# EDGAR Filing Document

**Accession Number:** 0001860657
**File Stem:** 0001213900-23-003765
**Filing Date:** 2023-1
**Character Count:** 174142
**Document Hash:** b63c526d82f7b8c6a5f19b8581487f48
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-23-003765.hdr.sgml**: 20230119

**ACCESSION NUMBER**: 0001213900-23-003765

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20230112

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230119

**DATE AS OF CHANGE**: 20230119

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Allarity Therapeutics, Inc.
- **CENTRAL INDEX KEY:** 0001860657
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41160
- **FILM NUMBER:** 23537434

**BUSINESS ADDRESS:**
- **STREET 1:** 24 SCHOOL ST., 2ND FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02108
- **BUSINESS PHONE:** 401-426-4664

**MAIL ADDRESS:**
- **STREET 1:** 24 SCHOOL ST., 2ND FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02108

?xml version="1.0" encoding="utf-8"?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 OR 15(d) of** 

**the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): **January 12, 2023**

**<u>ALLARITY THERAPEUTICS, INC.</u>**

(Exact name of registrant as specified in our charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-41160** | **87-2147982** |
| (State or Other Jurisdiction<br> of Incorporation) | (Commission<br> File Number) | (IRS Employer<br> Identification No.) |

---

---

| | |
|:---|:---|
| **24 School Street, 2nd Floor,**<br> **Boston, MA**  | **02108** |
| (Address of Principal Executive Offices) | (Zip Code) |

---

**<u>(401) 426-4664</u>**

(Registrant's telephone number, including area code)

**<u>Not applicable</u>**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<u>see</u> General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, par value $0.0001 per share | ALLR | The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 1.01 Entry into a Material Definitive Agreement**

On January 12, 2023, upon the approval of the Compensation Committee (the "Compensation Committee") of the Board of Directors (the "Board") of Allarity Therapeutics, Inc. (the "Company"), the Company entered into a new separate employment agreement with James G. Cullem, our chief executive officer (the "Cullem Employment Agreement"), and Joan Brown, our chief financial officer (the "Brown Employment Agreement" and together with Cullem Employment Agreement, the "New Employment Agreements") in connection with the additional executive officer positions that they were appointed to in June 2022.

The effectiveness of the New Employment Agreements are contingent upon the Company securing a new capital raise of at least seven million dollars by or before February 15, 2023, unless the capital raise requires audited financial statements for the year ending December 31, 2022, then on or before April 30, 2023 (a "New Financing"). In the event the New Financing does not occur, Mr. Cullum's prior employment contract as Chief Business Officer of the Company and Ms. Brown's employment contract as director of financial reporting of the Company will continue to remain in full force and effect. In the event the New Financing occurs, subject to the survival of any terms as reflected in the Employment agreement, the prior employment agreements will be superseded by the New Employment Agreements.

Under their respective New Employment Agreements, Mr. Cullem and Ms. Brown will, among other things, be (i) entitled to participate in all of the Company's employee benefit plans and programs as generally maintained and made available to its executive officers by the Company; (ii) eligible for grants of equity compensation as determined at the sole discretion of the Compensation Committee; (iii) entitled to certain severance and change of control benefits contingent upon such employee's agreement to a general release of claims in favor of the Company following termination of employment; and (iv) entitled to reimbursement of expenses in the course and scope of authorized Company business. In addition, each respective employment agreement includes customary confidentiality and assignment of intellectual property obligations.

*<u>Cullem Employment Agreement</u>*

The Cullem Employment Agreement provides for an annual base salary of $425,000.00 (as of January 1, 2023), which, upon agreement by Mr. Cullem and the Board, Mr. Cullem may elect to receive up to thirty thousand dollars ($30,000.00) of such base salary in restricted stock grants in the Company. Any such restricted stock grants will be made quarterly, at the start of each calendar quarter, at the stock fair market value ("FMV") on the 1st day of each calendar quarter. In addition, commencing with the calendar year 2023, Mr. Cullem will be eligible to receive an annual bonus representing up to 50% of Mr. Cullem's base salary based on the achievement of individual and corporate performance targets, metrics and/or management-by-objectives to be determined and approved by the Company. The Board has the discretion to pay such annual bonus in restricted stock grants in lieu of cash, depending on the financial circumstances of the Company, at the FMV on the date of grant no later than March 1st of the grant year.

In addition, subject to and concurrently with the closing of a New Financing, the Company agreed to grant Mr. Cullem the following stock options, which will have an exercise price equal to the FMV of the Company's shares on the grant date and a term of ten (10) years, and be subject to the vesting schedule provided below:

● Stock options in the amount of three and one-half percent (3.5%) of the Company's issued and outstanding shares of common stock immediately after such closing; provided, however, that such amount will not exceed fifty percent (50%) of the options available to be granted under the Company's 2021 Equity Incentive Plan (the "Grant Limitation"). In addition, such grant will be subject to any shareholder approval required by law, regulation or applicable listing rule (the "Requisite Approval"), and will vest ratably over a forty-eight (48) month period commencing July 1, 2022.

● Stock options for an additional two percent (2.0%) of the Company's issued and outstanding shares of common stock immediately after the closing of such New Financing; provided however, that such grant will not exceed the Grant Limitation and such grant will be subject to any Requisite Approval. Such option grant will provide for one hundred percent (100%) vesting upon the completion of a Phase 2 clinical trial involving the Company's drug candidates, Stenoparib or Dovitinib, in combination with another drug or therapeutic candidate in ovarian cancer, renal cell carcinoma, or other indication or therapy determined by the Company's Board.

In the event the stock options exceed the Grant Limitation, the Company agreed to seek shareholder approval at its next annual meeting to increase the number of options available under the Company's 2021 Equity Incentive Plan in order to have sufficient options to cover the grants. In consideration of the grant of new options described above, upon grant of such options, all prior vested and unvested options previously granted to Mr. Cullem (under any prior employment agreement with the Company) will be deemed waived and forfeited by Mr. Cullem and null and void. In the event new stock options are not granted to Mr. Cullem under the Cullem Employment Agreement, all options (vested and unvested) previously granted under prior employment agreements with Company will remain in full force and effect.

The Cullem Employment Agreement can be terminated, in writing with thirty (30) days' prior written notice, by the Company for or without Cause (as such term is defined in the Cullem Employment Agreement) and Mr. Cullem can resign with or without Good Reason (as such term is defined in the Cullem Employment Agreement). If Mr. Cullem is terminated without Cause or resigns with Good Reason, or is terminated by the Company as a result of a Change-of-Control (as such term in defined in the Cullem Employment Agreement), the Company agreed to provide Mr. Cullem with severance pay in an amount equal to twelve (12) months' pay at Mr. Cullem's final base salary rate, payable in the form of salary continuation. Such severance payments are conditioned upon Mr. Cullem's execution and non-revocation of a general release of claims.

*<u>Brown Employment Agreement</u>*

The Brown Employment Agreement provides for an annual base salary of $250,000.00 (as of January 1, 2023). In addition, commencing with calendar year 2023, Mr. Brown will be eligible to receive an annual bonus representing up to 40% of Mr. Brown's base salary based on the achievement of individual and corporate performance targets, metrics and/or management-by-objectives to be determined and approved by the Company. The Board has the discretion to pay such annual bonus in restricted stock grants in lieu of cash, depending on the financial circumstances of the Company, at the stock FMV on the date of grant no later than March 1st of the grant year.

In addition, concurrently with the closing of a New Financing, the Company agreed to grant Ms. Brown stock options in the amount of three quarters of one percent (0.75%) of the Company's issued and outstanding shares of common stock immediately after the closing, which grant will be subject to any Requisite Approval and granted pursuant to the 2021 Equity Incentive Plan. The exercise price will be the FMV of Company's shares on the date of grant. The stock options will vest ratably over a forty-eight (48) month period commencing July 1, 2022, and have a term of ten (10) years.

The Brown Employment Agreement can be terminated, in writing with thirty (30) days' prior written notice, by the Company for or without Cause (as such term is defined in the Brown Employment Agreement) and Ms. Brown can resign with or without Good Reason (as such term is defined in the Brown Employment Agreement). If Ms. Brown is terminated without Cause or resigns with Good Reason or is terminated by the Company as a result of Change-of-Control (as defined in the Brown Employment Agreement), the Company agreed to provide Ms. Brown with severance pay in an amount equal to five (5) months' pay at Ms. Brown's final base salary rate, payable in the form of salary continuation. Such severance payments are conditioned upon Ms. Brown's execution and non-revocation of a general release of claims.

The information contained in this Item 1.01 regarding the Cullem Employment Agreement and Brown Employment Agreement are qualified in its entirety by a copy of such agreement attached to this Current Report on Form 8-K as Exhibit 10.1 and 10.2 respectively and incorporated herein by reference.

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

The information contained in Item 1.01 of this Current Report on Form 8-K regarding the compensation and material terms of the Cullem Employment Agreement and the Brown Employment Agreement are incorporated herein by reference.

**Item 9.01 Financial Statements and Exhibits**

(d) Exhibits

---

| | |
|:---|:---|
| Exhibit | Exhibit Description |
| 10.1 | [Employment Agreement with James G. Cullem dated January 12, 2023](ea171886ex10-1_allarity.htm) |
| 10.2 | [Employment Agreement with Joan Brown dated January 12, 2023](ea171886ex10-2_allarity.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **Allarity Therapeutics, Inc.** | **Allarity Therapeutics, Inc.** |
|  | By: | /s/ James G. Cullem |
|  |  | James G. Cullem<br> Chief Executive Officer |
| Dated: January 19, 2023 |  |  |

---

## Exhibit 10.1

**Exhibit 10.1**

![](ex10-1_001.jpg)

**EMPLOYMENT AGREEMENT** 

BETWEEN

**Allarity Therapeutics, Inc.**

AND

**James G. Cullem, J.D.**

THIS AGREEMENT MUST BE PROVIDED TO THE EXECUTIVE <br> AT LEAST 10 DAYS PRIOR TO THE EFFECTIVE DATE OF<br> THE AGREEMENT

**Allarity CEO Employment Agreement_James G. Cullem_January 2023**<sub>2</sub>

This **Employment Agreement** (the "Agreement") is entered into on January 12, 2023 by and between **Allarity Therapeutics, Inc**., a corporation organized under the laws of the state of Delaware, with an office at 22 School Street, 2nd Floor Boston, MA 02108 (the "Company) and **James G. Cullem, J.D.**, an individual residing at 5 Hancock Street, Newburyport, MA 01950 (the "Executive"). Company and Executive may collectively be referred to herein as the "Parties" or separately as a "Party".

Now, therefore, in consideration of the mutual covenants and undertakings of each Party herein, the Parties agree as follows:

1. Appointment

1.1 James G. Cullem is, from January 1, 2023 (the "Start Date") employed as the Chief Executive Officer (CEO) of the Company
and will, if required by applicable law, be registered as such with the U.S. Securities and Exchange Commission (SEC) and/or U.S. Nasdaq
stock market.

1.2 This Agreement (including Appendices 1 and 2) sets forth the entire agreement between the Parties with respect to the employment of
the Executive, and shall supersede all prior employment agreements, promises, and understandings (either oral or written) between the
Parties, excluding (a) the Board of Directors' approval, by virtue of Unanimous Written Consent (UWC) dated August 30, 2022, of
a one-time bonus of fifty thousand dollars ($50,000.00) payable to CEO upon securing the next capital raise for Company, as defined in
that UWC; and (b) any Bonus accrued and payable to Executive for 2022 pursuant to his prior employment contract as Chief Business Officer
of Company.

1.3 This Agreement and the Appointment of Executive is contingent
upon the condition subsequent that the Company, through ongoing efforts by the Executive, secures a new capital raise for Company in
the amount of no less than seven million dollars ($7 million) by or before February 15, 2023, unless the capital raise must be accompanied
by the Company's audited financial statements for the year ending December 31, 2022, then on or before April 30, 2023 (the "Effective
Date"). In the event this condition subsequent is not met, Executive's prior employment contract as Chief Business Officer
of the Company shall remain in full force and effect.

1.4 Executive shall be nominated to serve on the Company's Board of Directors (the "Board") as an executive member during
the Term of this Agreement, subject to the election of Executive in accordance with the Company's bylaws.

2. Duties

2.1 Without prejudice to the duties imposed by law, the Executive shall, to the best of his/her ability, promote, develop and further
the interests of the Company, comply with all applicable legal requirements and the Company's applicable policies and procedures
that have been furnished to him/her, and, subject to the terms of this Agreement, shall devote his/her full working time to the business
and the affairs of the Company. This Agreement shall not be construed as preventing the Executive from engaging in charitable and community
affairs, participating in industry trade association activities, or giving attention to his/her or his/her family's passive investments,
provided that such activities do not unreasonably interfere with the Executive's duties and responsibilities to the Company. Passive
investments shall mean publicly traded stocks, bonds, retirement funds or other similar investments, including investments in privately
held companies so long as any such investment does not require any material amount of time or attention of the Executive during the work
day.

**Allarity CEO Employment Agreement_James G. Cullem_January 2023**<sub>3</sub>

2.2 The Executive shall report to the Board and the Executive shall perform such duties and exercise his/her powers, authorities and decisions,
consistent with his/her position as the Executive as well as any such other duties and responsibilities as determined by the Board in
its sole discretion from time to time, within/under the conditions and restrictions, delegated to the CEO by the Board.

2.3 Subject to the directives of the Board and the terms of this Agreement, the Executive shall do all acts and things in the ordinary
course of business of the Company consistent with his/her position as Executive, which may be necessary or conducive to the interest of
the Company and in particular, but without prejudice to the generality of the foregoing, the Executive shall be responsible for the day-to-day
advancement of the Company's business goals and activities within their area of responsibility, and shall participate as part of
executive management of the Company.

2.4 The day-to-day responsibilities of the Executive do not include decisions/acts, which, compared to the business of the Company or
the specific situation of the Company, are considered outside of the ordinary conduct of business and reasonably would be expected to
have material impact on the business of the Company. Such decisions/acts must always be submitted to the Board for prior approval, unless
such approval cannot be awaited without the business of the Company being subject or exposed to a material adverse impact therefrom. In
the event that prior approval has not been obtained, the Board must be informed in writing of any decisions/acts made as soon as practicable.

2.5 The Executive shall be responsible, as soon as practicable after he/she becomes aware thereof, for adequately informing the Board
of any facts that reasonably would be expected to have a material impact on the Company's business activities and that have not
previously been disclosed to the Board.

3. Workplace and working hours

3.1 The Executive will primarily work remotely from his/her home in Massachusetts and be assigned to the Company's U.S. headquarters,
which are currently located in Boston, Massachusetts, provided that Executive will not be required to relocate to Boston, Massachusetts
or anywhere outside of the suburban area where Executive currently resides. The Executive shall engage in travel, including international
travel, as reasonably may be required by the Company's business, and it is anticipated that the Executive will travel to the Company's
U.S. headquarters and/or R&D headquarters in Denmark as requested by the Board and/or as necessary to advance the goals and activities
of the Company.

3.2 The Executive is an exempt employee under the federal Fair Labor Standards Act ("FLSA") and state law. As such, no additional
compensation beyond that described in Section 7.1 is due for any additional hours worked beyond 40 hours in a work week.

**Allarity CEO Employment Agreement_James G. Cullem_January 2023**<sub>4</sub>

4. Engagement in other business

4.1 The Executive has advised the Company of any other board roles held by Executive, as of the Effective date of this Agreement, which
other board roles are listed on Appendix 2 attached hereto. The Executive shall be permitted to serve on the board of directors of other
companies that are not in competition with the Company with the approval of the Board , which shall not unreasonably be withheld, provided
that it is acknowledged and agreed that the Board shall not be required to approve the Executive's service on the board of directors
of more than two (2) companies at any time. Subject to the provisions of Section 2.1 and the foregoing positions on boards of directors
of other companies, the Executive is obligated to put his/her entire working capacity at the disposal of the Company and to work completely
and loyally in the interest of the Company.

4.2 It is a prerequisite for any involvement in other businesses, except such involvement as expressly permitted in this Agreement, that
the Executive submits a written request to the Board rs for approval and that the written request contains an adequate description of
the character and the volume of the task. The Board may grant the Executive's request for approval of permission to perform such
other task in its sole discretion, and shall communicate its approval or rejection of the request in writing.

