# EDGAR Filing Document

**Accession Number:** 0001643953
**File Stem:** 0001193125-23-034450
**Filing Date:** 2023-2
**Character Count:** 51710
**Document Hash:** 1d570b7bcab69973485fda32b38f8964
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-034450.hdr.sgml**: 20230213

**ACCESSION NUMBER**: 0001193125-23-034450

**CONFORMED SUBMISSION TYPE**: SC 13D/A

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20230213

**DATE AS OF CHANGE**: 20230213

**GROUP MEMBERS**: ADAM GRAY

**GROUP MEMBERS**: CHRISTOPHER SHACKELTON

**GROUP MEMBERS**: COLISEUM CAPITAL CO-INVEST III, L.P.

**GROUP MEMBERS**: COLISEUM CAPITAL PARTNERS, L.P.

**GROUP MEMBERS**: COLISEUM CAPITAL, LLC

**SUBJECT COMPANY**: 

**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:** SC 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-88966
- **FILM NUMBER:** 23614895

**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
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Coliseum Capital Management, LLC
- **CENTRAL INDEX KEY:** 0001409751
- **IRS NUMBER:** 223918079
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** SC 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** 105 ROWAYTON AVENUE
- **CITY:** ROWAYTON
- **STATE:** CT
- **ZIP:** 06853
- **BUSINESS PHONE:** 203-883-0100

**MAIL ADDRESS:**
- **STREET 1:** 105 ROWAYTON AVENUE
- **CITY:** ROWAYTON
- **STATE:** CT
- **ZIP:** 06853

------

------

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

------

**SCHEDULE 13D/A** 

**Under the Securities Exchange Act of 1934** 

**(Amendment No. 25)\*** 

------

## PURPLE INNOVATION, INC.
**(Name of Issuer)** 

**Class A Common Stock, par value $0.0001 per share** 

**(Title of Class of Securities)** 

**74640Y 106** 

**(CUSIP Number)** 

**Christopher Shackelton/Adam Gray** 

**105 Rowayton Avenue** 

**Rowayton, CT 06853** 

**with a copy to:** 

**Debevoise & Plimpton LLP** 

**Attention: William D. Regner, Esq.** 

**66 Hudson Boulevard** 

**New York, NY 10001** 

**(212) 909-6000** 

**(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)** 

**February 13, 2023** 

**(Date of Event Which Requires Filing of this Statement)** 

------

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §240.13d-1(e), §240.13d-1(f) or §240.13d-1(g), check the following box. ☐

The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("<u>Act</u>") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see Notes).

------

CUSIP No. 74640Y 106 13D/A Page 2 of 11

1. &nbsp;&nbsp;&nbsp;&nbsp; Names of reporting persons. &nbsp;&nbsp;&nbsp;&nbsp; Coliseum Capital Management, LLC

2. &nbsp;&nbsp;&nbsp;&nbsp; Check the appropriate box
if a member of a group (see instructions) &nbsp;&nbsp;&nbsp;&nbsp; (a) ☐ (b) ☒

3. &nbsp;&nbsp;&nbsp;&nbsp; SEC use only

4. &nbsp;&nbsp;&nbsp;&nbsp; Source of funds (see
instructions) &nbsp;&nbsp;&nbsp;&nbsp; AF

5. &nbsp;&nbsp;&nbsp;&nbsp; Check if disclosure of
legal proceedings is required pursuant to Items 2(d) or 2(e) &nbsp;&nbsp;&nbsp;&nbsp; ☐

6. &nbsp;&nbsp;&nbsp;&nbsp; Citizenship or place of
organization &nbsp;&nbsp;&nbsp;&nbsp; Delaware

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Number of<br> shares<br> beneficially <br> owned by<br> each<br> reporting<br> person<br> with | &nbsp;&nbsp;&nbsp;&nbsp;7. | &nbsp;&nbsp;&nbsp;&nbsp;Sole voting power<br>&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp; Number of<br> shares<br> beneficially <br> owned by<br> each<br> reporting<br> person<br> with | &nbsp;&nbsp;&nbsp;&nbsp;8. | &nbsp;&nbsp;&nbsp;&nbsp;Shared voting power<br>&nbsp;&nbsp;&nbsp;&nbsp;40,854,130 |
| &nbsp;&nbsp;&nbsp; Number of<br> shares<br> beneficially <br> owned by<br> each<br> reporting<br> person<br> with | &nbsp;&nbsp;&nbsp;&nbsp;9. | &nbsp;&nbsp;&nbsp;&nbsp;Sole dispositive power<br>&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp; Number of<br> shares<br> beneficially <br> owned by<br> each<br> reporting<br> person<br> with | 10. | &nbsp;&nbsp;&nbsp;&nbsp;Shared dispositive power<br>&nbsp;&nbsp;&nbsp;&nbsp;40,854,130 |

---

11. &nbsp;&nbsp;&nbsp;&nbsp; Aggregate amount beneficially owned by each reporting person &nbsp;&nbsp;&nbsp;&nbsp; 40,854,130

12. &nbsp;&nbsp;&nbsp;&nbsp; Check if the aggregate
amount in Row (11) excludes certain shares (see instructions) &nbsp;&nbsp;&nbsp;&nbsp; ☐

13. &nbsp;&nbsp;&nbsp;&nbsp; Percent of class
represented by amount in Row (11) &nbsp;&nbsp;&nbsp;&nbsp; 44.7%

14. &nbsp;&nbsp;&nbsp;&nbsp; Type of reporting person
(see instructions) &nbsp;&nbsp;&nbsp;&nbsp; IA

------

CUSIP No. 74640Y 106 13D/A Page 3 of 11

1. &nbsp;&nbsp;&nbsp;&nbsp; Names of reporting persons. &nbsp;&nbsp;&nbsp;&nbsp; Coliseum Capital, LLC

