Document:

Exhibit 10.1

 

Execution Version

 

ALLARITY THERAPEUTICS, INC.

 

SECURED
NOTE PURCHASE AGREEMENT

 

This Secured Note
Purchase Agreement dated as of November 22, 2022 (this “Agreement”), is entered into by and among Allarity Therapeutics,
Inc. (the “Company”), and the entity listed on the schedule of investors attached hereto as Schedule I
(the “Investor”).

 

RECITALS

 

A. The
Company has authorized the sale and issuance of three secured promissory notes, the first issued at the Initial Closing, as defined below,
in an aggregate principal amount of $350,000 with respect to a new loan funded at the Initial Closing, the second also issued at the Initial
Closing in the principal amount of $1,666,640 which represents the payment of $1,666,640 due to 3i, LP in Alternative Conversion Floor
Amounts that began to accrue on July 14, 2022, and the third issued at the “Subsequent Closing, as defined below, in an aggregate
principal amount of $650,000 with respect to a new loan funded at the Subsequent Closing, subject to the terms and conditions set forth
in this Agreement.

 

B. On
the terms and subject to the conditions set forth herein, the Investor is willing to purchase from the Company, and the Company is willing
to sell to the Investor, the secured promissory notes.

 

C. The
secured promissory notes will be secured for the benefit of the Investor in accordance with the terms of the Security Agreement, in substantially
the form attached hereto as Exhibit B (the “Security Agreement”).

 

D. Capitalized
terms not otherwise defined herein shall have the meaning set forth in the form of Note (as defined below) attached hereto as Exhibit
A.

 

AGREEMENT

 

NOW THEREFORE, in
consideration of the foregoing, and the representations, warranties, and conditions set forth below, the parties hereto, intending to
be legally bound, hereby agree as follows:

 

 1. Funds; The Notes; Use of Proceeds.

 

(a) Issuance
of Notes. At the applicable Closing (as defined below), and subject to the terms and conditions of Section 2 below, the
Company agrees to issue and sell, subject to the terms and conditions hereof, and the Investor agrees to purchase, the secured
promissory notes in the form of Exhibit A hereto (each, a “Note” and, collectively, the
“Notes”) in the principal amounts of $350,000 and $1,666,640 at the Initial Closing, and a Note in the
principal amount of $650,000 at the Subsequent Closing as more specifically set forth on Schedule I with respect to such
Closing. The Indebtedness evidenced by the Notes shall be senior in right of payment to all of the Company’s other
Indebtedness (as defined below).

 

(b) Use
of Proceeds. The proceeds of the sale and issuance of the Notes shall be used, after payment of transaction expenses, for the Company’s
re-audit of its consolidated financial statements for the fiscal year ended 2021, the repayment of $1,666,640 due to 3i, LP in Alternative
Conversion Floor Amounts that began to accrue on July 14, 2022, and for working capital and general corporate purposes.

 

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 2. Closings; Delivery.

 

(a) Initial
Closing. The initial sale and purchase of the Notes set forth on Schedule I under the table titled “Initial Closing”
shall take place at a closing (a “Closing”) to be held at such place and time as the Company and the Investor
may determine (the “Closing Date”). If there is more than one Closing, the term “Closing”
shall apply to each such closing unless otherwise specified herein and the term “Closing Date” shall apply to
the date of each such Closing

 

(b) Subsequent
Closing. After the initial Closing, upon (i) confirmation that a registration statement on a Form S-1 has been filed with the U.S.
Securities and Exchange Commission (the “SEC”) and is currently awaiting effectiveness, relating to a confidentially
marketed public offering (a “CMPO”), and (ii) approval by the Company’s shareholders of an increase in authorized
common stock in an amount sufficient to cover the CMPO, the Company shall sell, and the Investor shall purchase, on the same terms and
conditions as those contained in this Agreement, the additional Note set forth on Schedule I under the table titled “Subsequent
Closing.”

 

(c) Delivery.
At each Closing, the Company will deliver to the Investor the respective Notes to be purchased by the Investor at such Closing against
receipt by the Company of the corresponding purchase price set forth on Schedule I hereto with respect to such Closing (the “Purchase
Price”). Each of the Notes will be registered in the Investor’s name in the Company’s records..

 

3. Representations
and Warranties of the Company. Except as otherwise set forth herein or as set forth on the Disclosure Schedule, attached as Schedule
II, delivered to the Investor at the applicable Closing (the “Disclosure Schedule”), the Company represents
and warrants to the Investor that as of each Closing Date:

 

(a) Organization,
Valid Existence and Good Standing. The Company is a corporation duly incorporated, validly existing and in good standing under the
laws of the State of Delaware. The Company has the requisite corporate power and authority to own its properties and assets and to carry
on its business as presently conducted. The Company is presently qualified to do business as a foreign corporation in each jurisdiction
where the failure to be so qualified could reasonably be expected to have a material adverse effect on the Company’s financial condition
or business.

 

(b) Authorization.
All corporate action on the part of the Company and its directors necessary for the performance of the Company’s obligations under
this Agreement, the Security Agreement and the Notes (collectively, the “Transaction Documents”) will be taken
prior to the Closing. This Agreement and the Notes when issued pursuant to the terms hereof, will be valid, binding and enforceable obligations
of the Company, subject to the laws of general application relating to bankruptcy, insolvency or other laws of general application relating
to or affecting the enforcement of creditors’ rights generally and general principles of equity.

