Document:

Exhibit 10.8

 

[_____], 2020

 

Qell Acquisition Corp.

505 Montgomery Street, Suite 1100

San Francisco, CA 94111

 

Re:      Initial Public Offering

 

Ladies and Gentlemen:

 

This letter (this
 “Letter Agreement”) is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting
Agreement”) entered into by and among Qell Acquisition Corp., a Cayman Islands exempted company (the “Company”)
and J.P. Morgan Securities LLC and Barclays Capital Inc., as representatives (the “Representatives”)
of the several underwriters named therein (the “Underwriters”), relating to an underwritten initial public
offering (the “Public Offering”) of 30,000,000 of the Company’s units (including 4,500,000 units
that may be purchased pursuant to the Underwriters’ option to purchase additional units, the “Units”),
each comprised of one of the Company’s Class A ordinary shares, par value $0.0001 per share (the “Ordinary Shares”),
and one-third of one redeemable warrant (each whole warrant, a “Warrant”). Each Warrant entitles the
holder thereof to purchase one Ordinary Share at a price of $11.50 per share, subject to adjustment. The Units will be sold in
the Public Offering pursuant to a registration statement on Form S-1 and a prospectus (the “Prospectus”)
filed by the Company with the U.S. Securities and Exchange Commission (the “Commission”). Certain capitalized
terms used herein are defined in paragraph 1 hereof.

 

In order to induce
the Company and the Underwriters to enter into the Underwriting Agreement and to proceed with the Public Offering and for other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Qell Partners LLC (the “Sponsor”)
and each of the undersigned (each, an “Insider” and, collectively, the “Insiders”)
hereby agree with the Company as follows:

 

1.           
Definitions. As used herein, (i) “Business Combination” shall mean a merger, share exchange,
asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities; (ii)
 “Founder Shares” shall mean the 8,625,000 Class B ordinary shares of the Company, par value $0.0001 per
share, outstanding prior to the consummation of the Public Offering; (iii) “Private Placement Warrants”
shall mean the warrants that will be acquired by the Sponsor for an aggregate purchase price of $9,000,000 (or up to $9,900,000
if the Underwriters’ exercise their option to purchase additional units in full) in a private placement that shall close
simultaneously with the consummation of the Public Offering (including the Ordinary Shares issuable upon exercise of such Private
Placement Warrants thereof); (iv) “Public Shareholders” shall mean the holders of Ordinary Shares included
in the Units issued in the Public Offering; (v) “Public Shares” shall mean the Ordinary Shares included
in the Units issued in the Public Offering; (vi) “Trust Account” shall mean the trust account into which
a portion of the net proceeds of the Public Offering and the sale of the Private Placement Warrants shall be deposited; (vii) “Transfer”
shall mean the (a) sale of, offer to sell, contract or agreement to sell, hypothecate, pledge, grant of any option to purchase
or otherwise dispose of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position
or liquidation with respect to or decrease of a call equivalent position within the meaning of Section 16 of the Securities Exchange
Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder with respect to, any security,
(b) entry into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of
ownership of any security, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise,
or (c) public announcement of any intention to effect any transaction specified in clause (a) or (b); and (viii) “Charter”
shall mean the Company’s Amended and Restated Memorandum and Articles of Association, as the same may be amended from time
to time.

 

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		2.	Representations and Warranties.

 

(a)                      
The Sponsor and each Insider, with respect to itself, herself or himself, represent and warrant to the Company that it,
she or he has the full right and power, without violating any agreement to which it, she or he is bound (including, without limitation,
any non-competition or non-solicitation agreement with any employer or former employer), to enter into this Letter Agreement, and,
as applicable, to serve as an officer of the Company and/or a director on the Company’s Board of Directors (the “Board”),
as applicable, and each Insider hereby consents to being named in the Prospectus, road show and any other materials as an officer
and/or director of the Company, as applicable.

