Document:

EX-10.11

 Exhibit 10.11 

SELLAS LIFE SCIENCES GROUP, INC. 

2017 EMPLOYEE STOCK PURCHASE PLAN

ADOPTED BY THE BOARD OF DIRECTORS: SEPTEMBER 22, 2017 

APPROVED BY THE STOCKHOLDERS: DECEMBER 29, 2017 

1. GENERAL; PURPOSE. 
 (a) The Plan provides a
means by which Eligible Employees of the Company and certain designated Related Corporations may be given an opportunity to purchase shares of Common Stock. The Plan permits the Company to grant a series of Purchase Rights to Eligible Employees
under an Employee Stock Purchase Plan. 
 (b) The Company, by means of the Plan, seeks to retain the services of such Employees, to secure and retain
the services of new Employees and to provide incentives for such persons to exert maximum efforts for the success of the Company and its Related Corporations. 

2. ADMINISTRATION. 
 (a) The Board will administer
the Plan. The Board may delegate administration of the Plan to a Committee or Committees, as provided in Section 2(c). 
 (b) The Board will
have the power, subject to, and within the limitations of, the express provisions of the Plan: 
 (i) To determine when and how Purchase Rights will
be granted and the provisions of each Offering (which need not be identical). 
 (ii) To designate from time to time which Related Corporations will
be eligible to participate in the Plan. 
 (iii) To construe and interpret the Plan and Purchase Rights, and to establish, amend and revoke rules and
regulations for the administration of the Plan. The Board, in the exercise of this power, may correct any defect, omission or inconsistency in the Plan, in a manner and to the extent it deems necessary or expedient to make the Plan fully effective.

 (iv) To settle all controversies regarding the Plan and Purchase Rights. 

(v) To amend the Plan at any time as provided in Section 12. 

(vi) To suspend or terminate the Plan at any time as provided in Section 12. 

(vii) Generally, to exercise such powers and to perform such acts as it deems necessary or expedient to promote the best interests of the Company and
its Related Corporations and to carry out the intent that the Plan be treated as an Employee Stock Purchase Plan. 
 (viii) To adopt such procedures
and sub-plans as are necessary or appropriate to permit participation in the Plan by Employees who are foreign nationals or employed outside the United States. 

(c) The Board may delegate some or all of the administration of the Plan to a Committee or Committees. If administration is delegated to a Committee,
the Committee will have, in connection with the administration of the Plan, the powers theretofore possessed by the Board that have been delegated to the Committee, including the power to delegate to a subcommittee any of the administrative powers
the Committee is authorized to exercise (and references to the Board in this Plan and in any applicable Offering Document will thereafter be to the Committee or subcommittee), subject, however, to such resolutions, not inconsistent with the
provisions of the Plan, as may be adopted from time to time by the Board. The Board may retain the authority to concurrently administer the Plan with the Committee and may, at any time, revest in the Board some or all of the powers previously
delegated. Whether or not the Board has delegated administration of the Plan to a Committee, the Board will have the final power to determine all questions of policy and expediency that may arise in the administration of the Plan. 

 (d) All determinations, interpretations and constructions made by the Board in good faith will not be
subject to review by any person and will be final, binding and conclusive on all persons. 
 3. SHARES OF COMMON STOCK SUBJECT TO THE PLAN. 

(a) Subject to Section 11(a) relating to Capitalization Adjustments, the aggregate number of shares of Common Stock that may be issued under the
Plan will not exceed one million seven hundred twenty-three thousand eight hundred sixty-eight (1,723,868) shares of Common Stock, plus the number of shares of Common Stock that are automatically added on January 1st of each year for a period of up to ten years, commencing on the first January 1st following the Effective Date and ending on (and including)
January 1, 2027, in an amount equal to the lesser of (i) 1% of the total number of shares of Capital Stock outstanding on December 31st of the preceding calendar year, and (ii) four
million five hundred thousand (4,500,000) shares of Common Stock. Notwithstanding the foregoing, the Board may act prior to the first day of any calendar year to provide that there will be no January
1st increase in the share reserve for such calendar year of that the increase in the share reserve for such calendar year will be a lesser number of shares of Common Stock than would otherwise
occur pursuant to the preceding sentence. 
 (b) If any Purchase Right terminates without having been exercised in full, the shares of Common Stock
not purchased under such Purchase Right will again become available for issuance under the Plan. 
 (c) The stock issuable under the Plan will be
shares of authorized but unissued or reacquired Common Stock, including shares repurchased by the Company on the open market. 
 4. GRANT OF PURCHASE
RIGHTS; OFFERING. 
 (a) The Board may from time to time grant or provide for the grant of Purchase Rights to Eligible Employees under an Offering
(consisting of one or more Purchase Periods) on an Offering Date or Offering Dates selected by the Board. Each Offering will be in such form and will contain such terms and conditions as the Board will deem appropriate and will comply with the
requirement of Section 423(b)(5) of the Code that all Employees granted Purchase Rights will have the same rights and privileges. The terms and conditions of an Offering will be incorporated by reference into the Plan and treated as part of the
Plan. The provisions of separate Offerings need not be identical, but each Offering will include (through incorporation of the provisions of this Plan by reference in the document comprising the Offering or otherwise) the period during which the
Offering will be effective, which period will not exceed twenty-seven (27) months beginning with the Offering Date, and the substance of the provisions contained in Sections 5 through 8, inclusive. 

