Company: PTPI
Filing Date: 2025-03-14
Form Type: PRER14A
Source: 0001104659-25-024012
Chunk: 62

Company: Petros Pharmaceuticals, Inc.
Filing Date: 2025-03-14
Form: PRER14A
Chunk 62
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 awards or exercising awards to
pay an amount sufficient to satisfy such tax withholding requirements with respect to such awards, or the Company may deduct from other
wages and compensation paid by the Company the amount of any withholding taxes due with respect to such award.

The committee may permit
or require that the Company’s tax withholding obligation with respect to awards paid in the Company’s Common Stock will paid
by having shares withheld up to an amount that does not exceed the participant’s applicable withholding tax rate for U.S. federal
(including FICA), state and local, foreign, or other tax liabilities. In addition, the committee may, in its discretion, and subject
to such rules as the committee may adopt, allow participants to elect to have such share withholding applied to all or a portion
of the tax withholding obligation arising in connection with any particular award.

Transferability

Except as permitted by the committee with respect to non-qualified stock options, only a participant may exercise rights under an award during the participant’s lifetime. Upon death, the personal representative or other person entitled to succeed to the rights of the participant may exercise such rights. A participant cannot transfer those rights except (i) by will or by the laws of descent and distribution, or (ii) with respect to awards other than incentive stock options, pursuant to a domestic relations order. The committee may provide in an award agreement that a participant may transfer non-qualified stock options to (x) family members, or (y) one or more trusts or other entities for the benefit of or owned by family members, consistent with applicable securities laws; provided, the participant receives no consideration for the transfer and the transferred options continue to be subject to the same terms and conditions
as were applicable immediately before the transfer.

Amendment; Termination

The Board may amend or terminate
the 2020 Plan at any time, except that the Company’s stockholders must approve an amendment if such approval is required in order
to comply with the Code, applicable laws, or applicable stock exchange requirements. Unless terminated sooner by the Board or extended
with stockholder approval, the 2020 Plan will terminate on the day immediately preceding the tenth anniversary of the Effective Date.

Stockholder approval is required
to (i) amend the terms of outstanding options or stock appreciation rights to reduce the exercise price or base price of options
or stock appreciation rights, respectively, (ii) cancel outstanding options or stock appreciation rights in exchange for options
or stock appreciation rights with an exercise price or base price, as applicable