Amendment to Transition and General Release Agreement between Arch Therapeutics, Inc. and Richard Davis
Arch Therapeutics, Inc. and Richard Davis have agreed to amend their previous Transition and General Release Agreement. Under this amendment, Mr. Davis will continue as Chief Financial Officer until May 10, 2021. The transition period will end on June 30, 2021, after which a post-executive period will begin on July 1, 2021, and last until December 31, 2021. This amendment clarifies the timeline for Mr. Davis's transition and ongoing involvement with the company.
Exhibit 10.1
 | Arch Therapeutics, Inc. 235 Walnut Street, Suite 6 Framingham, MA 01702 |
May 3, 2021
Arch Therapeutics, Inc. (the “Company”) and Mr. Richard Davis agree to Amend the Transition and General Release Agreement executed as of December 31, 2020 between the parties, and Mr. Davis will serve as the Chief Financial Officer until May 10, 2021; the Transition End Date will occur on June 30, 2021; and as of July 1, 2021, the Post Executive Period will commence and continue through December 31, 2021.
| /s/ Terrence W. Norchi | /s/ Richard E. Davis | |
| Terrence W. Norchi, MD | Richard E. Davis | |
| President and Chief Executive Officer | Chief Financial Officer |
