Document:

Exhibit 10.3

 

REGISTRATION RIGHTS AGREEMENT

 

This REGISTRATION
RIGHTS AGREEMENT (this “Agreement”), dated as of June 30, 2015, is by and among Arch Therapeutics,
Inc., a Nevada corporation (the “Company”), and each of the undersigned Purchasers (as defined below).

 

RECITALS

 

A.           In
connection with the Subscription Agreements (each, as may be amended from time to time, a “Subscription Agreement”
and collectively, the “Subscription Agreements”), entered into by and between each Purchaser and the Company
during the period commencing June 22, 2015 and ending June 30, 2015, the Company agreed, upon the terms and subject to the conditions
of each Subscription Agreement, to issue and sell to each Purchaser (i) shares of Common Stock (as defined in the Subscription
Agreements) (the “Common Shares”); and (ii) the Warrants, which will be exercisable to purchase Warrant Shares
(each term as defined in the Subscription Agreements) in accordance with the terms of the Warrants.

 

B.           To
induce the Purchasers to consummate the transactions contemplated by the Subscription Agreements, the Company has agreed to provide
certain registration rights under the Securities Act of 1933, as amended, and the rules and regulations thereunder, or any similar
successor statute (collectively, the “Securities Act”), and applicable state securities laws.

 

AGREEMENT

 

NOW, THEREFORE,
in consideration of the premises and the mutual covenants contained herein and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Company and each of the Purchasers hereby agree as follows:

 

1.            Definitions.

 

Capitalized terms
used herein and not otherwise defined herein shall have the respective meanings set forth in the Subscription Agreements. As used
in this Agreement, the following terms shall have the following meanings:

 

(a)   “Business
Day” means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized
or required by law to remain closed.

 

(b)   “Closing
Date” shall have the meaning set forth in the Subscription Agreements.

 

(c)   “Effective
Date” means the date that the applicable Registration Statement has been declared effective by the SEC.

 

(d)   “Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder, or any similar
successor statute.

 

(e)   “Filing
Deadline” means the ninetieth (90th) calendar day after the Closing Date; provided, however, that
if the Filing Deadline occurs on a day that is not a Business Day, the Filing Deadline shall be the next Business Day.

 

(f)   “Investor”
means a Purchaser or any transferee or assignee of any Registrable Securities or Warrants, as applicable, to whom a Purchaser
assigns its rights under this Agreement and who agrees to become bound by the provisions of this Agreement in accordance with
Section 7 and any transferee or assignee thereof to whom a transferee or assignee of any Registrable Securities or Warrants,
as applicable, assigns its rights under this Agreement and who agrees to become bound by the provisions of this Agreement in accordance
with Section 7.

 

    	 

    	 

    

 

(g)   “Person”
means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization
or a government or any department or agency thereof.

 

(h)   “Prospectus”
means (i) the prospectus included in any Registration Statement, as amended or supplemented by any prospectus supplement, with
respect to the terms of the offering of any portion of the Registrable Securities covered by such Registration Statement and by
all other amendments and supplements to the prospectus, including post-effective amendments and all material incorporated by reference
in such prospectus; and (ii) any “free writing prospectus” as defined in Rule 405.

 

(i)   “Purchasers”
means, collectively, each Person identified as the “Purchaser” in the separate Subscription Agreements entered into
by the Company and the applicable Purchasers in connection with the Offering (as defined in the Subscription Agreements).

 

(j)   “register,”
“registered,” and “registration” refer to a registration effected by preparing and filing
one or more Registration Statements in compliance with the Securities Act and pursuant to Rule 415 and the declaration of effectiveness
of such Registration Statement(s) by the SEC.

 

(k)   “Registrable
Securities” means (i) the Common Shares; (ii) the Warrant Shares; and (iii) any other securities issued or issuable
with respect to or in exchange for Common Shares, the Warrant Shares or the Warrants as a result of (1) any stock split, stock
dividend, recapitalization, exchange or similar event or otherwise, or (2) a Fundamental Transaction or Corporate Event (each
term as defined in the Warrants); provided, however that all of the foregoing shall cease being Registrable Securities
upon any sale thereof pursuant to an effective Registration Statement or Rule 144.

 

(l)   “Registration
Statement” means a registration statement or registration statements of the Company filed under the Securities Act covering
Registrable Securities, including (in each case) the prospectus, amendments and supplements to such registration statements, including
pre-effective and post-effective amendments, and all exhibits and other material incorporated by reference or deemed to be incorporated
by reference in such registration statements.

 

(m)   “Required
Holders” means, as of the date of measurement, the holders of at least a majority of the Registrable Securities.

 

(n)   “Rule
144” means Rule 144 promulgated by the SEC under the Securities Act, as such rule may be amended from time to time,
or any other similar or successor rule or regulation of the SEC that may at any time permit the Investors to sell securities of
the Company to the public without registration.

 

(o)   “Rule
405” means Rule 405 promulgated by the SEC under the Securities Act, as such rule may be amended from time to time,
or any other similar or successor rule or regulation of the SEC.

 

(p)   “Rule
415” means Rule 415 promulgated by the SEC under the Securities Act, as such rule may be amended from time to time,
or any other similar or successor rule or regulation of the SEC providing for offering securities on a continuous or delayed basis.

 

(q)   “SEC”
means the United States Securities and Exchange Commission or any successor thereto.

 

2.            Registration.

 

(a)   Mandatory
Registration. The Company shall prepare and, as soon as practicable, but in no event later than the Filing Deadline, file
with the SEC one Registration Statement on Form S-1 covering the resale of all of the Registrable Securities. Except if otherwise
directed by the Required Holders or if the SEC shall have any comments regarding such section, such Registration Statement shall
contain, among other things, the “Plan of Distribution” section in substantially the form attached hereto as
Exhibit A (and each Purchaser hereby acknowledges and agrees solely with respect to such Registration Statement
filed pursuant to this Section 2(a) that, as of the date hereof, the disclosure set forth under such “Plan of
Distribution” section is accurate and complete with respect to it). The Registration Statement (and each amendment or
supplement thereto, and each request for acceleration of effectiveness thereof) shall be provided in accordance with Section
3(c) to the Investors and their counsel prior to its filing or other submission.

 

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(b)   Use
of Form S-3. Promptly following the date (the “Qualification Date”) upon which the Company becomes eligible
to use a registration statement on Form S-3 to register the Registrable Securities for resale, but in no event more than forty-five
(45) days after the Qualification Date (the “Qualification Deadline”), the Company shall file a registration
statement on Form S-3 covering the Registrable Securities (or a post-effective amendment on Form S-3 to the registration statement
on Form S-1) (a “Shelf Registration Statement”) and shall use commercially reasonable efforts to cause such
Shelf Registration Statement to be declared effective as promptly as practicable thereafter.

 

(c)   Effectiveness.

 

i.            The
Company shall use commercially reasonable efforts to have the Registration Statement declared effective as soon as practicable.
The Company shall notify the Investors by facsimile or e-mail as promptly as practicable, and in any event, within twenty-four
(24) hours, after any Registration Statement is declared effective and shall simultaneously provide the Investors with copies
of any related Prospectus to be used in connection with the sale or other disposition of the securities covered thereby. If (i)
a Registration Statement covering the Registrable Securities is not declared effective by the SEC prior to the fifth (5th)
Business Day after the SEC shall have informed the Company that no review of the Registration Statement will be made or that the
SEC has no further comments on the Registration Statement; or (ii) after a Registration Statement has been declared effective
by the SEC, sales cannot be made pursuant to such Registration Statement for any reason (including without limitation by reason
of a stop order, or the Company’s failure to update the Registration Statement), but excluding any Allowed Delay (as defined
below), then the Company will make pro rata payments (each payment, a “Registration Delay Payment”) to each
Investor for each 30- day period or pro rata for any portion thereof following the date by which such Registration Statement should
have been effective (the “Blackout Period”), as liquidated damages and not as a penalty, in an amount equal
to (a) in the case of each Investor that is a Purchaser, 1.5% of the aggregate Purchase Price (as defined in the Subscription
Agreements) paid by such Purchaser; (b) in the case of each Investor who is an affiliate of a Purchaser and acquired Registrable
Securities from such Purchaser for no additional consideration, 1.5% of the aggregate Purchase Price (as defined in the Subscription
Agreements) paid by the Purchaser who was the transferor or assignor (an “Assigning Purchaser”); provided,
however, if (1) the Assigning Purchaser retains any Registrable Securities, the Registration Delay Payment payable to such
Assigning Purchaser shall be governed by this proviso to clause (b) rather than clause (a), and such Registration Delay Payment
shall be allocated pro rata between the Investor and the Assigning Purchaser based on the number of Registrable Securities held
by the Investor and the Assigning Purchaser at the commencement of the applicable Blackout Period, and (2) the Registrable Securities
held by the Assigning Purchaser were transferred or assigned to more than one affiliate for no additional consideration, such
Registration Delay Payment shall be allocated pro rata among such affiliates based on the number of Registrable Securities held
by the each such affiliate at the commencement of the applicable Blackout Period; and (c) in the case of an Investor that is not
a Purchaser and not otherwise covered by the preceding clause (b), 1.5% of the aggregate purchase price paid by such Investor
to acquire the Registrable Securities covered by the Registration Statement. Such Registration Delay Payments shall constitute
the Investors’ exclusive monetary remedy for such events, but shall not affect the right of the Investors to seek injunctive
relief. The Registration Delay Payments payable as liquidated damages pursuant to this Section shall be paid monthly within three
(3) Business Days of the last day of each month following the commencement of the Blackout Period until the termination of the
Blackout Period. Such Registration Delay Payments shall be made to each Investor in cash.

 

ii.         For
not more than thirty (30) consecutive days or for a total of not more than ninety (90) days in any twelve (12) month period, the
Company may suspend the use of any Prospectus included in any Registration Statement contemplated by this Section in the event
that the Company determines in good faith that such suspension is necessary to (i) delay the disclosure of material non-public
information concerning the Company, the disclosure of which at the time is not, in the good faith opinion of the Company, in the
best interests of the Company; or (ii) amend or supplement the affected Registration Statement or the related Prospectus so that
such Registration Statement or Prospectus shall not include an untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary to make the statements therein, in the case of the Prospectus in light of the
circumstances under which they were made, not misleading (an “Allowed Delay”); provided that the Company
shall promptly (a) notify each Investor in writing of the commencement of an Allowed Delay, but shall not (without the prior written
consent of an Investor) disclose to such Investor any material non-public information giving rise to an Allowed Delay; (b) advise
the Investors in writing to cease all sales under the Registration Statement until the end of the Allowed Delay; and (c) use commercially
reasonable efforts to terminate an Allowed Delay as promptly as practicable.

 

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(d)   Rule
415; Cutback If at any time the SEC takes the position that the offering of some or all of the Registrable Securities in a
Registration Statement is not eligible to be made on a delayed or continuous basis under the provisions of Rule 415 under the
Securities Act or requires any Investor to be named as an “underwriter”, the Company shall use its best efforts
to persuade the SEC that the offering contemplated by the Registration Statement is a valid secondary offering and not an offering
“by or on behalf of the issuer” as defined in Rule 415 and that none of the Investors is an “underwriter”.
The Investors shall have the right to participate or have their counsel participate in any meetings or discussions with the SEC
regarding the SEC’s position and to comment or have their counsel comment on any written submission made to the SEC with
respect thereto. No such written submission shall be made to the SEC to which the Investors’ counsel reasonably objects.
In the event that, despite the Company’s best efforts and compliance with the terms of this Section 2(d), the SEC
refuses to alter its position, the Company shall (i) remove from the Registration Statement such portion of the Registrable Securities
(the “Cut Back Shares”); and/or (ii) agree to such restrictions and limitations on the registration and resale
of the Registrable Securities as the SEC may require to assure the Company’s compliance with the requirements of Rule 415
(collectively, the “SEC Restrictions”); provided, however, that the Company shall not agree to name
any Investor as an “underwriter” in such Registration Statement without the prior written consent of such Investor.
Any cut-back imposed on the Investors pursuant to this Section 2(d) shall be allocated among the Investors on a pro rata
basis and shall be applied first to any Warrant Shares, unless the SEC Restrictions otherwise require or provide or the Required
Holders otherwise agree. No liquidated damages shall accrue as to any Cut Back Shares until such date as the Company is able to
effect the registration of such Cut Back Shares in accordance with any SEC Restrictions (such date, the “Restriction
Termination Date” of such Cut Back Shares). From and after the Restriction Termination Date applicable to any Cut Back
Shares, all of the provisions of this Section 2 (including the liquidated damages provisions) shall again be applicable
to such Cut Back Shares; provided, however, that the Filing Deadline for the Registration Statement including such Cut
Back Shares shall be ten (10) Business Days after such Restriction Termination Date.

 

(e)   No
Inclusion of Other Securities. In no event shall the Company include any securities other than Registrable Securities on any
Registration Statement filed pursuant to this Agreement without the prior written consent of the Required Holders.

 

(f)   Termination
of Obligations. Notwithstanding anything to the contrary contained herein, the Company’s obligations set forth in Sections
2, 3, and 4(a) shall terminate upon the expiration of the Effectiveness Period (as defined below).

 

3.           Company
Obligations.

 

The Company will use
commercially reasonable efforts to effect the registration of the Registrable Securities in accordance with the terms hereof,
and pursuant thereto the Company will, as expeditiously as possible:

 

(a)   use
commercially reasonable efforts to cause such Registration Statement to become effective and to remain continuously effective
for a period that will terminate upon the earlier of (i) the date on which all Registrable Securities covered by such Registration
Statement, as amended from time to time, have been sold; and (ii) the twelve month anniversary of the Effective Date (the “Effectiveness
Period”) and advise the Investors in writing when the Effectiveness Period has expired;

 

(b)   prepare
and file with the SEC such amendments and post-effective amendments to the Registration Statement and the Prospectus as may be
necessary to keep the Registration Statement effective for the Effectiveness Period and to comply with the provisions of the Securities
Act and the Exchange Act with respect to the distribution of all of the Registrable Securities covered thereby;

 

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(c)   provide
copies to and permit counsel designated by the Investors to review each Registration Statement and all amendments and supplements
thereto no fewer than seven (7) days prior to their filing with the SEC and not file any document to which such counsel reasonably
objects;

 

(d)   furnish
to the Investors and their legal counsel (i) promptly after the same is prepared and publicly distributed, filed with the SEC,
or received by the Company (but not later than two (2) Business Days after the filing date, receipt date or sending date, as the
case may be) one (1) copy of any Registration Statement and any amendment thereto, each preliminary prospectus and Prospectus
and each amendment or supplement thereto, and each letter written by or on behalf of the Company to the SEC or the staff of the
SEC, and each item of correspondence from the SEC or the staff of the SEC, in each case relating to such Registration Statement
(other than any portion of any thereof which contains information for which the Company has sought confidential treatment); and
(ii) such number of copies of a Prospectus, including a preliminary prospectus, and all amendments and supplements thereto and
such other documents as each Investor may reasonably request in order to facilitate the disposition of the Registrable Securities
owned by such Investor that are covered by the related Registration Statement;

 

(e)   use
commercially reasonable efforts to (i) prevent the issuance of any stop order or other suspension of effectiveness and; (ii) if
such order is issued, obtain the withdrawal of any such order at the earliest possible moment;

 

(f)   prior
to any public offering of Registrable Securities, use commercially reasonable efforts to register or qualify or cooperate with
the Investors and their counsel in connection with the registration or qualification of such Registrable Securities for offer
and sale under the securities or blue sky laws of such jurisdictions requested by the Investors and do any and all other commercially
reasonable acts or things necessary or advisable to enable the distribution in such jurisdictions of the Registrable Securities
covered by the Registration Statement; provided, however, that the Company shall not be required in connection therewith
or as a condition thereto to (i) qualify to do business in any jurisdiction where it would not otherwise be required to qualify
but for this Section 3(f); (ii) subject itself to general taxation in any jurisdiction where it would not otherwise be
so subject but for this Section 3(f); or (iii) file a general consent to service of process in any such jurisdiction;

 

(g)   use
commercially reasonable efforts to cause all Registrable Securities covered by a Registration Statement to be listed on each securities
exchange, interdealer quotation system or other market on which similar securities issued by the Company are then listed;

 

(h)   immediately
notify the Investors, at any time prior to the end of the Effectiveness Period, upon discovery that, or upon the happening of
any event as a result of which, the Prospectus includes an untrue statement of a material fact or omits to state any material
fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then
existing, and promptly prepare, file with the SEC and furnish to such holder a supplement to or an amendment of such Prospectus
as may be necessary so that such Prospectus shall not include an untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then
existing;

 

(i)   otherwise
use commercially reasonable efforts to comply with all applicable rules and regulations of the SEC under the Securities Act and
the Exchange Act in connection with any registration hereunder; and

 

(j)   With
a view to making available to the Investors the benefits of Rule 144 (or its successor rule) and any other rule or regulation
of the SEC that may at any time permit the Investors to sell shares of Common Stock to the public without registration, the Company
covenants and agrees to: (i) make and keep public information available, as those terms are understood and defined in Rule 144;
(ii) file with the SEC in a timely manner all reports and other documents required of the Company under the Exchange Act; and
(iii) furnish to each Investor upon request, as long as such Investor owns any Registrable Securities, (A) a written statement
by the Company that it has complied with the reporting requirements of the Exchange Act, (B) a copy of the Company’s most
recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q as so filed by the Company with the SEC if such reports are
not publicly available via EDGAR; and (C) such other information as may be reasonably requested to permit the Investors to sell
such securities pursuant to Rule 144 without registration.

 

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4.           Due
Diligence Review; Information.

