secwatch.observer — SEC 8-K summary
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Issuer:     Purple Innovation, Inc. (PRPL)
CIK:        0001643953
Form:       8-K
Filed at:   2024-01-26T23:59:59+00:00
Accession:  0001213900-24-007006
Event type: leadership
Sentiment:  neutral
Materiality: 0.65
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Purple Innovation amends CEO DeMartini's contract: base salary to $725k, new bonus up to $5M tied to stock price
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- CEO base salary increased to $725,000 effective March 19, 2024.
- CEO eligible for $850k special recognition bonus vesting 10% Aug 2024, 20% Feb 2025, 70% Aug 2025, repayable if terminated before June 30, 2026.
- CEO eligible for up to $5M cash bonus based on VWAP thresholds $1.50–$7.50+ measured Mar–Jun 2026, paid quarterly after June 30, 2026.
- Upon qualifying retirement, RSUs vest as if employed 12 more months; PSUs vest pro-rata based on performance.
- Special recognition bonus of 15 months' salary for CFO, CPO, COO with same three-part vesting schedule as CEO's bonus.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1643953/000121390024007006/0001213900-24-007006-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1643953/000121390024007006/ea192270-8k_purple.htm
  HTML page:      https://secwatch.observer/filing/0001213900-24-007006

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