Crinetics Pharmaceuticals Announces September 2024 Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

SAN DIEGO, Sept. 10, 2024 (GLOBE NEWSWIRE) — Crinetics Pharmaceuticals, Inc. (Nasdaq: CRNX) today announced that on September 10, 2024, the Compensation Committee of the Board of Directors of Crinetics granted non-qualified stock option awards to purchase an aggregate of 120,200 shares of its common stock to fifteen new non-executive employees under the Crinetics Pharmaceuticals, Inc. 2021 Employment Inducement Incentive Award Plan (the “2021 Inducement Plan”). The stock options were granted as material incentives to the employees joining Crinetics in accordance with Nasdaq Listing Rule 5635(c)(4).

The 2021 Inducement Plan will be used solely to grant stock awards to individuals who were not previously employees of Crinetics, or following a bona fide period of non-employment, as an incentive material to the entry into employment with Crinetics by such individuals, pursuant to Nasdaq Listing Rule 5635(c)(4). The options have an exercise price of $50.40 per share, which is equal to the closing price of Crinetics common stock on The Nasdaq Global Select Market on September 10, 2024. The shares covered by the stock options will vest over four years, with 25% of the shares vesting on the first anniversary of the applicable grant commencement date and the remainder of the shares vesting in a series of 36 consecutive equal monthly installments thereafter, subject to each employee’s continued employment with Crinetics on such grant dates. The options are subject to the terms of the Inducement Plan 2021 and the terms of a stock option agreement governing the grant.