Company: PTHS
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001753926-25-000503
Chunk: 617

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 1C
Chunk 617
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Officer of Benuvia Holdings, LLC, which is the ultimate parent company of Benuvia.

101 

On
February 8, 2024, we and certain affiliates of the Representative entered into the Bridge Financing Note Amendments. Under the
Bridge Financing Note Amendments, both notes issued in the April Bridge Financing and the September Bridge Financing had a maturity
date of March 1, 2024, and the full principal amount of both notes and any accrued interest thereon was payable solely in cash
upon the consummation of the IPO. Both notes had an annual interest rate of eight percent (8%), which accrued daily, and was calculated
on the basis of a 360-day year (consisting of twelve 30 calendar day periods).

On
February 10, 2024, we entered into the Stock Rescission Agreement with certain affiliates of the Representative, pursuant to which
we rescinded 111,129 shares of our Common Stock held by such affiliates of the Representative and agreed to refund an aggregate
of $91,512 paid by such affiliates of the Representative in consideration therefor within 30 days of the effective date of the
Stock Rescission Agreement.

Review,
Approval or Ratification of Transactions with Related Parties

We
have adopted a written related-person transactions policy that provides that our executive officers, directors, nominees for election
as a director, beneficial owners of more than 5% of our Common Stock and any members of the immediate family of the foregoing
persons, are not permitted to enter into a material related-person transaction with us without the review and approval of our
audit committee, or a committee composed solely of independent directors in the event it is inappropriate for our audit committee
to review such transaction due to a conflict of interest. Such policy provides that any request for us to enter into a transaction
with an executive officer, director, nominee for election as a director, beneficial owner of more than 5% of our Common Stock
or with any of their immediate family members or affiliates, in which the amount involved exceeds the lesser of (i) $120,000 or
(ii) one percent of the average of the Company’s total assets at year-end for the last two fiscal years, will be presented
to our audit committee for review, consideration and approval. In approving or rejecting any such proposal, we expect that our
audit committee will consider the relevant facts and circumstances available and deemed relevant to the audit committee, including,
but not limited to, whether the transaction is on