 

(a)   The
Company shall make available, during normal business hours, for inspection and review by the Investors, advisors to and representatives
of the Investors (who may or may not be affiliated with the Investors and who are reasonably acceptable to the Company), all financial
and other records, all SEC Documents (as defined in the Subscription Agreements) and other filings with the SEC, and all other
corporate documents and properties of the Company as may be reasonably necessary for the purpose of such review, and cause the
Company’s officers, directors and employees, within a reasonable time period, to supply all such information reasonably
requested by the Investors or any such representative, advisor or underwriter in connection with such Registration Statement (including,
without limitation, in response to all questions and other inquiries reasonably made or submitted by any of them), prior to and
from time to time after the filing and effectiveness of the Registration Statement for the sole purpose of enabling the Investors
and such representatives, advisors and underwriters and their respective accountants and attorneys to conduct initial and ongoing
due diligence with respect to the Company and the accuracy of such Registration Statement.

 

(b)   The
Company shall not disclose material nonpublic information to the Investors, or to advisors to or representatives of the Investors,
unless prior to disclosure of such information the Company identifies such information as being material nonpublic information
and provides the Investors, such advisors and representatives with the opportunity to accept or refuse to accept such material
nonpublic information for review and any Investor wishing to obtain such information enters into an appropriate confidentiality
agreement with the Company with respect thereto.

 

5.           Obligations
of the Investors.

 

(a)   At
least five (5) Business Days prior to the first anticipated filing date of each Registration Statement or any prospectus supplement
or pre-effective or post-effective amendment thereto, the Company shall notify each Investor in writing of the information the
Company requires from each such Investor with respect to such Registration Statement. It shall be a condition precedent to the
obligations of the Company to complete the registration pursuant to this Agreement with respect to the Registrable Securities
of a particular Investor that such Investor shall furnish to the Company such information regarding itself, the Registrable Securities
held by it and beneficial ownership information related thereto, and the intended method of disposition of the Registrable Securities
held by it, as shall be reasonably required to effect and maintain the effectiveness of the registration of such Registrable Securities
and shall execute such documents in connection with such registration as the Company may reasonably request. Without limiting
the generality of the foregoing, the Investor acknowledges and agrees that such information shall include at least (i) the Investor’s
confirmation of the accuracy of, or revision to maintain the accuracy of, the disclosure under the heading “Plan of Distribution”
in the applicable Registration Statement (or any prospectus supplement or pre-effective or post-effective amendment thereto);
and (ii) the detail regarding such Investor as set forth under the heading “Selling Securityholders” in the applicable
Registration Statement (or any prospectus supplement or pre-effective or post-effective amendment thereto).

 

(b)   Each
Investor, by such Investor’s acceptance of the Registrable Securities, agrees to cooperate with the Company as reasonably
requested by the Company in connection with the preparation and filing of each Registration Statement or any prospectus supplement
or pre-effective or post-effective amendment thereto hereunder, unless such Investor has notified the Company in writing of such
Investor’s election to exclude all of such Investor’s Registrable Securities from such Registration Statement.

 

(c)   Each
Investor agrees that, upon receipt of any notice from the Company of either (i) the commencement of an Allowed Delay pursuant
to Section 2(c)ii; or (ii) the happening of an event pursuant to Section 3(h) hereof, such Investor will immediately
discontinue disposition of Registrable Securities pursuant to the Registration Statement covering such Registrable Securities,
until the Investor is advised by the Company that such dispositions may again be made.

 

(d)   Each
Investor covenants and agrees that it will comply with the prospectus delivery requirements of the Securities Act as applicable
to it in connection with sales of Registrable Securities pursuant to a Registration Statement.

 

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6.           Indemnification.

 

(a)   Indemnification
by the Company. The Company will indemnify and hold harmless each Investor and its officers, directors, members, employees
and agents, successors and assigns, and each other person, if any, who controls such Investor within the meaning of the Securities
Act, against any losses, claims, damages or liabilities, joint or several, to which they may become subject under the Securities
Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based
upon: (i) any untrue statement or alleged untrue statement or omission or alleged omission of any material fact contained in any
Registration Statement, any preliminary Prospectus or final Prospectus, or any amendment or supplement thereof; (ii) any blue
sky application or other document executed by the Company specifically for that purpose or based upon written information furnished
by the Company filed in any state or other jurisdiction in order to qualify any or all of the Registrable Securities under the
securities laws thereof (any such application, document or information herein called a “Blue Sky Application”);
(iii) the omission or alleged omission to state in a Blue Sky Application a material fact required to be stated therein or necessary
to make the statements therein not misleading; (iv) any violation by the Company or its agents of any rule or regulation promulgated
under the Securities Act applicable to the Company or its agents and relating to action or inaction required of the Company in
connection with such registration; or (v) any failure to register or qualify the Registrable Securities included in any such Registration
Statement in any state where the Company or its agents has affirmatively undertaken or agreed in writing that the Company will
undertake such registration or qualification on an Investor’s behalf and will reimburse such Investor, and each such officer,
director or member and each such controlling person for any legal or other expenses reasonably incurred by them in connection
with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the Company
will not be liable in any such case if and to the extent that any such loss, claim, damage or liability arises out of or is based
upon an untrue statement or alleged untrue statement or omission or alleged omission so made in conformity with information furnished
by such Investor or any such controlling person in writing specifically for use in such Registration Statement or Prospectus.

 

(b)   Indemnification
by the Investors. Each Investor agrees, severally but not jointly, to indemnify and hold harmless, to the fullest extent permitted
by law, the Company, its directors, officers, employees, stockholders and each person who controls the Company (within the meaning
of the Securities Act) against any losses, claims, damages, liabilities and expense (including reasonable attorney fees) resulting
from any untrue statement of a material fact or any omission of a material fact required to be stated in the Registration Statement
or Prospectus or preliminary Prospectus or amendment or supplement thereto or necessary to make the statements therein not misleading,
to the extent, but only to the extent that such untrue statement or omission is contained in any information furnished in writing
by such Investor to the Company specifically for inclusion in such Registration Statement or Prospectus or amendment or supplement
thereto. In no event shall the liability of an Investor be greater in amount than the dollar amount of the proceeds (net of all
expenses paid by such Investor in connection with any claim relating to this Section 6 and the amount of any damages such
Investor has otherwise been required to pay by reason of such untrue statement or omission) received by such Investor upon the
sale of the Registrable Securities included in the Registration Statement giving rise to such indemnification obligation.

 

(c)   Conduct
of Indemnification Proceedings. Any person entitled to indemnification hereunder shall (i) give prompt notice to the indemnifying
party of any claim with respect to which it seeks indemnification; and (ii) permit such indemnifying party to assume the defense
of such claim with counsel reasonably satisfactory to the indemnified party; provided that any Person entitled to indemnification
hereunder shall have the right to employ separate counsel and to participate in the defense of such claim, but the fees and expenses
of such counsel shall be at the expense of such Person unless (a) the indemnifying party has agreed to pay such fees or expenses;
or (b) the indemnifying party shall have failed to assume the defense of such claim and employ counsel reasonably satisfactory
to such Person; or (c) in the reasonable judgment of any such Person, based upon written advice of its counsel, a conflict of
interest exists between such Person and the indemnifying party with respect to such claims (in which case, if the Person notifies
the indemnifying party in writing that such Person elects to employ separate counsel at the expense of the indemnifying party,
the indemnifying party shall not have the right to assume the defense of such claim on behalf of such Person); and provided,
further, that the failure of any indemnified party to give notice as provided herein shall not relieve the indemnifying party
of its obligations hereunder, except to the extent that such failure to give notice shall materially adversely affect the indemnifying
party in the defense of any such claim or litigation. It is understood that the indemnifying party shall not, in connection with
any proceeding in the same jurisdiction, be liable for fees or expenses of more than one separate firm of attorneys at any time
for all such indemnified parties. No indemnifying party will, except with the consent of the indemnified party, consent to entry
of any judgment or enter into any settlement that does not include as an unconditional term thereof the giving by the claimant
or plaintiff to such indemnified party of a release from all liability in respect of such claim or litigation.

 

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(d)   Contribution.
If for any reason the indemnification provided for in the Sections 6(a) and 6(b) is unavailable to an indemnified party
or insufficient to hold it harmless, other than as expressly specified therein, then the indemnifying party shall contribute to
the amount paid or payable by the indemnified party as a result of such loss, claim, damage or liability in such proportion as
is appropriate to reflect the relative fault of the indemnified party and the indemnifying party, as well as any other relevant
equitable considerations. No Person guilty of fraudulent misrepresentation within the meaning of Section 11(f) of the Securities
Act shall be entitled to contribution from any Person not guilty of such fraudulent misrepresentation. In no event shall the contribution
obligation of a holder of Registrable Securities be greater in amount than the dollar amount of the proceeds (net of all expenses
paid by such holder in connection with any claim relating to this Section 6 and the amount of any damages such holder has
otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission) received
by it upon the sale of the Registrable Securities giving rise to such contribution obligation.

