<SEC-DOCUMENT>0001213900-23-031084.txt : 20230419
<SEC-HEADER>0001213900-23-031084.hdr.sgml : 20230419
<ACCEPTANCE-DATETIME>20230419172558
ACCESSION NUMBER:		0001213900-23-031084
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20230419
DATE AS OF CHANGE:		20230419

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Purple Innovation, Inc.
		CENTRAL INDEX KEY:			0001643953
		STANDARD INDUSTRIAL CLASSIFICATION:	HOUSEHOLD FURNITURE [2510]
		IRS NUMBER:				474078206
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-37523
		FILM NUMBER:		23830844

	BUSINESS ADDRESS:	
		STREET 1:		4100 N. CHAPEL RIDGE RD
		STREET 2:		SUITE 200
		CITY:			LEHI
		STATE:			UT
		ZIP:			84043
		BUSINESS PHONE:		801-756-2600

	MAIL ADDRESS:	
		STREET 1:		4100 N. CHAPEL RIDGE RD
		STREET 2:		SUITE 200
		CITY:			LEHI
		STATE:			UT
		ZIP:			84043

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Global Partner Acquisition Corp.
		DATE OF NAME CHANGE:	20150602
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>ea177147-8k_purple.htm
<DESCRIPTION>CURRENT REPORT
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>UNITED
STATES </B></FONT></P>

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D.C. 20549</B></FONT></P>

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REPORT </B></FONT></P>

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to Section 13 or 15(d) </B></FONT></P>

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the Securities Exchange Act of 1934 </B></FONT></P>

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of Report (Date of earliest event reported): <FONT ID="xdx_909_edei--DocumentPeriodEndDate_c20230413__20230413_zgc7ZVHOfLcf">April 13, 2023</FONT></B></FONT></P>

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Innovation, Inc.</FONT></B></FONT></P>

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the following provisions:</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167; 230.405
of this chapter) or Rule 12b&#8211;2 of the Securities Exchange Act of 1934 (&#167; 240.12b&#8211;2 of this chapter).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging
growth company <FONT ID="xdx_908_edei--EntityEmergingGrowthCompany_c20230413__20230413_zwSbEafH5xqj">&#9744;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. &#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&#160;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ITEM&#160;5.2
<FONT STYLE="text-transform: uppercase">Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers.</FONT></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Adoption
of 2023 Short-Term Cash Incentive Plan</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On April 13, 2023, the Company&#8217;s
board of directors (the &#8220;Directors&#8221;) approved the 2023 Short-Term Cash Incentive Plan (the &#8220;STIP&#8221;). Certain key
employees, including employees who are employed to serve as C-Suite executives (except as may be set forth in an employment or other agreements),
Senior Vice Presidents, Vice Presidents, and Senior Directors, participate in the STIP as determined by the Human Capital &amp; Compensation
Committee (the &#8220;Committee&#8221;). Not all eligible employees, including the eligible named executive officers, are guaranteed to
participate in the STIP, as participation will be subject to Board discretion and approval. The STIP will be administered by the Committee
as authorized by the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the STIP to activate, the Company must achieve a certain 2023 minimum target level of an adjusted EBITDA financial target. If the Company
does not reach the minimum target level of the adjusted EBITDA financial target, no cash awards will be paid to any of the participants
under the STIP. If the Company achieves the minimum target level of the adjusted EBITDA target, participants are eligible to receive
a cash bonus in an amount determined by the extent to which that minimum level of that financial target is exceeded up to a maximum level,
and as augmented by the extent to which a net revenue target also is met between minimum and maximum levels.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The bonus amount is calculated
as the participant&#8217;s annual base salary multiplied by that participant&#8217;s participation percentage set forth in their participation
letter, with the result multiplied by a bonus percentage based on whether and the extent to which the adjusted EBITDA and net revenue
financial targets are met, with the bonus percentage based on adjusted EBITDA and net revenue each weighted 50% at the plan targets. However,
if the minimum adjusted EBITDA target is not met, the total bonus percentage will be 0%. The bonus percentage for each financial target
will be determined in proportion to the actual amount achieved compared to minimum, plan, and maximum targets. Achievement of both plan
targets results in a bonus percentage of 100%. If only the minimum of both targets is attained the weighted bonus percentage will be 50%,
and if the maximum of both targets is attained the weighted bonus percentage will be 200%. In no event will the bonus percentage for attainment
results above the maximum targets be above 200%. Notwithstanding the forgoing, the bonus percentage will be limited as necessary to prevent
the Company from falling below certain post-bonus adjusted EBITDA minimums that are dependent on the level of adjusted EBITDA that is
attained.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
foregoing summary of the STIP does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the
STIP, which is attached as Exhibit 99.1 to this report and is incorporated by reference herein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>RSU
Agreement</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On April 13, 2023, the Board revised
Section 5 of the form of Restricted Share Unit Agreement (the &#8220;RSU Agreement&#8221;) for Restricted Share Unit (&#8220;RSU) awards
granted under the 2017 Plan pursuant to the Amended LTIP (the &#8220;LTIP&#8221;) to provide that if a participant&#8217;s termination
occurs by reason of involuntary termination by the Company without cause on or within twelve months after a change in control then, subject
to Section 6, one hundred percent (100%) of that participant&#8217;s RSU awards shall vest and become payable upon such termination of
employment, eliminating the previous requirement that such termination of employment occur on or after March 15 of the following year.
The foregoing does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the RSU Agreement,
which is attached as Exhibit 99.2 to this report and is incorporated by reference herein.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>PSU
Agreement</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On April 13, 2023, the Board revised
Section 8(b) of the form of Performance-Based Share Unit Agreement (the &#8220;PSU Agreement&#8221;) for Performance-Based Share Unit
(&#8220;PSU&#8221;) awards granted under the 2017 Plan pursuant to the Amended LTIP to provide that if a participant&#8217;s termination
occurs by reason of involuntary termination by the Company without cause on or within twelve months after a change in control then, subject
to Section 9, a pro rata portion (calculated based on the days elapsed in a performance period prior to the employment termination date
divided by the total days in that performance period) of that participants PSU awards shall vest and become payable after the performance
period at the same time other participants are paid, if at all, and limited to the lesser of the number of shares payable based on the
performance goals attained as of the date of the termination or the end of the performance period, eliminating the previous requirement
that such termination of employment occur on or after March 15 of the following year. The foregoing summary does not purport to be complete
and is subject to, and qualified in its entirety by, the full text of the PSU Agreement, which is attached as Exhibit 99.3 to this report
and is incorporated by reference herein.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ITEM
9.01 FINANCIAL STATEMENTS AND EXHIBITS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&#160;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
Exhibits:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

