Company: PTHS
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001753926-25-000503
Chunk: 1025

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 4
Chunk 1025
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 will be paid in cash by the
Company. No other material changes were made to the Consultant Agreement.

Effective
July 19, 2023, the Board appointed
Francis Knuettel II as Interim Chief Executive Officer and as of March 13, 2024, the Board appointed
Francis Knuettel II as Chief Executive Officer of the Company, at which time Mr. Knuettel became an employee of the Company. Mr.
Knuettel will serve as the Company’s Chief Executive Officer until a successor is duly elected and qualified, unless sooner
removed. In addition to his role as Chief Executive Officer of the Company, Mr. Knuettel will continue to serve in his capacity
as Chief Financial Officer, Treasurer and Secretary of the Company.

Director
Note

On
December 6, 2022, the Company and Mr. Todd Davis, one of the Company’s directors, entered into the Director Note for
$175,000. The Director Note has an original issuance discount of $75,000, and matures on December 31, 2023, or, if earlier to
occur, upon the closing of an underwritten offering of securities resulting in at least $15 million in gross proceeds. On
December 28, 2023, the Company entered into an amendment to the Director Note, which extended the maturity date to February 29,
2024. On February 21, 2024, the principal and accrued interest on this note converted into 29,167 shares of the Company’s
Common Stock.

April
and September Bridge Financings

On
April 17, 2023 and September 1, 2023, the Company entered into bridge notes, the investors in which were almost entirely existing
investors. Related party investors in the April Bridge Financing include Chromocell Holdings, Boswell Prayer Ltd., Motif Pharmaceuticals
Ltd, Aperture Healthcare Ventures Ltd., MDB Merchants Park LLC, Balmoral Financial Group LLC and AME Equities LLC (each a related
party based on share ownership in excess of 5% or resulting from a principal at one of the entities being on the Board).
All of these investors, except Chromocell Holdings, also participated in the September Bridge Financing. On February 21, 2024,
the principal and accrued interest on these notes converted into 130,494 shares of the Company’s Common Stock. See Note
5 for terms of these notes.

    F-14