Joseph B. Megibow - 01 Oct 2021 Form 4 Insider Report for Purple Innovation, Inc. (PRPL)

Role: Chief Executive Officer, Director
Signature: /s/ Casey K. McGarvey
Issuer symbol: PRPL
Transactions as of: 01 Oct 2021
Net transactions value: $0
Form type: 4
Filing time: 04 Oct 2021, 16:09:07 UTC
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	PRPL	Class A Common Stock, par value $0.0001 per share						100,000	01 Oct 2021	Direct	F1

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	PRPL	Employee Stock Option (right to buy)	Award	$0	+179,340		$0.000000	179,340	01 Oct 2021	Class A Common Stock	179,340	$22.57	Direct	F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	As previously reported, the Company granted Mr. Megibow a performance unit share award of 50,000 shares of Class A Common Stock on May 31, 2019, with shares vesting upon the earlier of the consummation of a change in control of the Company or the satisfaction of the following conditions: (i) Mr. Megibow continuing to be employed by the Company through September 30, 2021, (ii) Mr. Megibow continuing to hold through September 30, 2021 the 50,000 shares acquired to be eligible to receive such award, and (iii) during the twelve-month period immediately prior to March 31, 2022, the closing price of the Company's Class A Common Stock being at or above $10.00 per share for 20 trading days over a 30 trading day period. The conditions were all satisfied, and the performance shares vested, on October 1, 2021.
F2	25% of the options granted vest and become exercisable on October 1, 2022. The remaining 75% of the options will vest and become exercisable in monthly installments on the first day of each calendar month beginning on November 1, 2022 in the amount of one-forty-eighth of the full amount for the remaining three years.

Content

As previously reported, the Company granted Mr. Megibow a performance unit share award of 50,000 shares of Class A Common Stock on May 31, 2019, with shares vesting upon the earlier of the consummation of a change in control of the Company or the satisfaction of the following conditions: (i) Mr. Megibow continuing to be employed by the Company through September 30, 2021, (ii) Mr. Megibow continuing to hold through September 30, 2021 the 50,000 shares acquired to be eligible to receive such award, and (iii) during the twelve-month period immediately prior to March 31, 2022, the closing price of the Company's Class A Common Stock being at or above $10.00 per share for 20 trading days over a 30 trading day period. The conditions were all satisfied, and the performance shares vested, on October 1, 2021.

25% of the options granted vest and become exercisable on October 1, 2022. The remaining 75% of the options will vest and become exercisable in monthly installments on the first day of each calendar month beginning on November 1, 2022 in the amount of one-forty-eighth of the full amount for the remaining three years.