Latch sets 2027 cash retention bonuses for top execs

Q: What executive retention bonuses did Latch, Inc. (LTCH) approve?

Latch, Inc. approved cash retention awards of $250,000 for CEO David Lillis, $225,000 for CFO Jeff Mayfield, and $187,500 for Chief Strategy and Legal Officer Priyen Patel, under a program adopted on August 24, 2026.

Latch, Inc. (LTCH) reported adopting a retention bonus program on August 24, 2026 for certain key employees, including CEO David Lillis, CFO Jeff Mayfield, and Chief Strategy and Legal Officer Priyen Patel.

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Form Type

8-K

Rhea-AI Filing Summary

Latch, Inc. (LTCH) reported adopting a retention bonus program on August 24, 2026 for certain key employees, including CEO David Lillis, CFO Jeff Mayfield, and Chief Strategy and Legal Officer Priyen Patel. The program provides cash retention awards of $250,000, $225,000, and $187,500, respectively.

The awards generally require continued employment through December 31, 2027. They are not accelerated upon a change of control or other corporate transaction, but each executive may receive a pro rata payment if terminated without cause or resigning for good reason before that date. Paid amounts are subject to clawback if grounds for a for-cause termination are later determined.

8-K Event Classification

2 items: 5.02, 9.01

2 items

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers Governance

Key personnel changes including departures, elections, or appointments of directors and executive officers.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

CEO retention bonus: $250,000 CFO retention bonus: $225,000 Chief Strategy & Legal Officer retention bonus: $187,500 +1 more

4 metrics

CEO retention bonus $250,000 Cash retention award for CEO David Lillis under program adopted August 24, 2026

CFO retention bonus $225,000 Cash retention award for CFO Jeff Mayfield under the same program

Chief Strategy & Legal Officer retention bonus $187,500 Cash retention award for Priyen Patel under the same program

Retention period end date December 31, 2027 Date through which continued employment is generally required to earn full awards

Key Terms

retention bonus program, change of control, good reason, clawback

4 terms

retention bonus program financial

"adopted a retention bonus program for certain key employees"

change of control financial

"Payments under the awards are not accelerated for a change of control"

A change of control occurs when the ownership or management of a company shifts significantly, such as through a sale, merger, or acquisition, resulting in new leadership or ownership structure. This change can impact the company's direction and decision-making, which is important for investors because it may affect the company's stability, strategy, and future prospects.

good reason financial

"or the “executive resigns for good reason” before December 31, 2027"

clawback financial

"Amounts paid under the program remain subject to clawback by the Company"

A clawback is a contractual or legal right to recover money that was already paid out—often executive bonuses, incentives, or erroneous payments—when certain conditions change, such as fraud, accounting mistakes, or failure to meet performance targets. It matters to investors because clawbacks protect shareholder value by discouraging risky or misleading behavior, can affect future cash flow and executive incentives, and signal stronger governance, much like a store recalling a refund after discovering it was issued in error.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What executive retention bonuses did Latch, Inc. (LTCH) approve?

Latch, Inc. approved cash retention awards of $250,000 for CEO David Lillis, $225,000 for CFO Jeff Mayfield, and $187,500 for Chief Strategy and Legal Officer Priyen Patel, under a program adopted on August 24, 2026.

What is the service period for the LTCH executive retention bonuses?

The retention awards generally require each participating executive to remain employed with Latch, Inc. through December 31, 2027 in order to receive the full cash bonus.

Are Latch (LTCH) retention bonuses accelerated on a change of control?

No. Latch states that payments under the retention awards are not accelerated for a change of control or other corporate transaction under this program.

What happens to the LTCH retention bonus if an executive is terminated without cause?

If an executive is terminated by Latch without “cause” or resigns for “good reason” before December 31, 2027, he is entitled to a pro rata portion of his retention award based on service through the termination date.

Does Latch, Inc. (LTCH) have clawback rights on these retention bonuses?

Yes. Amounts paid under the retention bonus program remain subject to clawback if Latch later determines that grounds existed for a for-cause termination of the executive.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 08/28/2026 - 04:21 PM EDT Accepted by SEC EDGAR 08/28/2026 - 04:20 PM EDT

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) August 24, 2026

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) 227-1100

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; 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		Form of Retention Bonus Letter.
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.

Date: August 28, 2026		By:	/s/ Priyen Patel
		Name:	Priyen Patel
		Title:	Chief Strategy & Legal Officer

Source: View Original Filing on SEC EDGAR

Filing Exhibits & Attachments

5 documents

Agreements & Contracts

EX-10.1 EX-10.1 9.8 KB