SEC Contract Filing

Filing Date: 2023-09-06

Document Content:
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>ex_567387.htm
<DESCRIPTION>EXHIBIT 10.2
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<p style="margin: 0px 0pt; text-align: right; font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt"><b>Exhibit 10.2</b></font></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>AMENDMENT NO. 10</b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>UNSECURED CONVERTIBLE PROMISSORY NOTE</b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">This Amendment No. 10 (this &#8220;<u>Amendment</u>&#8221;) to those certain Unsecured Convertible Promissory Notes, as amended on February 14, 2023, and as subsequently amended on March 10, 2023, March 15, 2023, April 15, 2023, May 15, 2023, June 15, 2023, July 1, 2023, July 7, 2023, and July 31, 2023 (as amended, the &#8220;<u>Second Notes</u>&#8221;), issued by Arch Therapeutics, Inc., a Nevada corporation (the &#8220;<u>Company</u>&#8221;), to certain Holders pursuant to that certain Securities Purchase Agreement, dated July 6, 2022, by and among the Company and the signatories thereto (the &#8220;<u>Holders</u>&#8221;), as amended on January 18, 2023 and as subsequently amended on May 15, 2023 (as amended, the &#8220;<u>Securities Purchase Agreement</u>&#8221;) is made and entered into effective August 30, 2023 by and among the Company and the Consenting Stockholders (as defined below). Capitalized terms used herein but not otherwise defined shall have the meanings ascribed to them in the Securities Purchase Agreement.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>W I T N E S S E T H:</b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;"><b>WHEREAS</b>, the Company and the Consenting Stockholders desire to amend the Second Notes to extend the date for completion of the Uplist;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;"><b>WHEREAS</b>, pursuant to Section 4.3 of the Second Notes and Section 7(e) of the Securities Purchase Agreement, the Second Notes may be amended in a written instrument signed by the Company, the Lead Investor, and Holders which purchased at least 50% plus $1.00 of the Notes based on the initial Principal Amounts thereunder (the Lead Investor and such Holders, collectively the &#8220;<u>Consenting Stockholders</u>&#8221;); and</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;"><b>WHEREAS</b>, the undersigned Holders constitute the Consenting Stockholders.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;"><b>NOW, THEREFORE</b>, in exchange for good and valuable consideration including, without limitation, the mutual covenants contained herein, the sufficiency of which is hereby acknowledged, and intending to be legally bound hereby, the parties hereby agree as follows:</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin: 0pt 0pt 0pt 0pt;"><b>1.&nbsp;&nbsp;</b><b>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; Amendment to the Second Notes.</b></p>

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<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>1.1</b>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; The Second Notes are hereby amended by deleting the words &#8220;by August 31, 2023&#8221; in Section 3.23 of the Second Notes and replacing such words with the following in substitution therefor:</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:72pt;">&#8220;by September 30, 2023&#8221;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin: 0pt 0pt 0pt 0pt;"><b>2.</b><b>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; Miscellaneous</b>.</p>

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