(b) If a Participant has more than one Purchase Right outstanding under the Plan, unless he or she otherwise indicates in forms delivered to the
Company: (i) each form will apply to all of his or her Purchase Rights under the Plan, and (ii) a Purchase Right with a lower exercise price (or an earlier-granted Purchase Right, if different Purchase Rights have identical exercise
prices) will be exercised to the fullest possible extent before a Purchase Right with a higher exercise price (or a later-granted Purchase Right if different Purchase Rights have identical exercise prices) will be exercised. 

(c) The Board will have the discretion to structure an Offering so that if the Fair Market Value of a share of Common Stock on any Purchase Date during
an Offering is less than or equal to the Fair Market Value of a share of Common Stock on the Offering Date for that Offering, then (i) that Offering will terminate immediately following the purchase of shares of Common Stock on such Purchase
Date, and (ii) the Participants in such terminated Offering will be automatically enrolled in a new Offering that begins immediately after such Purchase Date. 

5. ELIGIBILITY. 
 (a) Purchase Rights may be
granted only to Employees of the Company or, as the Board may designate in accordance with Section 2(b), to Employees of a Related Corporation. Except as provided in Section 5(b), an Employee will not be eligible to be granted Purchase
Rights unless, on the Offering Date, the Employee has been in 

 
the employ of the Company or the Related Corporation, as the case may be, for such continuous period preceding such Offering Date as the Board may require, but in no event will the required
period of continuous employment be equal to or greater than two (2) years. In addition, the Board may provide that no Employee will be eligible to be granted Purchase Rights unless, on the Offering Date, such Employee’s customary
employment with the Company or the Related Corporation is more than twenty (20) hours per week and more than five (5) months per calendar year or such other criteria as the Board may determine consistent with Section 423 of the Code.

 (b) The Board may provide that each person who, during the course of an Offering, first becomes an Eligible Employee will, on a date or dates
specified in the Offering which coincides with the day on which such person becomes an Eligible Employee or which occurs thereafter, receive a Purchase Right under that Offering, which Purchase Right will thereafter be deemed to be a part of that
Offering. Such Purchase Right will have the same characteristics as any Purchase Rights originally granted under that Offering, as described herein, except that: 

(i) the date on which such Purchase Right is granted will be the “Offering Date” of such Purchase Right for all purposes, including
determination of the exercise price of such Purchase Right; 
 (ii) the period of the Offering with respect to such Purchase Right will begin on its
Offering Date and end coincident with the end of such Offering; and 
 (iii) the Board may provide that if such person first becomes an Eligible
Employee within a specified period of time before the end of the Offering, he or she will not receive any Purchase Right under that Offering. 
 (c)
No Employee will be eligible for the grant of any Purchase Rights if, immediately after any such Purchase Rights are granted, such Employee owns stock possessing five percent (5%) or more of the total combined voting power or value of all classes of
stock of the Company or of any Related Corporation. For purposes of this Section 5(c), the rules of Section 424(d) of the Code will apply in determining the stock ownership of any Employee, and stock which such Employee may purchase under
all outstanding Purchase Rights and options will be treated as stock owned by such Employee. 
 (d) As specified by Section 423(b)(8) of the
Code, an Eligible Employee may be granted Purchase Rights only if such Purchase Rights, together with any other rights granted under all Employee Stock Purchase Plans of the Company and any Related Corporations, do not permit such Eligible
Employee’s rights to purchase stock of the Company or any Related Corporation to accrue at a rate which exceeds twenty-five thousand dollars ($25,000) of Fair Market Value of such stock (determined at the time such rights are granted, and
which, with respect to the Plan, will be determined as of their respective Offering Dates) for each calendar year in which such rights are outstanding at any time. 

(e) Officers of the Company and any designated Related Corporation, if they are otherwise Eligible Employees, will be eligible to participate in
Offerings under the Plan. Notwithstanding the foregoing, the Board may provide in an Offering that Employees who are highly compensated Employees within the meaning of Section 423(b)(4)(D) of the Code will not be eligible to participate. 

6. PURCHASE RIGHTS; PURCHASE PRICE. 
 (a) On each
Offering Date, each Eligible Employee, pursuant to an Offering made under the Plan, will be granted a Purchase Right to purchase up to that number of shares of Common Stock purchasable either with a percentage or with a maximum dollar amount, as
designated by the Board, but in either case not exceeding fifteen percent (15%) of such Employee’s earnings (as defined by the Board in each Offering) during the period that begins on the Offering Date (or such later date as the Board
determines for a particular Offering) and ends on the date stated in the Offering, which date will be no later than the end of the Offering. 
 (b)
The Board will establish one (1) or more Purchase Dates during an Offering on which Purchase Rights granted pursuant to that Offering will be exercised and shares of Common Stock will be purchased in accordance with such Offering. 

