Company: SMNR
Filing Date: 2025-04-21
Form Type: S-4/A
Source: 0001193125-25-087342
Chunk: 236

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-21
Form: S-4/A
Chunk 236
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 |     | provide that, at any time after the Scilex Trigger Event, directors may only be removed for cause, and only by the affirmative vote of holders of at least 662⁄3% in voting power of all the then-outstanding shares of New Semnur Common Stock entitled to vote thereon, voting together as a single class; |

| • |     | prohibit stockholder action by written consent from and after the Scilex Trigger Event; |

| • |     | provide that, at any time after the Scilex Trigger Event, special meetings may only be called by or at the direction of the Chairman of the New Semnur Board, the New Semnur Board or the Chief Executive Officer; |

| • |     | provide that, at any time after the Scilex Trigger Event, any alteration, amendment or repeal, in whole or in part, of any provision of the Proposed Bylaws by New Semnur’s stockholders will require the |

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| affirmative vote of the holders of at least 66 2/3% in voting power of all the then-outstanding shares of the New Semnur Common Stock entitled to vote thereon, voting together as a single class; and |

| • |     | establish advance notice requirements for nominations for elections to the New Semnur Board and for proposing matters that can be acted upon by stockholders at stockholder meetings. |

**Section 203 of the DGCL generally prohibits a Delaware corporation from engaging in any of a broad range of business combinations with any interested stockholder for a period of three years following the date on which the stockholder became an interested stockholder. New Semnur has expressly elected not to be governed by Section 203 of the DGCL until the occurrence of a Scilex Trigger Event. At that time, such election shall be automatically withdrawn and New Semnur will thereafter be governed by Section 203 of the DGCL, except that the restrictions on business combinations of Section 203 of the DGCL will not apply to Scilex or its current or future Affiliates (as defined in the Proposed Charter) regardless of its percentage ownership of New Semnur Common Stock. These provisions could discourage, delay or prevent a transaction involving a change in control of New Semnur. These provisions could also discourage proxy contests and make it more difficult for New Semnur’s stockholders to elect directors of their choosing and cause New Semnur to take other corporate actions they desire, including actions