 

(c) Non-Contravention.
The execution and delivery by the Company of the Transaction Documents and the performance and consummation of the transactions
contemplated hereby and thereby do not (i) violate the Company’s certificate of incorporation or bylaws, each as amended to
date (“Charter Documents”), or any material judgment, order, writ, decree, statute, rule or regulation
applicable to the Company; (ii) violate any provision of, or result in the breach or the acceleration of, or entitle any other
person or entity to accelerate (whether after the giving of notice or lapse of time or both), any material mortgage, indenture,
agreement, instrument or contract to which the Company is a party or by which it is bound; or (iii) result in the creation or
imposition of any lien upon any property, asset or revenue of the Company (other than any lien or encumbrance arising under the
Transaction Documents) or the suspension, revocation, impairment, forfeiture, or nonrenewal of any material permit, license,
authorization or approval applicable to the Company, its business or operations, or any of its assets or properties.

 

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(d) Approvals.
No consent, approval, order or authorization of, or registration, declaration or filing with, any governmental authority or other Person
(including, without limitation, the stockholders of any Person) is required in connection with the execution and delivery of this Agreement
and the Notes and the performance and consummation of the transactions contemplated hereby. “Person” means an individual,
a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization, or any other entity
and any nation, state, county, city, town, village, district, or other political jurisdiction of any nature, federal, state, local, municipal,
foreign, or other government, governmental or quasi-governmental authority of any nature (including any governmental agency, branch, department,
official, or entity and any court or other tribunal), multi-national organization or body; or body exercising, or entitled to exercise,
any administrative, executive, judicial, legislative, police, regulatory, or taxing authority or power of any nature or instrumentality
of any of the foregoing, including any entity or enterprise owned or controlled by a government or a public international organization
or any of the foregoing.

 

(e) Intellectual
Property. To the Company’s knowledge, the Company owns or possesses, directly or indirectly, sufficient legal rights to all
patents, trademarks, service marks, trade names, copyrights, trade secrets, licenses, information, processes and other intellectual property
rights necessary for its business without any conflict with, or infringement of the rights of, others.

 

(f) Litigation.
Except as set forth in Item 3(f) of the Disclosure Schedule, no actions (including, without limitation, derivative actions), suits,
proceedings or investigations are pending or, to the knowledge of the Company, threatened against the Company at law or in equity in any
court or before any other governmental authority that if adversely determined (i) would (alone or in the aggregate) result in a material
liability or (ii) seeks to enjoin, either directly or indirectly, the execution, delivery or performance by the Company of the Transaction
Documents or the transactions contemplated hereby and thereby.

 

(g) Taxes.
Except as set forth in Item 3(g) of the Disclosure Schedule, there are no federal, state, county, local or foreign taxes due and
payable by the Company which have not been timely paid. There are no accrued and unpaid federal, state, country, local or foreign taxes
of the Company which are due, whether or not assessed or disputed. There have been no examinations or audits of any tax returns or reports
by any applicable federal, state, local or foreign governmental agency. The Company has duly and timely filed all federal, state, county,
local and foreign tax returns required to have been filed by it and there are in effect no waivers of applicable statutes of limitations
with respect to taxes for any year.

 

(h) No
Indebtedness. Except as set forth in Item 3(h) of the Disclosure Schedule and other than the Notes, the Company does not have
any indebtedness for money borrowed or any other secured indebtedness or any Contingent Obligations related thereto (“Indebtedness”).
“Contingent Obligation” means, as to any Person, any direct or indirect liability, contingent or otherwise, of that
Person with respect to any Indebtedness of another Person if the primary purpose or intent of the Person incurring such liability, or
the primary effect thereof, is to provide assurance to the obligee of such liability that such liability will be paid or discharged, or
that any agreements relating thereto will be complied with, or that the holders of such liability will be protected (in whole or in part)
against loss with respect thereto.

 

(i) No
“Bad Actor” Disqualification. The Company has exercised reasonable care, in accordance with Securities and Exchange
Commission rules and guidance, to determine whether any Covered Person (as defined below) is subject to any of the “bad
actor” disqualifications described in Rule 506(d)(1)(i) through (viii) under the Securities Act (as defined below)
(“Disqualification Events”). To the Company’s knowledge, no Covered Person is subject to a
Disqualification Event, except for a Disqualification Event covered by Rule 506(d)(2) or (d)(3) under the Securities Act. The
Company has complied, to the extent applicable, with any disclosure obligations under Rule 506(e) under the Securities Act.
“Covered Persons” are those persons specified in Rule 506(d)(1) under the Securities Act, including the
Company; any predecessor or affiliate of the Company; any director, executive officer, other officer participating in the offering,
general partner or managing member of the Company; any beneficial owner of 20% or more of the Company’s outstanding voting
equity securities, calculated on the basis of voting power; any promoter (as defined in Rule 405 under the Securities Act) connected
with the Company in any capacity at the time of the sale of the Notes; and any person that has been or will be paid (directly or
indirectly) remuneration for solicitation of purchasers in connection with the sale of the Notes (a
“Solicitor”), any general partner or managing member of any Solicitor, and any director, executive officer
or other officer participating in the offering of any Solicitor or general partner or managing member of any Solicitor.

 

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4. Representations
and Warranties of Investor. The Investor represents and warrants to the Company upon the acquisition of a Note as follows:

 

(a) Binding
Obligation. The Investor has full legal capacity, power and authority to execute and deliver this Agreement and to perform its obligations
hereunder. This Agreement and the Transaction Documents constitute valid and binding obligations of the Investor, enforceable in accordance
with their terms, except as limited by bankruptcy, insolvency or other laws of general application relating to or affecting the enforcement
of creditors’ rights generally and general principles of equity.

 

 (b) Securities Law Compliance.