5. Duty of confidentiality

5.1 The Executive is under an obligation to protect the interests of the Company at all times and may not, except in the proper performance
of the Executive's services under this Agreement, disclose to any third party any Confidential Information obtained in the performance
of the Executive's services. For purposes of this Agreement, Confidential Information means all data, information, ideas, concepts,
discoveries, trade secrets, inventions (whether or not patentable or reduced to practice), innovations, improvements, know-how, developments,
techniques, methods, processes, treatments, drawings, sketches, specifications, designs, plans, patterns, models, plans and strategies,
and all other confidential or proprietary information or trade secrets in any form or medium (whether merely remembered or embodied in
a tangible or intangible form or medium) whether now or hereafter existing, relating to or arising from the past, current or potential
business, activities and/or operations of the Company or any of its affiliates (or any of their respective predecessors, successors or
permitted assigns), including, without limitation, any such information relating to or concerning finances, sales, marketing, advertising,
transition, promotions, pricing, personnel, customers, suppliers, vendors, partners and/or competitors. Provided that, Confidential Information
does not include information which (i) is already publicly available or becomes publicly available; (ii) is already generally known in
the industry or becomes generally known in the industry without the Executive's participation in violation of his/her obligations
under this Section 5; and/or (iii) is independently derived by the Executive without reference to any Confidential information disclosed
to Executive by Company, as established by written records. In the event of uncertainty as to whether or not certain information may be
disclosed, the Executive shall consult the Board.

For purposes of this Agreement, "trade secrets" shall be given its broadest possible interpretation under the Defend Trade Secrets Act of 2016, and shall include (without limitation) all forms and types of financial, business, scientific, technical, economic, or engineering information, including patterns, plans, compilations, program devices, formulas, designs, prototypes, methods, techniques, processes, procedures, programs, or codes, whether tangible or intangible, and whether or how stored, that is compiled, or memorialized physically, electronically, graphically, photographically, or in writing by the Company.

**Allarity CEO Employment Agreement_James G. Cullem_January 2023**<sub>5</sub>

Executive acknowledges and understands that: (i) Executive shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made in confidence to a federal, state, or local government official or to an attorney solely for the purpose of reporting or investigating a suspected violation of law; (ii) Executive shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal; (iii) if Executive files a lawsuit for retaliation for reporting a suspected violation of law Executive may disclose the trade secret to Executive's attorney and use the trade secret information in the court proceeding, provided Executive files any document containing the trade secret under seal and does not disclose the trade secret, except pursuant to court order.

5.2 Notwithstanding the foregoing, nothing contained in this Agreement shall prohibit the Executive from disclosing Confidential Information
to the extent necessary as required by law, including in connection with reporting possible violations of federal law or regulation to
any governmental agency or entity, or making other disclosures that are protected under the whistleblower provisions of applicable law
or regulation. Provided that, Executive shall first provide notice of such legal requirement to Company in order to enable Company to
take appropriate legal action to protect such Confidential Information.

5.3 The Executive is further prohibited from using or disclosing any confidential, proprietary or trade secret information of any former
employer or other person to whom he/she has an obligation of confidentiality. The Executive will be required to use only information that
is not subject to any confidentiality or non-use obligation owed to any third party (either under applicable law or by contract), is generally
known and used by persons with training and experience comparable to Executive's, is common knowledge in the industry or otherwise
legally in the public domain or is otherwise provided or developed by or on behalf of the Company. The Executive agrees that he will not
bring onto Company premises or use in his work for the Company any unpublished documents or property belonging to any former employer
or third party that Executive is not authorized to use and disclose. The Executive further represents that he has disclosed to the Company
any contract he may have signed that might restrict Executive's activities on behalf of the Company. By accepting employment with
the Company, the Executive is representing that he will be able to perform his duties set out in this Agreement within these parameters.

5.4 Upon termination of this Agreement, or earlier if requested by the Board , the Executive shall immediately return to Company all Confidential
Information, including notes, memoranda, documents and records (whether tangible or electronically stored) concerning the business of
the Company, but excluding such documents that relate to Executive's own compensation and benefits, or to any continuing ownership
interest he may have in the Company. The Executive's duty of confidentiality set forth in this Section 5 also shall continue in
force after the termination of his employment with Company.

**Allarity CEO Employment Agreement_James G. Cullem_January 2023**<sub>6</sub>

6. Intellectual property rights

6.1 The Executive acknowledges and agrees that all ideas, methods, inventions, discoveries, improvements, work products, developments,
software, know-how, processes, techniques, works of authorship and other work product, whether patentable or unpatentable, that are (A)
conceived and reduced to practice, created, invented, designed, developed, contributed to, or improved with the use of any Company resources
and/or within the scope of the Executive's work with the Company or that relate to the business, operations or actual or demonstrably
anticipated research or development of the Company, and that are made or conceived by the Executive, solely or jointly with others, during
his/her employment, and/or (B) suggested by any work that the Executive performs in connection with the Company during his/her employment
and related to the business, operations or actual or demonstrably anticipated research and development of the Company, either while performing
his/her duties with the Company or on his/her own time, shall belong exclusively to the Company (or its designee), whether or not patent
or other applications for intellectual property protection are filed thereon (the " <u>Inventions</u> "). The Executive hereby
irrevocably conveys, transfers and assigns to the Company the Inventions and all patents or other intellectual property rights that may
issue thereon in any and all countries, whether during or subsequent to the Executive's employment, together with the right to file,
in the Executive's name or in the name of the Company (or its designee), applications for patents and equivalent rights. The Executive
agrees to reasonably assist Company with any required inventor assignments and/or declarations necessary to effect such patent filings,
at the expense of Company.

6.2 Such rights include inventions, creations, designs, use patterns, trademarks and other marks as well as copyrights and associated
rights including, to the extent possible, moral rights and rights applicable rules of law and rights in know-how.

6.3 The assignment includes any right, which may be exercised at any time under the rules of law in any jurisdiction whatsoever. The assignment
is subject to no restrictions whatsoever, and the Company is entitled to reassign such rights in whole or in part.

6.4 The Executive is not entitled to receive financial compensation for such intellectual property; as such, payment is included in the
agreed compensation described in this Agreement.

6.5 At Company's request, Executive shall execute and deliver to Company any and all applications, assignments or other instruments
and perform such other acts to assist Company in applying for obtaining patents, copyrights and other intellectual property rights recognized
by the U.S. or any foreign country or to otherwise protect Company's interests therein. Executive agrees to provide Company all
information known to or ascertainable by him and all documents and other materials and objects pertaining to Company's rights in
the Inventions that are in the possession of or accessible to Executive, and further, at any trial, hearing, deposition, or other legal
proceeding where Executive is called as a witness by Company, Executive agrees to testify to all facts pertaining to Company's rights
in the Inventions for which Executive is competent to testify. The obligations set forth in this Section shall continue beyond the termination
of Executive's employment with Company and shall be binding upon his assigns, executors, administrators and other legal representatives.
In the event Company is unable to secure Executive's signature on any document necessary to apply for, prosecute, obtain, or enforce
any patent, copyright, or other right to protection relating to any Inventions, whether due to mental or physical incapacity or any other
cause, Executive hereby irrevocably designates and appoints the Company and each of its duly authorized officers and agents as his or
her agent and attorney-in-fact, to act for and in his behalf and stead to execute and file any such document and to do all other lawfully
permitted acts to further the prosecution, issuance and enforcement of patents, copyrights, or other rights or protections with the same
force and effect as if executed and delivered by Executive.

**Allarity CEO Employment Agreement_James G. Cullem_January 2023**<sub>7</sub>

7. Compensation and Benefits

7.1 The Executive shall receive an annual base salary of four hundred, twenty-five thousand dollars (US $425,000.00) (the " <u>Base Salary</u> "). The Base Salary shall be subject to all customary and legally required deductions and withholdings and shall be paid
semi-monthly in accordance with the Company's regular payroll schedule for U.S. executives and employees. Upon agreement of Executive
and the Board, the Executive may elect to receive up to thirty thousand ($30,000.00) of Base Salary in Restricted Stock grants in the
Company. Any such Restricted Stock grants under this Section 7.1 shall be made quarterly, at the start of each calendar quarter, at the
stock fair market value (FMV) on the 1<sup>st</sup> day of each calendar quarter.

7.2 The Compensation Committee of the Board shall review the Executive's base salary on an annual basis around February 1<sup>st</sup>
of each year, next time in year 2024, for a performance-based merit increase, which may be granted in its sole discretion. Adjustments,
if any, shall take effect from March 1<sup>st</sup> same year.

7.3 For calendar years commencing with calendar year 2023, the Executive shall be eligible to receive an annual bonus representing up
to fifty percent (50%) of the Executive's annual Base Salary (the "Annual Bonus Target"), based on achievement of individual
and corporate performance targets, metrics and/or management-by-objectives (" <u>MBOs</u> ") to be determined and approved by
the Company (the " <u>Annual Bonus</u> "). The applicable individual and corporate performance targets, metrics and/or MBOs
shall be determined and approved by the CEO and the Compensation Committee of the Board (with the Executive recused from such determination),
and communicated in writing to the Executive, on or before February 1st of each calendar year during the term of this Agreement. Any Annual
Bonus shall be paid on an annual basis, in a single lump sum, net of taxes and withholding, on or before March 1st after the end of the
calendar year for which such Annual Bonus is to be paid; provided that, prior to the payment the Company must have determined (a) the
level of achievement of the applicable individual and corporate performance targets, metrics and/or MBOs, and (b) the amount of any Annual
Bonus earned by the Executive in accordance therewith for such calendar year, if any. For the avoidance of doubt, if the Executive exceeds
the applicable individual and corporate performance targets, metrics and/or MBOs, at the discretion of the CEO and the Board , he/she
may be awarded an Annual Bonus based on such achievement in excess of the Annual Bonus Target. No Annual Bonus is guaranteed and, in addition
to the other conditions for earning such Annual Bonus, the Executive must remain an employee of the Company through the end of the fiscal
year for which such Annual Bonus was earned in order to be eligible for any Annual Bonus. The Company's fiscal year runs from January
1<sup>st</sup> to December 31<sup>st</sup> of each year. This Annual Bonus is the only incentive compensation (excluding the incentive
bonus approved by the Compensation Committee effective as of August 30, 2022, earned upon the Company's completion of a capital
raise of $10 million or more and the Stock Options and/or Restriction Stock grants provided in this Agreement), commission, or other bonus
program that applies to the Executive. The Board has the discretion to pay Annual Bonus to Executive, and any other employees of the Company,
in Restricted Stock grants in lieu of cash, depending on the financial circumstances of the Company. Any such Restricted Stock grant under
this Section 7.3 shall be made at the stock fair market value (FMV) on the date of grant no later than March 1<sup>st</sup> of the grant
year.

**Allarity CEO Employment Agreement_James G. Cullem_January 2023**<sub>8</sub>

7.4 Stock Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Concurrently with the closing of the new financing referenced in Section 1.3 above, the Executive shall be granted new stock options
in the amount of three and one-half percent (3.5%) of the Company's issued and outstanding shares of common stock immediately after
the closing, provided however, that such amount shall not exceed fifty percent (50%) of the options available to be granted under the
Company's 2021 Equity Incentive Plan (as may be amended from time to time) and shall be granted subject to any shareholder approval
required by law, regulation or applicable listing rule on the stock exchange where the Company's common stock is listed. The exercise
price shall be the FMV of Company's shares on the date of grant. These options will vest rateably over a forty-eight (48) month
period commencing July 1, 2022, and shall be for a term of ten (10) years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition to the foregoing stock option grant, concurrently with the closing of the new financing referenced in Section 1.3 above,
the Executive shall be granted stock options for an additional two percent (2.0%) of the Company's issued and outstanding shares
of common stock immediately after the closing, provided however, that such amount shall not exceed fifty percent (50%) of the options
available to be granted under the Company's 2021 Equity Incentive Plan (as may be amended from time to time) and shall be granted
subject to any shareholder approval required by law, regulation or applicable listing rule on the stock exchange where the Company's
common stock is listed. The exercise price shall be the FMV of the Company's shares on the date of grant. The term of the grant
shall be ten (10) years with one hundred percent (100%) vesting upon the completion of a Phase 2 clinical trial involving Stenoparib or
Dovitinib in combination with another drug or therapeutic candidate in ovarian cancer, renal cell carcinoma, or other indication or therapy
determined by the Company's Board. The Phase 2 clinical trial must be sufficient in design to validate DRP® companion diagnostic
"proof of concept" sufficient to enable a following Phase 3 clinical trial or a "pivotal study."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In consideration of the grant of new options under this Section 7.4, upon grant of the options under this Section 7.4, all prior vested
and unvested options previously granted to Executive (under any prior employment agreement with Company) shall be deemed waived and forfeited
by Executive and null and void. All equity grants shall be issued under and subject to the terms and conditions of the Company's
2021 Equity Incentive Plan. For clarity, in the event new stock options are not granted to Executive under this Agreement, all prior options
(vested and unvested) granted to Executive under prior employment agreements with Company shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event that stock options granted to Executive under
this Section 7.4 exceed fifty percent (50%) of the options available to be granted under the Company's 2021 Equity Incentive Plan
(the "Plan") (as may be amended from time to time), then the Company shall seek shareholder approval at its next annual meeting
of shareholders to increase the number of options available under the Plan in order to have sufficient options to cover the grant(s)
to Executive under this Section 7.4.

**Allarity CEO Employment Agreement_James G. Cullem_January 2023**<sub>9</sub>

7.5 During the term of this Agreement, the Executive, shall be entitled to participate in all of the Company's employee benefit
plans and programs (including without limitation, any medical, dental, disability and group life insurance, and 401(k) or other retirement
plan) as the Company generally maintains from time-to-time during the term for the benefit of its executives and/or for the benefit of
its employees and their dependents, in each case subject to the eligibility requirements and other terms and provisions of such plans
or programs. The Company shall pay the full premiums for any medical and dental insurance plans offered by the Company that the Executive
elects to participate in. Executive understands that, except when prohibited by law, the Company's benefit plans and benefits may
be amended or terminated by the Company in its sole discretion and nothing in this Agreement requires the Company to continue any particular
plan or benefit.

7.6 The Company may or has provide(d) the Executive with a laptop computer, cell phone, and/or other electronic devices, at no cost, and
the Company may pay all costs relating to such electronic devices (excluding internet service) according to Company Benefits policy. The
Executive's use of such provided electronic devices is subject to Company IT policy. The Executive may be required to return his/her
laptop and all other Company property to the Company upon termination of employment with the Company (or earlier if requested by the Company).

7.7 For calendar year 2024 and thereafter, the Executive shall be eligible for additional grants of equity compensation at the sole discretion
of the Compensation Committee of the Board. Any equity compensation will be granted under and subject to the terms and conditions of an
equity compensation plan of the Company as then in effect. The Compensation Committee shall establish the terms and conditions of such
equity compensation in its discretion with consideration to the compensation packages paid to executives performing the same functions
as executives for businesses similar to Company. Any such future grants of equity compensation shall be issued under and subject to the
terms and conditions of the Allarity 2021 Equity Incentive Plan.

8. Expenses

8.1 The Company shall pay for, or refund to the Executive, all reasonable, documented expenses related to travelling or otherwise in connection
with the performance of his/her duties on behalf of the Company, upon the presentation of bills and in accordance with applicable Company
policies for travel, meals, lodging and other relevant expenses. Upon the Executive's request, the Company shall provide Executive
with a corporate credit card, which Executive may utilize to pay for all reasonable business expenses.

8.2 The Executive shall, no later than sixty (60) days after the end of each calendar month submit all travel and other expenses, if any,
incurred within such month to the Company. The Executive shall prepare an expense report, which encompasses documentation for the expenses
reclaimed, and the expense reports with attached receipts shall be submitted to the Company's Chief Financial Officer (CFO) for
approval, prior to the Company's reimbursement (or for accounting records if the Executive has charged such expenses on his/her
corporate credit card). The Company will reimburse the Executive within thirty (30) days of such submission of expenses for reimbursement.

**Allarity CEO Employment Agreement_James G. Cullem_January 2023**<sub>10</sub>

9. Vacation Time & Holidays

9.1 In each whole calendar year, the Executive shall be entitled to paid vacation of six (6) weeks. Executive will accrue vacation at
the rate of 1.25 days per pay period.

9.2 The Executive is entitled to take the following U.S. federal holidays: New Year's Day; Martin Luther King Day; Washington's
Birthday (Presidents Day); Memorial Day; Juneteenth Day; Independence Day; Labor Day; Columbus Day; Veteran's Day; Thanksgiving
Day; and Christmas Day.

