Lantronix Inc. Reports Board and Executive Compensation Changes

TL;DR

Lantronix board shakeup and exec pay changes filed. Watch for new strategy.

AI Summary

On May 6, 2024, Lantronix, Inc. filed an 8-K report detailing changes in its board of directors and executive compensation. The filing includes the election of new directors and updates to compensatory arrangements for certain officers, though specific names and dollar amounts for these changes are not detailed in the provided text.

Why It Matters

Changes in board composition and executive compensation can signal shifts in company strategy, governance, and future performance, impacting investor confidence.

Risk Assessment

Risk Level: medium — Changes in board and executive compensation can indicate internal shifts that may affect future company performance and strategy.

Key Players & Entities

• Lantronix, Inc. (company) — Registrant
• May 6, 2024 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $0.0001 — ge on which registered Common Stock , $0.0001 par value LTRX The Nasdaq Stock Marke
• $300,000 — Company's Chief Financial Officer, from $300,000 to $351,000 and Eric Bass, the Company'
• $351,000 — ief Financial Officer, from $300,000 to $351,000 and Eric Bass, the Company's Vice Presi
• $250,000 — any's Vice President, Engineering, from $250,000 to $292,423, effective July 1, 2024, an
• $292,423 — resident, Engineering, from $250,000 to $292,423, effective July 1, 2024, and the Compan

Filing Documents

• lantronix_8k.htm (8-K) — 30KB
• lantronix_ex1001.htm (EX-10.1) — 21KB
• 0001683168-24-003229.txt ( ) — 227KB
• ltrx-20240506.xsd (EX-101.SCH) — 3KB
• ltrx-20240506_lab.xml (EX-101.LAB) — 33KB
• ltrx-20240506_pre.xml (EX-101.PRE) — 22KB
• lantronix_8k_htm.xml (XML) — 4KB

02

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On May 6, 2024, the Compensation Committee of the Board of Directors of Lantronix, Inc. (the "Company") approved an increase in the base salaries of Jeremy Whitaker, the Company's Chief Financial Officer, from $300,000 to $351,000 and Eric Bass, the Company's Vice President, Engineering, from $250,000 to $292,423, effective July 1, 2024, and the Company's entering into a Change in Control Agreement (the "Agreement") with Mr. Whitaker. The Agreement replaces Mr. Whitaker's current Change in Control Agreement with the Company, which expires on May 31, 2024, and provides that if a change in control of the Company occurs and, during the period beginning 60 days before the change in control and ending 12 months after the change in control, Mr. Whitaker's employment is terminated either by the Company without Cause or by Mr. Whitaker for Good Reason (as such terms are defined in the Agreement), Mr. Whitaker will be entitled to receive (i) a lump sum payment of 12 months of his base salary at the rate then in effect and 100% of his target annual bonus then in effect, and (ii) continued coverage under the Company's health plans for Mr. Whitaker and his eligible dependents for up to 12 months following his termination date on substantially the same terms as applied immediately prior to his termination. Mr. Whitaker's right to receive the severance benefits described above is subject to his executing and not revoking a general release of claims in favor of the Company. The foregoing description of the Agreement is a summary, does not purport to be complete and is qualified in its entirety by reference to the Agreement, which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.

Financial Statements and Exhibits

Financial Statements and Exhibits. (d) Exhibits Exhibit Number Description 10.1 Change in Control Agreement between Lantronix, Inc. and Jeremy Whitaker, dated May 10, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). 2

SIGNATURES

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. LANTRONIX, INC. By: /s/ Jeremy Whitaker Jeremy Whitaker Chief Financial Officer Date: May 10, 2024 3

View Full Filing

View this 8-K filing on SEC EDGAR