Company: CRNX
Filing Date: 2025-04-23
Form Type: DEF 14A
Source: 0000950170-25-057452
Chunk: 52

Company: Crinetics Pharmaceuticals, Inc.
Filing Date: 2025-04-23
Form: DEF 14A
Chunk 52
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 to the named executive officers’ target annual incentive award opportunities to continue to improve competitive positioning and ensure alignment relative to market. Dr. Struthers’ target annual incentive award opportunity was increased from 55% to 65%, and all the other named executive officers’ target annual incentive award opportunities were increased from 40% to 45%.

Dr. Struthers’ annual incentive award was based 80% on achievement of corporate performance goals and 20% on achievement of individual objectives. The annual incentive awards for our other named executive officers were based 75% on achievement of corporate performance goals and 25% on achievement of individual objectives.

At the beginning of each year, the board of directors (considering the recommendations of the compensation committee and management) sets corporate performance goals and milestones for the year. These goals and milestones and the proportional emphasis placed on each are set by the board of directors after considering management input and our overall strategic objectives. These goals generally relate to factors such as achievement of product development objectives and financial targets. The compensation committee determines the level of achievement of the corporate performance goals for each year. The individual component of each named executive’s annual incentive award is not necessarily based on the achievement of any predetermined criteria or guidelines but rather on the compensation committee’s subjective assessment of the officer’s overall performance of his or her duties. In coming to this determination, our compensation committee does not follow any guidelines, nor are there such standing guidelines regarding the exercise of such discretion. In February 2025, our compensation committee also approved an amendment to our annual incentive program to cap the actual payouts of annual incentive awards at 150% of the target award.

All final annual incentive award payments to our named executive officers are determined by our compensation committee. Actual annual incentive awards in any year, if any, may be more or less than the target opportunity, depending on individual performance and the achievement of corporate performance goals and may also vary based on other factors at the discretion of the compensation committee.

Corporate Performance Goals and Performance Levels

The corporate performance goals for 2024 were approved by the board of directors in March 2024. The 2024 performance goals were aggressive and set at challenging levels such that the attainment of executive target annual cash incentive award opportunities was not assured at the time they were set and would require a high level of effort and execution on the part of the executive officers and others in order to achieve the goals. The compensation committee believes that each of these goals is strongly aligned to the creation of stockholder value.

To determine our corporate performance