Company: PTHS
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001753926-25-000503
Chunk: 472

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 1B
Chunk 472
---
 2023 Equity Incentive Plan

On
January 10, 2023, our board of directors adopted and submitted for stockholder approval the 2023 Plan, which 2023 Plan was later
approved by the Company’s stockholders. On February 15, 2023, we amended the 2023 Plan to increase the number of shares
available for issuance thereunder to 444,444 and on October 22, 2024, we further amended the 2023 Plan to increase the number
of shares available for issuance thereunder to 1,944,444. The following summary of the material features of the 2023 Plan is qualified
in its entirety by reference to the complete text of the 2023 Plan, a copy of which is filed with this Report. The 2023 Plan will
terminate on January 10, 2033, in accordance with its terms, although, awards outstanding under the 2023 Plan will continue to
be governed by their existing terms after the 2023 Plan’s expiration.

Share
Reserve. We have reserved 1,944,444 shares of our Common Stock for issuance under the 2023 Plan. Unissued shares of Common
Stock subject to awards that fail to settle, vest or be fully exercised prior to expiration or other termination shall again become
available for grant under the terms of the 2023 Plan.

Administration.
Our board of directors currently administers the 2023 Plan. The compensation committee of our board of directors administers the
2023 Plan. The administrator has complete discretion to make all decisions relating to the 2023 Plan and outstanding awards.

Eligibility.
Key employees, non-employee members of our board of directors and other persons who render services of special importance
to our management, operation or development are eligible to participate in the 2023 Plan.

Types
of Awards. The 2023 Plan provides for the following types of awards granted with respect to shares of our Common Stock:

    ●
    incentive and nonqualified
    stock options to purchase shares of our Common Stock;

    ●
    stock appreciation
    rights, whether settled in cash or our Common Stock;

    ●
    direct awards or
    sales of shares of our Common Stock, with or without restrictions; and

    ●
    restricted stock
    units.

The
recipient of an award under the 2023 Plan is referred to as a participant.

Options.
The administrator may grant incentive stock options (“