# EDGAR Filing Document

**Accession Number:** 0001114925
**File Stem:** 0001104659-25-064685
**Filing Date:** 2025-7
**Character Count:** 69492
**Document Hash:** 94b33d176f82e9ff3e5e17b265269f8f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-064685.hdr.sgml**: 20250701

**ACCESSION NUMBER**: 0001104659-25-064685

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20250701

**DATE AS OF CHANGE**: 20250701

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LANTRONIX INC
- **CENTRAL INDEX KEY:** 0001114925
- **STANDARD INDUSTRIAL CLASSIFICATION:** COMPUTER COMMUNICATIONS EQUIPMENT [3576]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 330362767
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-60979
- **FILM NUMBER:** 251095996

**BUSINESS ADDRESS:**
- **STREET 1:** 48 DISCOVERY, SUITE 250
- **CITY:** IRVINE
- **STATE:** CA
- **ZIP:** 92618
- **BUSINESS PHONE:** 9494533990

**MAIL ADDRESS:**
- **STREET 1:** 48 DISCOVERY, SUITE 250
- **CITY:** IRVINE
- **STATE:** CA
- **ZIP:** 92618
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Chain of Lakes Investment Fund, LLC
- **CENTRAL INDEX KEY:** 0001762999

**ORGANIZATION NAME:**
- **EIN:** 832465159
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** 2600 EAGAN WOODS DR.
- **STREET 2:** SUITE 350
- **CITY:** EAGAN
- **STATE:** MN
- **ZIP:** 55121
- **BUSINESS PHONE:** 651-256-6160

**MAIL ADDRESS:**
- **STREET 1:** 2600 EAGAN WOODS DR.
- **STREET 2:** SUITE 350
- **CITY:** EAGAN
- **STATE:** MN
- **ZIP:** 55121

## Exhibit 99.1

**Exhibit 1**

**<u>COOPERATION AGREEMENT</u>**

This COOPERATION AGREEMENT (this "**Agreement**") is made and entered into as of June 24, 2025, by and among Lantronix, Inc., a Delaware corporation (the "**Company**") with its principal executive offices at 48 Discovery, Suite 250 Irvine, CA 92618, Chain of Lakes Investment Fund, LLC ("**Chain of Lakes**"), a Delaware limited liability company, with its principal place of business at 2600 Eagan Woods Dr., Suite 350, Eagan, MN, 55121, Haluk L. Bayraktar, an individual, and Emre Aciksoz, an individual. The Company, Chain of Lakes, Mr. Bayraktar, and Mr. Aciksoz are each herein referred to as a "Party" and collectively, the "Parties."

WHEREAS, on June 2, 2025, Chain of Lakes, together with Haluk L. Bayraktar, and Emre Aciksoz (collectively, the "**Reporting Persons**"), jointly filed a Schedule 13D with the U.S. Securities and Exchange Commission (the "**Schedule 13D");**

WHEREAS, as of the date hereof, the only shares of the Company's common stock, par value $0.0001 per share (the "**Common Stock**"), beneficially owned by the Reporting Persons are as follows: Chain of Lakes, 1,184,152 shares (with shared voting and dispositive power exercised by Christopher B. Woodruff solely in his capacity as President of Chain of Lakes and without individual beneficial ownership); Haluk L. Bayraktar, 1,668,191 shares; and Emre Aciksoz, 220,000 shares;

WHEREAS, the Schedule 13D indicates that the Reporting Persons intend to run a competing proxy solicitation in connection with the Company's 2025 Annual Meeting of Stockholders (the "**2025 Annual Meeting**") to replace a majority of the current members of the Board of Directors (the "**Board**") with candidates who support an expedited return of shareholder capital through a potential sale of the Company;

WHEREAS, following discussions between the Parties, the Parties have agreed to resolve the matter pursuant to the terms set forth herein, including certain changes to the composition of the Board and other related matters.

NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties, intending to be legally bound hereby, agree as follows:

**<u>Board Composition and Related Matters.</u>**

**The Company agrees that, as promptly as practicable following the execution and delivery of this Agreement, the Board and all applicable committees thereof will take all necessary actions to (i) increase the size of the Board from five (5) to six (6) directors, and (ii) appoint James Auker (the "New Director") to fill the vacancy thereby created. The Company further agrees to nominate the New Director for election at the 2025 Annual Meeting and to recommend, support and solicit proxies for the election of the New Director in the same manner as for the Company's other director nominees at the 2025 Annual Meeting.**

**The Reporting Persons each represents and warrants that as of the date of this Agreement neither it nor any of its Affiliates (as defined below) is, and during the term of this Agreement such persons will not become, a party to any agreement, arrangement or understanding, written or oral, with the New Director regarding such person's service on the Board or any committee thereof.**

**Each Party acknowledges that the New Director, upon appointment to the Board, shall be governed by all the same policies, processes, procedures, codes, rules, standards and guidelines applicable to all members of the Board, including, but not limited to, the Company's corporate governance, ethics, conflict of interest, confidentiality, stock ownership and trading policies and guidelines and similar governance documents, policies, procedures, processes, codes, rules, standards and guidelines that are applicable to all of the Company's non-employee directors.**

**The New Director will be entitled to the same director benefits as other non-employee members of the Board, including, but not limited to, (i) compensation for such director's service as a director and reimbursement of such director's expenses on the same basis as all other non-employee directors of the Company; (ii) equity-based compensation grants and other benefits on the same basis as all other non-employee directors of the Company; and (iii) the same rights of indemnification advancement and directors' and officers' liability insurance coverage as the other non-employee directors of the Company as such rights may exist from time to time.**

