Michael P. Abbott - Jul 15, 2021 Form 4 Insider Report for Owlet, Inc. (OWLT)

Role
President, Director
Signature
/s/ Jacob Briem, Attorney-in-Fact
Stock symbol
OWLT
Transactions as of
Jul 15, 2021
Transactions value $
$0
Form type
4
Date filed
7/19/2021, 08:03 PM
Next filing
Mar 25, 2022

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction OWLT Stock Options Award $0 +823K $0.00 823K Jul 15, 2021 Common Stock 823K $0.30 Direct F1, F2
transaction OWLT Stock Options Award $0 +103K $0.00 103K Jul 15, 2021 Common Stock 103K $0.78 Direct F1, F3
transaction OWLT Stock Options Award $0 +494K $0.00 494K Jul 15, 2021 Common Stock 494K $7.13 Direct F1, F4
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 On July 15, 2021, pursuant to that certain Business Combination Agreement, dated as of February 15, 2021, by and among the Issuer, Project Olympus Merger Sub, Inc. ("Merger Sub") and Owlet Baby Care Inc. ("Owlet Baby Care"), Merger Sub merged with and into Owlet Baby Care with Owlet Baby Care surviving as a wholly owned subsidiary of the Issuer (the "Merger"). Upon consummation of the Merger (the "Effective Time"), each outstanding option to purchase shares of Owlet Baby Care common stock (each an "Owlet Baby Care Option") was automatically cancelled and converted into an option to purchase a number of shares of common stock of the Issuer equal to (i) the number of shares of Owlet Baby Care common stock subject to the applicable Owlet Baby Care Option multiplied by (ii) approximately 2.053, rounded down to the nearest whole share.
F2 Represents an award of stock options on March 19, 2018, which vests with respect to 25% of the options on February 26, 2019 and as to the remaining 75% in 36 monthly installments thereafter, subject to the reporting person's continued service through the applicable vesting date.
F3 Represents an award of stock options on March 23, 2020, which vests in 48 monthly installments beginning on January 1, 2020, subject to the reporting person's continued service through the applicable vesting date.
F4 Represents an award of stock options on January 24, 2021, which vests in 48 monthly installments beginning on January 1, 2021, subject to the reporting person's continued service through the applicable vesting date.