Purple Innovation (PRPL) accounting officer converts RSUs and forfeits PSUs

Rhea-AI Filing Summary

Purple Innovation, Inc. Principal Accounting Officer Ulrich George Turner reported a routine equity compensation event. On March 15, 2026, Turner exercised 6,292 Restricted Stock Units, receiving the same number of Class A Common shares at a price of $0.00 per share, bringing his direct holdings to 34,431 shares.

These Restricted Stock Units convert into Class A Common Stock on a one-for-one basis and had vested over a three-year period ending March 15, 2026. Separately, 18,875 Performance Stock Units were disposed of back to the company because required stock price targets were not achieved, so no shares were issued for those awards.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Ulrich George Turner

(Last) (First) (Middle)

C/O PURPLE INNOVATION, INC.

4100 N. CHAPEL RIDGE RD., SUITE 200

(Street)

LEHI UT 84043

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Purple Innovation, Inc. [ PRPL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Principal Accounting Officer

3. Date of Earliest Transaction (Month/Day/Year)
03/15/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	03/15/2026		M		6,292	A	(1)	34,431	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	(1)	03/15/2026		M			6,292	(2)	(2)	Class A Common Stock	6,292	$0	0	D
Performance Stock Units	(1)	03/15/2026		D			18,875	(3)	(3)	Class A Common Stock	0	$0	0	D

Explanation of Responses:

1. Restricted Stock Units convert into Class A Common Stock on a one-for-one basis.

2. Each Restricted Stock Unit represents a contingent right to receive one share of Purple Innovation, Inc. Class A Common Stock. The Restricted Stock Units vest in three equal annual installments; one-third on March 15, 2024; one-half of the remainder on March 15, 2025; and the balance on March 15, 2026 (the "Vesting Period"). Fractional numbers will be rounded down to the nearest whole number.

3. On June 20, 2023, the Company granted Performance Stock Units that could vest on March 15, 2026, if PRPL's Class A Common Stock achieved specific target prices per share. No target prices were achieved so no shares of Class A Common Stock were issued for these Performance Stock Units.

	/s/ Todd Vogensen, Attorney-in-Fact	03/17/2026
	** Signature of Reporting Person	Date
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FAQ

What insider transaction did Ulrich George Turner report at Purple Innovation (PRPL)?

Ulrich George Turner reported exercising 6,292 Restricted Stock Units into 6,292 shares of Class A Common Stock at $0.00 per share. After this equity compensation event, he directly holds 34,431 shares, reflecting a routine conversion of previously granted stock units into common shares.

How many Purple Innovation (PRPL) shares does Ulrich George Turner hold after this Form 4?

Following the reported transactions, Ulrich George Turner directly holds 34,431 shares of Purple Innovation Class A Common Stock. This position reflects the addition of 6,292 shares from exercised Restricted Stock Units and incorporates the impact of the derivative transactions disclosed in the filing.

What happened to the Performance Stock Units reported in this Purple Innovation (PRPL) Form 4?

The filing shows 18,875 Performance Stock Units were disposed of back to Purple Innovation. These awards could have vested on March 15, 2026, but required stock price targets were not met, so no Class A Common shares were issued for these Performance Stock Units.

How do the Restricted Stock Units convert into Purple Innovation (PRPL) Class A shares?

Each Restricted Stock Unit converts into one share of Purple Innovation Class A Common Stock on a one-for-one basis. These units vested in three annual installments ending March 15, 2026, after which the 6,292 vested units were exercised to deliver an equal number of common shares.

Was this Purple Innovation (PRPL) Form 4 an open-market stock purchase or sale?

No open-market purchases or sales are reported. The Form 4 reflects a derivative exercise, where 6,292 Restricted Stock Units converted into shares at $0.00, and a disposition of 18,875 Performance Stock Units back to the issuer because vesting performance targets for those units were not achieved.

What vesting schedule applied to the Restricted Stock Units in this Purple Innovation (PRPL) filing?

The Restricted Stock Units vested over a three-year period: one-third on March 15, 2024, one-half of the remaining units on March 15, 2025, and the balance on March 15, 2026. After full vesting, the 6,292 units were converted into an equal number of Class A shares.