2. &nbsp;&nbsp;&nbsp;&nbsp; Check the appropriate box
if a member of a group (see instructions) &nbsp;&nbsp;&nbsp;&nbsp; (a) ☐ (b) ☒

3. &nbsp;&nbsp;&nbsp;&nbsp; SEC use only

4. &nbsp;&nbsp;&nbsp;&nbsp; Source of funds (see
instructions) &nbsp;&nbsp;&nbsp;&nbsp; AF

5. &nbsp;&nbsp;&nbsp;&nbsp; Check if disclosure of
legal proceedings is required pursuant to Items 2(d) or 2(e) &nbsp;&nbsp;&nbsp;&nbsp; ☐

6. &nbsp;&nbsp;&nbsp;&nbsp; Citizenship or place of
organization &nbsp;&nbsp;&nbsp;&nbsp; Delaware

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Number of<br> shares<br> beneficially <br> owned by<br> each<br> reporting<br> person<br> with | &nbsp;&nbsp;&nbsp;&nbsp;7. | &nbsp;&nbsp;&nbsp;&nbsp;Sole voting power<br>&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp; Number of<br> shares<br> beneficially <br> owned by<br> each<br> reporting<br> person<br> with | &nbsp;&nbsp;&nbsp;&nbsp;8. | &nbsp;&nbsp;&nbsp;&nbsp;Shared voting power<br>&nbsp;&nbsp;&nbsp;&nbsp;33,475,078 |
| &nbsp;&nbsp;&nbsp; Number of<br> shares<br> beneficially <br> owned by<br> each<br> reporting<br> person<br> with | &nbsp;&nbsp;&nbsp;&nbsp;9. | &nbsp;&nbsp;&nbsp;&nbsp;Sole dispositive power<br>&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp; Number of<br> shares<br> beneficially <br> owned by<br> each<br> reporting<br> person<br> with | 10. | &nbsp;&nbsp;&nbsp;&nbsp;Shared dispositive power<br>&nbsp;&nbsp;&nbsp;&nbsp;33,475,078 |

---

11. &nbsp;&nbsp;&nbsp;&nbsp; Aggregate amount beneficially owned by each reporting person &nbsp;&nbsp;&nbsp;&nbsp; 33,475,078

12. &nbsp;&nbsp;&nbsp;&nbsp; Check if the aggregate
amount in Row (11) excludes certain shares (see instructions) &nbsp;&nbsp;&nbsp;&nbsp; ☒

13. &nbsp;&nbsp;&nbsp;&nbsp; Percent of class
represented by amount in Row (11) &nbsp;&nbsp;&nbsp;&nbsp; 36.6%

14. &nbsp;&nbsp;&nbsp;&nbsp; Type of reporting person
(see instructions) &nbsp;&nbsp;&nbsp;&nbsp; OO

------

CUSIP No. 74640Y 106 13D/A Page 4 of 11

1. &nbsp;&nbsp;&nbsp;&nbsp; Names of reporting persons. &nbsp;&nbsp;&nbsp;&nbsp; Coliseum Capital Partners, L.P.

2. &nbsp;&nbsp;&nbsp;&nbsp; Check the appropriate box
if a member of a group (see instructions) &nbsp;&nbsp;&nbsp;&nbsp; (a) ☐ (b) ☒

3. &nbsp;&nbsp;&nbsp;&nbsp; SEC use only

4. &nbsp;&nbsp;&nbsp;&nbsp; Source of funds (see
instructions) &nbsp;&nbsp;&nbsp;&nbsp; WC

5. &nbsp;&nbsp;&nbsp;&nbsp; Check if disclosure of
legal proceedings is required pursuant to Items 2(d) or 2(e) &nbsp;&nbsp;&nbsp;&nbsp; ☐

6. &nbsp;&nbsp;&nbsp;&nbsp; Citizenship or place of
organization &nbsp;&nbsp;&nbsp;&nbsp; Delaware

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Number of<br> shares<br> beneficially <br> owned by<br> each<br> reporting<br> person<br> with | &nbsp;&nbsp;&nbsp;&nbsp;7. | &nbsp;&nbsp;&nbsp;&nbsp;Sole voting power<br>&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp; Number of<br> shares<br> beneficially <br> owned by<br> each<br> reporting<br> person<br> with | &nbsp;&nbsp;&nbsp;&nbsp;8. | &nbsp;&nbsp;&nbsp;&nbsp;Shared voting power<br>&nbsp;&nbsp;&nbsp;&nbsp;30,341,629 |
| &nbsp;&nbsp;&nbsp; Number of<br> shares<br> beneficially <br> owned by<br> each<br> reporting<br> person<br> with | &nbsp;&nbsp;&nbsp;&nbsp;9. | &nbsp;&nbsp;&nbsp;&nbsp;Sole dispositive power<br>&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp; Number of<br> shares<br> beneficially <br> owned by<br> each<br> reporting<br> person<br> with | 10. | &nbsp;&nbsp;&nbsp;&nbsp;Shared dispositive power<br>&nbsp;&nbsp;&nbsp;&nbsp;30,341,629 |

---

11. &nbsp;&nbsp;&nbsp;&nbsp; Aggregate amount beneficially owned by each reporting person &nbsp;&nbsp;&nbsp;&nbsp; 30,341,629

12. &nbsp;&nbsp;&nbsp;&nbsp; Check if the aggregate
amount in Row (11) excludes certain shares (see instructions) &nbsp;&nbsp;&nbsp;&nbsp; ☒

13. &nbsp;&nbsp;&nbsp;&nbsp; Percent of class
represented by amount in Row (11) &nbsp;&nbsp;&nbsp;&nbsp; 33.2%

14. &nbsp;&nbsp;&nbsp;&nbsp; Type of reporting person
(see instructions) &nbsp;&nbsp;&nbsp;&nbsp; PN

------

CUSIP No. 74640Y 106 13D/A Page 5 of 11

1. &nbsp;&nbsp;&nbsp;&nbsp; Names of reporting persons. &nbsp;&nbsp;&nbsp;&nbsp; Coliseum Capital Co-Invest III, L.P.

