Company: SXTPW
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001013762-25-003343
Chunk: 697

Company: 60 DEGREES PHARMACEUTICALS, INC.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 1C
Chunk 697
---
 of the option to vest annually over five years, rather than quarterly, with the first vesting date
being December 31, 2024. The initial grant and subsequent amendment of these options was contingent upon the stockholders of the
Company approving the amendment to the exercise price of the options and approving the amendment to the 2022 Plan to increase the number
of shares available under the 2022 Plan in order to comply with Listing Rule 5635(c) of The Nasdaq Stock Market LLC. On July 16, 2024,
the Company’s stockholders approved the proposal to increase the number of shares available under the 2022 Plan. As of that date,
Dr. Dow and Mr. Miller’s option grants, as subsequently amended, were considered effective.

In February 2024, subject to and contingent upon
the stockholders of the Company approving the amendment to the 2022 Plan to increase the number of shares available under the 2022 Plan,
we granted Ms. Landon a five-year option to purchase a total of 4,167 shares of our common stock with a per share exercise price to be
determined by the Board on the date of grant. The options had a cashless exercise price and vest annually over five years, with the first
vesting date being December 31, 3024. On September 26, 2024, the Board approved the grant of the options to Ms. Landon at a per share
exercise price of $6.85.

In December 2024, the Board approved the grant of 105,000 options to
Dr. Dow and 15,000 options to Mr. Miller as equity-based long-term incentive awards, which vest in five equal tranches on the last date
of each fiscal year over five years, with the first vesting date being December 31, 2024. The options were granted on January 2, 2025
with a per share exercise price of $6.55, the closing stock price on the grant date, and have a seven-year term.

Employment Agreements

Dow Employment Agreement. We
entered into an Employment Agreement dated as of January 12, 2023, with Geoffrey Dow (the “Dow Employment Agreement”),
our Chief Executive Officer and Chairman of our Board. The term of the Dow Employment Agreement began on January 12, 2023 for an
initial period of two years, with subsequent automatic renewals unless either party ther