Company: PTHS
Filing Date: 2025-05-27
Form Type: DEFM14C
Source: 0001140361-25-020509
Chunk: 599

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-05-27
Form: DEFM14C
Chunk 599
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                                                       |
| Annex B     |     | Directors                                                                            |

A-iii

#### TABLE OF CONTENTS

### AGREEMENT AND PLAN OF MERGER
THIS AGREEMENT AND PLAN OF MERGER (this “ Agreement ”), dated as of April 16, 2025, is entered into by and among Channel Therapeutics Corporation, a Nevada corporation (“ Public Company ”), CHRO Merger Sub Inc., a Delaware corporation and a wholly-owned subsidiary of Public Company (the “ Merger Sub ”), LNHC, Inc., a Delaware corporation (“ Merger Partner ”), and for purposes of Article ‎III hereof, Ligand Pharmaceuticals Incorporated, a Delaware corporation (“ Ligand ”).

WHEREAS, the board of directors of Public Company (the “ Public Company Board ”) and the board of directors of Merger Partner (the “ Merger Partner Board ”) have each (i) determined that the Merger (as defined below) is fair to, and in the best interests of, their respective corporations and stockholders, (ii) approved and declared advisable this Agreement, the Merger and the actions contemplated by this Agreement, including the authorization of a class of Series A Convertible Preferred Stock, $0.0001 par value per share, of Public Company, as contemplated by the Certificate of Designations (as defined below) (the “ Public Company Series A Preferred Stock ”), and (iii) determined to recommend that the stockholders of their respective corporations vote to approve such matters as are contemplated by this Agreement, including, in the case of Merger Partner, the adoption of this Agreement and, in the case of Public Company, (A) the approval of the issuance of shares of Public Company Series A Preferred Stock pursuant to this Agreement and the Concurrent Financing (as defined below), in each case pursuant to Sections 710-713 of the NYSE American LLC Company Guide (the “ Share Issuances ”), and (B) approval, to the extent required under applicable Nevada Revised Statutes (“ NRS ”) statutes, of the Public Company Charter Amendment (the “ Charter Amendment Proposal ”) and (C) the adoption of amendments to, or an amendment and restatement of, the Public Company Equity Incentive Plan (as defined below) (the “ Equity Incentive Plan Amendment Proposal ”);

WHEREAS, the combination of Public Company and Merger Partner shall be effected through a merger (the “ Merger ”) of Merger Sub with and into Merger Partner in accordance with the terms of this Agreement and