Latch Grants Executives 1.6M RSUs; Updates Award Agreements
Latch, Inc. announced the adoption of updated restricted stock unit (RSU) and stock option grant agreements, along with a new common stock grant agreement, under its 2021 Incentive Award Plan. These new forms include modifications related to settlement timing, tax withholding, and administrative procedures. Concurrently, the Compensation Committee approved grants of time-based RSUs to Principal Executive Officer Dave Lillis (968,179 RSUs), Principal Financial Officer Jeff Mayfield (130,000 RSUs), and Chief Product and Technology Officer Ryan Salmons (500,000 RSUs). A unique vesting structure was implemented, with vesting commencement dates preceding the grant date to recognize prior service, resulting in a portion of the RSUs vesting immediately.
Key Highlights
- Latch's Compensation Committee adopted updated RSU and Stock Option grant agreements, and a new Common Stock grant agreement.
- Principal Executive Officer Dave Lillis was granted 968,179 RSUs with a grant-date fair value of approximately $193,636.
- Principal Financial Officer Jeff Mayfield was granted 130,000 RSUs with a grant-date fair value of approximately $26,000.
- Chief Product and Technology Officer Ryan Salmons was granted 500,000 RSUs with a grant-date fair value of approximately $100,000.
- A total of 1,598,179 RSUs were granted to the three executive officers.
- Vesting commencement dates for executive RSUs precede the grant date to account for service during a period when equity awards could not be granted.
- A portion of each executive's RSUs vested on the grant date, with the remainder vesting in quarterly installments over a three-year period.
- Award agreements were modified to revise settlement timing, expand tax withholding methods, and add administrative procedures.
Price Impact
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