UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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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.
On August 24, 2026, Latch, Inc. (the “Company”) adopted a retention bonus program for certain key employees, including David Lillis, Chief Executive Officer, Jeff Mayfield, Chief Financial Officer, and Priyen Patel, Chief Strategy and Legal Officer.
Under the program, Messrs. Lillis, Mayfield, and Patel are eligible to receive cash retention awards of $250,000, $225,000, and $187,500, respectively. The awards generally are subject to each executive’s continued employment with the Company through December 31, 2027. Payments under the awards are not accelerated for a change of control or other corporate transaction, but if an executive's employment is terminated by the Company without “cause” or the “executive resigns for good reason” before December 31, 2027 (as those terms are defined in each executive’s employment agreement), the executive will be entitled to a pro rata portion of his award based on service through the termination date.
Amounts paid under the program remain subject to clawback by the Company if it later determines that grounds existed for a for Cause termination. The form of the Retention Bonus Letter is filed as Exhibit 10.1 hereto.
Item 9.01.Financial Statements and Exhibits.
Exhibit Number | | Description |
10.1 | | |
104 | | Cover Page Interactive Data File (embedded withing the Inline XBRL document). |
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.
| | Latch, Inc. | |
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Date: August 28, 2026 | | By: | /s/ Priyen Patel |
| | Name: | Priyen Patel |
| | Title: | Chief Strategy & Legal Officer |