Company: SMNR
Filing Date: 2025-07-02
Form Type: S-4/A
Source: 0001193125-25-154936
Chunk: 702

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-02
Form: S-4/A
Chunk 702
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 in cash, in property or in shares of the capital stock of New Semnur. Subject to applicable law and the Proposed Charter, the New Semnur Board shall have full power to determine whether any dividends shall be declared and paid to stockholders. |

437

| Current Denali Governance                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |     | Current Semnur Governance                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |     | Proposed Governance                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| Liquidation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| Under the Current Denali Charter, if Denali shall be wound up, the liquidator shall apply the assets of Denali in satisfaction of creditors’ claims in such manner and order as such liquidator thinks fit. Subject to the rights attaching to any Denali Ordinary Shares, in a winding up: (i) if the assets available for distribution amongst the members shall be insufficient to repay the whole of Denali’s issued share capital, such assets shall be distributed so that, as nearly as may be, the losses shall be borne by the members in proportion to the par value of the shares held by them; or (ii) if the assets available for distribution amongst the members shall be more than sufficient to repay the whole of Denali’s issued share capital at the commencement of the winding up, the surplus shall be distributed amongst the members in proportion to the par value of the shares held by them at the commencement of the winding up subject to a deduction from those shares in respect of which there are monies due, of all monies payable to Denali for unpaid calls or otherwise. |     | The Current Semnur Charter and the Current Semnur Bylaws are silent on liquidation provisions.                                                                                                                                                                                                                                                                                                                                                                                                              |     | The Proposed Charter and the Proposed Bylaws are silent on liquidation provisions.                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| Inspection of Books and Records; Stockholder Lists                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| Inspection: The directors of Denali shall determine whether and to what extent and at what times and places and under what conditions or regulations the accounts and books of Denali or any of them shall be open to the inspection of members not being directors and no member (not being a director) shall have any right of inspecting any account or book or document of Denali except as conferred by law or authorized by the directors of Den