Company: PTHS
Filing Date: 2025-05-09
Form Type: PREM14C
Source: 0001140361-25-018219
Chunk: 429

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-05-09
Form: PREM14C
Chunk 429
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, suits, and proceedings by reason of the fact that such person is or was a director, officer, employee, or agent of Channel, any entity that was a predecessor corporation of Channel, or any of Channel’s affiliates. The rights of each person who is a party to such an

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#### TABLE OF CONTENTS
indemnification agreement are, in addition to any other rights such person may have under applicable Nevada law, Channel’s articles of incorporation, Channel’s bylaws, any other agreement, a vote of Channel stockholders, a resolution adopted by the Channel board of directors, or otherwise.

#### Director Independence
Applicable NYSE American rules require a majority of a listed company’s board of directors to be comprised of independent directors within one year of listing. In addition, NYSE American rules require that, subject to specified exceptions, each member of a listed company’s audit, compensation and nominating and corporate governance committees be independent and that audit committee members also satisfy independence criteria set forth in Rule 10A-3 under the Exchange Act. The NYSE American independence definition includes a series of objective tests, such as that the director is not, and has not been for at least three years, one of our employees and that neither the director nor any of his family members has engaged in various types of business dealings with Channel. In addition, under applicable NYSE American rules, a director will only qualify as an “independent director” if, in the opinion of the listed company’s board of directors, that person does not have a relationship that would interfere with the exercise of independent judgment in carrying out the responsibilities of a director.

The Channel board of directors has determined that all of its non-employee directors, other than Mr. Todd Davis, are independent, as defined under applicable NYSE American rules. In making such determination, the Channel board of directors considered the relationships that each such non-employee director has with Channel and all other facts and circumstances that the Channel board of directors deemed relevant in determining his or her independence, including the beneficial ownership of Channel capital stock by each non-employee director and the transactions involving them described in the section entitled “ Certain Relationships and Related Party Transactions of the Combined Company ”.

Audit committee members must also satisfy the independence criteria set forth in Rule 10A-3 under the Exchange Act. In order to be considered independent for purposes of Rule 10A-3 of the Exchange Act, a member of an audit committee of a listed company may not, other than