Document:

EX-10.2

 Exhibit 10.2 

SUPPORT AGREEMENT 

This SUPPORT AGREEMENT (this “Agreement”), is made as of August 7, 2017, by and between Galena
Biopharma, Inc. (“Galena”) and the Person set forth on Schedule A hereto (the “Stockholder”). 

WHEREAS, as of the date hereof, the Stockholder is the holder of the number of shares, par value $10.00 per share
(“Sellas Shares”), of SELLAS Life Sciences Group Ltd, a Bermuda exempted company (“Sellas”), set forth opposite the Stockholder’s name on Schedule A (all such shares set forth on
Schedule A, together with any shares of Sellas Shares that are hereafter issued to or otherwise acquired, whether beneficially or of record, or owned by the Stockholder prior to the termination of this Agreement being referred to herein
as the “Subject Shares”); 
 WHEREAS, Galena, Sellas, Sellas Intermediate Holdings I, Inc., a
Delaware corporation and a wholly owned subsidiary of Galena (“Holdings I”), Sellas Intermediate Holdings II, Inc., a Delaware corporation and a wholly owned subsidiary of Holdings I (“Holdings II”),
Galena Bermuda Merger Sub, Ltd., a Bermuda exempted company and a wholly owned subsidiary of Holdings II (“Merger Sub”), propose to enter into an Agreement and Plan of Merger and Reorganization, dated as of the date hereof
(the “Plan of Merger”), which provide, among other things, for the merger of Merger Sub with and into Sellas, with Sellas continuing as the surviving company (the “Merger”), upon the terms and subject
to the conditions set forth in the Plan of Merger (capitalized terms used but not otherwise defined herein shall have the respective meanings ascribed to such terms in the Plan of Merger); and 

WHEREAS, as a condition to its willingness to enter into the Plan of Merger, Galena has required that the Stockholder,
and as an inducement and in consideration therefor, the Stockholder (in the Stockholder’s capacity as a holder of the Subject Shares) has agreed to, enter into this Agreement. 

NOW, THEREFORE, in consideration of the foregoing and the respective representations, warranties, covenants and
agreements set forth below and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows: 

ARTICLE I 
 VOTING
AGREEMENT; GRANT OF PROXY 
 The Stockholder hereby covenants and agrees that: 

1.1. Voting of Subject Shares. From and after the date hereof, at every meeting of the holders of Sellas Shares
(the “Sellas Stockholders”), however called, and at every adjournment or postponement thereof (or pursuant to a written consent if the Sellas Stockholders act by written consent in lieu of a meeting), the Stockholder shall,
or shall cause the holder of record on any applicable record date to, be present (in person or by proxy) and to vote the Subject Shares (a) adopting the Plan of Merger, the Bermuda Merger Agreement and approving the Merger, the conversion of
the Sellas Convertible Note, and the other actions contemplated by the Plan of Merger and (b) against any Acquisition Proposal. The Stockholder shall retain at all times the right to vote the Subject Shares in Stockholder’s sole discretion
and without any other 

 
limitation on those matters other than those set forth in this Section 1.1 that are at any time or from time to time presented for consideration to the Sellas Stockholders. 