(c) In connection with each Offering made under the Plan, the Board may specify (i) a maximum number of shares

 
of Common Stock that may be purchased by any Participant pursuant to such Offering, (ii) a maximum number of shares of Common Stock that may be purchased by any Participant on any Purchase
Date pursuant to such Offering, (iii) a maximum aggregate number of shares of Common Stock that may be purchased by all Participants pursuant to such Offering, and/or (iv) a maximum aggregate number of shares of Common Stock that may be
purchased by all Participants on any Purchase Date pursuant to such Offering. If the aggregate purchase of shares of Common Stock issuable upon exercise of Purchase Rights granted under such Offering would exceed any such maximum aggregate number,
then, in the absence of any Board action otherwise, a pro rata (based on each Participant’s accumulated Contributions) allocation of the shares of Common Stock available will be made in as nearly a uniform manner as will be practicable and
equitable. 
 (d) The purchase price of shares of Common Stock acquired pursuant to Purchase Rights will not be less than the lower of: 

(i) an amount equal to eighty-five percent (85%) of the Fair Market Value of the shares of Common Stock on the Offering Date; or 

(ii) an amount equal to eighty-five percent (85%) of the Fair Market Value of the shares of Common Stock on the applicable Purchase Date. 

7. PARTICIPATION; WITHDRAWAL; TERMINATION. 
 (a) An
Eligible Employee may elect to authorize payroll deductions as the means of making Contributions by completing and delivering to the Company, within the time specified in the Offering, an enrollment form provided by the Company. The enrollment form
will specify the amount of Contributions not to exceed the maximum amount specified by the Board. Each Participant’s Contributions will be credited to a bookkeeping account for such Participant under the Plan and will be deposited with the
general funds of the Company except where applicable law requires that Contributions be deposited with a third party. To the extent provided in the Offering, a Participant may begin such Contributions on or after the Offering Date. To the extent
provided in the Offering, a Participant may thereafter decrease (including to zero) or increase his or her Contributions. To the extent specifically provided in the Offering, in addition to or instead of making Contributions by payroll deductions, a
Participant may make Contributions through payment by cash or check prior to a Purchase Date. 
 (b) During an Offering, a Participant may cease
making Contributions and withdraw from the Offering by delivering to the Company a withdrawal form provided by the Company. The Company may impose a deadline before a Purchase Date for withdrawing. Upon such withdrawal, such Participant’s
Purchase Right in that Offering will immediately terminate and the Company will distribute to such Participant all of his or her accumulated but unused Contributions without interest. A Participant’s withdrawal from an Offering will have no
effect upon his or her eligibility to participate in any other Offerings under the Plan, but such Participant will be required to deliver a new enrollment form to participate in subsequent Offerings. 

(c) Purchase Rights granted pursuant to any Offering under the Plan will terminate immediately if the Participant either (i) is no longer an
Employee for any reason or for no reason (subject to any post-employment participation period required by law) or (ii) is otherwise no longer eligible to participate. The Company will distribute to such individual all of his or her accumulated
but unused Contributions without interest. 
 (d) Purchase Rights will not be transferable by a Participant except by will, by the laws of descent
and distribution, or, if permitted by the Company, by a beneficiary designation as described in Section 10. During a Participant’s lifetime, Purchase Rights will be exercisable only by such Participant. 

(e) Unless otherwise specified in an Offering, the Company will have no obligation to pay interest on Contributions. 

8. EXERCISE OF PURCHASE RIGHTS. 
 (a) On each
Purchase Date, each Participant’s accumulated Contributions will be applied to the purchase of shares of Common Stock, up to the maximum number of shares of Common Stock permitted by the Plan and the applicable Offering, at the purchase price
specified in the Offering. No fractional shares will be issued upon the exercise of Purchase Rights unless specifically provided for in the Offering. 

 (b) If any amount of accumulated Contributions remains in a Participant’s account after the purchase
of shares of Common Stock and such remaining amount is less than the amount required to purchase one (1) whole share of Common Stock on the final Purchase Date of an Offering, then such remaining amount will be held in such Participant’s
account for the purchase of shares of Common Stock under the next Offering under the Plan, unless such Participant withdraws from or is not eligible to participate in such next Offering, in which case such amount will be distributed to such
Participant after the final Purchase Date without interest. If the amount of Contributions remaining in a Participant’s account after the purchase of shares of Common Stock is at least equal to the amount required to purchase one (1) whole
share of Common Stock on the final Purchase Date of an Offering, then such remaining amount will be distributed in full to such Participant after the final Purchase Date of such Offering without interest. 

