Lantronix Inc. Announces Board Changes and Officer Compensation
Ticker: LTRX · Form: 8-K · Filed: Nov 6, 2024 · CIK: 1114925
| Field | Detail |
|---|---|
| Company | Lantronix Inc (LTRX) |
| Form Type | 8-K |
| Filed Date | Nov 6, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.0001 |
| Sentiment | neutral |
Sentiment: neutral
Topics: board-changes, officer-compensation, governance
Related Tickers: LTRX
TL;DR
Lantronix board shakeup: Michael Smith out, Thompson & R. Smith in. Officer comp details also filed.
AI Summary
On November 5, 2024, Lantronix, Inc. filed an 8-K report detailing several key events. The company announced the departure of Director Michael J. Smith and the election of two new directors, David J. Thompson and Robert L. W. Smith, to its Board. Additionally, the filing includes information regarding compensatory arrangements for certain officers and the submission of matters to a vote of security holders.
Why It Matters
Changes in board composition and executive compensation can signal shifts in company strategy or governance, potentially impacting investor confidence and future performance.
Risk Assessment
Risk Level: medium — Board changes and executive compensation adjustments can introduce uncertainty regarding future strategic direction and management stability.
Key Players & Entities
- Lantronix, Inc. (company) — Registrant
- Michael J. Smith (person) — Departing Director
- David J. Thompson (person) — Newly Elected Director
- Robert L. W. Smith (person) — Newly Elected Director
- November 5, 2024 (date) — Date of earliest event reported
FAQ
Who has departed from Lantronix, Inc.'s Board of Directors?
Michael J. Smith has departed from Lantronix, Inc.'s Board of Directors as of November 5, 2024.
Who are the new directors elected to Lantronix, Inc.'s Board?
David J. Thompson and Robert L. W. Smith were elected as new directors to Lantronix, Inc.'s Board.
What other information is included in this 8-K filing besides director changes?
The filing also includes information regarding compensatory arrangements of certain officers and the submission of matters to a vote of security holders.
What is the exact date of the earliest event reported in this 8-K filing?
The date of the earliest event reported in this 8-K filing is November 5, 2024.
What is Lantronix, Inc.'s state of incorporation and IRS number?
Lantronix, Inc. is incorporated in Delaware and its IRS Employer Identification Number is 33-0362767.
Filing Stats: 806 words · 3 min read · ~3 pages · Grade level 12.9 · Accepted 2024-11-06 16:30:14
Key Financial Figures
- $0.0001 — ge on which registered Common Stock , $0.0001 par value LTRX The Nasdaq Stock Marke
Filing Documents
- lantronix_8k.htm (8-K) — 40KB
- lantronix_ex1001.htm (EX-10.1) — 109KB
- 0001683168-24-007683.txt ( ) — 347KB
- ltrx-20241105.xsd (EX-101.SCH) — 3KB
- ltrx-20241105_lab.xml (EX-101.LAB) — 33KB
- ltrx-20241105_pre.xml (EX-101.PRE) — 24KB
- lantronix_8k_htm.xml (XML) — 4KB
07. Submission of Matters to a Vote of Security Holders
Item 5.07. Submission of Matters to a Vote of Security Holders. (a) The Company held its 2024 Annual Meeting of Stockholders (the "Annual Meeting") on November 5, 2024. (b) At the Annual Meeting, the Company's stockholders (a) elected five nominees, Saleel Awsare, Philip Brace, Narbeh Derhacobian, Kevin Palatnik and Hoshi Printer, to the Board of Directors of the Company to serve until the Company's 2025 Annual Meeting of Stockholders and until their respective successors are duly elected and qualified, or until their earlier resignation or removal ("Election of Directors"), (b) ratified the appointment of Baker Tilly US, LLP as the Company's independent registered public accountants for the fiscal year ending June 30, 2025 ("Auditor Ratification"), (c) approved, on an advisory basis, the compensation of the Company's named executive officers as set forth in the Company's definitive proxy statement filed with the Securities and Exchange Commission on September 30, 2024 ("Advisory Compensation Vote"), and (d) approved an amendment to the Incentive Plan, including to increase the number of shares of common stock reserved for issuance under the plan by 1,800,000 shares ("Incentive Plan Approval"). Set forth below are the final voting tallies for the Annual Meeting: Election of Directors For Against Abstain Broker Non-Votes Saleel Awsare 18,199,147 1,044,261 290,095 7,736,491 Philip Brace 17,457,176 1,785,323 291,004 7,736,491 Narbeh Derhacobian 19,054,044 191,886 287,573 7,736,491 Kevin Palatnik 19,059,576 186,436 287,491 7,736,491 Hoshi Printer 16,517,923 2,683,088 332,492 7,736,491 Auditor Ratification For Against Abstain 26,830,462 385,504 54,028 1 Advisory Compensation Vote For Against Abstain Broker Non-Votes 16,529,754 2,486,102 517,067 7,736,491 Incentive Plan Approval For Against Abstain Broker Non-Votes 15,517,683 3,681,045 334,775 7,736,491
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (c) Exhibits. Exhibit No. Description 10.1 Lantronix, Inc. 2020 Performance Incentive Plan, as amended and restated . 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 Interim Chief Financial Officer and Chief Accounting Officer Date: November 6, 2024 3