Codexis Announces New Employment Inducement Grants
February 15 2023 - 4:05PM
Codexis, Inc. (NASDAQ: CDXS), a leading enzyme engineering company,
today announced the grant of an inducement award to the Company’s
recently appointed Chief Financial Officer, Sri Ryali. As
previously announced, Mr. Ryali joined the Company on January 23,
2023. In connection with Mr. Ryali’s appointment, on February 10,
2023, the Compensation Committee of Codexis’s Board of Directors
(the “Committee”) approved an equity grant to Mr. Ryali consisting
of (i) a nonstatutory option to purchase up to 372,637 shares of
Codexis’ common stock and (ii) restricted stock units (“RSUs”) for
111,791 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 option has an exercise price of $5.86 per share, the closing
price per share of Codexis’ common stock as reported by Nasdaq on
the grant date, and vests 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 Mr. Ryali’s continued service with Codexis
through the applicable vesting dates. The RSUs will entitle Mr.
Ryali 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 Mr. Ryali’s continued service with Codexis through
the applicable vesting dates.
Additionally, on February 10, 2023, the Committee granted three
newly hired employees equity awards consisting of an aggregate of
(i) options to purchase 78,952 shares of Codexis’ common stock and
(ii) RSUs for 33,956 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 vesting details and exercise price of these options
and RSUs match those of the option and award to Mr. Ryali.
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 PartnersBrendan Strong/Carrie McKim(212)
600-1902Codexis@argotpartners.com
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