Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-07-29

Lantronix (LTRX)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$1,442,375
Saleel Awsare total, FY2025
29th
CEO pay percentile vs peers
CEO-to-median pay ratio
93.95%
Say-on-pay support, latest vote
Companies that benchmark against LTRX
6 companies name LTRX as a compensation peer

Each company listed discloses LTRX in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named LTRX in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Saleel Awsare$500,000$45,334$892,546$0$0$0$4,495$1,442,375
Chief Executive Officer
Kurt Hoff344,07733,334340,8840006,230724,525
Chief Revenue Officer
Mathi Gurusamy340,21225,000327,6850005,406698,303
Chief Product & Strategy Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Saleel Awsare$1,442,375$6,086,293−4,643,918
Kurt Hoff724,525687,187+37,338
Mathi Gurusamy698,303856,297−157,994

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Saleel AwsarePSU69,894$262,034
Saleel AwsarePSU229,5291,025,000
Mathi GurusamyPSU20,00575,000
Mathi GurusamyRSU40,011150,000
Kurt HoffRSU41,622156,042
Kurt HoffPSU20,81178,021
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Saleel Awsare$0$1,287,034$0100.0%
Mathi Gurusamy150,00075,000033.3%
Kurt Hoff156,04278,021033.3%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Saleel AwsareRSU313,504$899,756
Saleel AwsarePSU223,931642,682
Saleel AwsareRSU69,894200,596
Mathi GurusamyRSU63,798183,100
Saleel AwsarePSU70,538158,717
Kurt HoffRSU41,622119,455
Mathi GurusamyRSU40,011114,832
Kurt HoffRSU36,405104,482
Saleel AwsarePSU34,947100,298
Mathi GurusamyPSU33,12495,066
Saleel AwsarePSU23,29866,866
Kurt HoffPSU21,60261,977
Kurt HoffPSU10,40629,864
Mathi GurusamyPSU10,00228,707
Kurt HoffPSU6,93719,909
Mathi GurusamyPSU6,66919,138
05

Incentive-plan design — the Compensation Discussion & Analysis

Our compensation program is designed to drive behavior that aligns executive pay with stockholder interests through pay-for-performance outcomes consistent with the Company’s transformation and growth strategy, at levels that allow us to attract and retain high quality talent. Our executive compensation philosophy reflects a combination of rigorous performance goals and short- and long-term incentive opportunities.

CEO STI target (% of salary)
CEO LTI target (% of salary)
Independent consultantCompensation Strategies
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20252025-11-0419,700,6331,269,494151,32893.95%Passed
20242024-11-0516,529,7542,486,102517,06786.93%Passed
20232023-11-0716,520,4492,335,81076,88887.61%Passed
20222022-11-0819,507,09184,159209,17799.57%Passed
20212021-11-0913,556,71562,53989,48799.54%Passed
20202020-11-0311,307,3431,837,985131,66586.02%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20252025-11-0493.95%a
20242024-11-0586.93%b
20232023-11-0787.61%c

a. Voting standard not stated in the filing.

b. Voting standard not stated in the filing.

c. Voting standard not stated in the filing.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Philip G. BraceIndependent · Departed during FY$45,000$73,692$0$1,267$119,959
Narbeh DerhacobianIndependent · Compensation Committee · Corporate Governance Nominating Committee33,32573,69201,337108,354
Jason W. CohenourIndependent · Not standing for re-election · Departed during FY42,500003,10445,604
Sailesh ChittipeddiIndependent · Compensation Committee · Corporate Governance Nominating Committee (Chair) · Newly elected033,827077934,606
Phu HoangIndependent · Not standing for re-election · Departed during FY30,00000030,000
Christa SteeleIndependent · Not standing for re-election · Departed during FY25,000002,10027,100
Saleel AwsareEmployee director0
James AukerIndependent · Audit Committee · Newly elected
09

Board fee structure and ownership guideline

Annual cash retainer$50,000
Annual equity retainer$75,000
Per board meeting fee$1,000
Committee chair fees (audit / comp / nom-gov)15,000 / 10,000 / 10,000
Stock ownership guideline$3
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$175,825
Equity awards (grant-date value)$181,211
All other compensation$8,587
Total cost of the board$365,623