2. &nbsp;&nbsp;&nbsp;&nbsp; Check the appropriate box
if a member of a group (see instructions) &nbsp;&nbsp;&nbsp;&nbsp; (a) ☐ (b) ☒

3. &nbsp;&nbsp;&nbsp;&nbsp; SEC use only

4. &nbsp;&nbsp;&nbsp;&nbsp; Source of funds (see
instructions) &nbsp;&nbsp;&nbsp;&nbsp; WC

5. &nbsp;&nbsp;&nbsp;&nbsp; Check if disclosure of
legal proceedings is required pursuant to Items 2(d) or 2(e) &nbsp;&nbsp;&nbsp;&nbsp; ☐

6. &nbsp;&nbsp;&nbsp;&nbsp; Citizenship or place of
organization &nbsp;&nbsp;&nbsp;&nbsp; Delaware

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Number of<br> shares<br> beneficially <br> owned by<br> each<br> reporting<br> person<br> with | &nbsp;&nbsp;&nbsp;&nbsp;7. | &nbsp;&nbsp;&nbsp;&nbsp;Sole voting power<br>&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp; Number of<br> shares<br> beneficially <br> owned by<br> each<br> reporting<br> person<br> with | &nbsp;&nbsp;&nbsp;&nbsp;8. | &nbsp;&nbsp;&nbsp;&nbsp;Shared voting power<br>&nbsp;&nbsp;&nbsp;&nbsp;3,133,449 |
| &nbsp;&nbsp;&nbsp; Number of<br> shares<br> beneficially <br> owned by<br> each<br> reporting<br> person<br> with | &nbsp;&nbsp;&nbsp;&nbsp;9. | &nbsp;&nbsp;&nbsp;&nbsp;Sole dispositive power<br>&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp; Number of<br> shares<br> beneficially <br> owned by<br> each<br> reporting<br> person<br> with | 10. | &nbsp;&nbsp;&nbsp;&nbsp;Shared dispositive power<br>&nbsp;&nbsp;&nbsp;&nbsp;3,133,449 |

---

11. &nbsp;&nbsp;&nbsp;&nbsp; Aggregate amount beneficially owned by each reporting person &nbsp;&nbsp;&nbsp;&nbsp; 3,133,449

12. &nbsp;&nbsp;&nbsp;&nbsp; Check if the aggregate
amount in Row (11) excludes certain shares (see instructions) &nbsp;&nbsp;&nbsp;&nbsp; ☒

13. &nbsp;&nbsp;&nbsp;&nbsp; Percent of class
represented by amount in Row (11) &nbsp;&nbsp;&nbsp;&nbsp; 3.4%

14. &nbsp;&nbsp;&nbsp;&nbsp; Type of reporting person
(see instructions) &nbsp;&nbsp;&nbsp;&nbsp; PN

------

CUSIP No. 74640Y 106 13D/A Page 6 of 11

1. &nbsp;&nbsp;&nbsp;&nbsp; Names of reporting persons. &nbsp;&nbsp;&nbsp;&nbsp; Adam Gray

2. &nbsp;&nbsp;&nbsp;&nbsp; Check the appropriate box
if a member of a group (see instructions) &nbsp;&nbsp;&nbsp;&nbsp; (a) ☐ (b) ☒

3. &nbsp;&nbsp;&nbsp;&nbsp; SEC use only

4. &nbsp;&nbsp;&nbsp;&nbsp; Source of funds (see
instructions) &nbsp;&nbsp;&nbsp;&nbsp; AF

5. &nbsp;&nbsp;&nbsp;&nbsp; Check if disclosure of
legal proceedings is required pursuant to Items 2(d) or 2(e) &nbsp;&nbsp;&nbsp;&nbsp; ☐

6. &nbsp;&nbsp;&nbsp;&nbsp; Citizenship or place of
organization &nbsp;&nbsp;&nbsp;&nbsp; United
States

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Number of<br> shares<br> beneficially <br> owned by<br> each<br> reporting<br> person<br> with | &nbsp;&nbsp;&nbsp;&nbsp;7. | &nbsp;&nbsp;&nbsp;&nbsp;Sole voting power<br>&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp; Number of<br> shares<br> beneficially <br> owned by<br> each<br> reporting<br> person<br> with | &nbsp;&nbsp;&nbsp;&nbsp;8. | &nbsp;&nbsp;&nbsp;&nbsp;Shared voting power<br>&nbsp;&nbsp;&nbsp;&nbsp;40,854,130 |
| &nbsp;&nbsp;&nbsp; Number of<br> shares<br> beneficially <br> owned by<br> each<br> reporting<br> person<br> with | &nbsp;&nbsp;&nbsp;&nbsp;9. | &nbsp;&nbsp;&nbsp;&nbsp;Sole dispositive power<br>&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp; Number of<br> shares<br> beneficially <br> owned by<br> each<br> reporting<br> person<br> with | 10. | &nbsp;&nbsp;&nbsp;&nbsp;Shared dispositive power<br>&nbsp;&nbsp;&nbsp;&nbsp;40,854,130 |

---

11. &nbsp;&nbsp;&nbsp;&nbsp; Aggregate amount beneficially owned by each reporting person &nbsp;&nbsp;&nbsp;&nbsp; 40,854,130

12. &nbsp;&nbsp;&nbsp;&nbsp; Check if the aggregate
amount in Row (11) excludes certain shares (see instructions) &nbsp;&nbsp;&nbsp;&nbsp; ☐

