Document:

EXHIBIT 10.2

Echelon Wealth Partners Inc.
130 King Street West, Suite 2500
Toronto ON M5X 2A2

PRIVATE & CONFIDENTIAL

January 15, 2018

Newgioco Group, Inc.
130 Adelaide Street West, Suite 701
Toronto, ON M5H 2K4

Attention:   Michele Ciavarella, CEO

Dear Mr. Ciavarella,

Re:  Proposed Financing and Advisory Mandate

Echelon Wealth Partners Inc. ("Echelon") understand that Newgioco Group, Inc.
(the "Corporation") is seeking capital markets and strategic advice related to
listing common shares for trading on the Canadian Securities Exchange ("CSE")
via an initial public offering from treasury ("IPO") or alternative method,
including a reverse takeover transaction or other going public transaction (an
"RTO") (the RTO and/or IPO are individually or collectively, the "Going Public
Transaction"), and completing a concurrent or associated financing of between
C$3,000,000 and C$5,000,000 or such other amount, as may be determined by the
Corporation and Echelon (the "Capital Raising Transaction"), as contemplated in
Schedule "A" attached hereto.

Echelon would be pleased to act as the Corporation's financial advisor and agent
in respect of the foregoing on the following terms and conditions set out in
this letter agreement (the "Agreement").

1.  Services to be Performed. Echelon will perform the following capital markets
    and strategic advisory services (collectively, the "Services") in connection
    with, and subject to the terms of, this Agreement:

    *  provide advice to the Corporation with respect to a potential listing of
       the Corporation's shares on the CSE;
    *  assist in making introductions, structuring potential transactions and
       analyzing the merit and fit of potential public company vehicles for the
       Corporation in connection with the Going Public Transaction;
    *  assist in the general preparation and messaging of shareholder or
       investor communication materials such as investor presentations, fact
       sheets or other such typical investor relations or communications
       materials;
    *  assist in reviewing the Corporation's material contracts, disclosure
       documents, due diligence and business materials, and providing advice to
       the Corporation with respect to the completion of a data room suitable
       for use by potential investors in the Corporation;
    *  provide advice to the Corporation on its strategic and potential future
       capital markets transactions, including financings, mergers,
       acquisitions, joint ventures and divestitures;

                                    (1)
<PAGE>

    *  introduce the Corporation to capital market participants and/or
       institutional investors that may include investment funds, mutual funds,
       private capital sources or other potential strategic investors;
    *  act as lead manager and sole bookrunner in any Canadian Capital Raising
       Transaction, whether or not part of the Going Public Transaction;
    *  provide general advisory assistance and capital markets intelligence as
       required by the Corporation;
    *  provide the Corporation access to and feedback from experienced analysts
       and capital markets staff with specialized industry knowledge and
       understanding;
    *  provide the Corporation with industry and specific trading reports;
    *  provide the Corporation with ongoing financial and strategic advice in
       positioning the company within the Canadian capital markets;
    *  assist in reviewing and providing ongoing guidance in executing the
       Corporation's business plan; and
    *  such other services as may be agreed to between the Agents and the
       Corporation.

2.  Capital Raising Transaction.  The Corporation hereby appoints and Echelon
    agrees to act as the lead agent and sole bookrunner in respect of the
    Capital Raising Transaction, subject to the right of Echelon, in
    consultation with the Corporation, to form a syndicate, which may consist of
    other licensed dealers, brokers and investment dealers (Echelon and such
    other selling agents, collectively, "Agents").

    Completion of the Capital Raising Transaction will be subject to the
    entering into by the Corporation, the Agents and other syndicate members, if
    any, of an agency agreement in respect of the Capital Raising Transaction
    (the "Capital Raising Agency Agreement"). The Capital Raising Agency
    Agreement will include the terms and conditions provided herein, and
    industry standard covenants, representations and warranties and provisions
    regarding legal opinions, indemnification, contribution, termination clauses
    and other relevant matters as the Corporation and the Agents may agree. The
    Capital Raising Agency Agreement will also contain customary "due diligence
    out", "disaster out", "market out", "material adverse change out" and
    "regulatory change out" provisions. The Capital Raising Agency Agreement, if
    entered into, will supersede this Agreement in respect of the Capital
    Raising Transaction.

    In respect of the Capital Raising Transaction, it is understood that the
    Agents will be acting as agents on a commercially reasonable efforts basis
    only, with no obligation or commitment to purchase any of the securities
    offered thereunder, but the Agents shall have the right, in their sole
    discretion, to acquire securities for their own accounts. It is further
    understood that this Agreement does not represent a firm commitment by the
    Agents to underwrite the Capital Raising Transaction at this time and that
    such a commitment, if any, will not be established until satisfactory
    completion of due diligence and the Capital Raising Agency Agreement is
    signed and will be governed by the terms of the Capital Raising Agency
    Agreement. The pricing of, and the ability of, the Agents to complete the
    Capital Raising Transaction will be contingent upon numerous factors
    including the market conditions at the time of such transaction, results of
    due diligence, and current and future forecasts of financial results and
    budgets for the Corporation. Notwithstanding anything in this Agreement to
    the contrary, the parties hereto may each determine, acting jointly or
    solely, not to enter into the Capital Raising Agency Agreement or to
    complete the Capital Raising Transaction. The Capital Raising Transaction
    will close immediately prior to or concurrently with completion of the Going
    Public Transaction.

                                    (2)
<PAGE>
    In consideration for the Agent's services with respect to the Capital
    Raising Transaction, the Corporation shall (i) pay the Agents a cash fee of
    8% of the aggregate gross proceeds of the Capital Raising Transaction
    (including the Over-Allotment Option), payable on the closing of the Capital
    Raising Transaction, and (ii) broker warrants (the "Broker Warrants") to
    purchase up to an additional 8% of the Units sold in the Capital Raising
    Transaction (including the Over-Allotment Option), on the same terms of the
    Capital Raising Transaction (collectively, the "Capital Raising
    Commission").

3.  Advisory Fees.  In consideration for the provision of the Services outlined
    in paragraph 1, the Corporation will pay to Echelon an advisory fee of
    C$30,000 (plus applicable taxes) (the "Advisory Fee") due upon execution of
    the Agreement. The Advisory Fee will be applied in full to the Capital
    Raising Commission due to the Agents.

    The Advisory Fee shall be non-refundable regardless of whether the Capital
    Raising Transaction is completed, and which shall be the only compensation
    payable to Echelon (subject only to the expense reimbursement provisions of
    paragraph 6 and the Alternative Transaction provisions of paragraph 14) in
    the event no Capital Raising Transaction occurs.

4.  Sponsorship Agreement. If during the term of this Agreement, the Corporation
    requires sponsorship by a recognized Participating Organization or Member
    of the CSE, the Corporation and Echelon will, unless the CSE objects in
    writing to Echelon acting as sponsor, enter into a separate agreement where
    Echelon will act as a Sponsor and provide for filing with the CSE a Sponsor
    Report (the "Sponsorship Agreement"). The fees payable to Echelon in
    relation to the Sponsorship Agreement will be C$110,000 and will be payable
    upon delivery of the sponsorship report. The Sponsorship Agreement will
    contain provisions related to other expenses, including legal fees,
    consistent with fees paid to Canadian investment banks and legal counsel
    for similar services.

5.  Additional Services.  If Echelon is requested to provide any other services
    in addition to those described in paragraphs 1, 2 and 4 above ("Additional
    Services"), the terms and conditions relating to such Additional Services
    will be outlined in a separate letter of agreement and the fees for such
    services will be in addition to the fees payable hereunder, will be
    negotiated separately and will be consistent with fees paid to Canadian
    investment bankers for similar services. For additional certainty, Echelon
    will not provide any legal, tax or accounting advice, either pursuant to
    this Agreement or otherwise.

6.  Expenses. The Corporation will be responsible for all reasonable expenses
    related to the Going Public Transaction and/or Capital Raising Transaction,
    whether or not each is completed, including, but not limited to: fees and
    disbursements of the Corporation's legal counsel; fees and disbursements of
    the Agents' legal counsel, such counsel to be acceptable to the Corporation
    acting reasonably; fees and disbursements of accountants and auditors; fees
    and disbursements of other applicable experts; expenses related to
    road-shows and marketing activities; printing costs; filing fees; stock
    exchange fees; out-of-pocket expenses of the Agents, including, but not
    limited to, their travel expenses in connection with due diligence and
    marketing activities; and taxes on all of the foregoing. Expenses payable
    pursuant to this Agreement shall be payable upon receipt of a detailed
    invoice with respect thereto.

    The Corporation will pay to Echelon upon the signing of this Agreement a
    cash sum of C$10,000 to be allocated to the Agents' legal counsel as a

                                    (3)
<PAGE>

    retainer for legal services relating to the Going Public Transaction and/or
    Capital Raising Transaction. If at any time this Agreement is terminated
    and amounts held by Echelon as a retainer for legal services exceed the
    cost of those legal services, such excess amounts will be refunded promptly
    to the Corporation.

7.  Rights of First Refusal.  If within a period of 18 months after the date of
    this Agreement (the "Right of First Refusal Period") and only if the
    Capital Raising Transaction has been completed, the Corporation undertakes
    a public or private offering of debt (excluding mortgage debt or any other
    form of property level financing), equity or equity-based securities, or,
    engages in any corporate transaction involving a merger or acquisition with
    industry peers, potential partners, or for property acquisitions, or, if
    the Corporation otherwise requires financial advisory services, Echelon
    will have a right of first refusal to serve as manager and exclusive
    placement agent for such financing or advisor for such financial advisory
    engagement. In the event that a right of first refusal is exercised under
    this section, the Corporation and Echelon, will enter into a separate
    agreement or other appropriate documentation for such engagement containing
    such compensation and other terms and conditions as are customary for
    similar engagements, including, without limitation, appropriate
    indemnification provisions. The foregoing right of first refusal must be
    exercised by Echelon within five business days following written
    notification from the Corporation that the Corporation requires or proposes
    to obtain additional financing or financial advisory services, failing
    which Echelon shall relinquish its rights with respect to that particular
    engagement only and shall continue to have a right of first refusal in
    relation to any other public or private offering of debt, equity,
    equity-based securities, or financial advisory services of the Corporation
    during the Right of First Refusal Period. If, prior to, or any time after,
    providing Echelon with such written notice, the Corporation has received an
    offer from a third party to serve as lead manager, exclusive placement
    agent or financial advisor in connection with a financing or financial
    advisory engagement, the terms upon which such third party has proposed to
    act in such capacity shall be disclosed to Echelon by the Corporation in
    writing, and Echelon shall be entitled to exercise its right of first
    refusal by notifying the Corporation, within five business days following
    written notification from the Corporation, of its intention to match the
    terms proposed by such third party. The Corporation confirms that there are
    no other rights of first refusal to provide debt or equity financing or
    financial advisory services to the Corporation currently outstanding.

8.  Indemnification. The Corporation shall indemnify and hold harmless Echelon
    and its respective officers, directors, employees, partners and agents (the
    "Indemnified Parties") in the manner set forth in Schedule "B" to this
    Agreement. Such indemnity shall apply to all services contemplated herein,
    including, without limitation, any Additional Services.

9.  Role of the Agents.  It is understood and agreed that the Agents will act
    under this Agreement as independent contractors with duties solely to the
    Corporation and nothing in this Agreement or the nature of the Agents'
    services in connection with this engagement or otherwise shall be deemed to
    create a fiduciary duty or fiduciary relationship between or among the
    Agents, the Corporation or its security holders, employees, creditors or
    any other person or entity, and the Corporation agrees that it shall not
    make, and hereby waives, any claim based on an assertion of any such
    fiduciary duty or other relationship.

                                    (4)
<PAGE>

    The Agents shall keep strictly confidential and will only use for the
    purpose of performing their obligations hereunder, all information whether
    written or oral obtained by it from the Corporation, its affiliates and
    their respective agents, advisors, directors, officers or employees in
    connection with this engagement ("Confidential Information"). This
    confidentiality obligation shall not apply or extend to information now in
    the public domain, information which may subsequently become public other
    than through breach by the Agents of their obligations hereunder,
    information disclosed to the Agents by third parties in respect of which
    (to the Agent's knowledge) such third parties are not under an obligation
    of confidentiality to the Corporation or information which is required by
    law, rule or regulation to be disclosed. The Agents shall ensure that each
    of its representatives, including employees and professional consultants,
    agents and the other syndicate members, if any, shall be made aware of and
    be bound by this provision prior to receiving any such Confidential
    Information.

10. Use of Agents' Advice. The Corporation acknowledges and agrees that all
    written and oral advice, analysis and materials provided by the Agents in
    connection with its engagement hereunder are intended solely for the
    benefit of the Corporation and its internal use only and the Corporation
    covenants and agrees that, except as may be required by applicable law, no
    such advice, analysis or material will be used for any other purpose
    whatsoever or reproduced, disseminated, quoted from or referred to in whole
    or in part at any time, in any manner or for any purpose, without the
    Agents' prior written consent in each specific instance. Any advice given
    by the Agents hereunder will be made subject to and will be based upon such
    assumptions, limitations, qualifications and reservations as the Agents
    deem necessary or prudent in the circumstances. The Agents expressly
    disclaim any liability or responsibility by reason of any unauthorized use,
    publication, distribution of or reference to any oral or written advice,
    analysis or materials provided by us or any unauthorized reference to the
    Agents or this engagement.

    Neither this Agreement nor the delivery of any advice in connection with
    this Agreement confers upon any person or entity not a party hereto
    (including, without limitation, security holders, employees, creditors or
    any other person or entity) any rights or remedies hereunder or by reason
    hereof as against the Agents or the other Indemnified Parties.

