Document:

cxdo_ex101

 

Exhibit 10.1

VOTING AGREEMENT

 

THIS
VOTING AGREEMENT (this “Agreement”) is made and entered
into as of June 1, 2021, by and among Crexendo, Inc., a Nevada
corporation (“Parent”), Steven G. Mihaylo, the
majority stockholder of Parent (the “Stockholder,” and each transferee
that becomes a party hereto as a “Stockholder” pursuant
to Section 5.13
below, as listed on Schedule A, also a
“Stockholder”)
and David Wang in his capacity as Stockholder Representative
pursuant to the Merger Agreement (defined below). Parent,
Stockholder and the NetSapiens Stockholder Representative are each
sometimes referred to herein individually as a “Party” and collectively as the
“Parties.”

 

RECITALS

 

WHEREAS, the Parties are entering into this
Agreement in connection with that certain Agreement and Plan of
Merger and Reorganization, dated March 5, 2021 (if and as amended,
the “Merger
Agreement”), by and among
Parent, NetSapiens, Inc., a Delaware corporation (the
“Company”), Crexendo Merger Sub, Inc., a Delaware
corporation and a direct, wholly-owned subsidiary of Parent
(“Merger Sub I”), Crexendo Merger Sub, LLC, a Delaware
limited liability company and a direct, wholly-owned subsidiary of
Parent (“Merger Sub
II” and, together with
Merger Sub I, the “Merger Subs”) and David Wang as Stockholder
Representative therein, providing for, among other things, a
statutory merger of Merger Sub I with and into the Company (the
“First
Merger”), and, as part of
the same overall transaction, the surviving corporation in the
First Merger would merge with and into Merger Sub II (the
“Second
Merger,” and together
with the First Merger, the “Mergers”) pursuant to the terms and conditions of
the Merger Agreement;

 

WHEREAS, pursuant to the Merger Agreement, Parent
has agreed to (i) include the NetSapiens Board Designee (as defined
in the Merger Agreement) as a nominee to the board of directors of
Parent (the “Board”) on each slate of nominees for election to
the Board proposed by the management of Parent, (ii) recommend the
election of the NetSapiens Board Designee to the stockholders of
Parent, and (iii) otherwise use its reasonable best efforts to
cause the NetSapiens Board Designee to be elected to the Board;
and

 

WHEREAS, as a condition to the Closing, the
Company has required that Stockholder, and Stockholder has agreed
to, execute and deliver this Agreement with respect to the shares
of common stock, par value $0.001 per share, of Parent
(“Parent Common
Stock”) Beneficially
Owned (as defined below) by Stockholder and set forth below
Stockholder’s signature on the signature page hereto (the
“Original
Shares” and, together
with any additional shares of Parent Common Stock pursuant
to Section 3
hereof, the “Shares”).

 

NOW,
THEREFORE, in consideration of the foregoing and the respective
covenants and agreements set forth below and for other good and
valuable consideration, the receipt, sufficiency, and adequacy of
which are hereby acknowledged, the Parties hereto, intending to be
legally bound, do hereby agree as follows:

 

1. Voting Provisions Regarding the
Board.

 

1.1 Definitions. For purposes of
this Agreement, capitalized terms used and not otherwise defined
herein shall have the respective meanings ascribed to such terms in
the Merger Agreement. When used in this Agreement, the following
terms in all of their tenses, cases, and correlative forms shall
have the meanings assigned to them in this Section 1.1.

 

(a) “Beneficially
Own” or
“Beneficial
Ownership” has the
meaning assigned to such term in Rule 13d-3 under the Exchange Act,
and a Person’s beneficial ownership of securities shall be
calculated in accordance with the provisions of such rule (in each
case, irrespective of whether or not such rule is actually
applicable in such circumstance). For the avoidance of doubt,
“Beneficially Own” and “Beneficial
Ownership” shall also include record ownership of
securities.

 

(b) “Beneficial
Owner” shall mean the
Person who Beneficially Owns the referenced
securities.

 

(c) “Person”
shall mean an individual, firm, corporation, partnership,
association, limited liability company, trust or any other
entity.

 

1.2 Board Composition. Stockholder
agrees, at any annual or special meeting of Parent called with
respect to the election and removal of directors of the Parent, and
at every adjournment or postponement thereof, and on every action
or approval by written consent or consents of Parent stockholders
with respect to the election and removal of directors of the
Parent, to vote or cause the holder of record to vote the Shares in
favor of the NetSapiens Board Designee’s election to the
Board.

 

 

 

 

1.3 NetSapiens Board Designee. The
initial NetSapiens Board Designee shall be Anand Buch, who shall be
elected to the Board immediately following the First Effective
Time. Subsequent NetSapiens Board Designees will be designated from
time to time by such Company equityholders that either: (a)
received shares of Parent Common Stock at the First Effective Time,
or (b) exercised options to purchase Parent Common Stock issued at
the First Effective Time, holding a majority of the total Parent
Common Stock then held collectively by such Company equityholders
(the “Designating Company
Equityholders”), as communicated to Parent by the
then-serving Stockholder Representative. Any such NetSapiens Board
Designee shall be subject to the approval of Parent (which approval
shall not be unreasonably conditioned, withheld or delayed). No
subsequent NetSapiens Board Designee shall be elected to the Board
until the then-serving NetSapiens Board Designee has been removed
from the Board, either by way of resignation, removal or
death.

 

1.4 Failure to Designate a Board
Member. In the absence of any designation from the
Designating Company Equityholders that is acceptable to Parent
(which approval shall not be unreasonably conditioned, withheld or
delayed), the director previously designated by them and then
serving shall be reelected if willing to serve unless such
individual has been removed as provided herein, and otherwise such
Board seat shall remain vacant until otherwise filled as provided
above.

 

1.5 Removal of Board Members.
Stockholder also agrees to vote, or cause to be voted, the Shares
in whatever manner as shall be necessary to ensure
that:

 

(a) no director elected
pursuant to Section
1.2 of this Agreement may
be removed from office other than for cause unless such removal is
directed or approved by the Designating Company
Equityholders;

 

(b) any vacancies
created by the resignation, removal or death of the NetSapiens
Board Designee elected pursuant to Section 1.2 shall be filled
pursuant to the provisions of this Section 1; and

 

(c) upon the request of
the Designating Company Equityholders to remove the NetSapiens
Board Designee, such director shall be removed.

 

Stockholder
agrees to execute any written consents required to perform the
obligations of this Section 1.

