Lantronix Names Eric Bass as VP of Engineering

Rhea-AI Summary

Lantronix Inc. (NASDAQ: LTRX) appointed Eric Bass as vice president of Engineering, effective Jan. 30, 2023, bringing over 25 years of design and engineering experience. Previously, Bass held senior roles at CEVA and Microsemi Corporation, where he led significant technology initiatives. As part of his induction, he will receive 59,267 restricted share units (RSUs) and 100,000 stock options. The RSUs will vest over four years, with the first batch vesting on March 1, 2024. The options will also vest over three years based on a designated exercise price.

Positive

• Appointment of Eric Bass as VP of Engineering brings extensive experience.
• Inducement awards include 59,267 RSUs and 100,000 stock options, aligning executive interests with shareholders.

Negative

• None.

Industry Veteran Brings More Than 25 Years of Experience in Design and Engineering

IRVINE, Calif., Jan. 26, 2023 (GLOBE NEWSWIRE) -- Lantronix Inc. (NASDAQ: LTRX), a global provider of secure turnkey solutions for the Industrial Internet of Things (IoT) and the Intelligent IT market, today announced it has appointed Eric Bass as its vice president of Engineering, effective Jan. 30, 2023.

Eric comes to Lantronix from CEVA, where he held the position of director of strategic programs since 2019. Previously, Eric served multiple roles at Microsemi Corporation from 2001 to 2018, culminating with his role as vice president of Research & Development from 2013 to 2018 where he led the company’s technology and product roadmaps for the voice circuit and power-over-ethernet product lines. His prior experience includes engineering roles at Clearcube Technologies and Schlumberger. Eric holds a Ph.D. in Electrical Engineering from Pennsylvania State University.

In connection with the commencement of his employment, Lantronix has agreed to issue Eric inducement awards consisting of 59,267 restricted share units (RSUs) and 100,000 stock options. The RSU award is scheduled to vest over four years as follows: Twenty-five percent (25%), or 14,817, of the foregoing RSUs are scheduled to vest on March 1, 2024, and the remaining RSUs are scheduled to vest ratably each quarter thereafter over a period of three years. The options are scheduled to vest as follows: 25,000 options are scheduled to vest on Feb. 1, 2024, and the remaining options are scheduled to vest ratably each month thereafter over a period of three years. The per-share exercise price of the options will be the closing price of the Company’s common stock on Feb. 1, 2023, the date of grant of the options. The inducement RSUs and options are granted as employment inducement awards in accordance with NASDAQ Listing Rule 5635(c)(4).

About Lantronix

Lantronix Inc. is a global provider of secure turnkey solutions for the Internet of Things (IoT) and Remote Environment Management (REM), offering Software as a Service (SaaS), connectivity services, engineering services and intelligent hardware.

Lantronix enables its customers to accelerate time to market and increase operational up-time and efficiency by providing reliable, secure and connected Intelligent Edge IoT and Remote Management Gateway solutions.

Lantronix’s products and services dramatically simplify the creation, development, deployment and management of IoT and IT projects across Robotics, Automotive, Wearables, Video Conferencing, Industrial, Medical, Logistics, Smart Cities, Security, Retail, Branch Office, Server Room, and Datacenter applications. For more information, visit the Lantronix website.

Learn more at the Lantronix blog, which features industry discussion and updates. Follow Lantronix on Twitter, view our YouTube video library or connect with us on LinkedIn.

©2023 Lantronix, Inc. All rights reserved. Lantronix is a registered trademark. Other trademarks and trade names are those of their respective owners.

Lantronix Media Contact:        
Gail Kathryn Miller
Corporate Marketing &
Communications Manager
media@lantronix.com
949-453-7158

Lantronix Analyst and Investor Contact:        
Jeremy Whitaker
Chief Financial Officer
investors@lantronix.com
949-450-7241

Lantronix Sales:
sales@lantronix.com
Americas +1 (800) 422-7055 (US and Canada) or +1 949-453-3990
Europe, Middle East and Africa +31 (0)76 52 36 744
Asia Pacific + 852 3428-2338
China + 86 21-6237-8868
Japan +81 (0) 50-1354-6201
India +91 994-551-2488

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3815b30b-72e3-4e4e-b44f-8b003ecb5976

 

FAQ

What is the significance of Eric Bass's appointment at LTRX?

Eric Bass's appointment as VP of Engineering at LTRX signifies the company's commitment to strengthening its engineering leadership with a seasoned professional, enhancing its innovation capabilities.

What are the details of the inducement awards granted to Eric Bass?

Eric Bass received inducement awards of 59,267 restricted share units and 100,000 stock options, with RSUs vesting over four years and options vesting over three years.

When will Eric Bass officially start at Lantronix?

Eric Bass will officially start at Lantronix on January 30, 2023.

What did Eric Bass do prior to joining Lantronix?

Prior to joining Lantronix, Eric Bass served as director of strategic programs at CEVA and held various roles at Microsemi Corporation, including VP of Research & Development.

How does Eric Bass's experience benefit Lantronix?

With over 25 years in design and engineering, Eric Bass's expertise is expected to drive innovation and improve product roadmaps at Lantronix, particularly in IoT solutions.