13. &nbsp;&nbsp;&nbsp;&nbsp; Percent of class
represented by amount in Row (11) &nbsp;&nbsp;&nbsp;&nbsp; 44.7%

14. &nbsp;&nbsp;&nbsp;&nbsp; Type of reporting person
(see instructions) &nbsp;&nbsp;&nbsp;&nbsp; IN

------

CUSIP No. 74640Y 106 13D/A Page 7 of 11

1. &nbsp;&nbsp;&nbsp;&nbsp; Names of reporting persons. &nbsp;&nbsp;&nbsp;&nbsp; Christopher Shackelton

2. &nbsp;&nbsp;&nbsp;&nbsp; Check the appropriate box
if a member of a group (see instructions) &nbsp;&nbsp;&nbsp;&nbsp; (a) ☐ (b) ☒

3. &nbsp;&nbsp;&nbsp;&nbsp; SEC use only

4. &nbsp;&nbsp;&nbsp;&nbsp; Source of funds (see
instructions) &nbsp;&nbsp;&nbsp;&nbsp; AF

5. &nbsp;&nbsp;&nbsp;&nbsp; Check if disclosure of
legal proceedings is required pursuant to Items 2(d) or 2(e) &nbsp;&nbsp;&nbsp;&nbsp; ☐

6. &nbsp;&nbsp;&nbsp;&nbsp; Citizenship or place of
organization &nbsp;&nbsp;&nbsp;&nbsp; United
States

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Number of<br> shares<br> beneficially <br> owned by<br> each<br> reporting<br> person<br> with | &nbsp;&nbsp;&nbsp;&nbsp;7. | &nbsp;&nbsp;&nbsp;&nbsp;Sole voting power<br>&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp; Number of<br> shares<br> beneficially <br> owned by<br> each<br> reporting<br> person<br> with | &nbsp;&nbsp;&nbsp;&nbsp;8. | &nbsp;&nbsp;&nbsp;&nbsp;Shared voting power<br>&nbsp;&nbsp;&nbsp;&nbsp;40,854,130 |
| &nbsp;&nbsp;&nbsp; Number of<br> shares<br> beneficially <br> owned by<br> each<br> reporting<br> person<br> with | &nbsp;&nbsp;&nbsp;&nbsp;9. | &nbsp;&nbsp;&nbsp;&nbsp;Sole dispositive power<br>&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp; Number of<br> shares<br> beneficially <br> owned by<br> each<br> reporting<br> person<br> with | 10. | &nbsp;&nbsp;&nbsp;&nbsp;Shared dispositive power<br>&nbsp;&nbsp;&nbsp;&nbsp;40,854,130 |

---

11. &nbsp;&nbsp;&nbsp;&nbsp; Aggregate amount beneficially owned by each reporting person &nbsp;&nbsp;&nbsp;&nbsp; 40,854,130

12. &nbsp;&nbsp;&nbsp;&nbsp; Check if the aggregate
amount in Row (11) excludes certain shares (see instructions) &nbsp;&nbsp;&nbsp;&nbsp; ☐

13. &nbsp;&nbsp;&nbsp;&nbsp; Percent of class
represented by amount in Row (11) &nbsp;&nbsp;&nbsp;&nbsp; 44.7%

14. &nbsp;&nbsp;&nbsp;&nbsp; Type of reporting person
(see instructions) &nbsp;&nbsp;&nbsp;&nbsp; IN

------

CUSIP No. 74640Y 106 13D/A Page 8 of 11

**Explanatory Note:** This Amendment No. 25 (this "<u>Amendment</u>") to the Schedule 13D (the "<u>Initial 13D</u>"), filed by the Reporting Persons with the Securities and Exchange Commission (the "<u>SEC</u>") on February 12, 2018 and as amended and supplemented by Amendment No. 1 to the Initial 13D filed on May 23, 2018, Amendment No. 2 to the Initial 13D filed on June 12, 2018, Amendment No. 3 to the Initial 13D filed on March 1, 2019, Amendment No. 4 to the Initial 13D filed on November 19, 2019, Amendment No. 5 to the Initial 13D filed on May 22, 2020, Amendment No. 6 to the Initial 13D filed on July 8, 2020, Amendment No. 7 to the Initial 13D filed on August 24, 2020, Amendment No. 8 to the Initial 13D filed on September 14, 2020, Amendment No. 9 to the Initial 13D filed on November 23, 2020, Amendment No. 10 to the Initial 13D filed on November 24, 2020, Amendment No. 11 to the Initial 13D filed on March 9, 2021, Amendment No. 12 to the Initial 13D filed on May 25, 2021, Amendment No. 13 to the Initial 13D filed on December 20, 2021, Amendment No. 14 to the Initial 13D filed on December 22, 2021, Amendment No. 15 to the Initial 13D filed on December 29, 2021, Amendment No. 16 to the Initial 13D filed on March 7, 2022, Amendment No. 17 to the Initial 13D filed on March 8, 2022, Amendment No. 18 to the Initial 13D filed on March 29, 2022, Amendment No. 19 to the Initial 13D filed on May 16, 2022, Amendment No. 20 to the Initial 13D filed on May 18, 2022, Amendment No. 21 to the Initial 13D filed on May 20, 2022, Amendment No. 22 to the Initial 13D filed on May 24, 2022, Amendment No. 23 to the Initial 13D filed on September 19, 2022, and Amendment No. 24 to the Initial 13D filed on January 17, 2023, amends and supplements certain of the items set forth therein.

As used in this Amendment, the term "<u>Reporting Persons</u>" collectively refers to:

Coliseum Capital Management, LLC, a Delaware limited liability company ("<u>CCM</u>");

Coliseum Capital, LLC, a Delaware limited liability company ("<u>CC</u>");

Coliseum Capital Partners, L.P., a Delaware limited partnership ("<u>CCP</u>");

Coliseum Capital Co-Invest III, L.P., a Delaware limited partnership ("<u>CCC III</u>");

Adam Gray ("<u>Gray</u>"), a director of Purple Innovation, Inc. (the "<u>Issuer</u>"); and

Christopher Shackelton ("<u>Shackelton</u>").

The items identified below, or the particular paragraphs of such items which are identified below, are amended as set forth below. Unless otherwise indicated, all capitalized terms used and not defined herein have the respective meanings assigned to them in the Initial 13D.

**Item 4. Purpose of Transaction.** 

Item 4 is hereby amended and supplemented as follows:

On February 13, 2023, CCP submitted a notice to the Issuer of its intention to nominate the following persons (collectively, the "<u>Coliseum Nominees</u>") to the board of directors of the Issuer (the "<u>Board</u>") at the 2023 annual meeting of the stockholders of the Issuer (the "<u>2023 Annual Meeting</u>"): Seth "Hoby" Darling, Adam Gray, R. Carter Pate, Erika Serow, and Robert DeVincenzi. CCP and the Reporting Persons currently intend to recommend that the stockholders of the Issuer vote in support of re-electing Robert DeMartini, the Issuer's Chief Executive Officer ("<u>DeMartini</u>"), as a director of the Board at the 2023 Annual Meeting. If for any reason DeMartini is not re-elected as a director of the Board at the 2023 Annual Meeting, CCP and the Reporting Persons intend to recommend to the Board that he be appointed as a director.

In addition, on February 13, 2023, CCP issued a press release (the "<u>CCP Press Release</u>") announcing, among other things, its nomination of the Coliseum Nominees, and confirming that it is no longer pursuing its September 2022 proposal to acquire the remaining shares of the Common Stock not owned by certain investment funds and vehicles affiliated with or managed by CCM (collectively, "<u>Coliseum</u>"). The foregoing description of the CCP Press Release does not purport to be complete and is subject to, and qualified in its entirety by, the full text of such document, which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

On February 8, 2023, the Issuer priced an underwritten public offering of 13,400,000 shares of Class A common stock (the "<u>Class</u> <u>A Stock</u>") of the Issuer, par value $0.0001 (the "<u>Public</u> <u>Offering</u>"). CCP and the Separate Account expect to purchase an aggregate of 5,960,320 shares of Class A Stock in the Public Offering. The Public Offering is expected to close on February 13, 2023, subject to customary conditions.

In connection with the Public Offering, Gray entered into a Lock-Up Agreement, dated February 7, 2023 (the "<u>Lock-Up Agreement</u>"), with BMO Capital Markets and KeyBanc Capital Markets Inc., the underwriters for the Public Offering, pursuant to which Gray agreed, subject to specified exceptions, that, until April 9, 2023, he will not, without the prior written consent of the underwriters:

1. directly or indirectly, offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase or otherwise transfer or dispose of any shares of Class A Stock or any securities convertible into or exercisable or exchangeable for Class A Stock, whether owned on February 7, 2023 or thereafter acquired by Gray or with respect to which Gray has or acquires the power of disposition (collectively, the "<u>Lock-Up Securities</u>"), or exercises any right with respect to the registration of any of the Lock-up Securities, or files or causes to be filed any registration statement in connection therewith, under the Securities Act of 1933, as amended, or

------

CUSIP No. 74640Y 106 13D/A Page 9 of 11

2. enter into any swap or any other agreement or any transaction that transfers, in whole or in part, directly or indirectly, the economic consequence of ownership of the Lock-Up Securities, whether any such swap or transaction is to be settled by delivery of Class A Stock or other securities, in cash or otherwise.

The foregoing description of the Lock-Up Agreement is qualified in its entirety to the Lock-Up Agreement, which is filed as Exhibit 99.2 hereto and incorporated herein by reference.

Depending upon overall market conditions, other investment opportunities available to the Reporting Persons, and the availability of securities of the Issuer at prices that would make the purchase or sale of such securities desirable, the Reporting Persons may endeavor from time to time (i) to increase or decrease its position in the Issuer through, among other things, the purchase or sale of securities of the Issuer on the open market or in private transactions or otherwise, on such terms and at such times as the Reporting Persons may deem advisable and/or (ii) to enter into transactions that increase or hedge its economic exposure to the securities of the Issuer without affecting its beneficial ownership, in each case, subject to applicable law.

The Reporting Persons intend to review their investment in the Issuer on a periodic basis and may from time to time engage in discussions with management and the Board and other shareholders and potential shareholders of the Issuer concerning, among other things, the business, operations and future plans of the Issuer. Depending on various factors including, without limitation, the Issuer's financial position and investment strategy, the price levels of the securities of the Issuer, action taken by the Board and management of the Issuer, Coliseum's investment strategies, liquidity requirements and other portfolio management considerations, conditions in the securities markets and general economic and industry conditions, the Reporting Persons may in the future take such actions with respect to their respective investments in the Issuer as they deem appropriate including, without limitation, making proposals concerning changes to the capitalization, ownership structure, Board composition or operations of the Issuer, purchasing additional securities of the Issuer, selling some or all of its securities of the Issuer, engaging in short selling of or any hedging or similar transaction with respect to the securities of the Issuer, or changing its intention with respect to any and all matters referred to in this Item 4.

**Item 5. Interest in Securities of the Issuer.** 

Item 5 is hereby amended and supplemented as follows:

(a)-(b) The information relating to the beneficial ownership of Class A Stock by each of the Reporting Persons set forth in Rows 7 through 13 of the cover pages hereto is incorporated by reference herein. The percentages set forth in Row 13 for all cover pages filed herewith are calculated based upon 91,380,166 shares of Class A Stock outstanding as of November 8, 2022, based on information provided by the Issuer's Quarterly Report on Form 10-Q, as filed on November 9, 2022. When including the Issuer's Class B common stock, par value $0.0001 per share (the "<u>Class</u> <u>B Stock</u>" and, together with the Class A Stock, the "<u>Common Stock</u>"), the Reporting Persons beneficially own 44.5% of the Common Stock.