 

1.6 No Liability for Election of
Recommended Directors. Stockholder shall not have any
liability as a result of voting for any such designee in accordance
with the provisions of this Agreement.

 

2. Remedies.

 

2.1 Covenants of the Parent. The
Parent agrees to use its best efforts, within the requirements of
applicable law, to ensure that the rights granted under this
Agreement are effective and that the Parties enjoy the benefits of
this Agreement. Such actions include, without limitation, the use
of the Parent’s best efforts to cause the nomination and
election of NetSapiens Board Designee as provided in this
Agreement.

 

2.2 Irrevocable Proxy and Power of
Attorney. Stockholder hereby appoints Stockholder
Representative and any designee of Stockholder Representative, and
each of them individually, until the Expiration Time (as defined
below) (at which time this proxy shall automatically be revoked),
its proxies and attorneys-in-fact, with full power of substitution
and resubstitution, to vote or act by written consent during the
term of this Agreement with respect to the Shares in accordance
with Section
1. This proxy and
power of attorney is given to secure the performance of the duties
of Stockholder under this Agreement. Stockholder shall take such
further action or execute such other instruments as may be
necessary to effectuate the intent of this proxy. This proxy and
power of attorney granted by Stockholder shall be irrevocable until
the Expiration Time, shall be deemed to be coupled with an interest
sufficient in law to support an irrevocable proxy, and shall revoke
any and all prior proxies granted by Stockholder with respect to
the Shares. The power of attorney granted by Stockholder herein is
a durable power of attorney and shall survive the bankruptcy,
death, or incapacity of Stockholder. The proxy and power of
attorney granted hereunder shall terminate at the Expiration
Time.

 

2.3 Specific Enforcement. Each
Party acknowledges and agrees that each Party hereto will be
irreparably damaged in the event any of the provisions of this
Agreement are not performed by the Parties in accordance with their
specific terms or are otherwise breached. Accordingly, it is agreed
that each of the Parent, Stockholder Representative and Stockholder
shall be entitled to an injunction to prevent breaches of this
Agreement, and to specific enforcement of this Agreement and its
terms and provisions in any action instituted in any court of the
United States or any state having subject matter
jurisdiction.

 

2.4 Remedies Cumulative. All
remedies, either under this Agreement or by law or otherwise
afforded to any Party, shall be cumulative and not
alternative.

 

 

 

 

3. Additional Shares. Stockholder
agrees that all shares of Parent Common Stock that Stockholder
purchases, acquires the right to vote, or otherwise acquires
Beneficial Ownership of after the execution of this Agreement and
prior to the Expiration Time shall be subject to the terms and
conditions of this Agreement and shall constitute Shares for all
purposes of this Agreement. In the event of any stock split, stock
dividend, merger, reorganization, recapitalization,
reclassification, combination, exchange of shares, or the like of
the capital stock of Parent affecting the Shares, the terms of this
Agreement shall apply to the resulting securities and such
resulting securities shall be deemed to be “Shares” for
all purposes of this Agreement.

 

4. Termination. This Agreement
shall terminate upon the earliest to occur of (the
“Expiration
Time”): (a) that date on which the Company
equityholders that received shares of Parent Common Stock at the
First Effective Time fail to collectively Beneficially Own at least
Five Percent (5%) of Parent’s total issued and outstanding
shares of common stock any time after the Closing; and (b) the
termination of this Agreement by mutual written consent of the
Parties. Nothing in this Section 4 shall relieve or
otherwise limit the liability of any Party for any intentional
breach of this Agreement prior to such termination.

 

5. Miscellaneous.

 

5.1 Successors and Assigns. The
terms and conditions of this Agreement shall inure to the benefit
of and be binding upon the respective successors and assigns of the
Parties. Nothing in this Agreement, express or implied, is intended
to confer upon any party other than the Parties hereto or their
respective successors and assigns any rights, remedies,
obligations, or liabilities under or by reason of this
Agreement, except as expressly provided in this
Agreement.

 

5.2 Governing Law. This Agreement
shall be governed by and construed in accordance with the laws of
the State of Nevada regardless of the laws that might otherwise
govern under applicable principles of conflicts of laws
thereof.

 

5.3 Counterparts. This Agreement
may be executed in two (2) or more counterparts, each of which
shall be deemed an original, but all of which together shall
constitute one and the same instrument. Counterparts may be
delivered via electronic mail (including pdf or any electronic
signature complying with the U.S. ESIGN Act of 2000, e.g., www.docusign.com) or other
transmission method and any counterpart so delivered shall be
deemed to have been duly and validly delivered and be valid and
effective for all purposes.

 

5.4 Titles and Subtitles. The
titles and subtitles used in this Agreement are used for
convenience only and are not to be considered in construing or
interpreting this Agreement.

 

5.5 Notices. All notices, requests,
consents, claims, demands, waivers and other communications
hereunder shall be in writing and shall be deemed to have been
given: (a) when delivered by hand (with written confirmation of
receipt); (b) when received by the addressee if sent by a
nationally recognized overnight courier (receipt requested); (c) on
the date sent by email of a PDF document (with confirmation of
transmission) if sent during normal business hours of the
recipient, and on the next Business Day if sent after normal
business hours of the recipient; or (d) on the third day after the
date mailed, by certified or registered mail, return receipt
requested, postage prepaid. Such communications must be sent to the
respective Parties at the following addresses (or at such other
address for a Party as shall be specified in a notice given in
accordance with this Section 5.5):

 

Crexendo,
Inc.

1615
South 52nd Street

Tempe,
AZ 85281

Attention: Jeffrey
Korn, General Counsel

Email:
jkorn@crexendo.com

 

with a
copy (which shall not constitute notice) to:

 

Squire
Patton Boggs (US) LLP

1 E.
Washington St., Suite 2700

Phoenix, Arizona
85004

Attention: Matthew
M. Holman, Esq.

Email:
matthew.holman@squirepb.com

 

 

 

 

Stockholder
Representative:

 

David
Wang

PO
Box 8588

LA
Jolla, CA 92038

Email:
david@wangsfamily.net

 

with
a copy (which shall not constitute notice) to:

 

Procopio,
Cory, Hargreaves & Savitch LLP

525
B Street, Suite 2200

San
Diego, California 92101

Attention:
William W. Eigner, Esq.

Email:
william.eigner@procopio.com

 

If to
Stockholder, to the address or email address set forth for
Stockholder on the signature page or Schedule A hereof.

 

5.6 Delays or Omissions. No delay
or omission to exercise any right, power or remedy accruing to any
Party under this Agreement, upon any breach or default of any other
Party under this Agreement, shall impair any such right, power or
remedy of such non-breaching or non-defaulting Party nor shall it
be construed to be a waiver of any such breach or default, or an
acquiescence therein, or of or in any similar breach or default
thereafter occurring; nor shall any waiver of any single breach or
default be deemed a waiver of any other breach or default
previously or thereafter occurring. Any waiver, permit, consent or
approval of any kind or character on the part of any Party of any
breach or default under this Agreement, or any waiver on the part
of any Party of any provisions or conditions of this Agreement,
must be in writing and shall be effective only to the extent
specifically set forth in such writing. All remedies, either under
this Agreement or by law or otherwise afforded to any Party, shall
be cumulative and not alternative.

 

5.7 Severability. The invalidity or
unenforceability of any provision hereof shall in no way affect the
validity or enforceability of any other provision.

 

5.8 Entire Agreement. This
Agreement and the Merger Agreement constitute the full and entire
understanding and agreement between the Parties with respect to the
subject matter hereof, and any other written or oral agreement
relating to the subject matter hereof existing between the parties
is expressly canceled.

 

5.9 Manner of Voting. The voting of
Shares pursuant to this Agreement may be effected in person, by
proxy, by written consent or in any other manner permitted by
applicable law. For the avoidance of doubt, voting of the Shares
pursuant to the Agreement need not make explicit reference to the
terms of this Agreement.

 

5.10 Further
Assurances. At any time or from time to time after the date
hereof, the Parties agree to cooperate with each other, and at the
request of any other Party, to execute and deliver any further
instruments or documents and to take all such further action as the
other Party may reasonably request in order to carry out the intent
of the parties hereunder.

 

 

 

 

5.11 Submission
to Jurisdiction. Each of the Parties hereto irrevocably
agrees that any legal action with respect to this Agreement and the
rights and obligations arising hereunder, or for recognition and
enforcement of any judgment in respect of this Agreement and the
rights and obligations arising hereunder brought by the other Party
hereto or its successors or assigns shall be brought and determined
exclusively in the state or
federal courts located in the County of Clark, State of
Nevada. Each of the Parties hereto agrees that mailing of
process or other papers in connection with any such legal action in
the manner provided in Section 5.5 or in such other
manner as may be permitted by applicable laws, will be valid and
sufficient service thereof. Each of the Parties hereto hereby
irrevocably submits with regard to any such legal action for itself
and in respect of its property, generally and unconditionally, to
the personal jurisdiction of the aforesaid courts and agrees that
it will not bring any action relating to this Agreement or any of
the transactions contemplated by this Agreement in any court or
tribunal other than the aforesaid courts. Each of the Parties
hereto hereby irrevocably waives, and agrees not to assert, by way
of motion, as a defense, counterclaim, or otherwise, in any legal
action with respect to this Agreement and the rights and
obligations arising hereunder, or for recognition and enforcement
of any judgment in respect of this Agreement and the rights and
obligations arising hereunder: (i) any claim that it is not
personally subject to the jurisdiction of the above named courts
for any reason other than the failure to serve process in
accordance with this Section
5.11; (ii) any
claim that it or its property is exempt or immune from jurisdiction
of any such court or from any legal process commenced in such
courts (whether through service of notice, attachment prior to
judgment, attachment in aid of execution of judgment, execution of
judgment, or otherwise); and (iii) to the fullest extent permitted
by the applicable law, any claim that (x) the suit, action, or
proceeding in such court is brought in an inconvenient forum, (y)
the venue of such suit, action, or proceeding is improper, or (z)
this Agreement, or the subject matter hereof, may not be enforced
in or by such courts.

 

5.12 Waiver
of Jury Trial. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY
WAIVES ALL RIGHT TO TRIAL BY JURY AND ANY ACTION, PROCEEDING OR
COUNTERCLAIM (WHETHER BASED ON CONTACT, TORT, OR OTHERWISE) ARISING
OUT OF OR RELATING TO THIS AGREEMENT OR THE ACTIONS OF ANY PARTY
HERETO IN NEGOTIATION, ADMINISTRATION, PERFORMANCE OR THE ACTIONS
OF ANY PARTY HERETO IN NEGOTIATION, ADMINISTRATION, PERFORMANCE OR
ENFORCEMENT HEREOF.

 

5.13 Transfers.

 

(a) Each transferee or
assignee of any Shares subject to this Agreement in a private
transaction (i.e., not made via sale into the public market) shall,
together with the number of Shares transferred to such Stockholder,
be listed on Schedule
A, and shall continue to be subject to the terms hereof,
and, as a condition precedent to the Parent’s recognition of
such transfer, each transferee or assignee shall agree in writing
to be subject to each of the terms of this Agreement by executing
and delivering an Adoption Agreement substantially in the form
attached hereto as Exhibit
A. Upon the execution and delivery of an Adoption Agreement
by any transferee, such transferee shall be deemed to be a party
hereto as if such transferee were the transferor and such
transferee’s signature appeared on the signature pages of
this Agreement and shall be deemed to be a Stockholder. Parent
shall not permit the private transfer of the Shares subject to this
Agreement on its books or issue a new certificate representing any
such Shares unless and until such transferee shall have complied
with the terms of this Section 5.13. Each certificate,
instrument, or book entry representing the Shares subject to this
Agreement, including any Shares issued on or after the date of this
Agreement or Shares transferred in a private transaction as
provided for in this Section 5.13, shall be notated
with the following legend:

 

“THE SHARES
REPRESENTED HEREBY ARE SUBJECT TO A VOTING AGREEMENT, AS MAY BE
AMENDED FROM TIME TO TIME (A COPY OF WHICH MAY BE OBTAINED UPON
WRITTEN REQUEST FROM THE COMPANY), AND BY ACCEPTING ANY INTEREST IN
SUCH SHARES THE PERSON ACCEPTING SUCH INTEREST SHALL BE DEEMED TO
AGREE TO AND SHALL BECOME BOUND BY ALL THE PROVISIONS OF THAT
VOTING AGREEMENT, INCLUDING CERTAIN RESTRICTIONS ON TRANSFER AND
OWNERSHIP SET FORTH THEREIN.”

 

The
foregoing legend may be not be removed by Parent without the
consent of Stockholder Representative except in the event of a sale
of Shares into the public market.

 

(b) (i) Following the
date that is ten (10) years after the date hereof, the provisions
of Section 5.13(a) shall not apply to any transfer occurring as a
result of the death or disability of Stockholder or (ii) the
provisions of Section 5.13(a) shall not apply to any transfer made
by Stockholder to a trust or other entity
for the benefit of any Person that is qualified as a charitable
organization under Section 501(c)(3) of the Code, or a family
foundation established by or on behalf of one or more of the
Shareholders for the purpose of making charitable gifts or
donations to Persons that are qualified as charitable organizations
under Section 501(c)(3) of the Code.

 

5.14 Consent
Required to Amend, Modify, Terminate or Waive. This
Agreement may be amended, modified or terminated and the observance
of any term hereof may be waived (either generally or in a
particular instance and either retroactively or prospectively) only
by a written instrument executed by (a) Parent; (b) Stockholder;
and (c) Stockholder Representative; provided that the consent of a
Party shall not be required for any amendment, modification,
termination or waiver if such amendment, modification, termination,
or waiver is not directly applicable to the rights of such Party
hereunder.

 

5.15           Costs
of Enforcement. If any Party to this Agreement seeks to
enforce its rights under this Agreement by legal proceedings, the
non-prevailing party shall pay all costs and expenses incurred by
the prevailing party, including, without limitation, all reasonable
attorneys’ fees.

 

[Signature Page Follows]

 

 

 

 

IN
WITNESS WHEREOF, the Parties hereto have executed and delivered
this Agreement as of the date first written above.

 

	
 

	

CREXENDO,
INC.

 

	
 

	

By /s/ Jeffrey
G. Korn .

Name:
Jeffrey G. Korn

Title:
Secretary

	
 

	

STOCKHOLDER
REPRESENTATIVE

  /s/ David Wang .

Name:
David Wang

 

STOCKHOLDER

	
 

	

/s/ Steven G. Mihaylo .

Name:
Steven G. Mihaylo

Number
of Shares of Parent Common Stock Beneficially Owned as of the date
of this Agreement: 10,298,468

Number
of Options Beneficially Owned as of the date of this Agreement:
116,234

Street
Address: 1615 S. 52nd Street

City/State/Zip
Code: Tempe, AZ 85281

Email:
smihaylo@crexendo.com

 

Signature Page to Voting Agreement

 

 

EXHIBIT A

 

ADOPTION AGREEMENT

 

This
Adoption Agreement (“Adoption
Agreement”) is executed on _______________, 20__, by
the undersigned (the “Holder”) pursuant to the terms of
that certain Voting Agreement dated as of June 1, 2021 (the
“Agreement”), by
and among Parent, Stockholder and Stockholder Representative, as
such Agreement may be amended or amended and restated hereafter.
Capitalized terms used but not defined in this Adoption Agreement
shall have the respective meanings ascribed to such terms in the
Agreement. By the execution of this Adoption Agreement, the Holder
agrees as follows:

 

1.1

Acknowledgement. Holder
acknowledges that Holder is acquiring certain shares of the capital
stock of Parent (the “Stock”) as a transferee of Shares
from a Stockholder in such party’s capacity as a
“Stockholder” bound by the Agreement, and after such
transfer, Holder shall be considered a “Stockholder”
for all purposes of the Agreement.

 

1.2

Agreement. Holder hereby (a)
agrees that the Shares and any other shares of capital stock or
securities required by the Agreement to be bound thereby, shall be
bound by and subject to the terms of the Agreement and (b) adopts
the Agreement with the same force and effect as if Holder were
originally a party thereto.

 

1.3 

Notice. Any notice required or
permitted by the Agreement shall be given to Holder at the address
or facsimile number listed below Holder’s signature
hereto.

 

	
HOLDER:  

	
ACCEPTED AND
AGREED

	
 

	
 

	By:           
                 
                 
           
  
	
PARENT:

	
Name:  
                 
                 
               
  

	
 

	
Title:  
                 
                 
                 
  

	
By:  
                 
                 
                 
    

	
Address:  
                 
                 
           
  

	
Name:  
                 
                 
               
  

	
   
                 
                 
                 
         

	
Title:  
                 
                 
                 
  

	Email:          
                 
                 
         	
 

	
 

	
STOCKHOLDER
REPRESENTATIVE

	
 

	
   
                 
                 
                
          

 

 

 

 

 

SCHEDULE A

 

Transferee
Stockholders:

 

Name: _____________

 

Number of Shares of Parent Common Stock Beneficially Owned as a
result of a transfer under Section
5.13:
_________

 

Address:

 

Name: _____________

 

Number of Shares of Parent Common Stock Beneficially Owned as a
result of a transfer under Section
5.13:
_________

 

Address:

 

Signature Page to Voting Agreementcxdo_ex102

 

  Exhibit 10.2

Executive Employment Agreement

 

This
Employment Agreement (“Agreement”) is made and entered into as of this 1st
date of June, 2021 (the “Effective
Date”), by and between
Anand Buch (“Executive”) and Crexendo, Inc, a Nevada Corporation
(“Company”).

 

WHEREAS, Executive was previously employed by
NetSapiens, Inc. (“NetSapiens”);

 

WHEREAS,
following the acquisition of NetSapiens by the Company, Company
desires to employ Executive on the terms and conditions set forth
herein; and

 

WHEREAS,
Executive desires to be employed by Company on such terms and
conditions.

 

NOW,
THEREFORE, in consideration of the mutual covenants, promises, and
obligations set forth herein, the parties agree as
follows:

 

1. Term.
Executive’s initial term of employment hereunder shall begin
on the Effective Date and shall remain in effect through the date
two years thereafter (“Initial Term”), unless terminated prior thereto as
provided in Section 4. The Initial Term shall be extended from year
to year, unless this Agreement is terminated pursuant to Section 4
or either party to this Agreement gives written notice to the other
of a desire to change, amend, modify, or terminate this Agreement,
at least sixty (60) days prior to the end of the then-existing term
of the Agreement. The Initial Term and any renewal terms shall be
hereinafter referred to as the “Employment
Term.”

 

2. Position
and Duties.

 

2.1 Position.
During the Employment Term, Executive shall serve as the Chief
Strategy Officer of Company, reporting to Company’s Chief
Executive Officer. In such position, Executive shall have such
duties, authority, and responsibilities as are consistent with
Executive's position and shall carry out and execute such
additional lawful duties as are assigned to Executive from time to
time.

 

2.2 Duties.
During the Employment Term, Executive shall devote substantially
all of Executive’s business time and attention to the
performance of Executive’s duties hereunder and will not
engage in any other business, profession, or occupation for
compensation or otherwise which would conflict or interfere with
the performance of such services either directly or indirectly
without the prior written consent of the Board. Notwithstanding the
foregoing, Executive may personally trade in stock, bonds,
securities, commodities or real estate investments for his own
benefit.

 

3. Compensation.

 

3.1 Base
Salary. Company shall pay
Executive an annual base salary of $323,950 in near equal, periodic
installments in accordance with Company’s customary payroll
practices and applicable wage payment laws, but no less frequently
than monthly. Executive’s annual base salary, as in effect
from time to time, is hereinafter referred to as
“Base
Salary.” It is not
expected that Executive’s Base Salary will increase until the
expiration of the Initial Term.

 

3.2 Annual
Bonus. It is understood and agreed that Executive is not
expected to receive any Bonus for the initial year of the Initial
Term. Executive shall be eligible to receive an annual bonus
(“Annual Bonus”) beginning in the second year of the
Initial Term, i.e., in 2022. The amount and conditions for achievement
of any Annual Bonus shall be set by the “Compensation
Committee” of the Board.
Executive shall be permitted to make recommendations to the
Compensation Committee regarding Executive’s eligibility for
and entitlement to an Annual Bonus, and regarding the amount
thereof, but the final decision regarding awards of Annual Bonuses
resides within the sole and absolute discretion of the Compensation
Committee.

 

3.3 Equity
Awards. It is understood and
agreed that Executive is not expected to receive any Equity Awards
for the initial year of the Initial Term. Beginning in the second
year of the Initial Term, i.e., in 2022, Executive shall be eligible to
participate in the Crexendo Inc. 2013 Long-Term Incentive Stock
Option Plan (the “Plan”) or any successor plan, subject to the
terms of the Plan or successor plan, as determined by the
Committee, in its sole and absolute discretion.

 

 

 

 

3.4 Fringe
Benefits and Perquisites.
During the Employment Term, Executive shall be entitled to fringe
benefits and perquisites consistent with those provided to
similarly situated executives of Company. From the Effective Date
until December 31, 2021, such fringe benefits and perquisites shall
remain the same or substantially similar to those provided to
Executive by NetSapiens prior to the Effective
Date.

 

3.5 Employee
Benefits. During the Employment
Term, Executive shall be entitled to participate in all employee
benefit plans, practices, and programs maintained by Company, as in
effect from time to time (collectively, “Employee Benefit
Plans”), on a basis which
is no less favorable than is provided to other similarly situated
executives of Company, to the extent consistent with applicable law
and the terms of the applicable Employee Benefit Plans. Company
reserves the right to amend or terminate any Employee Benefit Plans
at any time in its sole discretion, subject to the terms of this
Agreement, such Employee Benefit Plan, and applicable
law.

 

3.6  Paid
Time Off. Beginning on the
Effective Date and thereafter for the duration of the Employment
Term, Executive shall be entitled to paid time off
(PTO) (prorated for partial years) in accordance with
Company’s then applicable policies, as in effect from time to
time. Executive shall receive other paid time off in accordance
with Company’s policies for executive officers as such
policies may exist from time to time and as required by applicable
law.

 

3.7 Business
Expenses. Executive shall be
entitled to reimbursement for all reasonable and necessary
out-of-pocket business, entertainment, and travel expenses incurred
by Executive in connection with the performance of
Executive’s duties hereunder in accordance with
Company’s expense reimbursement policies and
procedures.

 

3.8 Authority.
For the first year of the Initial Term, Executive, as well as other
former executives and business unit management of NetSapiens, shall
have control and autonomy over the expense and compensation
management of their business units, provided:

 

(a)  any
expenditures have been included in the Company’s approved
budget;

 

(b) Key
metrics are not compromised or plans with respect thereto not
changed by leaders of business units without approval of Executive
or other former NetSapiens executives;

 

(c) Certain
expenses may be required by Company policy to be approved by the
Company’s Chief Executive Officer or Board for purposes of
compliance with Section 404 of Regulation S-K.

 

4. Termination
of Employment. The Employment
Term and Executive’s employment hereunder may be terminated
by either Company or Executive for the reasons set forth in this
Section 4.

 

4.1 Termination
for Cause or Without Good Reason.

 

(a) Executive’s
employment hereunder may be terminated by Company for Cause or by
Executive without Good Reason. In either case, Executive shall be
entitled to receive upon termination of employment:

 

(i) any
accrued but unpaid Base Salary and accrued but unused PTO, which
shall be paid at the time of Executive’s
termination;

 

(ii) reimbursement
for unreimbursed business expenses properly incurred by Executive,
which shall be subject to and paid in accordance with
Company’s expense reimbursement policy; and

 

(iii) such
employee benefits (including equity compensation), if any, to which
Executive may be entitled under Company’s employee benefit
plans as of the date of Executive’s termination; provided
that in no event shall Executive be entitled to any payments in the
nature of severance or termination payments except as specifically
provided herein.

 

 

 

 

Items 4.1(a)(i) through 4.1(a)(iii) are referred
to herein collectively as the “Accrued
Amounts.”

 

(b) For
purposes of this Agreement, “Cause” shall mean:

 

(i) Executive’s
willful failure to perform Executive’s duties (other than any
such failure resulting from incapacity due to physical or mental
illness);

 

(ii) Executive’s
willful failure to comply with any valid and legal directive of the
Board or Chief Executive Officer;

 

(iii) Executive’s
engagement in acts of dishonesty, illegal conduct, or gross
misconduct, which is, in each case, materially injurious to Company
or its affiliates;

 

(iv) Executive’s
embezzlement, misappropriation, or fraud, whether or not related to
Executive’s employment with Company;

 

(v) Executive’s
conviction of or plea of guilty or nolo contendere
to a crime that constitutes a felony
(or state law equivalent) or a crime that constitutes a misdemeanor
involving moral turpitude;

 

(vi) Executive’s
material violation of Company’s written policies or codes of
conduct, including written policies related to discrimination,
harassment, performance of illegal or unethical activities, and
ethical misconduct;

 

(vii) Executive’s
failure to participate in or cooperate with an investigation of a
report of discrimination, harassment, performance of illegal or
unethical activities, or ethical misconduct, whether or not
Executive is the subject of the investigation;

 

(viii) Executive’s
violation of any agreement pertaining to the confidentiality of
Company’s information and trade secrets, solicitation of
customers, vendors, suppliers, or employees of Company, or
assignment of intellectual property; and

 

(ix) Executive’s
material breach of any obligation under this Agreement or any other
written agreement between Executive and Company.