 

7.           Assignment
of Registration Rights.

 

All or any portion
of the rights under this Agreement shall be assignable by each Investor to any transferee or assignee (as the case may be) of
all or any portion of such Investor’s Registrable Securities or Warrants if: (i) such Investor agrees in writing with such
transferee or assignee (as the case may be) to assign all or any portion of such rights, and a copy of such agreement is furnished
to the Company within a reasonable time after such transfer or assignment (as the case may be); (ii) the Company is, within a
reasonable time after such transfer or assignment (as the case may be), furnished with written notice of (a) the name and address
of such transferee or assignee (as the case may be), and (b) the securities with respect to which such registration rights are
being transferred or assigned (as the case may be); (iii) immediately following such transfer or assignment (as the case may be)
the further disposition of such securities by such transferee or assignee (as the case may be) is restricted under the Securities
Act or applicable state securities laws if so required; (iv) at or before the time the Company receives the written notice contemplated
by clause (ii) of this sentence such transferee or assignee (as the case may be) agrees in writing with the Company to be bound
by all of the provisions contained herein by executing a Joinder Agreement, substantially in the form attached hereto as Exhibit
B; (v) such transfer or assignment (as the case may be) shall have been made in accordance with the applicable requirements
of the Subscription Agreement and the Warrants (as the case may be); and (vi) such transfer or assignment (as the case may be)
shall have been conducted in accordance with all applicable federal and state securities laws. Notwithstanding anything to the
contrary set forth herein, the rights of the Investors hereunder, may only be assigned by each Investor to transferees or assignees
that after such assignment hold or have the right to acquire at least 300,000 shares of Common Stock that constitute Registrable
Securities (subject to appropriate adjustment for stock splits, stock dividends, combinations and other recapitalizations).

 

8.           Miscellaneous.

 

(a)   Amendments
and Waivers. This Agreement may be amended only by a writing signed by the Company and the Required Holders. The Company may
take any action herein prohibited, or omit to perform any act herein required to be performed by it, only if the Company shall
have obtained the written consent to such amendment, action or omission to act, of the Required Holders. Notwithstanding the preceding,
each party hereto (i) acknowledges that, in accordance with Section 2 of the Subscription Agreements, the Company is permitted
to conduct additional Closings in connection with the Offering (each a “Subsequent Closing”); and (ii) agrees
that any Purchaser participating in a Subsequent Closing may (and for the avoidance of doubt, without the need to obtain the consent
of any party hereto) be added as a party to this Agreement by delivering a duly executed signature page to the Company in connection
with such Subsequent Closing.

 

(b)   Notices.
All notices and other communications provided for or permitted hereunder shall be made as set forth in Section 13 of the
Subscription Agreements.

 

    	-8-

    	 

    

 

(c)   Assignments
and Transfers by the Company. This Agreement may not be assigned by the Company (whether by operation of law or otherwise)
without the prior written consent of the Required Holders; provided, however, that in the event that the Company is a party
to a merger, consolidation, share exchange or similar business combination transaction in which the Common Stock is converted
into the equity securities of another Person, from and after the effective time of such transaction, (i) such Person shall, by
virtue of such transaction, be deemed to have assumed the obligations of the Company hereunder; (ii) the term “Company”
shall be deemed to refer to such Person; and (iii) the term “Registrable Securities” shall be deemed to include
the securities received by the Investors in connection with such transaction unless such securities are otherwise freely tradable
by the Investors after giving effect to such transaction.

 

(d)   Benefits
of the Agreement. The terms and conditions of this Agreement are for the sole benefit of the Parties and their successors
and permitted assigns and, except for any Person entitled to indemnification or contribution pursuant to Section 6, they
shall not be construed as conferring any rights on any other Persons. This Agreement may be amended or terminated, and any provision
of this Agreement may be waived, without the consent of any Person who is not a party to this Agreement.

 

(e)   Counterparts.
This Agreement may be executed in any number of counterparts, and each such counterpart hereof shall be deemed to be an original
instrument, but all such counterparts together shall constitute but one agreement. Delivery of an executed counterpart of a signature
page of this Agreement by facsimile or other electronic transmission shall be effective as delivery of a manually executed original
counterpart of this Agreement.

 

(f)   Titles
and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered
in construing or interpreting this Agreement.

 

(g)   Severability.
Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof but shall be interpreted
as if it were written so as to be enforceable to the maximum extent permitted by applicable law, and any such prohibition or unenforceability
in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. To the extent permitted
by applicable law, the parties hereby waive any provision of law which renders any provisions hereof prohibited or unenforceable
in any respect.

 

(h)   Further
Assurances. The parties shall execute and deliver all such further instruments and documents and take all such other actions
as may reasonably be required to carry out the transactions contemplated hereby and to evidence the fulfillment of the agreements
herein contained.

 

(i)   Entire
Agreement. This Agreement is intended by the parties as a final expression of their agreement and intended to be a complete
and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein.
This Agreement supersedes all prior agreements and understandings between the parties with respect to such subject matter.

 

(j)   Governing
Law; Consent to Jurisdiction; Waiver of Jury Trial. This Agreement shall be governed by, and construed in accordance with,
the internal laws of the State of New York without regard to the choice of law principles thereof. Each of the parties hereto
irrevocably submits to the exclusive jurisdiction of the courts of the State of New York located in New York County and the United
States District Court for the Southern District of New York for the purpose of any suit, action, proceeding or judgment relating
to or arising out of this Agreement and the transactions contemplated hereby. Service of process in connection with any such suit,
action or proceeding may be served on each party hereto anywhere in the world by the same methods as are specified for the giving
of notices under this Agreement. Each of the parties hereto irrevocably consents to the jurisdiction of any such court in any
such suit, action or proceeding and to the laying of venue in such court. Each party hereto irrevocably waives any objection to
the laying of venue of any such suit, action or proceeding brought in such courts and irrevocably waives any claim that any such
suit, action or proceeding brought in any such court has been brought in an inconvenient forum.  EACH OF THE PARTIES HERETO
WAIVES ANY RIGHT TO REQUEST A TRIAL BY JURY IN ANY LITIGATION WITH RESPECT TO THIS AGREEMENT AND REPRESENTS THAT COUNSEL HAS BEEN
CONSULTED SPECIFICALLY AS TO THIS WAIVER.

 

[signature pages follow]

 

    	-9-

    	 

    

 

IN WITNESS WHEREOF,
Purchaser and the Company have caused their respective signature page to this Registration Rights Agreement to be duly executed
as of the date first written above.

 

	 	COMPANY:
	 	 	 
	 	ARCH THERAPEUTICS, INC.
	 	 	 
	 	By:	/s/ Terrence W.
    Norchi, MD	 
	 	 	Name: Terrence W. Norchi, MD
	 	 	Title: President, Chief Executive Officer

 

[signature
page to registration rights agreement]

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
Purchaser and the Company have caused their respective signature page to this Registration Rights Agreement to be duly executed
as of the date first written above.

 

	 	PURCHASER:
	 	 	 
	 	Drake Partners Equity, LLC
	 	 	 
	 	By:	/s/ Laurence M.
    Hicks	 
	 	 	Name: Laurence M. Hicks
	 	 	Title: Managing Partner

 

[signature
page to registration rights agreement]

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
Purchaser and the Company have caused their respective signature page to this Registration Rights Agreement to be duly executed
as of the date first written above.

 

	 	PURCHASER:
	 	 	 
	 	David Cornett
	 	 	 
	 	By:	/s/ David Cornett	 
	 	 	Name: David Cornett

 

[signature
page to registration rights agreement]

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
Purchaser and the Company have caused their respective signature page to this Registration Rights Agreement to be duly executed
as of the date first written above.

 

	 	PURCHASER:
	 	 	 
	 	Keyes Sulat Revocable Trust
	 	 	 
	 	By:	/s/ James R. Sulat	 
	 	 	Name: James R. Sulat
	 	 	Title: Trustee

 

[signature
page to registration rights agreement]

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
Purchaser and the Company have caused their respective signature page to this Registration Rights Agreement to be duly executed
as of the date first written above.

 

	 	PURCHASER:
	 	 	 
	 	Stephanie Plent
	 	 	 
	 	By:	/s/ Stephanie Plent	 
	 	 	Name: Stephanie Plent

 

[signature
page to registration rights agreement]

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
Purchaser and the Company have caused their respective signature page to this Registration Rights Agreement to be duly executed
as of the date first written above.

 

	 	PURCHASER:
	 	 	 
	 	Ende Family Trust
	 	 	 
	 	By:	/s/ Eric J. Ende	 
	 	 	Name: Eric J. Ende
	 	 	Title: Co-Trustee

 

[signature
page to registration rights agreement]

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
Purchaser and the Company have caused their respective signature page to this Registration Rights Agreement to be duly executed
as of the date first written above.

 

	 	PURCHASER:
	 	 	 
	 	Condorcet UK LP
	 	 	 
	 	By:	/s/ Jonathan Symonds	 
	 	 	Name: Jonathan Symonds
	 	 	Title: General Partner

 

[signature
page to registration rights agreement]

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
Purchaser and the Company have caused their respective signature page to this Registration Rights Agreement to be duly executed
as of the date first written above.

 

	 	PURCHASER:
	 	 	 
	 	Scott B and Lucinda S Flaherty
	 	 	 
	 	By:	/s/ Scott B Flaherty	 
	 	 	Name: Scott B Flaherty
	 	 	 
	 	By:	/s/ Lucinda S Flaherty	 
	 	 	Name: Lucinda S Flaherty
	 	 	 

 

[signature
page to registration rights agreement]

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
Purchaser and the Company have caused their respective signature page to this Registration Rights Agreement to be duly executed
as of the date first written above.