9.3 The Executive's vacation shall be taken within the calendar year, and vacation time accrued but not taken cannot be transferred
to the following calendar year and will consequently lapse at year-end, except where (i) the Executive deferred scheduling any vacation
at the request of the Board of the Board or where prohibited by law; and/or (ii) the accrued vacation, transferrable to the following
calendar year, does not exceed two (2) weeks.

9.4 In case of termination, the Executive shall be entitled to take vacation accrued but not taken, during the notice period. The Executive
shall be paid for any accrued and unpaid vacation that he/she is not able to take during such notice period either because of the request
of the Board that he/she work during such period, or if the accrued vacation exceeds the notice period.

10. Term & Termination

10.1 This Agreement shall come into force as of the Effective Date and shall continue in force and effect until otherwise terminated as
provided below.

10.2 This Agreement shall terminate immediately upon Executive's death.

10.3 This Agreement shall terminate upon written notice by the Company to the Executive that Executive's employment is being terminated
as a result of Executive's Disability (as defined in Section 10.10), which termination shall be effective on the date of such notice
or such later date as specified in writing by the Company.

10.4 This Agreement shall be terminable in writing by either the Company or the Executive with thirty (30) days' prior written notice.
At the election of the Board in its sole discretion, the termination of the Executive's employment may be accelerated to any date
selected by the Board, and the Executive shall be paid his/her compensation under this Agreement through the date that the Executive would
have been paid without such acceleration.

**Allarity CEO Employment Agreement_James G. Cullem_January 2023**<sub>11</sub>

10.5 (a) In the event that the Executive's employment is terminated by the Company without Cause (as defined in Section 10.6), or
by the Executive for Good Reason (as defined in Section 10.7), the Company shall provide the Executive with severance pay in an amount
equal to twelve (12) months' pay at the Executive's final Base Salary rate, payable in the form of salary continuation, together
with the payment of the applicable premiums for COBRA coverage during such period. (b) In the event that the Executive's employment
is terminated by the Company as a result of a Change-of-Control (as defined in Section 10.9), the Company shall provide the Executive
with severance pay in an amount equal to twelve (12) months' pay at the Executive's final Base Salary rate, payable in the
form of salary continuation, together with the payment of the applicable premiums for COBRA coverage during such period.

The Executive shall have no duty to attempt to mitigate the severance pay amounts payable by the Company pursuant to this Section 10.5 by seeking employment or otherwise, and no amounts earned from other employment shall reduce the amounts due hereunder.

10.6 Any obligation of the Company to provide the Executive with the payments described in Section 10.5 is conditioned upon the Executive
signing a timely and effective general release of claims substantially in the form attached to this Agreement as **Appendix 1** and
the Executive's continued compliance with the terms of this Agreement. Such release shall be considered timely if it is executed
and delivered (and no longer subject to revocation, if applicable) within sixty (60) days following the date of the termination of the
Executive's employment, and any payments to which the Executive is entitled pursuant to this Section 10 shall commence on the Company's
first regular pay date following the effective date of the aforementioned release of claims and the first such payment shall be retroactive
to the day immediately following the date of the termination of the Executive's employment.

10.7 For the purpose of Section 10.5, "Cause" shall
mean the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Executive's failure to perform the duties of the Executive and responsibilities to the Company or any of its affiliates,
which is not cured or corrected within twenty (20) days following notice of such failure from the CEO or the Board to the Executive, if
such failure if capable of cure or correction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Executive's material breach of this Agreement or any other agreement between the Executive and the Company or any of its
affiliates, which is not cured or corrected within twenty (20) days following notice of such breach from the CEO to the Executive, if
such breach is capable of cure or correction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) gross negligence or wilful misconduct by the Executive that is or could reasonably be expected to be materially harmful to the business
interests or reputation of the Company or any of its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Executive's conviction of any felony or crime of moral turpitude; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Executive's failure to commence employment on a full-time basis as required by Sections 1 and 3 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8 For the purpose of Section 10.5, "Good Reason" shall mean the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any action by the Company which results in a material diminution of the Executive's position, authority, duties, responsibility
or reporting lines;

**Allarity CEO Employment Agreement_James G. Cullem_January 2023**<sub>12</sub>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an actual reduction by the Company of the Executive's annual Base Salary or Annual Bonus opportunity; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any action or omission by the Company that would constitute a failure by the Company to comply with any provision of this Agreement
or any other written agreement with the Executive including, but not limited to, the failure of the Company to pay any portion of the
Executive's compensation;

<u>provided</u>, <u>however</u>, that, it shall be a prerequisite of any such termination for any Good Reason that the Executive shall have given the Company written notice of the event or events giving rise to Good Reason, specifying in reasonable detail the nature and circumstances of such Good Reason, and given the Company thirty (30) days to cure any such Good Reason prior to any such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.9 For the purpose of Section 10.5, "Change-of-Control" shall mean the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a change of control as defined in the Company's 2021
Equity Incentive Plan or any other change of control agreement or plan to which the Company is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the occurrence of, or execution of an agreement providing
for, (A) a merger, consolidation, division or other fundamental transaction involving the Company, (B) a sale, exchange, transfer or
other disposition of substantially all of the assets of the Company, or (C) a purchase by the Company of substantially all of the assets
of another entity, unless (y) such merger, consolidation, division, sale, exchange, transfer, purchase, disposition or other transaction
is approved in advance by eighty percent (80%) or more of the members of the Board who are not interested in the transaction and (z)
a majority of the members of the board of directors of the legal entity resulting from or existing after any such transaction and a majority
of the board of directors of such entity's parent Company, if any, are former members of the Board ; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any other change in control of the Company similar in effect
to any of the foregoing events.

10.10 If this Agreement is terminated (a) voluntarily by the Executive (other than for Good Reason), (b) by the Company for Cause, or (c)
as a result of the Executive's death, disability or incapacity, all payments, salary and the accrual of other benefits hereunder
shall cease at the effective date of termination, other than rights to indemnification, directors' and officers' liability
insurance coverage and vested rights under the benefit plans and programs of the Company. For the avoidance of doubt, in addition to any
severance pay that may be payable under Section 10.5, the Executive shall be entitled to receive from the Company upon termination for
any reason:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all Base Salary accrued through the date the Executive's
employment is terminated, plus any earned and unpaid Annual Bonus for the calendar year prior to the year in which the termination occurs
and all accrued, unused vacation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) reimbursement for any and all monies advanced (but not yet
reimbursed) in connection with the Executive's employment for reasonable expenses incurred by the Executive through the date the
Executive's employment is terminated in accordance with Section 8 above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Executive's vested interest in any Stock Options
or shares issuable thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) continuation of rights to indemnification and directors'
and officers' liability insurance coverage; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) all other vested payments and/or vested benefits to which
the Executive may be entitled under the terms of any applicable compensation arrangement or benefit plan or program of the Company including
any acceleration of Stock Options in connection with a change of control of the Company.

**Allarity CEO Employment Agreement_James G. Cullem_January 2023**<sub>13</sub>

10.11 For purposes of this Agreement, "Disability" shall mean Executive's incapacity or inability to perform Executive's
duties and responsibilities as contemplated herein for 120 days or more within any one (1) year period (cumulative or consecutive) because
Executive's physical or mental health has become so impaired as to make it impossible or impractical for Executive to perform the
duties and responsibilities contemplated hereunder. Determination of Executive's physical or mental health shall be determined by
Company after consultation with a health care provider appointed by mutual agreement between Company and Executive (or Executive's
authorized representative) who has examined Executive. Executive hereby consents to such examination and consultation regarding Executive's
health and ability to perform as aforesaid. It shall have no impact on the Company's right to terminate the employment whether the
Executive is reported fit for duty following the serving of notice.

10.12 In the event the Executive is declared incapable of managing his/her own affairs, the Company shall be entitled to terminate the employment
without prior notice.

11. Costs and payments

All payments made pursuant to this Agreement shall be subject to withholding of applicable income and employment taxes. The Company may withhold from any payments made under this Agreement all authorized or legally required deductions and withholdings, including but not limited to income, employment and social insurance taxes. Except as expressly provided for in this Agreement, nothing in this Agreement shall create any obligation on the part of the Company to indemnify, reimburse, gross up, or otherwise compensate the Executive for any taxes, interest, penalties, costs, losses, damages, or expenses arising out of any violation of tax laws or any corresponding provision of law.

12. Restrictive Covenants

12.1 The Executive acknowledges that: (i) the Executive performs services of a unique nature for the Company that are irreplaceable, and
that the Executive's performance of such services for a Competing Business (as defined below) will result in irreparable harm to
the Company; (ii) the Executive will have access to Confidential Information, which, if disclosed, would unfairly and inappropriately
assist in competition against the Company or any of its affiliates; (iii) the Company and its affiliates have substantial relationships
with their clients, business partners, and investors, and the Executive will have access to these persons and entities; (iv) the Executive
will generate goodwill for the Company and its affiliates in the course of the Executive's employment. Accordingly, during the Executive's
employment hereunder and, in the event that the Executive's employment is terminated for Cause or voluntarily by the Executive (whether
or not for Good Reason), and provided the Company first provides the Executive with a one-time payment of seventy-five thousand dollars
(US $75,000.00), and the Company notified the Executive within ten (10) days of such termination of its intention to continue to pay the
Executive 50% of his/her Base Salary during such period (unless the Executive's employment is terminated by him/her for Good Reason,
in which case his/her entitlements under Section 10.5 shall apply), during Executive's employment and the six (6) month period thereafter
(the " <u>Restricted Period</u> "), the Executive agrees that he/she will not, directly or indirectly, own, manage, operate,
control, be employed by (whether as an employee, consultant, independent contractor or otherwise, and whether or not for compensation)
or render services to any person, firm, corporation or other entity, in whatever form, engaged in a Competing Business, or with respect
to which the Company has spent significant time or resources analyzing for the purposes of engaging, on the date of termination, in any
state of the United States, in Europe, or in any country in which the Company conducts business or has made plans and taken significant
steps to conduct business (a " <u>Planned Competing Business</u> ") and in which the Executive, during the last two years of
his/her employment, provided services or had a material presence or influence. Notwithstanding the foregoing, nothing herein shall prohibit
the Executive from being a passive owner of not more than 2% of the equity securities of a publicly traded corporation engaged in a Competing
Business or Planned Competing Business, so long as the Executive has no active participation in the Competing Business or Planned Competing
Business of such corporation. For purposes of this Section 12.1, the " <u>Company</u> " shall mean the Company together with
its parent companies and its and their direct and indirect subsidiaries, and " <u>Competing Business</u> " shall mean the research,
development and/or sale of cancer therapeutics together with drug efficacy prediction technology (*e.g.* companion diagnostics, predictive
biomarkers) for the treatment of cancer, including, without limitation, products or services designed to make such technology available
to patients and businesses in the healthcare industry, or any other material business in which the Company is engaged as of the date of
the Executive's termination of employment. For the avoidance of doubt, the provisions of this Section 12.1 will not prohibit the
Executive, after termination of his/her employment with the Company, from providing services of any nature to any business engaged in
multiple business activities, including activities that would constitute a Competing Business or a Planned Competing Business, as long
as the Executive is not himself/herself directly involved in such Competing Business or Planned Competing Business activities, or managing
or supervising the conduct of such Competing Business or Planned Competing Business activities. In addition, if the Company or a controlling
interest in the Company is acquired by another entity during the term of this Agreement, in such circumstances the restrictions in this
Section 12.1 will not be applicable to any business activities of the acquiring entity (and/or its affiliates) except to the extent that
either (i) such business activities would constitute a Competing Business or Planned Competing Business (other than by reason of the acquisition
itself), or (ii) the Executive after such acquisition is directly involved in the conduct, management or supervision of such business
activities.

**Allarity CEO Employment Agreement_James G. Cullem_January 2023**<sub>14</sub>

The Parties acknowledge and agree that the payment options set forth in Section 12.1 have been mutually agreed upon by the Company and the Executive, are fair and reasonable, and are sufficient in exchange for the Executive's obligations set forth in this Section 12.1. The Parties acknowledge and agree that this Section 12.1 shall not be enforceable if, at the time the Executive's employment with the Company terminates, the Executive is: classified by the Company as a non-exempt employee under the Fair Labor Standards Act ("FLSA"); enrolled in a full-time or part-time undergraduate or graduate educational institution; or laid off or terminated without Cause. The Parties acknowledge and agree that at or around the time the Executive's employment ends, and in the Company's sole discretion, the Company may waive the Executive's obligations in this Section 12.1, in which case the Company will not be required to provide the Executive with any of the payments set forth in Section 12.1 above. The Parties acknowledge and agree that the Executive has been advised that he/she has the right to consult with counsel prior to signing this Agreement.

12.2 During the Restricted Period, the Executive agrees that he shall not, except in the furtherance of his/her duties hereunder, directly
or indirectly, individually or on behalf of any other person, firm, corporation or other entity, do business with, solicit, aid or induce
(or attempt to do business with, solicit, aid or induce) any individual or entity that is, or was during the twelve (12) month period
immediately prior to the termination of the Executive's employment for any reason, a customer, partner or investor of the Company
or any of its subsidiaries or affiliates with which the Executive had contact on behalf of the Company or about which the Executive possesses
Confidential Information to limit or cease doing business with the Company, or otherwise interfere with the relationship of such customer,
partner or investor with the Company or any of its subsidiaries or affiliates.

12.3 During the Restricted Period, the Executive agrees that Executive shall not, except in the furtherance of the Executive's duties
hereunder, directly or indirectly, individually or on behalf of any other person, firm, corporation or other entity: (i) solicit, aid
or induce (or attempt to solicit, aid or induce) any advisor, consultant, employee, representative or agent of the Company or any of its
subsidiaries or affiliates to leave such employment or engagement with the Company or solicit, aid or induce (or attempt to solicit, aid
or induce) any employee of the Company or any of its subsidiaries or affiliates to accept employment with or render services to or with
any other person, firm, corporation or other entity unaffiliated with the Company or hire or retain any such employee, or take any action
to materially assist or aid any other person, firm, corporation or other entity in identifying, hiring or soliciting any such employee,
representative or agent; or (ii) interfere, or aid or induce (or attempt to interfere, aid or induce) any other person or entity in interfering,
with the relationship between the Company or any of its subsidiaries or affiliates and any of their respective vendors, joint venturers
or licensors. Any person described in this Section 12.3 shall be deemed covered by this Section while so employed or retained by the Company.
For the avoidance of doubt, the general recruitment or solicitation of employees or other third parties by any entity with which the Executive
is or may be affiliated (*e.g*. internet job postings), or the hiring or engagement of any such person or entity as a result of such
general recruitment or solicitation, will not be a breach of Sections 12.2 or 12.3, unless such recruitment or solicitation is specifically
targeted at any employees or other third parties engaged by or providing services to the Company.

12.4 The Executive agrees not to make negative comments or otherwise disparage the Company or any of its affiliates or any of their respective
partners, members, officers, directors, employees, shareholders, agents or products. The Company agrees that the executive officers of
the Company as of the date of the Executive's termination and the members of the Board as of the date of the Executive's termination
will not make negative comments about the Executive or otherwise disparage the Executive in any manner that is likely to be harmful to
the Executive's business reputation. The foregoing shall not be violated by truthful statements in response to legal process, required
governmental testimony or filings, or administrative or arbitral proceedings (including, without limitation, depositions in connection
with such proceedings).

12.5 If it is determined by a court of competent jurisdiction in any state that any restriction in this Section 12 is excessive in duration
or scope or is unreasonable or unenforceable under applicable law, it is the intention of the Parties that such restriction shall be modified
or amended by the court to render it enforceable to the maximum extent permitted by the laws of that state.

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12.6 The Parties acknowledge and agree that the remedies at law for a breach or threatened breach of any of the provisions of Section 12.1-12.4
hereof would be inadequate and, in recognition of this fact, each Party agrees that, in the event of such a breach or threatened breach
by the other Party, in addition to any remedies at law, the Party seeking to enforce the provisions of this Agreement shall be entitled
to seek equitable relief in the form of specific performance, a temporary restraining order, a temporary or permanent injunction or any
other equitable remedy which may then be available, without the necessity of showing actual monetary damages or the posting of a bond
or other security. In the event of a violation by the Executive of any provision of Sections 5 or 6 hereof, or this Section 12, following
the termination of the Executive's employment under this Agreement, any payments or other benefits being paid or provided to the
Executive pursuant to Section 10 of this Agreement shall immediately cease and the Company shall be entitled to recover any payments to
Executive or made on Executive's behalf for COBRA.

13. Code Section 409A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding the foregoing, if necessary to comply with the restriction in Section 409A(a)(2)(B) of the Internal Revenue Code of 1986, as amended (the "Code") concerning payments to "specified employees", any payment on account of the Executive's separation from service that would otherwise be due hereunder and which is subject to the requirements of Code Section 409A that is payable within six (6) months after such separation shall nonetheless be delayed until the first business day of the seventh month following the Executive's date of termination and the first such payment shall include the cumulative amount of any payments that would have been paid prior to such date if not for such restriction, plus interest on any delayed payments at the prime rate of interest published in the Wall Street Journal effective as of the date of termination. Notwithstanding anything contained herein to the contrary, the Executive shall not be considered to have terminated employment with the Company for purposes of his/her voluntary termination (with or without Good Reason) or his/her termination by the Company without Cause unless he/she would be considered to have incurred a "termination of employment" from the Company within the meaning of Treasury Regulation §1.409A-1(h)(1)(ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement is intended to be exempt from or comply with the requirements of Section 409A of the Code and regulations promulgated thereunder ("Section 409A"). To the extent that any provision in this Agreement is ambiguous as to its compliance with Section 409A, the provision shall be read in such a manner so that no payments due under this Agreement shall be subject to an "additional tax" as defined in Section 409A(a)(1)(B) of the Code. For purposes of Section 409A, each payment made under this Agreement shall be treated as a separate payment. In no event may the Executive, directly or indirectly, designate the calendar year of payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All reimbursements provided under this Agreement shall be made or provided in accordance with the requirements of Section 409A, including, where applicable, the requirement that (i) any reimbursement is for expenses incurred during the Executive's lifetime (or during a shorter period of time specified in this Agreement), (ii) the amount of expenses eligible for reimbursement during a calendar year may not affect the expenses eligible for reimbursement in any other calendar year, (iii) the reimbursement of an eligible expense will be made on or before the last day of the calendar year following the year in which the expense is incurred, and (iv) the right to reimbursement is not subject to liquidation or exchange for another benefit.

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14. Limitation as to Amounts Payable

14.1 Notwithstanding anything set forth in this Agreement to the contrary, if any payment or benefit the Executive would receive from the
Company (or its successor) pursuant to a Change of Control Event or otherwise ("Payment") would (i) constitute a "parachute
payment" within the meaning of Section 280G of the Code and (ii) but for this sentence, be subject to the excise tax imposed by
Section 4999 of the Code (the "Excise Tax"), then such Payment shall be reduced to the Reduced Amount. The "Reduced
Amount" shall be the largest portion of the Payment that would result in no portion of the Payment being subject to the Excise Tax.
If a reduction in payments or benefits constituting "parachute payments" is necessary so that the Payment equals the Reduced
Amount, reduction, unless to the extent permitted by Code Section 280G the Executive designates another order, shall occur in the following
order: reduction of cash payments; cancellation of accelerated vesting of equity awards not subject to Q&A 24(c) of Treasury Reg.
1.280G 1; cancellation of accelerated vesting of Stock Options, stock options and other equity awards subject to Q&A 24(c) of Treasury
Reg. 1.280G 1; reduction of employee benefits. In the event that acceleration of vesting of warrant, stock option or equity award compensation
is to be reduced, such acceleration of vesting shall be cancelled in the reverse order of the date of grant of the Executive's Stock
Options, stock options or equity awards. The accounting firm engaged by the Company for general audit purposes as of the day prior to
the effective date of the Change of Control shall perform the foregoing calculations, or if such accounting firm is not authorized to
provide services in the United States or otherwise not qualified to advise with regard to United States taxation, then an accounting firm
shall be retained by the Company that is so authorized and qualified. Notwithstanding the foregoing, if this Section would result in the
reduction in any Payment, the Company will use good faith efforts to submit the excess Payments for stockholder approval such that, if
approved, the excise tax under Section 4999 of the Code (and therefore the limits imposed by this Section) does not apply to the Executive
thereby allowing such excess Payments to be paid to the Executive.

15. Waiver of Breach

A waiver by the Company or the Executive of any breach of any provision of this Agreement by the other Party shall not operate or be construed as a waiver of any other or subsequent breach by the other Party.

16. Tolling

The Executive understands and agrees that in the event that the Executive breaches any covenants contained herein during the Restricted Period, the Restricted Period shall be extended automatically. The duration of such extension shall equal the period of time between the date the Executive began such violation and the date the Executive permanently ceases such violation.

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| **Allarity CEO Employment Agreement_James G. Cullem_January 2023** | 17 |

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17. Disclosure to Future Employers

During the Restricted Period the Executive shall provide, and Executive acknowledges and agrees that the Company in its sole discretion similarly may provide, a copy of this Agreement to any business or enterprise that the Executive may directly or indirectly own, manage, operate, finance, join, control or in which Executive may participate in the ownership, management, operation, financing, or control, or with which Executive may be connected as an officer, director, employee, partner, principal, agent, representative, consultant or otherwise.

18. Changes in Role or Title

18.1 Executive acknowledges that the covenants in this Agreement are given in exchange for, among other things, employment and the terms
and conditions of such employment. The covenants are not tied to the Executive's present role, title or responsibilities. Therefore,
the Executive acknowledges and agrees that the covenants contained in this Agreement shall survive any change in the Executive's
role, title, responsibilities, compensation, benefits or other terms and conditions of employment, provided that payments and benefits
are provided to Executive pursuant to the terms of this Agreement.

19. Amendment of the Agreement

The Agreement may not be amended or modified except by a written modification signed by the Parties, except for those changes expressly reserved to the Company's discretion in this Agreement.

20. Attorneys' Fees; Mediation

20.1 In the event that any action is brought to enforce any of the provisions of this Agreement, or to obtain money damages for the breach
thereof, and such action results in the award of a judgment for money damages or in the granting of any injunction in favor of one of
the Parties to this Agreement, all expenses, including reasonable attorneys' fees, shall be paid by the non-prevailing Party, if
so awarded by a court of competent jurisdiction.

20.2 If a dispute arises from or relates to this Agreement or the alleged breach thereof, and if the dispute cannot be settled by the Parties
through negotiation, the Parties agree to submit the matter to non-binding mediation before resorting to litigation in any court of competent
jurisdiction. Either Party may initiate mediation by providing written notice to the other Party of a request for mediation. 
The Parties agree to cooperate with one another in selecting the mediator from a panel of neutrals from JAMS (or other similar organization)
and in scheduling the time and place of the mediation. Each Party covenants and agrees to participate in the mediation in good faith. 
Each Party agrees to pay one-half of mediator's fees and expenses and to pay the entire amount of its own attorneys' fees
and costs related to the mediation. The mediator may issue a report in writing, stating the essential findings of fact and conclusions
of law. Except as may be permitted or required by law, a party may disclose the existence, content or results of any mediation hereunder
without the prior written consent of all parties, including without limitation within any dispute brought within a court of competent
jurisdiction.

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|:---|:---|
| **Allarity CEO Employment Agreement_James G. Cullem_January 2023** | 18 |

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21. Governing Law and Jurisdiction

This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts, without regard to any conflict of laws principles. The validity or unenforceability of any provision of this Agreement, or any terms hereof, shall not affect the validity or enforceability of any other provision or term of this Agreement. The Parties agree that any action, demand, claim or counterclaim relating to the terms and conditions of this Agreement or to its breach shall be heard only and exclusively in the Commonwealth of Massachusetts in a federal court of competent jurisdiction and each Party hereby irrevocably submits to the exclusive personal and subject matter jurisdiction of such courts. <u>The Executive and the Company further agree that any such dispute shall be tried by a federal court judge alone and hereby waive and forever renounce the right to a trial before a civil jury in any such dispute.</u> 

22. Assignment

The Company may assign its rights and obligations hereunder to any person or entity that succeeds to all or substantially all of the Company's business or that aspect of the Company's business in which Executive is principally involved. The Company is not required to provide notice to or obtain consent from Executive prior to any such assignment. Executive may not assign Executive's rights and obligations under this Agreement.

23. Entire Agreement

This Agreement sets forth the entire and final agreement and understanding of the Parties with respect to the subject matter hereof. Except as otherwise provided herein, this Agreement supersedes any and all other agreements, either oral or in writing, between the Parties hereto, with respect to the subject matter hereof, including Executive's prior employment agreement as Chief Business Officer of Company. No change or modification of this Agreement shall be valid unless in writing and signed by the Company and the Executive.

24. Signatures

This Agreement shall be signed by both Parties, in duplicate, and one original shall be kept by each of the Company and the Executive.

[*signature page follows*]

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|:---|:---|
| **Allarity CEO Employment Agreement_James G. Cullem_January 2023** | 19 |

---

**IN WITNESS WHEREOF**, the Parties have set their signatures under seal on the Effective Date first written above.

---

| | |
|:---|:---|
| Date: January 12, 2023 | Date: January 12, 2023 |
| **Allarity Therapeutics, Inc.** | **Allarity Therapeutics, Inc.** |
| by: | /s/ Duncan Moore, Ph.D. |
|  | Duncan Moore, Ph.D. |
|  | Chairman of the Board |
| Date: January 12, 2023 | Date: January 12, 2023 |
| **The Executive** | **The Executive** |
| /s/ James G. Cullem, J.D. | /s/ James G. Cullem, J.D. |
| James G. Cullem, J.D. | James G. Cullem, J.D. |

---

![](ex10-1_001.jpg)

**Appendix 1**

**GENERAL RELEASE**

I, **James G. Cullem**, in consideration of and subject to the performance by Allarity Therapeutics, Inc. (the "<u>Company</u>")<sup>1</sup> of its obligations under the Employment Agreement, dated as of January 12, 2023 (the "<u>Agreement</u>"), do hereby release and forever discharge as of the date hereof the Company and its affiliates and all present and former directors, officers, agents, representatives, employees, successors and assigns of the Company and its affiliates and the Company's direct or indirect owners (collectively, the "<u>Released Parties</u>") to the extent provided below. Unless I rescind my assent to this General Release as set forth in paragraph 8 below, this Agreement shall be effective on the eighth (8<sup>th</sup>) day after I sign it (the "Effective Date"), at which time it will become final and binding on all Parties.

1. My employment or service with the Company and its affiliates terminated as of ____, 20__, and I hereby
resign from any position as an officer, member of the board of managers or directors (as applicable) or fiduciary of the Company or its
affiliates (or reaffirm any such resignation that may have already occurred). I understand that any payments or benefits paid or granted
to me under Section 10.5 of the Agreement represent, in part, consideration for signing this General Release and are not salary, wages,
payments or benefits to which I was already entitled. I understand and agree that I will not receive the payments and benefits specified
in the Agreement unless I execute and do not revoke this General Release within the time period permitted hereafter or breach this General
Release. I understand and agree that such payments and benefits are subject to <u>Section 13</u> of the Agreement, which (as noted below)
expressly survives my termination of employment and the execution of this General Release. Such payments and benefits will not be considered
compensation for purposes of any employee benefit plan, program, policy or arrangement maintained or hereafter established by the Company
or its affiliates. I also acknowledge and represent that I have received all payments and benefits that I am entitled to receive (as of
the date hereof) by virtue of any employment by the Company including my regular wages earned through the termination date, payment for
all accrued unused vacation, payment for all outstanding business expenses and any other form of compensation or benefit that may be due
to me.

2. Except as provided in paragraph 4 below and except as may be expressly provided in the provisions of the
Agreement which expressly survive the termination of my employment with the Company, I knowingly and voluntarily (for myself, my spouse,
my heirs, executors, administrators and assigns (the " <u>Releasors</u> ")) release and forever discharge the Company and the
other Released Parties from any and all claims, suits, controversies, actions, causes of action, cross-claims, counter-claims, demands,
debts, compensatory damages, liquidated damages, punitive or exemplary damages, other damages, claims for costs and attorneys' fees,
or liabilities of any nature whatsoever in law and in equity, both past and present (through the Effective Date of this General Release)
and whether known or unknown, suspected, or claimed against the Company or any of the Released Parties which the Releasors may have, arising
at any time prior to or including the Effective Date of this General Release (collectively, "Claims"). The Claims covered
by this General Release include, but are not limited to, all Claims that arise out of or are connected with my employment with, or my
separation or termination from, the Company (including, but not limited to, any allegation, claim or violation, arising under Title VII
of the Civil Rights Act of 1964, as amended; the Civil Rights Act of 1991; the Age Discrimination in Employment Act of 1967 (the "ADEA");
the Older Workers Benefit Protection Act (the "OWBPA"); the Equal Pay Act of 1963, as amended; the Americans with Disabilities
Act of 1990 (the "ADA"); the Family and Medical Leave Act of 1993 ("FMLA"); the Worker Adjustment Retraining and
Notification Act ("WARN"); the Employee Retirement Income Security Act of 1974 ("ERISA"); any applicable Executive
Order Programs; the Fair Labor Standards Act ("FLSA") and its state or local counterparts; any other federal, state or local
civil or human rights law, or under any other local, state, or federal law, regulation or ordinance, including but not limited to the
Massachusetts Payment of Wages Law (M.G.L. Chapter 149, §§148, 150); M.G.L. Chapter 149 in its entirety; M.G.L. Chapter 151
in its entirety (including but not limited to the minimum wage and overtime provisions); or under any public policy, contract or tort,
or under common law; or arising under any policies, practices or procedures of the Company; or any claim for wrongful discharge, breach
of contract, infliction of emotional distress, defamation; or any claim for costs, fees, or other expenses, including attorneys'
fees incurred in these matters (all of the foregoing collectively referred to herein as the " <u>Claims</u> ").

<sup>1</sup> Whenever the terms "Allarity Therapeutics, Inc." or the "Company" are used in this General Release, they shall be deemed to include Allarity Therapeutics, Inc. and any and all of its divisions, affiliates and subsidiaries and all related entities, and its and their directors, officers, employees, agents, successors and assigns.

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| **Allarity CEO Employment Agreement_James G. Cullem_January 2023** | 21 |

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3. I represent that I have not filed or asserted any cause of action, claim, charge or other action or proceeding
against the Company and to the best of my knowledge, no other person, organization or entity has done so on my behalf. I further represent
that I have made no assignment or transfer of any right, claim, demand, cause of action, or other matter covered by paragraph 2 above.

4. I agree that this General Release does not waive or release any rights or claims that I may have under
the Age Discrimination in Employment Act of 1967 which arise after the Effective Date of this General Release. I acknowledge and agree
that my separation from employment with the Company in compliance with the terms of the Agreement shall not serve as the basis for any
claim or action (including, without limitation, any claim under the Age Discrimination in Employment Act of 1967).

5. I agree that I hereby waive all rights to sue or obtain equitable, remedial or punitive relief from any
or all Released Parties of any kind whatsoever in respect of any Claim, including, without limitation, reinstatement, back pay, front
pay, and any form of injunctive relief. Notwithstanding the above, I further acknowledge that I am not waiving and am not being required
to waive any right that cannot be waived under law, including the right to file an administrative charge or participate in an administrative
investigation or proceeding; <u>provided</u>, <u>however</u>, that I disclaim and waive any right to share or participate in any monetary
award resulting from the prosecution of such charge or investigation or proceeding. Additionally, I am not waiving any right to any severance
or other surviving benefits or rights to which I am entitled under the Agreement, including without limitation (i) those set forth in
Section 10.5 of the Agreement, (ii) any claim relating to directors' and officers' liability insurance coverage or any right
of indemnification under the Company's organizational documents or otherwise, or (iii) my rights as an equity or security holder
in the Company or its affiliates.

6. In signing this General Release, I acknowledge and intend that it shall be effective as a bar to each
and every one of the Claims hereinabove mentioned or implied. I expressly consent that this General Release shall be given full force
and effect according to each and all of its express terms and provisions, including those relating to unknown and unsuspected Claims (notwithstanding
any state statute that expressly limits the effectiveness of a general release of unknown, unsuspected and unanticipated Claims), if any,
as well as those relating to any other Claims hereinabove mentioned or implied. I acknowledge and agree that this waiver is an essential
and material term of this General Release and that without such waiver the Company would not have agreed to the terms of the Agreement.
I further agree that in the event I should bring a Claim seeking damages against the Company, or in the event I should seek to recover
against the Company in any Claim brought by a governmental agency on my behalf, this General Release shall serve as a complete defense
to such Claims.

7. I agree that neither this General Release, nor the furnishing of the consideration for this General Release,
shall be deemed or construed at any time to be an admission by the Company, any Released Party or myself of any improper or unlawful conduct.

