Company: SCLXW
Filing Date: 2025-11-07
Form Type: DEF 14A
Source: 0001193125-25-272322
Chunk: 14

Company: Scilex Holding Co
Filing Date: 2025-11-07
Form: DEF 14A
Chunk 14
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 stockholders and the Company and enables us to:

| • |     | assure that the existing equity awards that are significantly underwater provide meaningful compensatory 
 opportunity to the Eligible Participants (as defined below);                                             |

| • |     | motivate and engage the Eligible Participants to continue to build stockholder value; |

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| • |     | provide an increased level of retention of our Eligible Participants, due to the reduced exercise price in 
 relation to the expense recorded with respect to the Eligible Options; and                                 |

| • |     | avoid the need to (i) grant additional, incremental equity awards, which would further increase our                                                                                                          
 overhang, lower our shares available for future grant under our 2022 Plan, further dilute stockholder interests and increase our non-cash operating expense, and (ii) provide increased cash compensation or 
 cash awards as a retention tool, which would have increased our cash compensation expenses and reduced our cash flow from operations, which could adversely affect our business and results of operations.   |

We also considered potentially conducting an exchange of options of less than one for one as a means of offsetting the increase in value resulting from repricing options. Any exchange proposal would have required compliance with tender offer rules and resulted in added costs, complexities and burdens on our already strained resources. Summary of Material Terms of the Option Repricing Eligible Options and Eligible Participants “Eligible Options” are options to purchase shares of our Common Stock:

| • |     | granted under the 2022 Plan with an exercise price of $282.80 per share, to the extent such exercise price is 
 greater than the fair market value of a share of our Common Stock on the Repricing Date; and                  |

| • |     | held by an Eligible Participant who remains employed by us or remains a member of the Board) through the 
 Repricing Date.                                                                                          |

“Eligible Participants” are those employees and non-employeedirectors that remain employed by Scilex Holding Company or remain in service to Scilex Holding Company through the Repricing Date. For the avoidance of doubt, “Eligible Participants” does not include individuals that are employed directly by any subsidiary of Scilex Holding Company or any consultants or third-party service providers of Scilex Holding Company or any of its subsidiaries. As of October 17, 2025, we estimate that there were approximately 16 Eligible Participants, including two executive officers and one non-employeedirector