive’s healthcare continuation payments
under COBRA) shall be contingent upon Executive’s execution, delivery within 21 days (or 45 days in the case of a group
termination) following receipt by Executive, and non-revocation of a general release in a form satisfactory to Company (the “Release”).
The Release will be delivered to Executive within ten (10) business days following the effective date of Executive’s termination
and will include, without limitation, a general release from all liability of Company, its affiliates and each of their respective
officers, directors, shareholders, partners, managers, agents, Executives and other related parties. Notwithstanding anything
to the contrary contained herein, in the event that any payment hereunder is contingent upon Executive’s execution and delivery
of the Release and the 21 (or 45 day) period covers more than one calendar year, the payment shall be paid in the second calendar
year (on the first regular pay date of such calendar year following the date that the Release becomes effective and is no longer
subject to revocation, all subject to Section 4.02(D) below), regardless of whether the Executive executes and delivers the Release
in the first or the second calendar year encompassed in such 21 (or 45) day period.

 

(D)
Specified Employee. If the Executive is a “specified employee” within the meaning of Section 409A of
the Internal Revenue Code of 1986, as amended (the “Code”) at the time of the Executive’s termination
of employment, amounts or benefits (including the Severance Payments) that are deferred compensation subject to Section 409A of
the Code, as determined in the reasonable discretion of the Company, that would otherwise be payable or provided during the six
month period immediately following the termination of employment will instead be paid or provided, with interest on any delayed
payment at the short-term applicable federal rate under Section 1274(d) of the Code (with monthly compounding and at the rate
published for the month prior to the month in which the Executive’s termination of employment occurs), on the first business
day after the date that is six months following the Executive’s termination of employment.

 

(E)
Removal from any Positions. If Executive’s employment is terminated for any reason under this Agreement, Executive
shall be deemed to resign from any position with Company or any affiliate of Company, including, but not limited to, as an officer
of Company or any of its affiliates.

 

ARTICLE
V

CONFIDENTIALITY,
NONCOMPETITION, NONSOLICITATION AND OTHER COVENANTS

 

5.01
Confidentiality. Executive shall be provided with access to Confidential Information relating to the Company, its business,
potential business or that of its clients and customers. “Confidential Information” includes all trade secrets,
know-how, show-how, theories, technical, operating, financial, and other business information, whether or not reduced to writing
or other medium and whether or not marked or labeled confidential, proprietary or the like, specifically including, but not limited
to, information regarding source codes, software programs, computer systems, concepts, creations, costs, plans, materials, enhancements,
research, specifications, works of authorship, techniques, documentation, models and systems, sales and pricing techniques, designs,
inventions, discoveries, products, improvements, modifications, methodology, processes, concepts, records, files, memoranda, reports,
plans, proposals, price lists, product development and project procedures. Confidential Information does not include general skills,
experience or information that is generally available to the public, other than information which has become generally available
as a result of Executive’s direct or indirect act or omission. With respect to Confidential Information of the Company and
its clients and customers:

 

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(A)
Executive will use Confidential Information only in the performance of Executive’s duties for Company. Executive will not
use Confidential Information at any time (during or after Executive’s employment with Company) for Executive’s personal
benefit, for the benefit of any other individual or entity, or in any manner adverse to the interests of Company and its clients
and customers except to the extent permitted by applicable law, including to enable Executive to exercise any protected legal
right he may have;

 

(B)
Executive will not disclose Confidential Information at any time (during or after Executive’s employment with Company) except
to authorized Company personnel, unless Company consents in advance in writing or unless the Confidential Information indisputably
becomes of public knowledge or enters the public domain (other than through Executive’s direct or indirect act or omission)
or as authorized by a court or regulatory agency.

 

(C)
Executive will safeguard the Confidential Information by all reasonable steps and abide by all policies and procedures of Company
in effect from time to time regarding storage, copying, destroying, and handling of documents; and

 

(D)
Executive will return or destroy all materials, models, software, prototypes and the like containing and/or relating to Confidential
Information, together with all other property of Company and its clients and customers, to Company when Executive’s employment
relationship with Company terminates or otherwise on demand and, at that time Executive will certify to Company, in writing and
under oath, that Executive has complied with this Agreement. Executive shall not retain any copies or reproductions of correspondence,
memoranda, reports, notebooks, drawings, photographs, databases, diskettes, or other documents or electronically stored information
of any kind relating in any way to the business, potential business or affairs of Company and its clients and customers.

 

(E)
Executive acknowledges receipt of the following notice under the Defend Trade Secrets Act: An individual will not be held criminally
or civilly liable under any federal or state trade secret law for the disclosure of a trade secret if he/she (i) makes such disclosure
in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney and such disclosure
is made solely for the purpose of reporting or investigating a suspected violation of law; or (ii) such disclosure was made in
a complaint or other document filed in a lawsuit or other proceeding if such filing is made under seal.

 

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5.02
Obligations to Other Persons. Executive does not have any non-disclosure or other obligations to any other individual or
entity (including without limitation, any previous Company) concerning proprietary or confidential information that Executive
learned of during any previous employment or associations that would conflict with the Executive’s obligations to Company
under this Agreement. Executive shall not disclose to Company or induce Company to use any secret or confidential information
or material belonging to others, including, without limitation, Executive’s former employers, if any. Executive does not
have any non-competition agreements, non-solicitation agreements or other restrictive covenants with any previous Company or other
individual or entity that would conflict with the Executive’s obligations to Company under this Agreement.

 

5.03
Covenants Against Competition and Solicitation.

 

Executive
acknowledges and understands that, Executive’s position with Company affords Executive extensive access to Confidential
Information of the Company. Executive therefore agrees that during the course of Executive’s employment with Company and
for twelve (12) months after termination of Executive’s employment with Company (for any reason or no reason) (collectively,
“Restricted Period”), Executive shall not: (i) anywhere within the United States of America or any other country
in which the Company then conducts or proposes to conduct business, either directly or indirectly, as an owner, stockholder, member,
partner, joint venturer, officer, director, consultant, independent contractor, agent or Executive, engage in any business or
other commercial activity which is engaged in or is seeking to engage in a “Competitive Business.” As used in this
Agreement, “Competitive Business” shall mean any individual or enterprise engaged in (x) cleansing of body
cavities, tubular structures or other orafices or devices added on or attached to endoscopes or (y) any other business directly
competitive with the business of the Company on the date of termination.