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Lantronix names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Lantronix.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Mitek Systems, Inc.2025Edward H. West$500,000$7,902,361$0$761,500$9,414,057
2Ooma, Inc.2026Eric Stang619,5513,852,8000500,0005,028,580
3Digi International Inc.2025Ronald Konezny583,8463,454,3240949,1795,002,124
4BK Technologies Corporation2025John Suzuki392,44202,799,998221,4873,431,787
5PowerFleet, Inc.2026Steve Towe555,7781,469,0070110,0442,134,829
6Identiv, Inc.2024Kirsten Newquist284,8721,674,000075,0002,101,455
7American Software, Inc.2024H. Allan Dow741,00001,095,25801,855,940
8Napco Security Technologies, Inc.2025Richard Soloway960,9200001,734,903
9Clearfield, Inc.2025Cheryl Beranek460,000999,9860131,5111,613,404
10KVH Industries, Inc.2025Brent Bruun538,8100425,840485,1851,461,335
11Lantronix2025Saleel Awsare500,000892,546001,442,375
12EMCORE Corporation2023Jeffrey Rittichier500,000686,190001,210,046
13Iteris, Inc.2023Joe Bergera445,000218,504247,386212,4611,141,479
14Smith Micro Software, Inc.2025William Smith, Jr.450,000516,67500984,096
15Cantaloupe, Inc.2025Ravi Venkatesan450,000172,23800957,707
Luna Innovations Incorporatednot in coverage universe
Sonim Technologies, Inc.not in coverage universe
Edgio, Inc.not in coverage universe
Airgain, Inc.not in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Lantronixnot disclosedPSU 67 · RSU 33not disclosedCompensation Strategies
Airgain, Inc.not disclosednot disclosednot disclosednot disclosed
American Software, Inc.not disclosednot disclosednot disclosednot disclosed
BK Technologies Corporationnot disclosednot disclosednot disclosedCompensation Advisory Partners LLC
Cantaloupe, Inc.71.8%RSU 100not disclosedAon Human Capital Solutions (McLagan)
Clearfield, Inc.29%RSU 50 · PSU 50NoCompensia
Digi International Inc.147%RSU 50 · PSU 50Yes — TSR vs Russell 2000 IndexRadford Consulting (AON)
Edgio, Inc.not disclosednot disclosednot disclosednot disclosed
EMCORE Corporationnot disclosedRSU 71 · PSU 29NoCompensia
Identiv, Inc.not disclosednot disclosedNonot disclosed
Iteris, Inc.60%Options 50 · RSU 25 · PSU 25NoFW Cook
KVH Industries, Inc.not disclosedOptions 100not disclosedCompensia
Luna Innovations Incorporatednot disclosednot disclosednot disclosednot disclosed
Mitek Systems, Inc.152.3%PSU 80 · RSU 20NoFrederic W. Cook & Company, Inc.
Napco Security Technologies, Inc.not disclosedOptions 100not disclosednot disclosed
Ooma, Inc.80%RSU 100not disclosedCompensia Inc.
PowerFleet, Inc.not disclosedPSU 66.7 · RSU 33.3not disclosedFrederic W. Cook & Co., Inc.
Smith Micro Software, Inc.not disclosedRSU 100Nonot disclosed
Sonim Technologies, Inc.not disclosednot disclosednot disclosednot disclosed

