Company: PTHS
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001753926-25-000503
Chunk: 1269

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 6
Chunk 1269
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 consulting fee for the period June 6, 2022 through August 31, 2022 of $10,000 per month and effective September 1, 2022,
began to accrue a consulting fee of $20,000 per month, payable in cash at the rate of $5,000 per month (a minimum of $1,125 per
week), with the remainder accrued. All accrued consulting fees are payable as of the earliest of a sale or liquidation of the Company,
the Company’s bankruptcy or three days after Post-registration Approval. The Consultant Agreement provides for the following
equity awards to Camden: (i) an option, awarded as of January 10, 2023, to acquire 22,223 shares of the Company’s Common
Stock, vesting quarterly over 10 quarters and beginning October 1, 2022, with the option having an exercise price equal to the
fair market value of the Company’s Common Stock on the date of grant and expiring on the 10th anniversary of the date of
grant; (ii) an option, awarded as of January 10, 2023, to acquire 2,778 shares of the Company’s Common Stock, vesting 100%
upon the sooner of the sale of the Company or Post-registration Approval, with the option having an exercise price equal to the
fair market value of the Company’s Common Stock on the date of grant and expiring on the 10th anniversary of the date of
grant; and (iii) a RSU, awarded as of January 10, 2023, of 16,667 shares of the Company’s Common Stock, vesting 100% on the
day after the first trading window that opens after Post-registration Approval.  

    F-13 

The
Consultant Agreement contemplates an additional consulting fee, as determined by the Board. The potential additional consulting
fee is 50% of the annualized consulting fee and will be based on achievement of performance goals and objectives established by
the Board in concert with Mr. Knuettel in January of each year. The Board may increase the potential additional consulting fee
in recognition of performance in excess of the performance objectives. Any amount shall only be paid if Camden continues to provide
consulting services to the Company as of the date of payment, which will be no later than March 15 of the year following the year
to which the additional consulting fee relates. Any additional consulting fee for 202