lantronix_8k-052108.htm
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of
The
Securities Exchange Act of 1934
Date of
Report (Date of earliest event reported)
May
21, 2008
LANTRONIX,
INC.
(Exact
name of registrant as specified in its charter)
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DELAWARE
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1-16027
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33-0362767
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(State
or other jurisdiction of incorporation)
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(Commission
File Number)
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(IRS
Employer
Identification
No.)
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15353
Barranca Parkway
Irvine,
California 92618
(Address
of principal executive offices, including zip code)
(949) 453-3990
(Registrant's
telephone number, including area code)
Not
Applicable
(Former
name or former address, if changed since last report)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
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[
] Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)
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[
] Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12)
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[
] Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR
240.14d-2(b))
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[
] Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR
240.13e-4(c))
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Item
5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
(d)
On May
15, 2008, the Board appointed Lewis Solomon as a member to the Board, effective
as of May 15, 2008. The board of directors has determined that Mr.
Solomon is independent of the Company and its management under the corporate
governance standards of the Nasdaq Stock Market LLC. Pursuant to the
Company’s 2000 Stock Plan, Mr. Solomon was granted a nonstatutory stock option
to purchase 112,360 shares of the Company’s common stock on May 15, 2008 at an
exercise price of $0.89, which was the fair market value of the Company’s common
stock as reported on the Nasdaq Stock Market on the date of grant. A
copy of the press release is attached hereto as Exhibit 99.1 to this Current
Report on Form 8-K.
Mr.
Solomon is currently Chairman of SCC Company, a consulting firm which
specializes in technology. Prior to founding SCC, Mr. Solomon was
Executive Vice President of Alan Patricof Associates (“APA”), an international
venture fund with over $300 million in committed or invested
capital. While at APA Mr. Solomon was the lead investor in many
successful venture deals in the U.S. and was also active in its European
investments. During that period Mr. Solomon served as a Director on numerous
Boards where the firm had made equity investments. Mr. Solomon is
currently on the Board of Directors of Anadigics, Inc. (NASDAQ: ANAD), a
manufacturer of gallium arsenide semiconductors, and Harmonic, Inc. (NASDAQ:
HLIT), a manufacturer of digital and fiber optic systems. Mr. Solomon
joined APA after a 14-year career at General Instrument
Corporation. At the time of his departure Mr. Solomon was a Corporate
Officer, Senior Vice President and Assistant to the CEO and also held a seat on
the Company’s Operating Committee. His principle responsibilities
encompassed corporate strategy, worldwide sales and marketing development and
interim General Management turnaround assignments. He also successfully started
and managed a $30 million corporate venture capital fund designed to provide “a
window on technology” for GIC. Mr. Solomon began his General Instrument career
as Vice President of Marketing for the semiconductor division and within two
years was promoted to General Manager for that business unit.
Item
9.01 Financial Statements and Exhibits.
(d)
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99.1
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Press
Release dated May 21, 2008.
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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Date:
May 21, 2008
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LANTRONIX,
INC., a Delaware corporation
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By:
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/s/
Jerry D. Chase
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Jerry
D. Chase
President
and Chief Executive Officer
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