Lantronix Appoints Saleel Awsare to Its Board of Directors
November 21 2023 - 7:00AM
Lantronix Inc. (the “Company”) (NASDAQ: LTRX), a global provider of
secure turnkey solutions for the Industrial Internet of Things
(IoT) and the Intelligent IT market, today announced that Lantronix
president and CEO Saleel Awsare has joined the Company’s Board of
Directors, effective Nov. 20, 2023. With the appointment of Mr.
Awsare, the Board consists of five directors, four of whom the
Board has determined are independent under applicable listing
standards of the NASDAQ Stock Market.
In connection with the commencement of his employment as
president and CEO, the Company has agreed to issue Mr. Awsare
inducement awards consisting of 470,255 restricted share units
(RSUs), 235,127 performance share units (PSUs) tied to the same
vesting requirements as the Company’s PSUs granted to its executive
officers for fiscal 2024 (FY24 PSU Plan) and 223,931 PSUs tied to
the Company’s relative total stockholder return (TSR), with the
number of PSUs assuming target level of performance for each grant.
The RSU award is scheduled to vest over three years as follows:
one-third of the RSUs shall vest on Nov. 1, 2024; one-third of the
RSUs shall vest on Nov. 1, 2025; and one-third of the RSUs shall
vest on Nov. 1, 2026. The PSU award tied to the Company’s FY24 PSU
Plan is scheduled to vest based on the Company’s performance over
fiscal 2024–2026. The PSU award tied to the Company’s TSR is
scheduled to vest based on the Company’s TSR over a three-year
period beginning on the employment commencement date. Each award is
subject to the terms and conditions of the applicable award
agreement. The RSUs and PSUs are granted as employment inducement
awards in accordance with NASDAQ Listing Rule 5635(c)(4).
About Lantronix
Lantronix Inc. is a global Industrial and Enterprise Internet of
Things (IoT) provider of solutions that target high-growth
applications in specific vertical markets, including Smart Grid,
Intelligent Transportation, Smart Cities and AI Data Centers.
Lantronix’s history in networking and video processing as well as
its leading-edge applications include Intelligent Substations
infrastructure, Infotainment systems and Video Surveillance,
supplemented with comprehensive Out of Band Management (OOB)
solutions for Cloud and Edge Computing.
Lantronix’s solutions empower companies to achieve success in
the growing IoT and OOB markets by delivering customizable
solutions that address each layer of the IoT Stack, including
Collect, Connect, Compute, Control and Comprehend. For more
information, visit the Lantronix website.
Learn more at the Lantronix blog, which features industry
discussion and updates. Follow Lantronix on Twitter, view its
YouTube video library or connect on LinkedIn.
“Safe Harbor” Statement under the Private Securities Litigation
Reform Act of 1995: Any statements set forth in this news release
that are not entirely historical and factual in nature, including
without limitation statements related to our solutions,
technologies and products and expectations regarding our management
and our future growth and profitability. These forward-looking
statements are based on our current expectations and are subject to
substantial risks and uncertainties that could cause our actual
results, future business, financial condition, or performance to
differ materially from our historical results or those expressed or
implied in any forward-looking statement contained in this news
release. The potential risks and uncertainties include, but are not
limited to, such factors as the effects of negative or worsening
regional and worldwide economic conditions or market instability on
our business, including effects on purchasing decisions by our
customers; our ability to mitigate any disruption in our and our
suppliers’ and vendors’ supply chains due to the COVID-19 pandemic
or other outbreaks, wars and recent tensions in Europe, Asia and
the Middle East, or other factors; future responses to and effects
of public health crises; cybersecurity risks; changes in applicable
U.S. and foreign government laws, regulations, and tariffs; our
ability to successfully implement our acquisitions strategy or
integrate acquired companies; difficulties and costs of protecting
patents and other proprietary rights; the level of our
indebtedness, our ability to service our indebtedness and the
restrictions in our debt agreements; and any additional factors
included in our Annual Report on Form 10-K for the fiscal year
ended June 30, 2023, filed with the Securities and Exchange
Commission (the “SEC”) on Sept. 12, 2023, including in the section
entitled “Risk Factors” in Item 1A of Part I of such report, as
well as in our other public filings with the SEC. Additional risk
factors may be identified from time to time in our future filings.
The forward-looking statements included in this release speak only
as of the date hereof, and we do not undertake any obligation to
update these forward-looking statements to reflect subsequent
events or circumstances.
© 2023 Lantronix, Inc. All rights reserved. Lantronix is a
registered trademark. Other trademarks and trade names are those of
their respective owners.
Lantronix Media Contact:Gail
Kathryn MillerCorporate Marketing &Communications
Managermedia@lantronix.com949-212-0960
Lantronix Analyst and Investor
Contact:Jeremy WhitakerChief Financial
Officerinvestors@lantronix.com 949-450-7241
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