Company: PTHS
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001753926-25-000503
Chunk: 1923

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 9C
Chunk 1923
---
 been established. During the fiscal year ended December 31, 2024, all reports required to be
filed by such persons pursuant to Section 16(a) were filed on a timely basis.

84 

Corporate
Governance 

Board
of Directors

Our
board of directors consists of four members. The primary responsibilities of our board of directors are to provide oversight,
strategic guidance, counseling and direction to our management. Our board of directors meets on a regular basis and additionally
as required.

Director
Independence

Applicable
NYSE American rules require a majority of a listed company’s board of directors to be comprised of independent directors
within one year of listing. In addition, NYSE American rules require that, subject to specified exceptions, each member of a listed
company’s audit, compensation and nominating and corporate governance committees be independent and that audit committee
members also satisfy independence criteria set forth in Rule 10A-3 under the Exchange Act. The NYSE American independence definition
includes a series of objective tests, such as that the director is not, and has not been for at least three years, one of our
employees and that neither the director nor any of his family members has engaged in various types of business dealings with us.
In addition, under applicable NYSE American rules, a director will only qualify as an “independent director” if, in
the opinion of the listed company’s board of directors, that person does not have a relationship that would interfere with
the exercise of independent judgment in carrying out the responsibilities of a director.

Our
board of directors has determined that all of our non-employee directors, other than Mr. Todd Davis, are independent, as defined
under applicable NYSE American rules. In making such determination, our board of directors considered the relationships that each
such non-employee director has with our company and all other facts and circumstances that our board of directors deemed relevant
in determining his or her independence, including the beneficial ownership of our capital stock by each non-employee director
and the transactions involving them described in the section entitled “Certain Relationships and Related-Party Transactions.”

Audit
committee members must also satisfy the independence criteria set forth in Rule 10A-3 under the Exchange Act. In order to be considered
independent for purposes of Rule 10A-3 of the Exchange Act, a member of an audit committee of a listed company may not, other
than in his or her capacity as a member of the audit committee, the board of