Company: CXDO
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001654954-25-002287
Chunk: 1337

Company: Crexendo, Inc.
Filing Date: 2025-03-04
Form: 10-K
Item: Item 8
Chunk 1337
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 and adjusted EBITDA financial performance components, the Compensation Committee established a target in which the participating executive could earn between zero and 110% ratably. The revenue and adjusted EBITDA performance targets were as follows: 

Performance Measures Target ($ in thousands, excluding Stock Price)   Revenue $58,400 Adjusted EBITDA $6,800 

The table below illustrates the minimum, target, and maximum bonus amounts potentially payable to our named executive officers under the 2024 Employee Bonus Plan for the revenue and adjusted EBITDA financial performance components:

Name Minimum  Target  Maximum Jeff Korn $-  $90  $99 Doug Gaylor $-  $90  $99 Ron Vincent $-  $90  $99 Jon Brinton $-  $90  $99 Anand Buch $-  $90  $99 David Wang $-  $90  $99 

At the time that the 2024 Employee Bonus Plan was developed, the Compensation Committee believed that these targets presented achievable goals, but were not necessarily certain, and achievement depended upon successful execution of our business plan. Bonuses are reviewed and approved by the Compensation Committee, which determined the performance and operational criteria necessary for award of such bonuses. The actual bonus amount earned by each participating executive was determined by the Compensation Committee based upon attainment of the performance criteria after our 2024 financial results were reviewed and approved by the Audit Committee of the Board. Applying the formula described herein to our 2024 financial performance, the Compensation Committee determined that for the year ended December 31, 2024, the Company achieved both measures: (a) the revenue performance target, and (b) the adjusted EBITDA performance target. Accordingly, the Compensation Committee authorized and approved a payment of $1,197 of annual bonuses to the 2024 Employee Bonus Plan participants, including our NEOs. Messrs. Korn, Gaylor, Vincent, Brinton, Buch and Wang each received bonuses of $95, which represents approximately 29%, 29%, 29%, 34%, 34%, and 34%, respectively, of their annual base salary in 2024.

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Stock Options and Stock Awards. The Compensation Committee grants discretionary, long-term equity awards to our NEOs under the Plan. These awards have historically been in