1.2. No Inconsistent Arrangements. Except as provided hereunder or under the Plan of Merger, the Stockholder
shall not, directly or indirectly, (a) create any Encumbrance other than restrictions imposed by Legal Requirements or pursuant to this Agreement on any Subject Shares, (b) transfer, sell, assign, gift or otherwise dispose of
(collectively, “Transfer”), or enter into any contract with respect to any Transfer of the Subject Shares or any interest therein, (c) grant or permit the grant of any proxy, power of attorney or other authorization in
or with respect to the Subject Shares, (d) deposit or permit the deposit of the Subject Shares into a voting trust or enter into a voting agreement or arrangement with respect to the Subject Shares, or (e) take any action that, to the
knowledge of the Stockholder, would make any representation or warranty of the Stockholder herein untrue or incorrect in any material respect, or have the effect of preventing the Stockholder from performing the Stockholder’s obligations
hereunder. Notwithstanding the foregoing, (i) the Stockholder may (A) make transfers of the Subject Shares as charitable gifts or donations, (B) make transfers or dispositions of the Subject Shares to any trust for the direct or
indirect benefit of the Stockholder or the immediate family of the Stockholder, (C) make transfers or dispositions of the Subject Shares by will, other testamentary document or intestate succession to the legal representative, heir, beneficiary
or a member of the immediate family of the Stockholder, (D) make transfers of the Subject Shares to stockholders, direct or indirect affiliates (within the meaning set forth in Rule 405 under the Securities Act of 1933, as amended),
current or former partners (general or limited), members or managers of the Stockholder, as applicable, or to the estates of any such stockholders, affiliates, partners, members or managers, or to another corporation, partnership, limited liability
company or other business entity that controls, is controlled by or is under common control with the Stockholder, (E) make transfers that occur by operation of law pursuant to a qualified domestic relations order or in connection with a divorce
settlement, (F) make transfers or dispositions not involving a change in beneficial ownership, and (G) if the Stockholder is a trust, make transfers or dispositions to any beneficiary of the Stockholder or the estate of any such
beneficiary; provided that, in each case, the transferee agrees in writing to be bound by the terms and conditions of this Agreement and either the Stockholder or the transferee provides Galena with a copy of such agreement promptly
upon consummation of any such Transfer and (ii) the Stockholder may take all actions reasonably necessary to consummate the Contemplated Transactions. For purposes of this Agreement, “immediate family” shall mean any relationship by
blood, marriage or adoption, not more remote than first cousin. 
 1.3. No Exercise of Appraisal Rights;
Waivers. In connection with the Contemplated Transactions, the Stockholder hereby expressly (a) waives, to the extent permitted under applicable Legal Requirements, the applicability of the provisions for dissenters’ or appraisal
rights set forth in the Companies Act (or any other similar applicable Legal Requirement), with respect to any Subject Shares, (b) agrees that the Stockholder will not, under any circumstances in connection with the Contemplated Transactions,
exercise any dissenters’ or appraisal rights in respect of any Subject Shares, and (c) agrees that the Stockholder will not bring, commence, institute, maintain, prosecute, participate in or voluntarily aid any action, claim, suit or cause
of action, in law or in equity, in any court or before any Governmental Body, which (i) challenges the validity of or seeks to enjoin the operation of any provision of this Agreement or (ii) alleges that the execution and delivery of this
Agreement by the Stockholder, or the approval of the Plan of Merger by the Sellas Board of Directors, breaches any fiduciary 

 
duty of the Sellas Board of Directors or any member thereof; provided, that the Stockholder may defend against, contest or settle any such action, claim, suit or cause of
action brought against the Stockholder that relates solely to the Stockholder’s capacity as a director, officer or securityholder of Sellas. 