 

Executive
further agrees that, during the Restricted Period, Executive shall not, directly or indirectly, either on Executive’s own
behalf or on behalf of any other individual or commercial enterprise: (i) contact, communicate, solicit or transact any business
with or assist any third party in contacting, communicating, soliciting or transacting any business with (A) any of the customers
or clients of the Company, or (B) any individual or entity who or which was within the most recent twelve (12) month period a
customer or client of Company, for the purpose of inducing such customer or client or potential customer or client to be connected
to or benefit from any competitive business or to terminate its or their business relationship with the Company; (ii) solicit,
induce or assist any third party in soliciting or inducing any individual or entity who is then (or was at any time within the
preceding six (6) an employee or full-time consultant, independent contractor or agent of Company) to leave the employment of
the Company or cease performing services for the Company; (iii) hire or engage or assist any third party in hiring or engaging,
any individual or entity that is or was (at any time within the preceding six (6) months) an employee or full-time consultant,
independent contractor or agent of the Company, or (iv) solicit, induce or assist any third party in soliciting or inducing any
other person or entity (including, without limitation, any third-party service provider or distributor) to terminate its relationship
with the Company or otherwise interfere with such relationship.

 

    	 	-10-	 

    	 

    

 

5.04
Cooperation With Investigations/Litigation. Executive agrees, upon Company’s request, to reasonably cooperate both
during and after Executive’s employment with Company in any Company investigation, litigation, arbitration, or regulatory
proceeding regarding events that occurred during Executive’s tenure with Company. Executive will make himself reasonably
available to consult with Company’s counsel, to provide information, and to appear to give testimony. Company will reimburse
Executive for reasonable out-of-pocket expenses Executive incurs in extending such cooperation, so long as Executive provides
advance written notice of Executive’s request for reimbursement and provides satisfactory documentation of the expenses.

 

5.05
Reasonable Restrictions/Damages Inadequate Remedy. The Parties to this agreement acknowledge that the restrictions contained
in this Article are reasonable and necessary to protect the legitimate business interests of Company and that any breach by Executive
of any provision contained in this Article may result in immediate irreparable injury to Company for which a remedy at law would
be inadequate. Accordingly, the Parties shall be entitled to temporary or permanent injunctive or other equitable relief (without
being obligated to post a bond or other collateral) in the event of any breach or threatened breach of the provisions of this
Article, in addition to any other remedy that may be available whether at law or in equity.

 

5.06
Separate Covenants. In the event that an arbitrator or any court of competent jurisdiction shall determine that any one
or more of the provisions contained in this Article shall be unenforceable in any
respect, then such provision shall be deemed limited and restricted to the extent that the adjudicator shall deem the provision
to be enforceable. It is the intention of the parties to this Agreement that the covenants and restrictions in this Article be
given the broadest interpretation permitted by law. The invalidity or unenforceability of any provision of this Article shall
not affect the validity or enforceability of any other provision hereof. If, in any judicial or arbitration proceedings, a court
of competent jurisdiction or arbitration panel should refuse to enforce all of the separate covenants and restrictions in this
Article, then such unenforceable covenants and restrictions shall be eliminated from the provisions of this Agreement for the
purpose of such proceeding to the extent necessary to permit the remaining separate covenants and restrictions to be enforced
in such proceeding.

 

5.07
Ownership of Proprietary Rights

 

(A)
Proprietary Rights. “Proprietary Rights” means all right, title and interest (including any copyrights,
patent rights, trademarks, servicemarks and trade names) in and to, or associated with, or arising from, any and all notes, data,
reference materials, sketches, drawings, memoranda, documentation, and any and all work product conceived, created, reduced to
any medium of expression and/or produced as part of the activities of Executive for the Company, including all written, graphical,
pictorial, visual, audio, and audiovisual elements relating thereto, software code or records in any way incorporating or reflecting
any Confidential Information and any original works of authorship, derivative works, inventions, developments, concepts, know-how,
improvements, trade secrets or ideas, whether or not fixed in a tangible medium of expression, that are conceived or developed
in whole or in part by the Executive alone or in conjunction with others, whether or not conceived or developed during regular
working hours by, or in association with, the Company that are made through the use of any Confidential Information or any of
the Company’s equipment, facilities, supplies, or trade secrets, or that relate to the Company’s business or the Company’s
actual or demonstrably anticipated research and development, or that result from any work performed by the Executive for the Company.

 

    	 	-11-	 

    	 

    

 

(B)
Ownership of Proprietary Rights. All Proprietary Rights shall belong exclusively to the Company, and the Executive agrees
to assign and hereby assigns to the Company, all rights, title and interest throughout the world in and to all Proprietary Rights.
The Executive agrees to promptly make full written disclosure to the Company, and will hold in trust for the sole right and benefit
of the Company, all Proprietary Rights. Upon request of the Company and without any separate compensation, the Executive shall
take such action and execute and deliver such documents and instruments as may be necessary or proper to vest in the Company all
right, title and interest in and to all such Proprietary Rights. Without limiting the foregoing, the Executive further agrees
that for any original works of authorship created by the Executive, the Company shall be deemed the author thereof under the United
States Copyright Act; provided, however, that in the event and to the extent such works do not to constitute “works
made for hire” as a matter of law, the Executive agrees to irrevocably assign and transfer, and hereby irrevocably assigns
and transfers to the Company, all right, title and interest in and to such works, including but not limited to copyrights.

 

(C)
Maintenance of Records. The Executive covenants and agrees to take commercially reasonable measures to keep and maintain
adequate and current written records of all inventions and works of authorship made by the Executive (solely or jointly with others)
during the term of the Executive’s relationship with the Company. The records may be in the form of notes, sketches, drawings,
flow charts, electronic data or recordings, laboratory notebooks, and any other format. The records will be available to and remain
the sole property of the Company at all times. The Executive agrees not to remove such records from the Company’s place
of business except as expressly permitted by the Company policy, which may, from time to time, be revised at the sole election
of the Company. The Executive agrees to return all such records (including any copies thereof) to the Company at the time of termination
of services with the Company.

 

(D)
Recordation of Rights. The Executive covenants and agrees to assist the Company, or its designee, at the Company’s
expense, in every proper way to secure the Company’s, or its designee’s, rights in the inventions and any copyrights,
patents, trademarks, servicemarks, moral rights, or other intellectual property rights relating thereto in any and all countries,
including the disclosure to the Company or its designee of all pertinent information and data with respect thereto, the execution
of all applications, specifications, oaths, assignments, recordations, and all other instruments that the Company or its designee
shall deem necessary in order to apply for, obtain, maintain and transfer such rights, or if not transferable, waive such rights,
and in order to assign and convey to the Company or its designee and any successors, assigns and nominees the sole and exclusive
rights, title and interest in and to such inventions, and any copyrights, patents or other intellectual property rights relating
thereto. The Executive further agrees that the obligation to execute or cause to be executed, when it is in the Executive’s
power to do so, any such instrument or papers shall continue after the termination of this Agreement until the expiration of the
last such intellectual property right to expire in any country of the world. If the Company or its designee is unable because
of the Executive’s mental or physical incapacity or unavailability or for any other reason to secure the Executive’s
signature to apply for or to pursue any application for any United States or foreign patents, copyrights, or other registrations
covering inventions or works of authorship assigned or to be assigned to the Company or its designee as above, then the Executive
hereby irrevocably designates and appoints the Company and its duly authorized officers and agents as the Executive’s agent
and attorney-in-fact, to act for and on the Executive’s behalf and stead to execute and file any such applications and to
do all other lawfully permitted acts to further the application for, prosecution, issuance, maintenance or transfer of letters
patent, copyright or other registrations thereon with the same legal force and effect as if originally executed by the Executive.
The Executive hereby waives and irrevocably quitclaims to the Company or its designee any and all claims, of any nature whatsoever,
that the Executive now or hereafter has for infringement of any and all proprietary rights assigned to the Company or such designee.

