CXDO Form 4: Jeffrey Korn RSU Vesting and Tax-Withholding Details

Rhea-AI Filing Summary

Jeffrey G. Korn, CEO of Crexendo, Inc. (CXDO), reported grants and vesting of restricted stock units (RSUs) and withholding for taxes. On 09/04/2025 and 09/05/2025 Mr. Korn was issued 5,000 RSUs on each date (total 10,000) that vest over quarterly installments; each RSU converts to one share upon vesting. The Company withheld 1,218 shares on each of 09/04/2025 and 09/05/2025 to cover payroll taxes at closing prices of $6.49 and $6.59 respectively. After the reported transactions, Mr. Korn beneficially owned 250,988 shares on 09/05/2025, including 50,000 and 30,000 underlying shares noted for separate RSU grants.

Positive

• Alignment with shareholders: RSU grants vest over 12 quarters, tying CEO compensation to long-term performance
• Transparency: Filing discloses tax-withholding details and updated beneficial ownership

Negative

• Share dilution potential: RSUs convert to common stock upon vesting, which could modestly increase share count over time
• Immediate reduction in CEO-held shares: Withholding of 1,218 shares on each date reduces reported direct holdings though it is not a sale

Insights

Corporate Governance Expert

TL;DR: CEO received routine RSU grants with standard tax withholding; ownership modestly increased through vesting.

The filing documents standard executive compensation actions: two separate RSU issuances recorded as grant/vesting events and corresponding tax-withholding by share retention at market close. The grants vest in equal quarterly installments over 12 quarters, aligning management incentives with long-term employment. Withheld shares reduce immediate outstanding shares held by the CEO but do not reflect a sale. This disclosure is procedural and not an unusual governance signal.

Securities Analyst

TL;DR: Transactions are routine insider compensation; not materially dilutive in isolation.

The reporting shows issuance and vesting of RSUs (10,000 aggregate reported over two days) and share withholding for payroll taxes based on closing prices of $6.49 and $6.59. Post-transaction beneficial ownership is disclosed as 250,988 shares. These movements reflect compensation mechanics rather than market purchases or sales and are unlikely to drive material valuation change by themselves.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

KORN JEFFREY G

(Last) (First) (Middle)

1225 W WASHINGTON ST

STE 213

(Street)

TEMPE AZ 85288

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Crexendo, Inc. [ CXDO ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

3. Date of Earliest Transaction (Month/Day/Year)
09/04/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/04/2025		M		5,000	A	$0(1)	247,206	D
Common Stock	09/04/2025		F(2)		1,218	D	$6.49	245,988	D
Common Stock	09/05/2025		M		5,000	A	$0(1)	250,988	D
Common Stock	09/05/2025		F(5)		1,218	D	$6.59	249,770	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	$0(1)	09/04/2025		M			5,000	(4)	(4)	Common Stock	5,000	$0	50,000	D
Restricted Stock Units	$0(1)	09/05/2025		M			5,000	(3)	(3)	Common Stock	5,000	$0	30,000	D

Explanation of Responses:

1. Each RSU represents the right to receive, upon vesting, one share of CXDO common stock contingent on continued employment.

2. The Company withheld 1,218 shares of common stock for payment of the associated payroll taxes, using the closing stock price on September 4, 2025 of $6.49. This transaction does not represent a sale by the reporting person.

3. The RSUs vest in equal quarterly installments over 12 quarters starting on June 5, 2024 until such time as the RSUs are 100% vested, subject to continuous employment. Shares will be delivered upon vesting.

4. The RSUs will vest in equal quarterly installments over 12 quarters starting on June 4, 2025 until such time as the RSUs are 100% vested, subject to continuous employment. Shares will be delivered upon vesting.

5. The Company withheld 1,218 shares of common stock for payment of the associated payroll taxes, using the closing stock price on September 5, 2025 of $6.59. This transaction does not represent a sale by the reporting person.

	/s/ Jeffery G. Korn	09/08/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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FAQ

What did Crexendo (CXDO) CEO Jeffrey Korn report on Form 4?

He reported issuance and vesting of RSUs totaling 10,000 across 09/04/2025 and 09/05/2025, plus tax-withholding transactions.

How many shares were withheld for taxes and at what prices?

1,218 shares withheld on 09/04/2025 at $6.49 and 1,218 shares withheld on 09/05/2025 at $6.59.

How many shares does Jeffrey Korn beneficially own after these transactions?

Reported beneficial ownership totaled 250,988 shares as of 09/05/2025.

When do the RSUs vest?

RSUs vest in equal quarterly installments over 12 quarters, with separate grant schedules beginning June 4, 2025 and June 5, 2024 as disclosed.

Do the withheld shares represent a sale by the CEO?

No. The filing states the withheld shares were used to pay payroll taxes and do not represent a sale by the reporting person.