Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 411

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 411
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 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 the vesting commencement date (as set forth in the applicable option agreement), in each case provided that the award recipient remains continuously employed with (or is
providing continuous service to) Semnur through the applicable vesting date, inclusive. Notwithstanding the foregoing vesting schedules, the Semnur Options are not exercisable until the earlier to occur of (i) the approval of the Option
Exchange (as defined below) pursuant to this Option Exchange Proposal or (ii) the stockholders of Scilex approve the 2024 Stock Option Plan at or prior to the 2025 annual meeting of stockholders of Scilex (notwithstanding the foregoing, such
options are not exercisable until all payments and all obligations under the Oramed Note have been paid in full).

Pursuant to the Merger Agreement,
assuming the requisite approval by Denali’s shareholders has been obtained prior to the closing of the Business Combination, at the Effective Time, each Semnur Option that is then outstanding shall be converted into the right to receive a New
Semnur Option (the “Option Exchange”) upon substantially the same terms and conditions as are in effect with respect to such option immediately prior to the Effective Time, including with respect to vesting and termination-related
provisions, except that (i) such New Semnur Option shall relate to