Company: CRNX
Filing Date: 2025-02-24
Form Type: 8-K
Source: 0000950170-25-025248
Chunk: 1

Company: Crinetics Pharmaceuticals, Inc.
Filing Date: 2025-02-24
Form: 8-K
Item: Item 5.02
Chunk 1
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 forth in his Employment Agreement: (1) his fully earned but unpaid base salary and accrued and unused paid time off through the date of termination at the rate then in effect, plus all other amounts under any compensation plan or practice to which he is entitled (the “ Accrued Amounts”); (2) a cash payment equal to nine months of his then-current base salary, payable in a lump sum payment 60 days following the termination date; (3) a cash payment equal to a pro rata portion of his then-current target annual bonus opportunity, payable on the earlier of the date annual bonuses are paid to similarly situated executives or two-and-a-half months following the end of the year in which the termination occurs; and (4) payment for continued health plan coverage for up to nine months following the date of termination or, if earlier, up to the date he becomes eligible to receive equivalent or increased health plan coverage by means of subsequent employment or self-employment.

If Mr. Schilke’s employment is terminated by us other than for cause or by him for good reason within 12 months after a change in control, in lieu of the severance benefits described above, he is entitled to the following payments and benefits, subject to his timely execution and non-revocation of a general release of claims in favor of the Company and his continued compliance with the restrictive covenants set forth in his Employment Agreement: (1) the Accrued Amounts; (2) a cash payment equal to 12 months of his then-current base salary and his then-current target annual bonus opportunity, payable in a lump sum payment 60 days following the termination date; (3) reimbursement of continued health plan coverage for up to 12 months following the date of termination or, if earlier, up to the date he becomes eligible to receive equivalent or increased health plan coverage by means of subsequent employment or self-employment; (4) a cash payment equal to a pro rata portion of his then-current target annual bonus opportunity, payable in a lump sum payment 60 days following the date of termination; and (5) all outstanding unvested stock options and all equity-based compensation awards that vest based on continued service shall become fully vested and exercisable upon such date, and all equity-based compensation awards that vest based on the achievement of applicable performance goals shall remain outstanding in accordance with the terms of the applicable award agreements.

In the event we terminate Mr. Schilke’s employment for cause or he terminates his employment without good reason, he is