Codexis Announces New Employment Inducement Grants

Rhea-AI Summary

Codexis (NASDAQ: CDXS) has announced the approval of equity grants for five new employees, as approved by the company's Board of Directors' Compensation Committee. The inducement awards, granted under the 2024 Inducement Plan, include:

Stock Options: 39,000 shares with an exercise price matching Codexis' Nasdaq closing price on grant date. These vest over four years, with 25% vesting after one year and the remainder vesting monthly.

Restricted Stock Units (RSUs): 27,500 units vesting in equal annual installments over three years. Both grants are subject to continued employment with Codexis through applicable vesting dates.

Positive

• Employee retention strategy through equity compensation
• Structured vesting schedule promotes long-term commitment

Negative

• Potential shareholder dilution from new equity issuance

REDWOOD CITY, Calif., Feb. 14, 2025 (GLOBE NEWSWIRE) -- Codexis, Inc. (NASDAQ: CDXS), a leading provider of enzymatic solutions for efficient and scalable therapeutics manufacturing, today announced the approval of equity grants to five new employees as approved by the Compensation Committee of Codexis’ Board of Directors. The newly hired employees received equity awards consisting of an aggregate of (i) options to purchase 39,000 shares of Codexis common stock and (ii) 27,500 restricted stock units (RSUs) as inducement awards under the Company’s 2024 Inducement Plan.

The stock options have an exercise price equal to the closing price per share of Codexis’ common stock as reported by Nasdaq on the grant date, and vest over four years, with 25 percent of the shares vesting on the first anniversary of the vesting commencement date, and the remainder vesting ratably at the end of each subsequent month thereafter, subject to each employee’s continued service with Codexis through the applicable vesting dates. The RSUs will vest in equal annual installments on each anniversary of the grant date, until the third anniversary of such date, subject to each employee’s continued service with Codexis through the applicable vesting dates.

Codexis is providing this information in accordance with Nasdaq Listing Rule 5635(c)4.

About Codexis

Codexis is a leading provider of enzymatic solutions for efficient and scalable therapeutics manufacturing, leveraging its proprietary CodeEvolver^® technology platform to discover, develop and enhance novel, high-performance enzymes. Codexis enzymes solve for real-world challenges associated with small molecule and nucleic acid therapeutics manufacturing. The Company is currently developing its proprietary ECO Synthesis™ manufacturing platform to enable the scaled manufacture of RNAi therapeutics through an enzymatic route. Codexis’ unique enzymes can drive improvements such as higher yields, reduced energy usage and waste generation, improved efficiency in manufacturing and greater sensitivity in genomic and diagnostic applications. For more information, visit www.codexis.com.

For More Information

Investor Contact
Carrie McKim
(336) 608-9706
ir@codexis.com

Media Contact
Lauren Musto
(650) 421-8205
media@codexis.com

FAQ

How many shares of stock options did Codexis (CDXS) grant in their February 2024 inducement awards?

Codexis granted options to purchase 39,000 shares of common stock as part of their inducement awards.

What is the vesting schedule for Codexis (CDXS) 2024 inducement RSUs?

The RSUs vest in equal annual installments over three years from the grant date, subject to continued employment.

How many RSUs did Codexis (CDXS) issue in their February 2024 inducement grants?

Codexis issued 27,500 restricted stock units (RSUs) as part of their inducement awards.

What is the vesting schedule for Codexis (CDXS) 2024 inducement stock options?

The stock options vest over four years, with 25% vesting after one year and the remainder vesting monthly thereafter.