Company: SMNR
Filing Date: 2025-07-02
Form Type: S-4/A
Source: 0001193125-25-154936
Chunk: 594

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-02
Form: S-4/A
Chunk 594
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 holders of at least 90% of the issued and outstanding Denali Ordinary Shares entitled to vote thereon. Each of Denali’s directors hold office for a term that shall expire at the third succeeding annual general meeting after their appointment. Subject to any other special rights applicable to the shareholders, any vacancies on the board of directors of Denali may be filled by the affirmative vote of a majority of the remaining directors of the board of directors of Denali or by a majority of the holders of the Denali Ordinary Shares (or, prior to an initial business combination, a majority of the holders of the founder shares).

Pursuant to a registration and shareholder rights agreement entered into on April 6, 2022, between Denali and the Sponsor, the Sponsor is entitled to nominate three individuals for appointment to the board of directors of Denali, as long as the Sponsor holds any securities covered by such registration rights agreement. However, at the closing of the Business Combination, such registration and shareholder rights agreement will be amended and restated as contemplated by the Merger Agreement, and the Sponsor will no longer have the right thereunder to nominate individuals to the New Semnur Board.

Denali’s 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. Denali’s board of directors is authorized to appoint persons to the offices set forth in the Current Denali Charter as it deems appropriate. The Current Denali Charter provides that Denali’s 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.

Director Independence

An “independent director” is defined generally as a person that, in the opinion of the company’s board of directors, has no material relationship with the listed company (either directly or as a partner, shareholder or officer of an organization that has a relationship with the company). Denali’s board of directors has determined that each of Huifeng Chang, Jim Mao and Kevin D. Vassily is an independent director under Rule 10A-3 under the Exchange Act.

Executive Officer and Director Compensation

None of Denali’s officers or directors have received any compensation for services rendered to Denali. The Sponsor, officers, directors and their respective affiliates will be reimbursed for any out-of-pocket expenses**

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incurred in connection with activities on Denali’s behalf