SEC Contract Filing

Filing Date: 2024-03-28

Document Content:
<DOCUMENT>
<TYPE>EX-10.49
<SEQUENCE>2
<FILENAME>sls-20231231ex1049.htm
<DESCRIPTION>EX-10.49
<TEXT>
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<title>Document</title></head><body><div id="i4f77bfafee1b463ea55ca8be6903973c_1"></div><div style="min-height:113.04pt;width:100%"><div style="text-align:right"><font style="color:#777777;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><img alt="image_0a.jpg" src="image_0a.jpg" style="height:105px;margin-bottom:5pt;vertical-align:text-bottom;width:242px"></div></div><div style="text-align:right"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10.5pt;font-weight:700;line-height:112%">Exhibit 10.49</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY &#91;***&#93;, HAS BEEN OMITTED BECAUSE SELLAS LIFE SCIENCES GROUP, INC. HAS DETERMINED THE INFORMATION (I) IS NOT MATERIAL AND (II) THE COMPANY CUSTOMARILY TREATS THAT INFORMATION AS PRIVATE.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">February 25, 2022</font></div><div><font><br></font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Robert Francomano</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#91;***&#93;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Dear Robert&#58;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">On behalf of SELLAS Life Sciences Group, Inc. (the &#8220;Company&#8221;) this letter will confirm our offer of employment to join the Company, contingent upon the satisfactory completion of a background investigation. Please note, that per NYC regulations and Company policy, all employees must be fully vaccinated for COVID-19 and you will need to submit proof of vaccination prior to the commencement of your employment.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The terms are as follows&#58;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%;text-decoration:underline">Employment</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#58; You will be employed effective Monday, March 14, 2022 (pending background check as stated above) on a full-time basis as Senior Vice President and Chief Commercial Officer based in our New York City office. You will report to Angelos Stergiou, MD, ScD h.c., President &#38; Chief Executive Officer. All employees are required to be in the office a minimum of three days a week. Mondays and Thursdays are considered &#8220;core&#8221; days, i.e., days when all NYC-based employees are expected to be in the office. For weeks when Monday or Thursday is a holiday, Tuesday will be a core day. You will have flexibility, subject to speaking with your manager, on which other day will be your &#8220;in-office&#8221; day. This situation may be reevaluted and may change from time-to-time. You will have the duties and responsibilities that are consistent with your position and other such duties that may be assigned to you by the Company. You agree to abide by the practices and policies of the Company and any changes that may be adopted from time-to-time by the Company.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%;text-decoration:underline">Base Salary</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#58; Your semi-monthly base salary will be $17,708.33 corresponding to an annual salary of $425,000.00, less applicable payroll taxes and withholdings, payable in accordance with the Company&#8217;s payroll schedule. Your position is classified as exempt according to federal and&#47;or state law which means you are not eligible for overtime pay for hours worked in excess of 40 in a given week.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%;text-decoration:underline">Short-Term Incentive Compensation</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#58; On an annual basis and subject to approval of the the Company&#8217;s Board of Directors (the &#8220;Board&#8221;), you shall be entitled to annual short-term incentive compensation at a target level of up to 40% of your Base Salary. The actual amount of such annual incentive compensation shall be determined based on achievement of individual and Company performance objectives established in advance by the Board or the Board&#8217;s Compensation Committee, taking into account input from your supervisor, and such actual annual short term incentive compensation amount may be more or </font></div><div style="height:84.96pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:8pt"><table style="border-collapse:col