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Saleel AwsareDEF 14A2025-09-240001140361-25-036002Section “Executive Compensation”. As printed: 1,442,375. Filing ↗machine: r2 · c24 · span 472988–472997
2Section 01, Kurt HoffDEF 14A2025-09-240001140361-25-036002Section “Executive Compensation”. As printed: 724,525. Filing ↗machine: r4 · c24 · span 481850–481857
3Section 01, Mathi GurusamyDEF 14A2025-09-240001140361-25-036002Section “Executive Compensation”. As printed: 698,303. Filing ↗machine: r6 · c24 · span 490887–490894
4Section 03, Saleel Awsare PSUDEF 14A2025-09-240001140361-25-036002Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 440431–440439
5Section 03, Saleel Awsare PSUDEF 14A2025-09-240001140361-25-036002Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 444012–444022
6Section 03, Mathi Gurusamy PSUDEF 14A2025-09-240001140361-25-036002Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 440490–440497
7Section 03, Mathi Gurusamy RSUDEF 14A2025-09-240001140361-25-036002Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 442826–442834
8Section 03, Kurt Hoff RSUDEF 14A2025-09-240001140361-25-036002Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 442792–442800
9Section 03, Kurt Hoff PSUDEF 14A2025-09-240001140361-25-036002Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 440457–440464
10Section 08, Philip G. BraceDEF 14A2025-09-240001140361-25-036002Section “Director Compensation”. As printed: 119,959. Filing ↗machine: span 186294–186520
11Section 08, Narbeh DerhacobianDEF 14A2025-09-240001140361-25-036002Section “Director Compensation”. As printed: 108,354. Filing ↗machine: span 195036–195219
12Section 08, Jason W. CohenourDEF 14A2025-09-240001140361-25-036002Section “Director Compensation”. As printed: 45,604. Filing ↗machine: span 192310–192532
13Section 08, Sailesh ChittipeddiDEF 14A2025-09-240001140361-25-036002Section “Director Compensation”. As printed: 34,606. Filing ↗machine: span 189109–189331
14Section 08, Phu HoangDEF 14A2025-09-240001140361-25-036002Section “Director Compensation”. As printed: 30,000. Filing ↗machine: span 195939–196119
15Section 08, Christa SteeleDEF 14A2025-09-240001140361-25-036002Section “Director Compensation”. As printed: 27,100. Filing ↗machine: span 206683–206904
16Section 08, Saleel AwsareDEF 14A2025-09-240001140361-25-036002Section “Director Compensation”. As printed: 0. Filing ↗
17Section 08, James AukerDEF 14A2025-09-240001140361-25-036002Section “Director Compensation”. As printed: —. Filing ↗
18Section 06, 2025 voteForm 8-K2025-11-060001683168-25-008033Item 5.07 · say-on-pay result. As reported: 93.95% (votes for as printed: 19,700,633). Filing ↗
19Section 06, 2024 voteForm 8-K2024-11-060001683168-24-007683Item 5.07 · say-on-pay result. As reported: 86.93% (votes for as printed: 16,529,754). Filing ↗
20Section 06, 2023 voteForm 8-K2023-11-070001683168-23-007681Item 5.07 · say-on-pay result. As reported: 87.61% (votes for as printed: 16,520,449). Filing ↗
21Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
22Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
23Section 09b board cost (computed)ComputedcomputedCash 175,825 + equity 181,211 + all other 8,587 = 365,623, summed across the director compensation table rows.machine: formula: Σ = 365,623
24Mitek Systems, Inc., Section 10b CEO totalDEF 14A2026-01-260001628280-26-003469CEO total compensation as printed in Mitek Systems, Inc.'s own proxy. As printed: 9,414,057. Filing ↗machine: span 685482–685491
25Ooma, Inc., Section 10b CEO totalDEF 14A2026-04-150001193125-26-156970CEO total compensation as printed in Ooma, Inc.'s own proxy. As printed: 5,028,580. Filing ↗machine: t17 · r2 · c29 · span 845378–845387
26Digi International Inc., Section 10b CEO totalDEF 14A2025-12-170001104659-25-122033CEO total compensation as printed in Digi International Inc.'s own proxy. As printed: 5,002,124. Filing ↗machine: r1 · c6 · span 312252–312261
