Company: SMNR
Filing Date: 2025-07-02
Form Type: S-4/A
Source: 0001193125-25-154936
Chunk: 600

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-02
Form: S-4/A
Chunk 600
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ur. This discussion may contain forward-lookingstatements that are based on New Semnur’s current plans, considerations, expectations and determinations regarding future compensation programs. The actual compensation programs that New Semnur adopts following the closing of the Business Combination may differ materially from the currently planned programs that are summarized in this discussion. As an “emerging growth company” as defined in the JOBS Act, Semnur is not required to include a Compensation Discussion and Analysis section and has elected to comply with the scaled disclosure requirements applicable to emerging growth companies. Unless the context otherwise requires, all references in this subsection to “Semnur” refer to Semnur prior to the consummation of the Business Combination and to New Semnur after the Business Combination. All share numbers in this subsection are shown on a pre-businesscombination basis. This section provides an overview of the material components of Semnur’s executive compensation programs, including a narrative description of the material factors necessary to understand the information disclosed in the summary compensation table below. As Semnur transitions from a private company to a publicly traded company, Semnur will design its compensation and benefits programs to attract, retain, incentivize and reward deeply talented and qualified executives who share its philosophy and desire to work towards achieving Semnur’s goals and to promote the success of the company and align executive incentives with the long-term interests of its stockholders. See “ New Semnur Executive Officer Compensation Following the Business Combination” below. As Semnur is a majority owned subsidiary of Scilex, executives of Scilex are required to provide services to Scilex’s subsidiaries without receiving any additional cash or equity compensation from Semnur for services rendered to Semnur. The costs associated with time spent by employees of Scilex working on matters for Semnur are allocated to Semnur. These costs are then included in Semnur’s operating expenses as either research and development expenses, if such individual is engaged in research and development functions related to the SP-102 program, or general and administrative expenses, if such individual is engaged in executive, marketing, finance, corporate and business development and administrative functions, as further discussed below. Summary Compensation Table

| Name and Principal Position         |     | Year |      |     | Salary ($) |         |     | Bonus($) |   |     | Option     
 Awards ($) |   |     | All Other        
 Compensation ($) |        |    |     | Total ($) |         |
| Jaisim Shah                         |     |