Purple Innovation (PRPL) officer RSUs vest as performance units lapse

Rhea-AI Filing Summary

PURPLE INNOVATION, INC. Chief of Owned Retail Jeffery Scott Kerby reported routine equity-compensation activity. On March 15, 2026, 9,186 Restricted Stock Units were exercised, converting into the same number of Class A Common shares at no exercise price. Of these, 2,651 shares were withheld by the company at $0.7061 per share to cover tax obligations rather than sold on the open market. Separately, 51,178 Performance Stock Units granted in 2023 were returned to the issuer because stock price targets for vesting on March 15, 2026 were not achieved, and no Class A shares were issued for those awards. Following these transactions, Kerby directly holds 66,978 Class A Common shares.

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^*

KERBY JEFFERY SCOTT

(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 of Owned Retail

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		9,186	A	(1)	69,629	D
Class A Common Stock	03/15/2026		F		2,651	D	$0.7061	66,978	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			9,186	(2)	(2)	Class A Common Stock	9,186	$0	0	D
Performance Stock Units	(1)	03/15/2026		D			51,178	(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 transactions did PRPL executive Jeffery Scott Kerby report?

Jeffery Scott Kerby reported equity-compensation activity, not open-market trades. He exercised 9,186 Restricted Stock Units into Class A shares and had 2,651 shares withheld for taxes. In addition, 51,178 Performance Stock Units were forfeited back to the issuer when vesting targets were not met.

How many Purple Innovation (PRPL) RSUs did Kerby vest and convert?

Kerby exercised 9,186 Restricted Stock Units into 9,186 shares of Purple Innovation Class A Common Stock. The RSUs convert on a one-for-one basis into shares, reflecting scheduled vesting under his equity compensation plan rather than discretionary purchases on the market.

Why were 2,651 PRPL shares disposed of in Kerby’s Form 4 filing?

The 2,651 Class A Common shares were withheld by Purple Innovation to satisfy tax liabilities tied to Kerby’s RSU vesting. This is coded as a tax-withholding disposition and does not represent an open-market sale or a discretionary reduction of his investment position.

What happened to Jeffery Scott Kerby’s Performance Stock Units at PRPL?

Kerby’s 51,178 Performance Stock Units, granted June 20, 2023, were returned to the issuer. They could have vested on March 15, 2026, but Purple Innovation’s Class A stock did not reach the specified target prices, so no shares were issued for these awards.

How many Purple Innovation shares does Kerby hold after these transactions?

After the March 15, 2026 transactions, Kerby directly holds 66,978 shares of Purple Innovation Class A Common Stock. This figure reflects RSU conversion into shares and the tax-withholding share reduction reported in the Form 4, excluding any derivative awards that were forfeited.

Are Kerby’s PRPL Form 4 transactions open-market buys or sells?

No, Kerby’s reported transactions are compensation-related. They include RSU conversion into Class A shares, shares withheld for tax obligations, and forfeiture of Performance Stock Units. The filing does not show any open-market purchases or sales of Purple Innovation stock by Kerby.