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    Number</B></FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><A HREF="ea177147ex99-1_purple.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purple Innovation, Inc. 2023 Short-Term Cash Incentive Plan, dated as of April 13, 2023</FONT></A></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.2</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ea177147ex99-2_purple.htm">Form of Restricted Share Unit Agreement</A></FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.3</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><A HREF="ea177147ex99-3_purple.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Performance-Based Share Unit Agreement</FONT></A></TD></TR>
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    Page Interactive Data File (embedded within the Inline XBRL document)</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SIGNATURES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:
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    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PURPLE
    INNOVATION, INC.</B></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 37%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Casey K. McGarvey</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Casey
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
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<DESCRIPTION>PURPLE INNOVATION, INC. 2023 SHORT-TERM CASH INCENTIVE PLAN, DATED AS OF APRIL 13, 2023
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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
99.1</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PURPLE
INNOVATION, INC. 2023 SHORT-TERM CASH INCENTIVE PLAN</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board of Directors (the &ldquo;Board&rdquo;) of Purple Innovation, Inc., for itself and its subsidiaries (collectively &ldquo;Company&rdquo;),
has adopted this Purple Innovation, Inc. 2023 Short-Term Cash Incentive Plan (the &ldquo;Plan&rdquo;) as of April 13. 2023.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.
Purpose of Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
purposes of the Plan are to provide clear focus on the Company&rsquo;s annual strategic objectives, to align compensation with the Company&rsquo;s
financial performance, and to retain the talent needed to drive success.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.
Definitions.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
&ldquo;Annual Base Salary&rdquo; with respect to the Plan Year (defined below) shall mean the amount of annualized salary paid by the
Company to a Participant (defined below) as of May 1, 2023 of the Plan Year without reduction for any amounts withheld pursuant to participation
in a qualified &ldquo;cafeteria plan&rdquo; under Section 125 of the Internal Revenue Code (the &ldquo;Code&rdquo;) or a cash or deferred
arrangement under Section 401(k) of the Code. Annual Base Salary shall not include any amount paid or accruing to a Participant under
the Plan, equity awards granted under the Purple Innovation, Inc. 2017 Equity Incentive Plan or any other incentive plan, any extraordinary
remuneration, expense allowance, imputed income or any other amounts deemed to be indirect compensation, and any contributions made by
the Company to this Plan or any other plan or any other amounts which, in the discretion of the Board, are not considered to be Annual
Base Salary for purposes of the Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
&ldquo;Bonus Amount&rdquo; is the amount of cash payable to a Participant under the Plan, if any, and it is the product of (i) the Bonus
Percentage (defined below) multiplied by (ii) the product of (A) each Participant&rsquo;s Annual Base Salary multiplied by (B) that Participant&rsquo;s
Participation Percentage (defined below).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
&ldquo;Bonus Percentage&rdquo; is a single percentage that is the combined weighted percentages, if any, resulting from the level of
achievement by the Company of the Adjusted EBITDA Target and Net Revenue Target (each defined herein). These financial targets are equally
weighted 50/50 each if both targets are achieved. The Bonus Percentage will be 0% unless at least the minimum target level of the Adjusted
EBITDA Target is achieved. As explained further below in the definitions of these two targets, if both targets are achieved, and no more,
the weighted Bonus Percentage will be 100%; if only the minimum of both targets is attained, and no more, the weighted Bonus Percentage
will be 50%; and if the maximum of both targets are attained, or more, the weighted Bonus Percentage will be 200%. In no event will the
Bonus Percentage be greater than 200%. Notwithstanding the foregoing, the Bonus Percentage will be limited as necessary to prevent the
Company from falling below certain Post Bonus Adjusted EBITDA Minimums (defined below), depending on the level of adjusted EBITDA attained,
to assure there are sufficient earnings to fund the payout pool. The Bonus Percentage calculation is dependent on the following inputs
subject to being limited as a result of the Post Bonus Adjusted EBITDA Minimums.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