**The Company agrees that if the New Director is unable or unwilling to serve as a director for any reason, resigns as a director or is removed as a director prior to the Termination Date (as defined below), then Chain of Lakes shall have the ability to recommend a replacement person (the "Replacement Appointee"), provided that any such substitute person so recommended shall qualify as "independent" pursuant to Nasdaq's listing standards and have the relevant business, financial, or governance expertise to fill the resulting vacancy, including with respect to any applicable committee(s) of the Board of which the New Director was a member immediately prior to the New Director becoming unable or unwilling to serve as a director, and shall provide any information the Company reasonably requires to complete its customary onboarding procedures for Board members (including a completed directors' and officers' questionnaire in substantially similar form and substance to those required by the then current members of the Board and consent to a customary background check). Upon the recommendation of a Replacement Appointee by Chain of Lakes, the Board and/or any applicable committee thereof shall make its determination regarding whether such Replacement Appointee meets the foregoing criteria no later than ten (10) Business Days after such recommendation; provided, however, that if the Board does not accept such Replacement Appointee as recommended, the Parties shall continue to follow the aforementioned procedures until a Replacement Appointee is appointed or elected to the Board as recommended by Chain of Lakes. Subject to applicable national securities exchange rules and applicable law, upon a Replacement Appointee's appointment to the Board, the Board and all applicable committees of the Board shall take all actions necessary to appoint such Replacement Appointee to any applicable committee(s) of the Board of which the New Director was a member immediately prior to the New Director becoming unable or unwilling to serve as a director. The provisions of this section shall apply to any Replacement Appointee nominated or appointed to the Board who becomes unable to serve as a director or nominee prior to the Termination Date. Any Replacement Appointee shall be considered a New Director for all purposes of this Agreement and shall succeed to all of the rights and privileges, and be bound by the terms and conditions, of the New Director under this Agreement.**

**The Company's obligations under subparagraph (e) shall terminate upon the earliest of such time as: (a) the Reporting Persons beneficially own shares of the Company's common stock representing in the aggregate less than one percent (1%) of the Company's then-outstanding common stock; or (b) any of the Reporting Persons or any of their Representatives breaches in any material respect any of the terms of this Agreement, upon five Business Days written notice by the Company to the Reporting Persons if such breach has not been cured within such notice period, provided, in the case of this clause (b), that the Company is not in material breach of this Agreement at the time such notice is given or prior to the end of the notice period.**

**The Company agrees to use its reasonable best efforts to engage a nationally recognized investment bank or financial advisor within sixty (60) days following the appointment of the New Director to the Board. The engagement shall include the evaluation of strategic alternatives, including but not limited to a potential sale of the company, acquisitions, divestitures, partnerships, joint ventures, or other transactions, as well as continuing to operate as an independent publicly traded entity. During the term of this Agreement, the Board, in consultation with such financial advisor, shall periodically review and reassess such strategic alternatives. For the avoidance of doubt, nothing in this Section 1(g) shall be construed as obligating the Company to pursue or consummate any transaction. Chain of Lakes shall have the right, upon reasonable prior written notice and during normal business hours, to make reasonable inquiries and receive periodic updates solely to confirm the Company's compliance with its obligations set forth in the first two sentences of this Section 1(g). The Company shall respond to such inquiries in good faith; provided, however, that nothing herein shall require the Company to disclose material non-public information. All information provided to Chain of Lakes in response to such inquiries shall be treated as confidential by Chain of Lakes and may not be further disclosed by Chain of Lakes without the prior written consent of the Board.**

**<u>Voting Commitment</u>**. Until the Termination Date, the Reporting Persons shall appear in person or by proxy at each Stockholder Meeting for quorum purposes and to vote all shares of Common Stock that are owned of record or beneficially owned, as of the record date for such Stockholder Meeting, by it or its controlling or controlled Affiliates and over which it has voting power on the Company's proxy card or consent card (a) in favor of the election of each person nominated by the Board for election as a director; (b) against the election as director of any person that is not approved and recommended by the Board for election at any such Stockholder Meeting; (c) against any proposals or resolutions to remove any member of the Board; and (d) in accordance with the recommendation of the Board on all other proposals or business that may be the subject of stockholder action at such Stockholder Meeting; provided, however, that the Reporting Persons shall each be permitted to vote all or some of the shares of Common Stock that it beneficially owns and over which it has voting power at such Stockholder Meeting in its sole discretion with respect to an Extraordinary Transaction; provided further, that to the extent Institutional Shareholder Services Inc. ("ISS") or Glass, Lewis & Co., LLC ("Glass Lewis") recommends otherwise, the Reporting Persons may vote their shares of Common Stock in accordance with the ISS or Glass Lewis recommendation on such matter (other than the election or removal of directors to which this proviso shall not apply).

**<u>Standstill</u>**. Prior to the Termination Date, except as otherwise expressly provided in this Agreement, without the prior written consent of the Board, the Reporting Persons shall not, and shall cause each of its controlled Affiliates not to, directly or indirectly:

**acquire, or offer, seek or agree to acquire, by purchase or otherwise (including by joining a partnership, limited partnership, syndicate or other group, including a "group" as defined pursuant to Section 13(d) of the Exchange Act (as defined below)), or direct any third party in the acquisition of beneficial ownership of any securities of the Company or assets of the Company, or rights or options to acquire any securities of the Company or assets of the Company, or engage in any swap or hedging transactions or other derivative agreements of any nature with respect to securities of the Company;**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i) nominate, recommend for nomination or give notice of an intent to nominate or recommend for nomination a person for election or removal at any Stockholder Meeting at which the Company's directors are to be elected or otherwise seek representation on the Board; (ii) knowingly initiate or participate in, directly or indirectly, any solicitation of proxies or consents in respect of any election contest or removal contest at any Stockholder Meeting with respect to the Company's directors; (iii) submit, initiate, make or be a proponent of any business by any stockholder of the Company to be brought before any Stockholder Meeting; (iv) knowingly initiate, encourage or participate in any solicitation of proxies or consents in respect of any business by any stockholder of the Company to be brought before any Stockholder Meeting; (v) knowingly initiate, seek to advise, influence, encourage or participate in any "withhold," "against," "vote no," defeat quorum or similar campaign with respect to any nomination or proposal made by or at the direction of the Board and brought before any Stockholder Meeting; (vi) knowingly encourage, advise or influence any other person or knowingly assist any person in so encouraging, advising or influencing any person with respect to the giving or withholding of any proxy, consent or other authority to vote or in conducting any type of referendum, binding or non-binding (other than such encouragement, advice or influence that is consistent with the Company's recommendation in connection with such matter); or (vii) request that, or knowingly encourage any person to request that, the Company call any Stockholder Meeting;**

**form, join or in any way participate in any group or agreement of any kind with respect to any Voting Securities, including in connection with any election or removal contest with respect to the Company's directors or any business by any stockholder of the Company to be brought before any Stockholder Meeting;**

**deposit any Voting Securities in any voting trust or subject any Voting Securities to any arrangement or agreement with respect to the voting thereof (other than as otherwise in accordance with this Agreement);**