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| **Allarity CEO Employment Agreement_James G. Cullem_January 2023** | 22 |

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8. I understand that because I am over forty (40) years of age, I am granted specific rights under the Older
Workers Benefit Protection Act ("OWBPA"). I further understand that this General Release contained in Appendix 1 is intended
to release any rights I may have against the Company alleging discrimination on the basis of age. I acknowledge and agree that I have
been given twenty-one (21) days to consider and accept the provisions of this General Release and that any changes to this General Release,
whether material or immaterial, will not restart the running of this period. I further acknowledge that I understand that I may rescind
my assent to this General Release if, within seven (7) days after the date I sign the General Release, I deliver a written notice of rescission
to the Company. To be effective, such notice of rescission must be postmarked, and sent by certified mail, return receipt requested, or
hand-delivered within the seven-day period, to Allarity Therapeutics, Inc., 210 Broadway, Suite 201, Cambridge, MA 02139, Attn: Chief
Executive Officer. I agree that I will forfeit all severance payments payable by the Company pursuant to the Agreement if I challenge
the validity of this General Release. I also agree that if I violate this General Release by suing the Company or the other Released Parties,
and the Company is the prevailing Party in such suit, I will pay all costs and expenses of defending against the suit incurred by the
Released Parties, including reasonable attorneys' fees, and return all payments received by me pursuant to the Agreement. Notwithstanding
the foregoing, I shall not be deemed to forfeit any amounts payable under the Agreement solely due to a challenge to the validity of this
General Release under the requirements of the ADEA, nor shall I be required to pay the costs and expenses (including attorney's
fees) of any Released Party solely in connection with a challenge to the validity of this General Release under the ADEA, <u>provided, however</u>, that I acknowledge and agree that this General Release is intended to apply to all claims that I have under the ADEA and
that, unless this General Release is found to be invalid, any and all claims I have or may claim to have under the ADEA are hereby released.

9. I agree that this General Release is confidential and agree not to disclose any information regarding
the terms of this General Release (other than information made public by the Company through regulatory filings or otherwise), except
to my immediate family and any tax, legal or other counsel I have consulted regarding the meaning or effect hereof or as required by law,
and I will instruct each of the foregoing not to disclose the same to anyone. Any non-disclosure provision in this General Release does
not prohibit or restrict me (or my attorney) from responding to any inquiry about this General Release or its underlying facts and circumstances
by the Securities and Exchange Commission (SEC), any other self-regulatory organization or any governmental entity.

10. I agree to reasonably cooperate with the Company in any internal investigation or administrative, regulatory,
or judicial proceeding. I understand and agree that my cooperation may include, but not be limited to, making myself available to the
Company upon reasonable notice for interviews and factual investigations; appearing at the Company's request to give testimony without
requiring service of a subpoena or other legal process; volunteering to the Company pertinent information; and turning over to the Company
all relevant documents which are or may come into my possession all at times and on schedules that are reasonably consistent with my other
permitted activities and commitments. I understand that in the event the Company asks for my cooperation in accordance with this provision,
the Company will reimburse me for all reasonable expenses related to such cooperation, provided that the Company shall not be required
to reimburse me for any attorney's fees incurred in connection with such cooperation, other than attorneys' fees otherwise
reimbursable to me pursuant to any right of indemnification I may have in accordance with the provisions of the Agreement.

11. Notwithstanding anything in this General Release to the contrary, this General Release shall not relinquish,
diminish, or in any way affect any rights or claims arising out of any breach by the Company or by any Released Party of the Agreement
after the date hereof.

12. Whenever possible, each provision of this General Release shall be interpreted in such manner as to be
effective and valid under applicable law, but if any provision of this General. Release is held to be invalid, illegal or unenforceable
in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect
any other provision, but this General Release shall be reformed, construed and enforced as if such invalid, illegal or unenforceable provision
had never been contained herein.

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| **Allarity CEO Employment Agreement_James G. Cullem_January 2023** | 23 |

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BY SIGNING THIS GENERAL RELEASE, I REPRESENT AND AGREE THAT:

● I HAVE READ IT CAREFULLY;

● I UNDERSTAND ALL OF ITS TERMS AND KNOW THAT I AM GIVING UP IMPORTANT RIGHTS, INCLUDING BUT NOT LIMITED TO, RIGHTS UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967, AS AMENDED; TITLE VII OF THE CIVIL RIGHTS ACT OF 1964, AS AMENDED; THE EQUAL PAY ACT OF 1963; THE AMERICANS WITH DISABILITIES ACT OF 1990; AND THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED;

● I VOLUNTARILY CONSENT TO EVERYTHING IN IT;

● I AM HEREBY ADVISED TO CONSULT WITH AN ATTORNEY BEFORE EXECUTING IT AND I HAVE DONE SO  **<u>OR</u>** , AFTER CAREFUL READING AND CONSIDERATION, I HAVE CHOSEN NOT TO DO SO OF MY OWN VOLITION;

● I HAVE HAD AT LEAST TWENTY-ONE DAYS TO CONSIDER THIS GENERAL RELEASE;

● I UNDERSTAND THAT I HAVE SEVEN DAYS AFTER THE EXECUTION OF THIS RELEASE TO REVOKE IT AND THAT THIS RELEASE SHALL NOT BECOME EFFECTIVE OR ENFORCEABLE UNTIL THE REVOCATION PERIOD HAS EXPIRED;

● I HAVE SIGNED THIS GENERAL RELEASE KNOWINGLY AND VOLUNTARILY AND WITH THE ADVICE OF ANY COUNSEL RETAINED TO ADVISE ME WITH RESPECT TO IT; AND

● I AGREE THAT THE PROVISIONS OF THIS GENERAL RELEASE MAY NOT BE AMENDED, WAIVED, CHANGED OR MODIFIED EXCEPT BY AN INSTRUMENT IN WRITING SIGNED BY AN AUTHORIZED REPRESENTATIVE OF THE COMPANY AND BY ME.

**James G. Cullem**

<u>__________________</u>

Date

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|:---|:---|
| **Allarity CEO Employment Agreement_James G. Cullem_January 2023** | 24 |

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**Appendix 2**

**OTHER BOARD ROLES**

**None.**

## Exhibit 10.2

**Exhibit 10.2**

![](ex10-2_001.jpg)

**EMPLOYMENT AGREEMENT**

BETWEEN

**Allarity Therapeutics, Inc.**

AND

**Joan Y. Brown**

THIS AGREEMENT MUST BE PROVIDED TO THE EXECUTIVE

AT LEAST 10 DAYS PRIOR TO THE EFFECTIVE DATE OF<br> THE AGREEMENT

**Allarity CFO Employment Agreement_Joan Y. Brown_January 2023**<sub>2</sub>

This **Employment Agreement** (the "Agreement") is entered into on January 12, 2023, by and between **Allarity Therapeutics, Inc**., a corporation organized under the laws of the state of Delaware, with an office at 22 School Street, 2nd Floor Boston, MA 02108 (the "Company) and **Joan Y. Brown**, an individual residing at 5369 Aspen Drive, West Vancouver BC, V7W 3E4, Canada (the "Executive"). Company and Executive may collectively be referred to herein as the "Parties" or separately as a "Party".

Now, therefore, in consideration of the mutual covenants and undertakings of each Party herein, the Parties agree as follows:

1. Appointment

1.1 Joan Y. Brown is, from January 1, 2023 (the "Start Date") employed as the Chief Financial Officer (CFO) of the Company
and will, if required by applicable law, be registered as such with the U.S. Securities and Exchange Commission (SEC) and/or U.S. Nasdaq
stock market.

1.2 This Agreement (including Appendices 1 and 2) sets forth the entire agreement between the Parties with respect to the employment of
the Executive, and shall supersede all prior employment agreements, promises, and understandings (either oral or written) between the
Parties, excluding any Bonus accrued and payable to Executive for 2022 pursuant to her prior employment contract as Director of Financial
Reporting of Company.

1.3 This Agreement and the Appointment of Executive is contingent
upon the condition subsequent that the Company, through ongoing efforts by the Company management, secures a new capital raise for Company
in the amount of no less than seven million dollars ($7 million) by or before February 15, 2023, unless the capital raise must be accompanied
by the Company's audited financial statements for the year ending December 31, 2022, then on or before April 30, 2023 (the "Effective
Date"). In the event this condition subsequent is not met, Executive's prior employment contract as Director of Financial
Reporting of the Company shall remain in full force and effect.

2. Duties

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 Without prejudice to the duties imposed by law, the Executive shall, to the best of his/her ability, promote, develop and further
the interests of the Company, comply with all applicable legal requirements and the Company's applicable policies and procedures
that have been furnished to him/her, and, subject to the terms of this Agreement, shall devote his/her full working time to the business
and the affairs of the Company. This Agreement shall not be construed as preventing the Executive from engaging in charitable and community
affairs, participating in industry trade association activities, or giving attention to his/her or his/her family's passive investments,
provided that such activities do not unreasonably interfere with the Executive's duties and responsibilities to the Company. Passive
investments shall mean publicly traded stocks, bonds, retirement funds or other similar investments, including investments in privately
held companies so long as any such investment does not require any material amount of time or attention of the Executive during the work
day.

**Allarity CFO Employment Agreement_Joan Y. Brown_January 2023**<sub>3</sub>

2.2 The Executive shall report to the Chief Executive Officer (CEO) of the Company and the Executive shall perform such duties and exercise
his/her powers, authorities and decisions, consistent with his/her position as the Executive as well as any such other duties and responsibilities
as determined by the CEO or the Company's Board of Directors (the "Board") from time to time, within/under the conditions
and restrictions, delegated to the CFO by the CEO or the Board. The Executive shall also interface, as required or requested, with the
Audit Committee of the Board.

2.3 Subject to the directives of the CEO and the terms of this Agreement, the Executive shall do all acts and things in the ordinary course
of business of the Company consistent with his/her position as Executive, which may be necessary or conducive to the interest of the Company
and in particular, but without prejudice to the generality of the foregoing, the Executive shall be responsible for the day-to-day advancement
of the Company's business goals and activities within his/her area of responsibility, and shall participate as part of executive
management of the Company.

2.4 The day-to-day responsibilities of the Executive do not include decisions/acts, which, compared to the business of the Company or
the specific situation of the Company, are considered outside of the ordinary conduct of business and reasonably would be expected to
have material impact on the business of the Company. Such decisions/acts must always be submitted to the Board for prior approval, unless
such approval cannot be awaited without the business of the Company being subject or exposed to a material adverse impact therefrom. In
the event that prior approval has not been obtained, the Board must be informed in writing of any decisions/acts made as soon as practicable.

2.5 The Executive shall be responsible, as soon as practicable after he/she becomes aware thereof, for adequately informing the Board
or the Audit Commitee of any facts that reasonably would be expected to have a material impact on the Company's business activities
and that have not previously been disclosed to the Board .

3. Workplace and working hours

3.1 The Executive will primarily work remotely from her home in Vancouver, BC Canada, and be assigned to the Company's U.S. headquarters,
which are currently located in Boston, Massachusetts, provided that Executive will not be required to relocate to Boston, Massachusetts
or anywhere outside of the suburban area where Executive currently resides. The Executive shall engage in travel, including international
travel, as reasonably may be required by the Company's business, and it is anticipated that the Executive will travel to the Company's
U.S. headquarters and/or R&D headquarters in Denmark as requested by the CEO and/or as necessary to advance the goals and activities
of the Company.

3.2 The Executive is an exempt employee under the federal Fair Labor Standards Act ("FLSA") and state law. As such, no additional
compensation beyond that described in Section 7.1 is due for any additional hours worked beyond 40 hours in a work week.

**Allarity CFO Employment Agreement_Joan Y. Brown_January 2023**<sub>4</sub>

4. Engagement in other business

4.1 The Executive has advised the Company of any other board roles held by Executive, as of the Effective date of this Agreement, which
other board roles are listed on Appendix 2 attached hereto. The Executive shall be permitted to serve on the board of directors of other
companies that are not in competition with the Company with the approval of the Board , which shall not unreasonably be withheld, provided
that it is acknowledged and agreed that the Board shall not be required to approve the Executive's service on the board of directors
of more than two (2) companies at any time. Subject to the provisions of Section 2.1 and the foregoing positions on boards of directors
of other companies, the Executive is obligated to put his/her entire working capacity at the disposal of the Company and to work completely
and loyally in the interest of the Company.

4.2 It is a prerequisite for any involvement in other businesses, except such involvement as expressly permitted in this Agreement, that
the Executive submits a written request to the CEO for approval and that the written request contains an adequate description of the character
and the volume of the task. The CEO may grant the Executive's request for approval of permission to perform such other task in his/her
sole discretion, and shall communicate their approval or rejection of the request in writing.

5. Duty of confidentiality

5.1 The Executive is under an obligation to protect the interests of the Company at all times and may not, except in the proper performance
of the Executive's services under this Agreement, disclose to any third party any Confidential Information obtained in the performance
of the Executive's services. For purposes of this Agreement, Confidential Information means all data, information, ideas, concepts,
discoveries, trade secrets, inventions (whether or not patentable or reduced to practice), innovations, improvements, know-how, developments,
techniques, methods, processes, treatments, drawings, sketches, specifications, designs, plans, patterns, models, plans and strategies,
and all other confidential or proprietary information or trade secrets in any form or medium (whether merely remembered or embodied in
a tangible or intangible form or medium) whether now or hereafter existing, relating to or arising from the past, current or potential
business, activities and/or operations of the Company or any of its affiliates (or any of their respective predecessors, successors or
permitted assigns), including, without limitation, any such information relating to or concerning finances, sales, marketing, advertising,
transition, promotions, pricing, personnel, customers, suppliers, vendors, partners and/or competitors. Provided that, Confidential Information
does not include information which (i) is already publicly available or becomes publicly available; (ii) is already generally known in
the industry or becomes generally known in the industry without the Executive's participation in violation of his/her obligations
under this Section 5; and/or (iii) is independently derived by the Executive without reference to any Confidential information disclosed
to Executive by Company, as established by written records. In the event of uncertainty as to whether or not certain information may be
disclosed, the Executive shall consult the CEO.

For purposes of this Agreement, "trade secrets" shall be given its broadest possible interpretation under the Defend Trade Secrets Act of 2016, and shall include (without limitation) all forms and types of financial, business, scientific, technical, economic, or engineering information, including patterns, plans, compilations, program devices, formulas, designs, prototypes, methods, techniques, processes, procedures, programs, or codes, whether tangible or intangible, and whether or how stored, that is compiled, or memorialized physically, electronically, graphically, photographically, or in writing by the Company.

**Allarity CFO Employment Agreement_Joan Y. Brown_January 2023**<sub>5</sub>

Executive acknowledges and understands that: (i) Executive shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made in confidence to a federal, state, or local government official or to an attorney solely for the purpose of reporting or investigating a suspected violation of law; (ii) Executive shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal; (iii) if Executive files a lawsuit for retaliation for reporting a suspected violation of law Executive may disclose the trade secret to Executive's attorney and use the trade secret information in the court proceeding, provided Executive files any document containing the trade secret under seal and does not disclose the trade secret, except pursuant to court order.

5.2 Notwithstanding the foregoing, nothing contained in this Agreement shall prohibit the Executive from disclosing Confidential Information
to the extent necessary as required by law, including in connection with reporting possible violations of federal law or regulation to
any governmental agency or entity, or making other disclosures that are protected under the whistleblower provisions of applicable law
or regulation. Provided that, Executive shall first provide notice of such legal requirement to Company in order to enable Company to
take appropriate legal action to protect such Confidential Information.

5.3 The Executive is further prohibited from using or disclosing any confidential, proprietary or trade secret information of any former
employer or other person to whom he/she has an obligation of confidentiality. The Executive will be required to use only information that
is not subject to any confidentiality or non-use obligation owed to any third party (either under applicable law or by contract), is generally
known and used by persons with training and experience comparable to Executive's, is common knowledge in the industry or otherwise
legally in the public domain or is otherwise provided or developed by or on behalf of the Company. The Executive agrees that he/she will
not bring onto Company premises or use in his work for the Company any unpublished documents or property belonging to any former employer
or third party that Executive is not authorized to use and disclose. The Executive further represents that he has disclosed to the Company
any contract he/she may have signed that might restrict Executive's activities on behalf of the Company. By accepting employment
with the Company, the Executive is representing that he/she will be able to perform his/her duties set out in this Agreement within these
parameters.

5.4 Upon termination of this Agreement, or earlier if requested by the CEO and/or the Board , the Executive shall immediately return to
Company all Confidential Information, including notes, memoranda, documents and records (whether tangible or electronically stored) concerning
the business of the Company, but excluding such documents that relate to Executive's own compensation and benefits, or to any continuing
ownership interest he may have in the Company. The Executive's duty of confidentiality set forth in this Section 5 also shall continue
in force after the termination of his employment with Company.