&ldquo;Adjusted EBITDA Target&rdquo; is the amount of targeted pre-Bonus Amount payment adjusted EBITDA of the Company for the Plan Year
as set forth on a schedule approved by the Board. At target, 100% of the 50% weighted Bonus Percentage is attained if the Net Revenue
Target is also achieved. Adjusted EBITDA of 77% of target to 240% of target will result in 50% to 200% of the weighted Bonus Percentage
to be attained, per the schedule approved by the Board. Notwithstanding the foregoing, the portion of the Bonus Percentage derived from
achieving the Adjusted EBITDA Target will be limited as necessary to prevent the Company from falling below certain Post Bonus Adjusted
EBITDA Minimums upon payment of the Bonus Amounts. Generally, achievement of this financial target is determined by the amount of actual
adjusted EBITDA of the Company reported in the Company&rsquo;s Form 10-K and earnings release for the Plan Year; provided, however, the
Board may determine in its sole discretion to impose additional or eliminate certain adjustments in the calculation of adjusted EBITDA
to be used under the Plan to achieve its purpose stated herein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)
&ldquo;Net Revenue Target&rdquo; is the amount of targeted net revenue of the Company for the Plan Year as set forth on a schedule approved
by the Board. At target, 100% of the 50% weighted Bonus Percentage is attained if the Adjusted EBITDA Target is also achieved. Net revenue
of 90% of target to 125% of target will result in 50% to 200% of the 50% weighted Bonus Percentage to be attained, per the schedule approved
by the Board. Notwithstanding the foregoing, the portion of the Bonus Percentage derived from achieving the Net Revenue Target will be
limited as necessary to prevent the Company from falling below certain Post Bonus Adjusted EBITDA Minimums upon payment of the Bonus
Amounts. Achievement of this financial target is determined by the amount of actual net revenue and adjusted EBITDA of the Company reported
in the Company&rsquo;s Form 10-K and earnings release for the Plan Year; provided, however, the Board may determine in its sole discretion
to impose additional or eliminate certain adjustments in the calculation of adjusted EBITDA to be used under the Plan to achieve its
purpose stated herein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
&ldquo;Participant&rdquo; is the executive officer or other employee determined by the Board to be entitled to participate in the Plan
and has the title of Senior Director, Vice President or Senior Vice President and C-Suite Executive, other than the Chief Executive Officer
except as may be set forth in an employment agreement, at the time this Plan is approved by the Board.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)
&ldquo;Participation Percentage&rdquo; is the percentage set forth in the participation letter issued by the Company to each Participant
determined to be eligible to participate in the Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)
&ldquo;Payment Date&rdquo; shall mean the date Bonus Amounts are paid under the Plan which shall occur as soon as practical following
the filing of the Company&rsquo;s audited financial results in Form 10-K and/or earnings release in Form 8-K for the Plan Year.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)
&ldquo;Plan Year&rdquo; shall mean calendar year 2023 (January 1, 2023 &ndash; December 31, 2023). (If the Plan is extended to apply
to subsequent years it shall mean the Company&rsquo;s fiscal year if then different from the calendar year.)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)
&ldquo;Post Bonus Adjusted EBITDA Minimums&rdquo; used in calculating the Bonus Percentage are minimum limits of adjusted EBITDA that
must remain following payout of all Bonus Amounts which ensure that regardless of the inputs into the Bonus Percentage there are sufficient
earnings to fund the payout. The adjusted EBITDA minimum amounts at any level of adjusted EBITDA achievement is determined by the Board.
If the Bonus Percentage attained by its inputs results in Bonus Amounts that together equal or fall below the maximum eligible payout
that does not result in less than the minimum limit of adjusted EBITDA, there is no adjustment. There is an adjustment only if the total
payout without the adjustment would be above the maximum eligible payout as a result of the total amount causing there to be less than
the minimum limit of adjusted EBITDA. Consequently, achieving certain relatively higher percentages of the Net Revenue Target than the
achieved percentage of the Adjusted EBITDA Target will result in the Bonus Percentage and resulting Bonus Amounts that are paid out being
limited to the maximum eligible bonus payout possible without falling below the adjusted EBITDA minimum determined by the Board at the
achieved level of the Adjusted EBITDA Target.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.
Administration of the Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Plan is authorized by the Board and shall be administered by the Company under the oversight of the Human Capital &amp; Compensation
Committee (&ldquo;Committee&rdquo;). All awards made under the Plan shall be approved by the Board. No member of the Board, while serving
