Company: PTHS
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001753926-25-000503
Chunk: 1023

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 4
Chunk 1023
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 2025). As of December 31, 2024, the Company has removed the accrual of $363,091 in compensation expenses and recorded
a gain on default judgement in the same amount.

Camden
Consulting LLC

The
Company entered into a Consultant Agreement with Camden Capital LLC (“Camden”), dated January 10, 2023 (the “Consultant
Agreement”). This Consultant Agreement replaced an agreement with Mr. Francis Knuettel II dated June 2, 2022, and pursuant
to which, Camden agreed to provide the services of Mr. Knuettel, who was to serve as the Company’s Chief Financial and Strategy
Officer, Treasurer and Secretary.

Under
the Consultant Agreement, Under the Consultant Agreement, Camden
accrued a consulting fee for the period June 6, 2022 through August 31, 2022 of $10,000 per month and effective September 1, 2022,
began to accrue a consulting fee of $20,000 per month, payable in cash at the rate of $5,000 per month (a minimum of $1,125 per
week), with the remainder accrued. All accrued consulting fees are payable as of the earliest of a sale or liquidation of the Company,
the Company’s bankruptcy or three days after Post-registration Approval. The Consultant Agreement provides for the following
equity awards to Camden: (i) an option, awarded as of January 10, 2023, to acquire 22,223 shares of the Company’s Common
Stock, vesting quarterly over 10 quarters and beginning October 1, 2022, with the option having an exercise price equal to the
fair market value of the Company’s Common Stock on the date of grant and expiring on the 10th anniversary of the date of
grant; (ii) an option, awarded as of January 10, 2023, to acquire 2,778 shares of the Company’s Common Stock, vesting 100%
upon the sooner of the sale of the Company or Post-registration Approval, with the option having an exercise price equal to the
fair market value of the Company’s Common Stock on the date of grant and expiring on the 10th anniversary of the date of
grant; and (iii) a RSU, awarded as of January 10, 2023, of 16,667 shares of the Company’s Common Stock, vesting 100% on