Company: PTHS
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001753926-25-000503
Chunk: 154

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 1
Chunk 154
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 months of additional vesting credit with respect to any outstanding time-based equity awards. “Cause” and “Good
Reason” are each defined in the Consultant Agreement.

Finally,
Camden and Mr. Knuettel agree to certain non-solicitation and non-competition provisions for a period of 12 months following termination
of the relationship and to certain confidentiality obligations. Additional terms and conditions are set forth in the Consultant
Agreement.

On
June 23, 2023, we 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 Common Stock was cancelled, and we agreed to grant Camden an option to acquire
27,777 shares of Common Stock within 30 days of the closing of the IPO. As of June 23, 2023, such RSU for 16,667 shares of our
Common Stock had not vested, and no expense was recorded on the Company’s consolidated financial statements. In addition,
from and after June 1, 2023, the consulting fee will be paid in cash by the Company. No other material changes were made to the
Consultant Agreement.

Effective
July 19, 2023, the board of directors appointed Francis Knuettel II as Interim Chief Executive Officer and as of March 13, 2024,
the board of directors appointed Francis Knuettel II as Chief Executive Officer of the Company, at which time Mr. Knuettel became
an employee of the Company. Mr. Knuettel will serve as the Company’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 the Company, Mr. Knuettel will continue
to serve in his capacity as Chief Financial Officer, Treasurer and Secretary of the Company.

90 

Eric
Lang

We
are a party to an employment agreement with Eric Lang, effective May 15, 2023. Pursuant to such agreement, Dr. Lang agreed to
serve as our 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 our 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 our Common Stock on the date of grant and
shall expire on the