(c) No Purchase Rights may be exercised to any extent unless the shares of Common Stock to be issued upon such exercise under the Plan are covered by
an effective registration statement pursuant to the Securities Act and the Plan is in material compliance with all applicable federal, state, foreign and other securities and other laws applicable to the Plan. If, on a Purchase Date, the shares of
Common Stock are not so registered or the Plan is not in such compliance, no Purchase Rights will be exercised on such Purchase Date, and the Purchase Date will be delayed until the shares of Common Stock are subject to such an effective
registration statement and the Plan is in such compliance, except that the Purchase Date will not be delayed more than twelve (12) months and the Purchase Date will in no event be more than twenty-seven (27) months from the Offering Date.
If, on the Purchase Date, as delayed to the maximum extent permissible, the shares of Common Stock are not so registered or the Plan is not in such compliance, no Purchase Rights will be exercised and all accumulated but unused Contributions will be
distributed to the Participants without interest. 
 9. COVENANTS OF THE COMPANY. 

The Company will seek to obtain from each federal, state, foreign or other regulatory commission or agency having jurisdiction over the Plan such authority as
may be required to grant Purchase Rights and issue and sell shares of Common Stock thereunder. If, after commercially reasonable efforts, the Company is unable to obtain the authority that counsel for the Company deems necessary for the grant of
Purchase Rights or the lawful issuance and sale of Common Stock under the Plan, and at a commercially reasonable cost, the Company will be relieved from any liability for failure to grant Purchase Rights and/or to issue and sell Common Stock upon
exercise of such Purchase Rights. 
 10. DESIGNATION OF BENEFICIARY. 

(a) The Company may, but is not obligated to, permit a Participant to submit a form designating a beneficiary who will receive any shares of Common
Stock and/or Contributions from the Participant’s account under the Plan if the Participant dies before such shares and/or Contributions are delivered to the Participant. The Company may, but is not obligated to, permit the Participant to
change such designation of beneficiary. Any such designation and/or change must be on a form approved by the Company. 
 (b) If a Participant dies,
and in the absence of a valid beneficiary designation, the Company will deliver any shares of Common Stock and/or Contributions to the executor or administrator of the estate of the Participant. If no executor or administrator has been appointed (to
the knowledge of the Company), the Company, in its sole discretion, may deliver such shares of Common Stock and/or Contributions to the Participant’s spouse, dependents or relatives, or if no spouse, dependent or relative is known to the
Company, then to such other person as the Company may designate. 
 11. ADJUSTMENTS UPON CHANGES IN COMMON STOCK; CORPORATE TRANSACTIONS. 

(a) In the event of a Capitalization Adjustment, the Board will appropriately and proportionately adjust: (i) the class(es) and maximum number of
securities subject to the Plan pursuant to Section 3(a); (ii) the class(es) and maximum number of securities by which the share reserve is to increase automatically each year pursuant to Section 3(a); (iii) the class(es) and number of
securities subject to, and the purchase price applicable to, outstanding 

 
Offerings and Purchase Rights; and (iv) the class(es) and number of securities that are the subject of the purchase limits under each ongoing Offering. The Board will make these adjustments,
and its determination will be final, binding and conclusive. 
 (b) In the event of a Corporate Transaction, (i) any surviving or acquiring
corporation (or its parent company) may assume or continue outstanding Purchase Rights or may substitute similar rights (including a right to acquire the same consideration paid to the stockholders in the Corporate Transaction) for outstanding
Purchase Rights, or (ii) if any surviving or acquiring corporation (or its parent company) does not assume or continue outstanding Purchase Rights or does not substitute similar rights for outstanding Purchase Rights, then the
Participants’ accumulated Contributions will be used to purchase shares of Common Stock within ten (10) business days prior to the Corporate Transaction under such Purchase Rights, and such Purchase Rights will terminate immediately after
such purchase. 
 12. AMENDMENT, SUSPENSION OR TERMINATION OF THE PLAN. 

(a) The Board may amend the Plan at any time in any respect the Board deems necessary or advisable. However, except as provided in Section 11(a)
relating to Capitalization Adjustments, stockholder approval will be required for any amendment of the Plan for which stockholder approval is required by applicable law or listing requirements, including any amendment that either (i) materially
increases the number of shares of Common Stock available for issuance under the Plan, (ii) materially expands the class of individuals eligible to become Participants and receive Purchase Rights, (iii) materially increases the benefits
accruing to Participants under the Plan or materially reduces the price at which shares of Common Stock may be purchased under the Plan, (iv) materially extends the term of the Plan, or (v) expands the types of awards available for
issuance under the Plan, but in each of (i) through (v) above only to the extent stockholder approval is required by applicable law or listing requirements. 

(b) The Board may suspend or terminate the Plan at any time. No Purchase Rights may be granted under the Plan while the Plan is suspended or after it
is terminated. 
 (c) Any benefits, privileges, entitlements and obligations under any outstanding Purchase Rights granted before an amendment,
suspension or termination of the Plan will not be materially impaired by any such amendment, suspension or termination except (i) with the consent of the person to whom such Purchase Rights were granted, (ii) as necessary to comply with
any laws, listing requirements, or governmental regulations (including, without limitation, the provisions of Section 423 of the Code and the regulations and other interpretive guidance issued thereunder relating to Employee Stock Purchase
Plans) including, without limitation, any such regulations or other guidance that may be issued or amended after the Adoption Date, or (iii) as necessary to obtain or maintain favorable tax, listing, or regulatory treatment. To be clear, the
Board may amend outstanding Purchase Rights without a Participant’s consent if such amendment is necessary to ensure that the Purchase Right and/or the Plan complies with the requirements of Section 423 of the Code. 

