Latch enters severance agreement with Interim CFO Barry Schaeffer

Latch, Inc.

Agreement effective Dec 2, 2022, one-year term; provides severance if terminated without cause during term.
Without-cause severance: cash equal to one-half base salary plus annualized CFO bonus (approx. $448K currently).
Change-in-control termination: cash equal to 1x (base salary + CFO bonus + annual target bonus), 12 months COBRA, and 50% equity acceleration.
Receipt of benefits requires signing a release and compliance with restrictive covenants.

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