Company: PTHS
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001753926-25-000503
Chunk: 1333

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 7
Chunk 1333
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 effective June 10, 2022. In addition, in July 2023, Mr. Knuettel
    assumed the role of Interim Chief Executive Officer and stepped down as Chief Strategy Officer, and Mr. Kopfli was appointed
    Vice Chairman and Chief Strategy Officer. On December 1, 2023, the Company terminated Mr. Kopfli as Vice Chairman and Chief
    Strategy Officer.

    (3) 
    Represents the portion
    of Mr. Kopfli’s salary attributable to his services to the Company during the years ended December 31, 2023.

88 

Employment
Agreements and Arrangements

Christian
Kopfli 

We
were a party to an amended and restated employment agreement with Christian Kopfli, dated July 28, 2023. Pursuant to such agreement,
Mr. Kopfli agreed to serve as our Vice Chairman and Chief Strategy Officer, in consideration for an annualized salary of $275,000,
payable in cash at the rate of $5,000 per month (a minimum of $1,125 per week), with the remainder accrued and paid as of the
earliest of a sale or liquidation of the Company, the Company’s bankruptcy or three days after the approval by the board
of directors of a funded budget with appropriately established milestones subsequent to the effective date of a Form S-1 registration
statement (“Post-registration Approval”). Mr. Kopfli also agreed, as of Post-registration Approval, to resign as Chief
Executive Officer of Chromocell Corporation although he could continue to serve on the board of directors of Chromocell Corporation,
including as its board of directors Chair. The employment agreement provided that Mr. Kopfli receive an option to acquire 200,000
shares of our Common Stock, vesting quarterly over 10 quarters and beginning October 1, 2022. 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 10th anniversary of the
date of grant. The option was awarded as of January 10, 2023. The employment agreement contemplated an annual bonus, as determined
by the board of directors. The target bonus was 50% of Mr. Kopfli’s annualized salary and was to be based on achievement
of performance goals and objectives agreed to by Mr. Kopfli and the board of directors in January of each year. The