ITEM 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On December 31, 2020, Arch Therapeutics, Inc. (the "Company") and Richard Davis,
the Company's current Chief Financial Officer, entered into a transition
agreement (the "Agreement"), under which Mr. Davis agreed to continue in his
current role as the Company's Chief Financial Officer until the earlier of (i)
when a successor is named and ready to perform the daily duties of Chief
Financial Officer, and (ii) June 30, 2021 (such date, the "Transition End
Date"), upon which date Mr. Davis will retire as Chief Financial Officer.
Pursuant to the Agreement, for a period of six months following the Transition
End Date, Mr. Davis will continue to work as an employee of the Company in a
non-executive role to provide support and ensure a smooth and successful
transition.
Mr. Davis' last day of employment with the Company will be the six-month
anniversary of the Transition End Date (the "Retirement Date"). Pursuant to the
terms of the Agreement, from January 1, 2021 and continuing until the Retirement
Date, Mr. Davis will continue to be entitled to his full base salary and
benefits as set forth in Mr. Davis' Employment Agreement. As of the Retirement
Date, Mr. Davis will be eligible to participate in COBRA at his own expense. The
Agreement includes other customary provisions including non-disparagement.
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ARCH THERAPEUTICS, INC. 