as such, shall be eligible for participation in the Plan as a director but shall be eligible as an employee if also employed by the Company.
The Board shall have exclusive and final authority in all determinations and decisions affecting the Plan and its Participants. The Board
shall also have sole authority to interpret the Plan, to establish and revise rules and regulations relating to the Plan, to delegate
such responsibilities or duties as it deems desirable, and to make any other determination that it believes necessary or advisable for
the administration of the Plan including, but not limited to: (i) approving the designation of eligible Participants; (ii) determining
the Participation Percentage of each Participant; (iii) making any adjustments to the calculated adjusted EBITDA results for the Plan
Year to be used for determining achievement of the Adjusted EBITDA Target; and (iv) and other material terms of the Plan or actions needed
to achieve the Plan&rsquo;s stated purpose.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.
Participation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board may from time to time designate when a Participant ceases to participate in the Plan or return to participation in the Plan. Cash
awards for new Participants during the Plan Year shall be prorated for employees who are hired during the Plan Year and begin service
before the fourth quarter of the Plan Year, to be approved by the Committee at the time of hiring.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.
Performance Gate Trigger.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the Plan to activate, the Company must achieve the annual 2023 minimum target level of the Adjusted EBITDA Target set forth by the Board
on its schedule. If that minimum target level is not met, no Bonus Amounts will be paid to any of the Participants under the Plan. This
does not preclude management from making individual discretionary bonuses to any person regardless of whether the person is selected
to be a Participant under this Plan, subject to any needed Board approval.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.
Right to Payment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
otherwise determined by the Board, in its sole discretion, a Participant shall have no right to receive payment of a Bonus Amount under
the Plan unless the Participant remains in the employ of the Company through and including the Payment Date and remains in good standing
with the Company during the Plan Year. No Participant shall have a right to more than the Bonus Amount approved by the Board.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.
Payment.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the other provisions of the Plan, payment to a Participant of a Bonus Amount will be made in cash on the Payment Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.
Miscellaneous Provisions.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
A Participant&rsquo;s rights and interests under the Plan are personal to the Participant and may not be sold, assigned, pledged, or
otherwise transferred or encumbered in any manner, without the express approval of or exceptions allowed by the Committee in its discretion.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
No award will be earned on a pro rata basis for a termination (including for voluntary or involuntary separation, retirement, death,
or disability) of employment occurring during the Plan Year or before the Payment Date, except as expressly set forth in a written commitment
from the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
Neither the Plan nor any action taken under the Plan shall be construed as giving any Participant any right to continued employment with
the Company either before or after the Payment Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
The Company shall have the right to make such provisions as it deems necessary or appropriate to satisfy any obligations it may have
to withhold income or other taxes incurred because of payments made under the Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)
The Board may at any time, and from time to time, alter, amend, suspend, or terminate the Plan in whole or in part prior to any payment
under the Plan. Notwithstanding the foregoing, no such action may be taken that affects adversely any of the rights of a Participant,
without such Participant&rsquo;s consent, to an award that has been paid under the Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)
The Company has the right to recoup or &ldquo;clawback&rdquo; awards paid under this Plan in accordance with the Company&rsquo;s Clawback
Policy in effect at the time and to make an award subject to policies and guidelines.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)
The Plan shall apply only to the 2023 calendar year and shall not continue thereafter for subsequent years or from year to year, except
as hereafter may be determined by the Board.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)
In the absence of a written employment contract, the relationship between Participants and the Company is one of at-will employment.
The Plan does not alter this relationship. The Plan will not supersede any specific employment contract obligations the Company may have
with a Plan Participant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></P>

