Company: PTHS
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001753926-25-000503
Chunk: 152

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 1
Chunk 152
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 year following
the year to which the bonus relates. Any bonus for 2022 would have been payable solely in the board of directors’ discretion.

Pursuant
to Mr. Kopfli’s employment agreement, in the event he was involuntarily terminated by the Company other than for “Cause”
or if he resigns for “Good Reason,” he was entitled to receive (i) six months of salary at the same rate existing
immediately prior to his termination, (ii) his target bonus, if performance goals and objectives had been established for the
year and prorated for the period of service, and (iii) six months of additional vesting credit with respect to any outstanding
time-based equity awards. “Cause” and “Good Reason” are each defined in the employment agreement.

Finally,
Mr. Kopfli agreed to certain non-solicitation and non-competition provisions for a period of 12 months following termination and
to certain confidentiality obligations. Additional terms and conditions are set forth in the employment agreement.

On
November 27, 2023, Mr. Kopfli was removed from our board of directors by our stockholders having a majority of the number of votes
necessary to take such action. Mr. Kopfli was then terminated from his position as Vice Chairman and Chief Strategy Officer by
the Company for “Cause”, as defined in the employment agreement, effective December 1, 2023.

89 

Camden
Capital LLC

We
entered into a Consultant Agreement with Camden Capital LLC (“Camden”), dated January 10, 2023 (the “Consultant
Agreement”). This Consultant Agreement replaced an agreement with Mr. Francis Knuettel II dated June 2, 2022 and pursuant
to which, Camden agreed to provide the services of Mr. Knuettel, who was to serve as our Chief Financial and Strategy Officer,
Treasurer and Secretary.

Under
the Consultant Agreement, Camden accrued a consulting fee for the period June 6, 2022 through August 31, 2022 of $10,000 per month
and effective September 1, 2022, began to accrue a consulting fee of $20,000 per month, payable in cash at the rate of $5,000
per month (a minimum of $1,125 per week), with the remainder accrued. All accrued consulting fees are payable as of the earliest
of a sale or liquidation of the Company, the Company’s bankruptcy or