Owlet (NYSE: OWLT) details CEO transition, equity vesting and new pay

Rhea-AI Filing Summary

Owlet, Inc. reported previously disclosed leadership changes effective October 1, 2025, with Kurt Workman resigning as Chief Executive Officer to become Executive Chair of the Board and Jonathan Harris, formerly President, becoming President and Chief Executive Officer.

In connection with Mr. Workman’s transition, the compensation committee approved full vesting of his unvested restricted stock units, including 7,049 RSUs granted in March 2022 and 88,692 RSUs granted in September 2024, a one-time cash bonus for performance from January 1 through September 30, 2025, and adoption of an amended non-employee director compensation program under which the Executive Chair receives a $200,000 annual cash retainer and is eligible for an annual $200,000 RSU grant. The company also entered into an amended and restated offer letter with Mr. Harris, providing a $500,000 annual base salary, an annual bonus target equal to 70% of salary, and continued Tier 1 change-in-control and severance protections, including 12 months of base-salary continuation and vesting of unvested equity upon certain terminations.

Insights

Corporate governance and executive compensation analyst

Owlet formalizes CEO transition with accelerated equity and richer pay terms.

The report confirms that Kurt Workman has moved from Chief Executive Officer to Executive Chair and that Jonathan Harris is now President and Chief Executive Officer. Governance-wise, this maintains Workman’s board influence while operational control shifts to Harris, a structure that can preserve founder input while clarifying day-to-day leadership.

Workman’s transition package includes full vesting of 7,049 RSUs from March 2022 and 88,692 RSUs from September 2024, plus a performance-based cash bonus for January 1 through September 30, 2025. The amended director program sets Executive Chair pay at a $200,000 annual cash retainer and eligibility for RSUs with a $200,000 fair value, aligning compensation with board-level responsibilities rather than management duties.

For Harris, the amended offer letter raises his annual base salary to $500,000 and targets an annual bonus at 70% of salary, effective from August 7, 2025. He remains a Tier 1 participant in the change in control severance plan, with 12 months of salary continuation, a prorated bonus, and vesting of unvested equity upon qualifying terminations. These terms emphasize retention and stability during and after the leadership transition, with actual cost and value depending on future performance and any potential change in control events.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

____________________________

FORM 8-K

____________________________

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): September 30, 2025

____________________________

OWLET, INC.

(Exact name of registrant as specified in its charter)

____________________________

Delaware

001-39516

85-1615012

(State or other jurisdiction of incorporation)

(Commission File Number)

(I.R.S. Employer Identification No.)

2940 West Maple Loop Drive, Suite 203 Lehi, Utah			84048
(Address of principal executive offices)			(Zip Code)

(844) 334-5330

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

____________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A Common Stock, $0.0001 par value per share

OWLT

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company x

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.o

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

As previously disclosed in the Company’s Current Report on Form 8-K filed on August 5, 2025, effective October 1, 2025 (the “Effective Date”), Kurt Workman resigned as Chief Executive Officer of Owlet, Inc. (the “Company”) and transitioned to the role of Executive Chair of the Board of Directors (the “Board”). Also effective as of the Effective Date, Jonathan Harris, who previously served as the Company’s President, was appointed President and Chief Executive Officer.

Compensatory Arrangements with Kurt Workman

In connection with Mr. Workman’s transition from Chief Executive Officer to Executive Chair of the Board of Directors, on September 30, 2025, the Compensation Committee of the Board (the “Compensation Committee”) approved the following: (i) vesting in full of all of Mr. Workman’s outstanding unvested restricted stock units (“RSUs”), consisting of 7,049 RSUs granted in March 2022 and 88,692 RSUs granted in September 2024, effective as of the Effective Date, (ii) payment of a one-time cash bonus to Mr. Workman for the performance period from January 1 through September 30, 2025, payable as soon as practicable following the Effective Date, and (iii) an amendment and restatement of the Company’s non-employee director compensation program (as amended, the “Amended and Restated Non-Employee Director Compensation Program”). As part of the changes incorporated into the Amended and Restated Non-Employee Director Compensation Program, the Executive Chair will (i) receive an annual cash retainer in the amount of $200,000, payable quarterly in arrears, and (ii) be eligible to receive an annual equity grant in the form of RSUs with a fair market value of $200,000. Such awards shall vest on the earlier of the next annual meeting of stockholders thereafter or one year from the date of grant, subject to continued service through the applicable vesting date. Upon the Effective Date, Mr. Workman became eligible for the compensation provided to the Executive Chair under the Amended and Restated Non-Employee Director Compensation Program.