**engage in any short sale or any purchase, sale or grant of any option, warrant, convertible security, stock appreciation right or other similar right (including any put or call option or "swap" transaction) with respect to any security (other than a broad-based market basket or index) that includes, relates to or derives any significant part of its value from a decline n the market price or value of the securities of the Company and would, in the aggregate or individually, result in any of the Reporting Persons, ceasing to have a "net long position" in the Company;**

**sell, offer or agree to sell all or substantially all, directly or indirectly, through swap or hedging transactions or otherwise, voting rights decoupled from the underlying common stock of the Company held by a Representative of any of the Reporting Persons to any third party;**

**demand an inspection of the stock list materials or the books and records of the Company or its subsidiaries;**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i) make any public proposal with respect to or (ii) make any public statement or otherwise seek to encourage, advise or assist any person with respect to any public proposals or statements related to (A) any change in the number or term of directors serving on the Board or the filling of any vacancies or newly created directorships on the Board, (B) any change in the capitalization or dividend policy of the Company, (C) any other change in the Company's management, governance, corporate structure, affairs or policies, (D) any Extraordinary Transaction or any material acquisition of any assets or businesses of the Company or any of its subsidiaries, (E) causing any class or series of the Company's equity securities to be delisted from, or to cease to be authorized to be quoted on, any securities exchange, (F) causing any class or series of the Company's equity securities to become eligible for termination of registration pursuant to Section 12(g)(4) of the Exchange Act, or (G) any intent, purpose, plan or proposal that is inconsistent with the standstill provisions of this Agreement;**

**knowingly initiate, directly or indirectly, any unsolicited Extraordinary Transaction or make, directly or indirectly, any unsolicited proposal, either alone or in concert with others, to the Company or the Board (or any committee thereof) that would reasonably be expected to require a public announcement or disclosure regarding any such matter (it being understood that the foregoing shall not restrict the Reporting Persons from tendering shares, receiving payment for shares or otherwise participating in any Extraordinary Transaction on the same basis as other stockholders of the Company);**

**effect or seek to effect, offer or propose to effect, cause, or in any way knowingly assist or facilitate any other person to effect or seek, offer or propose to effect or participate in, any unsolicited: (i) material acquisition of any assets or businesses of the Company or any of its subsidiaries; (ii) tender offer or exchange offer, merger, consolidation, acquisition, share exchange or other business combination involving any of the Voting Securities or any of the material assets or businesses of the Company or any of its subsidiaries; or (iii) recapitalization, restructuring, liquidation, dissolution or other material transaction with respect to the Company or any of its subsidiaries or any material portion of its or their businesses (it being understood that each of the foregoing (i)-(iii) shall not restrict any of the Reporting Persons from tendering shares, receiving payment for shares or otherwise participating in any Extraordinary Transaction on the same basis as other stockholders of the Company);**

**enter into any negotiations, agreements, arrangements or understandings with any Third Party with respect to the foregoing, or advise, assist, knowingly encourage or seek to persuade any Third Party to take any action with respect to any of the foregoing, or otherwise take or cause any action inconsistent with any of the foregoing;**

**publicly make or in any way advance publicly any request or proposal that the Company or the Board (or any committee thereof) amend, modify or waive any provision of this Agreement; or**

**take any action challenging the validity or enforceability of this <u>Section 3</u> or this Agreement.**

Notwithstanding anything in this Agreement to the contrary, the restrictions in this <u>Section 3</u> shall not prevent any of the Reporting Persons from (1) making any factual statement or public disclosure as required by applicable legal process, subpoena or legal requirement from any governmental authority with competent jurisdiction over the Party from whom information is sought (so long as such request did not arise as a result of action by any of the Reporting Persons or its Affiliates), (2) making any confidential communication to the Company or its directors and officers that would not be reasonably expected to trigger public disclosure obligations for any of the Parties, or (3) tendering shares of Common Stock, receiving payment for shares of Common Stock or otherwise participating in any transaction on the same basis as the other stockholders of the Company or from participating in any such transaction that has been approved by the Board, subject to the other terms of this Agreement. Furthermore, for the avoidance of doubt, nothing in this Section 3 shall be deemed to limit the exercise in good faith by the New Director of his fiduciary duties in his capacity as a director of the Company.

**<u>Non-Disparagement</u>**. Subject to applicable law, until the later to occur of (A) the Termination Date or (B) if the Company delivers the Renomination Notice (as defined below) (regardless of whether the New Director accepts such nomination and/or resigns prior to the Termination Date), the Extension Date, the Company and the Reporting Persons shall each refrain from making, and shall instruct their respective Representatives not to make or cause to be made, any public or private statement to a third party or announcement, including without limitation in any document or report filed with or furnished to the SEC or through the press, media (including social media), analysts or other persons, that constitutes an ad hominem attack on, or otherwise disparages, attempts to discredit, criticizes, calls into disrepute, defames, slanders, impugns or is reasonably likely to damage the reputation of, (a) in the case of statements or announcements by any of the Reporting Persons or their Representatives, the Company, any of its Representatives, any of its current or former directors, officers or employees, or the Company's corporate strategy, corporate activities, practices, procedures, business, business operations, products or services and (b) in the case of statements or announcements by the Company or its Representatives, any of the Reporting Persons or any of their Representatives. The restrictions in this Section 4 shall not (a) apply to (i) any compelled testimony or production of information, whether by legal process, subpoena or as part of a response to a request for information from any governmental or regulatory authority with jurisdiction over the Party from whom information is sought, in each case, to the extent legally required, or (ii) any disclosure that such Party reasonably believes, after consultation with outside counsel, to be legally required by applicable law, rules or regulations; (b) prohibit any Party from reporting what it reasonably believes, after consultation with outside counsel, to be violations of federal law or regulation to any governmental authority pursuant to Section 21F of the Exchange Act or Rule 21F promulgated thereunder; or (c) apply to efforts to enforce either Party's rights pursuant to this Agreement in accordance with this Agreement. The limitations set forth in this Section 4 shall not prevent any Party from responding to any public statement made by the other Party of the nature described in this Section 4 if such statement by the other Party was made in breach of this Agreement.