1.4. Documentation and Information. The Stockholder shall permit and hereby authorizes Galena and Sellas to
publish and disclose in all documents and schedules filed with the SEC, and any press release or other disclosure document that Galena or Sellas reasonably determines to be necessary in connection with the Merger and any transactions contemplated by
the Plan of Merger, the Stockholder’s identity and ownership of the Subject Shares and the nature of the Stockholder’s commitments and obligations under this Agreement. Galena is an intended third-party beneficiary of this
Section 1.4. 
 1.5. Irrevocable Proxy. The Stockholder hereby revokes (or agrees to cause to be
revoked) any proxies that the Stockholder has heretofore granted with respect to the Subject Shares. The Stockholder hereby irrevocably appoints Galena as attorney-in-fact and proxy for and on behalf of the Stockholder, for and in the name, place
and stead of the Stockholder, to: (a) attend any and all meetings of Sellas Stockholders, (b) vote, express consent or dissent or issue instructions to the record holder to vote the Subject Shares in accordance with the provisions of
Section 1.1 at any and all meetings of Sellas Stockholders or in connection with any action sought to be taken by written consent of Sellas Stockholders without a meeting and (c) grant or withhold, or issue instructions to the
record holder to grant or withhold, consistent with the provisions of Section 1.1, all written consents with respect to the Subject Shares at any and all meetings of Sellas Stockholders or in connection with any action sought to be taken
by written consent of Sellas Stockholders without a meeting. Galena agrees not to exercise the proxy granted herein for any purpose other than the purposes described in this Agreement. The foregoing proxy shall be deemed to be a proxy coupled with
an interest, is irrevocable (and as such shall survive and not be affected by the death, incapacity, mental illness or insanity of the Stockholder, as applicable) until the termination of the Plan of Merger and shall not be terminated by operation
of law or upon the occurrence of any other event other than the termination of this Agreement pursuant to Section 4.2. The Stockholder authorizes such attorney and proxy to substitute any other Person to act hereunder, to revoke any
substitution and to file this proxy and any substitution or revocation with the Secretary of Sellas. The Stockholder hereby affirms that the proxy set forth in this Section 1.5 is given in connection with and granted in consideration of
and as an inducement to Galena, Holdings I, Holdings II and Merger Sub to enter into the Plan of Merger and that such proxy is given to secure the obligations of the Stockholder under Section 1.1. The proxy set forth in this
Section 1.5 is executed and intended to be irrevocable, subject, however, to its automatic termination upon the termination of this Agreement pursuant to Section 4.2. With respect to any Subject Shares that are owned
beneficially by the Stockholder but are not held of record by the Stockholder (other than shares beneficially owned by the Stockholder that are held in the name of a bank, broker or nominee), the Stockholder shall take all action necessary to cause
the record holder of such Subject Shares to grant the irrevocable proxy and take all other actions provided for in this Section 1.5 with respect to such Subject Shares. 

1.6. No Solicitation of Transactions. Subject to Sections 4.5(b), 5.2 and 5.3 of the Plan of Merger, as
applicable, the Stockholder shall not knowingly, directly or indirectly, through any officer, director, agent or otherwise, (i) solicit, initiate, respond to or take any action 

 
knowingly to facilitate or encourage any inquiries or the communication, making, submission or announcement of any Acquisition Proposal or Acquisition Inquiry or take any action that could
reasonably be expected to lead to an Acquisition Proposal or Acquisition Inquiry; (ii) enter into or participate in any discussions or negotiations with any Person with respect to any Acquisition Proposal or Acquisition Inquiry;
(iii) furnish any information regarding such Party to any Person in connection with, in response to, relating to or for the purpose of assisting with or facilitating an Acquisition Proposal or Acquisition Inquiry; (iv) approve, endorse or
recommend any Acquisition Proposal; (v) execute or enter into any letter of intent or similar document or any Contract contemplating or otherwise relating to any Acquisition Transaction; or (vi) grant any waiver or release under any
confidentiality, standstill or similar agreement. The Stockholder hereby represents and warrants that the Stockholder has read Section 4.5 (No Solicitation) of the Plan of Merger and agrees not to engage in any actions prohibited
thereby. 
 1.7. No Ownership Interest. Nothing contained in this Agreement will be deemed to vest in Galena
any direct or indirect ownership or incidents of ownership of or with respect to the Subject Shares. All rights, ownership and economic benefits of and relating to the Subject Shares will remain and belong to the Stockholder, and Galena will have no
authority to manage, direct, superintend, restrict, regulate, govern or administer any of the policies or operations of Sellas or exercise any power or authority to direct Stockholder in the voting of any of the Subject Shares, except as otherwise
expressly provided herein with respect to the Subject Shares and except as otherwise expressly provided in the Plan of Merger. 
 ARTICLE
II 
 REPRESENTATIONS AND WARRANTIES OF THE STOCKHOLDER 

The Stockholder represents and warrants to Galena that: 

