SELLAS Life Sciences Group has entered into amended employment and severance agreements with its President and CEO, Dr. Angelos Stergiou; CFO, John Burns; and Chief Development Officer, Dr. Dragan Cicic. The agreements, effective June 24, 2026, primarily modify severance benefits, particularly those related to a change of control.
Key Details
- CEO Agreement: The amendment for President and CEO Dr. Angelos Stergiou modifies his change of control severance benefits to be paid in a lump sum.
- CFO & CDO Agreements: The amended and restated agreements for CFO John Burns and CDO Dr. Dragan Cicic specify severance terms for termination without cause.
- Change of Control Severance (CFO/CDO): If terminated within one month prior to or one year after a change of control, they will receive a lump sum of 15 months' base salary, their target bonus, up to 18 months of COBRA reimbursement, and immediate full vesting of all equity awards.
- Standard Severance (CFO/CDO): If terminated outside a change of control period, they will receive 9 months of salary continuation, a pro-rata target bonus, and up to 9 months of COBRA reimbursement.