Allarity Therapeutics Inc

As of March 7, 2024, we entered into a Settlement Agreement and General Release (“Settlement Agreement”) with James Cullem, our former CEO and director. Pursuant to the terms and conditions outlined in the Settlement Agreement and in exchange for Mr. Cullem’s commitments therein, including his general release of claims against us, among other considerations, we agreed to provide Mr. Cullem with an initial settlement payment totaling $70,000 on April 1, 2024. Additionally, we committed to making an installment payment of $179,155, divided equally into 5 monthly payments. Furthermore, we agreed to issue Mr. Cullem 290,000 settlement shares on April 1, 2024. Should the initial settlement payment and issuance of shares not be made to Mr. Cullem in full on April 1, 2024, the Settlement Agreement will be rendered null and void, releasing both parties from any further obligations under the Settlement Agreement unless otherwise mandated by a prior binding contract or agreement. Both parties will retain any and all rights, claims, and causes of action that would have otherwise been released by the Settlement Agreement.

Additionally, Mr. Cullem agreed to act as our consultant and entered into a consulting agreement (the “Consulting Agreement”) with us, effective as of March 7, 2024. For the avoidance of doubt, no additional consideration is being paid to Mr. Cullem under the Consulting Agreement. Copies of the Settlement Agreement and Consulting Agreement will be included as exhibits to our Quarterly Report on Form 10-Q for the quarter ending March 31, 2024.