Document:

Document

Exhibit 10.1

March 28, 2022
Via Email
Garth Mitchell
Re:    Transition Agreement and General Release
Dear Mr. Mitchell:
This letter confirms the agreement (“Agreement”) between you and Latch Systems, Inc. (f/k/a Latch, Inc.) and its affiliates, as applicable, (the “Company” or “Latch”) concerning the terms of your transition and separation from employment and offers you certain benefits, conditioned upon your provision of a general release of claims and covenant not to sue now and upon the Separation Date (defined below) as provided herein. If you agree to the terms outlined herein, please sign and return this Agreement to me in the timeframe outlined below.
1.Separation from Employment: As you know, the parties have determined that, to enable you to pursue other opportunities, it is in the best interest for you and the Company to part ways and for your employment with the Company to end. The Company has discussed with you the terms under which it is willing to employ you during the Transition Period (as defined below), as described further below.
2.Continued Employment; Other Release Consideration: In exchange for your agreement to the general release and waiver of claims and covenant not to sue set forth below (the “Release”) and your other promises herein, the Company agrees to retain you as a Transitioning Chief Financial Officer (CFO) to solely perform the Transition Services (as defined below) on the following terms:
a.Separation Date; Transition Period and Services: Your last day of employment with the Company will be May 10, 2022 (the “Separation Date”), subject to Section 2(d), below. Between the Effective Date (as defined below) and the Separation Date (such period the “Transition Period”), you shall continue to be employed by the Company as follows: (i) on the Effective Date, you will transition into a Transitioning CFO role and will serve in that capacity until the Separation Date; (ii) while you are serving as a Transitioning CFO during the Transition Period, you agree to provide the following services upon written request by the SVP of People of the Company: support the Company during its first quarter 2022 earnings call (Section 2(a)(ii) collectively referred to as the “Transition Services”); (iii) on the Separation Date at the close of business, your employment with the Company will cease; and (iv) from the Separation Date until August 5, 2022, subject to earlier termination for any reason by either you or the Company upon seven (7) days prior written notice (the “Advisory Period”), you agree to be available upon written request by the SVP of People to provide advisory services to the Company to support an orderly transition of your duties (the “Advisory Services”). From the Effective Date until the Separation Date, you will be able to access your email address, your computer, and your home office equipment solely to perform the Transition Services as requested by the Company’s SVP of People. During the Transition Period and the Advisory Period, you agree direct all communications to the Company’s employees and Board members regarding the Company’s business through the Company’s SVP of People. You will remain covered by the Company’s existing Director & Officer Liability Insurance policy (the “Existing 

Policy”) while you remain employed by the Company, and thereafter, so long as the Existing Policy is in effect, which Existing Policy covers former officers and is a “claims made” policy.
b.Transition Compensation and Benefits: During the Transition Period and as long as you continue to be employed by the Company during such Transition Period and subject to Section 2(d) below, the Company will continue to pay your current base salary and you will continue to be eligible to participate in benefits customarily afforded to other employees, including participation in the Company-sponsored health benefits plan (the “Transition Compensation”). For the avoidance of doubt, you will not be eligible to receive any annual bonus for 2022.
c.Separation Compensation: Provided that you cooperatively and diligently provide the Transition Services as determined by the Company in good faith, then in exchange for your agreement to and non-revocation of the general release and waiver of claims and covenant not to sue set forth in Exhibit A (the “Second Release”), to be signed no earlier than the Separation Date and no later than 7 days after the Separation Date, your agreement to provide the Advisory Services, and your other promises herein, the Company agrees as follows (collectively referred to as the “Separation Compensation”):
i.Separation Payment: The Company agrees to pay you $452,000 (which is an amount equal to your base salary plus your annual target bonus) over a one (1)-year period, in accordance with the Company’s payroll practices (i.e., paid in semi-monthly installments), less applicable state and federal payroll deductions, starting from the Effective Date of the Second Release;
ii.COBRA: Upon your timely election to continue your existing health benefits under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), and consistent with the terms of COBRA and the Company’s health insurance plan, the Company will pay the insurance premiums to continue your existing health benefits through the earlier of (A) one (1) year after the Separation Date, (B) the date that you or your covered dependents become no longer eligible for COBRA or (C) the date you become eligible to receive medical, dental or vision coverage, as applicable, from a subsequent employer (and you agree to promptly notify the Company of such eligibility). You will remain responsible for, and must continue to pay, the portion of premiums, co-payments, etc. that you would have paid had your employment continued.
iii.Equity: Subject to and contingent on your signing and non- revocation of the Second Release no earlier than the Separation Date, the unvested portions of your Equity Grants (as defined below) as of the Effective Date of the Second Release, will fully vest on the Effective Date of the Second Release (such equity, the “Accelerated Equity”), provided that if (x) your employment is terminated by the Company prior to the Separation Date due to a breach of this Agreement by you or as provided in Section 2(d) or (y) if you resign prior to the Separation Date, the Accelerated Equity will be forfeited and cancelled immediately upon the occurrence of each such event. The Company agrees that you will be able to “net exercise” the stock options set forth below such that, for a given exercise of a stock option, in lieu of paying the aggregate exercise price in cash, you may forfeit shares subject to such option in an amount equal to the aggregate exercise price determined by the closing price of such shares on the date of exercise. “Equity Grants” means the following equity grants you currently hold (on a post-SPAC conversion basis):
(1)Stock options granted February 19, 2019 with an exercise price of $0.68 per share, 121,591 of which will remain unvested as of May 10, 2022 (for illustrative purposes only; 

all unvested shares subject to these stock options will vest on the Effective Date of the Second Release);
(2)Stock options granted December 3, 2019 with an exercise price of $1.01 per share, 56,114 of which will remain unvested as of May 10, 2022 (for illustrative purposes only; all unvested shares subject to these stock options will vest on the Effective Date of the Second Release); and
(3)Restricted stock units granted September 13, 2021, 280,724 of which will remain unvested as of May 10, 2022 (for illustrative purposes only; all unvested shares subject to these restricted stock units will vest on the Effective Date of the Second Release).
d.Termination of Employment: During the Transition Period, your employment may be terminated at any time by the Company if you have breached this Agreement or your Employment Agreement, dated January 24, 2021 (the “Employment Agreement”), or otherwise engaged in any acts or misconduct that has the effect, or potential effect, of causing harm to the Company (monetarily, reputationally, operationally, or otherwise). For the avoidance of doubt, no such alleged act(s) or misconduct shall give rise to termination unless it is material or interferes with the Company’s operations and takes place after the Effective Date. Upon termination under this Section 2(d), the Transition Compensation set forth in Section 2(b) shall immediately cease and you will forfeit your right to the Separation Compensation in Section 2(c). As of the Effective Date, the Company does not know of any past or existing breach of any agreement in effect or violation of any of your obligations to the Company.
By signing below, you acknowledge that you are receiving the Transition Compensation outlined in this section in consideration for waiving your rights to claims referred to in this Agreement and that you are not entitled to any additional severance or termination benefits except as set forth in this Agreement.
3.Final Pay: On final day of employment, the Company will pay you for past all wages, salary, and any similar payments due to you from the Company as of your separation from employment. By signing below, you acknowledge that the Company does not owe you any other amounts, except as otherwise may become payable under the Agreement. You will have fifteen (15) business days after your Separation Date to submit final expense reimbursement requests. Your reimbursement requests will be reviewed, processed, approved (or rejected), and paid in accordance with the Company’s Travel & Expense Policy. You must obtain prior written approval from the SVP of People of the Company prior to incurring any expenses after the Effective Date.
4.Return of Company Property: You hereby warrant to the Company that, no later than ten (10) business days after the Separation Date, you will return to the Company all property or data of the Company of any type whatsoever that has been in your possession or control.
5.Proprietary Information: You hereby acknowledge that you are bound by the confidentiality obligations set forth in the Latch Employee Handbook, the Latch Code of Business Conduct and Ethics, and the Employment Agreement. You agree not to disclose, nor use for your benefit or the benefit of any other person or entity, any information received in connection with the Company which is confidential or proprietary and (i) which has not been disclosed publicly by the Company, (ii) which is otherwise not a matter of public knowledge or (iii) which is a matter of public knowledge but you know or have reason to know that such 

