Crexendo Inc. filed SEC Form 8-K: Entry into a Material Definitive Agreement, Financial Statements and Exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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CURRENT REPORT
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Item 1.01. Entry into a Material Definitive Agreement.
On July 19, 2024, (incorrectly dated July 17, 2024 in the document) Crexendo, Inc. (the “Company”) entered into a Commercial Sublease Agreement (“Sublease”) with Acronis, Inc., a Delaware corporation to sublease office space which will be the headquarters for the Company. This Sublease commences on October 1, 2024, and continues for thirty-six (36) months through October 31, 2027. The Base monthly rent is as follows: October 1, 2024 – September 30, 2025, $27,599.00; October 1, 2025 – September 30, 2026, $28,853.50 and October 1, 2026 – October 31, 2027 $30,108.00. The Company is entitled to three months of rent abatement. The location is fully furnished and ready for immediate occupancy.
In addition, the Company may be partially responsible for operating costs. If Operating Costs (as defined in Section 6.3 of the Master Lease) exceed $20,000.00 in a Calendar Year, then the Company shall be responsible for fifty (50%) percent of the amount exceeding $20,000.00. Historically costs have not exceeded $20,000.00 in any year.
The foregoing description of the Agreement is not complete and is qualified in its entirety by the text of the Agreement and the lease, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference. The Agreements (including the master lease executed by Acronis) have been attached to provide investors with information regarding its terms. It is not intended to provide any other factual information about the Company. The Agreement contains representations, warranties, and covenants the assertions embodied in those representations, were made for purposes of the contract among the respective parties and are subject to important qualifications and limitations agreed to by the parties in connection with negotiating such agreement. The representations and warranties in the Agreement should not be relied upon as characterizations of the actual state of facts about the Company.
Item 9.01 Financial Statements and Exhibits.
Exhibits.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: July 24, 2024
Crexendo, Inc. | |||
| /s/ RONALD VINCENT | |||
| By: | Ronald Vincent | |
| Chief Financial Officer | |||
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