Company: PTHS
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001753926-25-000503
Chunk: 651

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 1C
Chunk 651
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 obligations. Additional terms and conditions are set forth in the Consultant
Agreement.

On
June 23, 2023, we amended and restated the Consultant Agreement by entering into an Amended and Restated Consultant Agreement
with Camden whereby the RSU for 16,667 shares of Common Stock was cancelled, and the Company agreed to grant Camden
an option to acquire 27,777 shares of Common Stock within 30 days of the closing of the IPO. As of June 23, 2023, such
RSU for 16,667 shares of the Company’s Common Stock had not vested, and no expense was recorded on the Company’s
consolidated financial statements. In addition, from and after June 1, 2023, the consulting fee 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