Company: SMNR
Filing Date: 2025-08-15
Form Type: 10-Q
Source: 0001213900-25-077047
Chunk: 97

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-15
Form: 10-Q
Item: Part I, Item 2
Chunk 97
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, the “Stockholder
Designees”), regardless of (i) whether such Stockholder Designee is to be elected to the New Semnur Board at a meeting of stockholders
called for the purpose of electing directors (or by consent in lieu of meeting) or appointed by the New Semnur Board in order to fill
any vacancy created by the departure of any director or increase in the authorized number of members of the New Semnur Board, or (ii)
the size of the New Semnur Board, and New Semnur will be required to take all actions reasonably necessary, and not otherwise prohibited
by applicable law, to cause each Stockholder Designee to be so nominated, elected or appointed to the New Semnur Board as more fully described
in the Stockholder Agreement. Scilex shall also have the right to designate a replacement director for any Stockholder Designee that has
been removed from the New Semnur Board and the right to appoint a representative of Scilex to attend all meetings of the committees of
the New Semnur Board. The Stockholder Agreement also provides that New Semnur will be prohibited from taking certain actions without the
consent of Scilex. Such actions include, among other things, amendments to the certificate of designations designating the New Semnur
Preferred Shares, increases or decreases in the size of the New Semnur Board, the incurrence of certain amounts of indebtedness and the
payment of dividends on New Semnur Common Shares. In addition, the Stockholder Agreement provides that New Semnur will be prohibited from
taking certain actions without the consent of Oramed (but only until the date on which all payments under the Oramed Note and all other
obligations under the Oramed Note have been paid in full in cash (such date, the “Release Date”)). The actions that require
Oramed’s consent include, among other things, (i) amending certain agreements, including the Stockholder Agreement, the Merger Agreement,
New Semnur’s certificate of incorporation or bylaws, Semnur’s 2024 Stock Option Plan, the Stockholder Support Agreement and
the Debt Exchange Agreement, in each case that adversely affect the rights of capital stock held by Scilex in New Semnur, (ii) approval
of the issuance of capital stock of New Semnur that would result in Scilex holding less than 55% of the outstanding shares