Company: SMNR
Filing Date: 2025-07-23
Form Type: S-4/A
Source: 0001193125-25-163401
Chunk: 426

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-23
Form: S-4/A
Chunk 426
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 titled “Proposal 1 — The Business Combination Proposal — Interests of Certain Persons in the Business Combination” for a further discussion of these considerations.**

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PROPOSAL 8 — OPTION EXCHANGE PROPOSAL**</div>

**Overview

On August 30, 2024, the Semnur Board adopted the 2024 Stock Option Plan, which was approved by Semnur’s then sole stockholder, Scilex, on August 29, 2024. Under the 2024 Stock Option Plan, an aggregate of 40,000,000 shares of Semnur Common Stock are reserved for issuance, which number is subject to any adjustments as necessary as provided in the 2024 Stock Option Plan. The 2024 Stock Option Plan provides for the grant of nonstatutory stock options to employees, consultants and directors of Semnur and its affiliates.

On August 30, 2024, the Semnur Board approved the grant of options to purchase an aggregate of up to 40,000,000 shares of Semnur Common Stock under the 2024 Stock Option Plan (the “Semnur Options”), of which an option to purchase up to (i) 17,500,000 shares was granted to Henry Ji, Ph.D., who is expected to be the Executive Chairperson and a director of New Semnur following the closing of the Business Combination, (ii) 17,500,000 shares was granted to Jaisim Shah, who is expected to be the Chief Executive Officer, President and a director of New Semnur following the closing of the Business Combination and (iii) 2,000,000 shares was granted to Stephen Ma, who is expected to be the Chief Financial Officer of New Semnur following the closing of the Business Combination, with the remainder of the Semnur Options granted to certain Scilex employees who provide services to Semnur. The Semnur Options are subject to the terms and conditions of the 2024 Stock Option Plan and the applicable form of option agreement approved for use thereunder. The exercise price of the Semnur Options is $1.58 per share and such options shall expire on August 30, 2034, unless earlier terminated pursuant to the terms of the applicable option agreement. All Semnur Options shall vest over a period of four years as follows: 1/48th of the shares underlying such options shall vest on each one month anniversary of