NEUROCRINE BIOSCIENCES INC
For the period ended May 22, 2024. Filed Apr 10, 2024.
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What shareholders are asked to vote on at a company's meeting. It is where to find what directors and top executives are paid, and who owns the most shares.
May 22, 2024 · Filed Apr 10, 2024
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934
(Amendment No. )
Filed by the Registrant☒ Filed by a Party other than the Registrant☐
Check the appropriate box:
| ☐ | Preliminary Proxy Statement |
|---|---|
| ☐ | Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) |
| ☒ | Definitive Proxy Statement |
| ☐ | Definitive Additional Materials |
| ☐ | Soliciting Material Pursuant to §240.14a-12 |
Neurocrine Biosciences, Inc.
(Name of Registrant as Specified In Its Charter)
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
Payment of Filing Fee (Check all boxes that apply):
| ☒ | No fee required. |
|---|---|
| ☐ | Fee paid previously with preliminary materials. |
| ☐ | Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11. |
NEUROCRINE BIOSCIENCES, INC.
6027 Edgewood Bend Court
San Diego, CA 92130
Notice of Annual Meeting of Stockholders
To Be Held on May 22, 2024
TO THE STOCKHOLDERS:
NOTICE IS HEREBY GIVEN that the 2024 Annual Meeting of Stockholders of Neurocrine Biosciences, Inc., a Delaware corporation (the “Company”), will be held on May 22, 2024, at 10:30 a.m., local time, at the Company’s corporate offices located at 6027 Edgewood Bend Court, San Diego, California 92130, for the following purposes as more fully described in the Proxy Statement accompanying this Notice:
The election of the four nominees for Class I directors named herein to the Board of Directors to serve for a term of three years;
An advisory vote on the compensation paid to the Company’s named executive officers;
To approve an amendment to the Company’s 2020 Equity Incentive Plan to increase the number of shares of common stock reserved for issuance thereunder by 3,635,000 shares;
The ratification of the appointment of Ernst & Young LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2024; and
To transact such other business as may properly come before the Annual Meeting of Stockholders or any continuation, adjournment or postponement thereof.
Only stockholders of record at the close of business on March 25, 2024 are entitled to receive notice of and to vote at the Annual Meeting of Stockholders.
All stockholders are invited to attend the Annual Meeting of Stockholders in person. However, we strongly urge our stockholders not to attend the Annual Meeting in person and to instead submit proxy votes. Our Annual Meeting will be purely functional in format to comply with the relevant legal requirements. There will be no presentations or exhibitions. No refreshments will be provided. Your vote is important. Whether or not you plan to attend the Annual Meeting, we encourage you to submit your proxy or voting instructions as soon as possible to vote your shares. You may vote over the Internet, as well as by telephone or by mailing a proxy or voting instruction form. Please review the instructions on each of your voting options described in these proxy materials. Stockholders attending the Annual Meeting may vote in person even if they have returned a proxy. If you hold shares through an account with a brokerage firm, bank or other nominee, please follow the instructions you receive from such firm, bank or other nominee to vote your shares.
By Order of the Board of Directors,
Darin Lippoldt
Chief Legal Officer and Corporate Secretary
San Diego, California
April 10, 2024
Important Notice Regarding the Availability of Proxy Materials for the Stockholders’
Meeting to be Held on May 22, 2024 at 10:30 a.m. Local Time at
6027 Edgewood Bend Court, San Diego, California 92130.
The Proxy Statement and Annual Report to stockholders are available at
www.proxyvote.com. Please have the control number on your proxy card available.
