FALSE000182600000018260002024-11-262024-11-26

UNITED STATES 
SECURITIES AND EXCHANGE COMMISSION 
WASHINGTON, D.C. 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) November 26, 2024
Latch, Inc.
(Exact name of registrant as specified in its charter)
Delaware
001-39688
85-3087759
(State or other jurisdiction of incorporation)
(Commission File Number)
(IRS Employer Identification No.)
1220 N Price Road, Suite 2, Olivette, MO 63132
(Address of principal executive offices, Including Zip Code)

(314) 200-5218
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:
☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act: None.
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 5.02.    Departure of Directors or Certain Officers; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On November 26, 2024 (the “Agreement Date”), Latch, Inc. (together with its subsidiaries, the “Company”) and Jason Mitura, the Company’s Chief Product Officer, mutually agreed that Mr. Mitura would step down as the Company’s Chief Product Officer effective as of November 26, 2024, at which time Mr. Mitura ceased to serve as an “executive officer” of the Company under Rule 3b-7 of the Securities Exchange Act of 1934, as amended.
Also on the Agreement Date, the Company and Mr. Mitura entered into a Separation and Transition Agreement and Release (the “Mitura Separation Agreement”). The Mitura Separation Agreement provides that the Company and Mr. Mitura will enter into a consulting agreement pursuant to which Mr. Mitura will continue to assist the Company in product development. In addition, under the Mitura Separation Agreement, the Company agreed to reimburse Mr. Mitura for certain legal expenses. The Mitura Separation Agreement also contains certain releases of claims among the parties and provisions requiring Mr. Mitura to protect the Company’s proprietary and confidential information that apply indefinitely.
The description of the Mitura Separation Agreement set forth above does not purport to be complete and is qualified in its entirety by reference to the full text thereof, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.
Item 9.01.    Financial Statements and Exhibits.
Exhibit
Number		Description
10.1*
104Cover Page Interactive Data File, formatted in Inline XBRL (included as Exhibit 101).
* A schedule to this exhibit has been omitted pursuant to Item 601(a)(5) of Regulation S-K. The registrant agrees to furnish a copy of any omitted schedule to the SEC upon request.


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.
   
Date:November 27, 2024By:/s/ Priyen Patel
  Name:Priyen Patel
  Title:Senior Vice President and General Counsel



Exhibit 10.1
Separation and Transition Agreement and Release
    This Separation and Transition Agreement and Release (“Agreement”) is made by and between Jason Mitura (“Executive”) and Latch Systems, Inc. (the “Company”) (collectively referred to as the “Parties” or individually referred to as a “Party”). Capitalized terms used but not defined in this Agreement shall have the meanings set forth in the Employment Agreement (as defined below).
    WHEREAS, the Parties have previously entered into that certain Employment Agreement, dated as of August 16, 2024 (the “Employment Agreement”) and that certain Covenant Agreement (as defined in the Employment Agreement); and
    WHEREAS, Executive has decided to step down from his current role as Chief Product Officer effective as of November 26, 2024 to pursue other opportunities and transition into a consulting role pursuant to a consulting agreement entered into as of the date hereof by and between Occultatum 2 WY, LLC, an affiliate of Executive (“Occultatum”), and the Company, substantially in the form attached hereto as Exhibit A (the “Consulting Agreement”).
    WHEREAS, in connection with Executive’s cessation of employment with the Company or a subsidiary or affiliate of the Company, the Parties wish to resolve any and all disputes, claims, complaints, grievances, charges, actions, petitions, and demands that Executive may have against the Company and any of the Releasees (as defined below), including, but not limited to, any and all claims arising out of or in any way related to Executive’s employment with or separation from the Company or its subsidiaries or affiliates.
    NOW, THEREFORE, in consideration of the payments and benefits below and entry into the Consulting Agreement, which is conditioned on Executive’s execution and non-revocation of this Agreement, and in consideration of the mutual promises made herein, the Company and Executive hereby agree as follows:
1.Separation Date; Transition Period, Services, and Compensation. Executive’s last date of employment with the Company is November 26, 2024 (the “Separation Date”). Executive’s departure from the Company is a resignation without Good Reason pursuant to Section 4(a) of the Employment Agreement. Executive will cease to be Chief Product Officer, or any other officer, and cease to be an employee of the Company as of the Separation Date and transition into a consulting role as set forth in Section 3 below. The Separation Date shall be deemed a Date of Termination of Executive’s Continuous Service Status, as each term is defined in the Performance-Based Stock Option Agreement dated August 11, 2024 (the “Option Agreement”), such that the Option (as defined therein) shall be forfeited upon the Separation Date, notwithstanding any provisions to the contrary in the Option Agreement. In exchange for the release of claims and covenant not to sue herein, the Company’s agrees to enter into the Consulting Agreement as described in Section 3 below and pay reasonable and documented attorneys’ fees incurred in connection with the negotiation of this Agreement within fourteen (14) days after the Company’s receipt of invoices with respect to such fees, in an amount not to exceed $10,000. Other than the payments and benefits described in this Agreement, Executive will not receive any of the payments or benefits in connection with his departure from the Company.
2.Salary and Benefits. To the extent not already paid, and subject to the terms and conditions of the Employment Agreement, the Company shall pay or provide to Executive all payments or benefits described in Section 3(c) of the Employment Agreement, subject to and in accordance with the terms thereof.
3.Entry into Consulting Agreement. Subject to Executive’s execution and non-revocation of this Agreement, between the Separation Date and the date the Consulting Agreement terminates in
1

