Buch Anand 4

What Happened

• Buch Anand, Chief Strategy Officer of Crexendo (CXDO), reported multiple transactions: he exercised/converted derivative awards (reported as "M"), had shares withheld for payroll taxes ("F"), was granted RSUs ("A"), and sold shares in the open market ("S").
• Key amounts: exercised/converted 2,084 shares (3/4/2026) and 4,167 shares (3/5/2026) at $0.00 (reported $0); the company withheld 869 shares on 3/4/2026 (valued at $5,622) and 1,686 shares on 3/5/2026 (valued at $11,600) to cover payroll taxes; he was granted 10,000 RSUs on 3/4/2026 valued at $64,700; and he sold 20,000 shares on 3/10/2026 at $6.88 (reported $137,684) and 14,315 shares on 3/10/2026 at $7.01 (reported $100,348) — total open‑market proceeds about $238,032.
• Overall signal: the largest activity here was open‑market selling (~$238k). The filing also records new RSU awards and derivative exercises/conversions; tax-withheld shares were used to cover payroll taxes (not a sale by the insider).

Key Details

• Transaction dates & prices:
  • 3/4/2026: 2,084 shares exercised/converted (M) @ $0.00; 869 shares withheld for taxes (F) using $6.47 closing price (reported value $5,622); 10,000 RSU grant (A) valued at $6.47 each ($64,700).
  • 3/5/2026: 4,167 shares exercised/converted (M) @ $0.00; 1,686 shares withheld for taxes (F) using $6.88 closing price (reported value $11,600).
  • 3/10/2026: Open‑market sales (S) — 20,000 shares @ $6.88 (reported $137,684) and 14,315 shares @ $7.01 (reported $100,348).
• Shares owned after the transactions: not specified in the provided filing details.
• Notable footnotes:
  • F1/F3/F5: RSUs represent rights to receive one share upon vesting; RSU grants vest in equal quarterly installments over 12 quarters (start dates noted in the filing).
  • F2/F4: Withheld shares were used to pay payroll taxes and "do not represent a sale by the reporting person."
  • F6: Stock options (if applicable) vest monthly over 36 months beginning 4/4/2026.
• Filing timeliness: report shows transaction dates in early March (3/4–3/10/2026) and was filed on 2026-03-10; this appears later than the typical two-business-day Form 4 deadline (filing timeliness flagged as late).

Context

• Derivative transactions: "M" entries indicate exercise or conversion of derivative awards (options/convertible awards). The exercises were reported at $0.00, which suggests conversion/vesting mechanics rather than a traditional cash exercise; some of the resulting shares were subject to withholding to satisfy payroll taxes.
• Tax withholding vs. sale: the F-coded transactions are withholding of shares for taxes — not open-market sales by the insider.
• For retail investors: purchases are typically more informative as bullish signals; here the most material cash flow was insider selling ($238k) alongside a new RSU award ($64.7k) and exercise/conversions.