2.1. Organization; Authorization; Binding Agreement. The Stockholder, if not a natural person, is duly
incorporated or organized, as applicable, validly existing and in good standing under the laws of its jurisdiction of incorporation or organization. The Stockholder has full legal capacity and power, right and authority to execute and deliver this
Agreement and to perform the Stockholder’s obligations hereunder and to consummate the transactions contemplated hereby. This Agreement has been duly and validly executed and delivered by the Stockholder, and constitutes a legal, valid and
binding obligation of the Stockholder enforceable against the Stockholder in accordance with its terms, subject to (a) laws of general application relating to bankruptcy, insolvency and the relief of debtors and (b) laws of general
application relating to bankruptcy, insolvency, the relief of debtors, fraudulent transfer, reorganization, moratorium and other similar laws of general applicability relating to or affecting creditor’s rights (the “Enforceability
Exceptions”). 
 2.2. Ownership of Subject Shares; Total Shares. The Stockholder is the record or
beneficial owner of the Subject Shares and has good and marketable title to the Subject Shares free and clear of any Encumbrances (including any restriction on the right to vote or otherwise transfer the Subject Shares), except (a) as provided
hereunder, (b) pursuant to any applicable restrictions on transfer under the Securities Act, (c) subject to any risk of forfeiture with respect to any Sellas Shares granted to the Stockholder under an employee benefit plan of Sellas and
(d) as provided in the bylaws of Sellas or in the Investor Agreements. The Subject Shares listed on Schedule A opposite the Stockholder’s name constitute all of the Sellas Shares owned by the

 
Stockholder as of the date hereof. Except pursuant to the Investor Agreements or Sellas’ bylaws, no Person has any contractual or other right or obligation to purchase or otherwise acquire
any of the Subject Shares. For purposes of this Agreement “Beneficial Ownership” shall be interpreted as defined in Rule 13d-3 under the Exchange Act; provided that for purposes of determining Beneficial Ownership, a
Person shall be deemed to be the Beneficial Owner of any securities that may be acquired by such Person pursuant to any Contract or upon the exercise of conversion rights, exchange rights, warrants or options, or otherwise (irrespective of whether
the right to acquire such securities is exercisable immediately or only after the passage of time, including the passage of time in excess of 60 days, the satisfaction of any conditions, the occurrence of any event or any combination of the
foregoing). 
 2.3. Voting Power. The Stockholder has full voting power, with respect to the Subject Shares,
and full power of disposition, full power to issue instructions with respect to the matters set forth herein and full power to agree to all of the matters set forth in this Agreement, in each case, with respect to all of the Subject Shares. None of
the Subject Shares are subject to any proxy, voting trust or other agreement or arrangement with respect to the voting of the Subject Shares, except (a) provided in the Investor Agreements and (b) as provided hereunder. 

2.4. Reliance. The Stockholder has had the opportunity to review the Plan of Merger and this Agreement with
counsel of the Stockholder’s own choosing. The Stockholder understands and acknowledges that Galena, Holdings I, Holdings II and Merger Sub are entering into the Plan of Merger in reliance upon the Stockholder’s execution, delivery and
performance of this Agreement. 
 2.5. Absence of Litigation. With respect to the Stockholder, as of the date
hereof, there is no action, suit, investigation or proceeding pending against, or, to the knowledge of the Stockholder, threatened in writing against, the Stockholder or any of the Stockholder’s properties or assets (including the Subject
Shares) that could reasonably be expected to prevent, delay or impair the ability of the Stockholder to perform the Stockholder’s obligations hereunder or to consummate the transactions contemplated hereby. 

2.6. Non-Contravention. The execution and delivery of this Agreement by the Stockholder and the performance of
the transactions contemplated by this Agreement by the Stockholder does not and will not violate, conflict with, or result in a breach of (a) any applicable Legal Requirement or any injunction, judgment, order, decree, ruling, charge, or other
restriction of any Governmental Body to which the Stockholder is subject; or (b) any Contract to which the Stockholder is a party or is bound or to which the Subject Shares are subject. 

ARTICLE III 

REPRESENTATIONS AND WARRANTIES OF GALENA 

Galena represents and warrants to the Stockholder that: 

3.1. Organization; Authorization. Galena is a corporation duly incorporated, validly existing and in good
standing under the laws of Delaware. The consummation of the transactions contemplated hereby is within Galena’s corporate powers and have been duly authorized by all necessary corporate actions on the part of Galena. Galena has full power and
authority to execute, deliver and perform this Agreement. 

 3.2. Binding Agreement. This Agreement has been duly authorized,
executed and delivered by Galena and constitutes a valid and binding obligation of Galena enforceable against Galena in accordance with its terms, subject to the Enforceability Exceptions. 