 

    	 	-12-	 

    	 

    

 

ARTICLE
VI

MISCELLANEOUS

 

6.01
Benefit of Agreement and Assignment. This Agreement shall inure to the benefit of Company, its affiliates and their respective
successors and assigns (including, without limitation, the purchaser of all or substantially all of the assets of Company and/or
any of its affiliates) and shall be binding upon Company and its successors and assigns. This Agreement also shall inure to the
benefit of and be binding upon Executive and Executive’s heirs, administrators, executors and assigns. Executive may not
assign or delegate Executive’s duties under this Agreement, without the prior written consent of Company.

 

6.02
Notices. All notices, requests, demands and other communications required or permitted hereunder shall be given in writing
and shall be deemed to have been duly given (i) on the date delivered if personally delivered, (ii) upon receipt by the receiving
party of any notice sent by registered or certified mail (first-class mail, postage pre-paid, return receipt requested), (iii)
by email, or (iv) on the date targeted for delivery if delivered by nationally recognized overnight courier or similar courier
service, addressed in the case of Company to:

 

and
in the case of Executive to:

 

	Motus
    GI Medical Technologies Ltd.,	 
	1301
    East Broward Blvd	with
    a copy which, itself, shall not constitute notice, to:
	Fort
    Lauderdale, Florida 33301	Lowenstein
    Sandler LLP
	 	One
    Lowenstein Drive
	 	Roseland,
    NJ 07068
	Attn:
    Chief Executive Officer	Attn:
    Steven M. Skolnick, Esq.
	 	 
	and
    in the case of Executive to:	 

 

	————

        ————

        ————
	 

 

    	 	-13-	 

    	 

    

 

Any
Party may notify the other party in writing of the change in address by giving notice in the manner provided in this Section 6.02.
Service of process in connection with any suit, action or proceeding (whether arbitration or otherwise) may be served on each
party hereto anywhere in the world by the same methods as are specified for the giving of notices under this Agreement.

 

6.03
Non-Disparagement. During the Term and at all times thereafter, Executive agrees that Executive shall not knowingly disparage,
criticize or otherwise make any derogatory statements regarding Company or its past, present and future directors, officers, shareholders,
employees, agents or products.

 

6.04
Indemnification. The Company indemnifies Executive to the maximum extent provided in the Company’s By-Laws and organizational
documents, as currently in effect. Executive shall be entitled to coverage under the directors and officers liability insurance
on terms no less favorable to him in any respect than the coverage then being provided to any other current or former director
or officer of the Company and which the Company shall maintain with minimum coverage of $1 million.

 

6.05
Arbitration. With the exception of the Company’s right to seek injunctive relief in a court of competent jurisdiction
to enforce Article V, any dispute or controversy arising out of or relating to this Agreement or Executive’s performance
thereunder shall be exclusively settled by arbitration before a single arbitrator to be held in Florida in accordance with the
rules then in effect of the American Arbitration Association. The decision of the arbitrator shall be final, conclusive and binding
on the parties to the arbitration. Judgment may be entered on the arbitrator’s decision in any court having jurisdiction.
The Company and the Executive shall separately pay their own counsel fees and expenses. The arbitrator shall apply the laws of
the State of Florida with respect to interpretation, construction or enforcement of this Agreement without giving effect to the
principles of conflicts of law.

 

6.06
Entire Agreement. This Agreement contains the entire agreement of the Parties with respect to the terms and conditions
of Executive’s employment during the Term and activities following termination of this Agreement and Executive’s employment
with Company and supersedes any and all prior agreements and understandings, whether written or oral, between the Parties with
respect to the subject matter of this Agreement. This Agreement may not be changed or modified except by an instrument in writing,
signed by both the Company and the Executive.

 

6.07.Representation
and Warranties. Executive and Company each respectively represent and warrant to the other that (a) he/it has the legal capacity
to execute and perform this Agreement, (b) this Agreement is a valid and binding agreement enforceable against the parties according
to its terms, and (c) the execution and performance of this Agreement by him/it does not violate or conflict with the terms of
any existing agreement or understanding to which Executive or Company is a party or by which Executive or Company may be bound.

 

    	 	-14-	 

    	 

    

 

6.08
No Attachment. Except as required by law, no right to receive payments under this Agreement shall be subject to anticipation,
commutation, alienation, sale, assignment, encumbrance, charge, pledge, or hypothecation or to execution, attachment, levy, or
similar process or assignment by operation of law, and any attempt, voluntary or involuntary, to effect any such action shall
be null, void and of no effect; provided, however, that nothing in this Section 6.06 shall preclude the assumption of such
rights by executors, administrators or other legal representatives of Company or Executive’s estate and their assigning
any rights hereunder to the person or persons entitled thereto.

 

6.09
Source of Payment. All payments provided for under this Agreement shall be paid in cash from the general funds of Company.
The Company shall not be required to establish a special or separate fund or other segregation of assets to assure such payments,
and, if Company shall make any investments to aid it in meeting its obligations hereunder, Executive shall have no right, title
or interest whatever in or to any such investments except as may otherwise be expressly provided in a separate written instrument
relating to such investments. Nothing contained in this Agreement, and no action taken pursuant to its provisions, shall create
or be construed to create a trust of any kind, or a fiduciary relationship, between Company and Executive or any other person.
To the extent that any person acquires a right to receive payments from Company hereunder, such right, without prejudice to rights
which Executives may have, shall be no greater than the right of an unsecured creditor of Company.

 

6.10
No Waiver. The waiver by any Party of a breach of any provision of this Agreement shall not operate or be construed as
a continuing waiver or as a consent to or waiver of any subsequent breach hereof.

 

6.11
Headings. The Article and Section headings in this Agreement are for the convenience of reference only and do not constitute
a part of this Agreement and shall not be deemed to limit or affect any of the provisions hereof.

 

6.12
Validity. The invalidity or enforceability of any provision or provisions of this Agreement shall not affect the validity
or enforceability of any other provision or provisions of this Agreement, which shall remain in full force and effect.

 

6.13
Executive Withholdings and Deductions. All payments to Executive hereunder shall be subject to such withholding and other
Executive deductions as may be required by law.

 

6.14
Counterparts. This Agreement may be executed in one more counterparts, each of which shall be deemed to be an original
but all of which together will constitute one and the same instrument.

