Purple Innovation (PRPL) CEO RSUs vest while major PSU award expires unearned

Rhea-AI Filing Summary

Purple Innovation CEO Robert DeMartini reported equity compensation activity. On March 15, 2026, 56,529 Restricted Stock Units converted into an equal number of Class A Common shares, vesting per a three-year schedule. The company also confirmed that 314,943 Performance Stock Units did not vest because required stock price targets were not achieved, so no shares were issued from those awards. To cover tax obligations on the RSU vesting, 16,309 shares of Class A Common Stock were withheld at $0.7061 per share. After these transactions, DeMartini directly holds 919,734 shares of Class A Common Stock.

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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^*

DeMartini Robert

(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)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Executive 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		56,529	A	(1)	936,043	D
Class A Common Stock	03/15/2026		F		16,309	D	$0.7061	919,734	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			56,529	(2)	(2)	Class A Common Stock	56,529	$0	0	D
Performance Stock Units	(1)	03/15/2026		M			314,943	(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
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did PRPL CEO Robert DeMartini report in this Form 4?

Robert DeMartini reported vesting and settlement of Restricted Stock Units into 56,529 Class A Common shares, plus related tax withholding. He also reported that a large Performance Stock Unit grant did not vest, resulting in no additional shares being issued from that award.

How many Purple Innovation (PRPL) RSUs vested for the CEO?

56,529 Restricted Stock Units vested and converted into 56,529 shares of Purple Innovation Class A Common Stock. These RSUs were part of an award vesting in three installments over a defined Vesting Period ending March 15, 2026, with fractional units rounded down to whole shares.

What happened to the Performance Stock Units reported by PRPL?

Purple Innovation granted Performance Stock Units on June 20, 2023, that could vest on March 15, 2026, if share price targets were met. The company states no target prices were achieved, so no Class A Common shares were issued for these 314,943 Performance Stock Units.

How many Purple Innovation shares were withheld for taxes in this filing?

16,309 shares of Purple Innovation Class A Common Stock were withheld to satisfy tax liabilities related to the RSU vesting. These shares were valued at $0.7061 per share for this purpose, and the disposition is recorded under transaction code F as a tax-withholding event.

What are Robert DeMartini’s Purple Innovation share holdings after these transactions?

After the RSU conversion and related tax withholding, Robert DeMartini directly holds 919,734 shares of Purple Innovation Class A Common Stock. The derivativeSummary shows no remaining RSUs or PSUs from these specific awards following the reported March 15, 2026 activity.

How do PRPL Restricted Stock Units convert into common stock?

Each Purple Innovation Restricted Stock Unit converts into one share of Class A Common Stock. The RSUs in this report vest over three annual installments ending March 15, 2026, with fractional amounts rounded down to the nearest whole unit before share issuance.