accordance with its terms (such period, the “Transition Period”), Executive shall serve in a non-officer, non-employee consulting capacity pursuant to the Consulting Agreement.
4.Amendment to Covenant Agreement. Subject to Executive’s execution and non-revocation of this Agreement, the parties agree to amend the Covenant Agreement as follows:

a.Subsection 2(c) of the Covenant Agreement shall be deleted and replaced with the following:

“As used herein, “Competitive Business” means (a) any business that develops, markets or sells (i) access control and monitoring hardware related products that allow an organization and/or individual to control and monitor access to multi-family residences; or (ii) multifamily/apartment services booking platforms or (b) SmartRent, Assa Abloy, Level, Schlage, Salto, DormaKaba, HID, iLOQ, Allegion, GoKeyless, Point Central, or Brivo (or any of their affiliates).”

b.Except for the amendments set forth in this Section 4, all terms and conditions of the Covenant Agreement shall remain unchanged, in full force and effect in accordance with its provisions and nothing contained herein shall be deemed to be a waiver, amendment, modification or other change of any term, condition or provision of the Covenant Agreement.

5.Release of Claims and Covenant not to Sue. Executive agrees that the foregoing consideration represents settlement in full of all outstanding obligations owed to Executive by the Company, any of its direct or indirect subsidiaries or affiliates, and any of its or their current and former officers, directors, equityholders, managers, employees, agents, investors, attorneys, shareholders, administrators, affiliates, benefit plans, plan administrators, insurers, trustees, divisions, and subsidiaries and predecessor and successor corporations and assigns (collectively, the “Releasees”) related to Executive’s employment with the Company or its subsidiaries or termination therefrom. Executive, on Executive’s own behalf and on behalf of any of Executive’s affiliated companies or entities and any of their respective heirs, family members, executors, agents, and assigns, hereby and forever releases the Releasees from, and agrees not to sue concerning, or in any manner to institute, prosecute, or pursue, any claim, complaint, charge, duty, obligation, or cause of action relating to any matters of any kind, whether presently known or unknown, suspected or unsuspected, that Executive may possess against any of the Releasees arising from any omissions, acts, facts, or damages that have occurred up until and including the date Executive signs this Agreement relating to Executive’s employment with the Company or its subsidiaries or termination therefrom, including, without limitation:
        (a)    any and all claims relating to or arising from Executive’s employment or service relationship with the Company or any of its direct or indirect subsidiaries and the termination of that relationship;
        (b)    any and all claims relating to, or arising from, Executive’s right to receive or purchase, or actual purchase of, any shares of stock, restricted stock units, stock options or other equity interests of the Company or any of its affiliates, including, without limitation, any claims for fraud, misrepresentation, breach of fiduciary duty, breach of duty under applicable state law, and securities fraud under any state or federal law; provided, however, that Executive is not waiving hereby any claims related to the Amended Stock Restriction Agreement;
2

