Company: PTHS
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001753926-25-001326
Chunk: 114

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 8
Chunk 114
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 one member selected by Nomis Bay, namely Ezra Friedberg, were each appointed to serve
as a director of the Company until the next annual meeting of stockholders to be held after the Closing Date or until a successor
is duly elected and qualified, or until each such director’s earlier resignation or removal.

Effective
as of the Closing Date, the following committees of the Board were constituted as follows:

    ●
    Audit
    Committee: Ezra Friedberg (Chair) and Matthew Pauls.

    ●
    Compensation
    Committee: Dr. Richard Malamut and Matthew Pauls (Chair).

    ●
    Nominating
    and Corporate Governance Committee: Dr. Richard Malamut and Peter Greenleaf (Chair).

Departure
and Appointment of Certain Officers

In
connection with the Merger, on the Closing Date, Francis Knuettel’s employment as Chief Executive Officer, and President,
Treasurer and Secretary of the Company terminated. 

Additionally,
on the Closing Date, Dr. Eric Lang’s employment as Chief Medical Officer of the Company was terminated.

The
Company’s directors and the foregoing named officers have entered into customary indemnification agreements that provide
them, in general, with customary indemnification in connection with their service to the Company or on its behalf.

On
the Closing Date, the Company entered into employment agreements with Messrs. Plesha, Knuettel and Rangarao effective as
of the Closing Date.

Amended
and Restated 2023 Plan

On
April 16, 2025, the Company’s stockholders approved the Channel Therapeutics Corporation Amended and Restated 2023 Plan
(the “Amended and Restated 2023 Plan”). The Amended and Restated 2023 Plan is intended 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 Company Common Stock that are intended to align their interests
with those of the Company’s stockholders. The Amended and Restated 2023 Plan reflects
amendments to the 2023 Plan, which, among other things, (i) increases the number of shares of Common Stock that are authorized
to be issued under the 2023 Plan from 1,944,444 to 24,000,