Company: PTHS
Filing Date: 2025-05-09
Form Type: PREM14C
Source: 0001140361-25-018219
Chunk: 222

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-05-09
Form: PREM14C
Chunk 222
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ger. Additionally, on April 16, 2025, Channel and Ms. Simmons entered into an Accelerated Vesting Agreement, pursuant to which, effective as of the close of the Merger, Ms. Simmons’ options to purchase 90,000 shares of Channel common stock previously granted, that remain unvested at the closing of the Merger, will become fully vested.

On April 11, 2025, the Channel board of directors granted Mr. Knuettel an option to purchase 53,988 shares of Channel common stock with an exercise price of $1.35, in consideration for the services provided by Mr. Knuettel to Channel and the Knuettel Waiver. The option vests in full upon consummation of the Merger. Additionally, on April 16, 2025, Channel and Mr. Knuettel entered into an Accelerated Vesting Agreement, pursuant to which, effective as of the close of the Merger, Ms. Knuettel’s options to purchase 324,000 shares of Channel common stock previously granted, that remain unvested at the closing of the Merger, will become fully vested.

On April 11, 2025, the Channel board of directors offered to Camden Capital LLC (“Camden”) the right to convert $100,000 of the unpaid principal amount of that certain Promissory Note, dated as of May 10, 2024, between the Company and Camden in the aggregate principal amount of $131,867.81 (the “Camden Note”) into shares of Channel Series A Preferred Stock as part of the PIPE Financing, subject to Camden entering into each of the PIPE Financing documents.

New Compensation Arrangements

Any executive officers who are retained to provide services to the combined company following the closing of the Merger may enter into new individualized compensation arrangements and may participate in cash or equity incentive or other benefit plans maintained by Channel or any of its affiliates. As of the date of this information statement, the terms of any such compensation arrangements have not been established or determined.

In connection with the expected appointment of Mr. Plesha as chief executive officer, Channel anticipates that in connection with the consummation of the contemplated transaction, Mr. Plesha will enter into a new executive

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employment agreement that provides for annual base salary, participation in an annual cash incentive program, a long-term incentive award and eligibility for severance payments and benefits upon a