CFO Todd Vogensen and CLO Tricia McDermott
Received Inducement Grants
LEHI,
Utah, March 14, 2024 /PRNewswire/ -- Purple
Innovation, Inc. (NASDAQ: PRPL) ("Purple"), a comfort innovation
company known for creating the "World's First No
Pressure® Mattress," today announced the Todd Vogensen,
Chief Financial Officer, and Tricia
McDermott, Chief Legal Officer received equity grants. These
inducement grants were originally granted in connection with each
officer's initial employment offer in October 2023, but delayed for official granting
until the post-2024 earnings call open window period The grants
consist of performance share units (PSUs) and restricted share
units (RSUs). The PSUs have a three-year cliff vesting schedule and
are contingent on the stock price achieving certain performance
targets. The RSU's have a vesting schedule of 1/3rd vesting every
12 months on the anniversary of the grant. These grants are an
inducement grants outside of the Company's 2017 Equity Incentive
Plan in accordance with the NASDAQ inducement grant exception found
in NASDAQ Listing Rule 5635(c)(4). Mr. Vogensen received 240,741
PSUs and 129,630 RSUs. Ms. McDermott received 200,617 PSUs and
108,024 RSUs.
About Purple
Purple, the leading premium mattress company with the #1 Gel
Grid technology in the world, the GelFlex® Grid,
thoughtfully engineers products that make restorative sleep
effortless for every kind of sleeper. The result of over 30 years
of innovation and in comfort technologies, Purple's GelFlex Grid is
the most significant advancement in mattresses in decades and is
proven to reduce aches and pains. It instantly adapts as you move,
balances temperature, relieves pressure and offers support in all
the right places. Purple products, including mattresses, pillows,
cushions, frames, sheets, and more, can be found online
at Purple.com, in 60 Purple stores and over 3,000 retailers
nationwide. Sleep Better. Live Purple.
Forward-Looking Statements
Certain statements made in this release that are not historical
facts are "forward-looking statements" within the meaning of the
"safe harbor" provisions of the United States Private Securities
Litigation Reform Act of 1995. Such forward-looking statements
include but are not limited to statements about operational
improvements and the Company's growth of revenue and profitability.
Statements based on historical data are not intended and should not
be understood to indicate the Company's expectations regarding
future events. Forward-looking statements provide current
expectations or forecasts of future events or determinations. These
forward-looking statements are not guarantees of future
performance, conditions or results, and involve a number of known
and unknown risks, uncertainties, assumptions and other important
factors, many of which are outside the Company's control, that
could cause actual results or outcomes to differ materially from
those discussed in the forward-looking statements. Factors that
could influence the realization of forward-looking statements
include the risk factors outlined in the "Risk Factors" section of
our Annual Report on Form 10-K filed with the SEC on March 12, 2023, and in our other filings with the
SEC. Many of these risks and uncertainties have been, and will be,
exacerbated by the COVID–19 pandemic and any worsening of the
global business and economic environment as a result. The Company
does not undertake any obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
Investor Contact:
Brendon
Frey, ICR
brendon.frey@icrinc.com
203-682-8200
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SOURCE Purple Innovation, Inc.
