Company: SCLXW
Filing Date: 2025-10-28
Form Type: PRE 14A
Source: 0001193125-25-253884
Chunk: 24

Company: Scilex Holding Co
Filing Date: 2025-10-28
Form: PRE 14A
Chunk 24
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) and as our Chief Financial 
 Officer.                                                                                                                                                                                                                                           |

16

Narrative Disclosure to Summary Compensation Table

Arrangements with Executive Officers

Scilex
entered into an offer letter with Mr. Shah. The material terms of the offer letter are described below.

Shah Offer Letter and Compensation

Scilex entered into an offer letter with Mr. Shah (the “Shah Offer Letter”), dated April 19, 2019, pursuant to which
Mr. Shah serves as the Chief Executive Officer of Scilex Pharma. Under the Shah Offer Letter, Mr. Shah’s annual base salary was initially set at $407,925, which was increased to $579,280 in 2020 and to $792,000 on November 11,
2022 (but became effective as of March 17, 2022). On September 22, 2023, our Compensation Committee approved an increase in Mr. Shah’s annual base salary to $1,250,000 and a bonus target of 150% of his base salary, effective as
of October 16, 2023. Mr. Shah’s employment with Scilex was at-will, and either Scilex or Mr. Shah was entitled to terminate the terms and conditions of the employment relationship at any
time, with or without cause and with or without notice.

On June 6, 2019, Scilex issued to Mr. Shah an option to purchase 232,195 shares of
Common Stock, with an exercise price equal to $60.55 per share. On December 21, 2020, Scilex issued to Mr. Shah an option to purchase 46,471 shares of Common Stock, with an exercise price equal to $60.55 per share. The shares subject to
the foregoing options are now fully vested. The foregoing number of shares and exercise prices for Mr. Shah’s options reflect the application of the Exchange Ratio (as defined below) in the Business Combination. On January 17, 2023,
Scilex issued to Mr. Shah an option to purchase 48,571 shares of Common Stock, with an exercise price of $282.80 per share, and on October 4, 2023, Scilex issued to Mr. Shah an option to purchase 5,714 shares of Common Stock, with an
exercise price of $49.35 per share. The shares subject to such options vest in 48 equal monthly installments following the respective grant date