Founder Kurt Workman becomes Owlet (NYSE: OWLT) CEO with $500k salary and equity vesting protections
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Owlet, Inc. announced that its Board appointed co-founder Kurt Workman as President and Chief Executive Officer, effective April 6, 2026, succeeding Jonathan Harris. Workman will also serve as the Company’s principal executive officer and will remain on the Board, but will no longer be Executive Chairman.
In connection with Harris’s separation, Owlet entered into a Separation and Release Agreement providing 12 months of continued base salary, a prorated 2026 bonus based on actual performance, and accelerated vesting of all his outstanding equity awards.
Owlet also signed an Employment Offer Letter with Workman, setting an annual base salary of $500,000 and an annual cash performance bonus target equal to 70% of base salary, subject to Company and individual performance. As a Tier 1 participant in the Executive Change in Control Severance Plan, if terminated without Cause or he resigns for Good Reason, Workman may receive 12 months of base salary, a prorated bonus for the year of termination based on actual results and days worked, and immediate vesting of all unvested equity awards.
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Insights
Owlet reshapes top leadership, setting clear CEO pay and exit terms.
Owlet is transitioning from Jonathan Harris to co-founder Kurt Workman as President and CEO effective April 6, 2026. Workman also remains on the Board, concentrating leadership authority in a founder while ending his Executive Chairman role.
The Separation Agreement grants Harris 12 months of base salary, a prorated 2026 bonus based on actual performance, and full acceleration of outstanding equity awards. This is a relatively robust exit package that preserves his equity upside despite departure.
Workman’s Offer Letter provides a $500,000 base salary and a variable bonus target of 70% of salary, plus Tier 1 protection under the Executive Change in Control Severance Plan, including 12 months of salary and immediate vesting of unvested equity upon certain terminations. Future company filings may clarify how this leadership change aligns with strategic and financial performance.
8-K Event Classification
2 items: 5.02, 9.01
2 items
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
New CEO base salary: $500,000 per year
CEO bonus target: 70% of base salary
Severance salary period: 12 months
+2 more
5 metrics
New CEO base salary
$500,000 per year
Annual base salary for Kurt Workman under Offer Letter
CEO bonus target
70% of base salary
Annual cash performance bonus target for Kurt Workman
Severance salary period
12 months
Base salary continuation for Workman upon certain terminations
Harris salary continuation
12 months
Continued base salary to Jonathan Harris under Separation Agreement
Prorated bonus year
2026
Harris receives prorated 2026 bonus based on actual performance
Key Terms
Separation and Release Agreement, Employment Offer Letter Agreement, Executive Change in Control Severance Plan, Good Reason, +1 more
5 terms
Separation and Release Agreement financial
"the Company and Mr. Harris entered into a Separation and Release Agreement"
Employment Offer Letter Agreement financial
"the Company entered into an Employment Offer Letter Agreement with Mr. Workman"
Executive Change in Control Severance Plan financial
"Mr. Workman will be a Tier 1 participant under the Company’s Executive Change in Control Severance Plan"
Good Reason financial
"terminated by the Company without Cause or by Mr. Workman for Good Reason"
accelerated vesting financial
"accelerated vesting of all of Mr. Harris’ outstanding equity awards"
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): April 3, 2026
____________________________
(Exact name of registrant as specified in its charter)
____________________________
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
| (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:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| 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 | ||||||||||||
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 o
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.
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.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description | |||||||
| 10.1 | Separation and Release Agreement, dated April 3, 2026, between the Company and Jonathan Harris | |||||||
| 10.2 | Employment Offer Letter Agreement, dated April 3, 2026, between the Company and Kurt Workman | |||||||
| 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: April 6, 2026 | By: | /s/ Amanda Crawford | ||||||
| Name: | Amanda Crawford | |||||||
| Title: | Chief Financial Officer | |||||||
FAQ
What leadership change did Owlet (OWLT) announce in this Form 8-K?
Owlet’s Board appointed co-founder Kurt Workman as President and Chief Executive Officer, effective April 6, 2026, succeeding Jonathan Harris. Workman will also serve as principal executive officer and remain on the Board, while no longer holding the Executive Chairman role.
What severance benefits does Jonathan Harris receive from Owlet (OWLT)?
Under a Separation and Release Agreement, Jonathan Harris will receive 12 months of continued base salary, a prorated 2026 bonus based on actual performance, and accelerated vesting of all his outstanding equity awards, in exchange for a release of claims against the company.
What is Kurt Workman’s base salary and bonus opportunity as Owlet (OWLT) CEO?
Kurt Workman’s Employment Offer Letter provides a $500,000 annual base salary and eligibility for an annual cash performance bonus with a target equal to 70% of base salary, with the actual bonus determined by the Compensation Committee based on Company and individual performance.
How is Kurt Workman protected under Owlet’s change in control plan?
Kurt Workman is a Tier 1 participant under Owlet’s Executive Change in Control Severance Plan. If terminated without Cause or he resigns for Good Reason, he may receive 12 months of base salary, a prorated bonus for that year, and immediate vesting of all unvested equity awards.
Where can investors find more biographical information about Kurt Workman?
Owlet points investors to its Definitive Proxy Statement on Schedule 14A filed on September 10, 2025. That proxy statement contains Kurt Workman’s biographical information, which is incorporated by reference into this current report on Form 8-K.