(c) Item 5 is hereby amended and supplemented to incorporate by reference the information set forth in Item 4 above.

**Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer.** 

Item 6 is hereby amended and supplemented to incorporate by reference the information set forth in Item 4 above.

------

CUSIP No. 74640Y 106 13D/A Page 10 of 11

**Item 7. Material to be Filed as Exhibits.** 

---

| | |
|:---|:---|
| **Exhibit Number** | **Description of Exhibit** |
| 99.1 | Press Release |
| 99.2 | Lock-Up Agreement, dated February 7, 2023 |

---

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CUSIP No. 74640Y 106 13D/A Page 11 of 11

SIGNATURES

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

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| | | | |
|:---|:---|:---|:---|
| DATED: February 13, 2023 | DATED: February 13, 2023 | **COLISEUM CAPITAL CO-INVEST III, L.P.** | **COLISEUM CAPITAL CO-INVEST III, L.P.** |
| **COLISEUM CAPITAL MANAGEMENT, LLC** | **COLISEUM CAPITAL MANAGEMENT, LLC** | By: | Coliseum Capital, LLC, General Partner |
| By: | /s/ Chivonne Cassar | By: | /s/ Chivonne Cassar |
|  | Chivonne Cassar, Attorney-in-fact |  | Chivonne Cassar, Attorney-in-fact |
| **COLISEUM CAPITAL, LLC** | **COLISEUM CAPITAL, LLC** | **ADAM GRAY** | **ADAM GRAY** |
| By: | /s/ Chivonne Cassar | By: | /s/ Chivonne Cassar |
|  | Chivonne Cassar, Attorney-in-fact |  | Chivonne Cassar, Attorney-in-fact |
| **COLISEUM CAPITAL PARTNERS, L.P.** | **COLISEUM CAPITAL PARTNERS, L.P.** | **CHRISTOPHER SHACKELTON** | **CHRISTOPHER SHACKELTON** |
| By: Coliseum Capital, LLC, General Partner | By: Coliseum Capital, LLC, General Partner | By: | /s/ Chivonne Cassar |
|  |  |  | Chivonne Cassar, Attorney-in-fact |
| By: | /s/ Chivonne Cassar |  |  |
|  | Chivonne Cassar, Attorney-in-fact |  |  |

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## Exhibit 99.1

**Exhibit 99.1** 

**FOR IMMEDIATE RELEASE** 

**COLISEUM NOMINATES SLATE OF HIGHLY QUALIFIED AND ENGAGED DIRECTOR CANDIDATES FOR ELECTION AT PURPLE INNOVATION 2023 ANNUAL MEETING** 

***Will Support Re-Election of CEO Rob DeMartini to Board***

***No Longer Pursuing September 2022 Take Private Proposal***

***Shareholders Deserve Nimbler, More Engaged Board with Heightened Sense of Urgency and Bias for Action to Help Management Navigate Challenges Ahead***

ROWAYTON, CT, February 13, 2023….Coliseum Capital Partners, L.P. ("Coliseum"), the largest stockholder of Purple Innovation, Inc. (NASDAQ: PRPL) ("Purple"), announced today that it has nominated five candidates for election to Purple's seven member Board of Directors at the company's 2023 Annual Meeting of Stockholders, including Adam Gray, a current Purple director and Managing Partner and Co-Founder of Coliseum Capital Management, LLC.

Coliseum also announced that it intends to support the re-election of Purple's Chief Executive Officer, Rob DeMartini, and not oppose the election of one other nominee proposed by Purple management after review of their slate. If Mr. DeMartini is not re-elected, Coliseum intends to recommend that he be immediately appointed a director.

Coliseum also confirmed that it is no longer pursuing its September 2022 proposal to acquire the remaining shares not owned by Coliseum. Coliseum committed that if it does make a similar proposal in the future, it will be conditioned on the same terms as the September 2022 proposal: it must be approved by a special committee of Purple's board and by the holders of a majority of the stock not then owned by Coliseum.

Coliseum issued the following letter to Purple stockholders which includes background information on Coliseum's nominees:

Dear fellow stockholders of Purple Innovation, Inc. ("Purple" or the "Company"),

**<u>Five Years After its De-SPAC Merger, Purple's Common Stock Now Trades 54% Below its IPO Price, and 89% Below its All-Time High<sup>1</sup></u>**

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<sup>1</sup> Purple common stock closed at $4.56 on February 10, 2023 and $40.05 per share on February 19, 2021. Purple's IPO price in February 2019 was $10 per share. 

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While we (Coliseum Capital Partners, L.P., together with our affiliates, "Coliseum") are enthusiastic about the Company's longer-term prospects, and strongly supportive of its existing management team, we also recognize that the road ahead – particularly over the next 12-24 months – will be neither straight nor smooth. Purple needs, *and shareholders deserve*, a far nimbler board with a heightened sense of urgency to help management navigate these challenges and halt further deterioration of shareholder value. *As the Company's largest shareholder, our interests are squarely aligned with yours.*

To be clear, we believe that the current non-executive directors are good people with good intentions. Nevertheless, we believe that *after five years of disappointing returns it is time for shareholders to demand change*. Absent significant change, we no longer have confidence in this board's ability to help steward the Company through current headwinds, and to unlock the value creation that we believe is achievable. Accordingly, and in the absence of agreement with the Company for an overhaul in the non-executive composition of its board, we have decided to pursue this public nomination process. Further, given our conviction that such an overhaul is necessary, we are funding this initiative on behalf of all shareholders *without* a customary request that the Company reimburse such costs if our slate is elected.

