Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 582

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 582
---
 Date, subject to the executive officer’s providing continuous service (as defined in the 2024 Stock Option Plan) on each such vesting date, inclusive.

|                 |     | Stock Options |            |
| Jaisim Shah     |     |               | 17,500,000 |
| Henry Ji, Ph.D. |     |               | 17,500,000 |
| Stephen Ma      |     |               |  2,000,000 |

The Awards are not exercisable until the earlier to occur of (i) the approval by the shareholders of Denali of the Option Exchange or (ii) the approval by the stockholders of Scilex of the 2024 Stock Option Plan at or prior to the 2025 annual meeting of stockholders of Scilex (and notwithstanding the foregoing, the Awards are not exercisable until all payments and all obligations under the Oramed Note have been paid in full). These Awards are not considered to be granted under accounting rules as neither repayment of the Oramed Note nor closing of the Business Combination has occurred. As such, total amount of stock-based compensation expense attributable to these Awards would be determined based on their accounting grant-date fair value and to be recognized, on a tranche-by-tranche basis, over forty-eight equal monthly tranches. No expense was recorded in connection with the Awards granted under the 2024 Stock Option Plan as of December 31, 2024, as the vesting is contingent upon the repayment of the Oramed Note and the closing of the Business Combination. 368

Potential Payments upon Termination or Change in Control During the year ended December 31, 2024, Semnur did not have any arrangement with any of its executive officers providing for potential payments, compensation or other benefits upon termination or the occurrence of a change of control other than as described below. If there is a sale or other disposition of at least 50% of the outstanding securities of Semnur or other corporate transaction (as defined in the 2024 Stock Option Plan), and the Awards are not assumed, continued or substituted by the surviving or acquiring corporation, then the Awards will be accelerated in full to a date prior to the effective time of the corporate transaction (contingent upon the effectiveness of the corporate transaction) as the Semnur Board determines (or, if the Semnur Board does not determine such a date, to the date that is five days prior to the effective time of the corporate transaction), and such awards