# EDGAR Filing Document

**Accession Number:** 0001075736
**File Stem:** 0001654954-23-002836
**Filing Date:** 2023-3
**Character Count:** 11890
**Document Hash:** 0e9464cf159bd80155ce0442a3793239
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001654954-23-002836.hdr.sgml**: 20230314

**ACCESSION NUMBER**: 0001654954-23-002836

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20230314

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230314

**DATE AS OF CHANGE**: 20230314

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Crexendo, Inc.
- **CENTRAL INDEX KEY:** 0001075736
- **STANDARD INDUSTRIAL CLASSIFICATION:** TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813]
- **IRS NUMBER:** 870591719
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32277
- **FILM NUMBER:** 23730641

**BUSINESS ADDRESS:**
- **STREET 1:** 1615 S. 52ND STREET
- **CITY:** TEMPE
- **STATE:** AZ
- **ZIP:** 85281
- **BUSINESS PHONE:** 8012270004

**MAIL ADDRESS:**
- **STREET 1:** 1615 S. 52ND STREET
- **CITY:** TEMPE
- **STATE:** AZ
- **ZIP:** 85281

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** IMERGENT INC
- **DATE OF NAME CHANGE:** 20020710

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NETGATEWAY INC
- **DATE OF NAME CHANGE:** 19990527

?xml version="1.0" encoding="utf-8"?cxdo_8k.htm

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**_______________**

**FORM 8-K**

**_______________**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934**

Date of report (Date of earliest event reported) March 14, 2023

**_______________**

---

| |
|:---|
| **Crexendo, Inc.** |
| *(Exact Name of Registrant as Specified in Its Charter)* |

---

**_______________**

---

| | | |
|:---|:---|:---|
| **Nevada** | **001-32277** | **87-0591719** |
| *(State or Other Jurisdiction* <br>of Incorporation) | *(Commission* <br>*File Number)* | *(IRS Employer* <br>*Identification No.)* |

---

**<u>1615 S. 52<sup>nd</sup> Street, Tempe, AZ 85281</u>**

*(Address of Principal Executive Offices) (Zip Code)*

**<u>(602) 714-8500</u>**

*(Registrant's Telephone Number, Including Area Code)*

**<u>Not applicable.</u>**

*(Former Name or Former Address, if Changed Since Last Report)*

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<u>see</u> General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.**

(a) On March 14, 2023, Crexendo, Inc. (the "**Company**") announced the retirement of Steven G. Mihaylo as Chief Executive Officer. Mr. Mihaylo will retain his position as Executive Chairman of the Board of Directors. The Company also announced the appointment of Jeffrey G. Korn as Chief Executive Officer of the Company. A copy of the press release is filed as Exhibit 99.1 hereto and incorporated herein by reference.

(b) Mr. Mihaylo has not entered into an agreement with the Company regarding his retirement and is receiving no consideration related thereto. He has no disagreement with the Company and announced his retirement orally.

(c) Mr. Korn has spent over 20 years at Crexendo and is the Company's longest standing employee. He has served as the Company's General Counsel, Executive Vice President, and Chief Legal Officer. Prior to joining Crexendo, he served as Chief Legal Officer and a member of the Board of Directors of Prosoft Training (formerly a Nasdaq Company). Before that, Korn was a partner in a commercial litigation and business services law firm with his office located in Jacksonville, Florida. Korn has also served on the boards of several other public companies and currently holds positions on numerous private boards.

(d) Mr. Korn has not entered into an employment agreement with the Company, although he and the Company may negotiate an agreement which if entered into will be provided to investors on a Form 8K. Mr. Korn will participate in the Company's short-term incentive plan for executive officers to be based upon individual or Company performance criteria that the Board establishes for each fiscal year. Mr. Korn will also be entitled to awards under the Company's 2021 Equity Incentive Plan and receive either incentive options or restricted stock units at the discretion of the Board of Directors.

**Item 9.01 Financial Statements and Exhibits.** 

(d) Exhibits.

---

| | |
|:---|:---|
| [99.1](cxdo_ex991.htm) | [Press Release dated March 14, 2023.](cxdo_ex991.htm) |

---

**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: March 14, 2023

---

| | |
|:---|:---|
| **Crexendo, Inc.** | **Crexendo, Inc.** |
|  | /s/ Ronald Vincent |
| By: | Ronald Vincent  |
|  | Chief Financial Officer |

---

## Exhibit 99.1

**EXHIBIT 99.1**

![](cxdo_ex991img1.jpg)

**Crexendo Appoints Jeffrey G. Korn as Chief Executive Officer**

**PHOENIX, AZ / ACCESSWIRE / March 14, 2023**, Crexendo, Inc. (Nasdaq: CXDO) is an award-winning premier provider of cloud communication platform and services, video collaboration and managed IT services designed to provide enterprise-class cloud solutions to any size business. Our solutions currently support over three million end users globally. Crexendo announced today that Jeffrey ("Jeff") G. Korn has been appointed as Chief Executive Officer, effective immediately. In keeping with the Company's long-term management transition plan, previous CEO Steven ("Steve") G. Mihaylo has retired from his position and will retain his seat on the Board as Executive Chairman.

Korn has spent over 20 years at Crexendo and is the Company's longest standing employee. He was instrumental in guiding Crexendo's successful transformation into a leading provider in the telecommunications industry and has served as the Company's General Counsel, Executive Vice President, and Chief Legal Officer throughout his tenure. Prior to joining Crexendo, he served as Chief Legal Officer and a member of the Board of Directors of Prosoft Training (formerly a Nasdaq Company). Before that, Korn was a partner in a commercial litigation and business services law firm headquartered in Jacksonville, Florida. Korn has also served on the boards of several other public companies and currently holds positions on numerous private boards.

"I appreciate Steve, the Board, and the management team for their confidence in me and their continued support as I take on this expanded role. Without Steve, there would be no Crexendo and perhaps a very different UCaaS industry," said Company CEO Jeff Korn. "Steve has been an exceptional leader over these many years, and we're fortunate that we'll continue to benefit from his insight and involvement as Executive Chairman. I look forward to taking over the reins at such a pivotal time in our growth trajectory. Crexendo has a very talented team, a strong product portfolio, and a clear vision for the future. We will continue to build on this foundation and drive the Company towards sustained revenue growth and profitability in the year ahead."

Executive Chairman Steve Mihaylo added: "As I enter this new chapter, I'd like to extend my gratitude to all the employees at Crexendo. Their hard work and dedication are what has made this job so fulfilling to me. The team has been incredibly supportive throughout my tenure, and I know they will do the same for Jeff. This transition has been carefully planned for some time, and the Company will remain in good hands with Jeff as its new CEO.

"Jeff brings a unique and relevant skill set which will be instrumental to us as we enter our next stage of growth. His strong legal background and deep understanding of regulatory issues have continually proven invaluable in navigating the complex business environment in which Crexendo operates. He has also worked closely with Doug, Ron, and the rest of the management team for decades, all of whom share my enthusiasm for his appointment. Put together, the experience of the management team is dynamic and well-rounded. Going forward, I believe we have the right personnel, solutions and strategy to reach our long-term growth and profitability goals.

"In connection with the transition, I have no intention and will not be required to sell my shares for estate planning or tax reasons and intend to eventually transfer ownership to my foundation. Jeff and Doug Gaylor are both board members of the foundation, and I am confident they will provide continued, strong leadership to the foundation and to Crexendo."

**About CXDO**

Crexendo, Inc. is an award-winning premier provider of cloud communication platform and services, video collaboration and managed IT services designed to provide enterprise-class cloud solutions to any size business. Our solutions currently support over three million end users globally.

1<br>

![](cxdo_ex991img1.jpg)

***Safe Harbor Statement***

This press release contains forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for such forward-looking statements. The words "believe," "expect," "anticipate," "estimate," "will" and other similar statements of expectation identify forward-looking statements including but not limited to Crexendo® (i) having confidence in Mr. Korn and their continued support; (ii) continuing to benefit from Mr. Mihaylo's insight and involvement as Executive Chairman; (iii) having a very talented team, a strong product portfolio, and a clear vision for the future; (iv) continuing to build on this foundation and drive the Company towards sustained revenue growth and profitability in the year ahead; (v) having carefully planned this transition with the Company remaining in good hands with Jeff as its new CEO; (vi) believing that Jeff brings a unique and relevant skill set which will be instrumental to next stage of growth; (vii) believing the experience of the management team is dynamic and well-rounded and that it has the right personnel, solutions and strategy to reach our long-term growth and profitability goals; (viii) believing that Mr. Mihaylo will not be required to sell shares for estate planning or tax reasons and his intention to transfer ownership to his foundation and (ix) believing that Jeff and Doug Gaylor will provide continued, strong leadership to the foundation and to the Company.

*For a more detailed discussion of risk factors that may affect Crexendo's operations and results, please refer to the company's Form 10-K for the year ended December 31, 2022, quarterly Form 10-Qs as filed with the SEC. These forward-looking statements speak only as of the date on which such statements are made, and the company undertakes no obligation to update such forward-looking statements, except as required by law.*

**Company Contact:**

Crexendo, Inc.

Doug Gaylor

President and Chief Operating Officer

602-732-7990

dgaylor@crexendo.com

**Investor Relations Contact:**

Gateway Investor Relations

Matt Glover and Tom Colton

949-574-3860

CXDO@gatewayir.com

**SOURCE: Crexendo, Inc.**

2<br>