Company: PTHS
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001753926-25-000503
Chunk: 1270

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 6
Chunk 1270
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2 is payable solely in the Board’s
discretion.

Pursuant
to the Consultant Agreement, in the event the relationship with Camden is involuntarily terminated by the Company other than for
“Cause” or if Camden terminates the relationship for “Good Reason,” Camden is entitled to receive (i)
six months of consulting fees at the same rate existing immediately prior to termination, (ii) a potential additional consulting
fee, if performance goals and objectives have been established for the year and prorated for the period of service, and (iii)
six months of additional vesting credit with respect to any outstanding time-based equity awards. “Cause” and “Good
Reason” are each defined in the Consultant Agreement.

Finally,
Camden and Mr. Knuettel agree to certain non-solicitation and non-competition provisions for a period of 12 months following termination
of the relationship and to certain confidentiality 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