Purple Innovation (PRPL) officer gains 11,235 shares as RSUs vest, PSUs lapse

Rhea-AI Filing Summary

Purple Innovation, Inc. Chief Innovation Officer Jeffrey Layne Hutchings reported compensation-related equity activity. On March 15, 2026, he exercised 11,235 Restricted Stock Units, receiving the same number of Class A Common shares at no cash exercise price, bringing his direct holdings to 80,066 shares.

The Restricted Stock Units convert into Class A Common Stock on a one-for-one basis and vest over a three-year period ending March 15, 2026. A separate grant of 62,595 Performance Stock Units tied to specific stock price targets did not vest, and no shares were issued from that award.

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^*

HUTCHINGS JEFFREY LAYNE

(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)
	Chief Innovation 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		11,235	A	(1)	80,066	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			11,235	(2)	(2)	Class A Common Stock	11,235	$0	0	D
Performance Stock Units	(1)	03/15/2026		M			62,595	(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.
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FAQ

What insider transaction did PRPL executive Jeffrey Hutchings report on this Form 4?

Jeffrey Hutchings reported a compensation-related equity event, not an open-market trade. 11,235 Restricted Stock Units converted into an equal number of Purple Innovation Class A Common shares on March 15, 2026, reflecting vesting of prior awards rather than a purchase or sale in the market.

How many Purple Innovation (PRPL) shares does Jeffrey Hutchings hold after this Form 4?

Following the reported transactions, Jeffrey Hutchings directly holds 80,066 shares of Purple Innovation Class A Common Stock. This reflects shares received from vesting of 11,235 Restricted Stock Units, with no shares reported as sold or disposed of in this filing.

What happened to the Performance Stock Units reported for PRPL on March 15, 2026?

Purple Innovation had granted Performance Stock Units on June 20, 2023 that could vest on March 15, 2026 if specific stock price targets were met. According to the filing, no target prices were achieved, so no shares were issued for these awards.

Did the PRPL Form 4 show any open-market buying or selling by Jeffrey Hutchings?

The Form 4 does not show any open-market purchases or sales. It reports derivative exercises where Restricted Stock Units converted into 11,235 Class A Common shares at a $0.00 exercise price, representing vesting of equity compensation rather than trading in the public market.

How do the Restricted Stock Units for PRPL vest for Jeffrey Hutchings?

Each Restricted Stock Unit represents a contingent right to receive one PRPL Class A Common share. The award vests 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.