Company: SMNR
Filing Date: 2025-07-23
Form Type: S-4/A
Source: 0001193125-25-163401
Chunk: 601

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-23
Form: S-4/A
Chunk 601
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 may discourage shareholders from bringing a lawsuit against Denali’s officers or directors for breach of their fiduciary duty. These provisions also may have the effect of reducing the likelihood of derivative litigation against Denali’s officers and directors, even though such an action, if successful, might otherwise benefit Denali and its shareholders. Furthermore, a shareholder’s investment may be adversely affected to the extent Denali pays the costs of settlement and damage awards against its officers and directors pursuant to these indemnification provisions.

Denali believes that these provisions, the insurance and the indemnity agreements are necessary to attract and retain talented and experienced officers and directors.

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SEMNUR’S EXECUTIVE COMPENSATION Overview The following is a discussion and analysis of the compensation arrangements of Semnur’s executive officers, each of whom is expected to be an executive officer of New Semnur. This discussion may contain forward-lookingstatements that are based on New Semnur’s current plans, considerations, expectations and determinations regarding future compensation programs. The actual compensation programs that New Semnur adopts following the closing of the Business Combination may differ materially from the currently planned programs that are summarized in this discussion. As an “emerging growth company” as defined in the JOBS Act, Semnur is not required to include a Compensation Discussion and Analysis section and has elected to comply with the scaled disclosure requirements applicable to emerging growth companies. Unless the context otherwise requires, all references in this subsection to “Semnur” refer to Semnur prior to the consummation of the Business Combination and to New Semnur after the Business Combination. All share numbers in this subsection are shown on a pre-businesscombination basis. This section provides an overview of the material components of Semnur’s executive compensation programs, including a narrative description of the material factors necessary to understand the information disclosed in the summary compensation table below. As Semnur transitions from a private company to a publicly traded company, Semnur will design its compensation and benefits programs to attract, retain, incentivize and reward deeply talented and qualified executives who share its philosophy and desire to work towards achieving Semnur’s goals and to promote the success of the company and align executive incentives with the long-term interests of its stockholders. See “ New Semnur Executive Officer Compensation Following the Business Combination” below. As Semnur is a majority owned subsidiary of Scilex, executives of Scilex are required to provide services to Scilex’s subsidiaries without receiving any additional cash