Company: PTHS
Filing Date: 2025-05-27
Form Type: DEFM14C
Source: 0001140361-25-020509
Chunk: 240

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-05-27
Form: DEFM14C
Chunk 240
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, agreement or arrangement that would have constituted a Channel employee plan had it been in effect on the date of the Merger Agreement), (vi) take any action other than in the ordinary course of business to fund or in any other way secure the payment of compensation or benefits under any Channel employee plan (or under any other employee benefit or compensation plan, program, policy, agreement or arrangement that would have constituted a Channel employee plan had it been in effect on the date of the Merger Agreement), (vii) hire, promote or engage, or terminate (other than for cause), any employee or other individual service provider, or (viii) waive or release any noncompetition, nonsolicitation, confidentiality, assignment of intellectual property or other restrictive covenant obligation of any current or former employee or other individual service provider of Channel or any of its subsidiaries; |

| • | make, change or revoke any material tax election (other than elections made in the ordinary course of business), change an annual accounting period in respect of material taxes, enter into any closing agreement in respect of material taxes, waive or extend any statute of limitations with respect to material taxes (other than any automatic extension granted in the ordinary course of business and consistent with past custom and practice of Channel), settle or compromise any material tax liability, claim or assessment, knowingly surrender any right to claim a refund of material taxes, or amend any income or other material tax return; |

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| • | commence any offering of shares of Channel common stock or Channel preferred stock, including pursuant to any employee stock purchase plan; |

| • | subject to certain exceptions, initiate, threaten, compromise or settle any litigation or arbitration proceeding (other than any litigation to enforce its rights under the Merger Agreement); |

| • | fail to use commercially reasonable efforts to maintain insurance levels substantially comparable to levels existing as of the date of the Merger Agreement; |

| • | open or close any facility or office; |

| • | delay or fail to pay accounts payable and other obligations when due; or |

| • | authorize any of, or commit or agree, in writing or otherwise, to take any of, the foregoing actions or any action that would reasonably be expected to, individually or in the aggregate, make any representation or warranty of Channel in the Merger Agreement untrue or incorrect in any material respect, or would materially impair, delay or prevent the satisfaction of any conditions to obligations of the parties to effect the Merger. |

LNHC has agreed that, except as permitted