CEO Joseph Megibow resigns; Robert DeMartini named acting CEO

Purple Innovation, Inc.

Megibow resigned as CEO and director Dec 13, 2021, to pursue other interests; no disagreement with company.
Separation agreement provides $500,000 severance payable over 18 months plus accrued benefits and COBRA.
Robert DeMartini appointed acting CEO and director effective Dec 13; board will search for permanent CEO.
DeMartini receives $150,000/month ($50K cash + $100K stock) under employment agreement ending July 3, 2022.
Interim CFO Bennett Nussbaum's consultancy extended through Aug 19, 2022, with total compensation of $600K plus bonuses.

item 5.02 item 9.01

Executive movements

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Appointed (interim)

Robert T. DeMartini

Acting Chief Executive Officer

PRPL · Purple Innovation, Inc.

Effective: 2021-12-13
Filed: December 13, 2021, 6:59 PM ET

On December 13, 2021, in connection with Mr. Megibow’s resignation from the office of chief executive officer and as a director, the board of directors of the Company appointed Robert T. DeMartini as acting chief executive officer and a director, effective December 13, 2021, to serve on an interim basis.

Appointed

Robert T. DeMartini

Director

PRPL · Purple Innovation, Inc.

Effective: 2021-12-13
Filed: December 13, 2021, 6:59 PM ET

On December 13, 2021, in connection with Mr. Megibow’s resignation from the office of chief executive officer and as a director, the board of directors of the Company appointed Robert T. DeMartini as acting chief executive officer and a director, effective December 13, 2021, to serve on an interim basis.

Departed

Joseph B. Megibow

Chief Executive Officer

PRPL · Purple Innovation, Inc.

Effective: 2021-12-13
Successor: Robert T. DeMartini
Filed: December 13, 2021, 6:59 PM ET

On December 13, 2021, Joseph B. Megibow resigned from the office of chief executive officer and as a director of Purple Innovation, Inc. (the “Company”) to pursue other interests effective December 13, 2021 (the “Resignation Date”).

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Robert T. DeMartini was appointed as Acting Chief Executive Officer at Purple Innovation, Inc..

Action: appointed
Role: Acting Chief Executive Officer

Exact text from the filing

On December 13, 2021, in connection with Mr. Megibow’s resignation from the office of chief executive officer and as a director, the board of directors of the Company appointed Robert T. DeMartini as acting chief executive officer and a director, effective December 13, 2021, to serve on an interim basis.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.9

Robert T. DeMartini was appointed as Director at Purple Innovation, Inc..

Action: appointed
Role: Director

Exact text from the filing

On December 13, 2021, in connection with Mr. Megibow’s resignation from the office of chief executive officer and as a director, the board of directors of the Company appointed Robert T. DeMartini as acting chief executive officer and a director, effective December 13, 2021, to serve on an interim basis.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Joseph B. Megibow resigned as Chief Executive Officer at Purple Innovation, Inc..

Action: resigned
Role: Chief Executive Officer

Exact text from the filing

On December 13, 2021, Joseph B. Megibow resigned from the office of chief executive officer and as a director of Purple Innovation, Inc. (the “Company”) to pursue other interests effective December 13, 2021 (the “Resignation Date”).

View on SEC.gov

Purple Innovation, Inc. filing history →

Source: SEC EDGAR

accession 0001213900-21-065042

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