Company: SMNR
Filing Date: 2025-07-02
Form Type: S-4/A
Source: 0001193125-25-154936
Chunk: 411

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-02
Form: S-4/A
Chunk 411
---
 shall be as determined from time to time exclusively by the New Semnur Board, except that until such time as the Scilex Trigger Event occurs, the stockholders of New Semnur shall be permitted to fix the number of directors. |
| Advisory Proposal C — Required Vote for the Removal of Directors |     | Prior to the closing of the initial business combination, directors can be removed by simple                                                                                                                                                                                                                        |     | The Proposed Charter provides that directors may be removed at any time, with or without cause by                                                                                                                                                                                                                                                                                                                 |

240

| Advisory Governing Documents Proposal                                                   |     | Current Denali Charter                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |     | Proposed Charter                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|                                                                                         |     | majority of the holders of Denali Class B Ordinary Shares at a general meeting or by a unanimous written resolution passed by all of the holders of Denali Class B Ordinary Shares.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |     | the affirmative vote of the holders of a majority of voting power of the then-outstanding shares of stock of New Semnur entitled to vote generally in the election of such directors; provided, however, that, from and after the Scilex Trigger Event any such director or all such directors may be removed only for cause and only by the affirmative vote of the holders of at least 66 2/3% of the voting power of all then-outstanding shares of stock of New Semnur entitled to vote thereon, voting together as a single class.                                                                                                        |
| Advisory Proposal D — Required Vote to Amend Certain Provisions of the Proposed Charter |     | Under the Current Denali Charter, subject to applicable law and the provisions of the Current Denali Charter in regards to matters to be dealt with by ordinary resolution, Denali may, by special resolution, alter or add to the Current Denali Charter.   Under the Current Denali Charter, article 29.1 (providing for the appointment or removal of the directors by ordinary resolution of the holders of Denali Class B Ordinary Shares at a general meeting) and article 47 (dealing with deregistrations and transfers out of the Cayman Islands) may only be amended by a special resolution passed by at least 90% of the shareholders (which must include a simple majority of the holders of Denali Class B Ordinary Shares) who vote in person or by proxy at a general meeting or passed by a unanimous written resolution. |     | The Proposed Charter provides that