Summary by Moomoo AI
Allarity Therapeutics has entered into a new Management Services Agreement (MSA) with Ljungaskog Consulting AB, owned by CEO Thomas H. Jensen, effective June 1, 2024. The agreement replaces the previous consultancy agreement and includes a monthly fee of $43,750 plus a one-time signing bonus of $100,000. The MSA also provides eligibility for annual performance bonuses and expense reimbursements.The agreement outlines comprehensive termination provisions: the Company can terminate with 15 days' notice, while the Consultant requires 30 days' notice. If terminated for "Good Reason" by the Consultant, they are entitled to nine months of additional monthly fees, subject to fulfilling ongoing obligations and executing a general release. The agreement includes specific conditions for "Cause" termination, requiring a 14-day cure period for certain violations.The MSA incorporates standard provisions for exclusivity, indemnification, non-competition, non-solicitation, and confidentiality. The signing bonus must be repaid if the Consultant terminates within one year or if terminated for cause, ensuring commitment to the role.
