Codexis Announces New Employment Inducement Grants

Rhea-AI Summary

Codexis, Inc. (NASDAQ: CDXS), an enzyme engineering leader, has announced the approval of equity grants for two new employees. The grants include options to purchase 14,881 shares of common stock and restricted stock units (RSUs) for 8,928 shares. These awards serve as inducement under the company’s 2022 Employee Inducement Incentive Plan and comply with Nasdaq Listing Rule 5635(c)(4). The stock options have an exercise price equal to the closing price on the grant date and will vest over four years, while RSUs will vest annually over three years. Codexis specializes in high-performance enzymes with applications in pharmaceuticals, genetic research, and therapeutics, contributing to manufacturing efficiency and improved health solutions.

REDWOOD CITY, Calif., April 06, 2023 (GLOBE NEWSWIRE) -- Codexis, Inc. (NASDAQ: CDXS), a leading enzyme engineering company, today announced the approval of equity grants to two new employees as approved by the Compensation Committee of Codexis’s Board of Directors. The newly hired employees received equity awards consisting of an aggregate of (i) options to purchase 14,881 shares of Codexis’ common stock and (ii) restricted stock units (RSUs) for 8,928 shares of Codexis common stock as inducement awards under the company’s 2022 Employee Inducement Incentive Plan. The grants were made in accordance with Nasdaq Listing Rule 5635(c)(4).

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 grant 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 entitle each employee to receive one share of Codexis’ common stock for each RSU that vests. 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.

About Codexis

Codexis is a leading enzyme engineering company leveraging its proprietary CodeEvolver^® platform to discover and develop novel, high performance enzymes and biotherapeutics. Codexis enzymes have applications in the sustainable manufacturing of small molecule pharmaceuticals, in RNA and DNA synthesis and the creation of next generation life science tools, and as gene therapies and oral enzyme therapies. Codexis’ unique enzymes can drive improvements such as higher yields, reduced energy usage and waste generation, improved return on capital in manufacturing, improved sensitivity in genomic and diagnostic applications, and more efficacious therapeutics. For more information, visit www.codexis.com.

For More Information

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

Media Contact
Lauren Musto
(781) 572-1147
media@codexis.com

FAQ

What equity grants did Codexis approve on April 6, 2023?

Codexis approved equity grants including options to purchase 14,881 shares and RSUs for 8,928 shares for two new employees.

How do the stock options for Codexis employees vest?

The stock options vest over four years, with 25% vesting on the first anniversary and the remainder vesting ratably monthly thereafter.

What is the purpose of the equity grants made by Codexis?

The grants are inducement awards under the 2022 Employee Inducement Incentive Plan to attract and retain talent.

What is the exercise price for the stock options granted by Codexis?

The exercise price for the stock options is set at the closing price per share on the grant date.

How does Codexis plan to improve its business with these employee grants?

By incentivizing new talent, Codexis aims to enhance its enzyme engineering capabilities and innovation in the market.