Codexis Announces New Employment Inducement Grants

Rhea-AI Summary

Codexis (NASDAQ: CDXS) has announced the approval of equity grants for five new employees. The compensation package includes:

- Stock options to purchase 168,400 shares of common stock, vesting over four years with 25% vesting after the first year and the remainder monthly thereafter

- 39,750 restricted stock units (RSUs) vesting in equal annual installments over three years

These inducement awards were granted under the company's 2024 Inducement Plan, with stock options priced at the closing price of Codexis shares on the grant date. The announcement complies with Nasdaq Listing Rule 5635(c)4.

Positive

• Expansion of workforce with five new strategic hires
• Implementation of employee retention strategy through equity-based compensation

Negative

• Potential shareholder dilution from issuance of new equity awards totaling 208,150 shares

REDWOOD CITY, Calif., Dec. 06, 2024 (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 168,400 shares of Codexis common stock and (ii) 39,750 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 that leverages its proprietary CodeEvolver^® technology platform to discover, develop and enhance novel, high-performance enzymes and other classes of proteins. Codexis enzymes solve for real-world challenges associated with small molecule pharmaceuticals manufacturing and nucleic acid synthesis. 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 https://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

What equity grants did Codexis (CDXS) announce in December 2023?

Codexis announced equity grants consisting of options to purchase 168,400 shares and 39,750 RSUs for five new employees under their 2024 Inducement Plan.

How do the RSUs vest in Codexis's (CDXS) new employee equity grants?

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

What is the vesting schedule for Codexis's (CDXS) stock options in the new employee grants?

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