 

(i) The
Investor has been advised that the Notes have not been registered under the Securities Act of 1933, as amended (the “Securities
Act”), or any state securities laws and, therefore, cannot be resold unless they are registered under the Securities Act
and applicable state securities laws or unless an exemption from such registration requirements is available. The Investor is aware that
the Company is under no obligation to effect any such registration with respect to the Notes or to file for or comply with any exemption
from registration. The Investor has not been formed solely for the purpose of making this investment and is purchasing the Notes to be
acquired by the Investor hereunder for its own account for investment, not as a nominee or agent, and not with a view to, or for resale
in connection with, the distribution thereof, and the Investor has no present intention of selling, granting any participation in, or
otherwise distributing the same.

 

(ii) The
Investor has such knowledge and experience in financial and business matters that the Investor is capable of evaluating the merits and
risks of such investment, is able to incur a complete loss of such investment without impairing the Investor’s financial condition
and is able to bear the economic risk of such investment for an indefinite period of time.

 

(iii) The
Investor is an “accredited investor” as such term is defined in Rule 501 of Regulation D under the Securities Act and shall
submit to the Company such further assurances of such status as may be reasonably requested by the Company.

 

(iv) The
residency of the Investor (or, in the case of a partnership or corporation, such entity’s principal place of business) is correctly
set forth beneath the Investor’s name on Schedule I hereto.

 

(c) Access
to Information. The Investor acknowledges that the Company has given the Investor access to the corporate records and accounts of
the Company and to all material information in its possession relating to the Company, has made its officers and representatives available
for interview by the Investor, and has furnished the Investor with all documents and other information required for the Investor to make
an informed decision with respect to the purchase of the Notes. The foregoing, however, does not limit or modify the representations and
warranties of the Company in Section 3 of this Agreement or the right of the Investor to rely thereon.

 

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(d) Legal
Counsel. The Investor has had the opportunity to review this Agreement, the exhibits and schedules attached hereto and the transactions
contemplated by this Agreement with its own legal counsel.

 

(e) Brokers
or Finders. The Investor has not engaged any brokers, finders or agents, and neither the Company nor the Investor has, nor will, incur,
directly or indirectly, as a result of any action taken by the Investor, any liability for s’ fees or agents’ commissions
or any similar charges in connection with the transactions contemplated by this Agreement.

 

(f) Tax
Advisors. The Investor has reviewed with its own tax advisors the U.S. federal, state and local and non-U.S. tax consequences of this
investment and the transactions contemplated by this Agreement. The Investor understands that it (and not the Company) shall be responsible
for its own tax liability that may arise as a result of this investment and the transactions contemplated by this Agreement.

 

(g) No
“Bad Actor” Disqualification Events. Neither (i) the Investor, (ii) any of its directors, executive officers, other officers
that may serve as a director or officer of any company in which it invests, general partners or managing members, nor (iii) any beneficial
owner of any of the Company’s voting equity securities (in accordance with Rule 506(d) of the Securities Act) held by the Investor
is subject to any Disqualification Event (as defined in Section 3(i)), except for Disqualification Events covered by Rule 506(d)(2)
or (d)(3) under the Securities Act and disclosed reasonably in advance of the Closing in writing in reasonable detail to the Company.

 

5. Conditions
to Closing of the Investor. The Investor’s obligations at the Closing are subject to the fulfillment, on or prior to the
Closing Date, of all of the following conditions, any of which may be waived in writing in whole or in part by the Investor:

 

(a) Representations
and Warranties. Subject to the Disclosure Schedule, including any update thereto delivered to the Investor prior to or at the time
the Investor executes this Agreement, the representations and warranties made by the Company in Section 3 hereof shall have been
true and correct when made, and shall be true and correct on any Closing Date.

 

(b) Governmental
Approvals and Filings. Except for any notices required or permitted to be filed after the Closing Date with certain federal and state
securities commissions, the Company shall have obtained all governmental approvals required in connection with the lawful sale and issuance
of the Notes.

 

(c) Legal
Requirements. At the Closing, the sale and issuance by the Company, and the purchase by the Investor, of the Notes shall be legally
permitted by all laws and regulations to which the Investor or the Company are subject.

 

(d) Proceedings
and Documents. All corporate and other proceedings in connection with the transactions contemplated at the Closing and all documents
and instruments incident to such transactions shall be reasonably satisfactory in substance and form to the Investor.

 

(e) Transaction
Documents. The Company shall have duly executed and delivered to the Investor this Agreement, the Security Agreement, and each Note
issued hereunder, and the Company will take all actions reasonably requested by the Investor necessary to perfect the Investor’s
security interest in the collateral, in accordance with the terms of this Agreement and the Security Agreement

 

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6. Conditions
to Obligations of the Company. The Company’s obligation to issue and sell the Notes at the Closing is subject to the fulfillment,
on or prior to the Closing Date, of the following conditions, any of which may be waived in whole or in part by the Company:

 

(a) Representations
and Warranties. The representations and warranties made by the Investor in Section 4 hereof shall be true and correct when
made, and shall be true and correct on the Closing Date.

 

(b) Governmental
Approvals and Filings. Except for any notices required or permitted to be filed after the Closing Date with certain federal and state
securities commissions, the Company shall have obtained all governmental approvals required in connection with the lawful sale and issuance
of the Notes.

 

(c) Legal
Requirements. At the Closing, the sale and issuance by the Company, and the purchase by the Investor, of the Notes shall be legally
permitted by all laws and regulations to which the Investor or the Company are subject.

 

(d) Purchase
Price. The Investor shall have delivered to the Company the Purchase Price in respect of the Note being purchased by the Investor
referenced in Section 2 hereof.

 

 7. Miscellaneous.

 

(a) Waivers
and Amendments. Any provision of this Agreement and the Notes may be amended, waived or modified only upon the written consent of
the Company and the Investor.

