Company: PTHS
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001753926-25-000503
Chunk: 343

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 1A
Chunk 343
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 within 30 days of the closing of the IPO. As of June 23, 2023, such RSU for 16,667 shares of our
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 of directors appointed Francis Knuettel II as Interim Chief Executive Officer and as of March 13, 2024,
the board of directors 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.

90 

Eric
Lang

We
are a party to an employment agreement with Eric Lang, effective May 15, 2023. Pursuant to such agreement, Dr. Lang agreed to
serve as our Chief Medical Officer, in consideration for an annualized salary of $400,000. The employment agreement provides that
Dr. Lang receive an option to acquire 218,000 shares of our Common Stock, vesting quarterly over 12 quarters and beginning August
15, 2023. This option shall have an exercise price equal to the fair market value of our Common Stock on the date of grant and
shall expire on the 10th anniversary of the date of grant. The option was awarded as of May 15, 2023. The employment agreement
contemplates an annual bonus, as determined by the board of directors. The target bonus is 50% of Dr. Lang’s annualized
salary and will be based on achievement of performance goals and objectives determined by our Chief Executive Officer. The Chief
Executive Officer may increase the bonus in recognition of performance in excess of the performance objectives. Any bonus will
be paid if Dr. Lang remains employed on the date of payment, which will be no later than March 15 of the year following the year
to which the bonus relates. In addition, the employment agreement contemplates annual equity bonus. The board of directors may,