Company: PTPI
Filing Date: 2025-03-18
Form Type: DEF 14A
Source: 0001104659-25-025104
Chunk: 50

Company: Petros Pharmaceuticals, Inc.
Filing Date: 2025-03-18
Form: DEF 14A
Chunk 50
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 further amended as of November 21, 2016 (collectively, the “Prior Plans”). No further awards have been or
will be made under the Prior Plans on or after the Effective Date. Awards granted under the Prior Plans will continue in accordance with
the terms of the applicable award agreement and the terms of the Prior Plans in effect when the awards were granted.

As of the Record Date, 47,658 shares of Common Stock remain available
for issuance under the 2020 Plan; options to purchase a total of 420,133 shares of Common Stock are outstanding under the 2020 Plan; restricted
stock units for the issuance of a maximum of 2,206,050 shares of our Common Stock are outstanding under the 2020 Plan; and no options
or other equity awards are outstanding under any Prior Plan. As of the Record Date, 451,759 shares of our Common Stock have been issued
upon the exercise of options and vesting of other equity awards granted under the 2020 Plan.

Reasons for Amendment of the 2020 Plan

Our Board, the Compensation
Committee, and management believe that the effective use of stock-based, long-term incentive compensation is vital to our ability to
achieve strong performance in the future. The 2020 Plan will maintain and enhance the key policies and practices adopted by our management
and the Board to align employee and stockholder interests and to link compensation to Company performance. In addition, our future success
depends, in large part, upon our ability to maintain a competitive position in attracting, retaining, and motivating key personnel.

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Upon the initial adoption and subsequent stockholder approval of the Initial 2020 Plan, up to 1,078,346 shares of Common Stock were reserved for issuance as awards under the Initial 2020 Plan. The Board adopted the Second Amendment to the Initial 2020 Plan to increase the number of shares of our Common Stock available for issuance pursuant to awards under the Initial 2020 Plan by an additional 1,521,654 shares, for a total of 2,600,000 shares of our Common Stock. The Company subsequently effected a 1-for-10 reverse stock split of its Common Stock, after which the number of shares of Common Stock reserved for issuance pursuant to awards under the 2020 Plan was adjusted to 260,000. Following the amendment and restatement of the Initial 2020 Plan, the Board adopted the First Amendment to the