 

6.15
Agreement to Take Actions. Each Party shall execute and deliver such documents, certificates, agreements and other instruments,
and shall take all other actions, as may be reasonably necessary or desirable in order to perform his or its obligations under
this Agreement.

 

    	 	-15-	 

    	 

    

 

6.16
Survival. The terms of Section 4.02 and Articles V and VI of this Agreement shall survive the termination of this Agreement
and Executive’s employment hereunder.

 

6.17
Section 409A Compliance.

 

(A)
This Agreement is intended to comply with the requirements of Section 409A of the Code (“Section 409A”) and
regulations promulgated thereunder. To the extent that any provision in this Agreement is ambiguous as to its compliance with
Section 409A, the provision shall be read in such a manner so that all payments due under this Agreement shall comply with Section
409A. For purposes of section 409A, each payment made under this Agreement shall be treated as a separate payment. In no event
may Executive, directly or indirectly, designate the calendar year of payment. Notwithstanding anything contained herein to the
contrary, Executive shall not be considered to have terminated employment with Company for purposes of Section 4.02 of this Agreement
unless Executive would be considered to have incurred a “termination of employment” from Company within the meaning
of Treasury Regulation §1.409A-1(h)(1)(ii).

 

(B)
All reimbursements provided under this Agreement shall be made or provided in accordance with the requirements of Section 409A,
including, where applicable, the requirement that (i) any reimbursement is for expenses incurred during Executive’s lifetime
(or during a shorter period of time specified in this Agreement), (ii) the amount of expenses eligible for reimbursement during
a calendar year may not affect the expenses eligible for reimbursement in any other calendar year, (iii) the reimbursement of
an eligible expense will be made on or before the last day of the calendar year following the year in which the expense is incurred,
and (iv) the right to reimbursement is not subject to liquidation or exchange for another benefit.

 

(C)
Executive acknowledges that, while the Parties endeavor to have this Agreement comply with the requirements of Section 409A, any
tax liability incurred by Executive under Section 409A is solely the responsibility of Executive.

 

6.18
Legal Counsel. Executive represents that Company has previously recommended that Executive engage counsel to assist Executive
in reviewing this Agreement. Executive acknowledges that, prior to executing this Agreement, Executive has been given a reasonable
opportunity to review the Agreement and to consult with counsel as to its content and is entering into this Agreement freely and
voluntarily.

 

[Signatures
appear on the following page]

 

    	 	-16-	 

    	 

    

 

IN
WITNESS WHEREOF, Company and Executive have duly executed this Agreement as of the date first written above.

 

	 	COMPANY:
	 	 	 
	 	Motus
    GI Medical Technologies Ltd.
	 	 	 
	 	BY:	/s/
    Mark Pomeranz
	 	Name:	Mark
    Pomeranz
	 	Title:	CEO

 

	 	EXECUTIVE:
	 	 
	 	/s/
    Andrew Taylor
	 	Andrew Taylor

 

    	 	-17-EX-10.5

 Exhibit 10.5 

NEITHER THIS WARRANT, NOR THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT (COLLECTIVELY, THE “SECURITIES”), HAVE BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT WHILE A REGISTRATION STATEMENT RELATING THERETO IS IN EFFECT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS
OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT OR SUCH LAWS. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.

 SELLAS LIFE SCIENCES GROUP LTD 

WARRANT TO PURCHASE COMMON STOCK 

Warrant No.: 2017-             

Number of Shares of Common Stock: 7,186 
 Date of Issuance:
December 29, 2017 (“Issuance Date”) 
 Sellas Life Sciences Group Ltd, a Bermuda exempted company (the
“Company”), certifies that, for good and valuable consideration, the receipt and sufficiency of which are acknowledged, EQC Private Markets SAC Fund Ltd—EQC Biotech Sely I Fund, the registered holder hereof or its permitted
assigns (the “Holder”), is entitled, subject to the terms set forth below, to purchase from the Company, at the Exercise Price (as defined below) then in effect, upon surrender of this Warrant to Purchase Common Stock (including any
Warrants to Purchase Common Stock issued in exchange, transfer or replacement hereof, the “Warrant”), at any time or times on or after the Issuance Date, but not after 5:30 p.m., New York City time, on the Expiration Date (as
defined below), seven thousand one hundred eighty-six (7,186) fully paid and nonassessable shares of Common Stock (the “Warrant Shares”). This Warrant has been issued pursuant to that certain Convertible Term Note issued
to the Holder, as amended. 
 Section 1.     Exercise of Warrant. 

(a)     Mechanics of Exercise. Subject to the terms and conditions hereof, this Warrant may be exercised by the
Holder on any day on or after the Issuance Date, in whole or in part, by (i) delivery of a written notice, in the form attached hereto as Exhibit A (the “Exercise Notice”), of the Holder’s election to exercise this
Warrant and (ii) payment to the Company of an amount equal to the applicable Exercise Price multiplied by the number of Warrant Shares as to which this Warrant is being exercised (the “Aggregate Exercise Price”) in cash or wire
transfer of immediately available funds (a “Cash Exercise”) (the items under (i) and (ii) above, the “Exercise Deliveries”). The Holder shall not be required to surrender this Warrant in order to effect an
exercise hereunder; provided, however, that in the event that this Warrant is exercised in full or for the remaining unexercised portion hereof, the Holder shall deliver this Warrant to the Company for cancellation within a reasonable
time after such exercise. No ink-original Exercise Notice shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Exercise Notice be required. On or before the Trading Day following the date on which
the Company has received the Exercise Deliveries (the date upon 

