Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-06-22

Codexis (CDXS)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$2,323,279
Alison Moore total, FY2025
CEO pay percentile vs peers
CEO-to-median pay ratio
97.37%
Say-on-pay support, latest vote
Companies that benchmark against CDXS
8 companies name CDXS as a compensation peer

Each company listed discloses CDXS in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named CDXS in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Alison Moore$524,732$0$255,994$1,065,223$463,125$0$14,205$2,323,279
President and Chief Executive Officer
Stephen Dilly758,9030374,954489,686521,051050,0072,194,601
Executive Chair of the Board of Directors and former President and Chief Executive Officer
Georgia Erbez507,4230117,444487,523237,50001,0401,350,930
Chief Financial Officer and Chief Business Officer
Kevin Norrett501,298057,30610,582250,0000514,7201,333,906
Former Chief Operating Officer
Stefan Lutz481,572076,475317,457232,750014,8401,123,094
Chief Scientific Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Alison Moore$2,323,279
Stephen Dilly2,194,601
Georgia Erbez1,350,930
Kevin Norrett1,333,906
Stefan Lutz1,123,094

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
De Vre RaymondDirector2026-06-11D2,605$2$6,174CommonForm 4 ↗
De Vre RaymondDirector2026-06-17A66,35000Derivative, Class A CommonForm 4 ↗
Rahul SinghviDirector2026-06-17A66,35000Derivative, Class A CommonForm 4 ↗
H. Stewart ParkerDirector2026-06-17A66,35000Derivative, Class A CommonForm 4 ↗
Cynthia CollinsDirector2026-06-17A66,35000Derivative, Class A CommonForm 4 ↗
David V. SmithDirector2026-06-17A66,35000Derivative, Class A CommonForm 4 ↗
Esther MartinboroughDirector2026-06-17A66,35000Derivative, Class A CommonForm 4 ↗
Christos RichardsDirector2026-06-17A66,35000Derivative, Class A CommonForm 4 ↗
Stephen George DillyDirector2026-06-17A66,35000Derivative, Class A CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Alison MooreOPTION$1,065,223
Kevin NorrettPSU57,306
Georgia ErbezPSU117,444
Kevin NorrettOPTION10,582
Alison MoorePSU255,994
Stefan LutzOPTION317,457
Stefan LutzPSU76,475
Stephen DillyPSU374,954
Stephen DillyOPTION489,686
Georgia ErbezOPTION487,523
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Alison Moore$0$255,994$1,065,22319.4%
Kevin Norrett057,30610,58284.4%
Georgia Erbez0117,444487,52319.4%
Stefan Lutz076,475317,45719.4%
Stephen Dilly0374,954489,68643.4%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Alison MooreRSU26,875$43,806
Alison MooreOption206,2502.97
Georgia ErbezOption161,2504.37
Alison MooreOption500,0001.63
Stefan LutzOption75,6203.05
Kevin NorrettOption86,1266.07
Kevin NorrettOption19,6885.44
Kevin NorrettOption113,4403.05
Kevin NorrettRSU34,90056,887
Stefan LutzRSU23,26637,924
Stefan LutzRSU12,50020,375
Stefan LutzOption54219.39
Stefan LutzOption105,0004.37
Alison MooreRSU85,000138,550
Georgia ErbezRSU26,87543,806
Stefan LutzRSU37,50061,125
Alison MooreRSU33,33354,333
Georgia ErbezRSU33,33354,333
Kevin NorrettRSU26,87543,806
Stefan LutzRSU17,50028,525
Kevin NorrettRSU7,50012,225
Alison MooreOption161,2504.37
Georgia ErbezOption206,2502.97
Stefan LutzOption32,8135.44
Stefan LutzOption116,6676.73
Stefan LutzOption98,4385.44
Stefan LutzOption310,7523.05
Stefan LutzOption532,5004.37
Kevin NorrettOption161,2504.37
Stefan LutzRSU88,750144,663
Stefan LutzRSU95,616155,854
05

Incentive-plan design — the Compensation Discussion & Analysis

Our compensation program for our named executive officers is designed to achieve the following objectives: attract, engage and retain executives of superior ability, experience and managerial talent enabling us to be an employer of choice in our highly competitive and dynamic industry; motivate and reward executives whose knowledge, skills and performance support our continued success; encourage and inspire our executives to achieve key corporate performance objectives by linking incentive award opportunities to the achievement of individual and company-wide short- and long-term goals; and align the interests of our executives and stockholders by providing a significant portion of total compensation opportunities for our executive officers in the form of direct ownership in our Company through stock options and other equity incentive awards, which will motivate executives to increase stockholder value.

