SEC Form 4 · accession 0001683168-16-000853
LANTRONIX INC · LTRX
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Jeff Benck
Officer — Chief Executive Officer · Director
Period of report
Nov 30, 2016
Accepted (ET)
Dec 2, 2016 · 6:31 pm EST
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001114925
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common Stock | Nov 30, 2016 | P | 2,398 | $1.49 | A | 17,103 | D | |
| Common Stock | Dec 1, 2016 | M | 150,000 | $0.00 | A | 167,103 | D | |
| Common Stock | Dec 1, 2016 | F | 56,370 | $1.55 | D | 110,733 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Restricted Stock UnitsF2,F1 | — | Dec 1, 2016 | M | 150,000 | D | — | — | Common Stock | 150,000 | 300,000 | D |
Explanation of responses
- F1As reported on a Form 4 filed on April 29, 2016, the reporting person received a grant of 450,000 Restricted Stock Units ("RSUs") on April 28, 2016 pursuant to an Inducement Restricted Stock Unit Agreement (the "RSU Agreement"). The shares subject to the RSUs vest according to the following schedule: one-third (150,000) of the RSUs vest on December 1, 2016 and the remaining RSUs (300,000) shall vest ratably each quarter thereafter for a period of 24 months. On each vesting date, for each RSU vesting on such date, the reporting person will receive one share of Lantronix, Inc. common stock. On December 1, 2016, the initial one-third of these RSUs vested, resulting in the issuance of 150,000 shares of Lantronix, Inc. common stock.
- F2In accordance with the terms of the RSU Agreement, 56,370 shares of Lantronix, Inc. common stock were withheld at vesting to cover required tax withholding.