 

(b) Governing
Law. This Agreement shall be governed by the laws of the State of Delaware, without reference to principles of choice of law.

 

(c) Survival.
The representations, warranties, covenants and agreements made herein shall survive the execution and delivery of this Agreement and
the Closing until the first anniversary of the applicable Closing Date.

 

(d) Successors
and Assigns. Subject to the restrictions on transfer described in Sections 7(e) and 7(e) below, the rights and obligations
of the Company and the Investor shall be binding upon and benefit the successors, assigns, heirs, administrators and transferees of the
parties.

 

(e) Registration,
Transfer and Replacement of the Notes. The Notes issuable under this Agreement shall be registered notes. The Company will keep,
at its principal executive office, books for the registration and registration of transfer of the Notes. Prior to presentation of
any Note for registration of transfer, the Company shall treat the Person in whose name such Note is registered as the owner and
holder of such Note for all purposes whatsoever, whether or not such Note shall be overdue, and the Company shall not be affected by
notice to the contrary. Subject to any restrictions on or conditions to transfer set forth in any Note, the holder of any Note, at
its option, may in person or by duly authorized attorney surrender the same for exchange at the Company’s chief executive
office, and promptly thereafter and at the Company’s expense, except as provided below, receive in exchange therefor one or
more new Note(s), each in the principal requested by such holder, dated the date to which interest shall have been paid on the Note
so surrendered or, if no interest shall have yet been so paid, dated the date of the Note so surrendered and registered in the name
of such Person or Persons as shall have been designated in writing by such holder or its attorney for the same principal amount as
the then unpaid principal amount of the Note so surrendered. Upon receipt by the Company of evidence reasonably satisfactory to it
of the ownership of and the loss, theft, destruction or mutilation of any Note and (i) in the case of loss, theft or destruction, of
indemnity reasonably satisfactory to it; or (ii) in the case of mutilation, upon surrender thereof, the Company, at its expense,
will execute and deliver in lieu thereof a new Note executed in the same manner as the Note being replaced, in the same principal
amount as the unpaid principal amount of such Note and dated the date to which interest shall have been paid on such Note or, if no
interest shall have yet been so paid, dated the date of such Note.

 

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(f) Assignment
by the Company. The rights, interests or obligations hereunder may not be assigned, by operation of law or otherwise, in whole or
in part, by the Company without the prior written consent of the Investor.

 

(g) Entire
Agreement. This Agreement together with the other Transaction Documents constitute and contain the entire agreement among the Company
and Investor and supersede any and all prior agreements, negotiations, correspondence, understandings and communications among the parties,
whether written or oral, respecting the subject matter hereof. No party shall be liable or bound to any other party in any manner with
regard to the subjects hereof or thereof by any warranties, representations or covenants except as specifically set forth herein or therein.

 

(h) Notices.
All notices, requests, demands, consents, instructions or other communications required or permitted hereunder shall be in writing and
faxed, mailed or delivered to each party as follows: (i) if to the Investor, at the Investor’s address or facsimile number set forth
in the Schedule of Investors attached as Schedule I, or at such other address as the Investor shall have furnished the Company
in writing, or (ii) if to the Company, at the Company’s current address for its principal offices, Attn: Chief Executive Officer,
or at such other address or facsimile number as the Company shall have furnished to the Investor in writing. All such notices and communications
will be deemed effectively given the earlier of (i) when received, (ii) when delivered personally, (iii) one business day after being
delivered by facsimile (with receipt of appropriate confirmation), (iv) one business day after being deposited with an overnight courier
service of recognized standing or (v) four days after being deposited in the U.S. mail, first class with postage prepaid.

 

(i) Expenses.
Each party shall be responsible for its own costs and expenses that it incurs with respect to the negotiation, execution, delivery, and
performance of this Agreement.

 

(j) Severability.
If any provision of this Agreement shall be judicially determined to be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

(k) Counterparts.
This Agreement may be executed in one or more counterparts, each of which will be deemed an original, but all of which together will constitute
one and the same agreement. Facsimile copies of signed signature pages will be deemed binding originals.

 

[Remainder of page intentionally
left blank; signature page follows.]

 

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IN WITNESS WHEREOF, the parties
have caused this Agreement to be duly executed and delivered by their proper and duly authorized officers as of the date and year first
written above.

 

	 	COMPANY:
	 	 
	 	ALLARITY THERAPEUTICS, INC.,
	 	a Delaware corporation
	 	 	 
	 	By:	  /s/ James G. Cullem
	 	Name:	James G. Cullem, J.D.
	 	Title: 	Chief Executive Officer

 

[Company Signature Page
to Secured Note Purchase Agreement]

     

     

    

 

IN WITNESS WHEREOF, the parties
have caused this Agreement to be duly executed and delivered by their proper and duly authorized officers as of the date and year first
written above.

 

	 	INVESTOR:
	 	 	 
	 	3i, L.P.,
	 	a Delaware limited partnership
	 	 	 
	 	By:	  /s/ Maier Tarlow
	 	Name: 	Maier Tarlow
	 	Title: 	Manager of the GP

 

[Investor Signature Page
to Secured Note Purchase Agreement]

     

     

    

 

SCHEDULE I

 

SCHEDULE OF INVESTORS

 

 

 

 

 

 

 

 

     

     

    

 

SCHEDULE II

 

DISCLOSURE SCHEDULE

 

 

 

 

 

 

 

 

     

     

    

 

Exhibit A

 

FORM OF NOTE

 

 

 

 

 

 

 

 

     

     

    

 

Exhibit B

 

SECURITY AGREEMENTExhibit 10.2

 

Execution Version

 

ALLARITY THERAPEUTICS, INC.

