Company: PTHS
Filing Date: 2025-05-27
Form Type: DEFM14C
Source: 0001140361-25-020509
Chunk: 419

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-05-27
Form: DEFM14C
Chunk 419
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 terms and conditions are set forth in the Consultant Agreement.

On June 23, 2023, Channel amended and restated the Consultant Agreement by entering into an Amended and Restated Consultant Agreement with Camden whereby the RSU for 16,667 shares of Channel common stock was cancelled, and Channel agreed to grant Camden an option to acquire 27,777 shares of Channel common stock within

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30 days of the closing of the IPO. As of June 23, 2023, such RSU for 16,667 shares of Channel common stock had not vested, and no expense was recorded on Channel’s consolidated financial statements. In addition, from and after June 1, 2023, the consulting fee will be paid in cash by Channel. No other material changes were made to the Consultant Agreement.

Effective July 19, 2023, the Channel board of directors appointed Francis Knuettel II as Interim Chief Executive Officer and as of March 13, 2024, the Channel board of directors appointed Francis Knuettel II as Chief Executive Officer of Channel, at which time Mr. Knuettel became an employee of Channel. Mr. Knuettel will serve as Channel’s Chief Executive Officer until a successor is duly elected and qualified, unless sooner removed. In addition to his role as Chief Executive Officer of Channel, Mr. Knuettel will continue to serve in his capacity as Chief Financial Officer, Treasurer and Secretary of Channel.

Eric Lang

Channel was a party to an employment agreement with Eric Lang, effective May 15, 2023. Pursuant to such agreement, Dr. Lang agreed to serve as Channel’s Chief Medical Officer, in consideration for an annualized salary of $400,000. The employment agreement provides that Dr. Lang receive an option to acquire 218,000 shares of Channel common stock, vesting quarterly over 12 quarters and beginning August 15, 2023. This option shall have an exercise price equal to the fair market value of Channel common stock on the date of grant and shall expire on the 10th anniversary of the date of grant. The option was awarded as of May 15, 2023. The employment agreement contemplates an annual bonus, as determined by the Channel board of directors. The target bonus is 50% of Dr. Lang’s annualized salary and will be based on achievement of performance goals and objectives determined by Channel’s Chief Executive Officer. The Chief Executive Officer may