Company: PTPI
Filing Date: 2025-02-13
Form Type: S-1/A
Source: 0001410578-25-000122
Chunk: 231

Company: Petros Pharmaceuticals, Inc.
Filing Date: 2025-02-13
Form: S-1/A
Chunk 231
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 vest % on the anniversary of the date of grant. Also on April 7, 2022, Tania King, an employee of Juggernaut Capital Partners LLP, pursuant to her contract, was granted RSUs with a stock price of $ per share. The RSUs shall vest 100% on the anniversary of the date of grant. On September 2, 2022, Ms. King RSUs vested.

On April 10, 2023, the Company awarded Directors grants totaling options with an exercise price of $ per share, vesting % on the one-year anniversary of the date of grant. On December 21, 2023, the Company awarded Directors grants totaling options which vest % on April 10, 2024; granted executives and employee options totaling options with an exercise price of $ per share, of which options vesting immediately upon issuance and vesting upon one executive meeting certain Company performance milestones. As of December 31, 2023, management determined it was not probable that these performance milestones will be met. The Company used the Black Scholes valuation method to determine fair value assuming the following: dividend rate of %, implied volatility of %, a weighted-average risk-free interest rate of %, and have a fair value of $ per share.

Stock-based compensation expense recognized for the years ended December 31, 2023, and 2022, was $ and $, respectively, and is recorded in general and administrative expenses in the consolidated statements of operations. As of December 31, 2023, unrecognized stock-based compensation expense (excluding performance awards) is approximately $ to be recognized over a term of years.

F-21

12) Common Stock Warrants

Pursuant to the Private Placement (see Note 19), the Company issued to investors Warrants to purchase shares of Common Stock, with an exercise price of $ per share (subject to adjustment), for a period of from the date of issuance. In connection with the Private Placement, pursuant to the Engagement Letter, between the Company and the Placement Agent, the Company issued the Placement Agent warrants to purchase shares of Common Stock equal to % of the number of shares of common stock that the Preferred Shares are initially convertible into ( warrant shares), with an exercise price of $ per share and a term (the “Placement Agent Warrants” collectively the “Warrants”).

The Warrants were originally determined to be within the scope of ASC 815 as they are puttable to the Company at the Holders’ election upon the occurrence