11. Term of Mandate. The period of this Agreement shall be for the period
    commencing upon the date of execution of this Agreement by the Corporation
    and ending on June 30, 2018, unless otherwise extended by the mutual
    written agreement of Echelon and the Corporation in writing.
    Notwithstanding the previous sentence, this Agreement may be terminated by
    either party upon 10 days' prior written notice to the other. The
    provisions of this paragraph and paragraphs 3, 6, 8, 9, 10, 12, 14 to 21
    inclusive and Schedule "B" shall survive any such termination or expiration
    of this Agreement.

12. Other Business. The Corporation acknowledges that the Agents and certain of
    their affiliates: (i) act as an investment fund manager and a trader of,
    and dealer in, securities both as principal and on behalf of its clients
    (including managed accounts and investment funds) and, as such, may have
    had, and may in the future have, long or short positions in the securities
    of the Corporation or related entities and, from time to time, may have
    executed or may execute transactions on behalf of such persons; (ii) may
    provide research or investment advice or portfolio management services to

                                    (5)
<PAGE>

    clients on investment matters, including the Corporation; (iii) may
    participate in securities transactions on a proprietary basis, including
    transactions in the Offering or other securities of the Corporation or
    related entities; and (iv) nothing herein shall restrict their ability to
    conduct business in the ordinary course and in compliance with applicable
    laws.

13. Due Diligence.  The Agents and their legal counsel will be provided with
    timely access to all information required to permit them to conduct a full
    due diligence investigation of the Corporation in connection with the
    Capital Raising Transaction and/or Going Public Transaction, as applicable.
    In particular, the Agents shall be permitted to conduct all due diligence
    that they may require in order to fulfill their obligations under
    applicable securities legislation, and in that regard the Corporation will
    make available to the Agents and their legal counsel, on a timely basis,
    all corporate and operating records, material contracts, financial
    information, budgets, and other relevant information necessary in order to
    complete the due diligence investigation of the business, properties and
    affairs of the Corporation and all affiliated entities, as well as of its
    respective directors, officers and employees. The Corporation agrees that
    during the term of the engagement, the Agents will be kept informed of all
    material business and financial developments affecting the Corporation,
    whether or not requested by the Agents or their legal counsel.

14. Alternative Transaction.  If, during the term of this Agreement, a
    preliminary prospectus is filed in connection with the IPO or a filing
    statement/information circular is filed in connection with an RTO and
    subsequent thereto the Corporation terminates this Agreement then, where
    the Corporation and/or any of its respective affiliates complete an
    Alternative Transaction (as defined below) within six months of the date of
    such termination (the "Alternative Transaction Period") which results in
    the sale, amalgamation, or merger of the Corporation or results in an
    initial public offering by the Corporation, a Toronto Stock Exchange
    ("TSX"), Toronto Venture Stock Exchange ("TSXV") or CSE listing, a
    reverse-take over involving a TSX, TSXV or CSE entity or a private
    placement or Capital Raising Transaction, RTO and/or IPO contemplated
    hereunder, the Corporation will, upon completing the Alternative
    Transaction, pay Echelon, in addition to any amounts required to be paid
    under this Agreement, an amount equal to 50% of the cash commission payable
    pursuant to paragraph two of this Agreement based on an offering size equal
    to the gross proceeds or deemed consideration paid under or in association
    with such Alternative Transaction (the "Alternative Transaction Fee"). The
    Alternative Transaction Fee shall be payable only with respect to the first
    Alternative Transaction completed during the Alternative Transaction Period
    and upon such payment being made this paragraph 14 shall be of no further
    force or effect.

    An "Alternative Transaction" means (i) an issuance or sale by the
    Corporation or any of its respective affiliates, of securities other than
    those pursuant to the Capital Raising Transaction contemplated herein; (ii)
    a merger, amalgamation, business combination, RTO, reorganization,
    joint-venture or similar transaction involving the Corporation or its
    shareholders; (iii) the acquisition of the Corporation by way of take-over
    bid, exchange offer, RTO or similar transaction; or (iv) the direct sale or
    indirect sale or exchange of all or substantially all of the shares,
    securities or assets of the Corporation. For greater clarity, non-arm's
    length transactions involving the properties of the Corporation that are
    completed for the purpose of the Going Public Transaction or the Capital
    Raising Transaction, do not constitute an Alternative Transaction.

                                    (6)
<PAGE>

15. Governing Law; Submission to Jurisdiction. This Agreement shall be governed
    by and construed in accordance with the laws of the Province of Ontario and
    the federal laws of Canada applicable therein. The Corporation and Echelon
    hereby irrevocably and unconditionally submit to the exclusive jurisdiction
    of the courts of the Province of Ontario for any lawsuits, action or other
    proceeding arising out of this Agreement.

16. Interpretation. If one or more provisions contained herein shall, for any
    reason, be held to be invalid, illegal or unenforceable in any respect,
    such invalidity, illegality or unenforceability shall not affect any other
    provision of this Agreement, but this Agreement shall be construed as if
    such invalid, illegal or unenforceable provision or provisions had never
    been contained herein.

17. Notices.  Any notice or other communication required or permitted to be
    given under this Agreement will be in writing and will be delivered to:

    (a)     in the case of the Corporation:

            Attention:  Michele Ciavarella, CEO
            Email:      m.ciavarella@newgiocogroup.com

    (b)     in the case of Echelon:

            Attention:  Arinder Mahal, Managing Director
            Email:      amahal@echelonpartners.com

    The parties may change their respective addresses for notices by notice
    given in the manner set out above. Any notice or other communication will
    be in writing, and unless delivered personally to the addressee or to a
    responsible officer of the addressee, as applicable, will be given by email
    and will be deemed to have been given when (i) in the case of a notice
    delivered personally to a responsible officer of the addressee, when so
    delivered; and (ii) in the case of a notice delivered or given by email, on
    the business day sent (if sent on or prior to 4:00 p.m. local time at the
    place of receipt) or the following business day (if sent after 4:00 p.m.
    local time at the place of receipt).

18. Successors and Assigns. This Agreement shall be binding upon Echelon and the
    Corporation and their respective successors and permitted assigns.

19. Assignment. None of the parties may assign or transfer its rights hereunder
    without the prior written consent of the other party.

20. Entire Agreement; Amendment. This Agreement, including the schedule attached
    hereto, reflects the entire agreement between the parties with respect to
    the subject matter hereof and supersedes all prior agreements or
    arrangements or negotiations pertaining thereto, whether written or oral.
    No amendment to the provisions of this Agreement shall be effective unless
    such amendment is provided in writing and executed on behalf of each of the
    parties hereto.

21. RTO.  In the event that the obligations of the Corporation pursuant to this
    Agreement are not assumed by operation of law, the Corporation hereby
    agrees that, in connection with the RTO, it will use commercially
    reasonable efforts to obtain from the party or parties it enters into an
    agreement with for an RTO (the "RTO Party"), a covenant from the RTO Party
    in favour of the Agents to assume all obligations of the Corporation under
    this Agreement following the completion of the RTO.

                                    (7)
<PAGE>

22. Counterparts. This Agreement may be signed in one or more counterparts, in
    original or electronic form.

          [The remainder of this page is intentionally left blank.]
                         [Signature page follows.]

