Company: CXDO
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001654954-25-002287
Chunk: 180

Company: Crexendo, Inc.
Filing Date: 2025-03-04
Form: 10-K
Item: Item 10
Chunk 180
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 retain highly qualified professionals to represent our stockholders. We also reimburse our directors for travel, lodging and related expenses they incur on company-related business, including Board and committee meetings. In setting director compensation, we consider the amount of time that directors spend in fulfilling their duties to the Company as well as the skill level required by our directors. Directors who are also employees receive no additional compensation for serving on our Board. For the year ended December 31, 2024, non-employee director compensation consisted of the following. 

Cash Compensation. For the year ended December 31, 2024, our non-employee directors received quarterly cash compensation of $4,000 per quarter.

Stock Options. We have granted stock options to our non-employee directors with an exercise price equal to the closing price per share on the date of the grant. We do not grant options with an exercise price below 100% of the trading price of the underlying shares of our common stock on the date of grant. Stock options only have a value to the extent the value of the underlying shares on the exercise date exceeds the exercise price. Accordingly, stock options provide compensation only if the underlying share price increases over the option term. 

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In granting stock options to our non-employee directors, we also consider the impact of the grant on our financial performance, as determined in accordance with accounting guidance. For share-based equity awards, we record expense in accordance with applicable accounting guidance. The amount of expense we record pursuant to accounting guidance may vary from the corresponding compensation value we use in determining the amount of the awards.

The following table summarizes the compensation earned by and paid to our non-employee directors for the year ended December 31, 2024: 

Director Fees Earned or Paid in Cash  Option Awards (1)  All Other Compensation  Total Steve Mihaylo $-  $53(2) $154(8) $207 Todd A. Goergen $16  $53(3) $-  $69 Jeffrey P. Bash $16  $53(4) $-  $69 David Williams $16  $53(5) $-  $69 Anil Puri $16  $53(6) $-  $69 Kevin Jackson $16  $53(7) $21(9)