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

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.

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