Company: SXTPW
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001013762-25-003343
Chunk: 864

Company: 60 DEGREES PHARMACEUTICALS, INC.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 2
Chunk 864
---
4, the Board approved an increase to Dr. Dow’s base salary to $250,000 beginning in fiscal
year 2025. Contingent on the receipt of shareholder approval to increase the number of shares available under the 2022 Plan, Dr. Dow
was granted a five-year option to purchase a total of 250 shares of our common stock that vest on the last day of each quarter in
each calendar year (for a cumulative total or no more than 5,000 shares over five years). The per share exercise price of the option
was initially equal to the per share closing price of our common stock on the date of the initial public offering and shall have a
cashless exercise provision. In November 2023, the Board reset the exercise price of the option to be equal to $60.00
and modified the vesting provisions of the option to vest annually over five years, rather than quarterly, with the first vesting
date being December 31, 2024. The initial grant and subsequent amendment of Dr. Dow’s options was contingent upon the
stockholders of the Company approving the amendment to the exercise price of the options and approving the amendment to the 2022
Plan to increase the number of shares available under the 2022 Plan in order to comply with Listing Rule 5635(c) of The Nasdaq Stock
Market LLC. On July 16, 2024, the Company’s stockholders approved the proposal to increase the number of shares available
under the 2022 Plan. As of that date, Dr. Dow’s option grant, as subsequently amended, was considered effective.

68

We may terminate Dr. Dow’s employment for
Cause, as defined in the Dow Employment Agreement, at any time upon notice to Dr. Dow setting forth in reasonable detail the nature of
such Cause. We also may terminate Dr. Dow’s employment other than for Cause at any time upon thirty (30) days’ written notice
to him. Dr. Dow may terminate his employment for Good Reason, as defined in the Dow Employment Agreement, at any time upon thirty (30)
days’ written notice to us. In the event that Dr. Dow’s employment is terminated other than for Cause or for Good Reason,
Dr. Dow will be entitled to, among other things, a continuation of his annual salary plus health insurance benefits for a period not
exceeding 18 months. In addition, in the event of a Change in Control, as defined in the Dow