Bennett Nussbaum - Aug 19, 2021 Form 4 Insider Report for Purple Innovation, Inc. (PRPL)

Role: Interim CFO
Signature: /s/ Casey K. McGarvey as Attorney-in-Fact
Stock symbol: PRPL
Transactions as of: Aug 19, 2021
Transactions value $: $0
Form type: 4
Date filed: 12/22/2021, 03:00 PM
Next filing: Aug 19, 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	PRPL	Cash-Settled Stock Appreciation Right	Award	$0	+20K		$0.00	20K	Aug 19, 2021	Class A Common Stock	20K	$26.00	Direct	F1
transaction	PRPL	Cash-Settled Stock Appreciation Right	Award	$0	+20K		$0.00	20K	Dec 13, 2021	Class A Common Stock	20K	$12.60	Direct	F2

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

Explanation of Responses:

Id	Content
F1	If the volume weighted average price of the Company's Class A Common Stock during the 30 trading days immediately preceding August 19, 2022, or the earlier termination date of Mr. Nussbaum's service with the Company without cause, is in excess of $26.00 per share, the Company will make a cash payment to Mr. Nussbaum in an amount equal to the product of (a) the increase in the volume weighted average price of the Company's Class A Common Stock from $26.00 per share up to a maximum of $36.00 per share multiplied by (b) 20,000.
F2	If Mr. Nussbaum remains in continuous service with the Company through August 19, 2022, the Company will make cash payments to Mr. Nussbaum equal, in the aggregate, to the product of (a) the excess of the closing price of the Company's Class A Common Stock on August 19, 2022 over 12.6008 multiplied by (b) 20,000. Such cash payments will be paid in equal installments over twelve months.

Content

If the volume weighted average price of the Company's Class A Common Stock during the 30 trading days immediately preceding August 19, 2022, or the earlier termination date of Mr. Nussbaum's service with the Company without cause, is in excess of $26.00 per share, the Company will make a cash payment to Mr. Nussbaum in an amount equal to the product of (a) the increase in the volume weighted average price of the Company's Class A Common Stock from $26.00 per share up to a maximum of $36.00 per share multiplied by (b) 20,000.

If Mr. Nussbaum remains in continuous service with the Company through August 19, 2022, the Company will make cash payments to Mr. Nussbaum equal, in the aggregate, to the product of (a) the excess of the closing price of the Company's Class A Common Stock on August 19, 2022 over 12.6008 multiplied by (b) 20,000. Such cash payments will be paid in equal installments over twelve months.