Notwithstanding anything in the Plan or any Offering Document to the contrary, the Board will be entitled to: (i) establish the exchange ratio applicable
to amounts withheld in a currency other than U.S. dollars; (ii) permit Contributions in excess of the amount designated by a Participant in order to adjust for mistakes in the Company’s processing of properly completed Contribution
elections; (iii) establish reasonable waiting and adjustment periods and/or accounting and crediting procedures to ensure that amounts applied toward the purchase of Common Stock for each Participant properly correspond with amounts withheld
from the Participant’s Contributions; (iv) amend any outstanding Purchase Rights or clarify any ambiguities regarding the terms of any Offering to enable the Purchase Rights to qualify under and/or comply with Section 423 of the Code;
and (v) establish other limitations or procedures as the Board determines in its sole discretion advisable that are consistent with the Plan. The actions of the Board pursuant to this paragraph will not be considered to alter or impair any
Purchase Rights granted under an Offering as they are part of the initial terms of each Offering and the Purchase Rights granted under each Offering. 

13. EFFECTIVE DATE OF PLAN. 
 The Plan will become
effective on the Effective Date. No Purchase Rights will be exercised unless and until the Plan has been approved by the stockholders of the Company, which approval must be within 12 months before or after the Adoption Date (or if required under
Section 12(a), the date of any material amendment of the Plan). 

 14. MISCELLANEOUS PROVISIONS. 

(a) Proceeds from the sale of shares of Common Stock pursuant to Purchase Rights will constitute general funds of the Company. 

(b) A Participant will not be deemed to be the holder of, or to have any of the rights of a holder with respect to, shares of Common Stock subject to
Purchase Rights unless and until the Participant’s shares of Common Stock acquired upon exercise of Purchase Rights are recorded in the books of the Company (or its transfer agent). 

(c) The Plan and Offering do not constitute an employment contract. Nothing in the Plan or in the Offering will in any way alter the at will nature of
a Participant’s employment or be deemed to create in any way whatsoever any obligation on the part of any Participant to continue in the employ of the Company or a Related Corporation, or on the part of the Company or a Related Corporation to
continue the employment of a Participant. 
 (d) The provisions of the Plan will be governed by the laws of the State of Delaware without resort to
that state’s conflicts of laws rules. 
 15. DEFINITIONS. 

As used in the Plan, the following definitions will apply to the capitalized terms indicated below: 

(a) “Adoption Date” means September 22, 2017, which is the date the Plan was adopted by the Board. 

(b) “Board” means the Board of Directors of the Company. 

(c) “Capitalization Adjustment” means any change that is made in, or other events that occur with respect to, the Common Stock
subject to the Plan or subject to any Purchase Right after the Adoption Date without the receipt of consideration by the Company through merger, consolidation, reorganization, recapitalization, reincorporation, stock dividend, dividend in property
other than cash, large nonrecurring cash dividend, stock split, reverse stock split, liquidating dividend, combination of shares, exchange of shares, change in corporate structure or other similar equity restructuring transaction, as that term is
used in Statement of Financial Accounting Standards Board Accounting Standards Codification Topic 718 (or any successor thereto). Notwithstanding the foregoing, the conversion of any convertible securities of the Company will not be treated as a
Capitalization Adjustment. 
 (d) “Capital Stock” means each and every class of common stock of the Company, regardless of
the number of votes per share. 
 (e) “Code” means the Internal Revenue Code of 1986, as amended, including any applicable
regulations and guidance thereunder.
 (f) “Committee” means a committee of one (1) or more members of the Board
to whom authority has been delegated by the Board in accordance with Section 2(c). 
 (g) “Common Stock” means the
common stock of the Company. 
 (h) “Company” means SELLAS Life Sciences Group, Inc., a Delaware corporation. 

(i) “Contributions” means the payroll deductions and other additional payments specifically provided for in the Offering that a
Participant contributes to fund the exercise of a Purchase Right. A Participant may make additional payments into his or her account if specifically provided for in the Offering, and then only if the Participant has not already had the maximum
permitted amount withheld during the Offering through payroll deductions. 
 (j) “Corporate Transaction” means the
consummation, in a single transaction or in a series of related transactions, of any one or more of the following events: 
 (i) a
sale or other disposition of all or substantially all, as determined by the Board in its sole discretion, of the consolidated assets of the Company and its Subsidiaries; 

 (ii) a sale or other disposition of at least fifty percent (50%) of the outstanding securities of the
Company; 
 (iii) a merger, consolidation or similar transaction following which the Company is not the surviving corporation; or 

(iv) a merger, consolidation or similar transaction following which the Company is the surviving corporation but the shares of Common Stock outstanding
immediately preceding the merger, consolidation or similar transaction are converted or exchanged by virtue of the merger, consolidation or similar transaction into other property, whether in the form of securities, cash or otherwise. 