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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>ea177147ex99-2_purple.htm
<DESCRIPTION>FORM OF RESTRICTED SHARE UNIT AGREEMENT
<TEXT>
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.2</B></P>

<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Purple Innovation, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2017 EQUITY INCENTIVE PLAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Restricted Share Unit Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">Purple Innovation, Inc., a Delaware corporation (the &ldquo;Company&ldquo;),
hereby grants to Participant identified below, as of the below Date of Grant, the right to receive shares of Class A Common Stock, par
value $0.0001 per share, in an amount equal to the Number of Shares specified below on the terms and conditions contained in this Restricted
Share Unit Agreement and the Company&rsquo;s 2017 Equity Incentive Plan (the &ldquo;Plan&ldquo;) and 2019 Long-Term Equity Incentive Plan
(the &ldquo;LTIP&rdquo;), as amended, copies of which have been provided to Participant. Any capitalized term used but not defined in
this Agreement shall have the meaning given to the term in the Plan or LTIP as they currently exist or may hereafter be amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">1.</TD><TD STYLE="text-align: justify"><U>Name of Participant</U>: [*]</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify"><U>Number of Shares</U>: [*]<FONT STYLE="font-size: 10pt"><SUP>3</SUP></FONT> shares (the &ldquo;Restricted Shares&rdquo;) of Class
A Common Stock of Purple Innovation, Inc.</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.5in">3.</TD><TD STYLE="text-align: justify"><U>Date of Grant</U>: [*], 2023</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.5in">4.</TD><TD STYLE="text-align: justify"><U>Vesting Period</U>: Except as provided in Sections 5 and 6 of this Agreement, the Restricted Shares to be issued under this Agreement
shall be subject to three-year ratable vesting with one-third (1/3) of the grant vesting on March [*], 2024, one-half (1/2) of the remainder
on March [*], 2025, and the balance on March [*], 2026, with fractional numbers rounded down to the nearest whole number (the &ldquo;Vesting
Period&rdquo;). Vesting during the Vesting Period is subject to the Participant continuing to be employed by the Company. Subject to this
Agreement and the Plan, the shares to be distributed under this Agreement shall be issued and distributed as soon as administratively
practicable after the restriction is lifted upon vesting (the &ldquo;Distributed Shares&rdquo;) during the Vesting Period.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.5in">5.</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Termination of Employment</U>: Except as described in this Section and Section 6 of this Agreement,
in the event Participant&rsquo;s employment is terminated prior to the end of the Vesting Period, Participant&rsquo;s rights to vesting
that has not occurred shall be immediately and irrevocably forfeited; provided, however, if Participant&rsquo;s termination occurs by
reason of involuntary termination by the Company without Cause on or within twelve months after a Change in Control then, subject to Section
6, one hundred percent (100%) of Participant&rsquo;s Restricted Shares shall vest and become payable upon such termination of employment.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.</TD><TD STYLE="text-align: justify"><U>Change in Control</U>: In the event of a Change in Control, the Company may make any adjustments to the Restricted Shares, the
Vesting Period or any other terms and conditions of this Agreement in accordance with Section 12 of the Plan.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><SUP>3</SUP></TD><TD STYLE="text-align: justify">Determined using the 30-consecutive-trading-day volume weighted
average price at the close of market on the Date of Grant.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.5in">7.</TD><TD STYLE="text-align: justify"><U>Income Taxes</U>: Participant is solely liable and responsible for any federal and state income or other taxes applicable upon
the distribution to Participant of any Distributed Shares or other payments under this Agreement, the Company has no duty or obligation
to minimize the tax consequences of this grant, vesting or distributions under this Agreement to the Participant and will not be liable
to Participant for any adverse tax consequences to Participant in connection with this Agreement, and Participant acknowledges that he
or she should consult Participant&rsquo;s own tax advisor regarding the applicable tax consequences. Upon the distribution of Distributed
Shares, Participant shall promptly pay to the Company in cash, or in previously acquired shares of the Company common stock having a fair
market value equal to the amount of all applicable taxes required by the Company to be withheld or collected upon the distribution of
the Distributed Shares. In the alternative, prior to vesting, Participant may direct the Company to withhold from the Distributed Shares
otherwise to be distributed the number of shares having a fair market value equal to the amount of all applicable taxes required by the
Company to be withheld upon the distribution of the Distributed Shares. Participant acknowledges that no shares will be distributed to
Participant, notwithstanding any vesting, unless and until Participant has satisfied any obligation for withholding taxes as provided
in this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.</TD><TD STYLE="text-align: justify"><U>Policies &amp; Guidelines</U>: This Agreement, the Restricted Shares, the Distributed Shares, and any equivalent replacement securities
shall be subject to the Company&rsquo;s clawback policy and equity ownership guidelines approved by the Board of Directors as they may
be amended from time to time.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.5in">9.</TD><TD STYLE="text-align: justify"><U>Restrictions</U>. Participant&rsquo;s rights in any Restricted Shares, Distributed Shares, or any equivalent securities covered
by this Agreement shall be subject to the following restrictions before and after the above Vesting Period: (a) Until any Distributed
Shares are distributed to Participant under Section 4, neither Participant nor anyone claiming through Participant shall have any rights
