Purple Innovation appoints Robert DeMartini as permanent CEO; base salary $680,000

Purple Innovation, Inc.

Robert DeMartini appointed permanent CEO, removing 'acting' title, effective March 19, 2022.
Base salary set at $680,000 annually; minimum target annual bonus of 100% of base salary.
Equity grants of 500,000 RSUs and 500,000 stock options, each vesting one-third annually.
Eligible for annual equity grants valued at $1,500,000 beginning in 2023.
Severance: 12 months' base salary (18 months if within Change in Control Period) plus COBRA.

item 5.02 item 9.01

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Role change

Robert DeMartini

chief executive officer

PRPL · Purple Innovation, Inc.

Effective: 2022-03-19
Filed: March 22, 2022, 7:59 PM ET

On March 19, 2022, in connection with Mr. DeMartini’s appointment as chief executive officer, the Company and Mr. DeMartini entered into an amended and restated employment agreement (the “Amended and Restated Employment Agreement”), effective March 19, 2022, which amended and restated the December 13, 2021, employment agreement between Mr. DeMartini and the Company (the “Prior Agreement”) appointing him the acting chief executive officer.

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Executive change SEC 8-K Item 5.02 confidence 0.95

Robert DeMartini was appointed as chief executive officer at Purple Innovation, Inc..

Action: appointed
Role: chief executive officer

Exact text from the filing

On March 19, 2022, in connection with Mr. DeMartini’s appointment as chief executive officer, the Company and Mr. DeMartini entered into an amended and restated employment agreement (the “Amended and Restated Employment Agreement”), effective March 19, 2022, which amended and restated the December 13, 2021, employment agreement between Mr. DeMartini and the Company (the “Prior Agreement”) appointing him the acting chief executive officer.

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Source: SEC EDGAR

accession 0001213900-22-014166

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