                                    (8)
<PAGE>

If the foregoing is acceptable to you, please indicate your acceptance by
signing and returning to us the enclosed duplicate copy of this Agreement,
whereupon this Agreement shall become binding between us.

Yours very truly,

ECHELON WEALTH PARTNERS INC.

By:     /s/ David Anderson
____________________________________
        David Anderson, Head of Investment Banking

                    *  *  *

Newgioco Group, Inc. hereby confirms that, effective the date first written
above, it agrees to the terms and conditions set forth above and as set forth in
the attached schedule and which collectively constitute the Agreement.

NEWGIOCO GROUP, INC.

By:     /s/ Michele Ciavarella
____________________________________
        Michele Ciavarella, CEO

                                    (9)
<PAGE>

                                SCHEDULE "A"
                           INDICATIVE TERM SHEET
                            NEWGIOCO GROUP, INC.
                             OFFERING OF UNITS

Issuer:         Newgioco Group, Inc. (the "Company")

Offering:       Treasury offering of units (the "Units") to be qualified by a
                long form prospectus.

Amount:         Up to $5 million (the "Offering").

Offering Price: $** per Unit.

Units:          Each Unit will be comprised of one common share in the Company
                (each, a "Common Share"), and one common share purchase warrant
                (each, a "Warrant").

Warrants:       Each Warrant will entitle the holder acquire one Common Share at
                a price of $** for a period of ** months from the Closing Date.

Agent's Option: The Company will grant the Agent an option to increase the size
                of the Offering by up to 15% in Units, exercisable in whole or
                in part at any time for a period of 30 days after and including
                the Closing Date (the "Agent's Option").

Use of Proceeds:The Company will use the net proceeds of the Offering in the
                following order of priority: (i) extinguish high interest debt
                owed to Darling Capital, LLC, (ii) to expand its current store
                distribution, (iii) to initiate a customer acquisition plan for
                product development, and (iv) working capital and general
                corporate purposes.

Offering Basis: The Units will be offered by way of long form prospectus to be
                filed in Ontario, and such other jurisdictions as the Company
                and Echelon may agree pursuant to National Instrument 44-101
                ("NI 44-101") and in the U.S. by way of private placement to
                selected "accredited investors" (as such term is defined in
                Rule 501(a) of Regulation D under the U.S. Securities Act of
                1933 and internationally as permitted pursuant to private
                placement exemptions under local securities laws.

Eligibility:    The Units will be eligible for RRSPs, RRIFs, RESPs, RDSPs, and
                TFSAs, subject to the qualifications set forth in the Final
                Prospectus under the heading "Eligibility for Investment".

Listing:        The Common Shares issued pursuant to the Offering, including the
                Common Shares underlying the Warrants and the Broker Warrants,
                will be listed on the Canadian Securities Exchange.

Agent:          Echelon Wealth Partners Inc.

Commission:     8% cash.

Broker Warrants:To purchase that number of Securities equal to 8% of the number
                of Units sold under the Offering, exercisable for a period of
                24 months from the Closing Date, under the same terms as the
                Offering.

Closing Date:   On or about March 30, 2018.
                                   (10)
<PAGE>

                                SCHEDULE "B"
                                 INDEMNITY

Newgioco Group, Inc. (the "Indemnitor") hereby agrees to indemnify and hold
Echelon Wealth Partners Inc., and its respective affiliates (hereinafter
collectively referred to as the "Agents") and officers, directors, employees,
partners, agents and successors and assigns (hereinafter referred to as the
"Indemnified Parties") harmless from and against any and all expenses, losses
(other than loss of profits), claims, actions, damages or liabilities, whether
joint or several (including the aggregate amount paid in reasonable settlement
of any actions, suits, proceedings or claims), and the reasonable fees and
expenses of its counsel that may be incurred in advising with respect to and/or
defending any claim that may be made against the Agents, to which the Agents
and/or its Indemnified Parties may become subject or otherwise involved in any
capacity under any statute or common law or otherwise, insofar as such expenses,
losses, claims, damages, liabilities or actions arise out of or are based,
directly or indirectly, upon the performance of professional services rendered
to the Indemnitor by the Agents and their Indemnified Parties hereunder or
otherwise in connection with the matters referred to in the Agreement to which
this is attached, provided, however, that this indemnity shall not apply in
respect of an Agent or its respective Indemnified Parties to the extent that a
court of competent jurisdiction in a final judgment that has become
non-appealable shall determine that:

i.  An Agent or its respective Indemnified Parties have been negligent or have
    committed any fraudulent act or wilful misconduct in the course of such
    performance; and

ii. the expenses, losses, claims, damages or liabilities, as to which
    indemnification is claimed, were directly or indirectly caused by the
    negligence, fraudulent act or wilful misconduct referred to in (i).

If for any reason (other than the occurrence of any of the events itemized in
(i) and (ii) above), the foregoing indemnification is unavailable to an Agent or
the Agents or insufficient to hold it or them harmless as applicable, then the
Indemnitor shall contribute to the amount paid or payable by the Agents as a
result of such expense, loss, claim, damage or liability in such proportion as
is appropriate to reflect not only the relative benefits received by the
Indemnitor on the one hand and each of the Agents on the other hand but also the
relative fault of the Indemnitor and each of the Agents, as well as any relevant
equitable considerations; provided that the Indemnitor shall, in any event,
contribute to the amount paid or payable by each Agent as a result of such
expense, loss, claim, damage or liability, any excess of such amount over the
amount of the fees received by such Agent hereunder pursuant to the Agreement to
which this indemnity is attached.

The Indemnitor agrees that in case any legal proceeding shall be brought against
the Indemnitor and/or one or both of the Agents by any governmental commission
or regulatory authority or any stock exchange or other entity having regulatory
authority, either domestic or foreign, or any such entity shall investigate the
Indemnitor and/or one or both of the Agents and any Indemnified Parties of the
Agents shall be required to testify in connection therewith or shall be required
to respond to procedures designed to discover information regarding, in
connection with, or by reason of the performance of professional services
rendered to the Indemnitor by the Agents, each of the Agents shall have the
right to employ its own counsel in connection therewith, and the reasonable fees
and expenses of such counsel as well as the reasonable costs (including an
amount to reimburse the Agents for time spent by its Indemnified Parties in

                                   (11)
<PAGE>

connection therewith) and out-of-pocket expenses incurred by its Indemnified
Parties in connection therewith shall be paid by the Indemnitor as they occur.

Promptly after receipt of notice of the commencement of any legal proceeding
against one or both of the Agents or any of their respective Indemnified Parties
or after receipt of notice of the commencement of any investigation, which is
based, directly or indirectly, upon any matter in respect of which
indemnification may be sought from the Indemnitor, the Agents will notify the
Indemnitor in writing of the commencement thereof and, throughout the course
thereof, will provide copies of all relevant documentation to the Indemnitor,
will keep the Indemnitor advised of the progress thereof and will discuss with
the Indemnitor all significant actions proposed. The omission so to notify the
Indemnitor shall not relieve the Indemnitor of any liability which the
Indemnitor may have to the Agents except only to the extent that any such delay
in giving or failure to give notice as herein required materially prejudices the
defence of such action, suit, proceeding, claim or investigation or results in
any material increase in the liability which the Indemnitor would otherwise have
under this indemnity had the Agents not so delayed in giving or failed to give
the notice required hereunder.

