Company: CRNX
Filing Date: 2025-02-24
Form Type: 8-K
Source: 0000950170-25-025248
Chunk: 2

Company: Crinetics Pharmaceuticals, Inc.
Filing Date: 2025-02-24
Form: 8-K
Item: Item 5.02
Chunk 2
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 entitled to receive only the Accrued Amounts.

In the event Mr. Schilke’s employment terminates upon his death or permanent disability, he is entitled to: (1) the Accrued Amounts; (2) a payment equal to a pro rata portion of Mr. Schilke’s then-current annual bonus based on the achievement of applicable performance goals for such year, 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 (3) all outstanding unvested equity-based compensation awards shall become fully vested and exercisable, with all such awards that vest based on the achievement of performance conditions being deemed vested at target levels.

On March 10, 2025, the Company expects to grant Mr. Schilke 52,000 restricted stock units (“ RSUs”) and a stock option to purchase 80,000 shares of common stock under the Crinetics Pharmaceuticals, Inc. 2021 Employment Inducement Incentive Award Plan (the

“2021 Inducement Plan”). The shares subject to the stock options will vest over four years, with 25% of the shares vesting on the one-year anniversary of the applicable vesting commencement date and the balance of the shares vesting in a series of 36 successive equal monthly installments thereafter, subject to Mr. Schilke’s continued employment with Crinetics on such vesting dates. The RSUs will vest over four years in equal annual installments beginning on the one-year anniversary of the applicable vesting commencement date, also subject to Mr. Schilke’s continued employment with Crinetics on such vesting dates. The stock option and RSU awards are subject to the terms and conditions of the 2021 Inducement Plan and the terms and conditions of an applicable stock option award agreement or RSU award agreement covering the respective grant. The RSUs and stock option will be granted as an inducement material to Mr. Schilke entering into employment with Crinetics in accordance with Nasdaq Listing Rule 5635(c)(4).

The Employment Agreement incorporates applicability of the Company’s Policy for Recovery of Erroneously Awarded Compensation, which provides the Company the ability to seek recovery of all incentive awards.

There are no reportable family relationships or related party transactions (as defined in Item 404(a) of Regulation S-K) involving the Company and Mr. Schilke.

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