Companies Codexis, Inc
Codexis (CDXS): executive pay, fiscal 2025
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CEO pay, last three years
- $1,102,937FY2024
- $2,323,279FY2025
CEO total pay was $2,323,279 in fiscal 2025, up from $1,102,937 in fiscal 2024.
FY2025: salary $524,732 · bonus $0 · stock awards $255,994 · option awards $1,065,223
Executives and directors
Frequently asked questions
Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.
Full detail
Every table from the filing. Open any section.
Summary compensation table
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| Alison Moore | $524,732 | $0 | $255,994 | $1,065,223 | $463,125 | $0 | $14,205 | $2,323,279 |
| President and Chief Executive Officer | ||||||||
| Stephen Dilly | 758,903 | 0 | 374,954 | 489,686 | 521,051 | 0 | 50,007 | 2,194,601 |
| Executive Chair of the Board of Directors and former President and Chief Executive Officer | ||||||||
| Georgia Erbez | 507,423 | 0 | 117,444 | 487,523 | 237,500 | 0 | 1,040 | 1,350,930 |
| Chief Financial Officer and Chief Business Officer | ||||||||
| Kevin Norrett | 501,298 | 0 | 57,306 | 10,582 | 250,000 | 0 | 514,720 | 1,333,906 |
| Former Chief Operating Officer | ||||||||
| Stefan Lutz | 481,572 | 0 | 76,475 | 317,457 | 232,750 | 0 | 14,840 | 1,123,094 |
| 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 officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| Alison Moore | $2,323,279 | $1,102,937 | — | ↑ +1,220,342 |
| Stephen Dilly | 2,194,601 | 3,472,920 | 3,122,215 | ↓ −1,278,319 |
| Georgia Erbez | 1,350,930 | 931,593 | — | ↑ +419,337 |
| Kevin Norrett | 1,333,906 | 1,518,851 | 1,090,880 | ↓ −184,945 |
| Stefan Lutz | 1,123,094 | — | — | — |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
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 consultant | Pearl Meyer |
| Clawback policy | True |
| Anti-hedging | True |
| Anti-pledging | True |
Equity grants and outstanding awards
Grants of plan-based awards — fiscal year 2025
| Executive | Award | Grant date | Threshold | Target | Granted | Maximum | Grant-date fair value |
|---|---|---|---|---|---|---|---|
| Stephen Dilly | PSU | — | — | — | — | — | $374,954 |
| Stephen Dilly | OPTION | — | — | — | — | — | 489,686 |
| Alison Moore | PSU | — | — | — | — | — | 255,994 |
| Stefan Lutz | OPTION | — | — | — | — | — | 317,457 |
| Kevin Norrett | PSU | — | — | — | — | — | 57,306 |
| Georgia Erbez | PSU | — | — | — | — | — | 117,444 |
| Stefan Lutz | PSU | — | — | — | — | — | 76,475 |
| Alison Moore | OPTION | — | — | — | — | — | 1,065,223 |
| Georgia Erbez | OPTION | — | — | — | — | — | 487,523 |
| Kevin Norrett | OPTION | — | — | — | — | — | 10,582 |
Vehicle mix — grant-date fair value by award type
| Named executive officer | Time-vested (RSU) | Performance-vested (PSU) | Options / SARs | % performance-vested |
|---|---|---|---|---|
| Stephen Dilly | $0 | $374,954 | $489,686 | 43.4% |
| Alison Moore | 0 | 255,994 | 1,065,223 | 19.4% |
| Stefan Lutz | 0 | 76,475 | 317,457 | 19.4% |
| Kevin Norrett | 0 | 57,306 | 10,582 | 84.4% |
| Georgia Erbez | 0 | 117,444 | 487,523 | 19.4% |
% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.
Outstanding equity awards at fiscal year-end 2025
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Stefan Lutz | Option | 542 | 19.39 | — |
| Kevin Norrett | RSU | 7,500 | — | 12,225 |
| Stefan Lutz | RSU | 12,500 | — | 20,375 |
| Stefan Lutz | RSU | 17,500 | — | 28,525 |
| Kevin Norrett | Option | 19,688 | 5.44 | — |
| Stefan Lutz | RSU | 23,266 | — | 37,924 |
| Alison Moore | RSU | 26,875 | — | 43,806 |
| Georgia Erbez | RSU | 26,875 | — | 43,806 |
| Kevin Norrett | RSU | 26,875 | — | 43,806 |
| Stefan Lutz | Option | 32,813 | 5.44 | — |
| Alison Moore | RSU | 33,333 | — | 54,333 |
| Georgia Erbez | RSU | 33,333 | — | 54,333 |
| Kevin Norrett | RSU | 34,900 | — | 56,887 |
| Stephen Dilly | RSU | 37,500 | — | 61,125 |
| Stefan Lutz | Option | 75,620 | 3.05 | — |
| Alison Moore | RSU | 85,000 | — | 138,550 |
| Kevin Norrett | Option | 86,126 | 6.07 | — |
| Stephen Dilly | RSU | 88,750 | — | 144,663 |
| Stephen Dilly | RSU | 95,616 | — | 155,854 |
| Stephen Dilly | Option | 98,438 | 5.44 | — |
| Stefan Lutz | Option | 105,000 | 4.37 | — |
| Kevin Norrett | Option | 113,440 | 3.05 | — |
| Stephen Dilly | Option | 116,667 | 6.73 | — |
| Alison Moore | Option | 161,250 | 4.37 | — |
| Georgia Erbez | Option | 161,250 | 4.37 | — |
| Kevin Norrett | Option | 161,250 | 4.37 | — |
| Alison Moore | Option | 206,250 | 2.97 | — |
| Georgia Erbez | Option | 206,250 | 2.97 | — |
| Stephen Dilly | Option | 310,752 | 3.05 | — |
| Alison Moore | Option | 500,000 | 1.63 | — |
| Stephen Dilly | Option | 532,500 | 4.37 | — |
Director compensation
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| Christos RichardsIndependent · Nominating and Corporate Governance (Chair) · Strategy · Newly elected | $70,426 | $300,000 | $0 | $0 | — | $370,426 |
| Cynthia CollinsIndependent · Compensation · Newly elected | 53,278 | 300,000 | 0 | 0 | — | 353,278 |
| David V. SmithIndependent · Lead Independent Director · Audit (Chair) · Compensation (Chair) · Nominating and Corporate Governance · Strategy | 165,000 | 100,000 | 0 | 0 | — | 265,000 |
| Rahul SinghviIndependent · Compensation · Science and Technology | 80,000 | 100,000 | 0 | 0 | 25,000 | 205,000 |
| H. Stewart ParkerIndependent · Audit · Nominating and Corporate Governance · Strategy (Chair) | 95,000 | 100,000 | 0 | 0 | — | 195,000 |
| Dennis P. WolfIndependent · Compensation | 90,000 | 100,000 | 0 | 0 | — | 190,000 |
| Esther MartinboroughIndependent · Compensation · Science and Technology (Chair) · Strategy | 75,000 | 100,000 | 0 | 0 | — | 175,000 |
| Byron L. DorganIndependent · Nominating and Corporate Governance (Chair) · Not standing for re-election · Departed during FY | 26,786 | — | 0 | 0 | — | 26,786 |
| Stephen G. DillyEmployee director · Board Chair | 0 | 0 | 0 | — | 0 | 0 |
| Alison MooreEmployee director | 0 | 0 | 0 | — | 0 | 0 |
| Raymond De Vroet | — | — | 0 | 0 | 0 | — |
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 | — |
Total cost of the board
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $655,490 |
| Equity awards (grant-date value) | $1,100,000 |
| All other compensation | $25,000 |
| Total cost of the board | $1,780,490 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
Peer group, and who names Codexis as a peer
Companies that benchmark against CDXS
10 companies name CDXS as a compensation peer
The list of companies that name CDXS as a peer is temporarily unavailable — recheck shortly.
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.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | Codexis, Inc | 2025 | Alison 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.
Say-on-pay history and pay ratio
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2026 | 2026-06-17 | 52,546,366 | 1,192,848 | 227,354 | 97.37% | Passed |
| 2025 | 2025-06-10 | 48,882,072 | 4,841,595 | 767,594 | 89.71% | Passed |
| 2024 | 2024-06-11 | 47,194,745 | 2,628,567 | 146,568 | 94.45% | Passed |
| 2020 | 2020-06-16 | 37,908,596 | 2,930,218 | 115,218 | 92.56% | Passed |
| 2017 | 2017-06-14 | 24,799,277 | 576,471 | 109,454 | 97.31% | 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 year | Meeting date | Approval — company’s computation |
|---|---|---|
| 2026 | 2026-06-17 | 97.37%a |
| 2025 | 2025-06-10 | 89.71%b |
| 2024 | 2024-06-11 | 94.45%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.
CEO pay ratio
| Ratio (CEO : median employee) | — |
|---|---|
| CEO total compensation | — |
| Median employee compensation | — |
Insider trades since the proxy
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.
| Insider | Role | Transaction date | Code | Shares | Price | Value | Security | Source |
|---|---|---|---|---|---|---|---|---|
| De Vre Raymond | Director | 2026-06-11 | D | 2,605 | $2 | $6,174 | Common | Form 4 ↗ |
| David V. Smith | Director | 2026-06-17 | A | 66,350 | 0 | 0 | Derivative, Class A Common | Form 4 ↗ |
| Rahul Singhvi | Director | 2026-06-17 | A | 66,350 | 0 | 0 | Derivative, Class A Common | Form 4 ↗ |
| Cynthia Collins | Director | 2026-06-17 | A | 66,350 | 0 | 0 | Derivative, Class A Common | Form 4 ↗ |
| Esther Martinborough | Director | 2026-06-17 | A | 66,350 | 0 | 0 | Derivative, Class A Common | Form 4 ↗ |
| H. Stewart Parker | Director | 2026-06-17 | A | 66,350 | 0 | 0 | Derivative, Class A Common | Form 4 ↗ |
| De Vre Raymond | Director | 2026-06-17 | A | 66,350 | 0 | 0 | Derivative, Class A Common | Form 4 ↗ |
| Stephen George Dilly | Director | 2026-06-17 | A | 66,350 | 0 | 0 | Derivative, Class A Common | Form 4 ↗ |
| Christos Richards | Director | 2026-06-17 | A | 66,350 | 0 | 0 | Derivative, Class A Common | Form 4 ↗ |
| Alison Moore | Director | 2026-10-12 | D | 6,335 | 1 | 8,619 | Common | Form 4 ↗ |
| Georgia Erbez | See Remarks | 2026-10-12 | D | 6,335 | 1 | 8,619 | Common | Form 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.
Sources (45 citations)
Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.
- Section 01, Alison Moore. DEF 14A, filed 2026-04-28. Section “2025 Summary Compensation Table” · page 27. As printed: 2,323,279. View filing ↗
- Section 01, Stephen Dilly. DEF 14A, filed 2026-04-28. Section “2025 Summary Compensation Table” · page 27. As printed: 2,194,601. View filing ↗
- Section 01, Georgia Erbez. DEF 14A, filed 2026-04-28. Section “2025 Summary Compensation Table” · page 27. As printed: 1,350,930. View filing ↗
- Section 01, Kevin Norrett. DEF 14A, filed 2026-04-28. Section “2025 Summary Compensation Table” · page 27. As printed: 1,333,906. View filing ↗
- Section 01, Stefan Lutz. DEF 14A, filed 2026-04-28. Section “2025 Summary Compensation Table” · page 27. As printed: 1,123,094. View filing ↗
- Section 03, Stephen Dilly PSU. DEF 14A, filed 2026-04-28. Section “EXECUTIVE COMPENSATION” · grants of plan-based awards table. View filing ↗
- Section 03, Stephen Dilly OPTION. DEF 14A, filed 2026-04-28. Section “EXECUTIVE COMPENSATION” · grants of plan-based awards table. View filing ↗
- Section 03, Alison Moore PSU. DEF 14A, filed 2026-04-28. Section “EXECUTIVE COMPENSATION” · grants of plan-based awards table. View filing ↗
- Section 03, Stefan Lutz OPTION. DEF 14A, filed 2026-04-28. Section “EXECUTIVE COMPENSATION” · grants of plan-based awards table. View filing ↗
- Section 03, Kevin Norrett PSU. DEF 14A, filed 2026-04-28. Section “EXECUTIVE COMPENSATION” · grants of plan-based awards table. View filing ↗
- Section 03, Georgia Erbez PSU. DEF 14A, filed 2026-04-28. Section “EXECUTIVE COMPENSATION” · grants of plan-based awards table. View filing ↗
- Section 03, Stefan Lutz PSU. DEF 14A, filed 2026-04-28. Section “EXECUTIVE COMPENSATION” · grants of plan-based awards table. View filing ↗
- Section 03, Alison Moore OPTION. DEF 14A, filed 2026-04-28. Section “EXECUTIVE COMPENSATION” · grants of plan-based awards table. View filing ↗
- Section 03, Georgia Erbez OPTION. DEF 14A, filed 2026-04-28. Section “EXECUTIVE COMPENSATION” · grants of plan-based awards table. View filing ↗
- Section 03, Kevin Norrett OPTION. DEF 14A, filed 2026-04-28. Section “EXECUTIVE COMPENSATION” · grants of plan-based awards table. View filing ↗
- Section 07, pay ratio. 10-K, filed 2026-03-11. Section “CEO Pay Ratio”. As printed: —. View filing ↗
- Section 08, Christos Richards. DEF 14A, filed 2026-04-28. Section “Director Compensation”. As printed: 370,426. View filing ↗
- Section 08, Cynthia Collins. DEF 14A, filed 2026-04-28. Section “Director Compensation”. As printed: 353,278. View filing ↗
- Section 08, David V. Smith. DEF 14A, filed 2026-04-28. Section “Director Compensation”. As printed: 265,000. View filing ↗
- Section 08, Rahul Singhvi. DEF 14A, filed 2026-04-28. Section “Director Compensation”. As printed: 205,000. View filing ↗
- Section 08, H. Stewart Parker. DEF 14A, filed 2026-04-28. Section “Director Compensation”. As printed: 195,000. View filing ↗
- Section 08, Dennis P. Wolf. DEF 14A, filed 2026-04-28. Section “Director Compensation”. As printed: 190,000. View filing ↗
- Section 08, Esther Martinborough. DEF 14A, filed 2026-04-28. Section “Director Compensation”. As printed: 175,000. View filing ↗
- Section 08, Byron L. Dorgan. DEF 14A, filed 2026-04-28. Section “Director Compensation”. As printed: 26,786. View filing ↗
- Section 08, Stephen G. Dilly. DEF 14A, filed 2026-04-28. Section “Director Compensation”. As printed: 0. View filing ↗
- Section 08, Alison Moore. DEF 14A, filed 2026-04-28. Section “Director Compensation”. As printed: 0. View filing ↗
- Section 08, Raymond De Vroet. DEF 14A, filed 2026-04-28. Section “Director Compensation”. As printed: —. View filing ↗
- Section 02, De Vre Raymond 2026-06-11. Form 4, filed 2026-06-11. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, David V. Smith 2026-06-17. Form 4, filed 2026-06-18. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Rahul Singhvi 2026-06-17. Form 4, filed 2026-06-18. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Cynthia Collins 2026-06-17. Form 4, filed 2026-06-18. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Esther Martinborough 2026-06-17. Form 4, filed 2026-06-18. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, H. Stewart Parker 2026-06-17. Form 4, filed 2026-06-18. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, De Vre Raymond 2026-06-17. Form 4, filed 2026-06-18. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Stephen George Dilly 2026-06-17. Form 4, filed 2026-06-18. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Christos Richards 2026-06-17. Form 4, filed 2026-06-18. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Alison Moore 2026-10-12. Form 4, filed 2026-10-14. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Georgia Erbez 2026-10-12. Form 4, filed 2026-10-14. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 06, 2026 vote. Form 8-K, filed 2026-06-22. Item 5.07 · say-on-pay result. As reported: 97.37% (votes for as printed: 52,546,366). View filing ↗
- Section 06, 2025 vote. Form 8-K, filed 2025-06-11. Item 5.07 · say-on-pay result. As reported: 89.71% (votes for as printed: 48,882,072). View filing ↗
- Section 06, 2024 vote. Form 8-K, filed 2024-06-13. Item 5.07 · say-on-pay result. As reported: 94.45% (votes for as printed: 47,194,745). View filing ↗
- Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
- Section 03b vehicle mix (computed). Computed. RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).
- Section 09b board cost (computed). Computed. Cash 655,490 + equity 1,100,000 + all other 25,000 = 1,780,490, summed across the director compensation table rows.
- Codexis, Inc (subject), Section 10b CEO total. DEF 14A, filed 2026-04-28. CEO total compensation as printed in Codexis, Inc's own proxy. As printed: 2,323,279. View filing ↗