The Indemnitor shall be entitled, at its own expense, to participate in and, to
the extent it may wish to do so, assume the defence thereof, provided such
defence is conducted by experienced and competent counsel. Upon the Indemnitor
notifying the Agents in writing of its election to assume the defence and
retaining counsel, the Indemnitor shall not be liable to the Agents for any
legal expenses subsequently incurred by them in connection with such defence. If
such defence is assumed by the Indemnitor, the Indemnitor throughout the course
thereof will provide copies of all relevant documentation to the Agents, will
keep the Agents advised of the progress thereof and will discuss with the Agents
all significant actions proposed.

Notwithstanding the foregoing paragraph, the Agents, or either one of them,
shall have the right, at the Indemnitor's expense, to employ counsel of the
Agent's choice, in respect of the defence of any action, suit, proceeding, claim
or investigation if: (i) the employment of such counsel has been authorized by
the Indemnitor; or (ii) the Indemnitor has not assumed the defence and employed
counsel therefor within a reasonable time after receiving notice of such action,
suit, proceeding, claim or investigation; or (iii) counsel retained by the
Indemnitor or the Agents have advised the Agents that representation of both
parties by the same counsel would be inappropriate for any reason, including
without limitation because there may be legal defences available to the Agents,
or to either one of the Agents, which are different from or in addition to those
available to the Indemnitor (in which event and to that extent, the Indemnitor
shall not have the right to assume or direct the defence on the Agent's behalf)
or that there is an actual or potential conflict of interest between the
Indemnitor and the Agents or between the Agents or the subject matter of the
action, suit, proceeding, claim or investigation may not fall within the
indemnity set forth herein (in either of which events the Indemnitor shall not
have the right to assume or direct the defence on the Agent's behalf).

No admission of liability and no settlement of any action, suit, proceeding,
claim or investigation shall be made without the consent of the Agents. No
admission of liability shall be made and the Indemnitor shall not be liable for
any settlement of any action, suit, proceeding, claim or investigation made
without its consent.

The indemnity and contribution obligations of the Indemnitor shall be in
addition to any liability which the Indemnitor may otherwise have, shall extend
upon the same terms and conditions to the Indemnified Parties of the Agents and

                                   (12)
<PAGE>

shall be binding upon and enure to the benefit of any successors, assigns, heirs
and personal representatives of the Indemnitor, the Agents and any of the
Indemnified Parties of the Agents. The foregoing provisions shall survive the
completion of professional services rendered under the letter to which this is
attached or any termination of the authorization given by the letter to which
this is attached.

The Indemnitor hereby constitutes the Agents as agent and trustee for each of
the other Indemnified Parties of the Indemnitor's covenants under this indemnity
with respect to such persons and the Agents agree to accept such trust and to
hold and enforce such covenants on behalf of such persons.

NEWGIOCO GROUP, INC.

By:     /s/ Michele Ciavarella
____________________________________
        Michele Ciavarella, CEOEX-10.1

 Exhibit 10.1 

SELLAS LIFE SCIENCES GROUP, INC. 

EMPLOYMENT AGREEMENT 
 THIS
EMPLOYMENT AGREEMENT (this “Agreement”) is entered into as of January 11, 2018 and made effective on December 30, 2017 (the “Effective Date”) by and between SELLAS Life Sciences Group Inc., a Delaware
corporation (the “Company”) with an address at 315 Madison Avenue, 4th Floor, New York, New York 10017 and JOHN BURNS (“Employee”)
(collectively referred to as the “Parties” or individually referred to as a “Party”). 
 R E C I T A L S

 WHEREAS, the Company contemplates a merger which is expected to close on December 29, 2017 (the “Transaction”);

 WHEREAS, the Company desires to employ Employee as its Vice President, Finance and Corporate Controller, and to enter into an agreement
embodying the terms of such employment; and 
 WHEREAS, Employee desires to accept such employment and enter into such an agreement. 

A G R E E M E N T 
 NOW,
THEREFORE, in consideration of the premises and mutual covenants herein and for other good and valuable consideration, the Parties agree as follows: 

1. Duties and Scope of Employment. 

(a) Positions and Duties. Contingent upon the closing of the Transaction, Employee will serve as Vice President, Finance and Corporate
Controller of the Company. Employee will render such business and professional services in the performance of his duties, consistent with Employee’s position within the Company, as shall reasonably be assigned to the Employee by the
Company’s (interim) Chief Financial Officer (the “CFO”) or designee(s). The Company reserves the right to modify job titles and responsibilities at its sole discretion. The period of Employee’s at-will employment under the terms of this Agreement is referred to herein as the “Employment Term.” 

(b) Obligations. During the Employment Term, Employee will perform Employee’s duties faithfully and to the best of Employee’s
ability and will devote Employee’s full business efforts and time to the Company. For the duration of the Employment Term, Employee agrees not to actively engage in any other employment, occupation or consulting activity for any direct or
indirect remuneration without the prior approval of the Company’s CFO or designee. 

 (c) Location. Employee’s principal place of employment during the Employment Term
will be in the Company’s U.S. corporate offices currently located at 315 Madison Avenue, 4th Floor, New York, New York 10017. Notwithstanding the foregoing, Employee understands and agrees
that Employee’s presence may be required at Company headquarters or other Company worksites, or Employee may be required to travel for business, in each case, in accordance with Employee’s duties and responsibilities, and as business needs
require or may change over time and as reasonably requested by the CFO and Employee may be able to work remotely upon the CFO’s prior written consent. 

2. At-Will Employment. The Parties agree that Employee’s employment with the Company will
be “at-will” employment and may be terminated at any time with or without cause or notice, for any reason or no reason. Employee understands and agrees that neither Employee’s job performance
nor promotions, commendations, bonuses or the like from the Company give rise to or in any way serve as the basis for modification, amendment, or extension, by implication or otherwise, of Employee’s employment with the Company. 

3. Compensation. 
 (a)
Base Salary. During the Employment Term, the Company will pay Employee as compensation for Employee’s services a base salary at a rate of $235,000.00 annually (the “Base Salary”), less
applicable taxes, withholdings, and deductions, and any other deductions that may be authorized by Employee, from time to time, in accordance with applicable federal, state and/or local law. For calendar years in which Employee is employed for less
than the full year, the Base Salary shall be prorated and accrue on a per diem basis for only those days on which Employee was employed during such calendar year. The Base Salary will be paid in regular installments in accordance with the
Company’s normal payroll practices (subject to required withholding). Employee’s Base Salary shall be modified from time to time at the discretion of senior management, the Board of Directors (the “Board”) or a duly
constituted committee of the Board. Any increase or decrease in Base Salary (together with the then existing Base Salary) shall serve as the “Base Salary” for future employment under this Agreement. The first and last payment will be
adjusted, if necessary, to reflect a commencement or termination date other than the first or last working day of a pay period. 
 (b)
Bonus. Employee is eligible to earn an annual bonus equal to up to 30% of Employee’s Base Salary, less applicable withholdings. The amount of the bonus, if any, shall be determined in the sole discretion of the Board. The bonus, if any,
will be paid by no later than March 15, 2019 and thereafter March 15th of each successive year. The bonus is earned upon payment. 

