Company: PTHS
Filing Date: 2025-05-27
Form Type: DEFM14C
Source: 0001140361-25-020509
Chunk: 413

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-05-27
Form: DEFM14C
Chunk 413
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TABLE OF CONTENTS

applicable vacant director seats of the combined company board of directors. There are no family relationships among any of the proposed combined company directors and officers. Committees of the Board of Directors The Channel board of directors currently has the following standing committees: audit committee, compensation committee and nominating and corporate governance committee. Following the completion of the Merger, the combined company will have the following standing committees: audit committee, compensation committee and nominating and corporate governance committee. Audit Committee Following the completion of the Merger, the members of the combined company’s audit committee are expected to be Messrs. Baxter, Friedberg, and Pauls, each of whom qualifies as an independent director for audit committee purposes, as defined under the rules of the SEC and the applicable The NYSE American listing rules and has sufficient knowledge in financial and auditing matters to serve on the combined company’s audit committee. Mr. Friedberg is expected to chair the audit committee. Mr. Friedberg is an “audit committee financial expert” as defined in Item 407(d)(5)(ii) of Regulation S-K promulgated under the Securities Act and currently serves as chair of the audit committee for Channel. This designation does not impose any duties, obligations or liabilities that are greater than those generally imposed on members of the combined company’s audit committee and the combined company’s board of directors. The combined company’s audit committee will be directly responsible for, among other things:

| • | the combined company’s accounting and financial reporting processes, including its financial statement audits and the integrity of its financial statements; |

| • | the combined company’s compliance with legal and regulatory requirements; |

| • | reviewing and approving related person transactions; |

| • | selecting and hiring the combined company’s registered independent public accounting firm; |

| • | the qualifications, independence and performance of the combined company’s independent auditors; and |

| • | the preparation of the audit committee report to be included in the combined company’s annual proxy statement. |

Compensation Committee Following the completion of the Merger, the members of the combined company’s compensation committee are expected to be Messrs. Pauls, Baxter, and Malamut, each of whom qualifies as an independent director, as defined under applicable The NYSE American listing rules and also meets the additional, heightened independence criteria applicable to members of the compensation committee. Mr. Pauls is expected to chair the compensation committee. The combined company’s compensation committee will be responsible for, among other things:

| • | evaluating, recommending,