Common use of Extension Payment Clause in Contracts

Extension Payment. If Allarity and/or its Affiliates or sublicensees have not achieved Successful Completion of the first Phase 2 Clinical Trial of the Product prior to December 31, 2022, then, in Allarity’s sole discretion, it may notify Eisai of its intention to continue Development activities of the Compound. In the event that Eisai and Allarity mutually agree to such continued Development activities by Allarity, Allarity shall pay a one-time payment to Eisai of [***] U.S. Dollars (the “Extension Payment”) within thirty (30) days following December 31, 2022. Notwithstanding the foregoing, in the event that Allarity has not enrolled and dosed at least thirty (30) patients with the first dose of cancer drug E7449 in the ongoing Phase 2 Ovarian Cancer Clinical Trial by July 1, 2022 then the Extension Payment shall become due and payable in full by July 30, 2022.

Extension Payment. If Allarity and/or its Affiliates or sublicensees have not achieved Successful Completion of the first Phase 2 Clinical Trial of the Product prior to December 31, 2022, then, in Allarity’s sole discretion, it may notify Eisai of its intention to continue Development activities of the Compound. In the event that Eisai and Allarity mutually agree to such continued Development activities by Allarity, Allarity shall pay a one-time payment to Eisai of [***] One Million U.S. Dollars (the “Extension Payment”) within thirty (30) days following December 31, 2022. Notwithstanding the foregoing, in the event that Allarity has not enrolled and dosed at least thirty (30) patients with the first dose of cancer drug E7449 in the ongoing Phase 2 Ovarian Cancer Clinical Trial by July 1, 2022 then the Extension Payment shall become due and payable in full by July 30, 2022.