Company: SXTPW
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001013762-25-003343
Chunk: 204

Company: 60 DEGREES PHARMACEUTICALS, INC.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 1
Chunk 204
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atement to the extent that the payout for such awards would
have been less, or in the event of fraud, or intentional, willful or gross misconduct that contributed to the need for a financial restatement.

Board Compensation

In November and December 2022, we signed agreements
with four directors (Cheryl Xu, Paul Field, Charles Allen and Stephen Toovey). Each director receives cash compensation of $11,250 per
quarter. In addition, the two non-audit committee chairs (Mr. Toovey and Mr. Field) receive $1,250 per quarter and the audit committee
chair (Mr. Allen) receives an additional $2,000 per quarter. On July 11, 2023, each director received (i) a one-off issuance of 167 shares
of common stock, (ii) a fully vested, non-qualified option to purchase 158 shares of common stock at a per share exercise price of $318.00,
and (iii) 67 restricted stock units vesting in two even quarterly tranches on September 30, 2023 and December 31, 2023. Contingent on
the receipt of shareholder approval to increase the number of shares authorized under the 2022 Plan, each director was entitled to receive
126 additional non-qualified options at a per share exercise price of $318.00, vesting 100% on the first anniversary of our IPO. On July
16, 2024, the Company’s stockholders approved the proposal to increase the number of shares available under the 2022 Plan and on
such date, the directors’ additional option grants were considered effective and were fully vested on the date of grant. In November
2024, the Board approved a cash payment of $20,000 to each non-executive director in lieu of equity-based fees for 2024 services.

Compensation Committee Review

The Compensation Committee shall, if it deems
necessary or prudent in its discretion, reevaluate and approve in January of each such year (or in any event prior to the first Board
meeting of such fiscal year) the cash and equity awards (amount and manner or method of payment) to be made to non-employee directors
for such fiscal year. In making this determination, the Compensation Committee shall utilize such market standard metrics as it deems
appropriate, including, without limitation, an analysis of cash compensation paid to independent directors of our peer group.

The Compensation Committee shall also have the
power and discretion