ARTICLE IV 

MISCELLANEOUS 

4.1. Notices. All notices, requests and other communications to either party hereunder shall be in writing
(including facsimile transmission or electronic mail) and shall be given, (a) if to Galena, in accordance with the provisions of the Plan of Merger and (b) if to the Stockholder, to the Stockholder’s address, electronic mail address
or facsimile number set forth on a signature page hereto, or to such other address, electronic mail address or facsimile number as the Stockholder may hereafter specify in writing to Galena. 

4.2. Termination. This Agreement shall terminate automatically, without any notice or other action by any
Person, upon the earlier of (a) the termination of the Plan of Merger in accordance with its terms and (b) the Effective Time. Upon termination of this Agreement, neither party shall have any further obligations or liabilities under this
Agreement; provided, however, that (i) nothing set forth in this Section 4.2 shall relieve either party from liability for any breach of this Agreement prior to termination hereof, and (ii) the provisions of this
Article IV shall survive any termination of this Agreement. 
 4.3. Amendments and Waivers. Any
provision of this Agreement may be amended or waived if such amendment or waiver is in writing and is signed, in the case of an amendment, by each party to this Agreement, or in the case of a waiver, by the party against whom the waiver is to be
effective. No failure or delay by either party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of
any other right, power or privilege. 
 4.4. Binding Effect; Benefit; Assignment. The provisions of this
Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns. Except as set forth in Section 1.4, no provision of this Agreement is intended to confer any rights,
benefits, remedies, obligations or liabilities hereunder upon any person other than the parties hereto and their respective successors and assigns. Neither party may assign, delegate or otherwise transfer any of its rights or obligations under this
Agreement without the consent of the other party hereto, except that Galena may transfer or assign its rights and obligations under this Agreement, in whole or from time to time in part, to one or more of its Affiliates at any time; provided, that
such transfer or assignment shall not relieve Galena of any of its obligations hereunder. 
 4.5. Governing Law;
Jurisdiction. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, regardless of the laws that might otherwise govern under applicable principles of conflicts of laws. In any action or
suit between any of the parties arising out of or relating to this Agreement: (a) each of the parties irrevocably and unconditionally consents and submits to the exclusive jurisdiction and venue of the Delaware Court of Chancery, or if such
court does not have proper jurisdiction, then the federal 

 
courts located in the State of Delaware, and appellate courts therefrom (collectively, the “Delaware Courts”); and (b) each of the parties irrevocably waives the
right to trial by jury. 
 4.6. Counterparts. This Agreement may be executed in several counterparts, each of
which shall be deemed an original and all of which shall constitute one and the same instrument. The exchange of a fully executed Agreement (in counterparts or otherwise) by all parties by facsimile or electronic transmission in .PDF format shall be
sufficient to bind the parties to the terms and conditions of this Agreement. 
 4.7. Entire Agreement. This
Agreement constitutes the entire agreement and supersedes all prior agreements and understandings, both written and oral, among or between any of the parties with respect to the subject matter hereof and thereof. 

4.8. Severability. Any term or provision of this Agreement that is invalid or unenforceable in any situation in
any jurisdiction shall not affect the validity or enforceability of the remaining terms and provisions of this Agreement or the validity or enforceability of the offending term or provision in any other situation or in any other jurisdiction. If a
final judgment of a court of competent jurisdiction declares that any term or provision of this Agreement is invalid or unenforceable, the parties hereto agree that the court making such determination will have the power to limit such term or
provision, to delete specific words or phrases or to replace such term or provision with a term or provision that is valid and enforceable and that comes closest to expressing the intention of the invalid or unenforceable term or provision, and this
Agreement shall be valid and enforceable as so modified. In the event such court does not exercise the power granted to it in the prior sentence, the parties hereto agree to replace such invalid or unenforceable term or provision with a valid and
enforceable term or provision that will achieve, to the extent possible, the economic, business and other purposes of such invalid or unenforceable term or provision. 

