Latch Inc.
11/27/2024 | Press release | Distributed by Public on 11/27/2024 16:08
Management Change/Compensation Form 8 K
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.