On June 11, 2015, William M. Cotter informed Arch Therapeutics, Inc. of his desire to retire and resign from his role as the Chief Operating Officer of the company. On June 15, 2015, the company and Mr. Cotter entered into a Separation Agreement pursuant to which Mr. Cotter resigned as an employee and as the company's COO, agreed to the termination of that certain Executive Employment Agreement by and between the company and Mr. Cotter effective as of July 2, 2013 and as amended effective March 13, 2014, and agreed to provide certain advisory services to the company.