Company: PTHS
Filing Date: 2025-11-25
Form Type: DEF 14A
Source: 0001753926-25-001827
Chunk: 9

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-11-25
Form: DEF 14A
Chunk 9
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 shares of Common Stock owned directly by Balmoral and Key.                                                             |

| (8) | For Dr. Malamut,                                                                                                               
 includes 1,667 shares of Common Stock issuable upon the exercise of stock options held by Dr. Malamut, which are exercisable   
 for shares of Common Stock at a price of $226.80 per share, 4,853 shares of Common Stock issuable upon the exercise of a stock 
 option held by Dr. Malamut, which are exercisable for shares of Common Stock at a price of $13.50 per share, an RSU for 6,474  
 shares, an RSU for 3,185 shares and 1,040 shares of Common Stock held by Dr. Malamut.                                          |
| (9) | For Mr. Pauls, includes                                                                                                        
 38,820 shares of Common Stock issuable upon the exercise of stock options held by Mr. Pauls, which are exercisable for shares  
 of Common Stock at a price of $13.50 per share and an RSU for 12,739 shares.                                                   |

<div align='center'>5

ELECTION OF DIRECTORS

(Proposal No. 1)</div>

The following individuals have been nominated as members of the Board, each to serve until the Company’s 2026 Annual Meeting of Shareholders, until each of their respective successors are elected and qualified, or until each of their earlier resignation or removal. Pursuant to Nevada law and our Bylaws, directors are to be elected by a plurality of the votes cast by the holders of shares of Common Stock in person, by remote communication, if applicable, or represented by proxy at the Annual Meeting and entitled to vote on the election of directors. This means that the seven (7) candidates receiving the highest number of affirmative votes at the Annual Meeting will be elected as directors. Only shares that are voted in favor of a particular nominee will be counted toward that nominee’s achievement of a plurality. Proxies cannot be voted for a greater number of persons than the number of nominees named or for persons other than the named nominees.

Following is information about each nominee,
including biographical data for at least the last five (5) years, presented as of November 24, 2024. Should one or more of these
nominees become unavailable to accept nomination or election as a director, the individuals named as proxies on the enclosed proxy
card will vote the shares that they represent for the election of such