Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 590

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 590
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 executive compensation levels. The compensation consultant provided our compensation committee with benchmark comparative data for our executive officers with respect to base salaries, target and actual total cash compensation levels, and long-termincentive values. The Semnur Board used the data provided by the compensation consultant to make an initial determination of the competitiveness of total direct compensation for each executive officer to align the cash and equity compensation of our executive officers with the 50 thto 75 thpercentile as compared to our peer group. New Semnur is currently negotiating the terms of new employment agreements with the individuals that are expected to become the executive officers of New Semnur (the effectiveness of which will be subject to the successful closing of the Business Combination) and it is currently anticipated that, upon the closing of the Business Combination, and based upon the information provided by Compensia and external public resources available to New Semnur, the New Semnur Board will approve the following base salaries, target bonuses on terms and conditions to be determined by the New Semnur Board, the payment of which shall not commence until such time as the Oramed Note has been repaid in full or Oramed has otherwise consented to such compensation arrangements:

|                 |     | Salary |           |     | Target Bonus |     |   |
|:----------------|:----|:-------|----------:|:----|:-------------|----:|:--|
| Jaisim Shah     |     | $      | 1,100,000 |     |              | 150 | % |
| Henry Ji, Ph.D. |     | $      | 1,100,000 |     |              | 150 | % |
| Stephen Ma      |     | $      |   345,000 |     |              |  60 | % |

373

SEMNUR’S DIRECTOR COMPENSATION Semnur’s directors during the year ended December 31, 2024 are Dr. Ji and Mr. Shah, Semnur’s Chief Executive Officer and President. Neither Dr. Ji nor Mr. Shah received any compensation for their service as directors of Semnur during such time. New Semnur Director Compensation Following the Business Combination It is currently anticipated that, upon the closing of the Business Combination, the New Semnur Board will approve the following compensation for New Semnur’s non-employeedirectors:

| Annual Cash Compensation                                                                       |     | Amount |        |
|:-----------------------------------------------------------------------------------------------|:----|: