Reduced Threat. A reduced-threat monster takes a −2 penalty on attack rolls (included in the stat block), ability checks (included in the stat block for skill proficiencies), saving throws (included in the stat block for saving throw proficiencies), and saving throw DCs (included in the stat block).
Keen Sight and Smell. The owlbear has advantage on Wisdom (Perception) checks that rely on sight or smell.
Multiattack. The owlbear makes two attacks: one with its beak and one with its claws.
Beak. Melee Weapon Attack: +7 to hit, reach 5 ft., one creature. Hit:10 (1d10 + 5) piercing damage.
Claws. Melee Weapon Attack: +7 to hit, reach 5 ft., one target. Hit:14 (2d8 + 5) slashing damage.