CREXENDO, INC. FILES (8-K) Disclosing Change in Directors or Principal Officers - Insurance News | InsuranceNewsNet

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August 29, 2013 Newswires
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CREXENDO, INC. FILES (8-K) Disclosing Change in Directors or Principal Officers

Edgar Online, Inc.

Item 5.02 Departure of Directors or Certain Officers; Election of Directors;

Appointment of Certain Officers

On August 28, 2013 the Board of Directors (the "Board") of Crexendo, Inc. (the "Company") elected Jeffrey P. Bash as a member of the Board, effective August 28, 2013. Mr. Bash, age 71, is a long time investor in the Company. Since September 2011, Bash has been a Vice President of private, family-owned Richmont Corporation of Dallas, TX, providing corporate finance services. From 2008 to the present, Bash has also worked as a consultant to the private equity firm, General Pacific Partners LLC of Newport Beach, CA, providing strategic planning, corporate finance, structure, analysis, research and report writing services. Since 2006 Bash has been a private investor and advocate for stockholder interests with both managements and Boards. Prior to 2006, Bash was a Corporate Vice President & Actuary for New York Life Insurance Company, becoming a Fellow of the Society of Actuaries (FSA) from 1970 until his retirement in 1995. Mr. Bash received his Bachelor of Arts degree in mathematics from Oberlin College.

Mr. Bash will serve as a Class II director which class will stand for re-election at the 2015 annual meeting of stockholders. Mr. Bash will be appointed to committee assignments at the next full meeting of the Board.

Mr. Bash will participate in the Company's standard director compensation program. Pursuant to this program, each member of the Board who is not an employee of the Company receives an annual grant of 10,000 options to purchase shares of common stock under the Companies incentive stock plan.

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