(c) Stock Option. As soon as administratively possible following the adoption of the Company’s stock incentive plan by the
Board, the Company will recommend to the Board that the Board grant to Employee an option to purchase shares of the Company’s common stock (“Option”) pursuant to and in accordance with the terms and conditions of said stock incentive
plan. To be eligible, Employee must still be employed by the Company when the Board grants the 

  
 2 

 
Option. It is intended that the Option shall, to the extent it so qualifies, be an incentive stock option as defined in Section 422 of the Internal Revenue Code of 1986, as amended (the
“Code”) and any regulations promulgated thereunder. The Option will be subject to the terms, definitions and provisions of the Company’s proposed stock plan (the “Option Plan”) and the stock option
agreement by and between Employee and the Company (the “Option Agreement”), both of which documents are incorporated herein by reference. 

(i) Employee will be eligible to receive awards of stock options, restricted stock or other equity awards pursuant to any plans or
arrangements the Company may have in effect from time to time. The Board or a committee of the Board shall determine in its discretion whether Employee shall be granted any such equity awards and the terms of any such award in accordance with
the terms of any applicable plan or arrangement that may be in effect from time to time. 
 4. Employee Benefits. During the
Employment Term, Employee will be eligible to participate in the employee benefit plans currently and hereafter maintained by the Company of general applicability to other employees of the Company, including, without limitation, the Company’s
group medical, dental, vision, disability, life insurance, and flexible spending account plans. The Company reserves the right to cancel or change the benefit plans and programs it offers to its employees at any time. 

5. Paid Time Off. Employee will be eligible to accrue up to fifteen (15) paid vacation per calendar year (the equivalent of 120
hours), in accordance with the Company’s vacation policy, which shall be taken subject to the demands of the Company’s business and Employee’s obligations as an employee of the Company with a substantial degree of responsibility. In
addition, on January 1st of each calendar year during the Employment Term, Employee shall receive five (5) paid sick days (the equivalent of 40 hours) and four (4) paid floating holidays
for use during the calendar year. 
 Vacation days, sick days and floating holidays may be used during the calendar year in which they are
earned and accrued, and all earned and accrued sick days and floating holidays that are not used within the calendar year in which they are earned and accrued will be forfeited without compensation, unless applicable federal, state or local law
requires otherwise. Accrued but unused vacation days, sick days and floating holidays are forfeited upon termination from employment, except as prohibited by law. Except as set forth in this Agreement, all vacation days, sick days and floating
holidays shall accrue and be used and compensated in accordance with the Company’s paid time office policy(ies) as in effect from time to time, unless applicable federal, state, or local law requires otherwise. 

6. Business Expenses. During the Employment Term, the Company will reimburse Employee for reasonable and necessary business travel,
entertainment or other business expenses incurred by Employee in the furtherance of or in connection with the performance of Employee’s duties hereunder, in accordance with the Company’s expense reimbursement policy as in effect from time
to time. 

  
 3 

 7. Relocation and Housing Allowances. Employee is eligible for reimbursement for
certain reasonable relocation expenses incurred and paid by Employee up to a maximum of $8,500.00 (“Relocation Expenses”). The Relocation Expenses are not earned until Employee has been continuously employed by the Company through
the one-year anniversary of the Effective Date. Prior to earning the Relocation Expenses, the Company may pay Employee unearned advances upon Employee providing valid relocation expense receipts. Employee and
Company agree that in the event Employee’s employment with the Company (i) is terminated by the Company without Cause or Employee resigns from employment for Good Reason, prior to the one-year
anniversary of the Effective Date, Employee shall not responsible for the re-payment of the Relocation Expenses. However, if Employee’s employment with the Company is otherwise terminated with Cause or
Employee resigns from employment for any other reason other than for Good Reason, Employee must repay all of the unearned advance payments of the Relocation Expenses within thirty (30) days of Employee’s effective date of termination.
Additionally, commencing from the time of Employee’s move to New York, New York, Employee shall receive from the Company a temporary housing allowance in the amount of up to $4,000.00 per month, for temporary housing used by Employee and paid
by Employee while employed by the Company and shall be paid for the initial three (3) months of Employee’s employment. 
 Employee will be
required to provide receipts and documentation for Relocation Expenses and temporary housing expenses in accordance with the Company’s regular accounting policies. Employee shall not be reimbursed for personal meals during the period beginning
with Employee’s first day of employment and ending when Employee has relocated Employee’s residence to New York, New York. Such allowances shall be payable together with and in the same manner as the Base Salary, less applicable
taxes, withholdings, and deductions. 
 8. Termination; Resignation. 

(a) Effectiveness. Notwithstanding any other provision of this Agreement, the Company may terminate Employee’s employment at any
time for any reason or Employee may resign from Employee’s employment with the Company at any time for any reason. Employee may resign from Employee’s employment for any reason by giving the Company forty-five (45) days written notice
to the Company (the “Notice of Termination”). Termination of the Employee by the Company or Employee’s resignation shall be effective on the date either Party gives notice to the other Party of such termination in accordance
with this Agreement unless otherwise agreed by the Parties. A resignation that is accelerated by the Company shall continue to be construed as a resignation under this Agreement. 

(b) Cooperation after Notice of Termination. Following any Notice of Termination by either Company or Employee, Employee, if requested
by Company, shall reasonably cooperate with Company in all matters relating to the winding up of Employee’s pending work on behalf of the Company and the orderly transfer of any such pending work to other employees of Company as may be
reasonably designated by Company following the Notice of Termination. Employee shall not receive any additional compensation during the Employment Term, other than Employee’s Base Salary, for any services that Employee renders as provided in
this Section 8(b). 

  
 4 

 For each day that Employee performs services under this Section 8(b) after the Employment Term, Employee
shall be reimbursed for Employee’s reasonable out-of-pocket expenses and Company shall pay Employee a per diem cash amount at Employee’s Base Salary rate on
the date of termination. 
 (c) Effect of Termination. In the case of the Company’s termination of Employee, or Employee’s
resignation, Employee shall be entitled to receive: (i) Base Salary through the effective date of the termination or resignation, as applicable; (ii) reimbursement of all business expenses for which Employee is entitled to be reimbursed
pursuant to Section 6 above, but for which Employee has not yet been reimbursed; (iii) the right to continue health care benefits under COBRA, at Employee’s cost, to the extent required and available by law; and (iv) no other
severance or benefits of any kind, unless required by law or pursuant to any other written Company plans or policies, as then in effect. 