**<u>No Litigation</u>**. Prior to the Termination Date, each Party hereby covenants and agrees that it shall not, and shall not permit any of its Representatives acting on its behalf to, directly or indirectly, alone or in concert with others, knowingly encourage, pursue or assist any other person to threaten or initiate, any action, suit, claim or proceeding before any court (each, a "Legal Proceeding") against any of the other Parties or any of their respective Representatives, except for (a) claims arising out of facts not known by such Party as of the date hereof, (b) any Legal Proceeding initiated primarily to remedy a breach of or to enforce this Agreement and (c) counterclaims and affirmative defenses with respect to any Legal Proceeding initiated by, or on behalf of one Party or its Affiliates against any of the other Parties or any of their respective Affiliates; provided, however, that this <u>Section 5</u> shall not prevent any Party or any of its Representatives from (i) responding to oral questions, interrogatories, requests for information or documents, subpoenas, civil investigative demands or similar processes (each, a "Legal Requirement") in connection with any Legal Proceeding if such Legal Proceeding has not been initiated by, on behalf of or at the direct or indirect suggestion of such Party or any of its Representatives; provided, further, that in the event any Party or any of its Representatives receives such Legal Requirement, such Party shall give prompt written notice of such Legal Requirement to the other Parties (except where such notice would be legally prohibited or not practicable); (ii) bringing bona fide commercial disputes that do not in any manner relate to the subject matter of this Agreement; (iii) exercising statutory appraisal rights; or (iv) responding to or complying with a validly issued legal process. Each Party represents and warrants that neither it nor any assignee has filed any Legal Proceeding against any of the other Parties.

**Public Statements; SEC Filings.**

**Promptly following the execution of this Agreement, the Company shall issue a mutually agreeable press release (the "Company's Press Release") announcing the terms of this Agreement in the form attached hereto as <u>Exhibit A</u>. Prior to the issuance of the Press Release and subject to the terms of this Agreement, neither the Company (including the Board and any committee thereof) or any of the Reporting Persons nor any of their respective Affiliates or Associates shall issue any press release or public announcement with respect to the entry into this Agreement or take any action that would require public disclosure of this Agreement without the prior written consent of the other Parties, except to the extent required by law.**

**Promptly following the execution of this Agreement, the Company shall file (or cause to be filed) with the SEC a Current Report on Form 8-K reporting its entry into this Agreement, disclosing applicable items to conform to its obligations hereunder and appending this Agreement as an exhibit thereto (the "Form 8-K"). The Form 8-K shall be consistent with the terms of this Agreement and the Press Release. The Company shall provide Chain of Lakes and its Representatives with a reasonable opportunity to review and comment on the Form 8-K prior to the filing with the SEC and consider in good faith any timely comments of the members of the Chain of Lakes and its Representatives.**

**Promptly following the execution of this Agreement, Chain of Lakes shall file (or cause to be filed) with the SEC an amended Schedule 13D reporting entry into this Agreement by the Reporting Persons, disclosing applicable items to conform to its obligations hereunder. The amended Schedule 13D shall be consistent with the terms of this Agreement and the Press Release. Chain of Lakes shall provide the Company and its Representatives with a reasonable opportunity to review and comment on the amended Schedule 13D prior to the filing with the SEC and consider in good faith any timely comments of the Company and its Representatives.**

**<u>Affiliates and Associates</u>**. Each Party shall instruct its controlled Affiliates and its Associates to comply with the terms of this Agreement and shall be responsible for any breach of this Agreement by any such controlled Affiliate or such Associate. A breach of this Agreement by a controlled Affiliate or an Associate of a Party, if such controlled Affiliate or such Associate is not a party to this Agreement, shall be deemed to occur if such controlled Affiliate or such Associate engages in conduct that would constitute a breach of this Agreement if such controlled Affiliate or such Associate was a party to the same extent as a party to this Agreement.

**<u>Representations and Warranties.</u>**

**Each of the Reporting Persons represents and warrants that (i) the authorized signatory set forth on the signature page hereto has full power and authority to execute, deliver and carry out the terms and provisions of this Agreement and to consummate the transactions contemplated hereby, and (ii) this Agreement has been duly and validly executed and delivered by it, constitutes a valid and binding obligation and agreement of it and is enforceable against it in accordance with its terms. Chain of Lakes represents and warrants that the execution of this Agreement, the consummation of any of the transactions contemplated hereby, and the fulfillment of the terms hereof, in each case in accordance with the terms hereof, will not conflict with, or result in a breach or violation of any organizational documents of it as currently in effect, and that the execution, delivery and performance of this Agreement by it does not and will not violate or conflict with (A) any law, rule, regulation, order, judgment or decree applicable to it or (B) result in any breach or violation of or constitute a default (or an event which with notice or lapse of time or both could constitute such a breach, violation or default) under or pursuant to, or result in the loss of a material benefit under, or give any right of termination, amendment, acceleration or cancellation of, any organizational document, agreement, contract, commitment, understanding or arrangement to which it is a party or by which it is bound.**

**The Company hereby represents and warrants that it has full power and authority to execute, deliver and carry out the terms and provisions of this Agreement and to consummate the transactions contemplated hereby, and that this Agreement has been duly and validly authorized, executed and delivered by the Company, constitutes a valid and binding obligation and agreement of the Company and is enforceable against the Company in accordance with its terms. The Company represents and warrants that the execution of this Agreement, the consummation of any of the transactions contemplated hereby, and the fulfillment of the terms hereof, in each case in accordance with the terms hereof, will not conflict with, or result in a breach or violation of the organizational documents of the Company as currently in effect, and that the execution, delivery and performance of this Agreement by the Company does not and will not violate or conflict with (i) any law, rule, regulation, order, judgment or decree applicable to the Company or (ii) result in any breach or violation of or constitute a default (or an event which with notice or lapse of time or both could constitute such a breach, violation or default) under or pursuant to, or result in the loss of a material benefit under, or give any right of termination, amendment, acceleration or cancellation of, any organizational document, agreement, contract, commitment, understanding or arrangement to which the Company is a party or by which it is bound.**