**Allarity CFO Employment Agreement_Joan Y. Brown_January 2023**<sub>6</sub>

6. Intellectual property rights

6.1 The Executive acknowledges and agrees that all ideas, methods, inventions, discoveries, improvements, work products, developments,
software, know-how, processes, techniques, works of authorship and other work product, whether patentable or unpatentable, that are (A)
conceived and reduced to practice, created, invented, designed, developed, contributed to, or improved with the use of any Company resources
and/or within the scope of the Executive's work with the Company or that relate to the business, operations or actual or demonstrably
anticipated research or development of the Company, and that are made or conceived by the Executive, solely or jointly with others, during
his/her employment, and/or (B) suggested by any work that the Executive performs in connection with the Company during his/her employment
and related to the business, operations or actual or demonstrably anticipated research and development of the Company, either while performing
his/her duties with the Company or on his/her own time, shall belong exclusively to the Company (or its designee), whether or not patent
or other applications for intellectual property protection are filed thereon (the " <u>Inventions</u> "). The Executive hereby
irrevocably conveys, transfers and assigns to the Company the Inventions and all patents or other intellectual property rights that may
issue thereon in any and all countries, whether during or subsequent to the Executive's employment, together with the right to file,
in the Executive's name or in the name of the Company (or its designee), applications for patents and equivalent rights. The Executive
agrees to reasonably assist Company with any required inventor assignments and/or declarations necessary to effect such patent filings,
at the expense of Company.

6.2 Such rights include inventions, creations, designs, use patterns, trademarks and other marks as well as copyrights and associated
rights including, to the extent possible, moral rights and rights applicable rules of law and rights in know-how.

6.3 The assignment includes any right, which may be exercised at any time under the rules of law in any jurisdiction whatsoever. The assignment
is subject to no restrictions whatsoever, and the Company is entitled to reassign such rights in whole or in part.

6.4 The Executive is not entitled to receive financial compensation for such intellectual property; as such, payment is included in the
agreed compensation described in this Agreement.

6.5 At Company's request, Executive shall execute and deliver to Company any and all applications, assignments or other instruments
and perform such other acts to assist Company in applying for obtaining patents, copyrights and other intellectual property rights recognized
by the U.S. or any foreign country or to otherwise protect Company's interests therein. Executive agrees to provide Company all
information known to or ascertainable by him and all documents and other materials and objects pertaining to Company's rights in
the Inventions that are in the possession of or accessible to Executive, and further, at any trial, hearing, deposition, or other legal
proceeding where Executive is called as a witness by Company, Executive agrees to testify to all facts pertaining to Company's rights
in the Inventions for which Executive is competent to testify. The obligations set forth in this Section shall continue beyond the termination
of Executive's employment with Company and shall be binding upon his assigns, executors, administrators and other legal representatives.
In the event Company is unable to secure Executive's signature on any document necessary to apply for, prosecute, obtain, or enforce
any patent, copyright, or other right to protection relating to any Inventions, whether due to mental or physical incapacity or any other
cause, Executive hereby irrevocably designates and appoints the Company and each of its duly authorized officers and agents as his or
her agent and attorney-in-fact, to act for and in his behalf and stead to execute and file any such document and to do all other lawfully
permitted acts to further the prosecution, issuance and enforcement of patents, copyrights, or other rights or protections with the same
force and effect as if executed and delivered by Executive.

**Allarity CFO Employment Agreement_Joan Y. Brown_January 2023**<sub>7</sub>

7. Compensation and Benefits

7.1 The Executive shall receive an annual base salary of two hundred, fifty thousand dollars (US $250,000.00) (the " <u>Base Salary</u> "),
which shall be paid in Canadian Dollars (CAD) at the currency conversion rate in effect at the time of payroll. The Base Salary shall
be subject to all customary and legally required deductions and withholdings and shall be paid semi-monthly in accordance with the Company's
regular payroll schedule for U.S. executives and employees.

7.2 The Compensation Committee of the Board shall review the Executive's base salary on an annual basis around February 1<sup>st</sup>
of each year, next time in year 2024, for a performance-based merit increase, which may be granted in its sole discretion. Adjustments,
if any, shall take effect from March 1<sup>st</sup> same year.

7.3 For calendar years commencing with calendar year 2023, the Executive shall be eligible to receive an annual bonus representing up
to forty percent (40%) of the Executive's annual Base Salary (the "Annual Bonus Target"), based on achievement of individual
and corporate performance targets, metrics and/or management-by-objectives (" <u>MBOs</u> ") to be determined and approved by
the Company (the " <u>Annual Bonus</u> "). The applicable individual and corporate performance targets, metrics and/or MBOs
shall be determined and approved by the CEO and the Compensation Committee of the Board (with the Executive recused from such determination),
and communicated in writing to the Executive, on or before February 1st of each calendar year during the term of this Agreement. Any Annual
Bonus shall be paid on an annual basis, in a single lump sum, net of taxes and withholding, on or before March 1st after the end of the
calendar year for which such Annual Bonus is to be paid; provided that, prior to the payment the Company must have determined (a) the
level of achievement of the applicable individual and corporate performance targets, metrics and/or MBOs, and (b) the amount of any Annual
Bonus earned by the Executive in accordance therewith for such calendar year, if any. For the avoidance of doubt, if the Executive exceeds
the applicable individual and corporate performance targets, metrics and/or MBOs, at the discretion of the CEO and the Board , he/she
may be awarded an Annual Bonus based on such achievement in excess of the Annual Bonus Target. No Annual Bonus is guaranteed and, in addition
to the other conditions for earning such Annual Bonus, the Executive must remain an employee of the Company through the end of the fiscal
year for which such Annual Bonus was earned in order to be eligible for any Annual Bonus. The Company's fiscal year runs from January
1<sup>st</sup> to December 31<sup>st</sup> of each year. This Annual Bonus is the only incentive compensation, commission, or other bonus
program that applies to the Executive. The Board has the discretion to pay Annual Bonus to Executive, and any other employees of the Company,
in Restricted Stock grants in lieu of cash, depending on the financial circumstances of the Company. Any such Restricted Stock grant under
this Section 7.3 shall be made at the stock fair market value (FMV) on the date of grant no later than March 1<sup>st</sup> of the grant
year.

7.4 Stock Options. Concurrently with the closing of the new financing referenced in Section 1.3 above, the Executive shall be granted
new stock options in the amount of three quarters of one percent (0.75%) of the Company's issued and outstanding shares of common
stock immediately after the closing and shall be granted subject to any shareholder approval required by law, regulation or applicable
listing rule on the stock exchange where the Company's common stock is listed. The exercise price shall be the FMV of Company's
shares on the date of grant. These options will vest rateably over a forty-eight (48) month period commencing July 1, 2022, and shall
be for a term of ten (10) years and shall be granted under the Company's 2021 Equity Incentive Plan (as may be amended from time
to time).

**Allarity CFO Employment Agreement_Joan Y. Brown_January 2023**<sub>8</sub>

7.5 During the term of this Agreement, the Executive, shall be entitled to participate in all of the Company's employee benefit
plans and programs (including without limitation, any medical, dental, disability and group life insurance, and 401(k) or other retirement
plan) as the Company generally maintains from time-to-time during the term for the benefit of its executives and/or for the benefit of
its employees and their dependents, in each case subject to the eligibility requirements and other terms and provisions of such plans
or programs. Executive understands that, except when prohibited by law, the Company's benefit plans and benefits may be amended
or terminated by the Company in its sole discretion and nothing in this Agreement requires the Company to continue any particular plan
or benefit.

7.6 The Company may or has provide(d) the Executive with a laptop computer, cell phone, and/or other electronic devices, at no cost, and
the Company may pay all costs relating to such electronic devices (excluding internet service) according to Company Benefits policy. The
Executive's use of such provided electronic devices is subject to Company IT policy. The Executive may be required to return his/her
laptop and all other Company property to the Company upon termination of employment with the Company (or earlier if requested by the Company).

7.7 For calendar year 2024 and thereafter, the Executive shall be eligible for additional grants of equity compensation at the sole discretion
of the Compensation Committee of the Board. Any equity compensation will be granted under and subject to the terms and conditions of an
equity compensation plan of the Company as then in effect. The Compensation Committee shall establish the terms and conditions of such
equity compensation in its discretion with consideration to the compensation packages paid to executives performing the same functions
as executives for businesses similar to Company. Any such future grants of equity compensation shall be issued under and subject to the
terms and conditions of the Company's 2021 Equity Incentive Plan.

8. Expenses

8.1 The Company shall pay for, or refund to the Executive, all reasonable, documented expenses related to travelling or otherwise in connection
with the performance of his/her duties on behalf of the Company, upon the presentation of bills and in accordance with applicable Company
policies for travel, meals, lodging and other relevant expenses. Upon the Executive's request, the Company may provide Executive
with a corporate credit card, which Executive may utilize to pay for all reasonable business expenses.

8.2 The Executive shall, no later than sixty (60) days after the end of each calendar month submit all travel and other expenses, if any,
incurred within such month to the Company. The Executive shall prepare an expense report, which encompasses documentation for the expenses
reclaimed, and the expense reports with attached receipts shall be submitted to the Company's Chief Executive Officer (CEO) for
approval, prior to the Company's reimbursement (or for accounting records if the Executive has charged such expenses on his/her
corporate credit card). The Company will reimburse the Executive within thirty (30) days of such submission of expenses for reimbursement.

**Allarity CFO Employment Agreement_Joan Y. Brown_January 2023**<sub>9</sub>

9. Vacation Time & Holidays

9.1 In each whole calendar year, the Executive shall be entitled to paid vacation of four (4) weeks. Executive will accrue vacation at
the rate of 0.833 days per pay period.

9.2 The Executive is entitled to take the following Canadian federal holidays: New Year's Day; Good Friday; Easter Monday; Victoria
Day; Canada Day; Civic Holiday; Labour Day; National Day for Truth & Reconciliation; Thanksgiving Day; Remembrance Day; Christmas
Day; and Boxing Day.

9.3 The Executive's vacation shall be taken within the calendar year, and vacation time accrued but not taken cannot be transferred
to the following calendar year and will consequently lapse at year-end, except where (i) the Executive deferred scheduling any vacation
at the request of the Chairman of the Board or where prohibited by law; and/or (ii) the accrued vacation, transferrable to the following
calendar year, does not exceed two (2) weeks.

9.4 In case of termination, the Executive shall be entitled to take vacation accrued but not taken, during the notice period. The Executive
shall be paid for any accrued and unpaid vacation that he/she is not able to take during such notice period either because of the request
of the CEO that he/she work during such period, or if the accrued vacation exceeds the notice period.

10. Term & Termination

10.1 This Agreement shall come into force as of the Effective Date and shall continue in force and effect until otherwise terminated as
provided below.

10.2 This Agreement shall terminate immediately upon Executive's death.

10.3 This Agreement shall terminate upon written notice by the Company to the Executive that Executive's employment is being terminated
as a result of Executive's Disability (as defined in Section 10.10), which termination shall be effective on the date of such notice
or such later date as specified in writing by the Company.

10.4 This Agreement shall be terminable in writing by either the Company or the Executive with thirty (30) days' prior written notice.
At the election of the Board in its sole discretion, the termination of the Executive's employment may be accelerated to any date
selected by the Board, and the Executive shall be paid his/her compensation under this Agreement through the date that the Executive would
have been paid without such acceleration.

**Allarity CFO Employment Agreement_Joan Y. Brown_January 2023**<sub>10</sub>

10.5 (a) In the event that the Executive's employment is terminated by the Company without Cause (as defined in Section 10.6), or
by the Executive for Good Reason (as defined in Section 10.7), the Company shall provide the Executive with severance pay in an amount
equal to five (5) months' pay at the Executive's final Base Salary rate, payable in the form of salary continuation, together
with the payment of the applicable premiums for COBRA coverage during such period. (b) In the event that the Executive's employment
is terminated by the Company as a result of a Change-of-Control (as defined in Section 10.9), the Company shall provide the Executive
with severance pay in an amount equal to five (5) months' pay at the Executive's final Base Salary rate, payable in the form
of salary continuation, together with the payment of the applicable premiums for COBRA coverage during such period.

The Executive shall have no duty to attempt to mitigate the severance pay amounts payable by the Company pursuant to this Section 10.5 by seeking employment or otherwise, and no amounts earned from other employment shall reduce the amounts due hereunder.

10.6 Any obligation of the Company to provide the Executive with the payments described in Section 10.5 is conditioned upon the Executive
signing a timely and effective general release of claims substantially in the form attached to this Agreement as **Appendix 1** and
the Executive's continued compliance with the terms of this Agreement. Such release shall be considered timely if it is executed
and delivered (and no longer subject to revocation, if applicable) within sixty (60) days following the date of the termination of the
Executive's employment, and any payments to which the Executive is entitled pursuant to this Section 10 shall commence on the Company's
first regular pay date following the effective date of the aforementioned release of claims and the first such payment shall be retroactive
to the day immediately following the date of the termination of the Executive's employment.

10.7 For the purpose of Section 10.5, "Cause" shall
mean the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Executive's failure to perform the duties of the Executive and responsibilities to the Company or any of its affiliates,
which is not cured or corrected within twenty (20) days following notice of such failure from the CEO or the Board to the Executive, if
such failure if capable of cure or correction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Executive's material breach of this Agreement or any other agreement between the Executive and the Company or any of its
affiliates, which is not cured or corrected within twenty (20) days following notice of such breach from the CEO to the Executive, if
such breach is capable of cure or correction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) gross negligence or wilful misconduct by the Executive that is or could reasonably be expected to be materially harmful to the business
interests or reputation of the Company or any of its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Executive's conviction of any felony or crime of moral turpitude; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Executive's failure to commence employment on a full-time basis as required by Sections 1 and 3 of this Agreement.

**Allarity CFO Employment Agreement_Joan Y. Brown_January 2023**<sub>11</sub>

10.8 For the purpose of Section 10.5, "Good Reason" shall mean the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any action by the Company which results in a material diminution of the Executive's position, authority, duties, responsibility
or reporting lines; expressly excepting a change in Executive's role to a non-CFO role that reports to a future CFO of the Company,
which shall not trigger the Good Reason provisions of this Section 10.8;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an actual reduction by the Company of the Executive's annual Base Salary or Annual Bonus opportunity; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any action or omission by the Company that would constitute a failure by the Company to comply with any provision of this Agreement
or any other written agreement with the Executive including, but not limited to, the failure of the Company to pay any portion of the
Executive's compensation;

<u>provided</u>, <u>however</u>, that, it shall be a prerequisite of any such termination for any Good Reason that the Executive shall have given the Company written notice of the event or events giving rise to Good Reason, specifying in reasonable detail the nature and circumstances of such Good Reason, and given the Company thirty (30) days to cure any such Good Reason prior to any such termination.

10.9 For the purpose of Section 10.5, "Change-of-Control" shall mean the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a change of control as defined in the Company's 2021
Equity Incentive Plan or any other change of control agreement or plan to which the Company is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the occurrence of, or execution of an agreement providing
for, (A) a merger, consolidation, division or other fundamental transaction involving the Company, (B) a sale, exchange, transfer or
other disposition of substantially all of the assets of the Company, or (C) a purchase by the Company of substantially all of the assets
of another entity, unless (y) such merger, consolidation, division, sale, exchange, transfer, purchase, disposition or other transaction
is approved in advance by eighty percent (80%) or more of the members of the Board who are not interested in the transaction and (z)
a majority of the members of the board of directors of the legal entity resulting from or existing after any such transaction and a majority
of the board of directors of such entity's parent Company, if any, are former members of the Board ; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any other change in control of the Company similar in effect
to any of the foregoing events.

**Allarity CFO Employment Agreement_Joan Y. Brown_January 2023**<sub>12</sub>

10.10 If this Agreement is terminated (a) voluntarily by the Executive (other than for Good Reason), (b) by the Company for Cause, or (c)
as a result of the Executive's death, disability or incapacity, all payments, salary and the accrual of other benefits hereunder
shall cease at the effective date of termination, other than rights to indemnification, directors' and officers' liability
insurance coverage and vested rights under the benefit plans and programs of the Company. For the avoidance of doubt, in addition to any
severance pay that may be payable under Section 10.5, the Executive shall be entitled to receive from the Company upon termination for
any reason:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all Base Salary accrued through the date the Executive's
employment is terminated, plus any earned and unpaid Annual Bonus for the calendar year prior to the year in which the termination occurs
and all accrued, unused vacation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) reimbursement for any and all monies advanced (but not yet
reimbursed) in connection with the Executive's employment for reasonable expenses incurred by the Executive through the date the
Executive's employment is terminated in accordance with Section 8 above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Executive's vested interest in any Stock Options
or shares issuable thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) continuation of rights to indemnification and directors'
and officers' liability insurance coverage; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) all other vested payments and/or vested benefits to which
the Executive may be entitled under the terms of any applicable compensation arrangement or benefit plan or program of the Company including
any acceleration of Stock Options in connection with a change of control of the Company.

