Washington, D.C. 20549
Date of Report (Date of earliest event reported): August 11, 2022
Owlet, Inc.
(Exact name of registrant as specified in its charter)
Delaware 001-39516 85-1615012
(State or other jurisdiction
of incorporation)
File Number)
(I.R.S. Employer
Identification No.)
3300 North Ashton Boulevard, Suite 300
Lehi, Utah
(Address of principal executive offices) (Zip Code)
(844) 334-5330
(Registrant’s telephone number, including area code)
(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
Name of each exchange
on which registered
Common stock, $0.0001 par value per share OWLT New York Stock Exchange
Warrants to purchase common stock OWLT WS 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 2.02. Results of Operations and Financial Condition.
On August 11, 2022, Owlet, Inc. (the “Company”) issued a press release reporting its financial results for the fiscal quarter ended June 30, 2022 and other information. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information in this Item 2.02, including the Exhibit 99.1 furnished under Item 9.01, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section. Furthermore, the information in this Item 2.02, including the Exhibit 99.1 furnished under Item 9.01, shall not be deemed incorporated by reference into the filings of the Company under the Securities Act of 1933 or the Exchange Act.
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On August 11, 2022, the Company announced that Michael Abbott, President of the Company, intends to resign as President and as a member of the Company’s Board of Directors (the “Board”) effective September 1, 2022 (the “Separation Date”). Mr. Abbott has indicated that his resignation from the Board is not due to any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.

In connection with Mr. Abbott’s departure from the organization, the Company and Mr. Abbott entered into a Separation and Release Agreement (the “Separation Agreement”) on August 11, 2022. Under the Separation Agreement, subject to the timely delivery of an effective release of claims on or following the Separation Date, Mr. Abbott is entitled to receive (i) his continued base salary for one year at an annualized rate of $475,000, (ii) reimbursement of COBRA premiums for Mr. Abbott for up to 12 months and (iii) the accelerated vesting of all of Mr. Abbott’s stock options and 131,579 restricted stock units. The Separation Agreement also provides for Mr. Abbott’s stock options to remain exercisable for up to three years following the Separation Date. Pursuant to the Separation Agreement, Mr. Abbott has agreed not to sell any shares of the Company’s common stock until at least April 15, 2023 and to limit the number of shares of Company common stock sold between April 15, 2023 and June 15, 2023 to 100,000 shares per month.

The description of the Separation Agreement in this Item 5.02 is qualified in its entirety by reference to the full text of the Separation Agreement, a copy of which is attached hereto as Exhibit 10.1 and incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
104 Cover Page Interactive Data file (the cover page XBRL tags are embedded within the Inline XBRL document).

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: August 11, 2022 By: /s/ Kathryn R. Scolnick
Name: Kathryn R. Scolnick
Title: Chief Financial Officer

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