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CODEXIS INC FILES (8-K) Disclosing Change in Directors or Principal Officers

February 27, 2014



Item 5.02. Departure of Directors or Certain Officers; Election of Directors;

Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.



(d) On February 22, 2014, the Board of Directors (the "Board") of Codexis, Inc. (the "Company") increased the size of the Board from seven to eight members and appointed Patrick Y. Yang, Ph.D., as a Class I director, with an initial term expiring at the Company's 2014 annual meeting of stockholders. Committee appointments for Dr. Yang have not been determined. Dr. Yang will receive compensation as provided in the Company's non-employee director compensation policy. Dr. Yang will receive an annual cash retainer of $50,000 per year and additional annual retainers for committee service as described in the Company's definitive proxy statement on Schedule 14A filed with the Securities and Exchange Commission on April 30, 2013 (the "2013 Proxy Statement"). Under the Company's non-employee director compensation policy, as amended in January 2013, upon his appointment to the Board, Dr. Yang received a grant of $100,000 of restricted stock under the Company's 2010 Equity Incentive Award Plan, which amounted to 52,083 shares. The restricted stock will vest as to one-third of the shares on each anniversary of the grant date, subject to Dr. Yang's continued service to the Company through each such vesting date. The Company expects to enter into the Company's standard indemnification agreement with Dr. Yang. See the descriptions of the Company's standard indemnification agreement and of the 2010 Equity Incentive Award Plan contained in the 2013 Proxy Statement for additional information.

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Source: Edgar Glimpses


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