(k) “Director” means a member of the Board. 

(l) “Effective Date” means the effective date of this Plan document, which is the date of the closing of the transactions
contemplated by the Agreement and Plan of Merger and Reorganization among the Company, Galena Bermuda Merger Sub, Ltd., and Sellas Life Sciences Group Ltd., dated as of August 7, 2017, provided that this Plan is approved by the Company’s
stockholders on or prior to such date. 
 (m) “Eligible Employee” means an Employee who meets the requirements set forth in
the document(s) governing the Offering for eligibility to participate in the Offering, provided that such Employee also meets the requirements for eligibility to participate set forth in the Plan. 

(n) “Employee” means any person, including an Officer or Director, who is “employed” for purposes of
Section 423(b)(4) of the Code by the Company or a Related Corporation. However, service solely as a Director, or payment of a fee for such services, will not cause a Director to be considered an “Employee” for purposes of the Plan.

 (o) “Employee Stock Purchase Plan” means a plan that grants Purchase Rights intended to be options issued under an
“employee stock purchase plan,” as that term is defined in Section 423(b) of the Code. 
 (p) “Exchange Act”
means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 
 (q) “Fair Market
Value” means, as of any date, the value of the Common Stock determined as follows: 
 (i) If the Common Stock is listed on any
established stock exchange or traded on any established market, the Fair Market Value of a share of Common Stock will be, unless otherwise determined by the Board, the closing sales price for such stock as quoted on such exchange or market (or the
exchange or market with the greatest volume of trading in the Common Stock) on the date of determination, as reported in a source the Board deems reliable. 

(ii) Unless otherwise provided by the Board, if there is no closing sales price for the Common Stock on the date of determination, the Fair Market
Value of a share of Common Stock will be the closing sales price for such stock on the last preceding date for which such quotation exists. 
 (iii)
In the absence of such markets for the Common Stock, the Fair Market Value of a share of Common Stock will be determined by the Board in good faith in compliance with applicable laws and in a manner that complies with Section 409A of the Code.

 (r) “Offering” means the grant to Eligible Employees of Purchase Rights, with the exercise of those Purchase Rights
automatically occurring at the end of one or more Purchase Periods. The terms and conditions of an Offering will generally be set forth in the “Offering Document” approved by the Board for that Offering. 

(s) “Offering Date” means a date selected by the Board for an Offering to commence. 

(t) “Officer” means a person who is an officer of the Company or a Related Corporation within the meaning of
Section 16 of the Exchange Act. 

 (u) “Participant” means an Eligible Employee who holds an outstanding Purchase
Right. 
 (v) “Plan” means this SELLAS Life Sciences Group, Inc. 2017 Employee Stock Purchase Plan. 

(w) “Purchase Date” means one or more dates during an Offering selected by the Board on which Purchase Rights will be exercised
and on which purchases of shares of Common Stock will be carried out in accordance with such Offering. 
 (x) “Purchase
Period” means a period of time specified within an Offering, generally beginning on the Offering Date or on the first Trading Day following a Purchase Date and ending on a Purchase Date. An Offering may consist of one or more Purchase
Periods. 
 (y) “Purchase Right” means an option to purchase shares of Common Stock granted pursuant to the Plan. 

(z) “Related Corporation” means any “parent corporation” or “subsidiary corporation” of the Company whether
now or subsequently established, as those terms are defined in Sections 424(e) and (f), respectively, of the Code. 
 (aa) “Securities
Act” means the Securities Act of 1933, as amended. 
 (bb) “Subsidiary” means, with respect to the Company,
(i) any corporation of which more than fifty percent (50%) of the outstanding capital stock having ordinary voting power to elect a majority of the board of directors of such corporation (irrespective of whether, at the time, stock of any other
class or classes of such corporation will have or might have voting power by reason of the happening of any contingency) is at the time, directly or indirectly, Owned by the Company, and (ii) any partnership, limited liability company or other
entity in which the Company has a direct or indirect interest (whether in the form of voting or participation in profits or capital contribution) of more than fifty percent (50%). For purposes of the foregoing clause (i), the Company will be deemed
to “Own” or have “Owned” such securities if the Company, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares voting power, which includes the power to vote or to
direct the voting, with respect to such securities. 
 (cc) “Trading Day” means any day on which the exchange(s) or market(s)
on which shares of Common Stock are listed (including, but not limited to, the NYSE, the Nasdaq Global Select Market, the Nasdaq Global Market, the Nasdaq Capital Market or any successors thereto) is open for trading.EX-10.12

 Exhibit 10.12 

CONSULTING AGREEMENT 

This Consulting Agreement (this “Agreement”), effective as of January 2, 2018 (“Effective Date”), is
executed by SELLAS Life Sciences Group Inc. (together with its affiliates, hereinafter collectively “Company”), a corporation with a place of business at 315 Madison Avenue, 4th Floor, New York, NY 10017, and Thomas J. Knapp, Esq. with an address at 7116 Darby Road, Bethesda MD 20817 (“Consultant”) to record their following agreement: 

1.    Term. Unless otherwise stated, each party’s liabilities and obligations under this
Agreement shall be limited to the “Term” of this Agreement. “Term” means the following: The period of Consultant’s engagement by the Company pursuant to this Agreement, which shall begin on the
Effective Date and end on February 28, 2018 (“End Date”), unless extended by mutual written agreement (email sufficient) at least five (5) days prior to the End Date. Except as otherwise expressly provided in this Agreement,
neither Company nor Consultant shall have any liability or obligation under this Agreement after it is terminated. 

