Common use of Extension Payment Clause in Contracts

Extension Payment. Allarity and Eisai desire to extend the timeframe for ▇▇▇▇▇▇▇▇’ s Successful Completion of the first Phase 2 Clinical Trial of the Product beyond December 31, 2022. In consideration of this extended timeframe, and ▇▇▇▇▇▇▇▇ not achieving the minimum patient enrollment, by July 1, 2022, set out in the Second Amendment, ▇▇▇▇▇▇▇▇ agrees to pay a one-time payment to Eisai of One Million Two Hundred and Fifty Thousand U.S. Dollars ($1,250,000) (the “Extension Payment”) as follows: (i) Two hundred and fifty thousand dollars ($250,000) (which has already been paid); and (ii) One hundred and fifty thousand dollars ($150,000) on or before May 1, 2024; and (iii) Eight Hundred and Fifty Thousand Dollars ($850,000) upon completion of a ten-million-dollar capital raising campaign, expected to take place before the end of May 2024, but in no event later than September 1, 2024.

Extension Payment. Allarity and Eisai desire to extend the timeframe for ▇▇▇▇▇▇▇▇’ s ’s Successful Completion of the first Phase 2 Clinical Trial of the Product beyond December 31, 2022. In consideration of this extended timeframe, and ▇▇▇▇▇▇▇▇ Allarity not achieving the minimum patient enrollment, by July 1, 2022, set out in the Second Amendment, ▇▇▇▇▇▇▇▇ agrees to Allarity shall pay a one-time payment to Eisai of One Million Two One Hundred and Fifty Thousand U.S. Dollars ($1,250,0001,100,000.00) (the “Extension Payment”) as follows: (i) Two One hundred and fifty thousand dollars ($250,000100,000.00) (which has already been paid)received; and (ii) One hundred and fifty Fifty thousand dollars ($150,00050,000.00) within ten (10) days of execution of this Fourth Amendment; and (iii) One Hundred Thousand Dollars ($100,000.00) upon completion of a seven-million-dollar capital raising campaign expected to take place in June 2023, but notwithstanding the above at least on or before May March 1, 2024; and (iiiiv) Eight Hundred and Fifty Thousand Dollars ($850,000850,000.00) upon completion of a ten-million-dollar capital raising campaign, expected to take place on or before the end of May 2024, but in no event later than September March 1, 2024.