        (c)    any and all claims for wrongful discharge of employment; termination in violation of public policy; discrimination; harassment; retaliation; breach of contract, both express and implied; breach of covenant of good faith and fair dealing, both express and implied; promissory estoppel; negligent or intentional infliction of emotional distress; fraud; negligent or intentional misrepresentation; negligent or intentional interference with contract or prospective economic advantage; unfair business practices; defamation; libel; slander; negligence; personal injury; assault; battery; invasion of privacy; false imprisonment; conversion; and disability benefits;
        (d)    any and all claims for violation of any federal, state, or municipal statute, including, but not limited to, Title VII of the Civil Rights Act of 1964; the Civil Rights Act of 1991; the Rehabilitation Act of 1973; the Americans with Disabilities Act of 1990; the Equal Pay Act; the Fair Labor Standards Act; the Fair Credit Reporting Act; the Age Discrimination in Employment Act of 1967; the Older Workers Benefit Protection Act; the Employee Retirement Income Security Act of 1974; the Worker Adjustment and Retraining Notification Act; the Family and Medical Leave Act; and the Sarbanes-Oxley Act of 2002;
        (e)    any and all claims for violation of the federal or any state constitution;
        (f)     any and all claims arising out of any other laws and regulations relating to employment or employment discrimination;
        (g)    any claim for any loss, cost, damage, or expense arising out of any dispute over the non-withholding or other tax treatment of any of the proceeds received by Executive as a result of this Agreement;
        (h)    any and all claims arising out of the wage and hour and wage payments laws and regulations of the state or states in which Executive has provided service to the Company or any of its affiliates; and
        (i)    any and all claims for attorneys’ fees and costs.
Executive agrees that the release set forth in this section shall be and remain in effect in all respects as a complete general release as to the matters released. Executive hereby acknowledges that Executive is aware of the principle that a general release does not extend to claims that the releasor does not know or suspect to exist in his or her favor at the time of executing the release, which, if known by him or her, must have materially affected his or her settlement with the releasee. With knowledge of this principle, Executive hereby agrees to expressly waive any rights Executive may have to that effect. This release does not release claims that cannot be released as a matter of law, including, but not limited to, Executive’s right to report possible violations of federal law or regulation to any governmental agency or entity in accordance with the provisions of and rules promulgated under Section 21F of the Securities Exchange Act of 1934 or Section 806 of the Sarbanes-Oxley Act of 2002, or any other whistleblower protection provisions of state or federal law or regulation and any right to receive an award for information provided thereunder, Executive’s right to file a charge with or participate in a charge by the Equal Employment Opportunity Commission, or any other local, state, or federal administrative body or government agency that is authorized to enforce or administer laws related to employment, against the Company for discrimination (with the understanding that Executive’s release of claims herein bars Executive from recovering such monetary relief from the Company or any Releasee for any alleged discriminatory treatment), claims for unemployment compensation or any state disability insurance benefits pursuant to the terms of applicable state law, claims to continued participation in certain of the
3