 

	 	PURCHASER:
	 	 	 
	 	Anson Investments Master Fund LP
	 	 	 
	 	By:	/s/ Adam Spears	 
	 	 	Name: Adam Spears
	 	 	Title: Director, M5V Advisors, Inc.

 

[signature
page to registration rights agreement]

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
Purchaser and the Company have caused their respective signature page to this Registration Rights Agreement to be duly executed
as of the date first written above.

 

	 	PURCHASER:
	 	 	 
	 	Lorraine A. Malanga
	 	 	 
	 	By:	/s/
    Lorraine A. Malanga	 
	 	 	Name: Lorraine A. Malanga

 

[signature
page to registration rights agreement]

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
Purchaser and the Company have caused their respective signature page to this Registration Rights Agreement to be duly executed
as of the date first written above.

 

	 	PURCHASER:
	 	 	 
	 	Jonathan J. Galli
	 	 	 
	 	By:	/s/ Jonathan J.
    Galli	 
	 	 	Name: Jonathan J. Galli

 

[signature
page to registration rights agreement]

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
Purchaser and the Company have caused their respective signature page to this Registration Rights Agreement to be duly executed
as of the date first written above.

 

	 	PURCHASER:
	 	 	 
	 	Rocco F. and Jennifer DiFilippo
	 	 	 
	 	By:	/s/ Rocco F. DiFilippo	 
	 	 	Name: Rocco F. DiFilippo
	 	 	 
	 	By:	/s/ Jennifer DiFilippo	 
	 	 	Name: Jennifer DiFilippo

 

[signature
page to registration rights agreement]

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
Purchaser and the Company have caused their respective signature page to this Registration Rights Agreement to be duly executed
as of the date first written above.

 

	 	PURCHASER:
	 	 	 
	 	Popham Management, LLC
	 	 	 
	 	By:	/s/ Jerry K. Popham	 
	 	 	Name: Jerry K. Popham
	 	 	Title: Manager

 

[signature
page to registration rights agreement]

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
Purchaser and the Company have caused their respective signature page to this Registration Rights Agreement to be duly executed
as of the date first written above.

 

	 	PURCHASER:
	 	 	 
	 	Karen and Ronald Bryan Woodard
	 	 	 
	 	By:	/s/ Karen Woodard	 
	 	 	Name: Karen Woodard
	 	 	 
	 	By:	/s/ Ronald Bryan Woodard	 
	 	 	Name: Ronald Bryan Woodard

 

[signature
page to registration rights agreement]

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
Purchaser and the Company have caused their respective signature page to this Registration Rights Agreement to be duly executed
as of the date first written above.

 

	 	PURCHASER:
	 	 	 
	 	Steve Lahiji
	 	 	 
	 	By:	/s/
    Steve Lahiji	 
	 	 	Name: Steve Lahiji

 

[signature
page to registration rights agreement]

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
Purchaser and the Company have caused their respective signature page to this Registration Rights Agreement to be duly executed
as of the date first written above.

 

	 	PURCHASER:
	 	 	 
	 	Condorcet, LP
	 	 	 
	 	By:	/s/ Shumeet Banerji	 
	 	 	Name: Shumeet Banerji
	 	 	Title: General Partner

 

[signature
page to registration rights agreement]

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
Purchaser and the Company have caused their respective signature page to this Registration Rights Agreement to be duly executed
as of the date first written above.

 

	 	PURCHASER:
	 	 	 
	 	Charles and Lisa J. Cunning
	 	 	 
	 	By:	/s/ Charles Cunning	 
	 	 	Name: Charles Cunning
	 	 	 
	 	By:	/s/ Lisa J. Cunning	 
	 	 	Name: Lisa J. Cunning

 

[signature
page to registration rights agreement]

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
Purchaser and the Company have caused their respective signature page to this Registration Rights Agreement to be duly executed
as of the date first written above.

 

	 	PURCHASER:
	 	 	 
	 	James M. McKeone
	 	 	 
	 	By:	/s/ James M. McKeone	 
	 	 	Name: James M. McKeone

 

[signature
page to registration rights agreement]

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
Purchaser and the Company have caused their respective signature page to this Registration Rights Agreement to be duly executed
as of the date first written above.

 

	 	PURCHASER:
	 	 	 
	 	Armor Securities LLC
	 	 	 
	 	By:	/s/ Kazimierz Malik	 
	 	 	Name: Kazimierz Malik
	 	 	Title: Manager

 

[signature
page to registration rights agreement]

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
Purchaser and the Company have caused their respective signature page to this Registration Rights Agreement to be duly executed
as of the date first written above.

 

	 	PURCHASER:
	 	 	 
	 	Michael A Parker
	 	 	 
	 	By:	/s/ Michael A Parker	 
	 	 	Name: Michael A Parker

 

[signature
page to registration rights agreement]

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
Purchaser and the Company have caused their respective signature page to this Registration Rights Agreement to be duly executed
as of the date first written above.

 

	 	PURCHASER:
	 	 	 
	 	Intracoastal Capital, LLC
	 	 	 
	 	By:	/s/ Keith A.
    Goodman	 
	 	 	Name: Keith A. Goodman
	 	 	Title: Authorized Signatory

 

[signature
page to registration rights agreement]

 

    	 

    	 

    

 

EXHIBIT A

 

PLAN OF DISTRIBUTION

 

We are registering
(i) the shares of common stock issued; and (ii) the shares of common stock issuable upon exercise of the Series D Warrants, in
each case, issued to the selling securityholders in the [June 2015 Private Placement Financing] to permit the resale of these
shares of common stock by the selling securityholders from time to time after the date of this prospectus. We will not receive
any of the proceeds from the sale by the selling securityholders of the shares of common stock. We will bear all fees and expenses
incident to our obligation to register the shares of common stock.

 

The selling securityholders
may sell all or a portion of the shares of common stock held by them and offered hereby from time to time directly or through
one or more underwriters, broker-dealers or agents. If the shares of common stock are sold through underwriters or broker-dealers,
the selling securityholders will be responsible for underwriting discounts or commissions or agent’s commissions. The shares
of common stock may be sold in one or more transactions at fixed prices, at prevailing market prices at the time of the sale,
at varying prices determined at the time of sale or at negotiated prices. These sales may be effected in transactions, which may
involve crosses or block transactions, pursuant to one or more of the following methods:

 

		·	on any national
                                         securities exchange or quotation service on which the securities may be listed or quoted
                                         at the time of sale;

 

		·	in the over-the-counter
                                         market;

 

		·	in transactions
                                         otherwise than on these exchanges or systems or in the over-the-counter market;

 

		·	through the
                                         writing or settlement of options, whether such options are listed on an options exchange
                                         or otherwise;

 

		·	ordinary brokerage
                                         transactions and transactions in which the broker-dealer solicits purchasers;

 

		·	block trades
                                         in which the broker-dealer will attempt to sell the shares as agent but may position
                                         and resell a portion of the block as principal to facilitate the transaction;

 

		·	purchases by
                                         a broker-dealer as principal and resale by the broker-dealer for its account;

 

		·	an exchange
                                         distribution in accordance with the rules of the applicable exchange;

 

		·	privately negotiated
                                         transactions;

 

		·	short sales
                                         effected after the date the registration statement of which this prospectus is a part
                                         is declared effective by the SEC;

 

		·	broker-dealers
                                         may agree with a selling securityholder to sell a specified number of such shares at
                                         a stipulated price per share;

 

		·	a combination
                                         of any such methods of sale; and

 

		·	any other method
                                         permitted pursuant to applicable law.

 

The selling securityholders
may also sell shares of common stock under Rule 144 promulgated under the Securities Act, if available, rather than under this
prospectus. In addition, the selling securityholders may transfer the shares of common stock by other means not described in this
prospectus. If the selling securityholders effect such transactions by selling shares of common stock to or through underwriters,
broker-dealers or agents, such underwriters, broker-dealers or agents may receive commissions in the form of discounts, concessions
or commissions from the selling securityholders or commissions from purchasers of the shares of common stock for whom they may
act as agent or to whom they may sell as principal (which discounts, concessions or commissions as to particular underwriters,
broker-dealers or agents may be in excess of those customary in the types of transactions involved but, except as set forth in
a supplement to this prospectus to the extent required, in the case of an agency transaction will not be in excess of a customary
brokerage commission in compliance with FINRA Rule 5110).

 

In connection with
sales of the shares of common stock or otherwise, the selling securityholders may enter into hedging transactions with broker-dealers,
which may in turn engage in short sales of the shares of common stock in the course of hedging in positions they assume. The selling
securityholders may also sell shares of common stock short and deliver shares of common stock covered by this prospectus to close
out short positions and to return borrowed shares in connection with such short sales. The selling securityholders may also loan
or pledge shares of common stock to broker-dealers that in turn may sell such shares.

 

    	 

    	 

    

  

The selling securityholders
may pledge or grant a security interest in some or all of the Series D Warrants or shares of common stock owned by them and, if
they default in the performance of their secured obligations, the pledgees or secured parties may offer and sell the shares of
common stock from time to time pursuant to this prospectus or any amendment to this prospectus under Rule 424(b)(3) or other applicable
provision of the Securities Act amending, if necessary, the list of selling securityholders to include the pledgee, transferee
or other successors in interest as selling securityholders under this prospectus. The selling securityholders also may transfer
and donate the shares of common stock in other circumstances as permitted by the securities purchase agreement, the registration
rights agreement, the Series D Warrants and all applicable law, in which case the transferees, donees, pledgees or other successors
in interest will be the selling beneficial owners for purposes of this prospectus.

