secwatch.observer — SEC 8-K summary
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Issuer:     Crexendo, Inc. (CXDO)
CIK:        0001075736
Form:       8-K
Filed at:   2024-02-12T23:59:59+00:00
Accession:  0001654954-24-001554
Event type: leadership
Sentiment:  neutral
Materiality: 0.35
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Crexendo enters new employment agreements with six C-level officers; includes severance and change-of-control benefits
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- At-will agreements signed Feb 5-6, 2024 with CEO Jeff Korn, President/COO Doug Gaylor, CFO Ron Vincent, CRO Jon Brinton, CSO Anand Buch, CTO David Wang.
- Severance: one month base salary per year of service up to 12 months on termination without cause, plus COBRA reimbursement for one year.
- Change-of-control benefits: severance of 12 months salary plus max target bonus if acquirer fails to offer comparable role; RSU award of $1M-$2M based on transaction price per share.
- All unvested equity awards automatically vest upon a change of control.
- Non-compete and non-solicit restrictions apply for 120 days after termination.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1075736/000165495424001554/0001654954-24-001554-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1075736/000165495424001554/cxdo_8k.htm
  HTML page:      https://secwatch.observer/filing/0001654954-24-001554

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer