SEC Form 4 · accession 0001019687-15-003362
LANTRONIX INC · LTRX
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Kurt Busch
Officer — Chief Executive Officer · Director
Period of report
Sep 1, 2015
Accepted (ET)
Sep 3, 2015 · 5:09 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001114925
Table I — non-derivative securities
No Table I lines on this filing.
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Performance-based Restricted Stock UnitsF1 | — | Sep 1, 2015 | A | 50,000 | A | — | — | Common Stock | 50,000 | 50,000 | D |
Explanation of responses
- F1Each performance-based restricted stock unit ("RSU") represents a contingent right to receive one share of common stock of Lantronix, Inc. (the "Company") subject to the achievement by the Company of performance targets for the fiscal year ending June 30, 2016 ("Fiscal 2016"). If the Company achieves the performance targets for Fiscal 2016: (a) fifty percent (50%) of the RSUs will vest on September 1, 2016, and (b) the remaining fifty percent (50%) of the RSUs will vest in four equal quarterly installments beginning on December 1, 2016, in each case, as long as the individual remains a service provider to the Company through the applicable vesting date.