2.    Consultancy. Company engages Consultant, and this Consultant shall serve, in a
consultative and advisory capacity to the Company and to render to the Company the following services: Legal transition services arising from the merger of Galena Biopharma, Inc. with SELLAS Life Sciences Group, including specifically but without
limitation litigation, finance, investigation, and regulatory liaison matters, transition of outside counsel contacts, and related legal services (the “Services”). Consultant’s principal contact at the Company shall be
Angelos Stergiou, M.D., CEO and/or his designee. In addition to Consultant, Company may engage other individuals to serve as a consultant. 

3.    Remuneration. Consultant’s sole remuneration for the Services shall consist of the
following, and in no way shall Consultant be entitled to any compensation upon the termination of this Agreement or his engagement under it, except as stated in this Agreement: 

Company shall pay Consultant a Consulting Fee in the amount of $22,500.00 per month for Services rendered in connection with the Agreement
payable by wire transfer on the last business day of each month (“Payment Date”) beginning with January 31, 2018. Consultant shall provide the Company wire instructions within 5 business days of the Payment Date. 

This agreement constitutes a contract for the provision of services and not a contract of employment and accordingly the Consultant shall be
fully responsible for and shall indemnify the Company for and in respect of any income tax and/or social security contributions and any other liability, deduction, contribution, assessment or claim arising from or made in connection with the
performance of the Services, where the recovery is not prohibited by law. The Consultant shall further indemnify the Company against all reasonable costs, expenses and any penalty, fine or interest incurred or payable by the Company in connection
with or in consequence of any such liability, deduction, contribution, assessment or claim. 

  
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 4.    Business Expenses. Company shall fully
reimburse Consultant (or may purchase in advance, upon arrangement with Consultant) for all actual travel, lodging, and other out-of-pocket expenses that are incurred by
Consultant at the Company’s written request in the good faith performance of Services under this Agreement and which are both reasonable in amount and ordinary and necessary to the Company’s business, in accordance with Company’s
expense reimbursement policies, practices, and procedures. 
 5.    Death or Disability of
Consultant. If Consultant dies, his/her engagement with Company will terminate immediately, and Company’s compensation obligations to Consultant under this Agreement will cease as of the date of his/her death, except that the
Company shall pay to Consultant’s heir or estate any and all earned but unpaid fees that are owed to Consultant through the date of his/her death. If Consultant suffers a disability while engaged by the Company (whether total or partial,
temporary or permanent), Company’s compensation obligations to Consultant under this Agreement will cease for the period of Consultant’s disability, regardless of whether Company terminates Consultant’s engagement, except that the
Company shall pay to Consultant any and all earned but unpaid salary that is owed to Consultant through the date of his/her disability. 

6.    No Conflicting Restrictions. Consultant represents and warrants to the Company that
Consultant is not a party to any restrictive covenant limiting Consultant’s right to work or perform services for Company. 

7.    Confidential Information. All documents, software, reports, data, records, forms, and other
materials provided to Consultant by Company in the course of performing any Services are the proprietary, confidential and trade secret information of Company. The Consultant will deliver to Company all such materials obtained from Company and all
copies thereof when Company requests the same, and immediately upon termination of this Agreement. This paragraph shall survive the cancellation, expiration, or termination of this agreement. 

8.    Relationship Between Parties. Consultant shall perform the obligations and
responsibilities of Consultant under this Agreement as an independent contractor. Consultant shall render the Services according to Consultant’s own means and methods of work, which will be in the exclusive charge and control of Consultant and
not subject to control or supervision by the Company. Company is interested only in the results of the Services. Consultant is not an employee of the Company, and no agent, employee, or independent contractor of Consultant is, will be, or will be
considered to be, an agent, employee, or independent contractor of the Company. 
 Neither Consultant nor any agent, employee, or
independent contractor of Consultant will have any authority to assume or create any obligation of any kind in the name or on behalf of the Company. The Services shall be rendered at the sole risk of Consultant. Consultant will be entirely
responsible for his acts and for the acts of his agents, employees, and representatives in connection with this Agreement. 

9.    Legal Matters. The validity, enforcement, construction, and interpretation of this
Agreement are governed by the laws of the State of New York and the federal laws of the United States of America, excluding the laws of those jurisdictions pertaining to resolution of conflicts with laws of other jurisdictions. 