27BK Technologies Corporation, Section 10b CEO totalDEF 14A2026-04-230001140361-26-016248CEO total compensation as printed in BK Technologies Corporation's own proxy. As printed: 3,431,787. Filing ↗machine: r2 · c24 · span 338800–338809
28PowerFleet, Inc., Section 10b CEO totalDEF 14A2026-07-290001493152-26-035236CEO total compensation as printed in PowerFleet, Inc.'s own proxy. As printed: 2,134,829. Filing ↗machine: r1 · c26 · span 373462–373471
29Identiv, Inc., Section 10b CEO totalDEF 14A2025-04-300000950170-25-061183CEO total compensation as printed in Identiv, Inc.'s own proxy. As printed: 2,101,455. Filing ↗machine: r2 · c27 · span 593480–593489
30American Software, Inc., Section 10b CEO totalDEF 14A2024-07-080001140361-24-032568CEO total compensation as printed in American Software, Inc.'s own proxy. As printed: 1,855,940. Filing ↗machine: t90 · r4 · c27 · span 495040–495049
31Napco Security Technologies, Inc., Section 10b CEO totalDEF 14A2025-10-240001140361-25-039260CEO total compensation as printed in Napco Security Technologies, Inc.'s own proxy. As printed: 1,734,903. Filing ↗machine: r2 · c18 · span 249254–249263
32Clearfield, Inc., Section 10b CEO totalDEF 14A2026-01-150001171843-26-000288CEO total compensation as printed in Clearfield, Inc.'s own proxy. As printed: 1,613,404. Filing ↗machine: t49 · r1 · c8 · span 425387–425396
33KVH Industries, Inc., Section 10b CEO totalDEF 14A2026-04-280001104659-26-050409CEO total compensation as printed in KVH Industries, Inc.'s own proxy. As printed: 1,461,335. Filing ↗machine: r1 · c25 · span 311345–311354
34Lantronix (subject), Section 10b CEO totalDEF 14A2025-09-240001140361-25-036002CEO total compensation as printed in Lantronix's own proxy. As printed: 1,442,375. Filing ↗machine: r2 · c24 · span 472988–472997
35EMCORE Corporation, Section 10b CEO totalDEF 14A2024-01-260001193125-24-016707CEO total compensation as printed in EMCORE Corporation's own proxy. As printed: 1,210,046. Filing ↗machine: t101 · r2 · c31 · span 341672–341681
36Iteris, Inc., Section 10b CEO totalDEF 14A2023-07-280001628280-23-026101CEO total compensation as printed in Iteris, Inc.'s own proxy. As printed: 1,141,479. Filing ↗machine: r2 · c48 · span 491821–491830
37Smith Micro Software, Inc., Section 10b CEO totalDEF 14A2026-04-160001437749-26-012555CEO total compensation as printed in Smith Micro Software, Inc.'s own proxy. As printed: 984,096. Filing ↗machine: t70 · r1 · c26 · span 570934–570941
38Cantaloupe, Inc., Section 10b CEO totalDEF 14A2025-10-100001628280-25-044777CEO total compensation as printed in Cantaloupe, Inc.'s own proxy. As printed: 957,707. Filing ↗machine: span 849423–849430
39Section 10a, PowerFleet, Inc. reciprocityDEF 14A0001493152-26-035236PowerFleet, Inc. names Lantronix in its own disclosed peer group (read from its most recent proxy). Filing ↗
40Section 10a, Digi International Inc. reciprocityDEF 14A0001104659-25-122033Digi International Inc.'s most recent proxy was read; its disclosed peer group does not include Lantronix. Filing ↗
41Section 10a, Mitek Systems, Inc. reciprocityDEF 14A0001628280-26-003469Mitek Systems, Inc.'s most recent proxy was read; its disclosed peer group does not include Lantronix. Filing ↗
42Section 10a, Clearfield, Inc. reciprocityDEF 14A0001171843-26-000288Clearfield, Inc. names Lantronix in its own disclosed peer group (read from its most recent proxy). Filing ↗
43Section 10a, Iteris, Inc. reciprocityDEF 14A0001628280-23-026101Iteris, Inc.'s most recent proxy was read; its disclosed peer group does not include Lantronix. Filing ↗
44Section 10a, Cantaloupe, Inc. reciprocityDEF 14A0001628280-25-044777Cantaloupe, Inc.'s most recent proxy was read; its disclosed peer group does not include Lantronix. Filing ↗
45Section 10a, Ooma, Inc. reciprocityDEF 14A0001193125-26-156970Ooma, Inc.'s most recent proxy was read; its disclosed peer group does not include Lantronix. Filing ↗