SEC Contract Filing

Filing Date: 2018-03-19

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">March&nbsp;14, 2018 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Barbara A. Wood, Esq. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">360 Riverside Drive, Apt. 8C </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, NY 10025 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Barbara: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On behalf of SELLAS Life Sciences Group, Inc. (the &#147;Company&#148;) this letter will confirm our offer of employment to join the Company,
effective on March&nbsp;14, 2018 (the &#147;Effective Date&#148;) on the following terms: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp;<U>Employment</U>:
You will be employed on a full-time basis as the Company&#146;s Executive Vice President, General Counsel and Corporate Secretary. You will report to the Company&#146;s Chief Executive Officer (the &#147;CEO&#148;) and have the duties and
responsibilities that are consistent with your position and such other duties as may from time to time be assigned to you by the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp;<U>Annual Base Salary</U>: You will be paid $365,000.00 per annum, less applicable witholdings, payable in
accordance with the Company&#146;s payroll schedule (the &#147;Base Salary&#148;). In accordance with normal policy, your Base Salary shall be reviewed by the Compensation Committee of the Company&#146;s Board of Directors (the &#147;Board&#148;) on
an annual basis. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT STYLE="white-space:nowrap">Sign-On</FONT> Bonus</U>: Employee shall receive a <FONT
STYLE="white-space:nowrap">one-time</FONT> signing bonus in the amount of $16,845.00, less applicable withholdings, which shall be payable on March&nbsp;31, 2018. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.&nbsp;&nbsp;&nbsp;&nbsp;<U>Short-Term Incentive Compensation</U>: On an annual basis and subject to approval of the Board, you shall be
entitled to annual short-term incentive compensation at a target level of up to 40% of your Base Salary, less applicable withholdings. The actual amount of such annual incentive compensation shall be determined in accordance with the applicable
plans based on achievement of individual and Company performance objectives established in advance by the Board or the Board&#146;s Compensation Committee, taking into account input from the CEO, and such actual annual short term incentive
compensation amount may be more or less than the target amount.&nbsp;No minimum incentive is guaranteed.&nbsp;Company currently anticipates that the next review of your incentive compensation will occur on or before March 15<SUP
STYLE="font-size:85%; vertical-align:top">th</SUP> of the following year. The Annual Bonus, if any, is paid no later than March 15th of the following year and is earned upon payment. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SELLAS<SUP STYLE="font-size:85%; vertical-align:top">TM</SUP> Life Sciences Group, Inc., 315 Madison Avenue, 4<SUP
STYLE="font-size:85%; vertical-align:top">th</SUP> Floor, New York, New York 10017, USA </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Nasdaq: <B>SLS</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">www.sellaslifesciences.com </P>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.&nbsp;&nbsp;&nbsp;&nbsp;<U>Equity</U>. As of the Effective Date, you will be granted an
option to purchase <B>50,000</B>&nbsp;shares of the Company&#146;s common stock (&#147;Common Stock&#148;) at an exercise price per share of Common Stock equal to the closing price of the Common Stock on Nasdaq on the date of grant (the
&#147;Option&#148;). To be eligible, you must still be employed by the Company when the Board grants the Option. To the extent it so qualifies, the Option will be an incentive stock option as defined in Section&nbsp;422 of the Internal Revenue Code
of 1986, as amended (the &#147;Code&#148;) and any regulations promulgated thereunder. Subject to any accelerated vesting provisions subsequently agreed to by the Company and you, the Option will vest