10.11 For purposes of this Agreement, "Disability" shall mean Executive's incapacity or inability to perform Executive's
duties and responsibilities as contemplated herein for 120 days or more within any one (1) year period (cumulative or consecutive) because
Executive's physical or mental health has become so impaired as to make it impossible or impractical for Executive to perform the
duties and responsibilities contemplated hereunder. Determination of Executive's physical or mental health shall be determined by
Company after consultation with a health care provider appointed by mutual agreement between Company and Executive (or Executive's
authorized representative) who has examined Executive. Executive hereby consents to such examination and consultation regarding Executive's
health and ability to perform as aforesaid. It shall have no impact on the Company's right to terminate the employment whether the
Executive is reported fit for duty following the serving of notice.

10.12 In the event the Executive is declared incapable of managing his/her own affairs, the Company shall be entitled to terminate the employment
without prior notice.

**Allarity CFO Employment Agreement_Joan Y. Brown_January 2023**<sub>13</sub>

**11.** **Costs and payments** 

All payments made pursuant to this Agreement shall be subject to withholding of applicable income and employment taxes. The Company may withhold from any payments made under this Agreement all authorized or legally required deductions and withholdings, including but not limited to income, employment and social insurance taxes. Except as expressly provided for in this Agreement, nothing in this Agreement shall create any obligation on the part of the Company to indemnify, reimburse, gross up, or otherwise compensate the Executive for any taxes, interest, penalties, costs, losses, damages, or expenses arising out of any violation of tax laws or any corresponding provision of law.

**12.** **Restrictive Covenants** 

12.1 The Executive acknowledges that: (i) the Executive performs services of a unique nature for the Company that are irreplaceable, and
that the Executive's performance of such services for a Competing Business (as defined below) will result in irreparable harm to
the Company; (ii) the Executive will have access to Confidential Information, which, if disclosed, would unfairly and inappropriately
assist in competition against the Company or any of its affiliates; (iii) the Company and its affiliates have substantial relationships
with their clients, business partners, and investors, and the Executive will have access to these persons and entities; (iv) the Executive
will generate goodwill for the Company and its affiliates in the course of the Executive's employment. Accordingly, during the Executive's
employment hereunder and, in the event that the Executive's employment is terminated for Cause or voluntarily by the Executive (whether
or not for Good Reason), and provided the Company first provides the Executive with a one-time payment of seventy-five thousand dollars
(US $75,000.00), and the Company notified the Executive within ten (10) days of such termination of its intention to continue to pay the
Executive 50% of his/her Base Salary during such period (unless the Executive's employment is terminated by him/her for Good Reason,
in which case his/her entitlements under Section 10.5 shall apply), during Executive's employment and the six (6) month period thereafter
(the " <u>Restricted Period</u> "), the Executive agrees that he/she will not, directly or indirectly, own, manage, operate,
control, be employed by (whether as an employee, consultant, independent contractor or otherwise, and whether or not for compensation)
or render services to any person, firm, corporation or other entity, in whatever form, engaged in a Competing Business, or with respect
to which the Company has spent significant time or resources analyzing for the purposes of engaging, on the date of termination, in any
state of the United States, in Europe, or in any country in which the Company conducts business or has made plans and taken significant
steps to conduct business (a " <u>Planned Competing Business</u> ") and in which the Executive, during the last two years of
his/her employment, provided services or had a material presence or influence. Notwithstanding the foregoing, nothing herein shall prohibit
the Executive from being a passive owner of not more than 2% of the equity securities of a publicly traded corporation engaged in a Competing
Business or Planned Competing Business, so long as the Executive has no active participation in the Competing Business or Planned Competing
Business of such corporation. For purposes of this Section 12.1, the " <u>Company</u> " shall mean the Company together with
its parent companies and its and their direct and indirect subsidiaries, and " <u>Competing Business</u> " shall mean the research,
development and/or sale of cancer therapeutics together with drug efficacy prediction technology (*e.g.* companion diagnostics, predictive
biomarkers) for the treatment of cancer, including, without limitation, products or services designed to make such technology available
to patients and businesses in the healthcare industry, or any other material business in which the Company is engaged as of the date of
the Executive's termination of employment. For the avoidance of doubt, the provisions of this Section 12.1 will not prohibit the
Executive, after termination of his/her employment with the Company, from providing services of any nature to any business engaged in
multiple business activities, including activities that would constitute a Competing Business or a Planned Competing Business, as long
as the Executive is not himself/herself directly involved in such Competing Business or Planned Competing Business activities, or managing
or supervising the conduct of such Competing Business or Planned Competing Business activities. In addition, if the Company or a controlling
interest in the Company is acquired by another entity during the term of this Agreement, in such circumstances the restrictions in this
Section 12.1 will not be applicable to any business activities of the acquiring entity (and/or its affiliates) except to the extent that
either (i) such business activities would constitute a Competing Business or Planned Competing Business (other than by reason of the acquisition
itself), or (ii) the Executive after such acquisition is directly involved in the conduct, management or supervision of such business
activities.

**Allarity CFO Employment Agreement_Joan Y. Brown_January 2023**<sub>14</sub>

The Parties acknowledge and agree that the payment options set forth in Section 12.1 have been mutually agreed upon by the Company and the Executive, are fair and reasonable, and are sufficient in exchange for the Executive's obligations set forth in this Section 12.1. The Parties acknowledge and agree that this Section 12.1 shall not be enforceable if, at the time the Executive's employment with the Company terminates, the Executive is: classified by the Company as a non-exempt employee under the Fair Labor Standards Act ("FLSA"); enrolled in a full-time or part-time undergraduate or graduate educational institution; or laid off or terminated without Cause. The Parties acknowledge and agree that at or around the time the Executive's employment ends, and in the Company's sole discretion, the Company may waive the Executive's obligations in this Section 12.1, in which case the Company will not be required to provide the Executive with any of the payments set forth in Section 12.1 above. The Parties acknowledge and agree that the Executive has been advised that he/she has the right to consult with counsel prior to signing this Agreement.

12.2 During the Restricted Period, the Executive agrees that he shall not, except in the furtherance of his/her duties hereunder, directly
or indirectly, individually or on behalf of any other person, firm, corporation or other entity, do business with, solicit, aid or induce
(or attempt to do business with, solicit, aid or induce) any individual or entity that is, or was during the twelve (12) month period
immediately prior to the termination of the Executive's employment for any reason, a customer, partner or investor of the Company
or any of its subsidiaries or affiliates with which the Executive had contact on behalf of the Company or about which the Executive possesses
Confidential Information to limit or cease doing business with the Company, or otherwise interfere with the relationship of such customer,
partner or investor with the Company or any of its subsidiaries or affiliates.

12.3 During the Restricted Period, the Executive agrees that Executive shall not, except in the furtherance of the Executive's duties
hereunder, directly or indirectly, individually or on behalf of any other person, firm, corporation or other entity: (i) solicit, aid
or induce (or attempt to solicit, aid or induce) any advisor, consultant, employee, representative or agent of the Company or any of its
subsidiaries or affiliates to leave such employment or engagement with the Company or solicit, aid or induce (or attempt to solicit, aid
or induce) any employee of the Company or any of its subsidiaries or affiliates to accept employment with or render services to or with
any other person, firm, corporation or other entity unaffiliated with the Company or hire or retain any such employee, or take any action
to materially assist or aid any other person, firm, corporation or other entity in identifying, hiring or soliciting any such employee,
representative or agent; or (ii) interfere, or aid or induce (or attempt to interfere, aid or induce) any other person or entity in interfering,
with the relationship between the Company or any of its subsidiaries or affiliates and any of their respective vendors, joint venturers
or licensors. Any person described in this Section 12.3 shall be deemed covered by this Section while so employed or retained by the Company.
For the avoidance of doubt, the general recruitment or solicitation of employees or other third parties by any entity with which the Executive
is or may be affiliated (*e.g*. internet job postings), or the hiring or engagement of any such person or entity as a result of such
general recruitment or solicitation, will not be a breach of Sections 12.2 or 12.3, unless such recruitment or solicitation is specifically
targeted at any employees or other third parties engaged by or providing services to the Company.

12.4 The Executive agrees not to make negative comments or otherwise disparage the Company or any of its affiliates or any of their respective
partners, members, officers, directors, employees, shareholders, agents or products. The Company agrees that the executive officers of
the Company as of the date of the Executive's termination and the members of the Board as of the date of the Executive's termination
will not make negative comments about the Executive or otherwise disparage the Executive in any manner that is likely to be harmful to
the Executive's business reputation. The foregoing shall not be violated by truthful statements in response to legal process, required
governmental testimony or filings, or administrative or arbitral proceedings (including, without limitation, depositions in connection
with such proceedings).

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| **Allarity CFO Employment Agreement_Joan Y. Brown_January 2023** | 15 |

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12.5 If it is determined by a court of competent jurisdiction in any state that any restriction in this Section 12 is excessive in duration
or scope or is unreasonable or unenforceable under applicable law, it is the intention of the Parties that such restriction shall be modified
or amended by the court to render it enforceable to the maximum extent permitted by the laws of that state.

12.6 The Parties acknowledge and agree that the remedies at law for a breach or threatened breach of any of the provisions of Section 12.1-12.4
hereof would be inadequate and, in recognition of this fact, each Party agrees that, in the event of such a breach or threatened breach
by the other Party, in addition to any remedies at law, the Party seeking to enforce the provisions of this Agreement shall be entitled
to seek equitable relief in the form of specific performance, a temporary restraining order, a temporary or permanent injunction or any
other equitable remedy which may then be available, without the necessity of showing actual monetary damages or the posting of a bond
or other security. In the event of a violation by the Executive of any provision of Sections 5 or 6 hereof, or this Section 12, following
the termination of the Executive's employment under this Agreement, any payments or other benefits being paid or provided to the
Executive pursuant to Section 10 of this Agreement shall immediately cease and the Company shall be entitled to recover any payments to
Executive or made on Executive's behalf for COBRA.

**13.** **Code Section 409A** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding the foregoing,
if necessary to comply with the restriction in Section 409A(a)(2)(B) of the Internal Revenue Code of 1986, as amended (the "Code")
concerning payments to "specified employees", any payment on account of the Executive's separation from service that
would otherwise be due hereunder and which is subject to the requirements of Code Section 409A that is payable within six (6) months
after such separation shall nonetheless be delayed until the first business day of the seventh month following the Executive's
date of termination and the first such payment shall include the cumulative amount of any payments that would have been paid prior to
such date if not for such restriction, plus interest on any delayed payments at the prime rate of interest published in the Wall Street
Journal effective as of the date of termination. Notwithstanding anything contained herein to the contrary, the Executive shall not be
considered to have terminated employment with the Company for purposes of his/her voluntary termination (with or without Good Reason)
or his/her termination by the Company without Cause unless he/she would be considered to have incurred a "termination of employment"
from the Company within the meaning of Treasury Regulation §1.409A-1(h)(1)(ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement is intended
to be exempt from or comply with the requirements of Section 409A of the Code and regulations promulgated thereunder ("Section
409A"). To the extent that any provision in this Agreement is ambiguous as to its compliance with Section 409A, the provision shall
be read in such a manner so that no payments due under this Agreement shall be subject to an "additional tax" as defined in
Section 409A(a)(1)(B) of the Code. For purposes of Section 409A, each payment made under this Agreement shall be treated as a separate
payment. In no event may the Executive, directly or indirectly, designate the calendar year of payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All reimbursements provided
under this Agreement shall be made or provided in accordance with the requirements of Section 409A, including, where applicable, the
requirement that (i) any reimbursement is for expenses incurred during the Executive's lifetime (or during a shorter period of
time specified in this Agreement), (ii) the amount of expenses eligible for reimbursement during a calendar year may not affect the expenses
eligible for reimbursement in any other calendar year, (iii) the reimbursement of an eligible expense will be made on or before the last
day of the calendar year following the year in which the expense is incurred, and (iv) the right to reimbursement is not subject to liquidation
or exchange for another benefit.

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| **Allarity CFO Employment Agreement_Joan Y. Brown_January 2023** | 16 |

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**14.** **Limitation as to Amounts Payable** 

14.1 Notwithstanding anything set forth in this Agreement to the contrary, if any payment or benefit the Executive would receive from the
Company (or its successor) pursuant to a Change of Control Event or otherwise ("Payment") would (i) constitute a "parachute
payment" within the meaning of Section 280G of the Code and (ii) but for this sentence, be subject to the excise tax imposed by
Section 4999 of the Code (the "Excise Tax"), then such Payment shall be reduced to the Reduced Amount. The "Reduced
Amount" shall be the largest portion of the Payment that would result in no portion of the Payment being subject to the Excise Tax.
If a reduction in payments or benefits constituting "parachute payments" is necessary so that the Payment equals the Reduced
Amount, reduction, unless to the extent permitted by Code Section 280G the Executive designates another order, shall occur in the following
order: reduction of cash payments; cancellation of accelerated vesting of equity awards not subject to Q&A 24(c) of Treasury Reg.
1.280G 1; cancellation of accelerated vesting of Stock Options, stock options and other equity awards subject to Q&A 24(c) of Treasury
Reg. 1.280G 1; reduction of employee benefits. In the event that acceleration of vesting of warrant, stock option or equity award compensation
is to be reduced, such acceleration of vesting shall be cancelled in the reverse order of the date of grant of the Executive's Stock
Options, stock options or equity awards. The accounting firm engaged by the Company for general audit purposes as of the day prior to
the effective date of the Change of Control shall perform the foregoing calculations, or if such accounting firm is not authorized to
provide services in the United States or otherwise not qualified to advise with regard to United States taxation, then an accounting firm
shall be retained by the Company that is so authorized and qualified. Notwithstanding the foregoing, if this Section would result in the
reduction in any Payment, the Company will use good faith efforts to submit the excess Payments for stockholder approval such that, if
approved, the excise tax under Section 4999 of the Code (and therefore the limits imposed by this Section) does not apply to the Executive
thereby allowing such excess Payments to be paid to the Executive.

**15.** **Waiver of Breach** 

A waiver by the Company or the Executive of any breach of any provision of this Agreement by the other Party shall not operate or be construed as a waiver of any other or subsequent breach by the other Party.

**16.** **Tolling** 

The Executive understands and agrees that in the event that the Executive breaches any covenants contained herein during the Restricted Period, the Restricted Period shall be extended automatically. The duration of such extension shall equal the period of time between the date the Executive began such violation and the date the Executive permanently ceases such violation.

**17.** **Disclosure to Future Employers** 

During the Restricted Period the Executive shall provide, and Executive acknowledges and agrees that the Company in its sole discretion similarly may provide, a copy of this Agreement to any business or enterprise that the Executive may directly or indirectly own, manage, operate, finance, join, control or in which Executive may participate in the ownership, management, operation, financing, or control, or with which Executive may be connected as an officer, director, employee, partner, principal, agent, representative, consultant or otherwise.

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| **Allarity CFO Employment Agreement_Joan Y. Brown_January 2023** | 17 |

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**18.** **Changes in Role or Title** 

18.1 Executive acknowledges that the covenants in this Agreement are given in exchange for, among other things, employment and the terms
and conditions of such employment. The covenants are not tied to the Executive's present role, title or responsibilities. Therefore,
the Executive acknowledges and agrees that the covenants contained in this Agreement shall survive any change in the Executive's
role, title, responsibilities, compensation, benefits or other terms and conditions of employment, provided that payments and benefits
are provided to Executive pursuant to the terms of this Agreement.

**19.** **Amendment of the Agreement** 

The Agreement may not be amended or modified except by a written modification signed by the Parties, except for those changes expressly reserved to the Company's discretion in this Agreement.

**20.** **Attorneys' Fees; Mediation** 

20.1 In the event that any action is brought to enforce any of the provisions of this Agreement, or to obtain money damages for the breach
thereof, and such action results in the award of a judgment for money damages or in the granting of any injunction in favor of one of
the Parties to this Agreement, all expenses, including reasonable attorneys' fees, shall be paid by the non-prevailing Party, if
so awarded by a court of competent jurisdiction.

20.2 If a dispute arises from or relates to this Agreement or the alleged breach thereof, and if the dispute cannot be settled by the Parties
through negotiation, the Parties agree to submit the matter to non-binding mediation before resorting to litigation in any court of competent
jurisdiction. Either Party may initiate mediation by providing written notice to the other Party of a request for mediation. 
The Parties agree to cooperate with one another in selecting the mediator from a panel of neutrals from JAMS (or other similar organization)
and in scheduling the time and place of the mediation. Each Party covenants and agrees to participate in the mediation in good faith. 
Each Party agrees to pay one-half of mediator's fees and expenses and to pay the entire amount of its own attorneys' fees
and costs related to the mediation. The mediator may issue a report in writing, stating the essential findings of fact and conclusions
of law. Except as may be permitted or required by law, a party may disclose the existence, content or results of any mediation hereunder
without the prior written consent of all parties, including without limitation within any dispute brought within a court of competent
jurisdiction.

**21.** **Governing Law and Jurisdiction** 

This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts, U.S.A. without regard to any conflict of laws principles. The validity or unenforceability of any provision of this Agreement, or any terms hereof, shall not affect the validity or enforceability of any other provision or term of this Agreement. The Parties agree that any action, demand, claim or counterclaim relating to the terms and conditions of this Agreement or to its breach shall be heard only and exclusively in the Commonwealth of Massachusetts in a federal court of competent jurisdiction and each Party hereby irrevocably submits to the exclusive personal and subject matter jurisdiction of such courts. <u>The Executive and the Company further agree that any such dispute shall be tried by a federal court judge alone and hereby waive and forever renounce the right to a trial before a civil jury in any such dispute.</u> 

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| **Allarity CFO Employment Agreement_Joan Y. Brown_January 2023** | 18 |

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22. Assignment

The Company may assign its rights and obligations hereunder to any person or entity that succeeds to all or substantially all of the Company's business or that aspect of the Company's business in which Executive is principally involved. The Company is not required to provide notice to or obtain consent from Executive prior to any such assignment. Executive may not assign Executive's rights and obligations under this Agreement.

23. Entire Agreement

This Agreement sets forth the entire and final agreement and understanding of the Parties with respect to the subject matter hereof. Except as otherwise provided herein, this Agreement supersedes any and all other agreements, either oral or in writing, between the Parties hereto, with respect to the subject matter hereof, including Executive's prior employment agreement as Director of Financial Reporting of Company. No change or modification of this Agreement shall be valid unless in writing and signed by the Company and the Executive.

24. Signatures

This Agreement shall be signed by both Parties, in duplicate, and one original shall be kept by each of the Company and the Executive.

[*signature page follows*]

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|:---|:---|
| **Allarity CFO Employment Agreement_Joan Y. Brown_January 2023** | 19 |

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**IN WITNESS WHEREOF**, the Parties have set their signatures under seal on the Effective Date first written above.

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| | |
|:---|:---|
| Date: January 12, 2023 | Date: January 12, 2023 |
| **Allarity Therapeutics, Inc.** | **Allarity Therapeutics, Inc.** |
| by: | /s/ James G. Cullem, J.D. |
|  | James G. Cullem, J.D. |
|  | Chief Executive Officer |
| Date: January 12, 2023 | Date: January 12, 2023 |
| **The Executive** | **The Executive** |
| /s/ Joan Y. Brown | /s/ Joan Y. Brown |
| Joan Y. Brown | Joan Y. Brown |

---

**Appendix 1**

**GENERAL RELEASE**

I, **Joan Y. Brown**, in consideration of and subject to the performance by Allarity Therapeutics, Inc. (the "<u>Company</u>")<sup>1</sup> of its obligations under the Employment Agreement, dated as of January 12, 2023 (the "<u>Agreement</u>"), do hereby release and forever discharge as of the date hereof the Company and its affiliates and all present and former directors, officers, agents, representatives, employees, successors and assigns of the Company and its affiliates and the Company's direct or indirect owners (collectively, the "<u>Released Parties</u>") to the extent provided below. Unless I rescind my assent to this General Release as set forth in paragraph 8 below, this Agreement shall be effective on the eighth (8<sup>th</sup>) day after I sign it (the "Effective Date"), at which time it will become final and binding on all Parties.

1. My employment or service with the Company and its affiliates terminated as of ____, 20__, and I hereby
resign from any position as an officer, member of the board of managers or directors (as applicable) or fiduciary of the Company or its
affiliates (or reaffirm any such resignation that may have already occurred). I understand that any payments or benefits paid or granted
to me under Section 10.5 of the Agreement represent, in part, consideration for signing this General Release and are not salary, wages,
payments or benefits to which I was already entitled. I understand and agree that I will not receive the payments and benefits specified
in the Agreement unless I execute and do not revoke this General Release within the time period permitted hereafter or breach this General
Release. I understand and agree that such payments and benefits are subject to <u>Section 13</u> of the Agreement, which (as noted below)
expressly survives my termination of employment and the execution of this General Release. Such payments and benefits will not be considered
compensation for purposes of any employee benefit plan, program, policy or arrangement maintained or hereafter established by the Company
or its affiliates. I also acknowledge and represent that I have received all payments and benefits that I am entitled to receive (as of
the date hereof) by virtue of any employment by the Company including my regular wages earned through the termination date, payment for
all accrued unused vacation, payment for all outstanding business expenses and any other form of compensation or benefit that may be due
to me.

2. Except as provided in paragraph 4 below and except as may be expressly provided in the provisions of the
Agreement which expressly survive the termination of my employment with the Company, I knowingly and voluntarily (for myself, my spouse,
my heirs, executors, administrators and assigns (the " <u>Releasors</u> ")) release and forever discharge the Company and the
other Released Parties from any and all claims, suits, controversies, actions, causes of action, cross-claims, counter-claims, demands,
debts, compensatory damages, liquidated damages, punitive or exemplary damages, other damages, claims for costs and attorneys' fees,
or liabilities of any nature whatsoever in law and in equity, both past and present (through the Effective Date of this General Release)
and whether known or unknown, suspected, or claimed against the Company or any of the Released Parties which the Releasors may have, arising
at any time prior to or including the Effective Date of this General Release (collectively, "Claims"). The Claims covered
by this General Release include, but are not limited to, all Claims that arise out of or are connected with my employment with, or my
separation or termination from, the Company (including, but not limited to, any allegation, claim or violation, arising under Title VII
of the Civil Rights Act of 1964, as amended; the Civil Rights Act of 1991; the Age Discrimination in Employment Act of 1967 (the "ADEA");
the Older Workers Benefit Protection Act (the "OWBPA"); the Equal Pay Act of 1963, as amended; the Americans with Disabilities
Act of 1990 (the "ADA"); the Family and Medical Leave Act of 1993 ("FMLA"); the Worker Adjustment Retraining and
Notification Act ("WARN"); the Employee Retirement Income Security Act of 1974 ("ERISA"); any applicable Executive
Order Programs; the Fair Labor Standards Act ("FLSA") and its state or local counterparts; any other federal, state or local
civil or human rights law, or under any other local, state, or federal law, regulation or ordinance, including but not limited to the
Massachusetts Payment of Wages Law (M.G.L. Chapter 149, §§148, 150); M.G.L. Chapter 149 in its entirety; M.G.L. Chapter 151
in its entirety (including but not limited to the minimum wage and overtime provisions); or under any public policy, contract or tort,
or under common law; or arising under any policies, practices or procedures of the Company; or any claim for wrongful discharge, breach
of contract, infliction of emotional distress, defamation; or any claim for costs, fees, or other expenses, including attorneys'
fees incurred in these matters (all of the foregoing collectively referred to herein as the " <u>Claims</u> ").

<sup>1</sup> Whenever the terms "Allarity Therapeutics, Inc." or the "Company" are used in this General Release, they shall be deemed to include Allarity Therapeutics, Inc. and any and all of its divisions, affiliates and subsidiaries and all related entities, and its and their directors, officers, employees, agents, successors and assigns.

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| **Allarity CFO Employment Agreement_Joan Y. Brown_January 2023** | 21 |

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3. I represent that I have not filed or asserted any cause of action, claim, charge or other action or proceeding
against the Company and to the best of my knowledge, no other person, organization or entity has done so on my behalf. I further represent
that I have made no assignment or transfer of any right, claim, demand, cause of action, or other matter covered by paragraph 2 above.

4. I agree that this General Release does not waive or release any rights or claims that I may have under
the Age Discrimination in Employment Act of 1967 which arise after the Effective Date of this General Release. I acknowledge and agree
that my separation from employment with the Company in compliance with the terms of the Agreement shall not serve as the basis for any
claim or action (including, without limitation, any claim under the Age Discrimination in Employment Act of 1967).

5. I agree that I hereby waive all rights to sue or obtain equitable, remedial or punitive relief from any
or all Released Parties of any kind whatsoever in respect of any Claim, including, without limitation, reinstatement, back pay, front
pay, and any form of injunctive relief. Notwithstanding the above, I further acknowledge that I am not waiving and am not being required
to waive any right that cannot be waived under law, including the right to file an administrative charge or participate in an administrative
investigation or proceeding; <u>provided</u>, <u>however</u>, that I disclaim and waive any right to share or participate in any monetary
award resulting from the prosecution of such charge or investigation or proceeding. Additionally, I am not waiving any right to any severance
or other surviving benefits or rights to which I am entitled under the Agreement, including without limitation (i) those set forth in
Section 10.5 of the Agreement, (ii) any claim relating to directors' and officers' liability insurance coverage or any right
of indemnification under the Company's organizational documents or otherwise, or (iii) my rights as an equity or security holder
in the Company or its affiliates.

6. In signing this General Release, I acknowledge and intend that it shall be effective as a bar to each
and every one of the Claims hereinabove mentioned or implied. I expressly consent that this General Release shall be given full force
and effect according to each and all of its express terms and provisions, including those relating to unknown and unsuspected Claims (notwithstanding
any state statute that expressly limits the effectiveness of a general release of unknown, unsuspected and unanticipated Claims), if any,
as well as those relating to any other Claims hereinabove mentioned or implied. I acknowledge and agree that this waiver is an essential
and material term of this General Release and that without such waiver the Company would not have agreed to the terms of the Agreement.
I further agree that in the event I should bring a Claim seeking damages against the Company, or in the event I should seek to recover
against the Company in any Claim brought by a governmental agency on my behalf, this General Release shall serve as a complete defense
to such Claims.

7. I agree that neither this General Release, nor the furnishing of the consideration for this General Release,
shall be deemed or construed at any time to be an admission by the Company, any Released Party or myself of any improper or unlawful conduct.

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| **Allarity CFO Employment Agreement_Joan Y. Brown_January 2023** | 22 |

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8. I understand that because I am over forty (40) years of age, I am granted specific rights under the Older
Workers Benefit Protection Act ("OWBPA"). I further understand that this General Release contained in Appendix 1 is intended
to release any rights I may have against the Company alleging discrimination on the basis of age. I acknowledge and agree that I have
been given twenty-one (21) days to consider and accept the provisions of this General Release and that any changes to this General Release,
whether material or immaterial, will not restart the running of this period. I further acknowledge that I understand that I may rescind
my assent to this General Release if, within seven (7) days after the date I sign the General Release, I deliver a written notice of rescission
to the Company. To be effective, such notice of rescission must be postmarked, and sent by certified mail, return receipt requested, or
hand-delivered within the seven-day period, to Allarity Therapeutics, Inc., 210 Broadway, Suite 201, Cambridge, MA 02139, Attn: Chief
Executive Officer. I agree that I will forfeit all severance payments payable by the Company pursuant to the Agreement if I challenge
the validity of this General Release. I also agree that if I violate this General Release by suing the Company or the other Released Parties,
and the Company is the prevailing Party in such suit, I will pay all costs and expenses of defending against the suit incurred by the
Released Parties, including reasonable attorneys' fees, and return all payments received by me pursuant to the Agreement. Notwithstanding
the foregoing, I shall not be deemed to forfeit any amounts payable under the Agreement solely due to a challenge to the validity of this
General Release under the requirements of the ADEA, nor shall I be required to pay the costs and expenses (including attorney's
fees) of any Released Party solely in connection with a challenge to the validity of this General Release under the ADEA, <u>provided, however</u>, that I acknowledge and agree that this General Release is intended to apply to all claims that I have under the ADEA and
that, unless this General Release is found to be invalid, any and all claims I have or may claim to have under the ADEA are hereby released.

9. I agree that this General Release is confidential and agree not to disclose any information regarding
the terms of this General Release (other than information made public by the Company through regulatory filings or otherwise), except
to my immediate family and any tax, legal or other counsel I have consulted regarding the meaning or effect hereof or as required by law,
and I will instruct each of the foregoing not to disclose the same to anyone. Any non-disclosure provision in this General Release does
not prohibit or restrict me (or my attorney) from responding to any inquiry about this General Release or its underlying facts and circumstances
by the Securities and Exchange Commission (SEC), any other self-regulatory organization or any governmental entity.

10. I agree to reasonably cooperate with the Company in any internal investigation or administrative, regulatory,
or judicial proceeding. I understand and agree that my cooperation may include, but not be limited to, making myself available to the
Company upon reasonable notice for interviews and factual investigations; appearing at the Company's request to give testimony without
requiring service of a subpoena or other legal process; volunteering to the Company pertinent information; and turning over to the Company
all relevant documents which are or may come into my possession all at times and on schedules that are reasonably consistent with my other
permitted activities and commitments. I understand that in the event the Company asks for my cooperation in accordance with this provision,
the Company will reimburse me for all reasonable expenses related to such cooperation, provided that the Company shall not be required
to reimburse me for any attorney's fees incurred in connection with such cooperation, other than attorneys' fees otherwise
reimbursable to me pursuant to any right of indemnification I may have in accordance with the provisions of the Agreement.

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| **Allarity CFO Employment Agreement_Joan Y. Brown_January 2023** | 23 |

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11. Notwithstanding anything in this General Release to the contrary, this General Release shall not relinquish,
diminish, or in any way affect any rights or claims arising out of any breach by the Company or by any Released Party of the Agreement
after the date hereof.

12. Whenever possible, each provision of this General Release shall be interpreted in such manner as to be
effective and valid under applicable law, but if any provision of this General. Release is held to be invalid, illegal or unenforceable
in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect
any other provision, but this General Release shall be reformed, construed and enforced as if such invalid, illegal or unenforceable provision
had never been contained herein.

BY SIGNING THIS GENERAL RELEASE, I REPRESENT AND AGREE THAT:

● I HAVE READ IT CAREFULLY;

● I UNDERSTAND ALL OF ITS TERMS AND KNOW THAT I AM GIVING UP IMPORTANT RIGHTS, INCLUDING BUT NOT LIMITED TO, RIGHTS UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967, AS AMENDED; TITLE VII OF THE CIVIL RIGHTS ACT OF 1964, AS AMENDED; THE EQUAL PAY ACT OF 1963; THE AMERICANS WITH DISABILITIES ACT OF 1990; AND THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED;

● I VOLUNTARILY CONSENT TO EVERYTHING IN IT;

● I AM HEREBY ADVISED TO CONSULT WITH AN ATTORNEY BEFORE EXECUTING IT AND I HAVE DONE SO  **<u>OR</u>** , AFTER CAREFUL READING AND CONSIDERATION, I HAVE CHOSEN NOT TO DO SO OF MY OWN VOLITION;

● I HAVE HAD AT LEAST TWENTY-ONE DAYS TO CONSIDER THIS GENERAL RELEASE;

● I UNDERSTAND THAT I HAVE SEVEN DAYS AFTER THE EXECUTION OF THIS RELEASE TO REVOKE IT AND THAT THIS RELEASE SHALL NOT BECOME EFFECTIVE OR ENFORCEABLE UNTIL THE REVOCATION PERIOD HAS EXPIRED;

● I HAVE SIGNED THIS GENERAL RELEASE KNOWINGLY AND VOLUNTARILY AND WITH THE ADVICE OF ANY COUNSEL RETAINED TO ADVISE ME WITH RESPECT TO IT; AND

● I AGREE THAT THE PROVISIONS OF THIS GENERAL RELEASE MAY NOT BE AMENDED, WAIVED, CHANGED OR MODIFIED EXCEPT BY AN INSTRUMENT IN WRITING SIGNED BY AN AUTHORIZED REPRESENTATIVE OF THE COMPANY AND BY ME.

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| |
|:---|
| **Joan Y. Brown** |
| Date |

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|:---|:---|
| **Allarity CFO Employment Agreement_Joan Y. Brown_January 2023** | 24 |

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**Appendix 2**

**OTHER BOARD ROLES**

**None.**