(d) Severance. Commencing on the 18 month anniversary of the Effective Date of this Agreement, if Employee both (i) is terminated
by the Company without Cause or Employee resigns from employment for Good Reason and (ii) complies with this Section 8(b) above, then, in addition to the Employee’s rights under Section 8(c) and subject to Section 25 below,
Employee shall be entitled to receive continuing severance pay at a rate equal to one hundred percent (100%) of Employee’s Base Salary, as then in effect (less applicable withholding), for a period of nine (9) months from the effective
date of such termination, to be paid periodically in accordance with the Company’s normal payroll practices. 
 (e) Conditions
Precedent. Any severance payments contemplated by Section 8(d) above are conditional on Employee: (i) continuing to comply with the terms of this Agreement and the PIIA; and (ii) signing and not revoking a separation agreement and
release of known and unknown claims in the form provided by the Company (including nondisparagement and no cooperation provisions) (the “Release”) and provided that such Release becomes effective and irrevocable no later than sixty
(60) days following the termination date or such earlier date required by the release (such deadline, the “Release Deadline”). If the Release does not become effective by the Release Deadline, Employee will forfeit any rights
to severance or benefits under this Section 8 or elsewhere in this Agreement. Any severance payments or other benefits under this Agreement that would be considered Deferred Compensation Separation Benefits (as defined in Section 25) will
be paid on, or, in the case of installments, will not commence until, the sixtieth (60th) day following Employee’s separation from service, or, if later, such time as required by Section 25(b). Except as required by Section 25(b), any
installment payments that would have been made to Employee during the sixty (60) day period immediately following Employee’s separation from service but for the preceding sentence will be paid to Employee on the sixtieth (60th) day
following Employee’s separation from service and the remaining payments will be made as provided in this Agreement, unless subject to the 6-month payment delay described herein. Any severance payments
under this Agreement that would not be considered Deferred Compensation Separation Benefits will be paid on, or, in the case of installments, will not commence until, the first payroll date that occurs on or after the date the Release becomes
effective 

  
 5 

 
and any installment payments that would have been made to Employee during the period prior to the date the Release becomes effective following Employee’s effective date of termination but
for the preceding sentence will be paid to Employee on the first payroll date that occurs on or after the date the Release becomes effective. Notwithstanding the foregoing, this Section 8(c) shall not limit Employee’s ability to obtain
expense reimbursements under Section 8 or any other compensation or benefits otherwise required by law or in accordance with written Company plans or policies, as then in effect. 

(f) Definition. For purposes of this Agreement: 

I. “Cause” shall mean: (i) Employee’s continued failure to substantially perform the material duties and
obligations under this Agreement, which failure, if curable within the discretion of the Company, is not cured to the reasonable satisfaction of the Company within thirty (30) days after receipt of written notice from the Company of such
failure; (ii) Employee’s failure or refusal to comply with the policies, standards and regulations established by the Company from time to time which failure, if curable in the discretion of the Company, is not cured to the reasonable
satisfaction of the Company within thirty (30) days after receipt of written notice of such failure from the Company; (iii) any act of personal dishonesty, fraud, embezzlement, misrepresentation, or other unlawful act committed by Employee
that benefits Employee at the expense of the Company; (iv) the Employee’s violation of a federal or state law or regulation applicable to the Company’s business; (v) the Employee’s violation of, or a plea of nolo contendre
or guilty to, a felony under the laws of the United States or any state; or (vi) the Employee’s material breach of the terms of this Agreement or the PIAA (defined below). 

II. “Good Reason” shall mean: Employee’s resignation shall exist if any of the following events occurs
(i) substantial and material diminution of Employee’s duties or responsibilities, authorities, powers, or functions, (ii) material diminution of Employee’s base salary or overall compensation, or (iii) material breach of
this Agreement, provided, however, that no action shall be considered Good Reason unless the Company has failed to cure such actions within 30 days of receiving written notice thereof, Employee has provided such notice within 30 days after
first occurrence of the action alleged to be Good Reason, and the Employee has, by written notice to the Company, resigned within 30 days after the Company’s failure to cure such actions. 

9. Contingent Matters. Employee’s employment is contingent upon certain criteria that need to be addressed prior to or
immediately following Employee’s actual effective date employment. While some of these matters may have already been addressed, the contingency items include: 

(a) Confirmation of Employee provided information regarding prior work history, education, personal and professional references. 

(b) Completion of the Form I-9 and copies of all required documentation to be delivered on your actual
effective date of employment. 

  
 6 

 (c) Completion of all necessary new employee hire documentation, including but not limited to
employee application and appropriate wage tax forms (i.e., Form W-4). 
 (d) Compliance with
requirements of the United States Citizenship and Immigration Services, the United States Department of Labor, and any other federal and other state governmental agency. 

(e) Executing and delivering to the Company the signed Employee Confidential Information and Invention Assignment Agreement concerning,
confidentiality, non-compete, and assignments of inventions (“PIIA”). 
 10.
Resignation on Termination. On termination of Employee’s employment, regardless of the reason for such termination, Employee shall immediately (and with contemporaneous effect) resign any directorships, offices or other positions that he
may hold in the Company or any affiliate, unless otherwise agreed in writing by the Parties. 
 11. Notification of New Employer. In
the event that Employee leaves the employ of the Company, Employee grants consent to notification by the Company to Employee’s new employer about his rights and obligations under this Agreement and the PIIA. 

12. Arbitration. IN CONSIDERATION OF EMPLOYEE’S EMPLOYMENT WITH THE COMPANY, ITS PROMISE TO ARBITRATE ALL EMPLOYMENT-RELATED
DISPUTES AND EMPLOYEE’S RECEIPT OF THE COMPENSATION, PAY RAISES AND OTHER BENEFITS PAID TO EMPLOYEE BY THE COMPANY, AT PRESENT AND IN THE FUTURE, EMPLOYEE AGREES THAT ANY AND ALL CONTROVERSIES, CLAIMS, OR DISPUTES WITH ANYONE (INCLUDING THE
COMPANY AND ANY EMPLOYEE, OFFICER, DIRECTOR, SHAREHOLDER OR BENEFIT PLAN OF THE COMPANY, IN THEIR CAPACITY AS SUCH OR OTHERWISE), WHETHER BROUGHT ON AN INDIVIDUAL, GROUP, COLLECTIVE, OR CLASS BASIS, ARISING OUT OF, RELATING TO, OR RESULTING FROM
EMPLOYEE’S EMPLOYMENT WITH THE COMPANY OR THE TERMINATION OF EMPLOYEE’S EMPLOYMENT WITH THE COMPANY, INCLUDING ANY BREACH OF THIS AGREEMENT, SHALL BE SUBJECT TO BINDING ARBITRATION, AS SET FORTH IN THE CONFIDENTIAL INFORMATION AGREEMENT.

 13. Assignment. This Agreement will be binding upon and inure to the benefit of (a) the heirs, executors and legal
representatives of Employee upon Employee’s death and (b) any assignee or successor of the Company. Any such assignee or successor of the Company will be deemed substituted for the Company under the terms of this Agreement for all
purposes. For this purpose, “successor” means any person, firm, corporation or other business entity which at any time, whether by purchase, merger or otherwise, directly or indirectly acquires all or substantially all of the assets or
business of the Company. None of the rights of Employee to receive any form of compensation payable pursuant to this Agreement may be assigned or transferred except by will or the laws of descent and distribution. Any other attempted assignment,
transfer, conveyance or other disposition of Employee’s right to compensation or other benefits will be null and void. 

