Codexis, Inc. (NASDAQ:CDXS) Announces Departure of Chief Financial Officer and Entry into Separation Agreement

Codexis, Inc. filed a Form 8-K with the U.S. Securities and Exchange Commission, disclosing the departure of Sriram Ryali as the Chief Financial Officer effective September 30, 2024. In light of this change, a Separation and Consulting Agreement was established between Mr. Ryali and the company on October 16, 2024.

The Separation Agreement outlines the entitlement of Mr. Ryali to severance benefits following a qualifying termination of employment as per the terms of his Change of Control Severance Agreement dated January 27, 2023. Additionally, Mr. Ryali is set to receive a bonus equivalent to 75% of his target bonus for the fiscal year of 2024 as recognition for his service.

Under the terms of the Separation Agreement, Mr. Ryali will be providing transitional consulting services to Codexis on an as-needed basis until February 28, 2025, or an earlier date specified in the agreement. During this consultancy period, Mr. Ryali will receive an hourly consulting fee, and his existing equity awards will continue to vest based on his ongoing service to the company.

As per the filing, Codexis, Inc. has fully complied with the signature requirements of the Securities Exchange Act of 1934, with the report being signed on behalf of the company by Georgia Erbez, Chief Financial Officer, on October 22, 2024.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Codexis’s 8K filing here.

Codexis Company Profile

Codexis, Inc discovers, develops, and sells enzymes and other proteins. The company operates through two segments, Performance Enzymes and Novel Biotherapeutics. It offers biocatalyst products and services. The company also provides biocatalyst screening and protein engineering services. In addition, it offers CodeEvolver, a technology platform, which helps in developing and delivering biocatalysts that perform chemical transformations and enhance the efficiency and productivity of manufacturing processes.