 

For
purposes of this provision, none of Executive’s acts or
failures to act shall be considered “willful” unless
Executive acts, or fails to act, in bad faith. Executive’s
actions, or failures to act, based upon authority given pursuant to
a resolution duly adopted by the Board or upon the advice of
counsel for Company shall be conclusively presumed to be in good
faith and in the best interests of Company.

 

(c) For
purposes of this Agreement, “Good Reason” shall mean the occurrence of any of the
following, in each case during the Employment Term without
Executive’s prior written consent:

 

(i) a
material reduction in Executive’s Base Salary (other than a
general reduction in Base Salary that affects all similarly
situated executives in substantially the same
proportions);

 

(ii) any
material breach by Company of any material provision of this
Agreement or any material provision of any other agreement between
Executive and Company;

 

(iii) a
material adverse change in Executive’s authority, duties, or
responsibilities (other than temporarily while Executive is
physically or mentally incapacitated or as required by applicable
law);

 

 

 

 

(iv) relocation
of Executive’s principal place of business by more than 50
miles.

 

(v) To
terminate Executive’s employment for Good Reason, Executive
must provide written notice to Company of the existence of the
circumstances providing grounds for termination for Good Reason
within thirty (30) days of the initial existence of such grounds,
and Company must have at least fifteen (15) days from the date on
which such notice is provided to cure such circumstances (the
“Cure
Period”). If Executive
does deliver a Notice of Termination of employment for Good Reason
as required by Section 4.4 within thirty (30) days after expiration
of the Cure Period, then Executive will be deemed to have waived
Executive’s right to terminate for Good Reason with respect
to such grounds.

 

4.2 Termination
by Company Without Cause or by Executive for Good
Reason. The Employment Term and
Executive’s employment hereunder may be terminated by
Executive for Good Reason or by Company without Cause. In the event
of such termination, Executive shall be entitled to receive the
Accrued Amounts, and, subject to Executive’s compliance with
Section 5 of this Agreement and Exhibit 1 hereto and further
subject to Executive’s timely execution and non-revocation
(if applicable) of a release of claims in favor of Company, its
affiliates, and their respective officers and directors in a form
provided by Company (the “Release”), Executive shall be entitled to receive
the following:

 

(a) a
lump sum payment equal to one-twelfth of Executive’s Base
Salary for every year that Executive has been employed (including,
for purposes of this section only Executive’s employment
period with NetSapiens prior to the Effective Date, in this
computation), up to a maximum of one year of Executive’s Base
Salary.

 

(b) If
Executive timely and properly elects health continuation coverage
under the Consolidated Omnibus Budget Reconciliation Act of 1985
(“COBRA”), Company shall reimburse Executive for
the monthly COBRA premium paid by Executive for one year following
termination and election of COBRA continuation
benefits.

 

(c) The
treatment of any outstanding equity awards shall be determined in
accordance with the terms of the Crexendo Inc. 2013 Long-Term
Incentive Stock Option Plan or any successor plan and the
applicable award agreements.

 

4.3 Death
or Disability.

 

(a) Executive’s
employment hereunder shall terminate automatically upon
Executive’s death during the Employment Term, and Company may
terminate Executive’s employment on account of
Executive’s Disability.

 

(b) If
Executive’s employment is terminated during the Employment
Term on account of Executive’s death or Disability, Executive
(or Executive’s estate and/or beneficiaries, as the case may
be) shall be entitled to receive the Accrued Amounts.

 

(c) Notwithstanding
any other provision contained herein, all payments made in
connection with Executive’s Disability shall be provided in a
manner which is consistent with federal and state law.

 

(d) For
purposes of this Agreement, “Disability” shall mean Executive’s inability,
due to physical or mental incapacity, to perform the essential
functions of Executive’s job, with or without reasonable
accommodation, for one hundred twenty (120) consecutive days. Any
question as to the existence of Executive’s Disability as to
which Executive and Company cannot agree shall be determined in
writing by a qualified independent physician mutually acceptable to
Executive and Company. The determination of Disability made in
writing to Company and Executive shall be final and conclusive for
all purposes of this Agreement.

 

4.4 Notice
of Termination. Any termination
of Executive’s employment hereunder by Company or by
Executive during the Employment Term (other than termination
pursuant to 14.3 on
account of Executive’s death) shall be communicated by
written notice of termination (“Notice of
Termination”) to the
other party hereto in accordance with 115. The Notice of Termination shall
specify:

 

(a) the
termination provision of this Agreement relied upon;

 

 

 

 

(b) to
the extent applicable, the facts and circumstances claimed to
provide a basis for termination of Executive’s employment
under the provision so indicated; and

 

(c) the
applicable date of termination, which shall be no less than ten
(10) days following the date on which the Notice of Termination is
delivered if Company terminates Executive’s employment
without Cause, or no less than fifteen (15) days following the date
on which the Notice of Termination is delivered if Executive
terminates Executive’s employment with or without Good
Reason.

 

4.5 Resignation
From Certain Other Positions.
Upon termination of Executive’s employment hereunder for any
reason, Executive shall be deemed to automatically have resigned
from all positions that Executive holds as an officer of Company or
any of its affiliates, or member of the Board (or a committee
thereof) of any of the Company’s affiliates, but not the
Board of the Company.

 

5. Additional
Covenants. Where permitted by
applicable state and local law, Executive shall enter into and
abide by that certain agreement attached hereto as Exhibit 1
hereto.

 

6. Arbitration.
Any dispute, controversy, or claim arising out of or related to
Executive’s employment by Company, or termination of
employment, including but not limited to claims arising under or
related to this Agreement or any breach of this Agreement, and any
alleged violation of federal, state, or local statute, regulation,
common law, or public policy, shall be submitted to and decided by
binding arbitration. Arbitration shall be administered exclusively
by the American Arbitration Association (“AAA”) and shall be conducted within 50 miles of
the city in which Executive principally worked for Company and
consistent with the employment arbitration rules in effect by AAA
at the time the arbitration is commenced, except as modified by
this Agreement. Except for claims seeking injunctive relief to
enforce the terms of Exhibit 1 hereto, which the Parties agree may
be brought in any state or federal court of competent jurisdiction
or in arbitration, the Parties otherwise waive the right to have
their disputes heard or decided by a jury or in a court trial and
the right to pursue any class or collective action or
representative claims against each other in court, arbitration, or
any other proceeding. Any arbitral award determination shall be
final and binding upon the parties.

 

7. Governing
Law. This Agreement, for all
purposes, shall be construed in accordance with the laws of the
State in which Executive principally worked for
Company.

