SELLAS Life Sciences Group Approves Amendments to Change in Control Severance Agreements

Sellas Life Sciences Group, Inc. (NASDAQ: SLS) recently announced significant changes to its executive agreements. On January 10, 2025, the company’s Board of Directors approved amendments to the Change in Control Severance Agreements of two key executives.

Under the revised agreements, Dragan Cicic, the Senior Vice President and Chief Development Officer, and John Burns, the Senior Vice President and Chief Financial Officer, will now receive severance of 15 months of their respective base salaries in the event of termination in connection with a change of control.

While these modifications were approved, the Board ensured that all other provisions in the agreements would remain unchanged. It is worth noting that the details provided are not exhaustive, and the complete amendments to the Cicic Severance Agreement and Burns Severance Agreement will be available with the company’s upcoming periodic report to the U.S. Securities and Exchange Commission.

Sellas Life Sciences Group is focused on ensuring transparent communication and adherence to regulatory requirements, maintaining the integrity of its executive agreements while aligning them with industry standards and the company’s strategic goals.

The company’s commitment to establishing clear guidelines for executive compensation and ensuring smooth transitions during any changes in control showcases its dedication to corporate governance and stakeholder transparency. Investors and industry observers are keen to see how these amendments will impact the company’s leadership structure and operational resilience going forward.

Investors and interested parties can expect further updates on Sellas Life Sciences Group’s executive agreements and governance practices as the company continues to fulfill its reporting obligations and share pertinent information with the market.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read SELLAS Life Sciences Group’s 8K filing here.

SELLAS Life Sciences Group Company Profile

SELLAS Life Sciences Group, Inc, a late-stage clinical biopharmaceutical company, focuses on the development of novel cancer immunotherapies for various cancer indications in the United States. The company’s lead product candidate is galinpepimut-S (GPS), a cancer immunotherapeutic agent that targets Wilms tumor 1, which is in Phase 3 clinical trials for the treatment of acute myeloid leukemia; and in Phase 1/2 clinical trials for the treatment for ovarian cancer.