lantronix_8k-121907.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)
December
13, 2007
LANTRONIX,
INC.
(Exact
name of registrant as specified in its charter)
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.
(b)
On
December 13, 2007, the board of directors (the “Board”) of Lantronix, Inc. (the
“Company”) accepted the resignation of Thomas Burton from the
Board.
(d)
On
December 13, 2007, the Board appointed Larry Sanders as a member to the Board,
effective as of December 13, 2007. The board of directors has
determined that Mr. Sanders is independent of the Company and its management
under the corporate governance standards of the Nasdaq Stock Market
LLC. The Company intends to appoint Mr. Sanders to the Audit
Committee and the Compensation Committee. Pursuant to the Company’s
2000 Stock Plan, Mr. Sanders was granted a nonstatutory stock option to purchase
25,000 shares of the Company’s common stock on December 13, 2007 at an exercise
price of $0.87, 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.
Sanders has been a director of Xantrex Technology Inc., a public company
headquartered in Vancouver, British Columbia, since May 2005, and also serves
on
the boards of several civic and charitable organizations. Mr. Sanders
was previously the chief executive officer of Sanera Systems, a startup storage
networking company, which was acquired in 2003. Prior to that, he
held chief executive officer positions at Crossroads Systems Corporation from
2000 to 2002 and Fujitsu Computer Products of America from 1995 to
1999. Mr. Sanders moved to Singapore in 1994 to serve as vice
president, international for Conner Peripherals, a disk drive
manufacturer. From 1984 until 1993, Mr. Sanders held a number of
senior management positions, including senior vice president of sales and
marketing and group president, at Calcomp, a wholly owned subsidiary company
of
Lockheed Corporation. Mr. Sanders began his career with IBM
Corporation, where he worked for 13 years and held a number of sales, marketing
and general management positions.
Item
9.01 Financial Statements and Exhibits.
(d)
99.1
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Press
Release dated December 19, 2007.
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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:
December 19, 2007
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LANTRONIX,
INC., a Delaware corporation
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By:
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/s/
Reagan Y. Sakai
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Reagan
Y. Sakai
Chief
Executive Officer
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