**<u>Termination</u>.**

**The initial term of this Agreement shall end on the earlier of (i) the date that is fifteen (15) days prior to the deadline for the submission of stockholder nominations for the Company's 2026 annual meeting of stockholders, and (ii) the date that is one hundred twenty (120) days prior to the first anniversary of the 2025 Annual Meeting (the date of termination, the "Termination Date"); <u>provided, however</u>, that the term of this Agreement shall be extended until the date (such date, the "Extension Date") that is the earlier of (i) the date that is fifteen (15) days prior to the deadline for the submission of stockholder nominations for the Company's 2027 (or such later year in the case of successive renewals) annual meeting of stockholders, and (ii) the date that is one hundred twenty days (120) prior to the first anniversary of the 2026 Annual Meeting (or such later year in the case of successive renewal) if the Company notifies the Reporting Persons ten days prior to the originally scheduled Termination Date that it has irrevocably offered the New Director to re-nominate such New Director (including any Replacement Appointee) at the 2026 Annual Meeting and recommend, support and solicit proxies for the election of such New Director at the 2026 Annual Meeting in the same manner as for the Company's other nominees at such annual meeting (such notification, the "Renomination Notification"), unless the New Director resigns from the Board prior to the originally scheduled Termination Date (in which case (i) the Company shall not be obligated to re-nominate, recommend, support or solicit proxies for the New Director and (ii) the term of this Agreement shall not be extended and shall end on the originally scheduled Termination Date).**

**If this Agreement is terminated in accordance with this <u>Section 9</u>, this Agreement shall forthwith become null and void, but no termination shall relieve any Party from liability for any breach of this Agreement prior to such termination. Notwithstanding the foregoing, <u>Section 4</u>, this <u>Section 9</u> and <u>Sections 11</u> through <u>15</u> shall survive the termination or expiration of this Agreement in accordance with their respective terms.**

**<u>Notices</u>**. All notices, demands and other communications to be given or delivered under or by reason of the provisions of this Agreement shall be in writing and shall be deemed to have been given (a) when delivered by hand, with written confirmation of receipt; (b) upon sending if sent by electronic mail to the electronic mail addresses below, with confirmation of receipt from the receiving party by electronic mail; (c) one (1) Business Day after being sent by a nationally recognized overnight carrier to the addresses set forth below; or (d) when actually delivered if sent by any other method that results in delivery, with written confirmation of receipt:

If to the Company to:

Lantronix, Inc.

48 Discovery, Suite 250

Irvine, California 92618

Attn: Corporate Secretary

Email: dgallagher@lantronix.com

with a copy (which shall not constitute notice) to:

O'Melveny & Myers LLP

610 Newport Center Drive

17<sup>th</sup> Floor

Newport Beach, CA 92660

Attn: Andor Terner

Email: aterner@omm.com

If to the Reporting Persons:

Chain of Lakes Investment Fund, LLC

2600 Eagan Woods Dr.

Suite 350

Eagan, MN, 55121.

Attn: Timothy O'Connell

**<u>Governing Law; Jurisdiction; Jury Waiver</u>**. This Agreement, and any disputes arising out of or related to this Agreement (whether for breach of contract, tortious conduct or otherwise), shall be governed by, and construed in accordance with, the laws of the State of Delaware, without giving effect to its conflict of laws principles. The Parties agree that exclusive jurisdiction and venue for any Legal Proceeding arising out of or related to this Agreement shall exclusively lie in the Court of Chancery of the State of Delaware or, if such court does not have subject matter jurisdiction, the Superior Court of the State of Delaware or, if jurisdiction is vested exclusively in the Federal courts of the United States, the Federal courts of the United States sitting in the State of Delaware, and any appellate court from any such state or Federal court. Each Party waives any objection it may now or hereafter have to the laying of venue of any such Legal Proceeding in any such court, and irrevocably submits to personal jurisdiction in any such court in any such Legal Proceeding and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any court that any such Legal Proceeding brought in any such court has been brought in any inconvenient forum. Each Party irrevocably consents to accept service of process in any such Legal Proceeding by first class certified or registered mail, postage prepaid, return receipt requested, addressed to it at the address set forth in <u>Section 10</u>. Nothing contained herein shall be deemed to affect the right of any Party to serve process in any manner permitted by law. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT. Each of the Parties irrevocably agrees that, subject to any available appeal rights, any decision, order, or judgment issued by such above named courts shall be binding and enforceable, and irrevocably agrees to abide by any such decision, order, or judgment.

**<u>Specific Performance</u>**. Each Party to this Agreement acknowledges and agrees that the other Parties would be irreparably injured by an actual breach of this Agreement by the first- mentioned Party or its Representatives and that monetary remedies would be inadequate to protect the Parties against any actual or threatened breach or continuation of any breach of this Agreement. Without prejudice to any other rights and remedies otherwise available to the Parties under this Agreement, each Party shall be entitled to seek equitable relief by way of injunction or otherwise and specific performance of the provisions hereof without the necessity of posting a bond or other security, if any of the other Parties or any of their respective Representatives breach or threaten to breach any provision of this Agreement. Such remedy shall not be deemed to be the exclusive remedy for a breach of this Agreement but shall be in addition to all other remedies available at law or equity to the non-breaching Party(ies).