A copy of the Company’s Annual Report to the Securities and Exchange Commission on Form 10-K for the fiscal year ended December 31, 2023 is available without charge upon written request to the Company’s Corporate Secretary at
12780 El Camino Real, San Diego, California 92130.
TABLE OF CONTENTS
| Proxy Summary | 1 | Our Compensation Practices | 44 |
|---|---|---|---|
| About the Annual Meeting | 2 | Role of the Compensation Committee | 44 |
| Security Ownership of Certain Beneficial Owners and Management | 5 | Compensation Philosophy | 45 |
| Our Board of Directors | 7 | Overall Compensation Determination Process | 45 |
| General | 7 | Compensation Consultant | 46 |
| Director Biographies of Class I Directors Nominated for Reelection at the 2024 Annual Meeting of Stockholders | 7 | Competitive Assessment of Compensation—Peer Group and Market Data | 47 |
| Director Biographies of Class II and Class III Directors not Nominated for Reelection at the 2024 Annual Meeting of Stockholders | 8 | Components of Executive Compensation | 47 |
| The Board of Directors and Corporate Governance Matters | 10 | 2023 Named Executive Officer Compensation Decisions | 50 |
| General | 10 | Officer Equity Ownership Guidelines | 54 |
| Corporate Governance Best Practices | 10 | Equity Trading Policies and Procedures | 54 |
| Board of Directors Overview | 11 | Compensation Recoupment Policy | 55 |
| Board Leadership Structure | 12 | Tax and Accounting Considerations | 55 |
| Board Independence | 12 | Risk Analysis of Our Compensation Program | 55 |
| Classified Board Structure | 12 | Executive Compensation and Other Information | 56 |
| Overboarding Policy | 12 | Summary Compensation Table | 56 |
| Board and Committee Meetings During 2023 | 13 | Grants of Plan-Based Awards During 2023 | 57 |
| Information About Board Committees | 13 | Agreements with Named Executive Officers | 58 |
| Compensation Committee Interlocks and Insider Participation | 14 | Outstanding Equity Awards at Fiscal Year-End | 59 |
| Director Nomination Process | 14 | Option Exercises and Stock Vested During the Year | 60 |
| Board Diversity Matrix | 15 | Potential Payments upon Termination or Change-in-Control | 60 |
| Board Self Assessment | 15 | CEO Pay Ratio | 64 |
| Board Education | 15 | Item 402(v) Pay Versus Performance | 65 |
| Identification and Evaluation of Nominees for Director | 15 | Directors Compensation Summary | 69 |
| Proxy Access | 16 | Non-Employee Director Compensation Philosophy | 69 |
| Process for Stockholder Communications with the Board of Directors | 16 | Non-Employee Director Compensation for 2023 | 69 |
| The Board's Role in Risk Oversight | 16 | Director Compensation Table | 70 |
| Corporate Responsibility and Sustainability | 17 | Non-Employee Director Compensation for 2024 | 70 |
| Risk Assessment Concerning Compensation Practices and Policies | 17 | Non-Employee Director Equity Ownership Guidelines | 71 |
| Role of Board in Succession Planning | 18 | Additional Information | 71 |
| Policy Regarding Board Member Attendance at the Company's Annual Meeting | 18 | Related Person Transactions | 71 |
| Report of the Audit Committee | 19 | Other Matters | 71 |
| Principal Accountant Fees and Services | 20 | Additional Information | 71 |
| Compensation Committee Report | 21 | Special Note Regarding Forward-Looking Statements | 72 |
| Proposal One: Election of Directors | 22 | Appendix A - 2020 Equity Incentive Plan | 73 |
| Proposal Two: Advisory Vote on Compensation Paid to the Company's Named Executive Officers | 24 | ||
| Proposal Three: Approval of an Amendment to the 2020 Equity Incentive Plan | 25 | ||
| Equity Compensation Plans | 37 | ||
| Proposal Four: Ratification of Appointment of Independent Registered Public Accounting Firm | 38 | ||
| Executive Officers | 39 | ||
| Compensation Discussion and Analysis | 41 | ||
| Executive Summary | 41 | ||
| Committee Actions in Connection with Say-on-Pay Vote | 42 | ||
| Pay for Performance / At-Risk Pay | 43 | ||
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.