LTRX - Lantronix Appoints Saleel Awsare to Its Board of Directors | Benzinga
IRVINE, Calif., Nov. 21, 2023 (GLOBE NEWSWIRE) -- 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 ...