**<u>Certain Definitions and Interpretations</u>**. As used in this Agreement: (a) the terms "**Affiliate**" and "**Associate**" (and any plurals thereof) have the meanings ascribed to such terms under Rule 12b-2 promulgated by the SEC under the Exchange Act and shall include all persons or entities that at any time prior to the Termination Date become Affiliates or Associates of any applicable person or entity referred to in this Agreement; provided, however, that the term "Associate" shall refer only to Associates controlled by the Company or any of the Reporting Persons, as applicable, and "Affiliates" of a person shall not include any entity, solely by reason of the fact that one or more of such person's employees or principals serves as a member of its board of directors or similar governing body, unless such person otherwise controls such entity (as the term "control" is defined in Rule 12b-2 promulgated by the SEC under the Exchange Act); provided, further, that, for purposes of this Agreement, each of the Reporting Persons shall not be an Affiliate or Associate of the Company and the Company shall not be an Affiliate or Associate of any of the Reporting Persons; (b) the terms "**beneficial ownership**," "**group**," "**participant**," "**person**," "**proxy**" and "**solicitation**" (and any plurals or variations thereof) have the meanings ascribed to such terms under the Exchange Act, provided, that the meaning of "solicitation" shall be without regard to the exclusions set forth in Rules 14a-1(l)(2)(iv) and 14a-2 under the Exchange Act as in effect as of the date of this Agreement; (c) the term "**Business Day**" means any day that is not a Saturday, Sunday or other day on which commercial banks in the State of New York are authorized or obligated to be closed by applicable law; (d) the term "**Exchange Act**" means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder; (e) the term "Extraordinary Transaction" means any tender offer, exchange offer, merger, consolidation, acquisition, business combination, sale, recapitalization, restructuring, or other transaction with a Third Party that, in each case, results in a change in control of the Company or the sale, lease or exchange of all or substantially all of its property and assets, including its goodwill and its corporate franchises; (f) the term "**Representatives**" of a person means (i) such person's Affiliates and Associates and (ii) such person's Affiliates and Associates and their respective directors, officers, employees, partners, members, managers, consultants, legal or other advisors, agents and other representatives acting in a capacity on behalf of, in concert with or at the direction of such person or its Affiliates or Associates; (g) the term "**SEC**" means the U.S. Securities and Exchange Commission; (h) the term "**Stockholder Meeting**" means each annual or special meeting of stockholders of the Company, or any action by consent in lieu of a meeting of the Company's stockholders, and any adjournment, postponement, rescheduling or continuation thereof; (i) the term "**Third Party**" refers to any person that is not a Party to this Agreement or an Affiliate or Associate thereof, a member of the Board, a director or officer of the Company, Chain of Lakes or other of the Reporting Persons, or legal counsel to any Party to this Agreement; and (j) the term "**Voting Securities**" shall mean the Common Stock and any other securities of the Company entitled to vote in the election of directors. In this Agreement, unless a clear contrary intention appears, (i) the word "including" (in its various forms) means "including, without limitation," (ii) the words "hereunder," "hereof," "hereto" and words of similar import are references in this Agreement as a whole and not to any particular provision of this Agreement, (iii) the word "or" is not exclusive, (iv) references to "Sections" in this Agreement are references to Sections of this Agreement unless otherwise indicated, (v) whenever the context requires, the masculine gender shall include the feminine and neuter genders, and (vi) all references to "days" shall be to calendar days unless otherwise indicated as a "Business Day."

**<u>Miscellaneous</u>.**

**This Agreement, including all exhibits and schedules hereto, contains the entire agreement between the Parties and supersedes all other prior agreements and understandings, both written and oral, between the Parties with respect to the subject matter hereof.**

**Except as otherwise expressly provided in this Agreement, this Agreement is solely for the benefit of the Parties and is not enforceable by any other persons.**

**This Agreement shall not be assignable by operation of law or otherwise by a Party without the consent of the other Parties. Any purported assignment without such consent is void *ab initio*. Subject to the foregoing sentence, this Agreement shall be binding upon, inure to the benefit of, and be enforceable by and against the permitted successors and assigns of each Party.**

**Neither the failure nor any delay by a Party in exercising any right, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any right, power or privilege hereunder.**

**If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated. It is hereby stipulated and declared to be the intention of the Parties that the Parties would have executed the remaining terms, provisions, covenants and restrictions without including any of such which may be hereafter declared invalid, void or unenforceable. In addition, the Parties agree to use their reasonable best efforts to agree upon and substitute a valid and enforceable term, provision, covenant or restriction for any of such that is held invalid, void or unenforceable by a court of competent jurisdiction.**

**Any amendment or modification of the terms and conditions set forth herein or any waiver of such terms and conditions must be agreed to in a writing signed by each Party.**

**This Agreement may be executed in one or more textually identical counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same agreement. Signatures to this Agreement transmitted by facsimile transmission, by electronic mail in "portable document format" (".pdf") form, or by any other electronic means intended to preserve the original graphic and pictorial appearance of a document, shall have the same effect as physical delivery of the paper document bearing the original signature.**

**Each Party hereto shall bear its own costs and expenses (including attorneys' fees) incurred in connection with this Agreement.**

**Each of the Parties acknowledges that it has been represented by counsel of its choice throughout all negotiations that have preceded the execution of this Agreement, and that it has executed this Agreement with the advice of such counsel. Each Party and its counsel cooperated and participated in the drafting and preparation of this Agreement, and any and all drafts relating thereto exchanged among the Parties will be deemed the work product of all of the Parties and may not be construed against any Party by reason of its drafting or preparation. Accordingly, any rule of law or any legal decision that would require interpretation of any ambiguities in this Agreement against any Party that drafted or prepared it is of no application and is hereby expressly waived by each of the Parties, and any controversy over interpretations of this Agreement will be decided without regard to events of drafting or preparation.**

**The headings set forth in this Agreement are for convenience of reference purposes only and will not affect or be deemed to affect in any way the meaning or interpretation of this Agreement or any term or provision of this Agreement.**

*[Signature Pages Follow]*

IN WITNESS WHEREOF, each of the Parties has executed this Agreement, or caused the same to be executed by its duly authorized representative, as of the date first above written.

---

| | |
|:---|:---|
| **THE COMPANY:** | **THE COMPANY:** |
| **LANTRONIX, INC.** | **LANTRONIX, INC.** |
| By: | /s/Saleel Awsare |
| Name: | Saleel Awsare |
| Title: | President and Chief Executive Officer |

---

*[Signatures continue on next page]*

---

| | |
|:---|:---|
| **Chain of Lakes Investment Fund, LLC** | **Chain of Lakes Investment Fund, LLC** |
| By: | /s/ Christopher B. Woodruff |
| Name: | Christopher B. Woodruff |
| Title: | President |
| **Haluk L. Bayraktar** | **Haluk L. Bayraktar** |
| By: | /s/ Haluk L. Bayraktar |
| Name: | Haluk L. Bayraktar |
| Title: | Individual |
| **Emre Aciksoz** | **Emre Aciksoz** |
| By: | /s/ Emre Aciksoz |
| Name: | Emre Aciksoz |
| Title: | Individual |

---

Omitted:

Exhibit A - Company Press Release

## Exhibit 99.2

**Exhibit 2**

**SCHEDULE OF TRANSACTIONS IN SHARES SINCE FILING ORIGINAL SCHEDULE 13D**

The following table sets forth all transactions in the Shares effected since the filing of the Original Schedule 13D on June 2, 2025 by the Reporting Persons. All such transactions were effected in the open market and the price per share includes commissions. The Price Per Share ($) is a weighted average price.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Trade Date | &nbsp;&nbsp;Reporting Person | &nbsp;&nbsp;Type | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Price Per Share ($) |
| &nbsp;&nbsp;6/5/2025 | &nbsp;&nbsp;Haluk L. Bayraktar | &nbsp;&nbsp;Bought | &nbsp;&nbsp;42548 | &nbsp;&nbsp;2.32 |
| &nbsp;&nbsp;6/6/2025 | &nbsp;&nbsp;Haluk L. Bayraktar | &nbsp;&nbsp;Bought | &nbsp;&nbsp;30307 | &nbsp;&nbsp;2.30 |