 
which the Company has received the Exercise Deliveries, the “Exercise Date”), the Company shall transmit by e-mail transmission an acknowledgment of confirmation of receipt of
the Exercise Deliveries to the Holder and the Company’s transfer agent for the Common Stock (the “Transfer Agent”). The Company shall deliver any objection to the Exercise Deliveries on or before the second Trading Day
following the date on which the Company has received the Exercise Deliveries. On or before the fourth Trading Day following the date on which the Company has received the Exercise Deliveries (the “Share Delivery Date”), the Company
shall cause the Transfer Agent to credit the account of the Holder’s prime broker with the Depository Trust Company System (as directed by such Holder) with the number of Warrant Shares to which the Holder is entitled; provided,
however, the Company shall not be required to deliver such Warrant Shares if the Company has not received the Aggregate Exercise Price for such Warrant Shares on or before the Share Delivery Date. Upon delivery of the Exercise Deliveries, the
Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares to such Holder’s prime
broker account with the Depository Trust Company System. If this Warrant is submitted in connection with any exercise pursuant to this Section 1(a) and the number of Warrant Shares represented by this Warrant submitted for exercise is
greater than the number of Warrant Shares being acquired upon an exercise, then the Company shall as soon as practicable and in no event later than five Trading Days after any such submission and at its own expense, issue a new Warrant (in
accordance with Section 6(e)) representing the right to purchase the number of Warrant Shares purchasable immediately prior to such exercise under this Warrant, less the number of Warrant Shares with respect to which this Warrant has
been and/or is exercised. The Company shall pay any and all taxes that may be payable with respect to the issuance and delivery of Warrant Shares upon exercise of this Warrant; provided, however, that the Company shall not be required
to pay any tax which may be payable in respect of any transfer involved in the registration of any certificates for Warrants in a name other than that of the Holder or an affiliate thereof. The Holder shall be responsible for all other tax liability
that may arise as a result of holding or transferring this Warrant or receiving Warrant Shares upon exercise hereof. Notwithstanding the foregoing, if there is no effective registration statement with respect to the Warrant Shares, and the Holder
chooses to exercise the warrant for cash not in accordance with Section 1(d) herein, then the Holder shall receive certificated shares with the appropriate restrictive legends, including as required by the Securities Act or under any
state securities or blue sky laws. 
 (b)     Exercise Price. For purposes of this Warrant, “Exercise
Price” means [insert an amount equal to 105% of the volume weighted average price of a share of Galena common stock for the 30 calendar days following the effective time of Merger] per share. Holder and the Company each acknowledge and
agree that the Exercise Price shall not be adjusted as a result of the Merger. 
 (c)     Failure to Timely Deliver
Shares. In addition to any other rights available to the Holder, if the Company fails to deliver the Warrant Shares to the Holder by the fourth Trading Day after the Exercise Date, then the Holder will have the right to rescind such exercise by
giving written notice to the Company. 
 (d)     Cashless Exercise. Notwithstanding anything contained herein to
the contrary, the Holder may, in its sole discretion, exercise this Warrant in whole or in part and, in 

  
 2 

 
lieu of making the cash payment otherwise contemplated to be made to the Company upon such exercise in payment of the Aggregate Exercise Price, elect instead to receive upon such exercise the
“Net Number” of shares of Common Stock determined according to the following formula (a “Cashless Exercise”): 
  

					
	 Net Number = (A x B) - (A x C)

    B

	
	For purposes of the foregoing formula:
			
	A	  	=	  	the total number of shares with respect to which this Warrant is then being exercised.
			
	B	  	=	  	the Weighted Average Price of the shares of Common Stock (as reported by Bloomberg) on the date immediately preceding the date of the Exercise Notice.
			
	C	  	=	  	the Exercise Price then in effect for the applicable Warrant Shares at the time of such exercise.

 For purposes of Rule 144(d) promulgated under the Securities Act, as in effect on the date hereof, assuming
the Holder is not an Affiliate of the Company, it is intended that the Warrant Shares issued in a Cashless Exercise shall be deemed to have been acquired by the Holder, and the holding period for the Warrant Shares shall be deemed to have commenced,
on the date the Holder is deemed to have acquired this Warrant. 
 (e)     Disputes. In the case of a dispute as
to the determination of the Exercise Price or the arithmetic calculation of the number of Warrant Shares to be issued pursuant to the terms hereof, the Company shall promptly issue to the Holder the number of Warrant Shares that are not disputed and
resolve such dispute in accordance with Section 12 herein. 
 (f)     No Fractional Shares or Scrip.
No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant. As to any fraction of a share that the Holder would otherwise be entitled to purchase upon such exercise, the Company shall pay a cash
adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the Weighted Average Price. 
 Section
2.     Adjustment of Exercise Price and Number of Warrant Shares. The Exercise Price and the number of Warrant Shares shall be adjusted from time to time as follows: 

(a)     Adjustment upon Subdivision or Combination of Shares of Common Stock. If the Company at any time on or
after the Issuance Date: (i) pays a stock dividend or otherwise makes a distribution or distributions on shares of Common Stock or any other equity or equity equivalent securities payable in shares of Common Stock, (ii) subdivides (by any
stock split, stock dividend, recapitalization or otherwise) outstanding shares of Common Stock into a larger number of shares, (iii) combines (by combination, reverse stock split or otherwise) outstanding shares of Common Stock into a smaller
number of shares, or (iv) issues by reclassification of shares of Common Stock any shares of capital stock of the Company, then, in 

  
 3 

 
each case, the Exercise Price shall be multiplied by a fraction of which (A) the numerator shall be the number of shares of Common Stock outstanding on a fully-diluted basis immediately
before such event, and (B) the denominator shall be the number of shares of Common Stock outstanding on a fully-diluted basis immediately after such event; provided that, for purposes of the foregoing, the applicable number of shares of
Common Stock outstanding on a fully-diluted basis shall include, for the avoidance of doubt, any shares of Common Stock that the Company would be required or permitted to issue assuming the conversion, exchange or exercise, as applicable, of any
then-outstanding options, warrants, performance stock units, restricted stock units and other securities or instruments convertible or exchangeable into, or exercisable for, shares of Common Stock, whether or not then convertible, exchangeable or
exercisable, but excluding any such shares of Common Stock that the Company would be required or permitted to issue pursuant this Warrant. Any adjustment made pursuant to this Section 2(a) shall become effective, (x) in the case of
clause (i) above, immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution, and (y) in the case of clauses (ii), (iii) and (iv) above, immediately after the
effective date of such event. 
 (b)     Other Events. If any event occurs of the type contemplated by the
provisions of Section 2(a) but not expressly provided for by such provisions, then the Company’s Board of Directors will make an appropriate adjustment in the Exercise Price and the number of Warrant Shares so as to protect the
rights of the Holder; provided, that no such adjustment pursuant to this Section 2(b) will increase the Exercise Price or decrease the number of Warrant Shares as otherwise determined pursuant to this Section 2. 

(c)     Notwithstanding anything to the contrary in this Warrant, in no event shall the Exercise Price be reduced below
the par value of the Company’s Common Stock. 
 Section 3.     Purchase Rights; Fundamental Transactions.

 (a)     Purchase Rights. In addition to any adjustments pursuant to Section 2 above, if at any
time prior to the Expiration Date the Company grants, issues or sells any Options, Convertible Securities or rights to purchase stock, warrants, securities or other property pro rata to the record holders of any class of shares of Common Stock (the
“Purchase Rights”), then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of shares of
Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if
no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights. 

