Company: SMNR
Filing Date: 2025-08-08
Form Type: S-4/A
Source: 0001193125-25-177097
Chunk: 623

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-08
Form: S-4/A
Chunk 623
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 after the initial classification, the successors to directors whose terms will then expire will be elected to serve from the time of election and qualification until the third annual 378

meeting following their election. The authorized number of directors that shall constitute the New Semnur Board will be determined exclusively by the New Semnur Board;provided that, at any time the Scilex Group beneficially owns, in the aggregate, at least 50% in voting power of the then-outstanding shares of New Semnur’s capital stock entitled to vote generally in the election of directors, the stockholders may also fix the number of directors by resolutions adopted by the stockholders. Any increase or decrease in the number of directors will be apportioned among the three classes so that, as nearly equal as practicable, each class will consist of one-third of the directors. No decrease in the number of directors constituting the New Semnur Board will shorten the term of any incumbent director. New Semnur’s directors may be removed with or without cause by the affirmative vote of the holders of a majority of voting power of the then-outstanding shares of New Semnur’s capital stock entitled to vote generally in the election of such directors;provided, however, that, from and after the Scilex Trigger Event any such director or all such directors may be removed only for cause and only by the affirmative vote of the holders of at least 66 2/3% in voting power of all the then-outstanding shares of New Semnur’s capital stock entitled to vote thereon, voting together as a single class.

Subject to applicable law and the Proposed Charter and subject to the rights of the holders of any series of preferred stock of New Semnur, any vacancy on the New Semnur Board may be filled by the New Semnur Board or the stockholders of New Semnur;provided, however, that from and after the Scilex Trigger Event, any such vacancy shall be filled only by the New Semnur Board and not by the stockholders of New Semnur. Any director elected in accordance with the preceding sentence shall hold office until the annual meeting of stockholders for the election of directors of the class to which he or she has been appointed and until his or her successor has been duly elected and qualified, subject, however, to such director’s earlier death, resignation, retirement, removal or disqualification.

Controlled Company Exemption

After the completion of the Business Combination, Scilex will continue to control