---

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 1)**

**LANTRONIX INC**

*(Name of Issuer)*

**Common Stock**

*(Title of Class of Securities)*

**516548203**

*(CUSIP Number)*

**Chain of Lakes Inv Fund, LLC**<br>Attention: Timothy O'Connell<br>2600 Eagan Woods Dr., Suite 350<br>Eagan MN 55121<br>702-807-7858

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**06/24/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **516548203** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Chain of Lakes Investment Fund, LLC** | Name of reporting person<br>**Chain of Lakes Investment Fund, LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**1184152.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**1184152.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**1184152.00** | Aggregate amount beneficially owned by each reporting person<br>**1184152.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**3.0%** | Percent of class represented by amount in Row (11)<br>**3.0%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

**Comment for Reporting Person:** (1) The amounts in rows 8, 10 and 11 represent shares of Common Stock of Lantronix, Inc. held of record by Chain of Lakes Investment Fund, LLC ("COLIF").  These shares are subject to the terms of a Cooperation Agreement, which impacts the voting of such shares regarding certain matters.  See Item 4

(2) Percentage in row 13 calculated based on 38,890,328 shares of common stock, par value $0.0001 per share, outstanding as of May 1, 2025, as reported in the Form 10-Q for the quarterly period ended March 31, 2025, of Lantronix, Inc.

| **CUSIP No.** | **516548203** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Christopher B. Woodruff** | Name of reporting person<br>**Christopher B. Woodruff** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**1184152.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**1184152.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**1184152.00** | Aggregate amount beneficially owned by each reporting person<br>**1184152.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**3.0%** | Percent of class represented by amount in Row (11)<br>**3.0%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** (1) The amounts in rows 8, 10 and 11 represent shares of Common Stock of Lantronix, Inc. held of record by COLIF.  These shares are subject to the terms of a Cooperation Agreement, which impacts the voting of such shares regarding certain matters.  See Item 4 As described in Item 2, Mr. Woodruff is deemed to have shared voting and dispositive power over the shares of the Company held by COLIF as a result of his position as President of COLIF.  Reference is made to Item 2 to this Schedule 13D. Mr. Woodruff disclaims beneficial ownership of the Common Shares owned by COLIF.

(2) Percentage in row 13 calculated based on 38,890,328 shares of common stock, par value $0.0001 per share, outstanding as of May 1, 2025, as reported in the Form 10-Q for the quarterly period ended March 31, 2025, of Lantronix, Inc.

| **CUSIP No.** | **516548203** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Haluk L. Bayraktar** | Name of reporting person<br>**Haluk L. Bayraktar** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**PF** | Source of funds (See Instructions)<br>**PF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**W8** | Citizenship or place of organization<br>**W8** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**1668191.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**1668191.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**1668191.00** | Aggregate amount beneficially owned by each reporting person<br>**1668191.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**4.3%** | Percent of class represented by amount in Row (11)<br>**4.3%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** (1) The amounts in rows 8, 9 and 11 represent shares of Common Stock of Lantronix, Inc. held of record by Mr. Bayraktar.  These shares are subject to the terms of a Cooperation Agreement, which impacts the voting of such shares regarding certain matters.  See Item 4.

(2) Percentage in row 13 calculated based on 38,890,328 shares of common stock, par value $0.0001 per share, outstanding as of May 1, 2025, as reported in the Form 10-Q for the quarterly period ended March 31, 2025, of Lantronix, Inc.

| **CUSIP No.** | **516548203** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Emre Aciksoz** | Name of reporting person<br>**Emre Aciksoz** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**PF** | Source of funds (See Instructions)<br>**PF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**W8** | Citizenship or place of organization<br>**W8** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**220000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**220000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**220000.00** | Aggregate amount beneficially owned by each reporting person<br>**220000.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0.6%** | Percent of class represented by amount in Row (11)<br>**0.6%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** (1) The amounts in rows 8, 9 and 11 represent shares of Common Stock of Lantronix, Inc. held of record by Mr. Aciksoz.  These shares are subject to the terms of a Cooperation Agreement, which impacts the voting of such shares regarding certain matters.  See Item 4.

(2) Percentage in row 13 calculated based on 38,890,328 shares of common stock, par value $0.0001 per share, outstanding as of May 1, 2025, as reported in the Form 10-Q for the quarterly period ended March 31, 2025, of Lantronix, Inc.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Stock

**(b) Name of Issuer:**
LANTRONIX INC

**(c) Address of Issuer's Principal Executive Offices:**
48 Discovery, Suite 250, Irvine, CA, 92618

This Amendment No. 1 to Schedule 13D (this "Amendment") relates to the shares of common stock, $0.0001 par value per share (the "Common Stock"), of Lantronix, Inc., a Delaware corporation (the "Issuer") that are or may be deemed to be beneficially owned by the Reporting Persons (as defined below) and amends certain information included in the Schedule 13D filed by the Reporting Persons with the Securities and Exchange Commission on June 2, 2025 (the "Original Schedule 13D").

**Item 4. Purpose of Transaction**

The Reporting Persons acquired the Shares because they believed the Shares were materially undervalued and represented an attractive investment opportunity. As described in paragraphs one, two and three of Item 4 of the Original Schedule 13D, the Reporting Persons were of the view that (i) the Issuer's Board of Directors (the "Board"), had been highly ineffective at creating any sustainable shareholder value since the Issuer's shares began to be publicly traded on August 4, 2000 (the "IPO"); (ii) the ongoing lack of scale in the Issuer's business, combined with its highly inefficient public-company structure, left shareholders at serious risk of further value degradation; and (iii) the Issuer's business presented significantly more value to a strategic acquirer than its public market valuation.

As a result of the foregoing and as disclosed in detail in Item 4 of the Original Schedule 13D, the Reporting Persons considered taking one or more actions described in subjections (a) through (j) of Item 4 of Schedule 13D, and intended to seek to replace a majority of the current members of the Board of the Issuer with candidates that were committed to an expedited return of shareholders' capital through a sale of the Issuer by running a competing proxy statement at the Issuer's 2025 Annual Meeting of Stockholders.

