Codexis Announces New Employment Inducement Grants

Rhea-AI Summary

Codexis (NASDAQ: CDXS), an enzyme engineering company, announced the approval of equity grants for two new hires as sanctioned by its Compensation Committee. The awards include stock options for 43,403 shares and restricted stock units (RSUs) for 9,723 shares, as part of the 2022 Employee Inducement Incentive Award Plan. Stock options will have an exercise price based on the closing price on the grant date and vest over four years. RSUs will vest annually over three years. This move aims to attract and retain talent in the competitive biotech sector.

Positive

• Approval of equity grants for two new employees, indicating company growth and talent acquisition.
• Stock options and RSUs granted enhance employee retention and alignment with shareholder interests.

Negative

• None.

REDWOOD CITY, Calif., March 09, 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 43,403 shares of Codexis’ common stock and (ii) restricted stock units (RSUs) for 9,723 shares of Codexis common stock as inducement awards under the company’s 2022 Employee Inducement Incentive Award 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.

Investor Relations Contact:

Argot Partners
Brendan Strong/Carrie McKim
(212) 600-1902
Codexis@argotpartners.com

Media Relations Contact:

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

FAQ

What equity grants were approved for Codexis employees on March 9, 2023?

Codexis approved equity grants consisting of stock options for 43,403 shares and RSUs for 9,723 shares.

How do the stock options for Codexis employees vest?

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

What is the significance of the RSUs granted to new employees at Codexis?

The RSUs vest in equal annual installments over three years, supporting employee retention.

What is the purpose of Codexis's 2022 Employee Inducement Incentive Award Plan?

The plan aims to attract and retain skilled employees by offering equity incentives.