4.9. Specific Performance. Any and all remedies herein expressly conferred upon a party will be deemed
cumulative with and not exclusive of any other remedy conferred hereby, or by law or equity upon such party, and the exercise by a party of any one remedy will not preclude the exercise of any other remedy. The parties hereto agree that irreparable
damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties shall be entitled to an injunction or
injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof in any Delaware Court, this being in addition to any other remedy to which they are entitled at law or in equity, and each of the parties
hereto waives any bond, surety or other security that might be required of any other party with respect thereto. 
 4.10.
Construction. 
 (a) For purposes of this Agreement, whenever the context requires: the singular number
shall include the plural, and vice versa; the masculine gender shall include the feminine and neuter genders; the feminine gender shall include the masculine and neuter genders; and the neuter gender shall include masculine and feminine genders.

 (b) The parties hereto agree that any rule of construction to the effect
that ambiguities are to be resolved against the drafting party shall not be applied in the construction or interpretation of this Agreement. 

(c) As used in this Agreement, the words “include” and “including,” and variations thereof, shall
not be deemed to be terms of limitation, but rather shall be deemed to be followed by the words “without limitation.” 

(d) Except as otherwise indicated, all references in this Agreement to “Sections,” “Articles,” and
“Schedules” are intended to refer to Sections or Articles of this Agreement and Schedules to this Agreement, respectively. 

(e) The bold-faced headings contained in this Agreement are for convenience of reference only, shall not be deemed to
be a part of this Agreement and shall not be referred to in connection with the construction or interpretation of this Agreement. 

4.11. Further Assurances. Each of the parties hereto will execute and deliver, or cause to be executed and
delivered, all further documents and instruments and use their respective reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary under applicable Legal Requirements to perform their
respective obligations as expressly set forth under this Agreement. 
 4.12. Capacity as Stockholder. The
Stockholder signs this Agreement solely in the Stockholder’s capacity as a Stockholder of Sellas, and not in the Stockholder’s capacity as a director, officer or employee of Sellas or any of its Subsidiaries or in the Stockholder’s
capacity as a trustee or fiduciary of any employee benefit plan or trust. Notwithstanding anything herein to the contrary, nothing herein shall in any way restrict a director or officer of Sellas in the exercise of his or her fiduciary duties as a
director or officer of Sellas or in his or her capacity as a trustee or fiduciary of any employee benefit plan or trust or prevent or be construed to create any obligation on the part of any director or officer of Sellas or any trustee or fiduciary
of any employee benefit plan or trust from taking any action in his or her capacity as such director, officer, trustee or fiduciary. 

4.13. No Agreement Until Executed. Irrespective of negotiations among the parties or the exchanging of drafts of
this Agreement, this Agreement shall not constitute or be deemed to evidence a contract, agreement, arrangement or understanding between the parties hereto unless and until (a) the board of directors of Sellas has approved, for purposes of any
applicable anti-takeover laws and regulations, and any applicable provision of Sellas’ organizational documents, the Merger, (b) the Plan of Merger are executed by all parties thereto, and (c) this Agreement is executed by all parties
hereto. 
 (SIGNATURE PAGE FOLLOWS) 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed as of the date first written above. 
  

			
	 GALENA BIOPHARMA, INC.

		
	 By:    
	 	  

		 	 Name:

		 	 Title:

 [Signature Page to Support Agreement] 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed as of the date first written above. 
  

	
	 STOCKHOLDER

	
	  

	 (Print Name of Stockholder)

	
	  

	 (Signature)

	
	  

	 (Name and Title of Signatory, if Signing

on Behalf of an Entity)

 [Signature Page to Support Agreement] 

 Schedule A 

 

			
	 Name of Stockholder
	  	No. SharesEX-10.3

 Exhibit 10.3 

CONSENT 

This Consent (“Consent”), dated as of August 7, 2017, is made by JGB (Cayman) Newton Ltd. (the
“Holder”), in favor of Galena Biopharma, Inc., a Delaware corporation (the “Company”). 