as a shareholder under this Agreement, including the right to vote or to receive dividends, stock dividends or other non-cash distributions;
and (b) Participant may not transfer, sell, assign, or pledge the right to receive the Restricted Shares or Distributed Shares, other
than by will or the laws of descent and distribution, or as otherwise permitted by the Committee pursuant to the Plan, and any such attempted
transfer shall be void.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">The Participant hereby acknowledges receipt of a copy of the Plan as
presently in effect. The text and all of the terms and provisions of the Plan are incorporated herein by reference, and this grant is
subject to these terms and provisions in all respects. This grant also is subject to Participant&rsquo;s compliance with all other agreements
between Participant and the Company, including but not limited to those agreements entered into at the beginning of Participant&rsquo;s
employment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PURPLE INNOVATION, INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 4%">By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 31%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 30%">&nbsp;</TD>
    <TD STYLE="width: 27%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Casey McGarvey</TD>
    <TD>&nbsp;</TD>
    <TD>Dated</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD></TD>
    <TD>Corporate Secretary</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Agreed to and Accepted by:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 31%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 30%">&nbsp;</TD>
    <TD STYLE="width: 27%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>[*]</TD>
    <TD>&nbsp;</TD>
    <TD>Dated</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>ea177147ex99-3_purple.htm
<DESCRIPTION>FORM OF PERFORMANCE-BASED SHARE UNIT AGREEMENT
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Purple Innovation, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2017 EQUITY INCENTIVE PLAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Performance-Based Share Unit Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Purple Innovation, Inc., a Delaware corporation (the &ldquo;Company&ldquo;),
hereby grants to Participant identified below, as of the below Date of Grant, the right to receive shares of Class A common stock, par
value $0.0001 per share, in an amount initially equal to the Target Number of Shares specified below on the terms and conditions contained
in this Performance-Based Share Unit Agreement (including the Schedule attached hereto, this &ldquo;Agreement&rdquo;) and the Company&rsquo;s
2017 Equity Incentive Plan (the &ldquo;Plan&ldquo;) and 2019 Long-Term Equity Incentive Plan (the &ldquo;LTIP&rdquo;), as amended, copies
of which have been provided to Participant. Any capitalized term used but not defined in this Agreement shall have the meaning given to
the term in the Plan or LTIP as they currently exist or may hereafter be amended.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="width: 0.5in; text-align: justify">1.</TD><TD STYLE="text-align: justify"><U>Name of Participant</U>: [*]</TD>
</TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.5in">2.</TD><TD STYLE="text-align: justify"><U>Target Number of Shares</U>: [*]<FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT> shares (the &ldquo;Target Shares&rdquo;) of
Class A Common Stock of Purple Innovation, Inc. The number of Target Shares that may actually be earned and become eligible to vest pursuant
to this Agreement can be between 0% and 100% of this Target Number of Shares but may not exceed 100% of the Target Shares.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="width: 0.5in; text-align: justify">3.</TD><TD STYLE="text-align: justify"><U>Date of Grant</U>: [*], 2023</TD>
</TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.5in">4.</TD><TD STYLE="text-align: justify"><U>Performance Period</U>: Except as provided in Section 9(b) of this Agreement, the performance period for purposes of determining
whether and to what extent Target Shares will be issued under a Performance Award (as defined below) shall be the period commencing on
the Date of Grant and ending on March 15, 2026 (the &ldquo;Performance Period&rdquo;).</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.5in">5.</TD><TD STYLE="text-align: justify"><U>Performance Goals</U>: The performance goals for purposes of determining whether and to what extent Target Shares will be issued
under this Agreement are set forth in the attached Performance Goals Schedule.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.5in">6.</TD><TD STYLE="text-align: justify"><U>Vesting</U>: Vesting of the Target Shares is contingent upon the achievement of the performance goals, as set forth in the attached
Performance Goals Schedule and as determined and certified by the Human Capital &amp; Compensation Committee of the Board of Directors
(the &ldquo;Committee&rdquo;) in accordance with the Plan after the end of the Performance Period. The number of Target Shares that vest,
if any, may be adjusted by the Committee to the extent permitted by this Agreement and the Plan. The final vested award certified by the
Committee is referred to as the &ldquo;Performance Award.&rdquo; Subject to Sections 8 and 9 of this Agreement, the distribution of any
Target Shares in a number determined by the Performance Award (the &ldquo;Distributed Shares&rdquo;) will be deferred until after the
conclusion of the Performance Period in accordance with Section 7 of this Agreement.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.5in">7.</TD><TD STYLE="text-align: justify"><U>Distribution</U>: Any Distributed Shares to be distributed under this Agreement shall be distributed as soon as administratively
practicable after certification of a Performance Award by the Committee, but no later than two and one-half months following the end of
the Performance Period for which such certification occurred. The Committee may, in its sole discretion, elect to pay Participant the
value of all or any portion of the Performance Award in cash, based upon the closing price of a share on the business day immediately
prior to the date of distribution of the Distributed Shares.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