Subsequent to the filing of the Original Schedule 13D, the Reporting Persons engaged in discussions with the Issuer, and the parties have agreed to resolve their differences with respect to this matter by entering into a Cooperation Agreement dated June 24, 2025 (the "Cooperation Agreement").  Under the terms of the Cooperation Agreement, the Issuer agreed to appoint James (Jim) C. Auker to its Board and agreed to nominate him for election to the Issuer's Board at its 2025 Annual Meeting of Stockholders (the date for which has not yet been announced).  The Reporting Persons agreed not to become a party to any agreements, arrangements or understandings with Mr. Auker regarding his Board service, and all of the parties to the Cooperation Agreement acknowledged that Mr. Auker would be subject to the standard policies and benefits applicable to members of the Board generally.  The parties further agreed that so long as the Reporting Persons hold in the aggregate 1% of the Issuer's then outstanding shares of Common Stock, then to the extent that Mr. Auker is unable or unwilling to serve on the Board during the term of the Cooperation Agreement, COLIF shall have the ability to recommend a replacement appointee, subject to certain limitations.

The Cooperation Agreement has an initial term that ends on the earlier of the date that is (i) 15 days prior to the deadline for the submission of stockholder nominations for the Company's 2026 annual meeting of stockholders, and (ii) 120 days prior to the first anniversary of the 2025 annual meeting of stockholders, with the ability of the Issuer to extend the term to the comparable periods related to the 2027 annual meeting of stockholders (or anniversary of 2026 annual meeting of stockholders), to the extent that Mr. Auker (or his replacement) is renominated by the Issuer, all as described in and subject to the terms of the Cooperation Agreement.

In addition to matters related to Board service, the Cooperation Agreement also obligates the Issuer to use its reasonable best efforts to engage a nationally recognized investment bank or financial advisor within 60 days of Mr. Auker's appointment to the Board to evaluate the Issuer's strategic alternatives, which shall be periodically reviewed and reassessed by the Board during the term of the Cooperation Agreement.

The Reporting Persons also agreed to vote all shares of the Issuer's Common Stock owned by them in favor of the election of the Board's director nominees and in accordance with the Board's recommendations on various proposals and business that may be brought forth at meetings of the Issuer's stockholders, subject to certain limitations for various extraordinary corporate transactions and to the extent that Institutional Shareholder Services Inc. or Glass, Lewis & Co., LLC recommend otherwise (except with respect to recommendations related to the election or removal of directors).

In addition, except as otherwise addressed in the Cooperation Agreement, the Reporting Persons agreed not to: (i) acquire additional Issuer securities or assets; (ii) nominate persons to the Board; (iii) participate in proxy solicitations with respect to the Issuer's directors or other matters; (iv) take various other actions regarding matters to be undertaken at meetings of stockholders; (v) form groups related to the voting of the Issuer's shares, including creating voting trusts; (vi) engage in certain short-sales or swap transactions with respect to the Issuer's securities; and (vii) take various other actions, including initiating various types of unsolicited extraordinary corporate transactions involving the Issuer.

The Cooperation Agreement also prohibits the parties from making various statements that would constitute an attack on, or otherwise disparage, attempt to discredit, criticize, call into disrepute, defame, slander, impugn or are reasonably likely to damage the reputation of the opposing parties.  In addition, the parties agreed not to encourage, pursue or assist any other persons in legal proceedings against each other, subject to certain limitations.

A copy of the Cooperation Agreement has been filed as Exhibit 1 hereto, and the foregoing summary of its terms is qualified in its entirety by reference to the specific terms of such agreement.

The Reporting Persons intend to review their investment in the Issuer on a continuing basis, and depending on various factors, may in the future take such actions with respect to their investment in the Issuer as they deem appropriate, subject to compliance with the terms of the Cooperation Agreement.

**Item 5. Interest in Securities of the Issuer**

**(a)**
The information set forth in the cover pages of this Schedule 13D is hereby incorporated by reference in this Item 5.  As of the date hereof the Reporting Persons beneficially own an aggregate of 3,072,343 shares of the Issuer's Common Stock, representing 7.9% of the outstanding shares.

**(b)**
The information set forth in the cover pages of this Schedule 13D is hereby incorporated by reference in this Item 5.

The Reporting Persons may be deemed to constitute a group pursuant to Rule 13d-5(b), in which case each of the Reporting Persons could be deemed to beneficially own all the shares of Common Stock held by the other Reporting Persons; however, each of the Reporting Persons disclaims beneficial ownership of the shares of Common Stock held by the other Reporting Persons except to the extent of their pecuniary interest therein (if any).

**(c)**
Information concerning transactions in the Shares effected by the Reporting Persons since the filing of the Original Schedule 13D on June 2, 2025 is set forth in Exhibit 2 hereto and is incorporated herein by reference. All of the transactions in Shares listed hereto were effected in the open market.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

The Reporting Persons' discussions of their views about the Issuer, and their entry into the Cooperation Agreement, may result in the Reporting Persons being deemed to be acting together for the purpose of acquiring, holding, voting or disposing of the Issuer's securities for purposes of Rule 13d-5(b).

As described in Item 4 above, on June 24, 2025, the Reporting Persons and the Issuer entered into a Cooperation Agreement.  The material aspects of the Cooperation Agreement have been summarized in Item 4 above.  Such summary is incorporated by reference into this Item 6, and is qualified in its entirety by reference to the terms of the Cooperation Agreement, a copy of which has been filed as Exhibit 1 hereto.

Except as described herein, there are no other contracts, arrangements, understandings or relationships (legal or otherwise) between or among any of the Reporting Persons and any other person with respect to any securities of the Issuer.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Chain of Lakes Investment Fund, LLC

**Signature:** /s/ Christopher B. Woodruff

**Name/Title:** President

**Date:** 06/30/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Christopher B. Woodruff

**Signature:** /s/ Christopher B. Woodruff

**Name/Title:** Christopher B. Woodruff

**Date:** 06/30/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Haluk L. Bayraktar

**Signature:** /s/ Haluk L. Bayraktar

**Name/Title:** Haluk L. Bayraktar

**Date:** 06/30/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Emre Aciksoz

**Signature:** /s/ Emre Aciksoz

**Name/Title:** Emre Aciksoz

**Date:** 06/30/2025