 

SECURITY AGREEMENT

 

This Security Agreement (this
“Agreement”) is made as of November 23, 2022, by Allarity Therapeutics, Inc, a Delaware corporation (the “Company”),
in favor of 3i, LP a Delaware limited partnership (the “Holder”).

 

RECITAL

 

The Holder and the Company
have executed the Secured Note Purchase Agreement dated on or about the date hereof (the “Purchase Agreement”)
and the Holder has been issued one or more Secured Promissory Notes (as they may be amended from time to time, each, a “Note”
and collectively, the “Notes”) which are part of a series of Notes issued by the Company pursuant to the Purchase
Agreement in the aggregate principal amount of up to $2,666,640. The Notes provide for, among other things, (a) the Holder to loan certain
principal amounts to the Company and (b) the execution and delivery of this Agreement for the purpose of granting the Holder a security
interest in all of the Company’s assets.

 

AGREEMENT

 

NOW THEREFORE, in consideration
of the foregoing, and the representations, warranties and conditions set forth herein, the parties hereto, intending to be legally bound,
hereby agree as follows:

 

 

1. Capitalized
Terms. All terms capitalized but not otherwise defined in this Agreement will have the same meanings in this Agreement as in each
Note.

 

2. Grant
of Security Interest. To secure the complete and timely satisfaction of the payment by the Company, as and when due and payable
(by scheduled maturity, required prepayment, acceleration, demand or otherwise), of all amounts from time to time owing by it in respect
of the Purchase Agreement, this Agreement, the Notes and any other Transaction Documents or other agreements between the Company and the
Holder whether direct or indirect, absolute or contingent, and whether now existing or hereafter incurred (the “Obligations”),
the Company hereby pledges, assigns and grants to the Holder a continuing lien and security interest in all of the Company’s right,
title and interest in, to and under all personal property and assets of the Company, wherever located and whether now or hereafter existing
and whether now owned or hereafter acquired, of every kind, nature and description, whether tangible or intangible (collectively, the
“Collateral”), including, without limitation, the following: 

 

a) One
hundred percent ownership interest in the common stock of the Company’s wholly owned subsidiary, Allarity Therapeutics Acquisition
Subsidiary, Inc., a Delaware corporation (“Allarity Acquisition Sub”) and holder of all of the assets of Allarity
Therapeutics A/S, an Aktieselskab organized under the laws of Denmark
(“Allarity A/S”) pursuant to that certain Amended and Restated Plan of Reorganization and Asset Purchase Agreement between
the Company, Allarity Acquisition Sub and Allarity A/S dated May 20, 2021 as amended on September 23, 2021; 

 

b) any
and all patents and patent applications including, without limitation, the inventions and improvements described and claimed in the Company’s
patents and patent applications and (i) the reissues, divisions, continuations, renewals, extensions and continuations-in-part of those
patents and patent applications, (ii) all income, damages and payments now and in the future due or payable under or with respect to those
patents and patent applications, including, without limitation, damages and payments for past or future infringements, (iii) the right
to sue for past, present and future infringements, and (iv) all rights corresponding to those rights throughout the world (all of the
foregoing patents and applications, together with the items described in clauses (i)-(iv) of this subsection, are sometimes referred to
individually as a “Patent” and, collectively, as the “Patents”);

 

    

     

    

 

c) any
and all trademarks, trademark registrations, trademark applications, trade names and trade styles, service marks, service mark registrations
and service mark applications of the Company and (i) renewals or extensions of those marks, registrations, applications, names and styles,
(ii) all income, damages and payments now and in the future due or payable with respect to marks, registrations, applications, names
and styles, including, without limitation, damages and payments for past or future infringements, (iii) the right to sue for past,
present and future infringements, and (iv) all rights corresponding to those rights throughout the world (all of the foregoing trademarks,
trade names and trade styles, service marks and applications and registrations, together with the items described in clauses (i)-(iv)
of this subsection, are sometimes referred to individually as a “Trademark” and, collectively, as the “Trademarks”);

 

d) the
goodwill of the Company’s business connected with and symbolized by the Trademarks;

 

e) any
and all copyrights and copyright registrations and applications of the Company and (i) renewals, extensions and continuous of those
copyrights, registrations and applications, (ii) all income, damages and payments now and in the future due or payable under or with
respect to those copyrights, registrations and applications, including without limitation, damages and payments for past, present and
future infringements, (iii) the right to sue for past, present and future infringements, and (iv) all rights corresponding to
those rights throughout the world (all of the foregoing copyrights and applications, together with the items described in clauses (i)-(iv)
of this subsection, are sometimes hereafter referred to individually as a “Copyright” and, collectively, as
the “Copyrights”);

 

f) any
and all licenses related to the Patents, Trademarks and Copyrights )the “Licenses” and together with the Patents, Trademarks
and Copyrights, (the “Intellectual Property”) 

 

g) any
and all other property or assets, whether presently existing or hereafter created or acquired, including, without limitation, all accounts,
chattel paper (including tangible and electronic chattel paper), documents (including negotiable documents), instruments (including promissory
notes), letter of credit rights, money, deposit accounts, general intangibles (including intellectual property, patents, trademarks, copyrights,
trade secrets, goodwill, payment intangibles and software), returns, repossessions, investment property and financial assets, insurance
claims and proceeds, books and records relating thereto, and computers and equipment containing such books and records, claims, contracts
and contract rights, and all goods, including, without limitation, fixtures, equipment (including all accessions and additions thereto),
commercial tort claims, and inventory (including all goods held for sale or lease or to be furnished under a contract of service, and
including returns and repossessions) as such terms are defined or otherwise used in the Uniform Commercial Code;

 

h) all
real property, leasehold interests and fixtures; and

 

i) all
proceeds, including cash proceeds and noncash proceeds and products of any of the foregoing items described at subsections 2(a)-(f) (all
of the items referred to at subsections 2(a)-(g), whether presently existing or hereafter created or acquired.

