Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(e) On January 11, 2018, SELLAS Life Sciences Group, Inc. (the “Registrant”) entered into an employment agreement (the “Employment Agreement”) with John T. Burns. The Employment Agreement is effective as of December 30, 2017 and supersedes Mr. Burns’ previous severance and other employment-related agreements with the Registrant. Pursuant to the Employment Agreement, Mr. Burns serves as the Registrant’s vice president, finance and corporate controller, reporting to the Registrant’s chief financial officer. Mr. Burns is entitled to an initial base salary of $235,000 per year, subject to adjustment at the discretion of the Registrant’s board of directors. Mr. Burns is eligible to earn an annual bonus equal to up to 30% of his base salary. The amount of any such bonus will be determined in the sole discretion of the Registrant’s board of directors.

The Employment Agreement also provides that, subject to approval by the Registrant’s board of directors, Mr. Burns will be granted an option to purchase shares of the Registrant’s common stock pursuant to the Registrant’s 2017 Equity Incentive Plan in an amount determined by the Registrant’s board of directors, and that Mr. Burns is eligible to participate in any employee benefit plans of the Registrant of general applicability to other employees of the Registrant including, without limitation, group medical, dental, vision, disability, life insurance, and flexible spending account plans.

The Employment Agreement further provides that Mr. Burns is eligible for reimbursement of certain reasonable relocation expenses up to $8,500 incurred in connection with Mr. Burns’ relocation to New York, New York.

Commencing on the 18-month anniversary of the effective date of the Employment Agreement, if Mr. Burns both (i) is terminated by the Registrant without cause or Mr. Burns resigns from employment for good reason, in each case as such terms are defined in the Employment Agreement, and (ii) reasonably cooperates with the Registrant in all matters relating to the winding up of Mr. Burns’ pending work on behalf of the Registrant, Mr. Burns will be entitled to receive continuing severance pay at a rate equal to 100% of his base salary as then in effect for a period of nine months from the effective date of such termination.

The foregoing description of the Employment Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Employment Agreement, a copy of which is attached hereto as Exhibit 10.1 and incorporated herein by reference.