Owlet, Inc. appointed new CEO

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


Appointment of President and Chief Revenue Officer


On July 25, 2023, Owlet, Inc. (the "Company") announced the appointment of Jonathan Harris as President and Chief Revenue Officer of the Company, effective July 25, 2023 (the "Commencement Date"). Kurt Workman, who was serving as President and Chief Executive Officer, will continue to serve as the Company's Chief Executive Officer. 


Mr. Harris, age 58, has more than 30 years of experience in management and advisory roles in hardware and software companies. From May 2021 to January 2023, Mr. Harris served in various positions at Molekule Group, Inc. ("Molekule"), formerly AeroClean Technologies, Inc. ("AeroClean"), an air purification technology company, and Molekule, Inc., which with AeroClean in January 2023 with AeroClean to form Molekule, most recently as Molekule's Chief Commercial Officer prior to his departure in January 2023. Mr. Harris also served as Chief Marketing & Product Development Officer of AeroClean from October 2022 to January 2023, and from May 2021 to October 2022 served as Chief Executive Officer of Molekule, Inc. Previously, Mr. Harris served as the Chief Executive Officer and Co-Founder of KAMU Labs, Inc., a wellness company, from June 2019 to March 2022, and as a strategic advisor at reMarkable, a tablet company, from February 2019 to August 2022. Prior to joining reMarkable, Mr. Harris served as the President of Aura Frames, a digital picture frame company, from September 2017 to January 2019, and as Senior Vice President of Intergalactic Sales & Field Marketing at GoPro, Inc., a technology company, from June 2010 to April 2017. Mr. Harris holds a Bachelor of Arts degree in Marketing from Southern Methodist University.


Mr. Harris was not appointed as President and Chief Revenue Officer of the Company pursuant to any arrangement or understanding between him and any other person. There are no family relationships that exist between Mr. Harris and any directors or executive officers of the Company. In addition, Mr. Harris is not a party to any related party transaction reportable under Item 404(a) of Regulation S-K.


Employment Agreement


In connection with the foregoing, on July 25, 2023, Mr. Harris and the Company entered into an Employment Agreement (the "Employment Agreement"). Under the Employment Agreement, Mr. Harris will receive an annual base salary of $375,000 and will be eligible to receive an annual cash bonus with a target value of 50% of his base salary. The Employment Agreement also provides for an initial grant of restricted share units ("RSUs"), separated into two tranches, with the first tranche, with an aggregate value of $600,000, granted on the Commencement Date, and the second tranche, with an aggregate value of $400,000, granted on the 6 month anniversary of the Commencement date, provided that Mr. Harris remaining employed by the Company on such date (collectively, the "Initial Award"). Each tranche of the Initial Award is scheduled to vest over three years, with the first 25% vesting on the one month anniversary of the respective grant date, and in equal quarterly installments thereafter, .provided that Mr. Harris remains employed by the Company on the applicable vesting date. Mr. Harris will also be eligible to participate in a severance and/or change of control policy, if and at such time as adopted by the Company. 


The foregoing is a summary description of certain terms of the Employment Agreement and the award agreements for the Initial Award and, by its nature, is incomplete. It is qualified in its entirety by the full text of the Employment Agreement and the award agreements for the Initial Award, copies of which will be filed with the Company's Quarterly Report on Form 10-Q for the quarter ending September 30, 2023.