Company: PTHS
Filing Date: 2025-09-16
Form Type: 8-K/A
Source: 0001753926-25-001500
Chunk: 106

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-09-16
Form: 8-K/A
Chunk 106
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Equity Incentive Plan

The Pelthos Therapeutics Inc. Amended and Restated 2023 Equity Incentive Plan

On January 10, 2023, our board of directors adopted and submitted for stockholder approval the Channel
Therapeutics 2023 Equity Incentive Plan (the “Prior Plan”), which Prior Plan was later approved by the Company’s
stockholders. On February 15, 2023, we amended the Prior Plan to increase the number of shares available for issuance thereunder
to 44,445 and on October 22, 2024, we further amended the Prior Plan to increase the number of shares available for issuance thereunder
to 194,445. The following summary of the material features of the Prior Plan is qualified in its entirety by reference to the complete text of the Prior Plan, a copy of which is filed with this Report. The Prior Plan will terminate on January 10, 2033, in accordance with its terms, although, awards outstanding under the Prior Plan will continue to be governed by their existing terms after the Prior Plan’s expiration.

On April 11, 2025, the Channel board
of directors adopted a resolution approving the Pelthos Therapeutics Amended and Restated 2023 Plan (the “Amended and Restated
2023 Plan). On April 16, 2025, the Majority Stockholders approved the Amended and Restated 2023 Plan, which became effective
as of the same date. The purpose of the Amended and Restated 2023 Plan is to encourage key employees, directors, and consultants
of the Company and its subsidiaries to continue their association with the Company by providing favorable opportunities for them
to participate in the ownership of the Company and its subsidiaries and in its future growth through the granting of equity ownership
opportunities and incentives based on the Common Stock that are intended to align their interests with those of the Company’s
stockholders. The Amended and Restated 2023 Plan provides for awards of incentive and non-statutory stock options, restricted stock
and restricted stock units, stock appreciation rights, performance shares and performance share units (collectively, the “Awards”).

The Amended and Restated 2023 Plan reflects
amendments to the Prior Plan, which, among other things, increase the number of shares of Common Stock that are authorized to be
issued under the Prior Plan from 194,445 to