Compensatory Arrangements with Jonathan Harris

On September 30, 2025, the Company entered into an amended and restated offer letter with Mr. Harris (the “Amended Letter”) in connection with his appointment as President and Chief Executive Officer. Under the Amended Letter, Mr. Harris (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 base salary, with the actual bonus amount to be determined by the Compensation Committee based on Company and individual performance. Both the salary increase and bonus eligibility became effective as of August 7, 2025.

Mr. Harris will continue as 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. Harris for Good Reason (as such terms are defined in that plan), he will be eligible, subject to 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. Harris also continues to be eligible to participate in the Company’s broad-based employee benefit plans.

The foregoing descriptions of (i) the Amended and Restated Non-Employee Director Compensation Program and (ii) the Amended and Restated Offer Letter between the Company and Mr. Harris do not purport to be complete and are qualified in their entirety by reference to the full text of such documents, 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.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.						Description
10.1						Amended and Restated Non-Employee Director Compensation Program.
10.2						Amended and Restated Offer Letter, dated September 30, 2025. between the Company and Jonathan Harris.
104						Cover Page Interactive Data file (the cover page XBRL tags are embedded within the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			Owlet, Inc.
Date: October 6, 2025			By:			/s/ Amanda Crawford
			Name:			Amanda Crawford
			Title:			Chief Financial Officer

FAQ

What leadership changes does Owlet (OWLT) report in this Form 8-K?

Effective October 1, 2025, Kurt Workman resigned as Chief Executive Officer of Owlet, Inc. and became Executive Chair of the Board of Directors. Jonathan Harris, who had been the company’s President, was appointed President and Chief Executive Officer as of the same effective date.

What equity awards did Kurt Workman receive in connection with his transition at Owlet (OWLT)?

In connection with his move to Executive Chair, the compensation committee approved full vesting of all of Mr. Workman’s outstanding unvested RSUs, specifically 7,049 RSUs granted in March 2022 and 88,692 RSUs granted in September 2024, effective as of the October 1, 2025 effective date.

How will the Executive Chair of Owlet (OWLT) be compensated under the amended director program?

Under the Amended and Restated Non-Employee Director Compensation Program, the Executive Chair is entitled to an annual cash retainer of $200,000, payable quarterly in arrears, and is eligible for an annual equity grant of RSUs with a fair market value of $200,000. These RSUs vest on the earlier of the next annual stockholder meeting or one year from grant, subject to continued service.

What are Jonathan Harris’s new compensation terms as President and CEO of Owlet (OWLT)?

Under his amended and restated offer letter, Jonathan Harris receives an annual base salary of $500,000 and is eligible for an annual cash performance bonus with a target equal to 70% of base salary. Both the salary increase and bonus eligibility became effective as of August 7, 2025, with actual bonus amounts determined by the compensation committee based on company and individual performance.

What severance protections does Jonathan Harris have at Owlet (OWLT)?

Mr. Harris remains a Tier 1 participant under Owlet’s Executive Change in Control Severance Plan. If his employment is terminated by the company without Cause or by him for Good Reason, and he provides a general release, he is eligible for 12 months of continued base-salary payments, a prorated bonus for the year of termination based on actual results and days worked, and immediate vesting of all outstanding unvested equity awards.

Did Owlet (OWLT) change its non-employee director compensation as part of this update?

Yes. The board’s compensation committee approved an Amended and Restated Non-Employee Director Compensation Program. As part of this, the Executive Chair role now receives a defined annual cash retainer and is eligible for annual RSU grants, with vesting tied to the next annual stockholder meeting or one year from grant, subject to continued service.

Where can investors find the full text of the new compensation agreements at Owlet (OWLT)?

The full text of the Amended and Restated Non-Employee Director Compensation Program and the Amended and Restated Offer Letter with Jonathan Harris are filed as Exhibits 10.1 and 10.2, respectively, to this report and are incorporated by reference.