UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
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Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On May 6, 2025, the board of directors (the “Board”) of Lantronix, Inc. (the "Company") approved an increase in the size of the Board from four to five members, and appointed Dr. Sailesh Chittipeddi as a non-employee director to fill the vacancy created by the increase in the size of the Board, effective as of May 6, 2025. There is no arrangement or understanding pursuant to which Dr. Chittipeddi was appointed as a director, and there are no related party transactions between the Company and Dr. Chittipeddi that would require disclosure under Item 404(a) of Regulation S-K.
Dr. Chittipeddi will be compensated for his services as a director in accordance with the Company’s standard compensation program for non-employee directors, which is summarized in Exhibit 10.32 to the Company’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission ("SEC”) on August 29, 2022. Pursuant to these arrangements, Dr. Chittipeddi will be granted 13,751 restricted stock units ("RSUs”), with a grant date of May 6, 2025, under the Company’s 2020 Performance Incentive Plan. These RSUs will vest in full on November 5, 2025, the first anniversary of the Company’s 2024 annual meeting of stockholders. This RSU grant represents a pro-rated amount of the annual equity grant to the Company’s non-employee directors.
The Board has determined that Dr. Chittipeddi satisfies the independence and financial literacy requirements under the applicable rules and regulations of the Nasdaq Stock Market and the SEC.
Also on May 6, 2025, the Board appointed Dr. Chittipeddi to serve as a member of the Audit Committee of the Board, effective immediately, and Narbeh Derhacobian ceased serving as a member of the Audit Committee. Mr. Derhacobian will continue to serve as a member of the Board and a member of the Compensation Committee and Corporate Governance and Nominating Committee.
In connection with Dr. Chittipeddi’s appointment as a director of the Company, the Company and Dr. Chittipeddi will enter into an Indemnification Agreement, the terms of which are identical in all material respects to the form of indemnification agreement that the Company has previously entered into with each of its directors, which was filed as Exhibit 10.2 to the Company’s Current Report on Form 8-K as filed with the SEC on June 20, 2016.
Item 7.01. | Regulation FD Disclosure. |
The Company issued a press release on May 12, 2025, announcing the appointment of Dr. Chittipeddi to the Board. The press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
In accordance with General Instruction B.2 of Form 8-K, the information in this Item 7.01, including Exhibit 99.1, shall not be deemed to be "filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits.
Exhibit No. | Description | |
99.1 | Press Release of the Company dated May 12, 2025. | |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
2 |
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 Financial Officer |
Date: May 12, 2025
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Exhibit 99.1
Lantronix Appoints Sailesh Chittipeddi to Its Board of Directors
IRVINE, Calif., May 12, 2025 – Lantronix Inc. (NASDAQ: LTRX), a global leader of compute and connectivity for IoT solutions enabling Edge AI Intelligence, today announced that Sailesh Chittipeddi, Ph.D., has joined the Lantronix Board of Directors as an independent director, effective May 6, 2025. Following the appointment of Chittipeddi, the Lantronix Board of Directors will be comprised of five directors, four of whom are independent under applicable listing standards of the Nasdaq Stock Market.
“We are very pleased to welcome Dr. Chittipeddi to the Lantronix Board of Directors,” said Hoshi Printer, chairman of the Board at Lantronix. “Dr. Chittipeddi is a respected subject expert in Industrial, IoT and Infrastructure businesses. He also has an extensive background in leading operations, procurement and supply chains globally.”
Dr. Chittipeddi is currently a Venture Partner at Novo Tellus Capital Partners, a Singapore-based private equity firm, and a Board Member at Tessolve, which is headquartered in India. Most recently, he was executive vice president of Global Operations at Renesas Electronics, where he oversaw internal and external manufacturing and associated functions, including supply chain, procurement and related development.
“Lantronix will benefit greatly from Dr. Chittipeddi’s extensive technology and broad industry expertise, including his service on boards of several global companies where he helped drive successful results,” added Saleel Awsare, CEO and president of Lantronix. “With his expertise in manufacturing, procurement, logistics and global supply chain strategy, Dr. Chittipeddi adds a valuable perspective as we navigate complex geopolitical and associated supply chain environment challenges.”
At Renesas, Dr. Chittipeddi also served as executive vice president of its Industrial, IoT and Infrastructure Business Unit. In this capacity, he nearly doubled the revenue to more than $7 billion USD. This business unit included the microcontroller, power and analog-mixed signal businesses of former IDT, ISL and DLG acquisition companies. He joined Renesas in 2019 following its acquisition of IDT. In this capacity, he also served as the president of Renesas Electronics America as well as the CEO of its acquired IDT Division.
Before his tenures at Renesas and IDT, Dr. Chittipeddi held numerous senior positions at other leading technology companies, including Conexant Systems, where he served as the CEO and president, as well as AT&T Bell Labs, Lucent Technologies and Agere Systems. He has also served on global public and private boards, including Sequans Communications (NYSE:SQNS), Tessolve (India), Avalanche Technologies (India), Steradian (India), Blu Wireless Technology (U.K.) and Peraso (Canada).
Dr. Chittipeddi holds an MBA from the University of Texas at Austin and a Ph.D. in Physics from The Ohio State University. He holds 83 U.S. semiconductor process, package and design patents and has published more than 40 technical articles.
About Lantronix
Lantronix Inc. is a global leader of compute and connectivity IoT solutions that target high-growth markets, including Smart Cities, Enterprise and Transportation. Lantronix’s products and services empower companies to succeed in the growing IoT markets by delivering customizable solutions that enable AI Edge Intelligence. Lantronix’s advanced 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.
©2025 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
Lantronix Analyst and Investor Contact:
investors@lantronix.com
Cover |
May 06, 2025 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | May 06, 2025 |
Entity File Number | 1-16027 |
Entity Registrant Name | LANTRONIX, INC. |
Entity Central Index Key | 0001114925 |
Entity Tax Identification Number | 33-0362767 |
Entity Incorporation, State or Country Code | DE |
Entity Address, Address Line One | 48 Discovery |
Entity Address, Address Line Two | Suite 250 |
Entity Address, City or Town | Irvine |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 92618 |
City Area Code | 949 |
Local Phone Number | 453-3990 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock |
Trading Symbol | LTRX |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
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