Company: SMNR
Filing Date: 2025-07-23
Form Type: S-4/A
Source: 0001193125-25-163401
Chunk: 694

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-23
Form: S-4/A
Chunk 694
---
 to the Current Semnur Charter and Current Semnur Bylaws, the board of directors shall consist of one or more members, each of whom shall be a natural person. Unless the Current Semnur Charter fixes the number of directors, the number of directors shall be determined from time to time by resolution of the board of directors. No reduction of the authorized number of directors shall have the effect of removing any director before that director’s term of office expires. |     | Pursuant to the Proposed Charter, the number of directors that shall constitute the New Semnur Board shall be as determined from time to time exclusively by the New Semnur Board; provided that, at any time the Scilex Group beneficially owns, in the aggregate, at least 50% of the voting power of the then outstanding shares of stock of New Semnur entitled to vote generally in the election of directors, the stockholders may also fix the number of directors by resolution adopted by the stockholders. |
| Structure of the Board of Directors; Election of Directors                                                                                                                                                                                                                |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| Pursuant to the Current Denali Charter, prior to the closing of the initial business combination, only holders of Denali Class B Ordinary Shares have the right to vote on the appointment of directors.                                                                  |     | Pursuant to Current Semnur Bylaws, except as provided therein, directors are elected at each annual meeting of stockholders. Each director shall hold office until such director’s                                                                                                                                                                                                                                                                                                              |     | Under the Proposed Charter, subject to the rights of the holders of any series of preferred stock to elect additional directors under specified circumstances, the New Semnur Board will be classified                                                                                                                                                                                                                                                                                                               |

428

| Current Denali Governance                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |     | Current Semnur Governance                                                                                                                                                                                                                                                                                                                                                                                                                                                   |     | Proposed Governance                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| The directors are divided into three classes: Class I, Class II and Class III. The number of directors in each class is as equal as possible. The Class I Directors stand appointed for a term expiring at Denali’s first annual general meeting, the Class II Directors stand appointed for a term expiring at Denali’s second annual general meeting and the Class III Directors stand appointed for a term expiring at Denali’s third annual general meeting. Commencing at Denali’s first annual general meeting, and at each annual general meeting thereafter, directors appointed to succeed those directors whose terms expire