Goergen Todd Andrew 4

What Happened
Todd Andrew Goergen, a director of Crexendo, exercised options and later received an option award. On Sept 12, 2025 he exercised options to buy 10,000 shares at $2.25 per share (exercise cost $22,500). The company withheld 3,324 shares (valued at $6.77 per share, $22,503) to cover the exercise price and taxes, so Goergen received 6,676 net shares (this withholding is not a sale). On Mar 4, 2026 he was granted a derivative award for 10,000 shares with an exercise/price reference of $6.47 (reported value $64,700).

Key Details

• Transaction dates/prices:
  • 2025-09-12: Exercised 10,000 options at $2.25 (exercise cost $22,500).
  • 2025-09-12: Withheld 3,324 shares at $6.77 (used to pay exercise price/taxes; $22,503).
  • 2026-03-04: Award/grant for 10,000 shares at $6.47 (reported value $64,700).
• Net result of the Sept 12 activity: 6,676 shares issued to Goergen (net exercise), not a market sale.
• Vesting: The new options vest in 36 equal monthly installments beginning 4/4/2026 (per footnote).
• Filing timeliness: The Form 4 was filed 2026-03-06 for a 2025-09-12 transaction — the report appears late relative to the transaction date.
• Footnotes of note: F1 clarifies the withholding was a net exercise (not a sale); F2 provides the vesting schedule.

Context
This was largely an option exercise using a net/cashless method (company withheld shares to cover exercise price), which results in the insider receiving fewer shares rather than selling on-market. The Mar 2026 entry is an equity award/option grant that vests over time — a typical compensation action and not an immediate purchase in the open market.