 

8. Entire
Agreement. Unless specifically
provided herein, this Agreement contains all of the understandings
and representations between Executive and Company pertaining to the
subject matter hereof and supersedes all prior and contemporaneous
understandings, agreements, representations and warranties, both
written and oral, with respect to such subject
matter.

 

9. Modification
and Waiver. No provision of
this Agreement may be amended or modified unless such amendment or
modification is agreed to in writing and signed by Executive and
Company. No waiver by either of the parties of any breach by the
other party hereto of any condition or provision of this Agreement
to be performed by the other party hereto shall be deemed a waiver
of any similar or dissimilar provision or condition at the same or
any prior or subsequent time.

 

10. Severability.
Should any provisions of this Agreement be held to be invalid,
illegal, or unenforceable in any respect, such invalidity,
illegality, or unenforceability shall not affect any other
provisions hereof, and if such provision or provisions are not
modified as provided above, this Agreement shall be construed as if
such invalid, illegal, or unenforceable provisions had not been set
forth herein.

 

11. Captions.
Captions and headings of the sections and paragraphs of this
Agreement are intended solely for convenience and no provision of
this Agreement is to be construed by reference to the caption or
heading of any section or paragraph.

 

12. Counterparts.
This Agreement may be executed in separate counterparts, each of
which shall be deemed an original, but all of which taken together
shall constitute one and the same instrument.

 

13. Section
409A.

 

 

 

 

13.1 General
Compliance. This Agreement is
intended to comply with Section 409A of the Internal Revenue Code,
or an exemption thereunder, and shall be construed and administered
in accordance with such intent. Notwithstanding any other provision
of this Agreement, payments provided under this Agreement may only
be made upon an event and in a manner that complies with Section
409A or an applicable exemption. Any nonqualified deferred
compensation payments under this Agreement that may be excluded
from Section 409A either as separation pay due to an involuntary
separation from service or as a short-term deferral shall be
excluded from Section 409A to the maximum extent possible. Any
payments to be made under this Agreement upon a termination of
employment shall only be made upon a “separation from
service” under Section 409A. Notwithstanding the foregoing,
Company makes no representations that the payments and benefits
provided under this Agreement comply with Section 409A, and in no
event shall Company be liable for all or any portion of any taxes,
penalties, interest, or other expenses that may be incurred by
Executive on account of non-compliance with Section
409A.

 

13.2 Specified
Employees. Notwithstanding any
other provision of this Agreement, if any payment or benefit
provided to Executive in connection with Executive’s
termination of employment is determined to constitute
“nonqualified deferred compensation” within the meaning
of Section 409A and Executive is determined to be a
“specified employee” as defined in Section
409A(a)(2)(b)(i), then such payment or benefit shall not be paid
until the first payroll date to occur following the six-month
anniversary of the date of Executive’s termination or, if
earlier, on Executive’s death (the “Specified Employee Payment
Date”). The aggregate of
any payments that would otherwise have been paid before the
Specified Employee Payment Date and interest on such amounts
calculated based on the applicable federal rate published by the
Internal Revenue Service for the month in which Executive’s
separation from service occurs shall be paid to Executive in a lump
sum on the Specified Employee Payment Date and thereafter, any
remaining payments shall be paid without delay in accordance with
their original schedule.

 

13.3 Reimbursements.
To the extent required by Section 409A, each reimbursement or
in-kind benefit provided under this Agreement shall be provided in
accordance with the following:

 

(a) the
amount of expenses eligible for reimbursement, or in-kind benefits
provided, during each calendar year cannot affect the expenses
eligible for reimbursement, or in-kind benefits to be provided, in
any other calendar year;

 

(b) any
reimbursement of an eligible expense shall be paid to Executive on
or before the last day of the calendar year following the calendar
year in which the expense was incurred; and

 

(c) any
right to reimbursements or in-kind benefits under this Agreement
shall not be subject to liquidation or exchange for another
benefit.

 

14. Successors
and Assigns. This Agreement is
personal to Executive and shall not be assigned by Executive. Any
purported assignment by Executive shall be null and void from the
initial date of the purported assignment. Company may assign this
Agreement to any successor or assign (whether direct or indirect,
by purchase, merger, consolidation, or otherwise) to all or
substantially all of the business or assets of Company. This
Agreement shall inure to the benefit of Company and permitted
successors and assigns.

 

15. Notice.
Notices and all other communications provided for in this Agreement
shall be given in writing by personal delivery, electronic
delivery, or by registered mail to the parties at the addresses set
forth below (or such other addresses as specified by the parties by
like notice):

 

If
to Company:

 

Crexendo,
Inc.

1615
S 52nd St, Tempe, AZ 85281

Attn:
Jeffrey G. Korn

 

If
to Executive:

 

To
the last known address on file with Company’s HR/payroll
departments

 

 

 

 

16. Representations
of Executive. Executive
represents and warrants to Company that Executive’s acceptance of employment with
Company and the performance of Executive’s duties hereunder
will not conflict with or result in a violation of, a breach of, or
a default under any contract, agreement, or understanding to which
Executive is a party or is otherwise bound. Executive further
represents and warrants to Company that Executive’s
acceptance of employment with Company
and the performance of Executive’s duties hereunder will not
violate any non-solicitation, non-competition, or other similar
covenant or agreement of a prior employer or third
party.

 

17. Withholding.
Company shall have the right to withhold from any amount payable
hereunder any federal, state, and local taxes in order for Company
to satisfy any withholding tax obligation it may have under any
applicable law or regulation.

 

18. Survival.
Upon the expiration or other termination of this Agreement, the
respective rights and obligations of the parties hereto shall
survive such expiration or other termination to the extent
necessary to carry out the intentions of the parties under this
Agreement.

 

19. Acknowledgement
of Full Understanding.
EXECUTIVE ACKNOWLEDGES AND AGREES THAT EXECUTIVE HAS FULLY READ,
UNDERSTAND AND VOLUNTARILY ENTERS INTO THIS AGREEMENT. EXECUTIVE
ACKNOWLEDGES AND AGREES THAT EXECUTIVE HAS HAD AN OPPORTUNITY TO
ASK QUESTIONS AND CONSULT WITH AN ATTORNEY OF EXECUTIVE’S
CHOICE BEFORE SIGNING THIS AGREEMENT.

 

SIGNATURE PAGE FOLLOWS

 

[Signature Page to Executive Employment Agreement]

 

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement
as of the date first above written.

 

	
 

	

Crexendo, Inc.

	
 

	
 

By /s/ Jeffrey G. Korn
.

