Business
Inducement Grants to Executive Officers
CFO Todd Vogensen and CLO Tricia McDermott Received Inducement Grants LEHI, Utah, March 14, 2024 /PRNewswire/ -- Purple Innovation, Inc. (NASDAQ: PRPL)
About this update from Purple Innovation, Inc.
[{"type":"text","content":"CFO Todd Vogensen and CLO Tricia McDermott Received Inducement Grants\nLEHI, 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.\n\n \n \n \n \n \n \n\n \nAbout Purple \nPurple, 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.\nForward-Looking Statements\nCertain 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 ...