(b)     Fundamental Transactions. Upon the occurrence of any Fundamental Transaction, the Successor Entity shall
succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and
power of the Company and shall assume all of the obligations of the Company under this Warrant with the same effect as if such Successor Entity had been named as the Company herein. Upon consummation of the Fundamental Transaction, the Successor
Entity shall deliver to the Holder 

  
 4 

 
confirmation that there shall be issued upon exercise of this Warrant at any time after the consummation of the Fundamental Transaction, in lieu of the shares of the Common Stock (or other
securities, cash, assets or other property purchasable upon the exercise of the Warrant prior to such Fundamental Transaction), such shares of stock, securities, cash, assets or any other property whatsoever (including warrants or other purchase or
subscription rights), if any, that the Holder would have been entitled to receive upon the happening of such Fundamental Transaction had this Warrant been exercised immediately prior to such Fundamental Transaction, as adjusted in accordance with
the provisions of this Warrant. In addition to and not in substitution for any other rights hereunder, prior to the consummation of any Fundamental Transaction pursuant to which holders of shares of Common Stock are entitled to receive securities or
other assets with respect to or in exchange for shares of Common Stock (a “Corporate Event”), the Company shall make appropriate provision to ensure that the Holder will thereafter have the right to receive upon an exercise of this
Warrant within 90 days after the consummation of the Fundamental Transaction but, in any event, prior to the Expiration Date, in lieu of the shares of the Common Stock (or other securities, cash, assets or other property) purchasable upon the
exercise of the Warrant prior to such Fundamental Transaction, such shares of stock, securities, cash, assets or any other property whatsoever (including warrants or other purchase or subscription rights) which the Holder would have been entitled to
receive upon the happening of such Fundamental Transaction had the Warrant been exercised immediately prior to such Fundamental Transaction and shall be applied without regard to any limitations on the exercise of this Warrant. Provision made
pursuant to the preceding sentence shall be in a form and substance reasonably satisfactory to the Holder. The provisions of this Section 3(b) shall apply similarly and equally to successive Fundamental Transactions and Corporate Events
and shall be applied without regard to any limitations on the exercise of this Warrant. Notwithstanding the foregoing, the Merger shall not be considered a Fundamental Transaction other than for purposes of the first sentence of this
Section 3(b). 
 Section 4.     Reservation of Warrant Shares. The Company covenants that it will at
all times reserve and keep available out of the aggregate of its authorized but unissued and otherwise unreserved Common Stock, solely for the purpose of enabling it to issue Warrant Shares upon exercise of this Warrant as herein provided, the
number of shares of Common Stock which are then issuable and deliverable upon the exercise of this entire Warrant, free from preemptive or any other contingent purchase rights of Persons other than the Holder (taking into account the adjustments and
restrictions in Section 2). Such reservation shall comply with the provisions of Section 1. The Company covenants that all shares of Common Stock so issuable and deliverable shall, upon issuance and the payment of the
applicable Exercise Price in accordance with the terms hereof, be duly and validly authorized, issued and fully paid and nonassessable. The Company will take all such actions as may be necessary to assure that such shares of Common Stock may be
issued as provided herein without violation of any applicable law or regulation, or of any requirements of any securities exchange or automated quotation system upon which the Common Stock may be listed. If, notwithstanding the foregoing, and not in
limitation thereof, at any time while this Warrant remains outstanding the Company does not have a sufficient number of authorized and unreserved shares of Common Stock to satisfy its obligation to reserve for issuance upon exercise of this Warrant
at least a number of shares of Common Stock equal to the maximum number of shares of Common Stock as shall from time to time be necessary to effect the exercise of all this Warrant (without regard to any limitations on exercise contained herein)
(the “Required Reserve Amount”), then the Company shall immediately take all action necessary to increase the Company’s authorized shares of Common Stock to an amount sufficient to allow the Company to reserve the Required
Reserve Amount for this entire Warrant. 

  
 5 

 Section 5.     Warrant Holder Not Deemed a Stockholder. Except as
otherwise specifically provided herein, the Holder, solely in such Person’s capacity as a holder of this Warrant, shall not be entitled to vote or receive dividends or be deemed the holder of share capital of the Company for any purpose, nor
shall anything contained in this Warrant be construed to confer upon the Holder, solely in such Person’s capacity as the Holder of this Warrant, any of the rights of a stockholder of the Company or any right to vote, give or withhold consent to
any corporate action (whether any reorganization, issue of stock, reclassification of stock, consolidation, merger, conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise, prior to the issuance
to the Holder of the Warrant Shares which such Person is then entitled to receive upon the due exercise of this Warrant. In addition, nothing contained in this Warrant shall be construed as imposing any liabilities on the Holder to purchase any
securities (upon exercise of this Warrant or otherwise) or as a stockholder of the Company, whether such liabilities are asserted by the Company or by creditors of the Company. 

Section 6.     Registration and Reissuance of Warrants. 

(a)     Registration of Warrant. The Company shall register this Warrant, upon the records to be maintained by the
Company for that purpose (the “Warrant Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any
exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary. The Company shall also register any transfer, exchange, reissuance or cancellation of any portion of this Warrant in the Warrant
Register. 
 (b)     Transfer of Warrant. This Warrant may be offered for sale, sold, transferred or assigned
without the consent of the Company, except as may otherwise be required by applicable securities laws. Subject to applicable securities laws, if this Warrant is to be transferred, the Holder shall surrender this Warrant to the Company together with
all applicable transfer taxes, whereupon the Company will forthwith issue and deliver upon the order of the Holder a new Warrant (in accordance with Section 6(e)), registered as the Holder may request, representing the right to
purchase the number of Warrant Shares being transferred by the Holder and, if less than the total number of Warrant Shares then underlying this Warrant is being transferred, a new Warrant (in accordance with Section 6(e)) to the Holder
representing the right to purchase the number of Warrant Shares not being transferred. 
 (c)     Lost, Stolen or
Mutilated Warrant. Upon receipt by the Company of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant, and, in the case of loss, theft or destruction, of any indemnification undertaking
by the Holder to the Company in customary form or the provision of reasonable security by the Holder to the Company and, in the case of mutilation, upon surrender and cancellation of this Warrant, the Company shall execute and deliver to the Holder
a new Warrant (in accordance with Section 6(e)) representing the right to purchase the Warrant Shares then underlying this Warrant. 

  
 6 

 (d)     Exchangeable for Multiple Warrants. This Warrant is
exchangeable, upon the surrender hereof by the Holder at the principal office of the Company together with all applicable transfer taxes, for a new Warrant or Warrants (in accordance with Section 6(e)) representing in the aggregate
the right to purchase the number of Warrant Shares then underlying this Warrant, and each such new Warrant will represent the right to purchase such portion of such Warrant Shares as is designated by the Holder at the time of such surrender;
provided, however, that the Company shall not be required to issue Warrants for fractional shares of Common Stock hereunder. 