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<TD STYLE="width: 0.25in; text-align: justify"><SUP>1</SUP></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Determined
using the 30-consecutive-trading-day volume weighted average price at the close of market on the Date of Grant.</FONT></TD>
</TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.</TD><TD STYLE="text-align: justify"><U>Termination of Employment</U>: (a) Except as described in this Section and Section 9 of this Agreement, in the event Participant&rsquo;s
employment is terminated prior to the payment of the Performance Award, either with Distributed Shares or cash, this Agreement and Participant&rsquo;s
rights to receive any portion of the Performance Award shall be immediately and irrevocably forfeited, unless Participant&rsquo;s termination
occurs by reason of involuntary termination by the Company without Cause on or within twelve months after a Change in Control.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">(b) In the event Participant&rsquo;s employment is terminated
prior to the end of the Performance Period by reason of involuntary termination by the Company without Cause on or within twelve months
after a Change in Control then, Subject to Section 9, Participant shall be entitled to receive a pro-rata distribution (calculated based
on the days elapsed in the Performance Period prior to the employment termination date divided by the total days in the Performance Period)
of the Performance Award determined by the Committee, in its sole discretion, after completion of the Performance Period to be paid based
on the attached Performance Goals Schedule with the pro-rata payment being calculated based on the performance goals attained as of the
date of the termination or the end of the Performance Period, whichever produces a lower amount. In the event Participant&rsquo;s employment
is terminated by reason of an involuntary termination by the Company without cause on or within twelve months after completion of the
Performance Period but prior to certification and distribution of the Performance Award then, subject to Section 9, Participant shall
be entitled to receive the Performance Award determined by the Committee after completion of the Performance Period to be distributed,
in its sole discretion, based on the attached Performance Goals Schedule. Such distributions will be made at the same time that distributions
are made to active employees.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.5in">9.</TD><TD STYLE="text-align: justify"><U>Change in Control</U>: In the event of a Change in Control, the Committee may make any adjustments to the Target Shares, Performance
Period, performance goals or any other terms and conditions of this Agreement in accordance with Section 12 of the Plan.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.5in">10.</TD><TD STYLE="text-align: justify"><U>Income Taxes</U>: Participant is solely liable and responsible for any federal and state income or other taxes applicable upon
the distribution to Participant of any Distributed Shares or other payments under this Agreement, the Company has no duty or obligation
to minimize the tax consequences of this grant or distribution to Participant and will not be liable to Participant for any adverse tax
consequences to the Participant in connection with this Agreement, and Participant acknowledge that he or she should consult with Participant&rsquo;s
own tax advisor regarding the applicable tax consequences. Upon the distribution of Distributed Shares, Participant shall promptly pay
to the Company in cash, or in previously acquired shares of the Company common stock having a fair market value equal to the amount of
all applicable taxes required by the Company to be withheld or collected upon the distribution of the Distributed Shares. In the alternative,
prior to the end of the Performance Period, Participant may direct the Company to withhold from the Distributed Shares otherwise to be
distributed the number of shares having a fair market value equal to the amount of all applicable taxes required by the Company to be
withheld upon the distribution of the Distributed Shares. Participant acknowledges that no shares will be distributed to Participant or
Participant&rsquo;s estate, notwithstanding any Performance Award, unless and until Participant has satisfied any obligation for withholding
taxes as provided in this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">11.</TD><TD STYLE="text-align: justify"><U>Policies &amp; Guidelines</U>: This Agreement, the Target Shares, the Distributed Shares, and any equivalent replacement securities
shall be subject to the Company&rsquo;s clawback policy and equity ownership guidelines approved by the Board of Directors as they may
be amended from time to time.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.5in">12.</TD><TD STYLE="text-align: justify"><U>Restrictions</U>. Participant&rsquo;s rights in any Target Shares, Distributed Shares, or any equivalent replacement securities
covered by this Agreement shall be subject to the following restrictions during and after the Performance Period: (a) Until any Distributed
Shares are distributed to Participant under Section 7, neither Participant nor anyone claiming through Participant shall have any rights
as a shareholder under this Agreement, including the right to vote or to receive dividends, stock dividends or other non-cash distributions;
and (b) Participant may not transfer, sell, assign, or pledge the right to receive the Target Shares or Distributed Shares, other than
by will or the laws of descent and distribution, or as otherwise permitted by the Committee pursuant to the Plan, and any such attempted
transfer shall be void.</TD></TR></TABLE>

