SEC Form 4 · accession 0001683168-18-001599
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
Jun 1, 2018
Accepted (ET)
Jun 5, 2018 · 9:30 pm EDT
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 | Jun 1, 2018 | M | 37,500 | $0.00 | A | 284,074 | D | |
| Common Stock | Jun 1, 2018 | F | 19,044 | $3.46 | D | 265,030 | D | |
| Common Stock | Jun 4, 2018 | M | 25,000 | $1.12 | A | 290,030 | D | |
| Common StockF4 | Jun 4, 2018 | S | 25,000 | $3.37 | D | 265,030 | 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 | — | Jun 1, 2018 | M | 37,500 | D | — | — | Common Stock | 37,500 | 75,000 | D |
| Stock Option (Right to buy)F5 | $1.12 | Jun 4, 2018 | M | 25,000 | D | — | Dec 6, 2022 | Common Stock | 25,000 | 125,000 | D |
Explanation of responses
- F1Represents Restricted Stock Units ("RSUs") granted on April 28, 2016 pursuant to an Inducement Restricted Stock Unit Agreement (the "RSU Agreement"). The remaining RSUs vest at the rate of 37,500 each quarter through December 2018. On each vesting date, for each RSU vesting on such date, the reporting person will receive one share of Lantronix, Inc. common stock.
- F2In accordance with the terms of the RSU Agreement, 19,044 shares of Lantronix, Inc. common stock were withheld at vesting to cover required tax withholding.
- F3Represents shares of common stock acquired via exercise of Stock Options granted on December 4, 2015 (the "Grant Date") under the Lantronix, Inc. Amended and Restated 2010 Stock Incentive Plan (the "2010 SIP").
- F4This transaction was executed in multiple trades at prices ranging from $3.30 to $3.42. The price reported reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
- F5The option vests according to the following schedule: (i) 25% of the option (37,500 shares) vested on September 1, 2017, which was the one year anniversary of the Vesting Commencement Date (September 1, 2016) and (ii) 1/48 of the option vests on each monthly anniversary of the Vesting Commencement Date thereafter, such that 100% of the option will be fully vested on the four year anniversary of the Vesting Commencement Date.