 

To the extent required
by the Securities Act and the rules and regulations thereunder, the selling securityholders and any broker-dealer participating
in the distribution of the shares of common stock may be deemed to be “underwriters” within the meaning of the Securities
Act. In such event, any commission paid, or any discounts or concessions allowed to, any such broker-dealer may be deemed to be
underwriting commissions or discounts under the Securities Act. Selling securityholders who are deemed to be “underwriters”
under the Securities Act (if any) will be subject to the prospectus delivery requirements of the Securities Act and may be subject
to certain statutory liabilities of, including but not limited to, Sections 11, 12 and 17 of the Securities Act and Rule 10b-5
under the Exchange Act.

 

Each selling securityholder
has informed us that it is not a registered broker-dealer and does not have any written or oral agreement or understanding, directly
or indirectly, with any person to engage in a distribution of the common stock. Upon us being notified in writing by a selling
securityholder that any material arrangement has been entered into with a broker-dealer for the distribution of common stock,
a prospectus supplement, if required, will be distributed, which will set forth the aggregate amount of shares of common stock
being distributed and the terms of the offering, including the name or names of any broker-dealers or agents, any discounts, commissions
and other terms constituting compensation from the selling securityholders and any discounts, commissions or concessions allowed
or re-allowed or paid to broker-dealers.

 

Under the securities
laws of some states, the shares of common stock may be sold in such states only through registered or licensed brokers or dealers.
In addition, in some states the shares of common stock may not be sold unless such shares have been registered or qualified for
sale in such state or an exemption from registration or qualification is available and is complied with.

 

Each selling securityholder
may sell all, some or none of the shares of common stock registered pursuant to the registration statement of which this prospectus
forms a part. If sold under the registration statement of which this prospectus forms a part, the shares of common stock registered
hereunder will be freely tradable in the hands of persons other than our affiliates that acquire such shares.

 

The selling securityholders
and any other person participating in such distribution will be subject to applicable provisions of the Exchange Act and the rules
and regulations thereunder, including, without limitation, to the extent applicable, Regulation M of the Exchange Act, which may
limit the timing of purchases and sales of any of the shares of common stock by the selling securityholders and any other participating
person. To the extent applicable, Regulation M may also restrict the ability of any person engaged in the distribution of the
shares of common stock to engage in market-making activities with respect to the shares of common stock. All of the foregoing
may affect the marketability of the shares of common stock and the ability of any person or entity to engage in market-making
activities with respect to the shares of common stock.

 

We have agreed to
keep this prospectus effective until the earlier of (i) the date on which all of the securities registered under the registration
statement of which this prospectus is a part have been sold; and (ii) the twelve month anniversary of the date the registration
statement of which this prospectus is a part is declared effective by the SEC. We have also agreed to pay all expenses of the
registration of the shares of common stock pursuant to the registration rights agreement, estimated to be $[______] in total,
including, without limitation, SEC filing fees and expenses of compliance with state securities or “blue sky” laws;
provided, however, a selling securityholder will pay all underwriting discounts and selling commissions, if any.

 

    	 

    	 

    

 

We have further agreed
to indemnify or provide contribution to the selling securityholders with respect to certain liabilities, including some liabilities
under the Securities Act, in accordance with the registration rights agreements. Each selling securityholder, severally and not
jointly, has agreed to indemnify or provide contribution to us with respect to certain civil liabilities, including liabilities
under the Securities Act, that may arise from any written information furnished to us by the selling securityholder specifically
for use in this prospectus, in accordance with the related registration rights agreements.

 

    	 

    	 

    

 

EXHIBIT B

 

FORM OF JOINDER AGREEMENT

 

This JOINDER (“Joinder”)
to the Registration Rights Agreement by and among Arch Therapeutics, Inc., a Nevada corporation (“Arch”) and
the undersigned Purchasers thereto dated as of June 30, 2015 (the “Registration Rights Agreement”) is made
and entered into as of [______________], 201___ by and between Arch and [Insert name of Assignee], a [Insert entity type and jurisdiction
of formation] (“Investor”). Arch and Investor are sometimes referred to herein individually as a “Party”
and collectively as the “Parties.”

 

WITNESSETH

 

WHEREAS, [Insert name of Assignor]
(“Assignor”), a party to the Registration Rights Agreement, has [contributed][assigned] its Registrable Securities
to Investor pursuant to that certain [insert name of transfer agreement], dated as of [______________], 201___, by and among Assignor
and Investor; and

 

WHEREAS, Section 7 of the Registration
Rights Agreement permits Assignor to assign its rights under the Registration Rights Agreement to Investor; provided, that,
among other things, Investor executes a joinder agreement pursuant to which it agrees to be bound by all of the provisions contained
in the Registration Rights Agreement.

 

NOW, THEREFORE, in consideration of
the foregoing, the mutual promises contained herein, and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the Parties to this Joinder, intending legally to be bound, hereby agree as follows:

 

1.          Definitions.
Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed to such terms in the Registration
Rights Agreement

 

2.          Agreement
to be Bound. Investor agrees and acknowledges that upon the execution of this Joinder, Investor shall become bound by and
a party to the Registration Rights Agreement, and shall be fully bound by and subject to, all of the applicable benefits, rights,
restrictions and obligations of the Registration Rights Agreement as though an original party thereto.

 

3.          Effectiveness.
This Joinder shall take effect and shall become part of the Registration Rights Agreement immediately upon the execution hereof.

 

4.          Incorporation
of Registration Rights Agreement Provisions. The provisions contained in Section 8(j) of the Registration Rights Agreement
pertaining to, among other things, governing law, jurisdiction, and waiver of jury trial, are incorporated herein by reference
to the same extent as if reproduced herein in their entirety, and shall govern any dispute arising under or in connection with
this Joinder.

 

5.          Entire
Agreement; Third Party Beneficiaries. This Joinder contains the entire agreement between the Parties with respect to the transactions
contemplated hereby and supersedes all prior agreements, understandings, promises and representations, whether written or oral,
between the Parties with respect to the subject matter hereof and thereof. The covenants and agreements set forth in this Joinder
are for the sole benefit of the Parties and their successors and permitted assigns, and they shall not be construed as conferring
any rights on any other Persons.

 

6.          Headings.
The headings in this Joinder are for the purpose of reference only and shall not limit or otherwise affect the meaning hereof.

 

7.          Counterparts.
This Joinder may be executed in any number of counterparts, and each such counterpart hereof shall be deemed to be an original
instrument, but all such counterparts together shall constitute but one agreement. Delivery of an executed counterpart of a signature
page of this Joinder by facsimile or other electronic transmission shall be effective as delivery of a manually executed original
counterpart of this Joinder.

 

    	B-1

    	 

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Joinder to be executed as of the day and year first above written.

 

	 	ARCH THERAPEUTICS, INC.
	 	 	 
	 	By:	 	 
	 	 	Name:
	 	 	Title:

 

	 	[investor]
	 	 	 
	 	By:	 	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	 	Address:	 
	 	 	 	 
	 	 	 	 
	 	 	Fax Number:	 
	 	 	Email Address:	 
	 	 	 	 	 

    	B-2Exhibit 10.1

 

THIRD AMENDMENT TO EMPLOYMENT AGREEMENT

 

This THIRD
Amendment to Employment Agreement (this “Amendment”) is made and entered as of this 29th day of
June, 2015, (the “Amendment Effective Date”) by and between InspireMD, Inc., a Delaware corporation (the
“Company”), and Alan W. Milinazzo (the “Executive”) for purposes of amending
that certain Employment Agreement dated as of January 3, 2013, as first amended on April 24, 2013, and further amended on January
5, 2015, by and between the Company and the Executive (the “Agreement”). Terms used in this Amendment
with initial capital letters that are not otherwise defined herein shall have the meanings ascribed to such terms in the Agreement.

 

WHEREAS, Section
7.5 of the Agreement provides that the parties to the Agreement may amend the Agreement in a writing signed by the parties; and

 

WHEREAS, the
parties hereto desire to amend the Agreement in certain respects.

 

NOW THEREFORE,
pursuant to Section 7.5 of the Agreement, and for good and valuable consideration, the sufficiency of which is hereby acknowledged,
the Company and the Executive agree as follows:

 

1.                 
Section 1.2 of the Agreement is hereby amended by replacing the reference therein to “three (3) for-profit corporate
boards” with “five (5) for-profit corporate boards”.

 

2.                 
Section 1.3 of the Agreement is hereby amended by deleting said section in its entirety and substituting in lieu thereof
the following new Section 1.3.

 

1.3Term
of Employment. The term of this Agreement shall continue until June 30th 2016, unless sooner terminated by either
party as provided in Articles IV and V hereunder (the “Term”).

 

3.                 
Section 2.5 of the Agreement is hereby amended by deleting said section in its entirety and substituting in lieu thereof
the following new Section 2.5:

 

2.5Temporary
Base Salary Modification.

