Notice of Inducement Grants for Kurt Hoff, Lantronix Vice President, Worldwide Sales

Rhea-AI Summary

Lantronix Inc. announced the issuance of inducement awards to Kurt Hoff, including 62,404 restricted share units and 43,203 performance-based share units. The RSU award will vest over three years, while the PSU award is based on the company's relative total stockholder return over a three-year period. These awards are granted as employment inducement awards in accordance with NASDAQ Listing Rule 5635(c)(4).

IRVINE, Calif., March 04, 2024 (GLOBE NEWSWIRE) -- Lantronix Inc. (NASDAQ: LTRX), a global provider of compute and connectivity IoT solutions, announced that in connection with the commencement of the employment of Kurt Hoff, vice president, Worldwide Sales, effective March 4, 2024, the Company has agreed to issue Hoff inducement awards consisting of 62,404 restricted share units (RSUs) and 43,203 performance-based share units (PSUs), with the number of PSUs assuming target level of performance. The RSU award is scheduled to vest over three years as follows: one-third of the award is scheduled to vest on March 1, 2025, and the remaining RSUs are scheduled to vest ratably each quarter thereafter over a period of two years. The PSU award is scheduled to vest based on the company’s relative total stockholder return (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 inducement 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 provider of compute and connectivity IoT solutions that target high-growth industries including Smart Cities, Automotive and Enterprise. Lantronix’s products and services empower companies to succeed in the growing IoT markets by delivering customizable solutions that address each layer of the IoT Stack. Lantronix’s leading-edge solutions include Intelligent Substations infrastructure, Infotainment systems and Video Surveillance, supplemented with advanced Out-of-Band Management (OOB) for Cloud and Edge Computing.

For more information, visit the Lantronix website.

© 2024 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 Miller
Corporate Marketing &
Communications Manager
media@lantronix.com
949-212-0960

Lantronix Analyst and Investor Contact:
Jeremy Whitaker
Chief Financial Officer
investors@lantronix.com
949-450-7241

What inducement awards did Lantronix Inc. issue to Kurt Hoff?

Lantronix Inc. issued 62,404 restricted share units (RSUs) and 43,203 performance-based share units (PSUs) to Kurt Hoff.

How will the RSU award vest?

The RSU award is scheduled to vest over three years, with one-third of the award vesting on March 1, 2025, and the remaining RSUs vesting ratably each quarter thereafter over a period of two years.

How will the PSU award vest?

The PSU award is scheduled to vest based on the company's relative total stockholder return (TSR) over a three-year period beginning on the employment commencement date.

Why were the RSUs and PSUs granted to Kurt Hoff?

The RSUs and PSUs were granted as employment inducement awards in accordance with NASDAQ Listing Rule 5635(c)(4).