Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 385

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 1C
Chunk 385
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assily earned a B.A. degree from Denison University and an MBA from Dartmouth College, Tuck School of Business.

Number
and Terms of Office of Officers and Directors

Our
board of directors consists of three members. Holders of our founder shares will have the right to elect all of our directors prior to
consummation of our initial business combination and holders of our public shares will not have the right to vote on the appointment
of directors during such time. These provisions of our amended and restated memorandum and articles of association may only be amended
if approved by holders of at least 90% of our issued and outstanding ordinary shares entitled to vote thereon. Each of our directors
will hold office for a two-year term. Subject to any other special rights applicable to the shareholders, any vacancies on our board
of directors may be filled by the affirmative vote of a majority of the remaining directors of our board or by a majority of the holders
of our ordinary shares (or, prior to our initial business combination, a majority of the holders of our founder shares).

Our
officers are appointed by the board of directors and serve at the discretion of the board of directors, rather than for specific terms
of office. Our board of directors is authorized to appoint persons to the offices set forth in our amended and restated memorandum and
articles of association as it deems appropriate. Our amended and restated memorandum and articles of association provide that our officers
may consist of one or more chair of the board, chief executive officer, president, chief financial officer, vice presidents, secretary,
treasurer and such other offices as may be determined by the board of directors.

25

Committees
of the Board of Directors

Our
board of directors has one standing committee: an audit committee. Subject to phase-in rules and a limited exception, the rules of Nasdaq
and Rule 10A-3 of the Exchange Act require that the audit committee of a listed company be comprised solely of independent directors.
As described in Item 11 below, none of our executive officers or directors has received any cash compensation for services rendered to
us.

Audit
Committee

We
have established an audit committee of the board of directors. Huifeng Chang, Jim Mao and Kevin Vassily are members of our audit committee.
Our board of directors has determined that each of Huifeng Chang, Jim Mao and Kevin Vassily are independent under the Nasdaq listing
standards and applicable SEC rules. Kevin Vassily