 

(a) Notwithstanding
the foregoing, the Executive and the Company agreed that during the Executive’s employment until the Company raises an aggregate
of $5 million from investors (the “Contract Period”), the Executive shall receive 50% of his base salary in
cash payments, with the remaining 50% paid to the Executive through shares of restricted stock of the Company (the “Restricted
Shares”). For the Executive’s employment in 2015 during the Contract Period, the Executive was issued 312,500 Restricted
Shares on January 26, 2015 (using the fair market value of $0.72 of the Company’s stock as of the market close on January
26, 2015) (the “2015 Restricted Shares”) which shall vest on January 26, 2016 (the “2015 Restricted
Shares Vesting Date”), subject to the terms herein and the Executive not subsequently receiving any cash salary payments
with respect to any of the Executive’s cash salary that was surrendered pursuant to this Section 2.5 in exchange for the
2015 Restricted Shares. As of January 2, 2016, the number of 2015 Restricted Shares shall be adjusted based upon the volume-weighted
average price of the Company’s common stock during the calendar year ended December 31, 2015, with the Executive either receiving
or forfeiting the number of Restricted Shares required to continue to represent the equivalent of 50% of the Executive’s
base salary in 2015, with any newly granted shares vesting on the 2015 Restricted Shares Vesting Date. Provided however that if
the Executive is terminated pursuant to Section 4.2, 4.3, 4.4 or 4.5 prior to December 31, 2015, the number of 2015 Restricted
Shares shall be adjusted on such termination date based upon the volume-weighted average price of the Company’s common stock
from January 2, 2015 through the termination date, with the Executive either receiving or forfeiting the number of Restricted Shares
required to continue to represent the equivalent of 50% of the Executive’s base salary in 2015.

 

    	 

    	 

    

 

(b)For the
Executive’s employment in 2016 during the Contract Period, the Executive shall be issued the number of Restricted Shares
(using the fair market value of the Company’s stock as of the market close on January 2, 2016) equivalent to 50% of his base
salary from January 1, 2016 through June 30, 2016 (the “2016 Restricted Shares”), which shall vest on June 30,
2016 (the “2016 Restricted Shares Vesting Date”), subject to the terms herein and the Executive not subsequently
receiving any cash salary payments with respect to any of the Executive’s cash salary that was surrendered pursuant to this
Section 2.5 in exchange for the 2016 Restricted Shares.

 

(c)Notwithstanding
the foregoing or anything in Section 5.3 to the contrary, the 2015 or 2016 Restricted Shares, as applicable, shall be 100% fully
vested on the 2015 or 2016 Vesting Date, as applicable, if a Change in Control occurs during the Contract Period, provided that
the Executive is rendering services to the Company through the Change in Control Date. To the extent that the Company subsequently
pays the Executive any cash salary that was surrendered pursuant to this Section 2.5 in exchange for the Restricted Shares, the
Executive shall immediately forfeit such portion of the Restricted Shares to the Company having a value equal to the amount of
cash salary subsequently paid (using the fair market value of the Company’s stock as of the market close on January 26, 2015
for the 2015 Restricted Shares and January 2, 2016 for the 2016 Restricted Shares, as applicable). Any tax withholding required
with respect to the Restricted Shares contemplated by the prior sentence shall be accomplished by the withholding of shares of
such Restricted Shares equal in value (using the fair market value of the Company’s stock as of the market close on the immediately
preceding trading day) to the minimum withholding required by law and any cash required to satisfy the withholding amount required
to be sent to the appropriate tax authorities shall be paid by the Company out of its cash balance. For the avoidance of any doubt,
the parties agree that during the Contract Period only, the clause (i) in the definition of Base Amount set forth in Exhibit A
hereto, shall refer only to the full amount of the Executive’s base salary prior to any modification agreed to hereunder.
The Restricted Shares issued to the Executive under this Section 2.5 shall be granted under the Company’s current equity
incentive plan and the Company shall take all steps reasonably required to ensure that the issuance of such shares to the Executive
are not matchable for purposes of Section 16 of the Securities Act of 1934 (and the applicable rules related thereto) against any
shares withheld by the Company as provided above or sold by the Executive.

 

    	2

    	 

    

 

4.                 
Article V of the Agreement is hereby amended by deleting said Article, and all sections thereunder, in their entirety and
substituting in lieu thereof the following new Article V:

 

V.PAYMENTS ON TERMINATION

 

5.1Death; Disability;
Resignation for Good Reason; Termination without Cause. If at any time during the Term the Executive’s employment with
the Company is terminated pursuant to Section 4.2, 4.3, 4.4 or 4.5, the Executive shall be entitled to the payment and benefits
set forth below only.

 

(a)any
unpaid base salary and accrued unpaid vacation then owing through the date of termination or Incentive Compensation that is as
of such date actually earned or owing under Article II, but not yet paid to the Executive, which amounts shall be paid to
the Executive on the next regularly scheduled Company payroll date following
the date of termination or earlier if required by applicable law. Nothing
in this provision is intended to imply that the Executive is entitled to any partial or pro rata payment of Incentive Compensation
on termination unless the Bonus Plan expressly provides as much under its specific terms.

 

(b)the
cash payments of the Executive’s base salary for 2015 set forth in Section 2.5 shall continue to be paid to the Executive
through and including December 31, 2015, in the event the Executive is terminated during the Contract Period pursuant to Section
4.2, 4.3, 4.4 or 4.5 on or before December 31, 2015. The Executive shall instead continue to be paid his base salary set forth
in Section 2.2 through and including December 31, 2015 in the event he is terminated following the Contract Period pursuant to
Section 4.2, 4.3, 4.4 or 4.5 on or before December 31, 2015. The continued payments in either case shall commence after the Executive’s
signing the release described in Section 5.4 and the expiration of any applicable revocation period, subject, in the case of termination
other than as a result of the Executive’s death, to Section 7.16, provided, however, that in the event that the time period
for return of the release and expiration of the applicable revocation period begins in one taxable year and ends in a second taxable
year, such payments shall not be made until the second taxable year if necessary
to comply with Section 409A of the Code.

 

(c)one
hundred percent (100%) of all unvested stock options, restricted stock, stock appreciation rights or similar stock based rights
granted to the Executive shall vest and, if applicable, be immediately exercisable and any risk of forfeiture included in such
restricted or other stock grants previously made to the Executive shall immediately lapse. However, notwithstanding the foregoing,
if the Executive is terminated in 2016 prior to the 2016 Restricted Stock Vesting Date pursuant to Section 4.2, 4.3,
4.4 or 4.5, a portion of the 2016 Restricted Shares shall vest prorated based upon the number of days of service rendered in 2016
during the Contract Period. In addition, if the Executive’s employment
is terminated pursuant to Section 4.2, 4.3, 4.4 or 4.5 and vests in any manner described hereunder, the Executive shall have until
the earlier of (i) two (2) years from the date of termination, or (ii) the latest date that each stock option or stock appreciation
right would otherwise expire by its original terms had the Executive’s employment not terminated to exercise any outstanding
stock options or stock appreciation rights. The extension of the exercise period set forth in this Section 5.1(c) shall
occur notwithstanding any provision in any Plans or related grant documents which provides for a lesser vesting or shorter period
for exercise upon termination by the Company without Cause (which for this purpose shall include a termination by the Executive
for Good Reason), notwithstanding anything to the contrary in any Plans or grant documents; provided, however, and
for the avoidance of doubt, nothing in this Agreement shall be construed as or imply that this Agreement does or can grant greater
rights than are allowed under the terms and conditions of the Plans.

 

    	3

    	 

    

 

(d)to
the fullest extent permitted by the Company’s then-current benefit plans, continuation of health, dental, vision and life
insurance coverage, (but not pension, retirement, profit-sharing, severance or similar compensatory benefits), for the Executive
and the Executive’s eligible dependents substantially similar to coverage they were receiving or which they were entitled
to immediately prior to the termination of the Executive’s employment for the lesser of 12 months after termination or until
the Executive secures coverage from new employment and the period of COBRA health care continuation coverage provided under Section
4980B of the Code shall run concurrently with the foregoing 12 month period. In order to receive such benefits, the Executive or
his eligible dependents must continue to make any required co-payments, deductibles, premium sharing or other cost-splitting arrangements
the Executive was otherwise paying immediately prior to the date of termination and nothing herein shall require the Company to
be responsible for such items. If the Executive is a “specified employee” under Section 409A, the full cost of the
continuation or provision of employee group welfare benefits (other than medical or dental benefits) shall be paid by the Executive
until the earliest to occur of (i) the Executive’s death or (ii) the first day of the seventh month following the Executive’s
termination of employment, and such cost shall be reimbursed by the Company to, or on behalf of, the Executive in a lump sum cash
payment on the earlier to occur of the Executive’s death or the first day of the seventh month following the Executive’s
termination of employment, except that, as provided above, the Executive shall not receive reimbursement for any required co-payments,
deductibles, premium sharing or other cost-splitting arrangements the Executive was otherwise paying immediately prior to the date
of termination.