 

(b)                     
Each Insider represents and warrants, with respect to herself or himself, that such Insider’s biographical information
furnished to the Company (including any such information included in the Prospectus) is true and accurate in all material respects
and does not omit any material information with respect to such Insider’s background. The Insider’s questionnaire furnished
to the Company is true and accurate in all material respects. Each Insider represents and warrants that such Insider is not subject
to or a respondent in any legal action for, any injunction, cease-and-desist order or order or stipulation to desist or refrain
from any act or practice relating to the offering of securities in any jurisdiction; such Insider has never been convicted of,
or pleaded guilty to, any crime (i) involving fraud, (ii) relating to any financial transaction or handling of funds of another
person, or (iii) pertaining to any dealings in any securities and such Insider is not currently a defendant in any such criminal
proceeding; and such Insider has never been suspended or expelled from membership in any securities or commodities exchange or
association or had a securities or commodities license or registration denied, suspended or revoked.

 

3.               Business Combination Vote. It is acknowledged and agreed that the Company shall not enter into a definitive agreement
regarding a proposed Business Combination without the prior consent of the Sponsor. The Sponsor and each Insider, with respect
to itself or herself or himself, agrees that if the Company seeks shareholder approval of a proposed initial Business Combination,
then in connection with such proposed initial Business Combination, it, she or he, as applicable, shall vote all Founder Shares
and any Public Shares held by it, her or him, as applicable, in favor of such proposed initial Business Combination (including
any proposals recommended by the Board in connection with such Business Combination) and not redeem any Public Shares held by it,
her or him, as applicable, in connection with such shareholder approval.

 

		4.	Failure to Consummate a Business Combination; Trust Account Waiver.

 

(a)                      The
Sponsor and each Insider hereby agree, with respect to itself, herself or himself, that in the event that the Company fails
to consummate its initial Business Combination within the time period set forth in the Charter, the Sponsor and each Insider
shall take all reasonable steps to cause the Company to (i) cease all operations except for the purpose of winding up; (ii)
as promptly as reasonably possible but not more than 10 business days thereafter, redeem 100% of the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned
on the funds held in the Trust Account and not previously released to the Company to pay income taxes (less up to $100,000 of
interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will
completely extinguish Public Shareholders’ rights as shareholders (including the right to receive further liquidation
distributions, if any); and (iii) as promptly as reasonably possible following such redemption, subject to the approval of
the Company’s remaining shareholders and the Board, liquidate and dissolve, subject in the case of clauses (ii) and
(iii) to the Company’s obligations under Cayman Islands law to provide for claims of creditors and in all cases subject
to the other requirements of applicable law. The Sponsor and each Insider agree not to propose any amendment to the Charter
(i) that would modify the substance or timing of the Company’s obligation to provide holders of the Public Shares the
right to have their shares redeemed in connection with an initial Business Combination or to redeem 100% of the Public Shares
if the Company does not complete an initial Business Combination within the required time period set forth in the Charter or
(ii) with respect to any provision relating to the rights of holders of Public Shares unless the Company provides its Public
Shareholders with the opportunity to redeem their Public Shares upon approval of any such amendment at a per-share price,
payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds
held in the Trust Account and not previously released to the Company to pay income taxes, if any, divided by the number of
then-outstanding Public Shares.

 

    2

     

    

 

(b)                     
The Sponsor and each Insider, with respect to itself, herself or himself, acknowledges that it, she or he has no right,
title, interest or claim of any kind in or to any monies held in the Trust Account or any other asset of the Company as a result
of any liquidation of the Company with respect to the Founder Shares held by it, her or him, if any. The Sponsor and each Insider
hereby further waives, with respect to any Founder Shares and Public Shares held by it, her or him, as applicable, any redemption
rights it, she or he may have in connection with (x) the completion of the Company’s initial Business Combination, and (y)
a shareholder vote to approve an amendment to the Charter (i) that would modify the substance or timing of the Company’s
obligation to provide holders of the Public Shares the right to have their shares redeemed in connection with an initial Business
Combination or to redeem 100% of the Public Shares if the Company has not consummated an initial Business Combination within the
time period set forth in the Charter or (ii) with respect to any provision relating to the rights of holders of Public Shares (although
the Sponsor and the Insiders shall be entitled to liquidation rights with respect to any Public Shares they hold if the Company
fails to consummate a Business Combination within the required time period set forth in the Charter).

 

		5.	Lock-up; Transfer Restrictions.

 

(a)                      
The Sponsor and the Insiders agree that they shall not Transfer any Founder Shares (the “Founder Shares Lock-up”)
until the earliest of (A) one year after the completion of the Company’s initial Business Combination and (B) the date following
the completion of an initial Business Combination on which the Company completes a liquidation, merger, share exchange, reorganization
or other similar transaction that results in all of the Public Shareholders having the right to exchange their Ordinary Shares
for cash, securities or other property (the “Founder Shares Lock-up Period”). Notwithstanding the foregoing,
if, subsequent to a Business Combination, the closing price of the Ordinary Shares equals or exceeds $12.00 per share (as adjusted
for share splits, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-
trading day period commencing at least 150 days after the Company’s initial Business Combination, the Founder Shares shall
be released from the Founder Shares Lock-up.

 

(b)                      
Subject to the provisions set forth in paragraph 5(c), the Sponsor and Insiders agree that they shall not effectuate
any Transfer of Private Placement Warrants or the Ordinary Shares underlying such Private Placement Warrants until 30 days after
the completion of an initial Business Combination.

 

(c)                      
Notwithstanding the provisions set forth in paragraphs 5(a) and (b), Transfers of the Founder Shares, Private
Placement Warrants or Ordinary Shares underlying the Private Placement Warrants are permitted (a) to the Company’s officers
or directors, any affiliates or family member of any of the Company’s officers or directors, any members or partners of the
Sponsor or their affiliates, any affiliates of the Sponsor, or any employees of such affiliates; (b) in the case of an individual,
by gift to a member of one of the individual’s immediate family or to a trust, the beneficiary of which is a member of the
individual’s immediate family, an affiliate of such person or to a charitable organization; (c) in the case of an individual,
by virtue of laws of descent and distribution upon death of the individual; (d) in the case of an individual, pursuant to a qualified
domestic relations order; (e) by private sales or transfers made in connection with the consummation of a Business Combination
at prices no greater than the price at which the Founder Shares, Private Placement Warrants or Ordinary Shares, as applicable,
were originally purchased; (f) by virtue of the Sponsor’s organizational documents upon liquidation or dissolution of the
Sponsor; (g) to the Company for no value for cancellation in connection with the consummation of its initial Business Combination,
(h) in the event of the Company’s liquidation prior to the completion of its initial Business Combination; or (i) in the
event of completion of a liquidation, merger, share exchange or other similar transaction which results in all of the Company’s
Public Shareholders having the right to exchange their Ordinary Shares for cash, securities or other property subsequent to the
completion of an initial Business Combination; provided, however, that in the case of clauses (a) through (f) these
permitted transferees must enter into a written agreement agreeing to be bound by these transfer restrictions.

 

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(d)                     
During the period commencing on the effective date of the Underwriting Agreement and ending 180 days after such date, the
Sponsor and each Insider shall not, without the prior written consent of the Representatives, Transfer any Units, Ordinary Shares,
Warrants or any other securities convertible into, or exercisable or exchangeable for, Ordinary Shares held by it, her or him,
as applicable, subject to certain exceptions enumerated in Section [6(h)] of the Underwriting Agreement.

 

6.               
Remedies. The Sponsor and each of the Insiders hereby agree and acknowledge that (i) each of the Underwriters and
the Company would be irreparably injured in the event of a breach by the Sponsor or such Insider of its, her or his obligations,
as applicable under paragraphs 3, 4, 5, 7, 10 and 11, (ii) monetary damages may not be
an adequate remedy for such breach and (iii) the non-breaching party shall be entitled to injunctive relief, in addition to any
other remedy that such party may have in law or in equity, in the event of such breach.

 

7.               
Payments by the Company. Except as disclosed in the Prospectus, neither the Sponsor nor any affiliate of the Sponsor
nor any director or officer of the Company nor any affiliate of the directors and officers shall receive from the Company any finder’s
fee, reimbursement, consulting fee, monies in respect of any payment of a loan or other compensation prior to, or in connection
with any services rendered in order to effectuate the consummation of the Company’s initial Business Combination (regardless
of the type of transaction that it is).

 

8.               
Director and Officer Liability Insurance. The Company will maintain an insurance policy or policies providing directors’
and officers’ liability insurance, and the Insiders shall be covered by such policy or policies, in accordance with its or
their terms, to the maximum extent of the coverage available for any of the Company’s directors or officers.

 

9.               
Termination. This Letter Agreement shall terminate on the earlier of (i) the expiration of the Founder Shares Lock-
up Period and (ii) the liquidation of the Company; provided, however, that this Letter Agreement shall terminate
in the event that the Public Offering is not consummated and closed by [_____], 20[__]; provided further that paragraph
10 of this Letter Agreement shall survive such liquidation.

 

10.             
Indemnification. In the event of the liquidation of the Trust Account upon the failure of the Company to consummate
its initial Business Combination within the time period set forth in the Charter, the Sponsor (the “Indemnitor”)
agrees to indemnify and hold harmless the Company against any and all loss, liability, claim, damage and expense whatsoever (including,
but not limited to, any and all legal or other expenses reasonably incurred in investigating, preparing or defending against any
litigation, whether pending or threatened) to which the Company may become subject as a result of any claim by (i) any third party
for services rendered or products sold to the Company (except for the Company’s independent auditors) or (ii) any prospective
target business with which the Company has discussed entering into a transaction agreement (a “Target”);
provided, however, that such indemnification of the Company by the Indemnitor (x) shall apply only to the extent
necessary to ensure that such claims by a third party for services rendered or products sold to the Company or a Target do not
reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00 per Public Share and (ii) the actual amount per
Public Share held in the Trust Account as of the date of the liquidation of the Trust Account if less than $10.00 per Public Share
due to reductions in the value of the trust assets, in each case net of interest that may be withdrawn to pay the Company’s
tax obligations, (y) shall not apply to any claims by a third party or Target who executed a waiver of any and all rights to the
monies held in the Trust Account (whether or not such waiver is enforceable) and (z) shall not apply to any claims under the Company’s
indemnity of the Underwriters against certain liabilities, including liabilities under the Securities Act of 1933, as amended.
The Indemnitor shall have the right to defend against any such claim with counsel of its choice reasonably satisfactory to the
Company if, within 15 days following written receipt of notice of the claim to the Indemnitor, the Indemnitor notifies the Company
in writing that it shall undertake such defense.

 

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11.             
Forfeiture of Founder Shares. To the extent that the Underwriters do not exercise their option to purchase additional
Units within 45 days from the date of the Prospectus in full (as further described in the Prospectus), the Sponsor agrees to automatically
surrender to the Company for no consideration, for cancellation at no cost, an aggregate number of Founder Shares so that the number
of Founder Shares will equal of 20% of the sum of the total number of Ordinary Shares and Founder Shares outstanding at such time.
The Sponsor and Insiders further agree that to the extent that the size of the Public Offering is increased or decreased, the Company
will effect a share capitalization or a share repurchase, as applicable, with respect to the Founder Shares immediately prior to
the consummation of the Public Offering in such amount as to maintain the number of Founder Shares at 20% of the sum of the total
number of Ordinary Shares and Founder Shares outstanding at such time.

 

12.             
Entire Agreement. This Letter Agreement constitutes the entire agreement and understanding of the parties hereto
in respect of the subject matter hereof and supersedes all prior understandings, agreements, or representations by or among the
parties hereto, written or oral, to the extent they relate in any way to the subject matter hereof or the transactions contemplated
hereby. This Letter Agreement may not be changed, amended, modified or waived (other than to correct a typographical error) as
to any particular provision, except by a written instrument executed by (1) each Insider that is the subject of any such change,
amendment, modification or waiver and (2) the Sponsor.

 

13.              
Assignment. No party hereto may assign either this Letter Agreement or any of its rights, interests, or obligations
hereunder without the prior written consent of the other parties. Any purported assignment in violation of this paragraph shall
be void and ineffectual and shall not operate to transfer or assign any interest or title to the purported assignee. This Letter
Agreement shall be binding on the Sponsor, each of the Insiders and each of their respective successors, heirs, personal representatives
and assigns and permitted transferees.

 

14.            
Counterparts. This Letter Agreement may be executed in any number of original or facsimile counterparts, and each
of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but
one and the same instrument.

 

15.             
Effect of Headings. The paragraph headings herein are for convenience only and are not part of this Letter Agreement
and shall not affect the interpretation thereof.

 

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16.            Severability.
This Letter Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall
not affect the validity or enforceability of this Letter Agreement or of any other term or provision hereof. Furthermore, in lieu
of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this
Letter Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and
enforceable.

 

17.              
Governing Law. This Letter Agreement shall be governed by and construed and enforced in accordance with the laws
of the State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive
laws of another jurisdiction. The parties hereto (i) all agree that any action, proceeding, claim or dispute arising out of, or
relating in any way to, this Letter Agreement shall be brought and enforced in the courts of New York City, in the State of New
York, and irrevocably submit to such jurisdiction and venue, which jurisdiction and venue shall be exclusive, and (ii) waive any
objection to such exclusive jurisdiction and venue or that such courts represent an inconvenient forum.

 

18.             
Notices. Any notice, consent or request to be given in connection with any of the terms or provisions of this Letter
Agreement shall be in writing and shall be sent by express mail or similar private courier service, by certified mail (return receipt
requested), by hand delivery or facsimile or other electronic transmission.

 

[Signature Page Follows]

 

    6

     

    

 

	 	Sincerely,
	 	 
	 	Qell
    Partners LLC
	 	 
	 	By:	        
	 	Name:
	 	Title:

 

	 	Barry
    Engle 
	 	 
	 	By:	      

 

	Acknowledge
    and Agreed:	 
	 	 
	Qell
    Acquisition Corp.	 
	 	 
	By:	         	 
	Name:	 
	Title:cxdo_ex102

  Exhibit 10.2

 

CREXENDO, INC.

STOCK OPTION AGREEMENT

PURSUANT TO THE

2013 LONG-TERM INCENTIVE PLAN

 

 

 

Grantee:         

NAME

 

Date of
Grant:        

DATE

 

 

Stock
Option Agreement (the "Agreement"), dated of the date of grant
first set forth above, between Crexendo, Inc., a Delaware
corporation (the "Company"), and NAME (the
"Optionee").

 

The
Board of Directors and shareholders of the Company have adopted the
Company's 2013 Long-term Incentive Plan (the "Plan") for the
purpose of attracting and retaining employees (including officers),
consultants and persons willing to serve as directors of the
Company, or any Subsidiary or Affiliate.

 

The
Optionee is an employee, consultant or director of the Company, or
a Subsidiary or Affiliate.

 

Capitalized terms
used herein that are not otherwise defined have the same meanings
as set forth in the Plan.

 

In
consideration of the premises and the mutual agreements set forth
below, the parties hereto agree as follows:

 

1.            

Grant of Option; Exercise Price.
Pursuant to the provisions of the Plan, the Company hereby grants
to the Optionee as of the date hereof (the "Grant Date), subject to
the terms and conditions of the Plan and subject further to the
terms and conditions herein set forth, the right and option to
purchase (the "Option") from the Company all or any part of an
aggregate of ____________________ shares (the "Shares") of the
common stock, par value $.01 per share, of the Company (the "Common
Stock") at a purchase price of ____________________
per Share (the "Exercise Price"), such Option to be exercisable as
hereinafter provided.

 

2.            

Type of Option. The Option is eligible
to be an incentive stock option within the meaning of Section 422
of the Internal Revenue Code of 1986, as amended (the
"Code").

 

3.            

Expiration Date. The Option shall
expire on the seventh anniversary of the Grant Date (the
"Expiration Date"), unless earlier terminated in accordance with
Paragraph 7.

 

4.            

Nontransferability. No awards under the
2013 Plan, and no shares subject to awards that have not been
issued or as to which any applicable restriction, performance or
deferral period has not lapsed, are transferable other than by will
or the laws of descent and distribution, and an award may be
exercised during the participant's lifetime only by the participant
or the participant's estate, guardian or legal representative,
except that the Compensation Committee may provide in an award
agreement that a participant may transfer an award to certain
family members, family trusts, or other family-owned entities, or
for charitable donations under such terms and conditions determined
by the Compensation Committee.

 

 

 

 

5.            

Exercise of Option. (a) Subject to the
other terms of this Agreement and the Plan regarding the
exercisability of the Option, the Option may be exercised as to one
thirty-six (1/36) of the total grant commencing one month from
grant date and continuing as to an additional one thirty-six (1/36)
on the ____________________
in each succeeding month until the option is 100%
exercisable.

 

(b)           

Once vested, the
Option may be exercised at any time (sale may be subject to
applicable Company quiet period or other restrictions as may be
imposed), or from time to time, to the extent of any or all full
Shares as to which the Option has become exercisable, by giving
written notice of such exercised (the "Notice of Exercise") to the
Company's Secretary and paying an amount equal to the Exercise
Price multiplied by the number of Shares being purchased pursuant
to the Option (the "Total Exercise Price") (i) in United States
dollars in cash or by check, bank draft or money order payable to
the order of the Company, (ii) shares tendered by the participant
or withheld by the Company in payment of the purchase price of an
option, (iii) by having Shares with an aggregate Fair Market Value
on the date of exercise equal to the Total Exercise Price sold by a
broker-dealer under circumstances meeting the requirements of 12
C.F.R. § 220 or any successor thereof, or (iv) by any
combination of the above methods of payment.

 

6.            

Taxes. The Company or any Subsidiary or
Affiliate is authorized to withhold from any payment relating to
the Option (including from a distribution of Shares) or any other
payment to the Optionee, amounts of withholding and other taxes due
in connection with any transaction involving the Option, and to
take such other action as the Committee may deem advisable to
enable the Company or such Subsidiary or Affiliate and the Optionee
to satisfy obligations for the payment of withholding taxes and
other tax obligations relating to the Option. This authority shall
include authority to withhold or receive Shares or other property
and to make cash payments in respect thereof in satisfaction of the
Optionee's tax obligations.

 

7.            

Termination of Employment, etc. (a)
Upon the occurrence of Grantee’s ceasing for any reason to be
employed by the Company (such occurrence being a “termination
of the Grantee’s employment”), the Option (i) to the
extent not previously vested, shall terminate and become null and
void immediately upon such termination of the Grantee’s
employment, and (ii) to the extent already vested, shall be
exercisable for a period of up to sixty (60) days following the
termination of Grantee’s employment. As determined by the
Administrator, upon a termination of the Grantee’s employment
by reason of disability or death, the Option may be exercised, but
only to the extent that the Option was outstanding and exercisable
on such date of disability or death, up to a one-year period
following the date of such termination of the Grantee’s
employment.

 

(b) In
the event of the death of the Grantee, the Option may be exercised
by the Grantee’s legal representative, but only to the extent
that the Option would otherwise have been exercisable by the
Grantee.

 

(c) A
transfer of the Grantee’s employment between the Company and
any subsidiary of the Company shall not be deemed to be a
termination of the Grantee’s employment.

 

 

Page 2

 

 

10.            

No Rights as Stockholder. The Optionee
shall have no rights as a stockholder with respect to any Shares
subject to the Option prior to the date of issuance to the Optionee
of a certificate or certificates for such Shares.

 

11.            

No Rights to Continued Employment.
Nothing in the Plan or in the Option or this Agreement shall confer
upon the Optionee the right to continue in Service or be entitled
to any remuneration or benefits not set forth in the Plan or this
Agreement or to interfere with or limit in any way the right of the
Company or any Subsidiary or Affiliate to terminate the Optionee's
Service.

 

12.            

Compliance with Legal and Exchange
Requirements. The Plan, the granting and exercising of
Options thereunder, the delivery of Shares upon the exercise of the
Option and the other obligations of the Company under the Plan and
this Agreement shall be subject to all applicable federal and state
laws, rules and regulations, and to such approvals by any
regulatory or governmental agency as may be required. The Company,
in its discretion, may postpone the issuance or delivery of Shares
under the Option until completion of such stock exchange listing or
registration or qualification of such Shares or other required
action under any state, federal or foreign law, rule or regulation
as the Company may consider appropriate, and may require the
Optionee to make such representations and furnish such information
as it may consider appropriate in connection with the issuance or
delivery of Shares in compliance with applicable laws, rules and
regulations.

 

13.            

Change in Control Provisions. In the
event of a Change in Control (as defined in the Plan), the Option
shall become fully vested and exercisable, including as to shares
that would not otherwise have been vested and
exercisable.

 

14.            

Optionee Bound by Plan. The Optionee
hereby acknowledges receipt of a copy of the Plan and agrees to be
bound by all the terms and provisions thereof.

 

15.            

Notices. All notices or any other
communications hereunder shall be in writing and delivered
personally or by registered or certified mail or overnight courier,
addressed, if to the Company, to Crexendo, Inc., 1615 S, 52nd
Street, Tempe, AZ 85281; Attention: Secretary, and if to the
Optionee, at the address listed in company records, subject to the
right of either party to designate at any time hereafter in writing
some other address.

 

16.            

Governing Law. This Agreement shall be
governed by and construed in accordance with the laws of the State
of Arizona without giving effect to the conflict of laws principles
thereof.

 

17.            

No Assignment. Neither this Agreement
nor any of the rights or obligations of the Optionee hereunder may
be transferred or assigned by the Optionee except as set forth in
paragraph 4 hereof.

 

18.            

Benefits. This Agreement shall be
binding upon and inure to the benefit of the parties hereto. This
Agreement is for the sole benefit of the parties hereto and not for
the benefit of any other party.

 

19.            

Severability. If any provision of this
Agreement shall be determined to be illegal and unenforceable by
any court of law, the remaining provisions shall be severable and
enforceable in accordance with their terms.

 

 

Page 3

 

 

20.            

Amendments. No modification, amendment
or waiver of any provision of this Agreement shall be effective
unless it is in writing and signed by the parties
hereto.

 

21.            

Counterparts. This Agreement may be
executed in counterparts, each of which shall constitute one and
the same instrument.

 

 

IN
WITNESS WHEREOF, the Company has caused this Agreement to be
executed by the chairman of the board of directors, and Optionee
has executed this Agreement, both as of the day and year first
above written.

	
 

	
 

Crexendo,
Inc.

 

 

 

By:
__________________________

Name:

Title:

 

 

 

 

_____________________________

NAME

 

	

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