REDWOOD CITY, Calif., February 15, 2023 (GLOBE NEWSWIRE) — Codexis, Inc. CDXS, a leader in enzyme engineering, today announced the award of an incentive 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 the appointment of Mr. Ryali, on February 10, 2023, the Compensation Committee of the Board of Directors of Codexis (the “Committee”) approved a capital grant to Mr. Ryali Ryali consisting of (i) a non-statutory option to purchase up to 372,637 Codexis Common Shares and (ii) Restricted Stock Units (“RSUs”) for 111,791 Codexis Common Shares as incentives under the Company’s 2022 Employee Incentive Plan. The awards 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 will vest for a period of four years, with 25 percent of the shares vesting on the first anniversary of the grant date and the remainder will vest pro rata at the end of each subsequent month, subject to Mr. Ryali’s continued service with Codexis through the applicable vesting dates. The RSUs entitle Mr. Ryali to receive one share of Codexis common stock for each RSU vested. The RSUs vest in equal annual installments on each anniversary of the grant date through the third anniversary of such date, subject to Mr. Ryali’s continued service with Codexis through the applicable vesting dates.

In addition, on February 10, 2023, the Committee granted stock awards consisting of a total of (i) options to purchase 78,952 Codexis common shares and (ii) RSUs for 33,956 Codexis common shares as incentive awards under the Employee Inducement Incentive Plan 2022 to three newly hired employees the company. The awards were made in accordance with Nasdaq Listing Rule 5635(c)(4). The…