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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Participant hereby acknowledges receipt of a copy of the Plan as
presently in effect. The text and all of the terms and provisions of the Plan are incorporated herein by reference, and this grant is
subject to these terms and provisions in all respects. This grant also is subject to Participant&rsquo;s compliance with all other agreements
between Participant and the Company, including but not limited to those agreements entered into at the beginning of Participant&rsquo;s
employment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PURPLE INNOVATION, INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 31%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 30%">&nbsp;</TD>
    <TD STYLE="width: 27%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Casey McGarvey</TD>
    <TD>&nbsp;</TD>
    <TD>Dated</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD></TD>
    <TD>Corporate Secretary</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Agreed to and Accepted by:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 31%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 30%">&nbsp;</TD>
    <TD STYLE="width: 27%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>[*]</TD>
    <TD>&nbsp;</TD>
    <TD>Dated</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Performance Goals Schedule</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to the terms of this Agreement, vesting of
the Target Award is contingent upon achievement of the 60-consecutive trading-day volume weighted average price (&ldquo;VWAP&rdquo;) of
the Class A Common Stock of Purple Innovation, Inc. targets identified in the chart below and as determined and certified by the Committee
in accordance with the Plan after the end of the Performance Period. The distribution of Distributed Shares will be deferred until after
the conclusion of the Performance Period, provided that the participant continues to be employed by the Company at the time of such distribution,
except as provided in the Agreement. For purposes hereof, &ldquo;60-consecutive trading-day&rdquo; VWAP will be determined as of the last
day of the Performance Period. Vesting for achievement between targets will be subject to straight-line interpolation. These targets will
be subject to adjustment by the Committee in accordance with Section 12 of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 48%; text-align: center"><B>Target 60-Consecutive Trading-Day VWAP<FONT STYLE="font-size: 10pt"><SUP>2</SUP></FONT></B></TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 4%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 48%; text-align: center"><B>% of Performance Share Units Earned</B></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">$____</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">0%</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">$____</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">25%</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">$____</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">50%</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">$____</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">75%</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">$____</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">100%</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><SUP>2</SUP></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
dollar amounts for these blanks will be determined as percentage increases above the 30-consecutive-trading-day VWAP at the close of
market on the Date of Grant, as follows: anything below 15% will result in 0% earned; 15% will result in 25% earned; 32.3% will result
in 50% earned; 52.1% will result in 75% earned; and 74.9% or more will result in 100%.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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