Company: PTHS
Filing Date: 2025-05-27
Form Type: DEFM14C
Source: 0001140361-25-020509
Chunk: 436

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-05-27
Form: DEFM14C
Chunk 436
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 as a director, beneficial owner of more than 5% of its Channel common stock or with any of their immediate family members or affiliates, in which the amount involved exceeds the lesser of (i) $120,000 or (ii) one percent of the average of Channel’s total assets at year-end for the last two fiscal years, will be presented to its audit committee for review, consideration and approval. In approving or rejecting any such proposal, Channel expects that its audit committee will consider the relevant facts and circumstances available and deemed relevant to the audit committee, including, but not limited to, whether the transaction is on terms no less favorable than terms generally available to an unaffiliated third party under the same or similar circumstances and the extent of the related person’s interest in the transaction.

**Indemnification Agreements with Directors and Executive Officers**

Channel has entered into indemnification agreements with each of its directors and executive officers. Each of those indemnification agreements is in the form approved by the Channel board of directors. Those indemnification agreements require that, under the circumstances and to the extent provided for therein, Channel indemnifies such persons to the fullest extent permitted by applicable law against certain expenses and other amounts incurred by any such person as a result of such person being made a party to certain actions, suits, and proceedings by reason of the fact that such person is or was a director, officer, employee, or agent of Channel, any entity that was a predecessor corporation of Channel, or any of Channel’s affiliates. The rights of each person who is a party to such an

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#### TABLE OF CONTENTS
indemnification agreement are, in addition to any other rights such person may have under applicable Nevada law, Channel’s articles of incorporation, Channel’s bylaws, any other agreement, a vote of Channel stockholders, a resolution adopted by the Channel board of directors, or otherwise.

#### Director Independence
Applicable NYSE American rules require a majority of a listed company’s board of directors to be comprised of independent directors within one year of listing. In addition, NYSE American rules require that, subject to specified exceptions, each member of a listed company’s audit, compensation and nominating and corporate governance committees be independent and that audit committee members also satisfy independence criteria set forth in Rule 10A-3 under the Exchange Act. The NYSE American independence definition includes a series of objective tests, such as that the director is not, and has not been for at least three years, one