Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 1490

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 9B
Chunk 1490
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 of any late Section 16(a) filings other than one late Form 4 report filed by the sponsor and one late Form 4 report by Jiandong
Xu.

27

Item
11. Executive Compensation.

Executive
Officer and Director Compensation

None
of our executive officers or directors have received any cash compensation for services rendered to us. Our sponsor, executive officers
and directors, or their respective affiliates will be reimbursed for any out-of-pocket expenses incurred in connection with activities
on our behalf such as identifying potential target businesses and performing due diligence on suitable business combinations. Our audit
committee will review on a quarterly basis all payments that were made by us to our sponsor, executive officers or directors, or their
affiliates. Any such payments prior to an initial business combination will be made using funds held outside the Trust Account. Other
than quarterly audit committee review of such reimbursements, we do not expect to have any additional controls in place governing our
reimbursement payments to our directors and executive officers for their out-of-pocket expenses incurred in connection with our activities
on our behalf in connection with consummating an initial business combination. Other than these payments and reimbursements, no compensation
of any kind, including finder’s and consulting fees, will be paid by to our sponsor, executive officers and directors, or their
respective affiliates, prior to completion of our initial business combination.

After
the completion of our initial business combination, directors or members of our management team who remain with us may be paid consulting
or management fees from the combined company. All of these fees will be fully disclosed to shareholders, if applicable and to the extent
then known, in the proxy solicitation materials in connection with the Business Combination. We have not established any limit on the
amount of such fees that may be paid by the combined company to our directors or members of management. It is unlikely the amount of
such compensation will be known at the time of the Business Combination, because the directors of the post-combination business will
be responsible for determining executive officer and director compensation. Any compensation to be paid to our executive officers will
be determined, or recommended to the board of directors for determination, either by a compensation committee constituted solely by independent
directors or by a majority of the independent directors on our board of directors.

We
do not intend to take any action to ensure that members of our management team maintain their positions with us after the consummation
of our initial business combination, although it is