Steven G. Mihaylo - Mar 17, 2023 Form 4 Insider Report for Crexendo, Inc. (CXDO)

Role: Director, 10%+ Owner
Signature: /s/Steven G Mihaylo
Stock symbol: CXDO
Transactions as of: Mar 17, 2023
Transactions value $: -$40,272
Form type: 4
Date filed: 3/21/2023, 07:51 PM
Previous filing: Mar 16, 2023
Next filing: May 19, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	CXDO	Common Stock	Options Exercise	$0	+2.5K	+0.02%	$0.00	11.2M	Mar 17, 2023	Direct	F1
transaction	CXDO	Common Stock	Tax liability	-$15.3K	-7.91K		$1.93	$11.2M	Mar 17, 2023	Direct	F2

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	CXDO	Restricted Stock Units	Options Exercise	-$25K				$0	Mar 17, 2023	Common Stock	$25K	$0.00	Direct	F3

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Each RSU represents the right to receive, upon vesting, one share of CXDO common stock contingent on continued employment.
F2	The Company withheld 7,913 shares of common stock for payment of the associated payroll taxes, using the closing stock price on March 17, 2023 of $1.93. This transaction does not represent a sale by the reporting person.
F3	The RSUs vested 50% immediately on the grant date (3/17/2022) and 50% in 12 months (3/17/2023), subject to continuous employment. Shares will be delivered upon vesting.