secwatch.observer — SEC 8-K summary
======================================

Issuer:     Purple Innovation, Inc. (PRPL)
CIK:        0001643953
Form:       8-K
Filed at:   2023-04-19T23:59:59+00:00
Accession:  0001213900-23-031081
Event type: other
Sentiment:  neutral
Materiality: 0.50
Item codes: 5.2, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Purple Innovation adopts 2023 cash incentive plan; revises RSU/PSU vesting on change in control
--------------------------------------------------------------------------------

- 2023 STIP: cash bonuses tied to adjusted EBITDA and net revenue (50/50); gate: min EBITDA; max bonus 200% post-bonus EBITDA floor.
- RSUs: 100% vesting upon involuntary termination without cause within 12 months after change in control.
- PSUs: pro-rata vesting (based on days elapsed) on such termination, paid after performance period.
- Both amendments eliminate prior requirement that termination occur after March 15 of the following year.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1643953/000121390023031081/0001213900-23-031081-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1643953/000121390023031081/ea177147-8k_purple.htm
  HTML page:      https://secwatch.observer/filing/0001213900-23-031081

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer