Document:

2008 Executive Incentive Compensation Plan

 Exhibit 10.21 

 

 

 2008 CODEXIS EXECUTIVE INCENTIVE COMPENSATION PLAN 
 1. Objective 
 The objective of the Codexis,
Inc. (the “Company”) Executive Incentive Compensation Plan (the “Plan”) is to increase shareholder value. Its intent is to reward those executives of the Company and its subsidiaries whose responsibilities and performance have a
significant bearing on achieving this objective. 
 2. Effective Date 
 This Plan is effective as of January 1, 2008, continuing in effect through December 31, 2008 or until earlier amended or terminated by the Company’s Board of Directors (the
“Board”). 
 3. Participation and Eligibility 
 Executives of the Company and its subsidiaries in the following positions will be eligible for participation in the Plan: President & CEO, President, Senior Vice President, and Vice President.
Participants may be added to the Plan only upon the specific authorization by the Board and receipt of a Participation Notification Letter. 
 4. Target Bonus 
  

	 	A.	Base Salary – the total salary paid to a Participant by the Company during 2008 following the date of the Participant’s inclusion in the Plan,
excluding amounts paid under any other Company incentive or bonus plan, relocation or benefit program. 

  

	 	B.	Individual Target Percentage – a Participant’s annual bonus goal expressed as a percentage of Base Salary, specified in Participant Notification
Letter. 

  

	 	C.	Target Bonus – Base Salary multiplied by Individual Target Percentage. 

 The remainder of this page left intentionally blank. 
  

			
	2008 Codexis Executive Incentive Plan Summary	 	Page 1 of 3

 Codexis Confidential 
 5. Metrics 
  

	 	•	 	 Company Performance Factor – The Compensation Committee shall make all determinations with respect to the Company Performance Factor,
including, without limitation, the performance measures, targets and achievement levels. 

  

	 	•	 	 Goal Achievement Factor – The Compensation Committee shall make all determinations with respect to the Goal Achievement Factor, including,
without limitation, group and individual objectives and achievement targets and levels. 

 6. Calculation of Bonus 

  

	 	•	 	 Each Participant’s bonus will be calculated as follows: 

 (Target Bonus) X (Company Performance Factor) X (Goal Achievement Factor) 
 7. General Provisions 
  

	 	A.	Payment of Awards – The Bonus will be paid following Board approval of the Company’s year-end financial statements, as recommended by the
Company’s CEO and CFO. 

  

	 	B.	Changes or Amendments – While the Company has every intention of maintaining the Plan through December 31, 2008, the Company reserves the right to
revise, alter, amend or terminate the Plan at any time. All decisions of the Company are final. The Plan does not constitute a contract of employment or alter the “at-will” status of employment. Any changes to the Plan require the approval
of the President & CEO and Board, and must be in writing. 

  

	 	C.	Pro Rata Participation – If a Participant (i) is authorized to participate during an annual period in progress, (ii) receives an increase in Base
Salary or is promoted causing an adjustment in his or her Individual Target Percentage, or (iii) ceases to be a Participant during the year but otherwise remains eligible to receive payments under the Plan, the Participant’s Bonus will be
prorated as follows: (a) in the cases of (i) and (iii) prorated for only the period of participation eligibility; and, (b) in the case of (ii), prorated for the Individual Target Percentage in effect for the periods before and
after the promotion. 

 Employees whose date of hire is after October 1, 2008 will not be
eligible for a Bonus payout from the 2008 Plan. 
  

	 	D.	 Employment as a Condition Precedent – Except in cases of death or permanent disability, no Bonus under this Plan will be paid unless
the Participant is an employee of the Company or any of its subsidiaries, affiliates or successors on the date the Bonus is paid. Bonuses otherwise due to Participants who die or become permanently disabled prior to the bonus payment date
shall be paid no later than

  

			
	2008 Codexis Executive Incentive Plan Summary	 	Page 2 of 3

 Codexis Confidential 
 two and a half months following the end of the calendar year during which such Participant dies or becomes permanently disabled. 
  

	 	E.	Incentive Payments for Benefits Purposes – Payments under this Plan will not qualify for employee group insurance purposes. 

  

	 	F.	Confidentiality – All information disclosed in this Plan document is proprietary to the Company. Disclosure of the Plan document or its terms to anyone
other than those currently employed by the Company, its subsidiaries or its affiliates who have a need to know its contents is considered a breach of the Participant’s obligation of confidentiality. 

  

	 	G.	Disputes – All disputes with respect to this Plan will be resolved by the Board, whose decision will be final 

  

			
	2008 Codexis Executive Incentive Plan Summary	 	Page 3 of 32009 Executive Incentive Compensation Plan

 Exhibit 10.22 
 

 
 2009 CODEXIS EXECUTIVE INCENTIVE COMPENSATION PLAN 
  

	1.	Objective 

 The objective of the Codexis,
Inc. (the “Company”) Executive Incentive Compensation Plan (the “Plan”) is to increase shareholder value. Its intent is to reward those individuals whose responsibilities and performance have a significant bearing on achieving
this objective. 
  

	2.	Effective Date 

 This Plan is effective as
of January 1, 2009, continuing in effect through December 31, 2009 or until earlier amended or terminated by the Compensation Committee of the Board of Directors (the “Compensation Committee”). 
  

	3.	Participation & Eligibility 

 The
following positions will be eligible for participation in the Plan: President & CEO, Senior Vice President, and Vice President. Participants under the Plan have been designated on Exhibit A (attached). Participants may be added to the Plan
only upon the specific authorization by the Board and Participation Notification Letter (a sample of which is attached as Exhibit B). 
  

	4.	Target Bonus 

  

	 	A.	Base Salary – the total salary paid to a Participant by the Company during 2009 following the date of the Participant’s inclusion in the Plan,
excluding amounts paid under any other Company incentive or bonus plan, relocation or benefit program. 

  

	 	B.	Individual Target Percentage – a Participant’s annual bonus goal expressed as a percentage of Base Salary, specified in Participant Notification
Letter. 

  

	 	C.	Target Bonus – Base Salary multiplied by Individual Target Percentage. 

  

	5.	Metrics 

  

	•	 	 Company Financial Performance Factor – The Compensation Committee shall make all determinations with respect to the Company’s
Financial Performance Factor, including, without limitation, the performance measures, targets and achievement levels. 

  

			
	 2009 Codexis Executive Incentive Plan Summary
	  	Page 1 of 3

 Codexis Confidential 
  

  

	•	 	 Company Non-Financial Performance Factor – The Compensation Committee shall make all determinations with respect to the Company’s
Non-Financial Performance Factor, including, without limitation, the performance measures, targets and achievement levels. 

  

	•	 	 Participant Goal Achievement Factor – The Compensation Committee shall make all determinations with respect to the Participant Goal
Achievement Factor, including, without limitation, group and individual objectives and achievement targets and levels. 

  

	6.	Calculation of Bonus 

  

	•	 	 Each Participant’s bonus will be calculated as follows: 

 (Target Bonus) 
 X 
 (Company Financial Performance Factor + Company Non-Financial Performance Factor) 
 X 
 (Participant Goal Achievement Factor) 
  

	7.	General Provisions 

  

	 	A.	Payment of Awards – The Bonus will be paid within 45 days following Board review of the Company’s year-end financial statements and approval of the
bonus payout, as recommended by the Company’s CEO and CFO. 

  

	 	B.	Changes or Amendments – While the Company has every intention of maintaining the Plan through December 31, 2009, the Company reserves the right to
revise, alter, amend or terminate the Plan at any time. All decisions of the Company are final. The Plan does not constitute a contract of employment or alter the “at-will” status of employment. Any changes to the Plan require the approval
of the President & CEO and the Compensation Committee, and must be in writing. 

  

	 	C.	Pro Rata Participation – If a Participant (i) is authorized to participate during an annual period in progress, (ii) receives an increase in Base
Salary or is promoted causing an adjustment in his or her Individual Target Percentage, or (iii) ceases to be a Participant during the year but otherwise remains eligible to receive payments under the Plan, the Participant’s Bonus will be
prorated as follows: (a) in the cases of (i) and (iii) prorated for only the period of participation eligibility; and, (b) in the case of (ii), prorated for the Individual Target Percentage in effect for the periods before and after
the promotion. 

 Employees whose date of hire is after October 1, 2009 will not be eligible for a Bonus
payout from the 2009 Plan. 
  

			
	 2009 Codexis Executive Incentive Plan Summary
	  	Page 2 of 3

 Codexis Confidential 
  

	 	D.	Employment as a Condition Precedent – Except in cases of death or permanent disability, no Bonus under this Plan will be paid unless the Participant is an
employee of the Company or any of its subsidiaries, affiliates or successors when the Bonus is payable. 

  

	 	E.	Incentive Payments for Benefits Purposes – Payments under this Plan will not qualify for employee group insurance purposes. 

  

	 	F.	Confidentiality – All information disclosed in this Plan document is proprietary to the Company. Disclosure of the Plan document or its terms to anyone
other than those currently employed by the Company who have a need to know its contents is considered a breach of the Participant’s obligation of confidentiality. 

  

	 	G.	Disputes – All disputes with respect to this Plan will be resolved by the Board, whose decision will be final 

  

			
	 2009 Codexis Executive Incentive Plan Summary
	  	Page 3 of 3

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