  
 7 

 14. Notices. All notices, requests, demands and other communications called for under this
Agreement shall be in writing and shall be delivered personally by hand or by courier, mailed by United States first-class mail, postage prepaid, or sent by facsimile directed to the Party to be notified at the address or facsimile number indicated
for such Party on the signature page to this Agreement, or at such other address or facsimile number as such Party may designate by ten (10) days’ advance written notice to the other Parties hereto. All such notices and other
communications shall be deemed given upon personal delivery, three (3) days after the date of mailing, or upon confirmation of facsimile transfer. 

15. Severability. In the event that any provision hereof becomes or is declared by a court of competent jurisdiction to be illegal,
unenforceable or void, this Agreement will continue in full force and effect without said provision. 
 16. Integration. This
Agreement, together with the Option Plan, Option Agreement and the PIIA represents the entire agreement and understanding between the parties as to the subject matter herein and supersedes all prior or contemporaneous agreements whether written or
oral. No waiver, alteration, or modification of any of the provisions of this Agreement will be binding unless in writing and signed by duly authorized representatives of the parties hereto. 

17. Tax Withholding. All payments made pursuant to this Agreement will be subject to withholding of applicable taxes. 

18. Waiver. No Party shall be deemed to have waived any right, power or privilege under this Agreement or any provisions hereof unless
such waiver shall have been duly executed in writing and acknowledged by the Party to be charged with such waiver. The failure of any Party at any time to insist on performance of any of the provisions of this Agreement shall in no way be construed
to be a waiver of such provisions, nor in any way to affect the validity of this Agreement or any part hereof. No waiver of any breach of this Agreement shall be held to be a waiver of any other subsequent breach 

19. Governing Law. This Agreement will be governed by the laws of the State of New York (with the exception of its conflict of
laws/choice of laws provisions). 
 20. Conflict Waiver. Each of the Parties to this Agreement understands that Cooley LLP
(“Cooley”), is serving as counsel to the Company in connection with the transactions contemplated hereby, and that discussion of such transactions with Employee could be construed to create a conflict of interest. By executing this
Agreement, the Parties hereto acknowledge the potential conflict of interest and waive the right to claim any conflict of interest at a later date. Furthermore, by executing this Agreement, the Parties acknowledge that if a conflict of interest
exists and any litigation arises between Employee and the Company, Cooley would represent the Company. Employee represents and warrants that he has had the opportunity to seek independent counsel in his review of this and all related agreements and
that he is not relying on Cooley for any legal, tax or other advice relating to such agreements. 

  
 8 

 21. Acknowledgment. Employee acknowledges that he has had the opportunity to discuss this
matter with and obtain advice from his legal counsel, has had sufficient time to, and has carefully read and fully understands all the provisions of this Agreement, and is knowingly and voluntarily entering into this Agreement. 

22. Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be deemed to be an original, and all
such counterparts shall constitute but one instrument. 
 23. Effect of Headings. The section and subsection headings contained
herein are for convenience only and shall not affect the construction hereof. 
 24. Construction of Agreement. This Agreement has
been negotiated by the respective Parties, and the language shall not be construed for or against either Party. 
 25. Section 409A.

 (a) Notwithstanding anything to the contrary in this Agreement, no severance pay or benefits to be paid or provided to Employee, if any,
pursuant to this Agreement, when considered together with any other severance payments or separation benefits that are considered deferred compensation under Section 409A (together, the “Deferred Compensation Separation
Benefits”) will be paid or otherwise provided until Employee has a “separation from service” within the meaning of Section 409A. 

(b) Notwithstanding anything to the contrary in this Agreement, if Employee is a “specified employee” within the meaning of
Section 409A at the time of Employee’s termination (other than due to death), then the Deferred Compensation Separation Benefits that are payable within the first six (6) months following Employee’s separation from service, will
become payable on the first payroll date that occurs on or after the date six (6) months and one (1) day following the date of Employee’s separation from service. All subsequent Deferred Compensation Separation Benefits, if any, will
be payable in accordance with the payment schedule applicable to each payment or benefit. Notwithstanding anything herein to the contrary, if Employee dies following Employee’s separation from service, but prior to the six (6) month
anniversary of the separation from service, then any payments delayed in accordance with this paragraph will be payable in a lump sum as soon as administratively practicable after the date of Employee’s death 

and all other Deferred Compensation Separation Benefits will be payable in accordance with the payment schedule applicable to each payment or benefit. Each
payment and benefit payable under this Agreement is intended to constitute separate payments for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations. 

  
 9 

 (c) Any amount paid under this Agreement that satisfies the requirements of the “short-term
deferral” rule set forth in Section 1.409A-1(b)(4) of the Treasury Regulations will not constitute Deferred Compensation Separation Benefits for purposes of clause (a) above. 

(d) Any amount paid under this Agreement that qualifies as a payment made as a result of an involuntary separation from service pursuant to Section 1.409A-1(b)(9)(iii) of the Treasury Regulations that does not exceed the Section 409A Limit will not constitute Deferred Compensation Separation Benefits for purposes of clause (a) above. For
purposes of this Agreement, “Section 409A Limit” will mean the lesser of two (2) times: (i) Employee’s annualized compensation based upon the annual rate of pay paid to Employee during the
Employee’s taxable year preceding Employee’s taxable year of Employee’s termination of employment as determined under Treasury Regulation Section 1.409A-1(b)(9)(iii)(A)(1) and any Internal
Revenue Service guidance issued with respect thereto; or (ii) the maximum amount that may be taken into account under a qualified plan pursuant to Section 401(a)(17) of the Code for the year in which Employee’s employment is
terminated. 
 The foregoing provisions are intended to comply with the requirements of Section 409A so that none of the severance
payments and benefits to be provided hereunder will be subject to the additional tax imposed under Section 409A, and any ambiguities herein will be interpreted to so comply. The Company and Employee agree to work together in good faith to
consider amendments to this Agreement and to take such reasonable actions which are necessary, appropriate or desirable to avoid imposition of any additional tax or income recognition prior to actual payment to Employee under Section 409A. 

[Remainder of page is intentionally blank; Signature page follows] 

  
 10 

 IN WITNESS WHEREOF, each of the Parties has executed this Agreement as of the day and year
first above written. 
  

			
	 “COMPANY”
  

SELLAS LIFE SCIENCES GROUP, INC.

		
	By:	 	/s/ Angelos M. Stergiou, MD
	Name:	 	Angelos M. Stergiou, MD
	Title:	 	President/CEO
	
	 Address:
 315 Madison Avenue,
4th Floor
 New York, New York 10017

Attn: Chief Executive Officer
 Fax Number:

  

	
	“EMPLOYEE”
	
	/s/ John Burns
	JOHN BURNS
	
	Mailing Address:
	
	Fax Number:

 SELLAS LIFE SCIENCES GROUP, INC. 

EMPLOYMENT AGREEMENT 
 SIGNATURE
PAGE 

  
 11

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