information became a matter of public knowledge through an unauthorized disclosure. Proprietary or confidential information shall include information the unauthorized disclosure or use of which would reduce the value of such information to the Company. Such information includes, without limitation, the Company’s customer lists, its trade secrets, any confidential information about (or provided by) any customer or prospective or former customer of the Company, information concerning the Company’s business or financial affairs, including its books and records, commitments, procedures, plans and prospects, products developed by the Company, or current or prospective transactions or business of the Company and any “inside information.” You agree that such information provides the Company with a unique and valuable competitive advantage. You hereby confirm that, by the Separation Date, you will deliver to the Company (or destroy, at the Company’s option) and retain no copies of any written materials, records and documents (including those that are electronically stored) made by you or coming into your possession during the course of your employment with the Company that contain or refer to any such proprietary or confidential information.
6.Non-disparagement and Announcements: You agree that you will not disparage Releasees (as defined below) or their products, services, agents, representatives, directors, officers, shareholders, attorneys, employees, vendors, affiliates, successors or assigns, or any person acting by, through, under or in concert with any of them, with any written or oral statement. The Company agrees that its current executive officers and directors will not disparage you while they are employed or engaged by the Company. Nothing in this section shall prohibit you or the Company from providing truthful information in response to a subpoena or other legal process. The Company will allow you to review and provide input on any announcements of your departure from the Company, both internal and external, including a brief announcement of your departure that you will be permitted to make during the Company’s first quarter 2022 earnings call, subject to approval by the Company. In the event a Form 8-K to be filed by the Company describes or lists any reasons for your departure, you will have the opportunity prior to its filing to provide comment on such reasons to ensure they are mutually agreeable and in good faith. No Company- approved announcement, internal or external, as to your tenure or your departure, shall disparage you.
7.General Release and Waiver of Claims:
a.The payments and promises set forth in this Agreement are in full satisfaction of all accrued salary, vacation pay, bonus and commission pay, profit-sharing, stock, stock options or other ownership interest in the Company, termination benefits or other compensation to which you may be entitled by virtue of your employment with the Company or your separation from the Company. To the fullest extent permitted by law, you hereby release and waive any other claims you may have against the Company and its owners, agents, officers, shareholders, employees, directors, attorneys, subscribers, subsidiaries, affiliates, successors and assigns (collectively “Releasees”), whether known or not known, including, without limitation, claims under any employment laws, including, but not limited to, claims of unlawful discharge, breach of contract, breach of the covenant of good faith and fair dealing, fraud, violation of public policy, defamation, physical injury, emotional distress, claims for additional compensation or benefits arising out of your employment or your separation of employment, claims under Title VII of the 1964 Civil Rights Act, as amended, the New York Human Rights Law, the New York City Human Rights Law, the California Fair Employment and Housing Act, and any other laws and/or regulations relating to employment or employment discrimination, including, without limitation, claims of sexual harassment or other unlawful harassment (although you acknowledge that you have not asserted, and you are otherwise not aware of any basis for, any claim against Releasees of or involving sexual harassment), claims based on age or under the Age Discrimination in Employment Act or Older Workers Benefit Protection Act, and/or claims based on disability or under the Americans with Disabilities Act. The Company 

represents that its officers and directors know of no claims or potential claims of the Company against you.
b.By signing below, you expressly waive any benefits of Section 1542 of the Civil Code of the State of California, and any other state law of similar effect, which provides as follows:
“A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THAT THE CREDITOR OR RELEASING PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE AND THAT, IF KNOWN BY HIM OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR OR RELEASED PARTY.”
c.You and the Company do not intend to release claims that you may not release as a matter of law, including but not limited to claims for indemnity (including indemnity under California Labor Code Section 2802, as applicable) or any claims for enforcement of this Agreement. This release does not waiver your right to report possible violations of federal law or regulation to any governmental agency or entity in accordance with the provisions of and rules promulgated under Section 21F of the Securities Exchange Act of 1934 or Section 806 of the Sarbanes-Oxley Act of 2002, or any other whistleblower protection provisions of state or federal law or regulation and any right to receive an award for information provided thereunder. To the fullest extent permitted by law, any dispute regarding the scope of this general release shall be determined by an arbitrator under the procedures set forth in the arbitration clause below.
d.You acknowledge that, for certain matters in which you were involved during your employment with the Company, the Company may need your cooperation in the future. Accordingly, following the Separation Date, and to the extent reasonably requested by the Company, you shall reasonably cooperate with the Company regarding matters arising out of or related to your service to the Company, provided that the Company shall make reasonable efforts to minimize disruption of your other activities. You shall be compensated for your time in doing so at an hour rate determined by reference to your base salary while employed. Should an independent legal counsel be required to perform such services, the Company shall reimburse you for reasonable fees of such legal counsel, provided that if reasonably practical, you shall consult with the Company prior to engaging an independent counsel on any such matter.
e.Your releases and waivers of claims both (i) as of the Effective Date; (ii) following the Separation Date, shall be void and of no effect should the Company not provide your severance compensation set forth in Section 2(c), unless the Company has the right to do so pursuant to Section 2(d) or any other provision in this Agreement.
8.Covenant Not to Sue:
a.To the fullest extent permitted by law, at no time subsequent to the execution of this Agreement will you pursue, or cause or knowingly permit the prosecution, in any state, federal or foreign court, or before any local, state, federal or foreign administrative agency, or any other tribunal, of any charge, claim or action of any kind, nature and character whatsoever, known or unknown, which you may now have, have ever had, or may in the future have against Releasees, which is based in whole or in part on any matter released by this Agreement.
b.Nothing in this section shall prohibit or impair you or the Company from complying with all applicable laws, nor shall this Agreement be construed to obligate either party to commit (or aid or abet in the commission of) any unlawful act.

9.Protected Rights: You understand that nothing in the General Release and Waiver of Claims and Covenant Not to Sue sections above, or otherwise in this Agreement, limits your ability to file a charge or complaint with the Equal Employment Opportunity Commission, the National Labor Relations Board, the Occupational Safety and Health Administration, the Securities and Exchange Commission or any other federal, state or local government agency or commission (“Government Agencies”). You further understand that this Agreement does not limit your ability to communicate with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information, without notice to the Company. This Agreement does not limit your right to receive an award for information provided to any Government Agencies.
10.Arbitration: Except for any claim for injunctive relief arising out of a breach of a party’s obligations to protect the other’s proprietary information, the parties agree to arbitrate, in New York, New York through JAMS, any and all disputes or claims arising out of or related to the validity, enforceability, interpretation, performance or breach of this Agreement, whether sounding in tort, contract, statutory violation or otherwise, or involving the construction or application or any of the terms, provisions, or conditions of this Agreement. Any arbitration may be initiated by a written demand to the other party. The arbitrator for any such arbitrations shall be mutually selected by the parties. In the event a party to an arbitration or its legal counsel representing such party in such arbitration has a conflict of interest with the mutually selected arbitrator, the parties agree to use a non-conflicted arbitrator. The parties represent that they do not have any conflicts of interest with the JAMS arbitration company as of the Effective Date of this Agreement. The arbitrator’s decision shall be final, binding, and conclusive. The parties further agree that this Agreement is intended to be strictly construed to provide for arbitration as the sole and exclusive means for resolution of all disputes hereunder to the fullest extent permitted by law. The parties expressly waive any entitlement to have such controversies decided by a court or a jury.
11.Attorneys’ Fees: If any action is brought to enforce the terms of this Agreement, the prevailing party will be entitled to recover its reasonable attorneys’ fees, costs and expenses from the other party, in addition to any other relief to which the prevailing party may be entitled.
12.No Admission of Liability: This Agreement is not and shall not be construed or contended by you to be an admission or evidence of any wrongdoing or liability on the part of Releasees, nor is this nor shall this Agreement be construed or contended by Company to be an admission or evidence of any wrongdoing or liability by you. This Agreement shall be afforded the maximum protection allowable under the Federal Rules of Evidence 408 and/or any other state or federal provisions of similar effect.
13.Complete and Voluntary Agreement: This Agreement, along with any provisions of your Employment Agreement (or similar agreement) that survive termination of your employment relationship with the Company and your stock option agreements, constitute the entire agreement between you and Releasees with respect to the subject matter hereof and supersedes all prior negotiations and agreements, whether written or oral, relating to such subject matter. You understand that the restrictive covenants in the Employment Agreement will continue to apply during and after the Transition Period, as set forth in your Employment Agreement. You acknowledge that neither Releasees nor their agents or attorneys have made any promise, representation or warranty whatsoever, either express or implied, written or oral, which is not contained in this Agreement for the purpose of inducing you to execute the Agreement, and you acknowledge that you have executed this Agreement in reliance only upon such promises, representations and warranties as are contained herein, and that you are executing this Agreement voluntarily, free of any duress or coercion.

14.Severability: The provisions of this Agreement are severable, and if any part of it is found to be invalid or unenforceable, the other parts shall remain fully valid and enforceable. Specifically, should a court, arbitrator, or government agency conclude that a particular claim may not be released as a matter of law, it is the intention of the parties that the general release, the waiver of unknown claims and the covenant not to sue above shall otherwise remain effective to release any and all other claims.
15.Modification; Counterparts; Facsimile/PDF Signatures: It is expressly agreed that this Agreement may not be altered, amended, modified, or otherwise changed in any respect except by another written agreement that specifically refers to this Agreement, executed by authorized representatives of each of the parties to this Agreement. This Agreement may be executed in any number of counterparts, each of which shall constitute an original and all of which together shall constitute one and the same instrument. Execution of a facsimile or PDF copy shall have the same force and effect as execution of an original, and a copy of a signature will be equally admissible in any legal proceeding as if an original.
16.Governing Law: This Agreement shall be governed by and construed in accordance with the laws of the State of New York.
17.Review of Agreement; Expiration of Offer: You understand that you may take up to seven (7) days to consider this Agreement (the “Consideration Period”). The offer set forth in this Agreement, if not accepted by you before the end of the Consideration Period, will automatically expire. By signing below, you affirm that you were advised to consult with an attorney prior to signing this Agreement.
18.Effective Date: This Agreement is effective on the date you and an authorized representative of the Company signs it as reflected on the signature pages below (the “Effective Date”).
19.Breach Notice. There shall be no breach of this Agreement, whether during the Transition Period or thereafter, unless and until (a) the alleged default, violation, or failure relates to a material provision of this Agreement and (b) the allegedly defaulting or violating party receives a detailed written description of the alleged breach. For the avoidance of doubt, Sections 2(d), 4, 5, 6, or 8 of this Agreement shall be considered material under this Section 19.

If you agree to abide by the terms outlined in this Agreement, please sign and return it to me.
Sincerely,
						
	LATCH SYSTEMS, INC. (AND ITS AFFILIATES)
	By:	 /s/ Luke Schoenfelder
		Luke Schoenfelder
		CEO

		
	Date:	3/28/2022

READ, UNDERSTOOD AND AGREED
						
	By:	/s/ Garth Mitchell

		Garth Mitchell

		
	Date:
	3/28/2022

EXHIBIT A
SECOND RELEASE
This General Release of All Claims and Covenant Not to Sue (the “Second Release”) is entered into between Garth Mitchell (“Employee”) and Latch Systems, Inc (f/k/a Latch, Inc.) and its affiliates (the “Company”) (collectively, “the parties”). All terms not defined herein shall have the meaning set forth in the Agreement (as defined below).
WHEREAS, Employee and the Company entered into an agreement regarding Employee’s transition and separation from employment with the Company (the “Agreement,” to which this Second Release is attached as Exhibit A);
WHEREAS, on ____________, Employee’s employment with the Company ceased (the “Separation Date”);
WHEREAS, this agreement serves as the Second Release, pursuant to the Agreement; and
WHEREAS, Employee and the Company desire to mutually, amicably and finally resolve and compromise all issues and claims surrounding Employee’s employment and separation from employment with the Company.
NOW THEREFORE, in consideration for the mutual promises and undertakings of the parties as set forth below, Employee and the Company hereby enter into this Second Release.
1.Acknowledgment of Payment of Wages: By Employee’s signature below, Employee acknowledges that, on or following the Separation Date, the Company paid Employee for all wages, salary, and any similar payments due to Employee from the Company as of the Separation Date. By signing below, Employee acknowledges that the Company does not owe Employee any other amounts, except as may become payable under the Agreement and the Second Release.
2.Return of Company Property: Employee hereby warrants to the Company that Employee has returned to the Company all property or data of the Company of any type whatsoever that has been in Employee’s possession, custody or control.
3.Consideration: In exchange for Employee’s agreement to this Second Release and Employee’s other promises in the Agreement and herein, the Company agrees to provide Employee with the consideration set forth in Section 2(c) of the Agreement. By signing below, Employee acknowledges that Employee is receiving the consideration in exchange for waiving Employee’s rights to claims referred to in this Second Release and Employee would not otherwise be entitled to the consideration.
4.General Release and Waiver of Claims:
a.The payments and promises set forth in this Second Release are in full satisfaction of all accrued salary, vacation pay, bonus and commission pay, profit-sharing, stock, stock options or other ownership interest in the Company, termination benefits or other compensation to which Employee may be entitled by virtue of Employee’s employment with the Company or Employee’s separation from the Company. To the fullest extent permitted by law, Employee hereby release and waive any other claims Employee may have against the Company and its owners, agents, officers, shareholders, employees, directors, attorneys, subscribers, subsidiaries, affiliates, successors and assigns (collectively “Releasees”), whether known or not 

known, including, without limitation, claims under any employment laws, including, but not limited to, claims of unlawful discharge, breach of contract, breach of the covenant of good faith and fair dealing, fraud, violation of public policy, defamation, physical injury, emotional distress, claims for additional compensation or benefits arising out of Employee’s employment or Employee’s separation of employment, claims under Title VII of the 1964 Civil Rights Act, as amended, the New York Human Rights Law, the New York City Human Rights Law, the California Fair Employment and Housing Act, and any other laws and/or regulations relating to employment or employment discrimination, including, without limitation, claims of sexual harassment or other unlawful harassment (although you acknowledge that Employee has not asserted, and Employee is otherwise not aware of any basis for, any claim against Releasees of or involving sexual harassment), claims based on age or under the Age Discrimination in Employment Act or Older Workers Benefit Protection Act, and/or claims based on disability or under the Americans with Disabilities Act.
b.By signing below, Employee expressly waive any benefits of Section 1542 of the Civil Code of the State of California, an any other state law of similar effect, which provides as follows:
“A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THAT THE CREDITOR OR RELEASING PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE AND THAT, IF KNOWN BY HIM OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR OR RELEASED PARTY.”
c.Employee and the Company do not intend to release claims that Employee may not release as a matter of law, including but not limited to claims for indemnity (including indemnity under California Labor Code Section 2802, as applicable) or any claims for enforcement of this Agreement. This release does not waiver your right to report possible violations of federal law or regulation to any governmental agency or entity in accordance with the provisions of and rules promulgated under Section 21F of the Securities Exchange Act of 1934 or Section 806 of the Sarbanes-Oxley Act of 2002, or any other whistleblower protection provisions of state or federal law or regulation and any right to receive an award for information provided thereunder. To the fullest extent permitted by law, any dispute regarding the scope of this general release shall be determined by an arbitrator under the procedures set forth in the Agreement.
d.Employee acknowledges that, for certain matters in which Employee was involved during Employee’s employment with the Company, the Company may need Employee’s cooperation in the future. Accordingly, following the Separation Date, and to the extent reasonably requested by the Company, you shall cooperate with the Company regarding matters arising out of or related to Employee’s service to the Company, provided that the Company shall make reasonable efforts to minimize disruption of Employee’s other activities.
5.Covenant Not to Sue:
a.To the fullest extent permitted by law, at no time subsequent to the execution of this Second Release will Employee pursue, or cause or knowingly permit the prosecution, in any state, federal or foreign court, or before any local, state, federal or foreign administrative agency, or any other tribunal, of any charge, claim or action of any kind, nature and character whatsoever, known or unknown, which Employee may now have, have ever had, or may in the future have against Releasees, which is based in whole or in part on any matter released by this Second Release.

b.Nothing in this section shall prohibit or impair Employee or the Company from complying with all applicable laws, nor shall this Second Release be construed to obligate either party to commit (or aid or abet in the commission of) any unlawful act.
6.Protected Rights: Employee understands that nothing in the General Release and Waiver of Claims and Covenant Not to Sue sections above, or otherwise in this Second Release, limits Employee’s ability to file a charge or complaint with the Equal Employment Opportunity Commission, the National Labor Relations Board, the Occupational Safety and Health Administration, the Securities and Exchange Commission or any other federal, state or local government agency or commission (“Government Agencies”). Employee further understands that this Second Release does not limit Employee’s ability to communicate with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information, without notice to the Company. This Second Release does not limit Employee’s right to receive an award for information provided to any Government Agencies.
7.Non-disparagement: Employee agrees that Employee will not disparage Releasees or their products, services, agents, representatives, directors, officers, shareholders, attorneys, employees, vendors, affiliates, successors or assigns, or any person acting by, through, under or in concert with any of them, with any written or oral statement. Nothing in this section shall prohibit Employee from providing truthful information in response to a subpoena or other legal process.
8.Review of Second Release; Expiration of Offer: Employee understands that Employee may take up to seven (7) days to consider this Second Release (the “Consideration Period”). The offer set forth in this Second Release, if not accepted by Employee before the end of the Consideration Period, will automatically expire. By signing below, Employee affirms that Employee was advised to consult with an attorney prior to signing this Second Release. Employee also understands that the consideration to be provided to Employee pursuant to Section 2(c) of the Agreement will be provided only after execution of this Second Release.
9.Effective Date: This Second Release is effective on the date you sign it as reflected on your signature page below (the “Effective Date”).
10.Other Terms of Agreement Incorporated Herein: The following Sections (or portions of such Sections as applicable) of the Agreement are hereby incorporated in this Second Release as though fully stated herein and apply with equal force to this Second Release: Sections 2(c), 2(d), 3, 5, 6 and 10-16.
															
	Dated:				
				Name:	Garth Mitchell
					
				For the Company
					
	Dated:				
				Luke Schoenfelder

				CEODocument

Exhibit 10.2

Latch Systems, Inc.
508 West 26th Street
Suite 6G
New York, NY 10001
July 8, 2021
SUBJECT: OFFER LETTER OF EMPLOYMENT
Dear Barry Schaeffer,
On behalf of Latch Systems, Inc. (the “Company”), I am truly excited to offer you the position of Senior Vice President, Finance initially reporting to Garth Mitchell. The terms and conditions for this offer are detailed below.
Your start date will be effective as of August 2, 2021 (the “Start Date”). The details concerning your employment are set forth in this letter and in the Employment Agreement, a copy of which is attached hereto as Exhibit A. As a condition to your employment with the Company, you will be required to sign this letter (this “Offer Letter”), as well as the Employment Agreement, the Disclosure and Authorization to Procure Background Information attached hereto as Exhibit B and the Prior Inventions Disclosure attached hereto as Exhibit C. This Offer Letter, the Employment Agreement, the Disclosure and Authorization to Procure Background Information and the U.S. Department of Homeland Security Form I-9 are referred to collectively herein as the “Employee Agreements.” If you have any questions about the language contained in the Application or the Employee Agreements, please feel free to call me.
This offer of employment is also contingent upon your successful completion of all facets of the Company’s pre-employment screening process, which includes confirmation that you are legally able to work for the Company in the United States in the position offered to you, and a background investigation which will include a credit check because the position you have been offered is a non-clerical position having regular access to trade secrets, intelligence information, or national security information.
Compensation. Your annual compensation rate will be $280,000.00 USD, payable in semimonthly installments. You will also be eligible for an incentive bonus for each fiscal year of your employment at the Company. Your target bonus is expected to be equal to 20% of your annual base salary, with the final amount awarded (if any) to be based on criteria established by the Company and at the Company’s sole discretion. For any given fiscal year, your bonus will be prorated for the period of time you are employed by the Company during such fiscal year. We anticipate launching our bonus program on July 1, 2021, and therefore any bonus you receive for fiscal year 2021 will be prorated to reflect eligibility from that date or from your Start Date, whichever is later. Any bonus for a given fiscal year will be paid within three months after the close of that fiscal year, but only if you are still employed by the Company at the time of payment.
Additionally, you will receive an equity incentive compensation award, which is expected to be in the form of a grant of restricted stock units, subject to approval by Latch, Inc.’s (the “Parent Company”) Board of Directors (the “Board”) and in accordance with applicable securities laws (the “RSU Grant”). Such RSU Grant, when issued, will (i) be for a number of shares of the Parent Company’s Common Stock (“Common Stock”) with a total value of $600,000.00 as of the date of grant, (ii) contain a vesting start date of August 2, 2021 (the “Vesting Start Date”), (iii) contain a three year vesting schedule whereby one-third (1/3) of the shares subject to the RSU Grant will vest on the first anniversary of the Vesting Start Date and 
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one-twelfth (1/12) of the shares subject to the RSU Grant will vest quarterly thereafter for the remaining two years, provided in each case that you continue to be employed by the Company on the relevant date, and (iv) contain other provisions determined by the Board in its sole discretion. We anticipate that the RSU Grant will be issued in August, in accordance with applicable securities laws and subject to approval by the Board. The RSU Grant will be subject to certain customary terms and conditions which will be fully set forth in an award notice and grant agreement (collectively, including exhibits thereto, the “Equity Documents”). Copies of the Equity Documents for review and signature will be provided as promptly as practicable upon receipt of executed copies of the Employee Agreements and approval of the grant by the Board, and after applicable regulatory requirements have been met.
Term of Employment. During the term of your employment, the Company will retain the right to control and direct your work, its results, and the manner and means by which your work is accomplished. Please understand that you are being engaged as an at-will employee. This means that either you or the Company may terminate the relationship at any time, for any reason, with or without cause or notice, subject to the terms of your Equity Documents, if any. As such, the at-will term of your employment will not be changed by the Employee Agreements or any changes during the term of your employment.
This letter, together with the Employee Agreements you executed for the benefit of the Company, forms the complete and exclusive statement of your agreement with the Company as an employee and supersedes any other agreements or promises made to you by anyone, whether oral or written. To indicate your acceptance of our offer, please return copies of the Employee Agreements with your signature.
Please bring copies of all necessary documents required to verify your identity and eligibility to work in the United States with you to the office on your reporting date. A list of acceptable documents is described on the enclosed Department of Homeland Security Form I-9.
We are all excited about the opportunity to work with you. On behalf of all our team members, let me extend a sincere Welcome Aboard!
Sincerely,
			
	/s/ Deb Josephs

	Deb Josephs, Chief People Officer

Enclosures: Employment Agreement, Disclosure and Authorization to Procure Background Information, Prior Inventions Disclosure
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OFFER LETTER SIGNATURE PAGE
I accept the above terms of employment as stated above:
						
	By:	/s/ Barry Schaeffer
		Barry Schaeffer
		
		7/9/2021
		Date

Approved by Latch Systems, Inc.
						
	By:	/s/ Deb Josephs
		Deb Josephs
		Chief People Officer
		
		7/8/2021
		Date

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EXHIBIT A
Employment Agreement
See attached.

LATCH SYSTEMS, INC.
EMPLOYMENT AGREEMENT
This Employment Agreement (the “Agreement”) is entered into on August 2, 2021 (the “Effective Date”), by and between Barry Schaeffer (“Employee”), and Latch Systems, Inc., a Delaware corporation (together with its successors, assigns, and affiliates, as applicable, the “Company”).
WITNESSETH
WHEREAS, the Company and Employee desire to enter into this Agreement to set forth the terms and conditions of Employee’s employment with the Company.
NOW, THEREFORE, in consideration of the mutual promises set forth herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:
1.Employment and Duties. The Company agrees to employ Employee on the terms and conditions provided in this Agreement. Employee shall perform all tasks and duties related to their position (as the same may be altered, modified, increased or reduced from time to time) that are delegated to Employee by the President of the Company, or the President’s designee. Employee acknowledges that Employee’s reporting structure may change from time to time. Employee shall perform Employee’s duties hereunder in compliance with all applicable laws and all policies, practices, instructions and procedures of the Company and its Affiliates (as defined below) which may be adopted by the Company or its Affiliates from time to time. Employee agrees to devote Employee’s full working time, attention, energies and best efforts to the performance of Employee’s duties hereunder. During Employee’s term of employment (the “Term”), Employee shall not participate or assist in any way, manner, or by any means whatsoever, directly or indirectly, in any business other than the business of the Company, even though such participation or assistance takes place outside of Employee’s working hours.
2.Compensation and Related Matters.
a.Compensation. During the Term, the Company agrees to compensate Employee pursuant to the terms of the Offer Letter hereto (the “Compensation”), which Compensation may be adjusted by the Company from time to time, in its sole discretion. Employee’s salary shall be payable to Employee bi-weekly or on such other reasonable pay periods established from time to time by the Company according to its standard payroll practices.
b.Employee Benefits. In addition to the Compensation, Employee shall be entitled to the benefits available generally to Company employees pursuant to Company programs, including, by way of illustration, vacation, holidays, health insurance, life insurance, and other employee benefits programs of the Company which may now or, if not terminated, shall hereafter be in effect, or in any other or additional such programs which may be established by the Company, as and to the extent any such programs are or may from time to time be in effect, as determined or amended by the Company in its sole discretion. Employee’s eligibility for and participation in such plans is governed by the terms and conditions of the applicable plans, and by the policies of the Company established from time to time. Nothing herein shall affect the Company’s ability to modify, alter, terminate or otherwise change any benefit plan it has in effect at any given time, to the extent permitted by law.
c.Other Perquisites. The Company may, in its sole discretion, decide to provide Employee with other perquisites during the course of Employee’s employment with the Company.
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3.Reimbursement of Expenses. The Company will reimburse Employee for reasonable expenses properly incurred by Employee in the performance of Employee’s duties hereunder, provided those expenses have been approved in advance by the Company. Approved expenses will be reimbursed based upon the submission of a valid receipt with a monthly expense report and will be paid in the month following the month in which the expense report is submitted. Expenses older than sixty (60) days from the date of submission of the expense report will not be reimbursed.
4.Termination. Notwithstanding anything herein to the contrary, Employee acknowledges that Employee is an at-will employee of the Company. Accordingly, the Company may immediately terminate Employee, with or without cause or reason and with or without notice, at any time.
5.Effect of Termination. Upon the termination of Employee’s employment pursuant to Section 4 hereof, Employee shall be entitled to receive all Compensation earned through Employee’s last day of actual employment by the Company, except that any and all loans, debts, obligations or IOU’s due to be paid by Employee to the Company shall be deducted from Employee’s final pay. Except as provided for in this Section 5, upon termination, Employee shall be entitled to no other or further compensation from the Company.
6.Company Property.
a.All correspondence, records, documents, software, promotional materials, and other Company property (including, without limitation, Confidential Information and Inventions (each as defined below)) and all copies thereof, which come into Employee’s possession by, through or in the course of Employee’s employment, regardless of the source and whether created by Employee or not, are the sole and exclusive property of the Company, and immediately upon the termination of Employee’s employment for any reason, or any time at the Company’s request, Employee shall return to the Company all such property of the Company, as well as Third Party Information, and certify in writing that Employee has fully complied with the foregoing obligation.
b.Upon the earlier of (i) any request of the Company and (ii) five (5) days after the date of Employee’s termination hereunder for any reason, Employee shall deliver promptly to the Company all customer lists, sales and service manuals and data, equipment, computers, printers, facsimile machines, office equipment, cellular telephones, records, manuals, books, blank forms, documents, databases, files, letters, memoranda, notes, notebooks, reports, data, tables, calculations or copies thereof, which are the property of the Company or which relate in any way to the business of the Company, and all of other property, trade secrets, Inventions or Confidential Information of the Company, as well as Third Party Information, which are in Employee’s possession, care or control. Employee hereby authorizes the Company to deduct from any amounts due to Employee hereunder the cost of all Company property or Third Party Information damaged by Employee or retained by Employee in violation of this Section 6.b.
c.Employee shall not copy, delete, or alter any information contained upon Employee’s Company computer or Company equipment before returning it to Company. In addition, if Employee has used any personal computer, server, or e-mail system to receive, store, review, prepare or transmit any Company information, including but not limited to, Confidential Information, Employee agrees to provide the Company with a computer-useable copy of all such Confidential Information and then permanently delete and expunge such Confidential Information from those systems; and Employee agrees to provide the Company access to Employee’s system as reasonably requested to verify that the necessary copying and/or deletion is completed. Employee further agrees that any property situated on Company’s premises and owned by Company is subject to inspection by Company’s personnel at any time with or without notice. Prior to the termination of employment or promptly after termination of employment, Employee shall cooperate with Company in attending an exit interview and certifying in writing that Employee has complied with the requirements of this Section 6.c.
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7.Non-Competition, Non-Solicitation.
a.Employee agrees and acknowledges that, in connection with Employee’s employment with the Company, Employee will be provided with access to and become familiar with confidential and proprietary information and trade secrets belonging to the Company and its Affiliates, including, without limitation, “know how,” trade secrets, inventions, ideas, processes, computer source and object code, data, formulae, programs, other works of authorship, improvements, discoveries, developments, designs, techniques, customer lists, pricing policies, operational methods, and documents and information with respect to present and prospective plans for research and development, financial statements, budgets, contracts, goods, services, products, equipment, processes, clients, customers, agents, employees, contractors, suppliers, service providers, sales and marketing methods, and other business affairs, discussions, negotiations, or agreements of the Company and its Affiliates (collectively, “Confidential Information”). Employee further acknowledges and agrees that, given the nature of this Confidential Information, it is likely that such Confidential Information would inevitably be used or revealed, either directly or indirectly, in any subsequent employment with a competitor of the Company or its Affiliates and its use by others could cause substantial harm to the Company or its Affiliates. Employee and the Company also recognize that an important part of Employee’s duties will be to develop and continue goodwill for the Company and its Affiliates through personal contact with the customers of the Company and its Affiliates, and that there is a danger that this goodwill, a proprietary asset of the Company or its Affiliates, may follow Employee when Employee’s relationship with the Company is terminated. Accordingly, in consideration of Employee’s employment with the Company pursuant to this Agreement, and other good and valuable consideration, the sufficiency of which is hereby acknowledged, Employee agrees that, while Employee is in the employ of the Company and for a one (1) year period after the termination of Employee’s employment with the Company for any reason, Employee shall not, either on Employee’s own behalf or on behalf of any third party, directly or indirectly:
(i)except on behalf of the Company or its Affiliates, directly or indirectly, either as a proprietor, equity holder, partner, joint venturer, investor, lender, principal, agent, officer, director, employee or otherwise (other than as a holder of not more than one percent (1%) of the total outstanding stock of a publicly held company), and whether through Employee’s own efforts or through the efforts of, or in any way assisting or employing the assistance of, any other person or entity (including, without limitation, any consultant or any person employed by or associated with any entity with whom Employee is employed or associated) engage or attempt to engage in any Competitive Business (as defined below) (provided that in the case of the Employee being engaged by a Competitive Business after the Employee’s engagement by the Company has ceased, the Employee performs duties that are the same or similar to those performed for the Company and/or that would require or permit the Employee to use Confidential Information); or
(ii)(x) recruit, solicit, encourage, or attempt to cause (or in any way assist another in recruiting, soliciting, encouraging, or attempting to cause) any employee, consultant, or contractor of or for the Company or its Affiliates to terminate his/her/its employment or other relationship with the Company or its Affiliates, (y) hire, employ, or seek to employ, or cause, recommend, or assist any competing individual or entity to hire, employ, or seek to employ, any person or entity who or that is (or was at any time within the one (1) year period prior to the termination of Employee’s employment) employed or engaged by the Company or its Affiliates (provided that, with respect to periods after the Employee’s engagement by the Company has ceased, the Employee solicits any such person or entity for a position that would result in such person or entity being directly involved in a Competitive Business or otherwise would allow or require that person or entity to use Confidential Information), or (z) solicit, aid or induce any customer, client, supplier, licensee, advertiser, vendor or any other business relation of the Company or its Affiliates to cease doing business with the Company or its Affiliates or reduce the amount of business conducted with the Company or its Affiliates, or interfere with the relationship between the Company or its Affiliates and any customer, 
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client, supplier, licensee, advertiser, vendor or any other business relation of the Company or its Affiliates.
b.During and after employment, Employee agrees not to disparage the Company, or issue any communication, written or otherwise, that reflects adversely on or encourages any adverse action against the Company, except: (a) if testifying truthfully under oath pursuant to any lawful court order or subpoena, (b) otherwise responding to or providing disclosures required by law. This includes any statement to or response to an inquiry by any member of the press or media, whether written, verbal, electronic, or otherwise. In addition, Employee agrees that, while Employee is in the employ of the Company and continuing indefinitely from and after the termination of Employee’s employment with the Company for any reason, Employee shall not, either on Employee’s own behalf or on behalf of any third party, directly or indirectly: disclose, use, lecture upon, publish, or divulge to any third party any of Company’s Confidential Information or information relating to or regarding any Inventions, except as may be required in connection with Employee’s work for Company, or as expressly authorized by the President of the Company; or use or allow to be used any trade or business name, or other words, symbol, logo, or means of identification which is similar to one used by the Company or its Affiliates.
As used in this Agreement, “Affiliate” means, with respect to any person or entity, any other person or entity directly or indirectly controlling, controlled by, or under common control with such person or entity, provided that, for purposes of this definition, “control” (including, any derivative of the word “control”) shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such person or entity, whether through the ownership of voting securities or by contract or otherwise. As used in this Agreement, “Competitive Business” means any business involved in developing, marketing or selling any business involved in developing, marketing or selling access control and monitoring hardware related products that allow an organization and/or individual to control and monitor access to a workspace, living area, or any owned, leased, or rented property (or other product lines adopted by the Company from time to time) (or other product lines adopted by the Company from time to time).
c.The parties agree that the relevant public policy aspects of covenants not to compete have been discussed, and that every effort has been made to limit the restrictions placed upon Employee to those that are reasonable and necessary to protect the Company’s legitimate interests. Employee acknowledges that, based upon Employee’s education, experience, and training, this non-compete provision will not prevent Employee from earning a livelihood and supporting Employee and Employee’s family during the relevant time period.
d.If any restriction set forth in this Section 7 is found by any court of competent jurisdiction to be unenforceable because it extends for too long a period of time or over too great a range of activities or geographic area, it shall be interpreted to extend over the maximum period of time, range of activities or geographic areas as to which it may be enforceable.
e.The restrictions contained in this Section 7 are necessary for the protection of the business and goodwill of the Company or its Affiliates and are considered by Employee to be reasonable for such purposes. Employee agrees that any material breach of this Section 7 will cause the Company or its Affiliates substantial and irrevocable damage and, therefore, in the event of any such breach, in addition to such other remedies which may be available, the Company shall have the right to seek specific performance, injunctive and other equitable relief. The Company shall be entitled to an award of its reasonable attorney’s fees and litigation costs incurred in enforcing this Agreement or obtaining any judgment or decree against Employee in any court of competent jurisdiction.
8.Third Party Information. Employee acknowledges that Company has received and, in the future, will receive from third parties confidential or proprietary information (collectively, “Third Party Information”) subject to a duty on Company’s part to maintain the 
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confidentiality of such information and to use it only for certain limited purposes. During and after the term of employment, Employee shall hold Third Party Information in strict confidence and shall not disclose to anyone (other than Company personnel who need to know such information in connection with their work for Company) or use, Third Party Information, except in connection with Employee’s work for Company or unless expressly authorized by an officer of Company in writing.
9.Protection of Confidential Information; Recognition of Company’s Rights. Employee shall not use, reproduce or disclose any Confidential Information to any person or entity for any reason, except as may be necessary in discharging Employee’s assigned duties as an employee of the Company, or as expressly authorized by the President of the Company. Employee agrees that Employee shall use the utmost care to protect the secrecy and confidentiality of Confidential Information and take steps to ensure that unauthorized persons do not have or gain access to Confidential Information. Employee also agrees to obtain written approval by the President before publishing or submitting for publication any material (written, oral, or otherwise) that relates to Employee’s work at Company and/or incorporates any Confidential Information. Employee hereby assigns to Company any rights Employee may have or acquire in any and all Confidential Information and recognizes that all Confidential Information shall be the sole and exclusive property of Company and its assigns.
10.No Improper Use of Information of Prior Employers and Others. Employee represents and warrants to the Company that Employee’s employment by Company does not and will not breach any agreement with any former employer, including any noncompete agreement or any agreement to keep in confidence or refrain from using information acquired by Employee prior to employment by Company. Employee further represents that Employee has not entered into, and shall not enter into, any agreement, either written or oral, in conflict with Employee’s obligations under this Agreement. Employee agrees to indemnify and hold harmless the Company for any liability the Company may incur as the result of the existence of any such agreements. During Employee’s employment by Company, Employee shall not improperly make use of, or disclose, any information or trade secrets of any of Employee’s former employers or other third party, nor shall Employee bring onto the premises of Company or use any unpublished documents or any property belonging to any former employer or other third party, in violation of any lawful agreements with that former employer or third party. Employee shall use in the performance of Employee’s duties only information that is generally known and used by persons with training and experience comparable to that of the Employee, is common knowledge in the industry or otherwise legally in the public domain or is otherwise provided or developed by Company.
11.Inventions.
a.Inventions and Intellectual Property Rights. As used in this Agreement, the term “Invention” means any ideas, concepts, information, materials, processes, data, programs, know-how, improvements, discoveries, developments, designs, artwork, formulae, other copyrightable works, and techniques and all Intellectual Property Rights in any of the items listed above. The above notwithstanding, the Company shall not have any copyright or Intellectual Property Right to Employee’s personal photos, videos, or other works that are not used for commercial or business purposes related to the Company’s business. The term “Intellectual Property Rights” means all trade secrets, copyrights, trademarks, mask work rights, patents and other intellectual property rights recognized by the laws of any jurisdiction or country.
b.Prior Inventions. Employee has disclosed on Exhibit C a complete list of all Inventions that (a) Employee has, or has caused to be, alone or jointly with others, conceived, developed, or reduced to practice prior to the commencement of Employee’s employment by Company; (b) in which Employee has an ownership interest or which Employee has a license to use; and (c) that Employee wishes to have excluded from the scope of this Agreement (collectively referred to as “Prior Inventions”). If no Prior Inventions are listed in Exhibit C, Employee warrants that there are no Prior Inventions. Employee agrees not to 
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incorporate, or permit to be incorporated, Prior Inventions in any Company Inventions (defined below) without Company’s prior written consent. If, in the course of employment with Company, Employee incorporates a Prior Invention into a Company process, machine or other work, Employee hereby grants Company a non-exclusive, perpetual, fully-paid and royalty-free, irrevocable and worldwide license, with rights to sublicense through multiple levels of sublicensees, to reproduce, make derivative works of, distribute, publicly perform, and publicly display in any form or medium, whether now known or later developed, make, have made, use, sell, import, offer for sale, and exercise any and all present or future rights in, such Prior Invention.
c.Assignment of Company Inventions. Inventions assigned to the Company or to a third party as directed by the Company pursuant to Section 11.e are referred to in this Agreement as “Company Inventions.” Subject to Section 11.e and except for Inventions that Employee has set forth in Exhibit C, Employee hereby assigns and agrees to assign in the future (when any such Inventions or Intellectual Property Rights are first reduced to practice or first fixed in a tangible medium, as applicable) to Company all of Employee’s right, title, and interest in and to any and all Inventions (and all Intellectual Property Rights with respect thereto) made, conceived, reduced to practice, or learned by Employee, either alone or with others, during the period of employment by Company.
d.Obligation to Keep Company Informed. During the period of Employee’s employment and for one (1) year after such employment ends, Employee shall promptly and fully disclose to Company in writing (a) all Inventions authored, conceived, or reduced to practice by Employee, either alone or with others and (b) all patent applications filed by Employee or in which Employee is named as an inventor or co-inventor.
e.Government or Third Party. Employee agrees that, as directed by the Company, Employee shall assign to a third party, including without limitation the United States, all of Employee’s right, title, and interest in and to any particular Company Invention.
f.Enforcement of Intellectual Property Rights and Assistance. During and after the period of Employee’s employment, Employee shall assist Company in every proper way to obtain and enforce United States and foreign Intellectual Property Rights relating to Company Inventions in all countries. If the Company is unable to secure Employee’s signature on any document needed in connection with such purposes, Employee hereby irrevocably designates and appoints Company and its duly authorized officers and agents as Employee’s agent and attorney in fact, which appointment is coupled with an interest, to act on Employee’s behalf to execute and file any such documents and to do all other lawfully permitted acts to further such purposes with the same legal force and effect as if executed by Employee.
g.Incorporation of Software Code. Employee shall not incorporate into any Company software or otherwise deliver to Company any software code licensed under the GNU General Public License or Lesser General Public License or any other license that, by its terms, requires or conditions the use or distribution of such code on the disclosure, licensing, or distribution of any source code owned or licensed by Company.
h.Records. Employee shall maintain adequate and current records (in the form of notes, sketches, drawings and in any other form that is required by the Company) of all Inventions made by Employee during the period of employment by the Company, which records shall be available to, and remain the sole property of, the Company at all times.
12.Notification of New Employer. If Employee leaves the employ of Company, Employee consents to the notification of Employee’s new employer of Employee’s rights and obligations under this Agreement, by Company providing a copy of this Agreement or otherwise.
13.Export. Employee agrees not to export, directly or indirectly, any U.S. technical data acquired from Company or any products utilizing such data, to countries outside the United 
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States, because such export could be in violation of the United States export laws or regulations.
14.Miscellaneous.
a.Indemnification. Employee shall defend, indemnify and hold the Company harmless from and against all claims asserted by a third party and related damages, losses and expenses, including attorneys’ fees, arising out of or resulting from the services performed or neglected to be performed by Employee under this Agreement, or otherwise results from Employee’s violation of this Agreement.
b.Binding Agreement. This Agreement shall be binding upon and inure to the benefit of the parties hereto, their heirs, personal representatives, successors and permitted assigns. The Company may assign this Agreement to any of its Affiliates and, in the event the Company is acquired, is a non-surviving party in a merger, or transfers substantially all of its assets, this Agreement shall not be terminated and the transferee or surviving company shall be bound by, and enjoy the benefits of, this Agreement. The parties understand that the obligations of Employee are personal and may not be assigned by Employee.
c.Severability. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be deemed severable from the remainder of this Agreement, and the remaining provisions contained in this Agreement shall be construed to preserve to the maximum permissible extent the intent and purposes of this Agreement. Any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
d.Amendment; Waiver. Neither party may modify, amend or waive the terms of this Agreement other than by a written instrument signed by the other party. Either party’s waiver of the other party’s compliance with any provision of this Agreement is not a waiver of any other provision of this Agreement or of any subsequent breach by such party of a provision of this Agreement. No delay or omission by the Company in exercising any right under this Agreement shall operate as a waiver of that or any other right.
e.Withholding. All payments required to be made by the Company to Employee under this Agreement shall be subject to the withholding of such amounts, if any, relating to tax and other payroll deductions as the Company may determine, in its sole discretion, should be withheld for payment to the applicable taxing authorities pursuant to any applicable law or regulation.
f.Governing Law. This Agreement shall be governed, construed, interpreted and enforced in accordance with the laws of the state of New York without giving effect to the principles of conflicts of law thereof. The state courts of New York and, if the jurisdictional prerequisites exist at the time, the United States District Court for the Southern District of New York, shall have sole and exclusive jurisdiction to hear and determine any dispute or controversy arising under or concerning this Agreement.
g.Survival. Notwithstanding anything to the contrary contained in this Agreement, the provisions of Sections 5 through 14 of this Agreement shall survive the termination of this Agreement for any reason.
h.Notices. Each party must deliver all notices or other communications required or permitted under this Agreement in writing to the other party at the address listed below, by courier, by certified or registered mail (postage prepaid and return receipt requested), or by a nationally-recognized express mail service. Notice will be effective upon receipt or refusal of delivery. If delivered by certified or registered mail, notice will be considered to have been given five (5) business days after it was mailed, as evidenced by the postmark. If delivered by courier or express mail service, notice will be considered to have been given on the delivery 
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date reflected by the courier or express mail service receipt. Each party may change its address for receipt of notice by giving notice of the change to the other party.
If to the Company, to:
Latch Systems, Inc. 508 West 26th Street Suite 6G
New York, NY 10001
Email: ***********
If to Employee, to: ***********
i.Entire Agreement. Except for any agreements executed in connection herewith and any agreements with the Company with respect to the protection of confidential information or the assignment of inventions, this Agreement supersedes any prior oral or written agreements, negotiations, commitments, and writings between Employee and the Company with respect to the subject matter hereof. Employee’s acceptance of the terms of this Agreement is indicated by Employee’s signature in the space indicated below. Employee is encouraged to consult with any advisors Employee may choose regarding this Agreement.
j.Name and Likeness Rights. Employee hereby authorizes the Company to use, reuse, and to grant others the right to use and reuse Employee’s name, photograph, likeness (including caricature), voice, and biographical information, and any reproduction or simulation thereof, in any media now known or hereafter developed (including but not limited to film, video, and digital, or other electronic media), both during and after Employee’s employment, for whatever purposes the Company deems necessary.
k.WAIVER OF JURY TRIAL. AS A CONDITION OF EMPLOYMENT BY THE COMPANY, EMPLOYEE VOLUNTARILY AND KNOWINGLY WAIVES ANY RIGHTS EMPLOYEE MAY HAVE TO A TRIAL BY JURY IN ANY COURT ACTION RELATING TO OR CONCERNING THE COMPANY. THIS WAIVER DOES NOT FOREGO ANY SUBSTANTIVE RIGHTS THE COMPANY OR EMPLOYEE MAY HAVE. THIS VOLUNTARY AND KNOWING JURY TRIAL WAIVER INCLUDES, BUT IS NOT LIMITED TO, ANY DISPUTES, CLAIMS, OR CONTROVERSIES RELATING TO OR CONCERNING THIS AGREEMENT OR EMPLOYEE’S EMPLOYMENT WITH THE COMPANY. BY EXECUTION OF THIS AGREEMENT, EMPLOYEE VOLUNTARILY AND KNOWINGLY WAIVES ANY RIGHTS EMPLOYEE MAY HAVE TO A TRIAL BY JURY IN ANY COURT ACTION REGARDING ALL DISPUTES, CLAIMS, OR CONTROVERSIES CONCERNING THIS AGREEMENT OR EMPLOYEE’S EMPLOYMENT WITH THE COMPANY.
(Signature Page Follows.)
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EMPLOYMENT AGREEMENT SIGNATURES

IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be duly executed and delivered under seal, by its authorized officers or individually, on the date first identified above.
COMPANY:
LATCH SYSTEMS, INC.
						
	By:	/s/ Deb Josephs
	Deb Josephs, Chief People Officer

EMPLOYEE:
						
	By:	/s/ Barry Schaeffer
		
	Barry Schaeffer
	NAME

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