(e)     Issuance of New Warrants. Whenever the Company is required to issue a new Warrant pursuant to the terms of
this Warrant, such new Warrant shall (i) be of like tenor with this Warrant, (ii) represent, as indicated on the face of such new Warrant, the right to purchase the Warrant Shares then underlying this Warrant (or in the case of a new
Warrant being issued pursuant to Section 6(b) or Section 6(c), the Warrant Shares designated by the Holder which, when added to the number of shares of Common Stock underlying the other new Warrants issued in connection
with such issuance, does not exceed the number of Warrant Shares then underlying this Warrant), (iii) have an issuance date, as indicated on the face of such new Warrant which is the same as the Issuance Date and (iv) have the same rights
and conditions as this Warrant. 
 Section 7.     Notices. Whenever notice is required to be given under this
Warrant, unless otherwise provided herein, such notice shall be given in accordance with the information set forth in the Warrant Register. The Company shall provide the Holder with prompt written notice of all actions taken pursuant to this
Warrant, including, in reasonable detail, a description of such action and the reason or reasons therefore. Without limiting the generality of the foregoing, the Company will give written notice to the Holder (i) immediately upon any adjustment
of the Exercise Price, setting forth in reasonable detail, and certifying, the calculation of such adjustment and (ii) at least 20 days prior to the date on which the Company closes its books or takes a record (A) with respect to any
dividend or distribution upon the shares of Common Stock, (B) with respect to any grants, issuances or sales of any Options, Convertible Securities or rights to purchase stock, warrants, securities or other property pro rata to the record
holders of any class of shares of Common Stock or (C) for determining rights to vote with respect to any Fundamental Transaction, dissolution or liquidation; provided, that in each case, such information shall be made known to the public
prior to or in conjunction with such notice being provided to the Holder. 
 Section 8.     Noncircumvention. The
Company hereby covenants and agrees that the Company will not, by amendment of its Certificate of Incorporation, Bylaws or through any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, dissolution, issue or sale of
securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, and will at all times in good faith carry out all the provisions of this Warrant and take all action as may be
required to protect the rights of the Holder. Without limiting the generality of the foregoing, the Company (i) shall not increase the par value of any shares of Common Stock receivable upon the exercise of this Warrant above the 

  
 7 

 
Exercise Price then in effect, (ii) shall use all reasonable efforts to take all such actions as may be necessary or appropriate in order that the Company may validly and legally issue fully
paid and nonassessable shares of Common Stock upon the exercise of this Warrant and (iii) shall, so long as any of the Warrants are outstanding, take all action necessary to reserve and keep available out of its authorized and unissued shares
of Common Stock, solely for the purpose of effecting the exercise of the Warrants, the number of shares of Common Stock as shall from time to time be necessary to effect the exercise of the Warrants then outstanding (without regard to any
limitations on exercise). 
 Section 9.     Amendment and Waiver. Except as otherwise provided herein, the
provisions of this Warrant may be amended and the Company may take any action herein prohibited, or omit to perform any act herein required to be performed by it, only if the Company has obtained the written consent of the Holder. No such amendment
shall be effective to the extent that it applies to less than all of the holders of the Warrants then outstanding. 
 Section
10.     Governing Law. This Warrant shall be governed by and construed and enforced in accordance with, and all questions concerning the construction, validity, interpretation and performance of this Warrant shall be
governed by, the internal laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause the application of the laws of
any jurisdictions other than the State of New York. 
 Section 11.     Construction; Headings. This Warrant shall
be deemed to be jointly drafted by the Company and the Holder and shall not be construed against any person as the drafter hereof. The headings of this Warrant are for convenience of reference and shall not form part of, or affect the interpretation
of, this Warrant. 
 Section 12.     Dispute Resolution. In the case of a dispute as to the determination of the
Exercise Price or the arithmetic calculation of the Warrant Shares, the Company shall submit the disputed determinations or arithmetic calculations via email within two Trading Days of receipt of the Exercise Notice giving rise to such dispute, as
the case may be, to the Holder. If the Holder and the Company are unable to agree upon such determination or calculation of the Exercise Price or the Warrant Shares within five Trading Days of such disputed determination or arithmetic calculation
being submitted to the Holder, then the Company shall, within three Trading Days submit via email (a) the disputed determination of the Exercise Price to an independent, reputable investment bank selected by the Company and approved by the
Holder or (b) the disputed arithmetic calculation of the Warrant Shares to the Company’s independent, outside accountant. The Company shall cause the investment bank or the accountant, as the case may be, to perform the determinations or
calculations and notify the Company and the Holder of the results no later than 10 Trading Days from the time it receives the disputed determinations or calculations. Such investment bank’s or accountant’s determination or calculation, as
the case may be, shall be binding upon all parties absent demonstrable error. The expenses of the investment bank and accountant will be borne by the Company unless the investment bank or accountant determines that the determination of the Exercise
Price or the arithmetic calculation of the Warrant Shares by the Holder was incorrect by ten percent (10%) or more, in which case the expenses of the investment bank and accountant will be borne by the Holder. 

  
 8 

 Section 13.     Remedies, Other Obligations, Breaches and Injunctive
Relief. The remedies provided in this Warrant shall be cumulative and in addition to all other remedies available under this Warrant, at law or in equity (including a decree of specific performance and/or other injunctive relief), and nothing
herein shall limit the right of the Holder to pursue actual damages for any failure by the Company to comply with the terms of this Warrant. The Company acknowledges that a breach by it of its obligations hereunder would cause irreparable harm to
the Holder and that the remedy at law for any such breach would be inadequate. The Company therefore agrees that, in the event of any such breach or threatened breach, the holder of this Warrant shall be entitled, in addition to all other available
remedies, to an injunction restraining any breach. Notwithstanding the foregoing or anything else herein to the contrary, other than as expressly provided in Section 1(c) hereof, if the Company is for any reason unable to issue and
deliver Warrant Shares upon exercise of this Warrant as required pursuant to the terms hereof, the Company shall have no obligation to pay to the Holder any cash or other consideration or otherwise “net cash settle” this Warrant. 

Section 14.     Limitation on Liability. No provisions hereof, in the absence of affirmative action by the Holder
to purchase Warrant Shares hereunder, shall give rise to any liability of the Holder to pay the Exercise Price or as a shareholder of the Company (whether such liability is asserted by the Company or creditors of the Company). 

Section 15.     Successors and Assigns. This Warrant shall bind and inure to the benefit of and be enforceable by
the Company and the Holder and their respective permitted successors and assigns. 
 Section 16.     Certain
Definitions. For purposes of this Warrant, the following terms shall have the following meanings: 
 “Bloomberg” means
Bloomberg LP. 
 “Common Stock” means (i) the Company’s common shares, $10.00 par value per share and
(ii) any share capital into which such Common Stock shall have been changed or any share capital resulting from a reclassification of such Common Stock, including in connection with a Fundamental Transaction. 

“Convertible Securities” means any stock or securities (other than Options) directly or indirectly convertible into or
exercisable or exchangeable for shares of Common Stock. 
 “Eligible Market” means The New York Stock Exchange, Inc., the
NYSE MKT or The Nasdaq Stock Market. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Expiration Date” means the date that is the fifth
(5th) anniversary of the Issuance Date or, if such date falls on a day other than a Trading Day or on which trading does not take place on the Principal Market, or, if the Principal Market is
not the principal trading market for the Common Stock, then on the principal securities exchange or securities market on which the Common Stock is then traded (a “Holiday”), the next date that is not a Holiday. 

