Purple Innovation, Inc. — Director's Dealing 2021

May 25, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Purple Innovation, Inc. (PRPL)
CIK: 0001643953
Period of Report: 2021-05-21

Reporting Person: Anthos Pano (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-05-21	Class A Common Stock	A	2969	—	Acquired	25387	Direct
2021-05-25	Class A Common Stock	M	1415	$11.50	Acquired	26802	Direct
2021-05-25	Class A Common Stock	D	528	$30.85	Disposed	26274	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-05-25	Private Placement Warrants (right to buy)	$	M	2830	Disposed	2023-02-02	Class A Common Stock (1415)	Direct

Footnotes

F1: On May 25, 2021, Mr. Anthos exercised 2,830 warrants (the "Private Placement Warrants") on a cashless basis pursuant to the Warrant Agreement, dated as of July 29, 2015, by and between the Issuer and Continental Stock Transfer & Trust Company (the "Warrant Agreement"), with each Private Placement Warrant exercisable for one-half share of Common Stock per Private Placement Warrant at a price of $11.50 per whole share. The disposition of Common Stock in connection with the cashless exercise was exempted pursuant to Rule 16b-3 of the Securities Exchange Act of 1934, as amended, by resolution of the board of directors of the Issuer prior to the disposition.

F2: The number of shares issuable upon a cashless exercise is determined, in accordance with Section 3.3.1(b) of the Warrant Agreement by dividing (x) the product of the number of shares of Common Stock underlying the Private Placement Warrants multiplied by the difference between $11.50 and the Fair Market Value by (y) the Fair Market Value. For this purpose, the "Fair Market Value" is equal to the average last sale price of the Issuer's Common Stock for the ten (10) trading days ending on the third trading day prior to May 25, 2021. The Issuer has calculated the Fair Market Value to be $30.85.