Company: SMNR
Filing Date: 2025-07-02
Form Type: S-4/A
Source: 0001193125-25-154936
Chunk: 696

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-02
Form: S-4/A
Chunk 696
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 of the voting power of the then outstanding shares of stock of New Semnur entitled to vote generally in the election of directors, the stockholders may also fix the number of directors by resolution adopted by the stockholders. |
| Structure of the Board of Directors; Election of Directors                                                                                                                                                                                                                |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| Pursuant to the Current Denali Charter, prior to the closing of the initial business combination, only holders of Denali Class B Ordinary Shares have the right to vote on the appointment of directors.                                                                  |     | Pursuant to Current Semnur Bylaws, except as provided therein, directors are elected at each annual meeting of stockholders. Each director shall hold office until such director’s                                                                                                                                                                                                                                                                                                              |     | Under the Proposed Charter, subject to the rights of the holders of any series of preferred stock to elect additional directors under specified circumstances, the New Semnur Board will be classified                                                                                                                                                                                                                                                                                                               |

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| Current Denali Governance                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |     | Current Semnur Governance                                                                                                                                                                                                                                                                                                                                                                                                                                                   |     | Proposed Governance                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| The directors are divided into three classes: Class I, Class II and Class III. The number of directors in each class is as equal as possible. The Class I Directors stand appointed for a term expiring at Denali’s first annual general meeting, the Class II Directors stand appointed for a term expiring at Denali’s second annual general meeting and the Class III Directors stand appointed for a term expiring at Denali’s third annual general meeting. Commencing at Denali’s first annual general meeting, and at each annual general meeting thereafter, directors appointed to succeed those directors whose terms expire are appointed for a term of office to expire at the third succeeding annual general meeting after their appointment. |     | successor is elected and qualified or until such director’s earlier death, resignation or removal.                                                                                                                                                                                                                                                                                                                                                                          |     | into three classes of directors with staggered terms of office. A decrease in the number of directors constituting the New Semnur Board will not shorten the term of any incumbent director. Pursuant to the Proposed Bylaws, the election of directors will be determined by a plurality of the votes cast.                                                                                                                                                                                                                                                                                                                                                                                                    |
| Removal of Directors                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| Prior to the closing of the initial business combination, directors can be removed by simple majority