  
 9 

 “Fundamental Transaction” means that the Company shall, directly or indirectly,
in one or more related transactions, (i) consolidate or merge with or into another Person, (ii) sell, assign, transfer, convey or otherwise dispose of all or substantially all of the properties or assets of the Company to another Person,
(iii) allow another Person to make a purchase, tender or exchange offer that is accepted by the holders of more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the Person or Persons making or
party to, or associated or affiliated with the Persons making or party to, such purchase, tender or exchange offer), (iv) consummate a stock purchase agreement or other business combination (including, without limitation, a reorganization,
recapitalization, spin-off or scheme of arrangement) with another Person whereby such other Person acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person or other Persons
making or party to, or associated or affiliated with the other Persons making or party to, such stock purchase agreement or other business combination), (v) reorganize, recapitalize or reclassify its Common Stock or (vi) any
“person” or “group” (as these terms are used for purposes of Sections 13(d) and 14(d) of the Exchange Act) is or shall become the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or
indirectly, of 50% of the aggregate ordinary voting power represented by issued and outstanding Common Stock. 
 “Galena”
means Galena BioPharma, Inc. 
 “Merger” means the proposed merger of the Company and an indirect wholly owned Bermuda
subsidiary of Galena pursuant to the Merger Agreement. 
 “Merger Agreement” means that certain Agreement and Plan of
Merger, dated as of August 7, 2017, by and among Galena, Galena Bermuda Merger Sub, Ltd., Sellas Intermediate Holdings I, Inc., Sellas Intermediate Holdings II, Inc. and the Company. 

“Options” means any rights, warrants or options to subscribe for or purchase shares of Common Stock or Convertible
Securities. 
 “Parent Entity” of a Person means an entity that, directly or indirectly, controls the applicable Person and
whose common stock or equivalent equity security is quoted or listed on an Eligible Market, or, if there is more than one such Person or Parent Entity, the Person or Parent Entity with the largest public market capitalization as of the date of
consummation of the Fundamental Transaction. 
 “Person” means an individual, company, corporation, partnership, limited
partnership, limited liability company, syndicate, person (including a “person” as defined in Section 13(d)(3) of the Exchange Act), trust, association or entity or government, political subdivision, agency or instrumentality of a
government. 
 “Principal Market” means The NASDAQ Stock Market. 

  
 10 

 “Securities Act” means the Securities Act of 1933, as amended. 

“Successor Entity” means the Person (or, if so elected by the Holder, the Parent Entity) formed by, resulting from or
surviving any Fundamental Transaction or the Person (or, if so elected by the Holder, the Parent Entity) with which such Fundamental Transaction shall have been entered into. 

“Trading Day” means any day on which the Common Stock is traded on the Principal Market, or, if the Principal Market is not
the principal trading market for the Common Stock, then on the principal securities exchange or securities market on which the Common Stock is then traded; provided that “Trading Day” shall not include any day on which the Common
Stock is scheduled to trade on such exchange or market for less than 4.5 hours or any day that the Common Stock is suspended from trading during the final hour of trading on such exchange or market (or if such exchange or market does not designate
in advance the closing time of trading on such exchange or market, then during the hour ending at 4:00:00 p.m., New York City time). 

“Weighted Average Price” means, for any security as of any specified date, the average of the dollar volume-weighted averages
of the trading prices for such security on the Principal Market, or, if the Principal Market is not the principal trading market for the Common Stock, then on the principal securities exchange on which the Common Stock is then traded, on each of the
ten (10) consecutive Trading Days ending on the Trading Day prior to such specified date, as reported by Bloomberg through its “Volume at Price” function or, if the foregoing does not apply, the average of the dollar volume-weighted
averages of the trading prices for such security in the over-the-counter market on the electronic bulletin board for such security on each of the ten (10) consecutive trading days for such market ending on the trading day prior to such
specified date, as reported by Bloomberg, or, if no dollar volume-weighted average of the trading price is reported for such security by Bloomberg for such period, the average of the highest closing bid price and the lowest closing ask price of any
of the market makers for such security during such period as reported in the “pink sheets” by OTC Markets Inc. If the Weighted Average Price cannot be calculated for such security on such specified date on any of the foregoing bases, the
Weighted Average Price of such security on such specified date shall be the fair market value as mutually determined by the Company and the Holder. If the Company and the Holder are unable to agree upon the fair market value of such security, then
such dispute shall be resolved pursuant to Section 12 with the term “Weighted Average Price” being substituted for the term “Exercise Price.” All such determinations shall be appropriately adjusted for any share
dividend, share split or other similar transaction during such period. 
 [Signature Page Follows] 

  
 11 

 IN WITNESS WHEREOF, the Company has caused this Warrant to Purchase Common Stock to be
duly executed as of the Issuance Date set forth above. 
  

			
	SELLAS LIFE SCIENCES GROUP LTD
		
	By:	 	 /s/ Angelos M. Stergiou

	Name:	 	Angelos M. Stergiou, M.D., Sc.D. h.c.
	Title:	 	Chief Executive Officer

  
 [Signature Page to
Warrant] 

 EXHIBIT A 

EXERCISE NOTICE 
 TO BE
EXECUTED BY THE REGISTERED HOLDER TO EXERCISE THIS 
 WARRANT TO PURCHASE COMMON STOCK 

SELLAS LIFE SCIENCES GROUP LTD 
 The
undersigned holder hereby exercises the right to purchase
                                of the shares of Common Stock (“Warrant
Shares”) of SELLAS Life Sciences Group Ltd, a Bermuda exempted company (the “Company”), evidenced by the attached Warrant to Purchase Common Stock (the “Warrant”). Capitalized terms used herein and not
otherwise defined shall have the respective meanings set forth in the Warrant. 
 1. Exercise Price. The Holder intends that payment
of the Exercise Price shall be made as (check one): 
  

	 	☐	Cash Exercise under Section 1(a). 

  

	 	☐	Cashless Exercise under Section 1(d). 

 2. Cash Exercise. If the Holder has
elected a Cash Exercise, the Holder shall pay the sum of $            to the Company in accordance with the terms of the Warrant. 

3. Delivery of Warrant Shares. The Company shall deliver to the holder
                            Warrant Shares in accordance with the terms of the Warrant. If the shares are to
be delivered electronically, please complete the Depository Trust Company (“DTC”) DWAC information below. 
 Date:
                    ,         
  

			
	  
	  	  

	Name of Registered Holder	  	Name of Signatory

  

			
	By:	 	  

	Name:	 	
	Title:	 	

 If shares are to be delivered electronically: 

Broker Name:
                                         
                            

Broker DTC DWAC #:
                                         
                        
 Account at
Broker shares are to be delivered to:
                                         
                                

 ACKNOWLEDGEMENT 

The Company hereby acknowledges this Exercise Notice. 

 

			
	SELLAS LIFE SCIENCES GROUP LTD
		
	By:	 	  

	Name:	 	
	Title:

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