James W. Siminoff - Jul 3, 2023 Form 4 Insider Report for Latch, Inc. (LTCH)

Signature
/s/ Priyen Patel, Attorney-in-fact
Stock symbol
LTCH
Transactions as of
Jul 3, 2023
Transactions value $
$0
Form type
4
Date filed
7/3/2023, 07:30 PM
Next filing
Jan 29, 2024

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction LTCH Common Stock Award +19.1M +165875.43% 19.1M Jul 3, 2023 Direct F1, F2, F3, F4
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Represents shares of the Issuer's common stock issued to the reporting person as partial consideration for the merger among the Issuer, LS Key Merger Sub 1, Inc., a wholly owned subsidiary of the Issuer ("Merger Sub I"), LS Key Merger Sub 2, LLC, a wholly owned subsidiary of the Issuer ("Merger Sub II"), and Honest Day's Work, Inc. ("HDW"), pursuant to which (i) Merger Sub I merged with and into HDW, with HDW continuing as the surviving corporation (the "First Merger"), and subsequently, (ii) HDW merged with and into Merger Sub II, with Merger Sub II continuing as the surviving entity and a wholly owned subsidiary of the Company (together with the First Merger, the "Mergers"). The Mergers closed on July 3, 2023 (the "Closing Date").
F2 The shares shall be non-transferable until July 3, 2028, subject to certain accelerated releases, including related to the trading price of the Issuer's common stock.
F3 In connection with the Mergers, the Issuer and the reporting person entered into a stock restriction agreement, pursuant to which, in the event the reporting person ceases to be an employee of the Company prior to July 3, 2028, the Company shall have the right to repurchase all of the reporting person's shares that have not already been released from transfer restriction, subject to certain exceptions.
F4 Received in exchange for shares of HDW capital stock in connection with the Mergers. On the Closing Date, the closing price of the Issuer's common stock was $1.40 per share.