George Turner Ulrich - 02 Sep 2021 Form 3 Insider Report for Purple Innovation, Inc. (PRPL)

Role
Principal Accounting Officer
Signature
/s/ Casey McGarvey as Attorney-in-Fact
Issuer symbol
PRPL
Transactions as of
02 Sep 2021
Net transactions value
$0
Form type
3
Filing time
02 Sep 2021, 16:37:47 UTC
Next filing
24 May 2022
SEC
View on sec.gov

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
holding PRPL Restricted Stock Units 02 Sep 2021 Class A Common Stock 1,895 Direct F1, F2
holding PRPL Performance Stock Units 02 Sep 2021 Class A Common Stock 1,895 Direct F3
holding PRPL Employee Stock Option (right to buy) 02 Sep 2021 Class A Common Stock 16,808 $6.51 Direct F4
holding PRPL Employee Stock Option (right to buy) 02 Sep 2021 Class A Common Stock 6,456 $13.12 Direct F5
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 The Restricted Stock Units vest in three equal annual installments; one-third on March 15, 2022; one-third on March 15, 2023; and one-third on March 15, 2024 (the "Vesting Period"). Fractional numbers will be rounded down to the nearest whole number.
F2 Each Restricted Stock Unit represents a contingent right to receive one share of PRPL Class A Common Stock.
F3 Each Performance Stock Unit represents a contingent right to receive up to one share of PRPL Class A Common Stock after March 15, 2024. Between 0% and 100% of the Performance Stock Units will vest upon PRPL's Class A Common Stock achieving specified target price per share levels on March 15, 2024.
F4 The Company granted Mr. Ulrich 26,024 Employee Stock Options on May 23, 2019. 25% of the options granted vested and became exercisable on March 15, 2020. The remaining 75% of the options vest and become exercisable in monthly installments on the first day of each calendar month beginning on April 1, 2020 in the amount of one-forty-eighth of the full amount for the remaining three years. Mr. Ulrich previously exercised 9,216 Employee Stock Options and sold the Class A Common shares obtained from the exercise, leaving a remaining balance of 16,808 Employee Stock Options.
F5 These Employee Stock Options were granted on May, 18, 2020. 25% of the options granted vested and became exercisable on March 15, 2021. The remaining 75% of the options vest and become exercisable in monthly installments on the first day of each calendar month beginning on April 1, 2021 in the amount of one-forty-eighth of the full amount for the remaining three years.

Remarks:

Exhibit 24 Power of Attorney