  
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 10.    Assignment; Successors; Third Party
Beneficiaries.    Consultant shall not assign her rights or delegate any of her obligations under this Agreement, and any attempted assignment or delegation by Consultant will be invalid and ineffective against
Company and its affiliates. Company may assign its rights under this Agreement without Consultant’s consent to any affiliate or any assignee or successor in interest of its business, whether pursuant to a sale, merger, sublease, assignment of
lease, or sale or exchange of all or substantially all the assets or outstanding stock of the Company. This Agreement is binding on, and inures to the benefit of Company’s authorized assignees and successors in interest. After an assignment of
the Company’s rights under this Agreement, (a) every reference in this Agreement to “Company” will include the assignee and, (b) if the assignee expressly assumes in writing or by operation of law all the liabilities of the
assignor generally or under this Agreement specifically, the assignor will be released from all its obligations to Consultant under this Agreement. 

11.    Waiver; Modification; Severability; Survival. A waiver, discharge, amendment, or
modification of this Agreement will be valid and effective only if evidenced by a writing that is signed by or on behalf of both the Consultant and Company. Whenever possible, each provision of this Agreement should be construed and interpreted so
that it is valid and enforceable under applicable law. If a court determines that a provision of this Agreement is unenforceable, that provision will be deemed separable from the remaining provisions of this Agreement and will not affect the
validity, interpretation, or effect of the other provisions of this Agreement or the application of that provision to other circumstances to which it is enforceable. 

12.    Notices. Except as otherwise expressly stated, every notice, demand, consent, or other
communication required or permitted under this Agreement will be valid only if it is in writing (whether or not this Agreement expressly states that it must be in writing) and delivered personally or by electronic mail, telecopy, commercial courier,
or first-class, postage-prepaid, United States mail (whether or not certified or registered, and regardless of whether a return receipt is requested or received by the
sender), and addressed, if to the Company, to the address listed underneath its signature to this Agreement; and, if to Consultant, to the address listed underneath his signature to this Agreement. 

13.    Assignment of Inventions. Consultant hereby irrevocably and unconditionally assigns, and
agrees to assign, to SELLAS, its successors, assigns, or designee(s), the entire right, title and interest of Consultant, including without limitation, all IP Rights in and to all inventions, improvements or other IP created by Consultant (a
“Development”), solely or jointly, during the term of Consultant’s business relationship with Company. Such assignment shall be effective upon creation of the IP. Consultant acknowledges that all copyrightable materials
developed or produced by Consultant within the scope of Consultant’s employment by the Company also constitute works made for hire, as that term is defined in the United States Copyright Act of 17 U.S.C. §101, and for avoidance of doubt,
hereby assigns to SELLAS, its successors, assigns, or designee(s), the entire right, title and interest of Consultant all copyright rights with respect thereto. Consultant shall bear the burden to prove that any Development did not arise out of an
activity included within the scope of this Agreement. Consultant hereby waives in favor of Company any and all artist’s or moral rights (including without limitation, all rights of integrity and attribution) he/she may have pursuant to any
state or federal laws of the United States in respect of any Development and all similar rights under the laws of all other jurisdictions. 

  
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 Upon request by the Company, Consultant will assist the Company or its designee (at the
Company’s expense) during and at any time subsequent to Consultant’s performance of services for the Company, in every reasonable way to develop, preserve, or extend the Company’s rights relating to any Developments and to permit the
Company or its designee to file and prosecute patent applications and, as to copyrightable material, to obtain copyright registrations thereof. Such assistance includes Consultant’s execution and delivery to the Company or its designee such
formal transfers and assignments and such other papers and documents, giving such testimony, and otherwise performing such lawful acts, as may be deemed necessary or required of Consultant by the Company or its designee. Consultant hereby appoints
the Company as Consultant’s attorney-in-fact to execute on Consultant’s behalf any assignments or other documents deemed necessary by the Company to protect or
perfect its rights to any Development. The Consultant’s obligations to the Company under the provisions of this section shall survive termination of this Agreement. 

14.    Counterparts; Effective Date. The parties may execute this Agreement by
facsimile and in counterparts. Each executed counterpart of this Agreement will constitute an original document, and all executed counterparts, together, will constitute the same agreement. This Agreement will become effective, as of its stated date
of execution, when both Consultant and Company sign it. 
 15.    Complete Agreement. The
headings of the sections of this Agreement are solely for convenient reference and neither constitutes a part of this Agreement nor affect its meaning, interpretation, or effect. This Agreement records the entire understanding of Consultant and
Company with respect to the terms of this Agreement and the restrictions stated in it and supersedes any previous or contemporaneous agreement, representation, or understanding, oral or written, by either of them. 

The foregoing Consulting Agreement is executed as of the date first above written. 

 

			
	SELLAS Life Sciences Group Inc.
		
	By:	 	/s/ Angelos Stergiou

 
			
	 Name:
 Title:
	 	 Angelos Stergiou, M.D.
 Chief
Executive Officer
 315 Madison Avenue, 4th Floor

New York, NY 10017

  

			
	CONSULTANT
	
	 /s/ Thomas J. Knapp

	 Name: Thomas J. Knapp, Esq.
 Email
Address: thomas.j.knapp@gmail.com

  
 4

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