 

“Uniform Commercial
Code” means Articles 8 or 9 of the Uniform Commercial Code as in effect from time to time in the State of Delaware; provided
that, if perfection or the effect of perfection or non-perfection or the priority of any security interest in any Collateral is governed
by the Uniform Commercial Code as in effect in a jurisdiction other than the State of Delaware, “Uniform Commercial Code”
means the Uniform Commercial Code as in effect from time to time in such other jurisdiction for purposes of the provisions hereof relating
to such perfection, effect of perfection or non-perfection or priority.

 

    2

     

    

 

3. Perfection
of Security Interests. At any time and from time to time, upon demand of the Holder, the Company will execute, file, and record
any notice, financing statement, or other instrument, including appropriate financing and continuation statements and collateral agreements
and filings with the Delaware Secretary of State, United States Patent and Trademark Office and the Register of Copyrights, or any other
recording office necessary to create, continue, or perfect the security interest granted by this Agreement or to enable the Holder to
exercise or enforce its rights under this Agreement, all in form and substance satisfactory to the Holder. In connection with the foregoing,
the Company covenants that it will notify the Holder in writing at least thirty (30) days in advance of filing a registration for copyright
and the Company will file such documents and instruments necessary to perfect the security interest granted hereby in such copyright;
provided, however, that the Holder shall take reasonable steps to assist the Company to perfect such security interest at
the time of filing or thereafter. This Agreement creates in favor of the Holder a legal, valid and enforceable Lien on and security interest
in the Collateral, as security for the Obligations. Such Lien and security interest is (or in the case of Collateral in which the Company
obtains any right, title or interest after the date hereof, will be), subject only to Permitted Liens, a first priority, valid, enforceable
and perfected Lien on and security interest in all personal property of the Company.

 

The Company hereby irrevocably
appoints the Holder as its attorney-in-fact and proxy, with full authority in the place and stead of the Company and in the name of the
Company or otherwise, from time to time in the Holder’s discretion, to take any action and to execute any instrument which the Holder
may deem necessary or advisable to accomplish the purposes of this Agreement, including, without limitation, to ask, demand, collect,
sue for, recover, compound, receive and give acquittance and receipts for moneys due and to become due under or in respect of any Collateral,
to file any claims or take any action or institute any action, suit or proceedings which the Holder may deem necessary or desirable for
the collection of any Collateral or otherwise to enforce the rights of the Holder with respect to any Collateral, to execute assignments,
licenses and other documents to enforce the rights of the Holder with respect to any Collateral, and (vi) to verify any and all information
with respect to any and all accounts. This power is coupled with an interest and is irrevocable until all of the Obligations are fully
performed and paid in full.

 

4. Representations
and Warranties. The Company represents and warrants to the Holder that:

 

a) Except
for the security interest granted under this Agreement, the Company is the sole legal and equitable owner of each item of the Collateral
in which it purports to grant a security interest hereunder, having good and marketable title thereto, free and clear of any and all Liens
(as defined below) except for Permitted Liens (as defined below). 

 

b) No
effective security agreement, financing statement, equivalent security or lien instrument or continuation statement covering all or any
part of the Collateral exists, except (i) such as may have been filed by the Company for the benefit of the Holder pursuant to this Agreement,
and (ii) for Permitted Liens.

 

For purposes of the foregoing:

 

“Lien”
means any mortgage, lien, deed of trust, charge, pledge, security interest or other encumbrance.

 

    3

     

    

 

“Permitted Lien”
means: (a) Liens for taxes, fees, assessments or other governmental charges or levies, either not delinquent or being contested in good
faith by appropriate proceedings; (b) Liens (i) upon or in any equipment acquired or held by the Company to secure the purchase price
of such equipment or indebtedness incurred solely for the purpose of financing the acquisition of such equipment or (ii) existing on such
equipment at the time of its acquisition, provided that the Lien is confined solely to the equipment so acquired, improvements thereon
and the proceeds of such equipment; (c) Liens in favor of customs and revenue authorities arising as a matter of law to secure payment
of customs duties in connection with the importation of goods; (d) Liens arising solely by virtue of any statutory or common law provision
relating to banker’s liens, rights of setoff or similar rights and remedies as to deposit accounts or other funds maintained with
a creditor depository institution; and (e) Liens incurred in connection with the extension, renewal or refinancing of the indebtedness
secured by Liens of the type described in clause (b) above, provided that any extension, renewal or replacement Lien shall be limited
to the property encumbered by the existing Lien and the principal amount of the indebtedness being extended, renewed or refinanced does
not increase.

 

5. Certain
Restrictions on Future Agreements. The Company agrees that until the Obligations have been satisfied in full, the Company will
not sell or assign its interest in, or grant any license under, other than in the ordinary course of business or in connection with a
Permitted Lien, the Collateral, or enter into any other agreement with respect to the Collateral that is inconsistent with the Company’s
obligations under this Agreement, without the Holder’s consent, and the Company further agrees that it will not take any action,
or permit any action to be taken by others subject to its control, including licensees, or fail to take any action, which would affect
the validity or enforcement of the rights transferred to the Holder under this Agreement.