WHEREAS, the Holder is the holder of that certain Amended and Restated 9% Original Issue Discount Senior Secured Debenture due
November 10, 2018 (the “Debenture”); 
 WHEREAS, the Company, Sellas Intermediate Holdings I, Inc., a
Delaware corporation and a wholly-owned subsidiary of the Company (“Holdings I”), Sellas Intermediate Holdings II, Inc., a Delaware corporation and a wholly-owned subsidiary of Holdings I (“Holdings II”), Galena
Bermuda Merger Sub, Ltd., a Bermuda exempted company and a wholly-owned subsidiary of Holdings II (“Merger Sub”), and SELLAS Life Sciences Group Ltd, a Bermuda exempted company (“Sellas”) intend to enter into that
certain Agreement and Plan of Merger and Reorganization attached hereto as Exhibit A (the “Merger Agreement”) whereby, among other things, the Company, Holdings I, Holdings II, Merger Sub and Sellas intend to effect a merger of
Merger Sub with, and into, Sellas, with Sellas as the surviving company (the “Merger”); 
 WHEREAS,
Section 6 of the Debenture prohibits the Company from entering into the Merger Agreement and consummating the Merger without the prior consent of the Holder; 

WHEREAS, in order to induce the Holder to give its consent to the Company’s entry into the Merger Agreement and
consummation of the Merger, the Company and the Holder have agreed to make certain amendments to the Debenture set forth below; 

WHEREAS, pursuant to Section 8(e) of the Debenture, the consent requested by the Company to permit the Merger and the
Company’s entry into the Merger Agreement must be contained in a written agreement signed by the Company and the Holder; 

NOW, THEREFORE, in consideration of the premises set forth above and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties agree as follows: 
 1.
        Consent. As of the Effective Date (defined below), notwithstanding the provisions of Section 7(a)(iii) of the Debenture, the Holder hereby consents to the Company’s entry into the
Merger Agreement and the Merger (collectively, the “Transaction”). 

 2.         Limitation of Consent. Without limiting
the generality of Section 8(e) of the Debenture, the consent set forth above shall be limited precisely as written and relates solely to the provisions of Section 7(a)(iii) of the Debenture in the manner and to the extent described above
and nothing in this Consent shall be deemed to: 
 (a) Constitute a waiver of compliance by the Company with respect to any
other term, provision or condition of the Debenture or any other instrument or agreement executed by the Company in connection therewith; or 

(b) Prejudice any right or remedy the Holder may have in the future under or in connection with the Debenture or any other
instrument or agreement executed by the Company in connection therewith. 
 3.         Agreements
regarding the Debenture. 
 (a) Without limiting the Holder’s rights under Section 2(e) of the Debenture, the
Company agrees that it shall not prepay all or any portion of the Debenture pursuant to Section 2(f) of the Debenture prior to the first anniversary of the consummation of the transactions contemplated by the Merger Agreement. 

(b) Notwithstanding any provision of the Debenture to the contrary, including any provision contained in Section 4(a)
thereof, effective on the date hereof, (i) the Holder may, in its sole discretion, increase the dollar amount of the Monthly Allowance to an amount up to the outstanding principle balance of the Debenture at any time by written notice to the
Company and (ii) the Holder may deliver an unlimited number of Holder Redemption Notices during any calendar month. 

(c) To the extent commercially reasonable under the circumstances, if the Debenture is Stock On, the Holder shall limit the
Holder Redemption Amounts for any given Trading Day to fifteen percent (15%) of the greater of (1) the daily dollar trading volume for the Common Stock on the Principal Market (or other applicable Trading Market) for such Trading Day and
(2) the average daily dollar trading volume for the Common Stock on the Principal Market (or other applicable Trading Market) for the five (5) consecutive Trading Days preceding such Trading Day. For the purposes of this definition the
term “daily dollar trading volume” for any Trading Day shall be determined by multiplying the VWAP by the volume as reported on Bloomberg for such Trading Day. Notwithstanding the foregoing, this Section 3(c) shall not apply in the
circumstances contemplated by Section 6 of the Waiver, dated December 14, 2016, by and between Holder and the Company. 
 4.
        Conditions Precedent. This Consent shall become effective upon the date (the “Effective Date”) on which the Company has executed and delivered the Merger Agreement and any and
all documents, certificates, instructions, requests, or other instruments required to be delivered thereunder upon signing the Merger Agreement, to 