 

5.2Termination
for Cause; Voluntary Termination. If at any time during or after the Term the Executive’s employment with the Company
is terminated pursuant to Section 4.6 or 4.7, the Executive shall be entitled to only the following:

 

    	4

    	 

    

 

(a)any
unpaid base salary and accrued unpaid vacation then owing through the date of termination or Incentive Compensation that is as
of such date actually earned or owing under Article II, but not yet paid to the Executive, which amounts shall be paid to the Executive
within 30 days of the date of termination. Nothing in this provision is intended to imply that the Executive is entitled to any
partial or pro rata payment of Incentive Compensation on termination unless the Bonus Plan expressly provides as much under its
specific terms.

 

(b)whatever
rights, if any, that are available to the Executive upon such a termination pursuant to the Plans or any award documents related
to any stock-based compensation such as stock options, stock appreciation rights or restricted stock grants. This Agreement does
not grant any greater rights with respect to such items than provided for in the Plans or the award documents in the event of any
termination for Cause or a Voluntary Termination.

 

5.3Termination
following a Change in Control. The Executive shall have no specific right to terminate this Agreement or right to any severance
payments or other benefits solely as a result of a Change in Control. However, if during a Change in Control Period during the
Term, (a) the Executive terminates his employment with the Company pursuant to Section 4.4, or (b) the Company terminates the Executive’s
employment pursuant to Section 4.5, the Executive shall receive a lump sum severance payment of 200% of the Base Amount, for a
termination of employment described in (a) and (b) all stock options, restricted stock, stock appreciation rights or similar stock-based
rights granted to the Executive shall vest in full and be immediately exercisable and any risk of forfeiture included in restricted
or other stock grants previously made to the Executive shall immediately lapse. The terms and rights with respect to such payments
shall otherwise be governed by Section 5.1. No other rights result from termination during a Change in Control Period; provided,
however, that nothing in this Section 5.3 is intended to limit or impair the rights of the Executive under the Plans or
any documents evidencing any stock-based compensation awards in the event of a Change in Control if such Plans or award documents
grant greater rights than are set forth herein.

 

5.4Release.
The Company’s obligation to provide any benefits to the Executive following termination (other than in the event of death
pursuant to Section 4.2) is expressly subject to the requirement that he execute and not breach
or rescind a release relating to employment matters and the circumstances surrounding his termination in favor of the members of
the Company Group and their officers, directors and related parties and agents, in a form reasonably acceptable to the Company
at the time of Executive’s termination of employment. The Company shall deliver such release to the Executive within three
business days following his termination of employment and the Executive shall be obligated to sign and return the release to the
Company within 45 days of receipt of such release to receive any benefits or payments following termination.

 

5.5Other Benefits.
Except as expressly provided otherwise in this Article V, the provisions of this Agreement shall not affect the Executive’s
participation in, or terminating distributions and vested rights under, any pension, profit-sharing, insurance or other employee
benefit plan of the Company Group to which the Executive is entitled pursuant to the terms of such plans, or expense reimbursements
he is otherwise entitled to under Section 3.4.

 

    	5

    	 

    

 

5.6No Mitigation.
It will be difficult, and may be impossible, for the Executive to find reasonably comparable employment following the termination
of the Executive’s employment, and the protective provisions under Article VI contained herein will further limit the employment
opportunities for the Executive. Accordingly, the parties hereto expressly agree that the provision of compensation in accordance
with the terms of this Agreement will be liquidated damages, and that the Executive shall not be required to seek other employment,
or otherwise, to mitigate any payment provided for hereunder.

 

5.7Limitation;
No Other Rights. Any amounts due or payable under this Article V are in the nature of severance payments or liquidated damages,
or both, and the Executive agrees that such amounts shall fully compensate the Executive, his dependents, heirs and beneficiaries
and the estate of the Executive for any and all direct damages and consequential damages that they do or may suffer as a result
of the termination of the Executive’s employment, or both, and are not in the nature of a penalty. Notwithstanding the above,
no member of the Company Group shall be liable to the Executive under any circumstances for any consequential, incidental, punitive
or similar damages. The Executive expressly acknowledges that the payments and other rights under this Article V shall be the sole
monies or other rights to which the Executive shall be entitled to and such payments and rights will be in lieu of any other rights
or remedies he might have or otherwise be entitled to. In the event of any termination under this Article V, the Executive hereby
expressly waives any rights to any other amounts, benefits or other rights, including without limitation whether arising under
current or future compensation or severance or similar plans, agreements or arrangements of any member of the Company Group (including
as a result of changes in (or of) control or similar Change in Control events), unless Executive’s entitlement to participate
or receive benefits thereunder has been expressly approved by the Board. Similarly, no one in the Company Group shall have any
further liability or obligation to the Executive following the date of termination, except as expressly provided in this Agreement.

 

5.8No Right
to Set Off. The Company shall not be entitled to set off against amounts payable to the Executive hereunder any amounts earned
by the Executive in other employment, or otherwise, after termination of his employment with the Company, or any amounts which
might have been earned by the Executive in other employment had he sought such other employment.

 

5.9Adjustments
Due to Excise Tax.

 

(a)If
it is determined that any amount or benefit to be paid or payable to the Executive under this Agreement or otherwise in conjunction
with his employment (whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise
in conjunction with his employment) would give rise to liability of the Executive for the excise tax imposed by Section 4999 of
the Code, as amended from time to time, or any successor provision (the “Excise Tax”), then the amount or benefits
payable to the Executive (the total value of such amounts or benefits, the “Payments”) shall be reduced by the
Company to the extent necessary so that no portion of the Payments to the Executive is subject to the Excise Tax. Such reduction
shall only be made if the net amount of the Payments, as so reduced (and after deduction of applicable federal, state, and local
income and payroll taxes on such reduced Payments other than the Excise Tax (collectively, the “Deductions”))
is greater than the excess of (1) the net amount of the Payments, without reduction (but after making the Deductions) over (2)
the amount of Excise Tax to which the Executive would be subject in respect of such Payments.

 

    	6

    	 

    

 

(b)In
the event it is determined that the Excise Tax may be imposed on the Executive prior to the possibility of any reductions being
made pursuant to Section 5.9(a), the Company and the Executive agree to take such actions as they may mutually agree in writing
to take to avoid any such reductions being made or, if such reduction is not otherwise required by Section 5.9(a), to reduce the
amount of Excise Tax imposed.

 

(c)The
independent public accounting firm serving as the Company’s auditing firm, or such other accounting firm, law firm or professional
consulting services provider of national reputation and experience reasonably acceptable to the Company and Executive (the “Accountants”)
shall make in writing in good faith all calculations and determinations under this Section 5.9, including the assumptions to be
used in arriving at any calculations. For purposes of making the calculations and determinations under this Section 5.9, the Accountants
and each other party may make reasonable assumptions and approximations concerning the application of Section 280G and Section
4999. The Company and Executive shall furnish to the Accountants and each other such information and documents as the Accountants
and each other may reasonably request to make the calculations and determinations under this Section 5.9. The Company shall bear
all costs the Accountants incur in connection with any calculations contemplated hereby.

 

5.                 
The definition of “Change of Control” set forth in Exhibit A of the Agreement is hereby amended
by deleting said definition in its entirety and substituting in lieu thereof the following new definition:

 

“Change
of Control” shall mean the occurrence, following the date of this Agreement, of (i) a sale or transfer (other than
by way of merger or consolidation), of all or substantially all of the assets of the Company to any Person, (ii) any merger, consolidation
or other business combination transaction of the Company with or into another corporation, entity or Person, other than a transaction
in which the holders of at least a majority of the shares of voting capital stock of the Company outstanding immediately prior
to such transaction continue to hold (either by such shares remaining outstanding or by their being converted into shares of voting
capital stock of the surviving entity) a majority of the total voting power represented by the shares of voting capital stock of
the Company (or the surviving entity) outstanding immediately after such transaction, or (iii) the direct or indirect acquisition
from the Company’s stockholders (including by way of a tender or exchange offer) by any Person, or Persons acting as a group,
of beneficial ownership of shares representing more than 67% of the total voting power of the then-outstanding shares of capital
stock of the Company. For purposes of subparagraphs (i), (ii) and (iii) above, “Person” shall have the meaning given
in Code Section 7701(a)(1). Person shall include more than one Person acting as a group as defined by the final Treasury Regulations
issued under Section 409A of the Code.

 

    	7

    	 

    

 

6.                 
Except as expressly amended by this Amendment, the Agreement shall continue in full force and effect in accordance with
the provisions thereof.

 

7.                 
In the event of a conflict between the Agreement and this Amendment, this Amendment shall govern

 

 

* * * * * * * * * *

[Remainder of Page Intentionally Left
Blank

Signature Page Follows.]

 

    	8

    	 

    

 

IN WITNESS WHEREOF,
the parties have executed this Third Amendment to Employment Agreement as of the Amendment Effective Date.

 

	 	THE COMPANY:	 
	 	 	 	 
	 	INSPIREMD, INC.	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Craig Shore
	 	Name:	Craig Shore
	 	Title:	Chief Financial Officer
	 	 	 	 
	 	 	 	 
	 	EXECUTIVE:	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	/s/ Alan W. Milinazzo	 
	 	Alan W. Milinazzo

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