SOURCE: Lantronix, Inc.

Lantronix, Inc.

April 01, 2016 20:00 ET

Lantronix Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)

IRVINE, CA--(Marketwired - Apr 1, 2016) - Lantronix, Inc. (the "Company") (NASDAQ: LTRX), a specialized networking company providing smart IoT and M2M solutions, today announced that on April 1, 2016, the company granted inducement stock options to two recently-appointed officers -- Sanjeev Datla, the company's chief technology officer, and Kevin Yoder, the company's vice president of worldwide sales. The inducement stock options were granted as an inducement to the new executives entering into employment with Lantronix, as permitted under NASDAQ Listing Rule 5635(c)(4).

Mr. Datla received two option grants: (i) an option to purchase 100,000 shares of the company's common stock that shall vest according to the following schedule: 25% of the options shall vest on April 1, 2017 and the remaining options shall vest ratably each month thereafter for a period of 36 months, assuming Mr. Datla remains continuously employed by Lantronix; and (ii) an option to purchase 50,000 shares of the company's common stock that shall vest according to the following schedule: 25% of the options shall vest on September 1, 2017 and the remaining options shall vest ratably each month thereafter for a period of 36 months, assuming Mr. Datla remains continuously employed by Lantronix.

Mr. Yoder also received two option grants: (i) an option to purchase 100,000 shares of the company's common stock that shall vest according to the following schedule: 25% of the options shall vest on April 1, 2017 and the remaining options shall vest ratably each month thereafter for a period of 36 months, assuming Mr. Yoder remains continuously employed by Lantronix; and (ii) an option to purchase 100,000 shares of the company's common stock that shall vest according to the following schedule: 25% of the options shall vest on September 1, 2017 and the remaining options shall vest ratably each month thereafter for a period of 36 months, assuming Mr. Yoder remains continuously employed by Lantronix.

The exercise for the inducement stock options issued to Mr. Datla and Mr. Yoder is $0.86 per share, which was the closing price per share of Lantronix's common stock as reported by NASDAQ on April 1, 2016, the date of grant.

Lantronix is providing this information in accordance with NASDAQ Listing Rule 5635(c)(4).

About Lantronix
Lantronix, Inc. (NASDAQ: LTRX) is a specialized networking company providing M2M (machine to machine) and IoT (Internet of Things) solutions. Our products deliver secure connectivity, device management and mobility for today's increasingly connected world. By networking and managing devices and machines that have never before been connected, we enable our customers to realize the possibilities of the Internet of Things. Founded in 1989, Lantronix pioneers robust, intelligent and easy to deploy solutions for mission critical applications in a wide range of industries, including data center, medical, security, industrial, transportation, retail, financial and government. Lantronix is headquartered in Irvine, California, with offices in Europe, Asia and Japan. For more information, visit www.lantronix.com.

Learn more at the Lantronix blog, www.lantronix.com/blog, featuring industry discussion and updates. To follow Lantronix on Twitter, please visit www.twitter.com/Lantronix. View our video library on YouTube at www.youtube.com/user/LantronixInc or connect with us on LinkedIn at www.linkedin.com/company/lantronix.

© 2016 Lantronix, Inc. All rights reserved. Lantronix is a registered trademark of Lantronix, Inc.

Contact Information

  • Investor Relations Contacts:
    Jeremy Whitaker
    Chief Financial Officer
    949-453-3990

    E.E. Wang
    Director, Corporate Marketing and Investor Relations
    investors@lantronix.com
    949-614-5879