| Item 5.02. |
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On February 10, 2022, the Board of Directors of Owlet, Inc. (the “Company”) appointed Nathaniel Yoo, the Company’s Chief Accounting Officer, to serve as the Company’s principal accounting officer, effective immediately. Mr. Yoo will retain the title of Chief Accounting Officer.
Prior to joining the Company, from April 2020 to January 2022, Mr. Yoo, age 37, served as the Vice-President and Assistant Controller at Mattel, Inc. (“Mattel”), a global children’s entertainment company that specializes in the design and production of toys and consumer products. During the period from July 2017 to April 2020, Mr. Yoo served as Mattel’s Director of Finance and SEC Reporting and then as its Senior Director of Finance and SEC Reporting. Prior to joining Mattel, from July 2012 to July 2017, Mr. Yoo served at PricewaterhouseCoopers LLP in the Capital Markets and Accounting Advisory Services practice where he advised a variety of private and public companies on capital market transactions and financial reporting and accounting matters. Mr. Yoo holds a B.A. in Economics-Accounting from Claremont McKenna College and an M.B.A. from the Kellogg School of Management at Northwestern University. Mr. Yoo is a Certified Public Accountant in the state of California.
In connection with his service as principal accounting officer, Mr. Yoo is entitled to receive: (i) an initial base salary of $295,000; (ii) a signing bonus of $50,000 payable after completion of 90 days of service; and (iii) an annual performance bonus targeted at 30% of his then-current annual base salary based on achievement of company goals.
Mr. Yoo was granted, effective February 15, 2022 (the “Grant Date”), under the Company’s 2021 Incentive Award Plan an option to purchase 79,909 shares of the Company’s common stock (the “Option”) and 239,726 restricted stock units (“RSUs,” and such award, the “RSU Award”). The Option vests and becomes exercisable as to 25% of the shares subject to the Option, on the first anniversary of January 10, 2022 and, as to 1/36th of the remaining 75% of the shares subject to the Option, in equal monthly installments thereafter (subject to Mr. Yoo’s continued employment through the applicable vesting date). The RSU Award vests as to 25% of the RSUs on the first anniversary of the Grant Date and, as to 1/12th of the remaining 75% of the RSUs, in equal quarterly installments thereafter (subject to Mr. Yoo’s continued employment through the applicable vesting date).
Mr. Yoo has entered into the Company’s standard form indemnification agreement.