Company: SMNR
Filing Date: 2025-07-02
Form Type: S-4/A
Source: 0001193125-25-154936
Chunk: 676

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-02
Form: S-4/A
Chunk 676
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**of the directors. See the section of this proxy statement/prospectus titled “Directors and Executive Officers of New Semnur After the Business Combination” for more information on the classified board.

The Proposed Charter will also provide that the total number of directors shall be determined from time to time exclusively by the New Semnur Board; provided that, at any time prior to a Scilex Trigger Event, the stockholders may also fix the number of directors by resolution adopted by the stockholders.

Removal of Directors; Vacancies

The Proposed Charter will provide that, except as otherwise required by law or the Proposed Charter, directors may be removed with or without cause by the affirmative vote of the holders of a majority of the voting power of the then-outstanding shares of stock of New Semnur entitled to vote generally in the election of such directors; provided, however, that, from and after the Scilex Trigger Event, any such director or all such directors may be removed only for cause and only by the affirmative vote of the holders of at least 66 ⁄% of the voting power of all the then-outstanding shares of stock of New Semnur entitled to vote thereon, voting together as a single class, in each case subject to the rights of holders of any series of New Semnur Preferred Stock.

In addition, the Proposed Charter will provide that, except as otherwise provided therein or by law, any vacancy resulting from the death, resignation, removal or disqualification of a director or other cause, or any newly created directorship in the New Semnur Board, may be filled by a majority of the directors then in office, although less than a quorum, or by New Semnur’s stockholders; provided, however, that from and after the Scilex Trigger Event, any vacancy resulting from the death, resignation, removal or disqualification of a director or other cause, or any newly created directorship in the New Semnur Board, shall be filled only by a majority of the directors then in office, although less than a quorum, and shall not be filled by New Semnur’s stockholders, in each case subject to the rights of the holders of any series of New Semnur Preferred Stock.

These provisions may have the effect of deferring, delaying, or discouraging hostile takeovers, changes in control of New Semnur or changes in its management.

Delaware Anti-Takeover Law

The Proposed Charter will provide that New