Latch restatement not to be completed in 2023; Siminoff gets $1.55M, Lillis $475K in additional cash

Latch, Inc.

Restatement of 2019-2021 and Q1 2022 financials will not be completed during 2023; no estimated timeframe.
Jamie Siminoff (CSO) receives additional annual cash of $1.55M (total $1.75M); no equity or bonus while adjustment in effect.
David Lillis (SVP Finance) receives additional annual cash of $475K (total $825K); no equity or bonus while adjustment in effect.
Siminoff and Lillis expected to become CEO and CFO after restatement completion.
Nasdaq delisting effective April 15, 2024 triggers event of default on $22M promissory notes.

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