Company’s group benefit plans pursuant to the terms and conditions of COBRA, claims to any benefit entitlements vested as the date of separation of Executive’s employment, pursuant to written terms of any employee benefit plan of the Company or its affiliates and Executive’s right under applicable law. This release further does not release claims for breach of Section 3(c) of the Employment Agreement. The Parties acknowledge and agree that nothing in this Agreement shall be construed as a waiver, release, or limitation of any rights or claims for indemnification to which Executive is entitled under applicable law or the Indemnification Agreement between the Parties dated August 16, 2024 (the “Indemnification Agreement”). The Company further agrees that its obligations under the Indemnification Agreement shall remain in full force and effect following the termination of Executive’s employment, in accordance with the terms and conditions of the Indemnification Agreement, including but not limited to any rights to indemnification for acts or omissions occurring during Executive’s tenure with the Company or while providing services to the Company under the Consulting Agreement.
6.Acknowledgment of Waiver of Claims under ADEA. Executive understands and acknowledges that Executive is waiving and releasing any rights Executive may have under the Age Discrimination in Employment Act of 1967 (“ADEA”), and that this waiver and release is knowing and voluntary. Executive understands and agrees that this waiver and release does not apply to any rights or claims that may arise under the ADEA after the date Executive signs this Agreement. Executive understands and acknowledges that the consideration given for this waiver and release is in addition to anything of value to which Executive was already entitled. Executive further understands and acknowledges that Executive has been advised by this writing that: (a) Executive should consult with an attorney prior to executing this Agreement; (b) Executive has 21 days within which to consider this Agreement, and the Parties agree that such time period to review this Agreement shall not be extended upon any material or immaterial changes to this Agreement; (c) Executive has seven business days following Executive’s execution of this Agreement to revoke this Agreement pursuant to written notice to the General Counsel of the Company; (d) this Agreement shall not be effective until after the revocation period has expired; and (e) nothing in this Agreement prevents or precludes Executive from challenging or seeking a determination in good faith of the validity of this waiver under the ADEA, nor does it impose any condition precedent, penalties, or costs for doing so, unless specifically authorized by federal law. In the event Executive signs this Agreement and returns it to the Company in less than the 21 day period identified above, Executive hereby acknowledges that Executive has freely and voluntarily chosen to waive the time period allotted for considering this Agreement.

7.Severability. In the event that any provision or any portion of any provision hereof or any surviving agreement made a part hereof becomes or is declared by a court of competent jurisdiction or arbitrator to be illegal, unenforceable, or void, this Agreement shall continue in full force and effect without said provision or portion of provision.

8.No Oral Modification. This Agreement may only be amended in a writing signed by Executive and a duly authorized officer of the Company.

9.Governing Law; Dispute Resolution. This Agreement shall be subject to the provisions of Sections 9(a), 9(c), and 9(h) of the Employment Agreement.

10.Effective Date. Executive has seven business days after Executive signs this Agreement to revoke it, and this Agreement will become effective on the day immediately following the seventh business day after Executive signed this Agreement (the “Effective Date”).

4

11.Voluntary Execution of Agreement. Executive understands and agrees that Executive executed this Agreement voluntarily, without any duress or undue influence on the part or behalf of the Company or any third party, with the full intent of releasing all of Executive’s claims against the Company and any of the other Releasees. Executive acknowledges that: (a) Executive has read this Agreement; (b) Executive has not relied upon any representations or statements made by the Company that are not specifically set forth in this Agreement; (c) Executive has been represented in the preparation, negotiation, and execution of this Agreement by legal counsel of Executive’s own choice or has elected not to retain legal counsel; (d) Executive understands the terms and consequences of this Agreement and of the releases it contains; and (e) Executive is fully aware of the legal and binding effect of this Agreement.
    

5

IN WITNESS WHEREOF, the Parties have executed this Agreement on the respective dates set forth below.
EXECUTIVE
/s/ Jason Mitura
Dated: November 25, 2024
Jason Mitura
COMPANY
By:/s/ Priyen Patel
Dated: November 26, 2024
Name: Priyen Patel
Title: General Counsel and Secretary





6

Exhibit A
Consulting Agreement
[Intentionally omitted]

7
v3.24.3
Cover
Nov. 26, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Nov. 26, 2024
Entity Registrant Name Latch, Inc.
Entity Incorporation, State or Country Code DE
Entity File Number 001-39688
Entity Tax Identification Number 85-3087759
Entity Address, Address Line One 1220 N Price Road, Suite 2
Entity Address, City or Town Olivette
Entity Address, State or Province MO
Entity Address, Postal Zip Code 63132
City Area Code 314
Local Phone Number 200-5218
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Amendment Flag false
Entity Central Index Key 0001826000
Latch (CE) (USOTC:LTCH)
Historical Stock Chart
From Nov 2024 to Dec 2024 Click Here for more Latch (CE) Charts.
Latch (CE) (USOTC:LTCH)
Historical Stock Chart
From Dec 2023 to Dec 2024 Click Here for more Latch (CE) Charts.