Company: PTHS
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001753926-25-001326
Chunk: 37

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 37
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Amended
and Restated 2023 Plan

On
April 16, 2025, the Company’s stockholders approved the Channel Therapeutics Corporation Amended and Restated 2023 Plan
(the “Amended and Restated 2023 Plan”). The Amended and Restated 2023 Plan is intended to encourage key employees,
directors, and consultants of the Company and its subsidiaries to continue their association with the Company by providing favorable
opportunities for them to participate in the ownership of the Company and its subsidiaries and in its future growth through the
granting of equity ownership opportunities and incentives based on Company Common Stock that are intended to align their interests
with those of the Company’s stockholders. The Amended and Restated 2023 Plan reflects
amendments to the 2023 Plan, which, among other things, (i) increases the number of shares of Common Stock that are authorized
to be issued under the 2023 Plan from 1,944,444 to 24,000,000 and (ii) provides for a termination date of April 11,
2035.

    25 

Kopfli
Matter

On
February 14, 2024, the Company’s board of directors received a demand letter from an attorney representing Chromocell Holdings
and its former Chief Executive Officer and former Chief Strategy Officer, Mr. Christian Kopfli, who was released for “cause.”
Mr. Kopfli alleged an improper termination for “cause” and claimed to seek monetary damages in the amount of $479,169.
Of the $479,169 asserted by Mr. Kopfli, as of September 30, 2024, the Company had accrued $363,091 in compensation expenses associated
with Mr. Kopfli’s prior employment with the Company. However, the Company believed the assertions made by Mr. Kopfli were
without merit and commenced a lawsuit against Mr. Kopfli and Chromocell Holdings in the Supreme Court for the State of New York,
County of New York on June 7, 2024 (Index No. 652917/2024, the “New York Action”), asserting causes of action against
Mr. Kopfli for breach of the Employment Agreement entered into on January 10, 2023 between the Company and Mr. Kopfli, breach
of fiduciary duty by Mr. Kopfli, as well as breach of contract against Chromocell