  
 2 

 
Sellas. This Consent shall automatically be deemed to be rescinded and of no further force and effect if the Merger Agreement shall have not been fully executed and delivered by each of the
parties thereto by 7:00 a.m. (Eastern Time) on August 8, 2017. 
 5.         Conditions
Subsequent. 
  

	 	a.	 The Company shall cause the Surviving Company (as defined in the Merger Agreement) to execute and deliver a
joinder to the Subsidiary Guaranty (but shall not be required to execute a joinder to the Security Agreement) promptly after the Effective Date and in any event no later than the Closing Date (as defined in the Merger Agreement).

  

	 	b.	 The Company shall comply with Section 12 hereof in all respects. 

6.         Event of Default. The failure, for any reason, by the Company to comply with any of
the conditions subsequent set forth in Section 4 hereof shall constitute an Event of Default under the Debenture immediately upon the occurrence of such failure. 

7.         No Modifications. Except as set forth in Section 4, nothing contained in this
Consent shall be deemed or construed to amend, supplement or modify the Debenture or any other instrument or agreement executed by the Company in connection therewith (including the Waiver dated December 14, 2016, April 1, 2017, and the
Amendment Agreement dated May 1, 2017), all of which shall remain in full force and effect, or otherwise affect the rights and obligations of any party thereto, all of which remain in full force and effect. 

8.         Representations and Warranties. The Company represents and warrants to the Holder
that, as of the date hereof, (i) no Event of Default under the Debenture has occurred or is continuing and (ii) the Company has complied in all material respects with their respective obligations under any and all instruments or agreements
executed by the Company in connection with the transactions contemplated by the Debenture. 
 9.
        Successors and Assigns. This Consent shall inure to the benefit of and be binding upon the Company and the Holder, and each of their respective successors and assigns. 

10.       Governing Law. This Consent shall be governed by, and construed in accordance with, the laws of
the State of New York. The parties agree that the state and federal courts located in New York County, New York shall have exclusive jurisdiction over any action, proceeding or dispute arising out of this Consent and the parties submit to the
personal jurisdiction of such courts. 
 11.       Counterparts. This Consent may be executed in any
number of counterparts, all of which shall constitute one and the same agreement, and any party hereto may execute this Consent by signing and delivering one or more counterparts. Delivery of an executed

  
 3 

 
counterpart of this Consent electronically or by facsimile shall be effective as delivery of an original executed counterpart of this Consent. 

12.       Disclosure. Company confirms that neither it nor any other person or entity acting on its
behalf has provided the Holder or its counsel with any information that constitutes or might constitute material, nonpublic information other than concerning the Merger. The Company will disclose the material terms of the Merger Agreement, the
Merger and this Consent by not later than 7 a.m. (Eastern Time) on August 8, 2017, or such earlier time as may be required by law, by means of a Current Report on Form 8-K filed with the Securities and
Exchange Commission and simultaneous press release. Such Current Report on Form 8-K shall include such press release, the Merger Agreement, and any other material agreement related to the foregoing. The
Current Report on Form 8-K shall be subject to the prior review and comment of the Holder. From and after the filing of the Current Report on Form 8-K with the
Securities and Exchange Commission, the Company acknowledges and agrees that the Holder shall not be in possession of any material, nonpublic information received from the Company, Sellas or any person acting on their behalf. 

13.       Capitalized Terms. Capitalized terms used but not defined herein shall have the meanings set
forth in the Debenture. 
 [SIGNATURE PAGE FOLLOWS] 

  
 4 

 IN WITNESS WHEREOF, the parties hereto have executed this Consent as of the date first above
written. 
  

	
	 Galena Biopharma, Inc., as Company

	
	 By   /s/ Stephen
Ghiglieri            

	
	 Name: Stephen Ghiglieri

	 Title: Chief Executive Officer

(Interim) and Chief Financial Officer

	
	 JGB (Cayman) Newton Ltd., as Holder

	
	 By   /s/ Brett
Cohen                

	
	 Name: Brett Cohen

Title: President

  
 [Signature Page to
Consent re: Galena Merger Agreement]

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