SEC FORM 3

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Ulrich George Turner

(Last)

(First)

(Middle)

C/O PURPLE INNOVATION, INC.

4100 NORTH CHAPEL RIDGE ROAD SUITE 200

(Street)

LEHI

84043

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
09/02/2021

3. Issuer Name and Ticker or Trading Symbol
Purple Innovation, Inc. [ PRPL ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Principal Accounting Officer

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
Restricted Stock Units	⁽¹⁾	⁽¹⁾	Class A Common Stock	1,895	⁽²⁾	D
Performance Stock Units	⁽³⁾	⁽³⁾	Class A Common Stock	1,895	⁽³⁾	D
Employee Stock Option (right to buy)	⁽⁴⁾	05/22/2024	Class A Common Stock	16,808⁽⁴⁾	$6.51	D
Employee Stock Option (right to buy)	⁽⁵⁾	05/18/2025	Class A Common Stock	6,456⁽⁵⁾	$13.12	D

Explanation of Responses:

1. The Restricted Stock Units vest in three equal annual installments; one-third on March 15, 2022; one-third on March 15, 2023; and one-third on March 15, 2024 (the "Vesting Period"). Fractional numbers will be rounded down to the nearest whole number.

2. Each Restricted Stock Unit represents a contingent right to receive one share of PRPL Class A Common Stock.

3. Each Performance Stock Unit represents a contingent right to receive up to one share of PRPL Class A Common Stock after March 15, 2024. Between 0% and 100% of the Performance Stock Units will vest upon PRPL's Class A Common Stock achieving specified target price per share levels on March 15, 2024.

4. The Company granted Mr. Ulrich 26,024 Employee Stock Options on May 23, 2019. 25% of the options granted vested and became exercisable on March 15, 2020. The remaining 75% of the options vest and become exercisable in monthly installments on the first day of each calendar month beginning on April 1, 2020 in the amount of one-forty-eighth of the full amount for the remaining three years. Mr. Ulrich previously exercised 9,216 Employee Stock Options and sold the Class A Common shares obtained from the exercise, leaving a remaining balance of 16,808 Employee Stock Options.

5. These Employee Stock Options were granted on May, 18, 2020. 25% of the options granted vested and became exercisable on March 15, 2021. The remaining 75% of the options vest and become exercisable in monthly installments on the first day of each calendar month beginning on April 1, 2021 in the amount of one-forty-eighth of the full amount for the remaining three years.

Remarks:

Exhibit 24 Power of Attorney

	/s/ Casey McGarvey as Attorney-in-Fact	09/02/2021
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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