Company: PTPI
Filing Date: 2025-03-18
Form Type: DEF 14A
Source: 0001104659-25-025104
Chunk: 51

Company: Petros Pharmaceuticals, Inc.
Filing Date: 2025-03-18
Form: DEF 14A
Chunk 51
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2020 Plan to increase the aggregate number of shares of Common Stock that may be delivered pursuant to awards under the 2020 Plan by an additional 2,500,000 shares, for an aggregate maximum total of 2,760,000 shares. The Third Amendment was adopted by the Board to further increase the aggregate number of shares of Common Stock that may be delivered pursuant to awards under the 2020 Plan by an additional1,000,000,000 shares,
for an aggregate maximum total of 1,002,760,000 shares.

We believe that the increase
in the number of shares available for issuance under our 2020 Plan is essential to permit our management to continue to provide long-term,
equity-based incentives to present and future key employees, consultants, advisors, and directors. The Board believes that the number
of shares currently remaining available for issuance pursuant to future awards under the 2020 Plan, as of the Record Date, is not sufficient
for future granting needs. The Board currently believes that if the Third Amendment is approved by stockholders, the aggregate maximum
total of 1,002,760,000 shares available for issuance under the 2020 Plan will result in an adequate number of shares of Common Stock
being available for future awards under the 2020 Plan.

A copy of the Third Amendment
is attached as to this Proxy Statement. The following is a brief summary of the 2020 Plan, as amended. This summary
is qualified in its entirety by reference to the text of the 2020 Plan, the First Amendment, and the Second Amendment, copies of which
are attached as to this Proxy Statement.

Summary of Material Features of the 2020 Plan

Purpose and Types of Awards

The purpose of the 2020 Plan
is to attract and retain key employees, non-employee directors, consultants, and advisors. The 2020 Plan provides for the issuance of
incentive stock options, nonqualified stock options, stock awards, stock units, stock appreciation rights, and other stock-based
awards. The 2020 Plan is intended to provide an incentive to participants to contribute to the Company’s economic success by aligning
the economic interests of participants with those of the Company’s stockholders.

Administration

The 2020 Plan is administered
by the Company’s Compensation Committee. The committee consists of “non-employee directors” as defined under Rule 16b-3
promulgated under the Exchange Act and “independent directors” as determined