Company: PTHS
Filing Date: 2025-05-27
Form Type: DEFM14C
Source: 0001140361-25-020509
Chunk: 851

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-05-27
Form: DEFM14C
Chunk 851
---
uing minority interests in Partnerships, Corporations, LLCs, etc. or undivided fractional interests held directly in real estate. The liability of M&N and its employees and associates is limited to the Client only and to the amount of the fee actually received by M&N. There is no accountability, obligation, or liability to any third party. If the Opinion or any part thereof is disseminated to anyone other than the Client, the Client shall make such party or parties aware of all limiting conditions and assumptions affecting the appraisal assignment. [REMAINDER OF THIS PAGE LEFT INTENTIONALLY BLANK]

F-8

#### TABLE OF CONTENTS

#### Annex G

### FORM OF LOCK-UP AGREEMENT
[ • ], 2025

Channel Therapeutics Corporation

4400 Route 9 South, Suite 1000

Freehold, NJ 07728

Ladies and Gentlemen:

The undersigned signatory of this lock-up agreement (this “

#### Lock-Up Agreement
”) (1) has entered into a Securities Purchase Agreement (the “

#### SPA
”), dated as of the date hereof, with Channel Therapeutics Corporation, a Nevada corporation (“

#### CHRO
”), and LNHC, Inc., a Delaware corporation (“

#### LNHC
”), and (2) understands that each of CHRO, CHRO Merger Sub Inc., a Delaware corporation and a direct, wholly owned subsidiary of CHRO, LNHC and, solely for purposes of Article III thereof, Ligand Pharmaceuticals Incorporated, a Delaware corporation (“

#### Ligand
”), has entered into an Agreement and Plan of Merger, dated as of the date hereof (as the same may be amended from time to time, the “

#### Merger Agreement
”). Capitalized terms used but not otherwise defined herein shall have the respective meanings ascribed to such terms in the Merger Agreement.

As a condition and inducement to each of the parties to enter into the Merger Agreement and SPA, as applicable, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the undersigned hereby irrevocably agrees that, subject to the exceptions set forth herein, without the prior written consent of CHRO, the undersigned will not, during the Restricted Period (as defined below):

(i) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase,