Owlet Inc.
04/06/2026 | Press release | Distributed by Public on 04/06/2026 15:09
Management Change/Compensation (Form 8-K)
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On April 3, 2026, the Board of Directors (the "Board") of the Owlet, Inc. (the "Company") appointed Kurt Workman as President and Chief Executive Officer effective April 6, 2026 (the "Effective Date") to succeed Jonathan Harris in these positions. As a result of these changes, Mr. Workman will serve as the president and as the principal executive officer of the Company. Mr. Workman will cease serving as Executive Chairman of the Board but will remain a director of the Board.
There are no family relationships, as defined in Item 401 of Regulation S-K, between Mr. Workman and any of the Company's executive officers or directors or persons nominated or chosen by the Company to become a director or executive officer. There are no transactions in which Mr. Workman has an interest requiring disclosure under Item 404(a) of Regulation S-K. There is no arrangement or understanding between Mr. Workman and any other person pursuant to which Mr. Workman was appointed as an officer of the Company. Mr. Workman's biographical information is set forth in the Company's Definitive Proxy Statement on Schedule 14A filed on September 10, 2025, and such information is incorporated herein by reference.
Jonathan Harris' Separation Agreement
On April 3, 2026, in connection with Mr. Harris' separation from the Company, the Company and Mr. Harris entered into a Separation and Release Agreement (the "Separation Agreement"). Under the Separation Agreement, in exchange for a release of claims, Mr. Harris will receive twelve months of continued base salary payments, a prorated 2026 bonus to be paid based on actual performance and accelerated vesting of all of Mr. Harris' outstanding equity awards.
Compensatory Arrangements with Kurt Workman
On April 3, 2026, in connection with Mr. Workman's appointment as President and Chief Executive Officer, the Company entered into an Employment Offer Letter Agreement with Mr. Workman (the "Offer Letter"). Under the Offer Letter, Mr. Workman (i) will receive an annual base salary of $500,000 and (ii) is eligible to earn an annual cash performance bonus target equal to 70% of his annual base salary, with the actual bonus amount to be determined by the Compensation Committee based on Company and individual performance.
Mr. Workman will be a Tier 1 participant under the Company's Executive Change in Control Severance Plan. If his employment is terminated by the Company without Cause or by Mr. Workman for Good Reason (as such terms are defined in that plan), he will be eligible, subject to the timely delivery of a general release of claims, to receive: (i) continued payment of base salary for 12 months following termination; (ii) a prorated bonus for the year of termination based on actual results and days worked; and (iii) immediate vesting of all outstanding unvested equity awards.
Mr. Workman will also be eligible to participate in the Company's broad-based employee benefit plans.
The foregoing descriptions of the Separation Agreement and the Offer Letter do not purport to be complete and are qualified in their entirety by reference to the full text of such agreements, copies of which are filed as Exhibits 10.1 and 10.2, respectively, to this Current Report on Form 8-K and are incorporated herein by reference.
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