Crexendo (CXDO) CEO Jeffrey Korn Exercises RSUs; Tax Withholding

What Happened

• Jeffrey G. Korn, CEO of Crexendo, exercised/converted vested RSUs on Sept 4–5, 2026. A total of 16,110 shares were issued on conversion (multiple RSU tranches), and the company withheld 3,924 shares to satisfy payroll tax obligations (total withholding value ≈ $23,583 at $6.01/share). The underlying derivative instruments were extinguished as part of the conversions. These were not open‑market sales by Korn; they are tax withholdings associated with RSU vesting.

Key Details

• Dates & prices: RSU conversions occurred 2026-09-04 and 2026-09-05. Withheld shares valued using the closing price of $6.01 on the applicable dates.
• Shares: 16,110 shares issued from RSU conversion; 3,924 shares withheld for taxes; net increase to Korn’s holdings from these events = 12,186 shares (company filing does not state total shares owned after transactions).
• Transaction codes: M = exercise/conversion of derivative (RSUs); F = payment of exercise price or tax liability (share withholding).
• Footnotes: RSUs represent rights to receive one share per RSU upon vesting (F1). Withholdings do not represent a sale by Korn (F2–F5). Multiple RSU grants have staggered vesting schedules (monthly/quarterly over 12–36 months; see F6–F9).
• Timeliness: Report filed 2026-09-09 for transactions on 9/04–9/05; the filing is marked late (L), which is a reporting deficiency rather than a transaction detail.

Context

• This was a routine settlement of vested RSUs with share withholding for taxes (a common, administrative outcome), not a market sale or discretionary sale by the insider. For retail investors, such transactions generally reflect compensation settlement rather than a buy/sell signal about company prospects.