 

6. Term.
Subject to Section 8 below, the term of the security interest granted in this Agreement will extend until the aggregate Obligations to
all of the Notes have been paid in full, at which time the Company and any of its duly appointed officers is hereby authorized to file
any termination statement under the Uniform Commercial Code in effect in any jurisdiction to terminate the financing statements that evidence
the security interest in the Collateral created by this Agreement and the Notes. Upon payment in full of the Obligations, the Holder will
execute and deliver to the Company all deeds, assignments and other instruments, and will take such other actions, as may be necessary
or proper to re-vest in the Company full title to the Collateral, subject to any disposition which may have been made by the Holder pursuant
to this Agreement. The Obligations to the Holder shall be deemed to be paid in full upon conversion or forgiveness of the Notes pursuant
to the terms thereof, and this Agreement shall terminate as of the date of such conversion or forgiveness, provided that the obligations
of the the Holder under this Section 6 shall survive such termination.

 

7. Duties
of the Company; Further Assurances; Future Subsidiaries. Within thirty (30) days of the date hereof, the Company shall cause Allarity
Acquisition Sub to execute a joinder to this Agreement in form and substance reasonably acceptable to Holder, thereby pledging and granting
a security interest in all of its rights title and interest in all of its property and assets as if it were party to this Agreement as
of the date hereof. Company will have the duty to preserve and maintain all rights in the Collateral. Any expenses incurred in connection
with the Company’s obligations under this Section 7 will be borne by the Company. 

 

    4

     

    

 

The Company will, at its expense,
at any time and from time to time, promptly execute and deliver all further instruments and documents and take all further action that
the Holder may reasonably request in order to: (i) perfect and protect the Lien and security interest of the Holder created hereby;
(ii) enable the Holder to exercise and enforce its rights and remedies hereunder in respect of the Collateral, including, without
limitation, the deposit accounts; or (iii) otherwise effect the purposes of this Agreement, including, without limitation: (A) marking
conspicuously all chattel paper and each License and, at the request of the Holder, each of its records pertaining to the Collateral with
a legend, in form and substance satisfactory to the Holder, indicating that such chattel paper, License or Collateral is subject to the
Lien and security interest created hereby, (B) delivering and pledging to the Holder each promissory note, security, chattel paper
or other instrument, now or hereafter owned by any Company, duly endorsed and accompanied by executed instruments of transfer or assignment,
all in form and substance satisfactory to the Holder, (C) executing and filing (to the extent, if any, that the Company’s signature
is required thereon) or authenticating the filing of, such financing or continuation statements, or amendments thereto, as may be necessary
or that the Holder may reasonably request in order to perfect and preserve the security interest created hereby, (D) furnishing to
the Holder from time to time statements and schedules further identifying and describing the Collateral and such other reports in connection
with the Collateral in each case as the Holder may reasonably request, all in reasonable detail, (E) if any Collateral shall be in
the possession of a third party, notifying such Person of the Holder’s security interest created hereby and obtaining a written
acknowledgment from such Person, in form and substance satisfactory to the Holder, that such Person holds possession of the Collateral
for the benefit of the Holder, (F) if at any time after the date hereof, the Company acquires or holds any commercial tort claim,
promptly notifying the Holder in a writing signed by the Company setting forth a brief description of such Commercial Tort Claim and granting
to the Holder a Lien and security interest therein and in the Proceeds thereof, which writing shall incorporate the provisions hereof
and shall be in form and substance satisfactory to the Holder, (G) upon the acquisition after the date hereof by the Company of any
motor vehicle or other Equipment subject to a certificate of title or ownership (other than a motor vehicle or Equipment that is subject
to a purchase money security interest), causing the Holder to be listed as the lienholder on such certificate of title or ownership and
delivering evidence of the same to the Holder in accordance with this Agreement and (H) taking all actions required by the Code or
by other law, as applicable, in any relevant Code jurisdiction, or by other law as applicable in any foreign jurisdiction.

 

If the Company hereafter creates
or acquires any subsidiary, simultaneously with the creation or acquisition of such subsidiary, such Company shall deliver to the Holder
the stock certificates representing all of the capital stock of such subsidiary, along with undated stock powers for each such certificates,
executed in blank (or, if any such shares of capital stock are uncertificated, confirmation and evidence reasonably satisfactory to the
Holder that the security interest in such uncertificated securities has been transferred to and perfected by the Holder, in accordance
with Sections 8-313, 8-321 and 9-115 of the Code or any other similar or local or foreign law that may be applicable). The Company agree
that the pledge of the shares of capital stock acquired by a Company of foreign subsidiary may be supplemented by one or more separate
pledge agreements, deeds of pledge, share charges, or other similar agreements or instruments, executed and delivered by the Company in
favor of the Holder, which pledge agreements will provide for the pledge of such shares of capital stock in accordance with the laws of
the applicable foreign jurisdiction. With respect to such shares of capital stock, the Holder may, at any time and from time to time,
in its sole discretion, take actions in such foreign jurisdictions that will result in the perfection of the Lien created in such shares
of capital stock.

 

8. Rights
and Remedies Upon Default.

 

Beginning on the date on which any Event of Default
shall have occurred, and while such Event of Default is continuing:

 

(i) The
Holder may exercise in addition to all other rights and remedies granted to it under this Agreement, all rights and remedies of a secured
party under the Uniform Commercial Code.

 

(ii) The
Company hereby waives presentment, demand, protest or any notice (to the maximum extent permitted by applicable law) of any kind in connection
with this Agreement or any Collateral.

 

    5

     

    

 

(iii) The
Company shall, at the request of the Holder, assemble the Collateral at such place or places as may be reasonably designated by the Holder.

 

(iv) The
Holder may, in its sole discretion, in its name or in the name of the Company or otherwise, demand, sue for, collect or receive any money
or property at any time payable or receivable on account of or in exchange for any of the Collateral, but shall be under no obligation
to do so.

 

(v) The
Holder may take immediate possession and occupancy of any premises owned, used or leased by Company and exercise all other rights and
remedies of an assignee which may be available to a secured party.