CEO STI target (% of salary)75%
CEO LTI target (% of salary)
Independent consultantPearl Meyer
Clawback policyTrue
Anti-hedgingTrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-06-1752,546,3661,192,848227,35497.37%Passed
20252025-06-1048,882,0724,841,595767,59489.71%Passed
20242024-06-1147,194,7452,628,567146,56894.45%Passed
20202020-06-1637,908,5962,930,218115,21892.56%Passed
20172017-06-1424,799,277576,471109,45497.31%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-06-1797.37%a
20252025-06-1089.71%b
20242024-06-1194.45%c

a. Approved under the standard stated in the filing — “Abstentions will have the same effect as voting against this proposal.”.

b. Approved under the standard stated in the filing — “Abstentions will have the same effect as voting against this proposal.”.

c. Approved under the standard stated in the filing — “Abstentions will have the same effect as voting against this proposal.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)
CEO total compensation
Median employee compensation
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Christos RichardsIndependent · Nominating and Corporate Governance (Chair) · Strategy · Newly elected$70,426$300,000$0$0$370,426
Cynthia CollinsIndependent · Compensation · Newly elected53,278300,00000353,278
David V. SmithIndependent · Lead Independent Director · Audit (Chair) · Compensation (Chair) · Nominating and Corporate Governance · Strategy165,000100,00000265,000
Rahul SinghviIndependent · Compensation · Science and Technology80,000100,0000025,000205,000
H. Stewart ParkerIndependent · Audit · Nominating and Corporate Governance · Strategy (Chair)95,000100,00000195,000
Dennis P. WolfIndependent · Compensation90,000100,00000190,000
Esther MartinboroughIndependent · Compensation · Science and Technology (Chair) · Strategy75,000100,00000175,000
Raymond De VroetIndependent · Audit · Science and Technology61,196100,000000161,196
Byron L. DorganIndependent · Nominating and Corporate Governance (Chair) · Not standing for re-election · Departed during FY26,7860026,786
Alison MooreEmployee director00000
Stephen G. DillyEmployee director · Board Chair00000
09

Board fee structure and ownership guideline

Annual cash retainer$50,000
Annual equity retainer$100,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)30,000 / 30,000 / 15,000
Stock ownership guideline
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$716,686
Equity awards (grant-date value)$1,200,000
All other compensation$25,000
Total cost of the board$1,941,686

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Codexis2025Alison Moore$524,732$255,994$1,065,223$463,125$2,323,279

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Alison MooreDEF 14A2026-04-280001193125-26-186994Section “2025 Summary Compensation Table” · page 27. As printed: 2,323,279. Filing ↗machine: r2 · c27 · span 319928–319937
2Section 01, Stephen DillyDEF 14A2026-04-280001193125-26-186994Section “2025 Summary Compensation Table” · page 27. As printed: 2,194,601. Filing ↗machine: t64 · r8 · c27 · span 331888–331897
3Section 01, Georgia ErbezDEF 14A2026-04-280001193125-26-186994Section “2025 Summary Compensation Table” · page 27. As printed: 1,350,930. Filing ↗machine: r4 · c27 · span 324153–324162
4Section 01, Kevin NorrettDEF 14A2026-04-280001193125-26-186994Section “2025 Summary Compensation Table” · page 27. As printed: 1,333,906. Filing ↗machine: r10 · c27 · span 336173–336182
5Section 01, Stefan LutzDEF 14A2026-04-280001193125-26-186994Section “2025 Summary Compensation Table” · page 27. As printed: 1,123,094. Filing ↗machine: r6 · c27 · span 328391–328400
6Section 03, Alison Moore OPTIONDEF 14A2026-04-280001193125-26-186994Section “EXECUTIVE COMPENSATION” · grants of plan-based awards table. Filing ↗machine: t64 · r2 · c15 · span 319150–319159
7Section 03, Kevin Norrett PSUDEF 14A2026-04-280001193125-26-186994Section “EXECUTIVE COMPENSATION” · grants of plan-based awards table. Filing ↗machine: t64 · r10 · c11 · span 335139–335145
8Section 03, Georgia Erbez PSUDEF 14A2026-04-280001193125-26-186994Section “EXECUTIVE COMPENSATION” · grants of plan-based awards table. Filing ↗machine: t64 · r4 · c11 · span 323119–323126
9Section 03, Kevin Norrett OPTIONDEF 14A2026-04-280001193125-26-186994Section “EXECUTIVE COMPENSATION” · grants of plan-based awards table. Filing ↗machine: t64 · r10 · c15 · span 335397–335403
10Section 03, Alison Moore PSUDEF 14A2026-04-280001193125-26-186994Section “EXECUTIVE COMPENSATION” · grants of plan-based awards table. Filing ↗machine: t64 · r2 · c11 · span 318891–318898
11Section 03, Stefan Lutz OPTIONDEF 14A2026-04-280001193125-26-186994Section “EXECUTIVE COMPENSATION” · grants of plan-based awards table. Filing ↗machine: t64 · r6 · c15 · span 327615–327622
12Section 03, Stefan Lutz PSUDEF 14A2026-04-280001193125-26-186994Section “EXECUTIVE COMPENSATION” · grants of plan-based awards table. Filing ↗machine: t64 · r6 · c11 · span 327357–327363
13Section 03, Stephen Dilly PSUDEF 14A2026-04-280001193125-26-186994Section “EXECUTIVE COMPENSATION” · grants of plan-based awards table. Filing ↗machine: t64 · r8 · c11 · span 330853–330860
14Section 03, Stephen Dilly OPTIONDEF 14A2026-04-280001193125-26-186994Section “EXECUTIVE COMPENSATION” · grants of plan-based awards table. Filing ↗machine: t64 · r8 · c15 · span 331112–331119
15Section 03, Georgia Erbez OPTIONDEF 14A2026-04-280001193125-26-186994Section “EXECUTIVE COMPENSATION” · grants of plan-based awards table. Filing ↗machine: t64 · r4 · c15 · span 323378–323385
16Section 07, pay ratio10-K2026-03-110001200375-26-000006Section “CEO Pay Ratio”. As printed: —. Filing ↗
17Section 08, Christos RichardsDEF 14A2026-04-280001193125-26-186994Section “Director Compensation”. As printed: 370,426. Filing ↗machine: t50 · r6 · c15 · span 262552–262559
18Section 08, Cynthia CollinsDEF 14A2026-04-280001193125-26-186994Section “Director Compensation”. As printed: 353,278. Filing ↗machine: t50 · r10 · c15 · span 268030–268037
19Section 08, David V. SmithDEF 14A2026-04-280001193125-26-186994Section “Director Compensation”. As printed: 265,000. Filing ↗machine: t50 · r8 · c15 · span 265262–265269
20Section 08, Rahul SinghviDEF 14A2026-04-280001193125-26-186994Section “Director Compensation”. As printed: 205,000. Filing ↗machine: t50 · r7 · c15 · span 263893–263900
21Section 08, H. Stewart ParkerDEF 14A2026-04-280001193125-26-186994Section “Director Compensation”. As printed: 195,000. Filing ↗machine: t50 · r5 · c15 · span 261125–261132
22Section 08, Dennis P. WolfDEF 14A2026-04-280001193125-26-186994Section “Director Compensation”. As printed: 190,000. Filing ↗machine: t50 · r9 · c15 · span 266605–266612
23Section 08, Esther MartinboroughDEF 14A2026-04-280001193125-26-186994Section “Director Compensation”. As printed: 175,000. Filing ↗machine: t50 · r4 · c15 · span 259779–259786
24Section 08, Raymond De VroetDEF 14A2026-04-280001193125-26-186994Section “Director Compensation”. As printed: 161,196. Filing ↗
25Section 08, Byron L. DorganDEF 14A2026-04-280001193125-26-186994Section “Director Compensation”. As printed: 26,786. Filing ↗machine: t50 · r3 · c3 · span 257591–257597
26Section 08, Alison MooreDEF 14A2026-04-280001193125-26-186994Section “Director Compensation”. As printed: 0. Filing ↗
27Section 08, Stephen G. DillyDEF 14A2026-04-280001193125-26-186994Section “Director Compensation”. As printed: 0. Filing ↗
28Section 02, De Vre Raymond 2026-06-11Form 42026-06-110001610717-26-000215Insider equity transaction reported since the proxy statement. Filing ↗
29Section 02, De Vre Raymond 2026-06-17Form 42026-06-180001610717-26-000239Insider equity transaction reported since the proxy statement. Filing ↗
30Section 02, Rahul Singhvi 2026-06-17Form 42026-06-180001610717-26-000268Insider equity transaction reported since the proxy statement. Filing ↗
31Section 02, H. Stewart Parker 2026-06-17Form 42026-06-180001610717-26-000273Insider equity transaction reported since the proxy statement. Filing ↗
32Section 02, Cynthia Collins 2026-06-17Form 42026-06-180001610717-26-000272Insider equity transaction reported since the proxy statement. Filing ↗
33Section 02, David V. Smith 2026-06-17Form 42026-06-180001610717-26-000270Insider equity transaction reported since the proxy statement. Filing ↗
34Section 02, Esther Martinborough 2026-06-17Form 42026-06-180001610717-26-000262Insider equity transaction reported since the proxy statement. Filing ↗
35Section 02, Christos Richards 2026-06-17Form 42026-06-180001610717-26-000271Insider equity transaction reported since the proxy statement. Filing ↗
36Section 02, Stephen George Dilly 2026-06-17Form 42026-06-180001610717-26-000240Insider equity transaction reported since the proxy statement. Filing ↗
37Section 06, 2026 voteForm 8-K2026-06-220001193125-26-276602Item 5.07 · say-on-pay result. As reported: 97.37% (votes for as printed: 52,546,366). Filing ↗
38Section 06, 2025 voteForm 8-K2025-06-110001193125-25-139123Item 5.07 · say-on-pay result. As reported: 89.71% (votes for as printed: 48,882,072). Filing ↗
39Section 06, 2024 voteForm 8-K2024-06-130001193125-24-160693Item 5.07 · say-on-pay result. As reported: 94.45% (votes for as printed: 47,194,745). Filing ↗
40Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
41Section 09b board cost (computed)ComputedcomputedCash 716,686 + equity 1,200,000 + all other 25,000 = 1,941,686, summed across the director compensation table rows.machine: formula: Σ = 1,941,686
42Codexis (subject), Section 10b CEO totalDEF 14A2026-04-280001193125-26-186994CEO total compensation as printed in Codexis's own proxy. As printed: 2,323,279. Filing ↗machine: r2 · c27 · span 319928–319937