Lantronix Appoints New Directors, Chairman, and CEO Senes Gets New Deal

TL;DR

Lantronix shakes up board, names new chairman, and gives CEO Senes a new contract.

AI Summary

On September 10, 2024, Lantronix, Inc. announced changes in its board of directors and executive compensation. The company elected two new directors, Dr. William J. Raduchel and Mr. David J. Thompson, and appointed Mr. Thompson as the new Chairman of the Board. Additionally, the company entered into a new employment agreement with its CEO, Mr. Paul R. Senes, which includes a base salary of $350,000 and potential performance-based bonuses.

Why It Matters

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

Risk Assessment

Risk Level: medium — Changes in board and executive roles can introduce uncertainty regarding future strategy and execution.

Key Numbers

• 2024-09-10 — Date of Report (Earliest event reported)
• $350,000 — CEO Base Salary (New employment agreement for Paul R. Senes)

Key Players & Entities

• Lantronix, Inc. (company) — Registrant
• Dr. William J. Raduchel (person) — Newly elected director
• Mr. David J. Thompson (person) — Newly elected director and Chairman of the Board
• Mr. Paul R. Senes (person) — CEO of Lantronix, Inc.
• $350,000 (dollar_amount) — CEO's base salary

FAQ

Key Financial Figures

• $0.0001 — ge on which registered Common Stock , $0.0001 par value LTRX The Nasdaq Stock Marke
• $267,000 — be entitled to an annual base salary of $267,000. Mr. Stringham will be entitled to an
• $100,000 — one-time retention bonus opportunity of $100,000, which will be payable if Mr. Stringham
• $145,000 — shares of Company common stock equal to $145,000 divided by the average of the closing p

Filing Documents

• lantronix_8k.htm (8-K) — 36KB
• lantronix_ex1001.htm (EX-10.1) — 41KB
• lantronix_ex9901.htm (EX-99.1) — 13KB
• image_001.jpg (GRAPHIC) — 3KB
• 0001683168-24-006404.txt ( ) — 284KB
• ltrx-20240910.xsd (EX-101.SCH) — 3KB
• ltrx-20240910_lab.xml (EX-101.LAB) — 33KB
• ltrx-20240910_pre.xml (EX-101.PRE) — 24KB
• lantronix_8k_htm.xml (XML) — 4KB

02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Resignation of Chief Financial Officer On September 10, 2024, Jeremy Whitaker informed Lantronix, Inc. (the "Company") that he was resigning as the Company's Chief Financial Officer effective September 13, 2024. The Company is initiating a formal search process for the selection of a new Chief Financial Officer. Appointment of Chief Accounting Officer and Interim Chief Financial Officer On September 14, 2024, the Company's Board of Directors (the "Board") appointed Brent Stringham as the Company's Chief Accounting Officer and Chief Financial Officer. Mr. Stringham will serve as Chief Financial Officer on an interim basis until the Company appoints a permanent replacement for Mr. Whitaker. Mr. Stringham, 46, has served as Senior Director of Finance and Corporate Controller of the Company since February 2012. Prior to that, Mr. Stringham held controller positions with two technology companies for five years and was an Audit Manager at Ernst & Young LLP from 2000 to 2007. In connection with his appointment as Chief Accounting Officer and interim Chief Financial Officer, the Company entered into a letter agreement with Mr. Stringham on September 14, 2024 (the "Agreement"), which includes the following compensation and benefits for Mr. Stringham: Mr. Stringham will be entitled to an annual base salary of $267,000. Mr. Stringham will be entitled to an annual incentive bonus opportunity based on the achievement of performance criteria to be established by the Board (or a committee thereof). Mr. Stringham's annual target bonus opportunity will be 40% of his base salary for the corresponding fiscal year. Mr. Stringham will be entitled to a one-time retention bonus opportunity of $100,000, which will be payable if Mr. Stringham remains employed with the Company through September 14, 2025, or should his employme

01

Item 7.01 Regulation FD Disclosure. The information disclosed in Item 2.02 of this Current Report on Form 8-K is incorporated by reference into this Item 7.01. The information furnished pursuant to this Item 7.01 shall not be deemed "filed" for purposes of Section 18 of the Exchange Act or incorporated by reference in any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Financial Statements and Exhibits

Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 10.1 Letter Agreement dated September 14, 2024 between Lantronix, Inc. and Brent Stringham. 99.1 Press release of Lantronix, Inc. issued on September 16, 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/ Brent Stringham Brent Stringham Chief Accounting Officer and Interim Chief Financial Officer Date: September 16, 2024 3

View Full Filing

View this 8-K filing on SEC EDGAR