Company: PTHS
Filing Date: 2025-05-27
Form Type: DEFM14C
Source: 0001140361-25-020509
Chunk: 863

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-05-27
Form: DEFM14C
Chunk 863
---
 |     |        |
| Print Name of Investor: |     | []                           |     |        |
|                         |     | Signature (for individuals): |     |        |
|                         |     | Signature (for entities):    |     |        |
|                         |     | By:                          |     |        |
|                         |     |                              |     | Name:  |
|                         |     |                              |     | Title: |

Accepted and Agreed Channel Therapeutics Corporation:

| By: |     |        |     |                                                   |
|     |     | Name:  |     | Francis Knuettel II                               |
|     |     | Title: |     | Chief Executive Officer & Chief Financial Officer |

[Signature Page to Lock-Up Agreement (3i, LP)]

H-5

#### TABLE OF CONTENTS

#### Annex I

### 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, 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 and any of its direct, or indirect, subsidiaries (or any other Person controlled by the