Name: Jeffrey G. Korn

Title: Secretary

	
 

	

EXECUTIVE

	
 

	
 

Signature: /s/ Anand
Buch .

Print Name: Anand Buch

 

 

 

 

EXHIBIT 1 TO EMPLOYMENT AGREEMENT

 

Employee Confidentiality, Post-Termination Restrictions, and
Proprietary Rights Agreement

 

Acknowledgement.
Executive understands that the nature
of Executive’s position gives Executive access to and
knowledge of Confidential Information and places Executive in a
position of trust and confidence with Company (as such term is
defined in Executive’s Employment Agreement). Executive
understands and acknowledges that the intellectual or business
services Executive provides to Company are unique, special, or
extraordinary and Executive’s employment was material to the
parties’ decision to enter into that certain transaction
among Crexendo, Inc., Crexendo Merger Sub. Inc., Crexendo Merger
Sub, LLC and Netsapiens, Inc. (“Merger
Agreement”).

 

Executive
further understands and acknowledges that Company’s
employment of Executive and entrustment of Executive with
Confidential Information is of great competitive importance and
commercial value to Company, and that improper use or disclosure of
Company’s Confidential Information by Executive will result
in unfair or unlawful competitive activity and irreparable harm to
Company.

 

   

1.
 Non-Disparagement.
Executive agrees and covenants that Executive will not at any time
make, publish, or communicate to any person or entity or in any
public forum any defamatory or disparaging remarks, comments, or
statements concerning Company or its businesses, employees, or
officers. The Company agrees and covenants that it will not at any
time make, publish, or communicate to any person or entity or in
any public forum any defamatory or disparaging remarks, comments,
or statements concerning the Executive. 

 

1.1
  This
Section 1 shall not, in any way, restrict or impede either party
from exercising protected rights to the extent that such rights
cannot be waived by agreement or from complying with any applicable
law or regulation or a valid order of a court of competent
jurisdiction or an authorized government agency, provided that such
compliance does not exceed that required by the law, regulation, or
order. This Section 1 also shall not in any way restrict or impede
either party from making truthful statements, statements required
or privileged under applicable law or proceeding, or statements
made in connection with any action, suit, or other proceeding to
enforce or defend its rights and obligations under this Agreement
or any agreement referenced herein. 

 

2.
  Work Product. Executive acknowledges and agrees that all right,
title, and interest in and to all writings, works of authorship,
technology, inventions, discoveries, processes, techniques,
methods, ideas, concepts, research, proposals, materials, and all
other work product of any nature whatsoever, that are created,
prepared, produced, authored, edited, amended, conceived, or
reduced to practice by Executive individually or jointly with
others during the Employment Term or during Executive’s
employment with Netsapiens, Inc. and relate in any way to the
Business or contemplated Business, products, activities, research,
or development of Company or result from any work performed by
Executive for Company (in each case, regardless of when or where
prepared or whose equipment or other resources is used in preparing
the same), all rights and claims related to the foregoing, and all
printed, physical and electronic copies, and other tangible
embodiments thereof (collectively, “Work Product”), as well as any and
all rights in and to US and foreign (a) patents, patent disclosures
and inventions (whether patentable or not), (b) trademarks, service
marks, trade dress, trade names, logos, corporate names, and domain
names, and other similar designations of source or origin, together
with the goodwill symbolized by any of the foregoing, (c)
copyrights and copyrightable works (including computer programs),
mask works, and rights in data and databases, (d) trade secrets,
know-how, and other confidential information, and (e) all other
intellectual property rights, in each case whether registered or
unregistered and including all registrations and applications for,
and renewals and extensions of, such rights, all improvements
thereto and all similar or equivalent rights or forms of protection
in any part of the world (collectively, “Intellectual Property Rights”),
shall be the sole and exclusive property of
Company.

 

2.1        
Work Product includes, but is not limited
to, Company information, including plans, publications, research,
strategies, techniques, documents, know-how, computer programs,
computer applications, software design, web design, work in
process, databases, manuals, results, developments, reports,
graphics, drawings, sketches, market studies, formulae, notes
communications, algorithms, product plans, product designs, styles,
inventions, unpublished patent applications, original works of
authorship, discoveries, experimental processes, experimental
results, specifications, customer information, client information,
customer lists, client lists, manufacturing information, marketing
information, advertising information, and sales information (all of
the foregoing, “Confidential
Information”). Executive agrees not to use or disclose
or disclose any of Company’s Confidential Information without
the prior express written consent of Company or as required by
court order or compulsory process; provided that in the case of a
judicial or administrative demand for production of Confidential
Information, Executive shall notify Company prior to production of
Confidential Information so that Company may take steps to protect
its right to and interest in the Confidential
Information. 

 

Executive’s
obligations under this Section 2 are in addition to and do not
replace, supersede, or limit Executive’s obligations under
federal and state law not to misappropriate Company’s trade
secrets.

 

3.
Work Made for Hire;
Assignment. Executive
acknowledges that, by reason of being employed by Company at the
relevant times, to the extent permitted by law, all of the Work
Product consisting of copyrightable subject matter is "work made
for hire" as defined in 17 U.S.C. § 101 and such copyrights
are therefore owned by Company. To the extent that the foregoing
does not apply, Executive hereby irrevocably assigns to Company,
for no additional consideration, Executive’s entire right,
title, and interest in and to all Work Product and Intellectual
Property Rights therein, including the right to sue, counterclaim,
and recover for all past, present, and future infringement,
misappropriation, or dilution thereof, and all rights corresponding
thereto throughout the world. Nothing contained in this Agreement
shall be construed to reduce or limit Company’s rights,
title, or interest in any Work Product or Intellectual Property
Rights so as to be less in any respect than that which Company
would have had in the absence of this
Agreement. 

 

Pursuant
to and consistent with Cal. Labor Code § 2870, this Section 3
shall not require that Executive assign or offer to assign any of
Executive’s rights in an invention that Executive develops
entirely on Executive’s own time without use of
Company’s equipment, supplies, facilities, or trade secret
information, except for those inventions that either relate at the
time of conception or reduction to practice of the invention to the
Company’s business, or actual or demonstrably anticipated
research or development of Company, or result from any work
performed by Executive for the
Company.

 

[Signature Page Follows]

 

 

 

 

CREXENDO, INC.

 

By /s/ Jeffrey G.
Korn .

 

Name: Jeffrey G. Korn

Title: Secretary

 

 

EXECUTIVE

 

Signature: /s/ Anand Buch
.

Print Name: Anand Buch

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