 

(vi) The
Holder may, upon ten (10) days’ prior written notice to the Company of the time and place (which notice the Company hereby agrees
is commercially reasonable notification for purposes hereof), with respect to the Collateral or any part thereof which shall then be or
shall thereafter come into the possession, custody or control of the Holder, sell lease, assign or otherwise dispose of all or any part
of such Collateral, at such place or places as the Holder deems best, and for cash or for credit or for future delivery (without thereby
assuming any credit risk), at public or private sale, without demand of performance or notice of intention to effect any such disposition
or of the time or place thereof (except such notice as is required above or by applicable statute and cannot be waived), and the Holder
or anyone else may be the purchaser, lessee, assignee or recipient of any or all of the Collateral so disposed of at any public sale (or,
to the extent permitted by law, at any private sale) and thereafter hold the same absolutely, free from any claim or right of whatsoever
kind, including any right or equity of redemption (statutory or otherwise), of the Company, any such demand, notice and right or equity
being hereby expressly waived and released. The Holder may, without notice or publication, adjourn any public or private sale or cause
the same to be adjourned from time to time by announcement at the time and place fixed for the sale, and such sale may be made at any
time or place to which the sale may be so adjourned.

 

9. Expenses.
All fees, costs and expenses, of whatever kind or nature, including reasonable attorneys’ and paralegals’ fees and legal expenses,
incurred by the Holder in connection with the filing or recording of any documents (including all taxes in connection therewith) in public
offices, the payment or discharge of any taxes, counsel fees, maintenance fees, encumbrances or otherwise in protecting, maintaining or
preserving the Collateral will be borne by and paid by the Company on demand by the Holder. If any suit or action is instituted to enforce
any provision of this Agreement, the substantially prevailing party in such dispute shall be entitled to recover from the losing party
such reasonable fees and expenses of attorneys and accountants, which shall include, without limitation, all fees, costs and expenses
of appeals.

 

10. Severability.
If one or more provisions of this Agreement are held to be unenforceable under applicable law, the parties agree to renegotiate such provision
in good faith. In the event that the parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (a)
such provision shall be excluded from this Agreement, (b) the balance of this Agreement shall be interpreted as if such provision were
so excluded, and (c) the balance of this Agreement shall be enforceable in accordance with its terms.

 

11. Waiver
and Amendment; Entire Agreement. Any provision of this Agreement may be amended, waived or modified only by an instrument in writing
signed by the Company and the Holder. This Agreement, the Note and the other Transaction Documents represent the final agreement of the
Company and the Holder as to all matters addressed herein and supersede all previous agreements, negotiations, and discussions by the
parties regarding the subject matters addressed herein. 

 

    6

     

    

 

12. Successors
and Assigns. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors
and assigns of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties
hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement,
except as expressly provided in this Agreement.

 

13. Governing
Law. This Agreement shall be governed by the laws of the State of Delaware, without reference to principles of choice of law.

 

14. Cumulative
Remedies. All of Holder’s rights and remedies with respect to the Collateral whether established hereby, by a Note, by any
other agreements or by law will be cumulative and may be exercised singularly or concurrently. The Company acknowledges and agrees that
this Agreement is not intended to limit or restrict in any way the rights and remedies of Holder under a Note but rather is intended to
facilitate the exercise of such rights and remedies. Holder will have, in addition to all other rights and remedies given them by the
terms of this Agreement and the Notes, all rights and remedies allowed by law and the rights and remedies of a secured party under the
Uniform Commercial Code as enacted in any jurisdiction in which Collateral may be located. 

 

15. Mailing
of Notices. Any notice required or permitted pursuant to this Agreement shall be in writing and shall be deemed sufficient upon
receipt, when delivered personally or sent by courier, overnight delivery service or confirmed facsimile, or forty-eight (48) hours after
being deposited in the regular mail, as certified or registered mail (airmail if sent internationally), with postage prepaid, addressed
(a) if to a Holder, to the address of the Holder most recently furnished in writing to the Company and (b) if to the Company, to the address
set forth below or subsequently modified by written notice to the Holder.

 

16. Headings;
Interpretation. Paragraph headings used in this Agreement are for convenience only and will not modify the provisions that they
precede. The term “including” shall be interpreted to mean “including but not limited to.”

 

17. Further
Assurances. The Company agrees to execute and deliver such further agreements, instruments and documents, and to perform such
further acts, as the Holder reasonably requests from time to time in order to carry out the purpose of this Agreement and agreements set
forth in this Agreement.

 

18. Counterparts.
This Agreement may be executed in any number of counterparts, all of which shall constitute but one and the same instrument. 

 

[Signatures pages follow.]

 

    7

     

    

 

IN WITNESS WHEREOF, the parties
have caused this Security Agreement to be duly executed and delivered by their proper and duly authorized officers as of the date and
year first written above.

 

	 	COMPANY:
	 	 	 
	 	Allarity Therapeutics, Inc.
	 	 	 
	 	By:	/s/ James G. Cullem 
	 	Name:	James G. Cullem
	 	Title:	CEO
	 	 	 
	 	Address: 	24 School Street, 2nd Floor
	 	 	Boston, MA 02108

 

    8

     

    

 

IN WITNESS WHEREOF, the parties
have caused this Security Agreement to be duly executed and delivered by their proper and duly authorized officers as of the date and
year first written above.

 

	 	HOLDER:
	 	 	 
	 	3i, LP
	 	 	 
	 	By:	/s/ Maier Tarlow
	 	Name:	Maier Tarlow
	 	Title:	Manager of the GP
	 	 	 
	 	Address: 	140 Broadway Floor 38
	 	 	New York, NY 10005

 

 

9

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