As you will see below, our proposed directors are accomplished, dynamic business leaders: value creators with deep and relevant experience navigating headwinds, transformation, and growth. We believe, and hope you will agree, *that their skillset, fresh perspective, and energized engagement will prove critical for the benefit of all shareholders.* 

**<u>Our Interests are Squarely Aligned</u>**

We have been strong and consistent supporters of the Company since its February 2018 de-SPAC merger, funding nearly $110 million (about half) of the equity capital Purple has raised to enable the Company's journey to date. With ownership today of nearly 47 million shares of Purple's common stock (approximately 45% of the outstanding common stock), *Coliseum is the Company's largest stockholder; our interests are deeply, squarely aligned with yours.*

In contrast, based on our review of public filings, the other five non-executive directors, taken as a whole, have written checks to acquire only approximately 57,000 shares and today hold approximately 323,000 shares (approximately 0.3% of the outstanding common stock).<sup>2</sup>

**<u>No Longer Pursuing Going-Private; Restating Commitment to Stockholder-Friendly Conditions</u>**

As you may know, in September 2022, Coliseum proposed to take Purple private in a transaction that offered Purple stockholders a 56% premium over Purple's closing stock price the day before our proposal. About four months later, a special committee of Purple's independent directors formally rejected our proposal. While we were disappointed by what we viewed as the special committee's lack of engagement, we respect the special committee's decision. *We confirm today that we are no longer pursuing a going-private transaction with Purple.*

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<sup>2</sup> Excludes shares granted as compensation for Board service or received as a result of cashless exercise of warrants.

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Importantly, when we made our proposal in 2022, we insisted that any transaction would occur only if it was supported by an independent, special committee of Purple's board and by holders of a majority of the stock not held by Coliseum. *We further confirm today that, while we have no current plan to pursue a going-private transaction with Purple, if we proposed any such transaction in the future, we would commit to those same stockholder-friendly conditions.*

**<u>The Road Ahead Will Continue to be Difficult… Requiring a Nimbler, More Engaged Board with Heightened Sense of Urgency and Bias for Action</u>**

Our view — that Purple has a terrific opportunity to create and unlock substantial value for its shareholders — has been bolstered by the strength of Rob DeMartini, by the team he is building, and by the clarity with which Rob has outlined and actioned key strategic and operating priorities. That said, Purple faces a tough macroeconomic environment, strong industry headwinds, and aggressive competitive activity. We believe the action we are taking today to refresh the board will lead to *a nimbler, more engaged board of directors, critical to support management and to protect shareholders from the elevated downside risk evident at this time.*

**<u>Proposed Slate of Director Nominees Highly Qualified to Deliver the Change Shareholders Deserve</u>**

In addition to supporting the reelection of current director and Coliseum co-founder Adam Gray, we are nominating for election to Purple's board four new directors, all of whom are known by us largely through their service as executives and/or board members at other companies in which Coliseum is or was invested where *they helped navigate headwinds, transformation and growth, ultimately protecting and driving substantial value for shareholders.*

We hope you will agree that these five director nominees, each of whom is accomplished in her/his own right and shares our commitment to work tirelessly on behalf of all Purple shareholders, represent the change we deserve.

To be clear, Coliseum is not proposing to change the entire board of Purple because we believe Purple and its stockholders will benefit from the continued service on the board of Purple's Chief Executive Officer, Rob DeMartini, and of Mr. Gray. In fact, if Mr. DeMartini is not reelected to the Purple board, Coliseum intends to recommend that he be immediately appointed to that role.

Nevertheless, we believe that after five years of disappointing shareholder returns – with the Company's common stock trading 54% below its IPO price and at levels 89% below its all-time high touched February 2021<sup>3</sup> – the board requires major refreshment. Indeed, three of the existing directors are holdovers who were chosen almost eight years ago to be directors of a blank-check SPAC entity that had no operations. New skillsets and experience are required to oversee Purple's public company operations.

Below is a brief biography of each of our nominees:

**S. Hoby Darling**. Hoby has held several executive roles at Logitech International (NASDAQ: LOGI), including most recently as head of its sports and human performance advisory business. He was previously CEO of Skull Candy (NASDAQ: SKUL), a leading consumer audio and technology company. Prior to joining Skull Candy, Hoby held several roles at Nike, Inc.

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<sup>3</sup> Purple common stock closed at $4.56 on February 10, 2023 and $40.05 per share on February 19, 2021. Purple's IPO price in February 2019 was $10 per share 

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(NYSE: NKE), including as Global GM of Nike+ Digital Sport and as Head of Strategy and Planning for Nike Affiliates. Prior to Nike, Hoby served as SVP, Strategic Development and General Counsel, at Volcom, Inc. (NASDAQ:VLCM), a leading manufacturer and marketer of consumer lifestyle products. Hoby began his career as a corporate attorney at the global law firm of Latham & Watkins. *While we have not worked directly with Hoby, we believe that his multi-channel consumer brand leadership credentials, particularly involving innovative technology and its ability to improve lifestyle outcomes, and his sense of urgency and drive for performance/accountability will be valuable additions to Purple's boardroom.* 

**Erika Serow**. Erika is the Chief Marketing Officer of Bain & Company ("Bain"), responsible for Bain's global marketing and communication teams, and a member of Bain's Global Operating Council (Executive Leadership Team), where she serves on the Investment and Risk committees. Prior to this role, Erika was the Global President and US CEO for Sweaty Betty, a premium athletic apparel company. Erika began her career with a 20-year stint as a consultant at Bain, where she ultimately led the firm's Retail practice in the Americas. We have seen, firsthand, the value Erika has brought to Lazydays Holdings (NASDAQ: LAZY) through her role on its Board of Directors since March of 2018, including on the Nominating and Governance Committee and Compensation Committee. *We believe that Erika's deep knowledge and experience helping marquee consumer brands navigate strategy and execution across various stages of transformation, including through each of digital, wholesale, and retail channels, will be of significant value to the Board..*

**R. Carter Pate**. We have seen Carter add (and protect) enormous value in a number of roles, including as Chairman of BioScrip (NASDAQ: BIOS) and as a board member of its successor company, OptionCare Health (NASDAQ: OPCH), Chairman of Red Lion Hotels (NASDAQ: RLH), and other public company board roles. We also appreciate his tireless work and substantive contributions during his service as the former CEO of ModivCare, Inc (NASDAQ: MODV). *Carter's drive and determination, and his experience as part of the Global Leadership Team and in leading the restructuring/performance-improvement practice at PricewaterhouseCoopers, will be terrific complements to this refreshed Purple's board.*

**Robert DeVincenzi**. We have had the pleasure of working with Bob over many years. Bob currently serves as Chairman of the Board of Universal Technical Institute (NYSE: UTI), and as the Lead Independent Director of Lazydays Holdings Inc. (NASDAQ: LAZY), where he also served as Interim CEO. Prior, Bob served as President and CEO and then as a board member of Redflex Holding Limited; and held a number of other senior executive positions at a variety of technology and services companies, spanning sales, marketing, strategy and more. *We believe that Bob's long history of navigating change and creating shareholder value with an operator's keen sense of urgency, bias for action and drive for accountability; his deep knowledge of technology, manufacturing, and supply chain; and his extensive public company board experience will be invaluable within the Purple boardroom.*

**Adam Gray**. Adam Gray is a managing partner and co-founder of Coliseum, a private firm that makes long-term investments. In this role, he has served on the boards of directors of a number of public and private companies. Prior to launching Coliseum in 2005, Adam worked for nearly 20 years with and on behalf of top-tier private equity firms. *We believe that Adam's demonstrated track record of value creation through operating, turnaround and restructuring* roles, combined with his private and public equity investing credentials, will help enable Purple's future success.

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\* \* \*

We are optimistic that, with the significant changes in Purple's governance we are proposing, Purple will be much better positioned to continue its journey as a publicly traded company. As Purple's largest stockholder, with approximately 45% of the outstanding common stock, Coliseum is squarely aligned with you in seeking long-term success for Purple. We believe that success is attainable, but it is not assured; without substantial change, we lack confidence in the current board's ability to help navigate these challenging times.

We are asking stockholders to think carefully about their options at the upcoming meeting.

**<u>Vote with the Company's largest stockholder and for a reinvigorated slate that is committed to steering the Company towards long-term success.</u>** 

**<u>Or vote to retain the status quo, despite our lack of confidence in the current board, and risk further destruction of shareholder value.</u>** 

We look forward to introducing our slate of nominees to you, and to our continued engagement.

**CONTACTS:** 

Arthur B. Crozier

Gabrielle Wolf

Innisfree M&A Incorporated

212 750 5833

**CERTAIN INFORMATION CONCERNING THE PARTICIPANTS** 

Coliseum Capital Partners, L.P. ("CCP"), together with the other participants named herein (collectively, "Coliseum"), intends to file a proxy statement and accompanying universal proxy card with the Securities and Exchange Commission ("SEC") to be used to solicit votes for the election of its slate of nominees for election to the Board of Directors (the "Board") of Purple Innovation, Inc. (the "Company") at the 2023 Annual Meeting of Stockholders of the Company to be held as may be determined by the Board (including any other meeting of stockholders held in lieu thereof, and any adjournments, postponements, reschedulings or continuations thereof, the "Annual Meeting").

COLISEUM STRONGLY ADVISES ALL STOCKHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS, INCLUDING THE PROXY CARD, AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC'S WEBSITE AT HTTP://WWW.SEC.GOV. IN ADDITION, THE PARTICIPANTS IN THIS PROXY SOLICITATION WILL PROVIDE COPIES OF THE PROXY STATEMENT WITHOUT CHARGE, WHEN AVAILABLE, UPON REQUEST. REQUESTS FOR COPIES SHOULD BE DIRECTED TO THE PARTICIPANTS' PROXY SOLICITOR, INNISFREE M&A INCORPORATED, AT ITS TOLL-FREE NUMBER 1 888 750 5834 OR VIA EMAIL AT info@innisfreema.com.

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The participants in the proxy solicitation are anticipated to be Coliseum Capital Partners, L.P., Coliseum Capital, LLC ("Coliseum Capital"), Coliseum Capital Management, LLC ("CCM"), Seth "Hoby" Darling, Robert DeVincenzi, Adam Gray, R. Carter Pate, Erika Serow, Christopher Shackelton, Christopher Murphy and Chivonne Cassar.

Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of proxies in connection with the election of Coliseum's nominees as directors of the Company, including a description of their direct or indirect interests, by security holdings or otherwise, will be set forth in the proxy statement and other proxy materials when they are filed with the SEC.

As of the date hereof, CCP beneficially owns 30,341,629 shares of Class A common stock, par value of $0.0001 per share, of the Company (the "Class A Stock"). As of the date hereof, Coliseum Capital beneficially owns 33,475,078 shares of Class A Stock. As of the date hereof, CCM beneficially owns 40,854,130 shares of Class A Stock. As of the date hereof, Adam Gray beneficially owns 40,854,130 shares of Class A Stock. As of the date hereof, none of Seth "Hoby" Darling, Robert DeVincenzi, R. Carter Pate, Erika Serow, Christopher Murphy or Chivonne Cassar beneficially owns any securities of the Company. As of the date hereof, Christopher Shackelton beneficially owns 40,854,130 shares of Class A Stock.

## Exhibit 99.2

**Exhibit 99.2** 

LOCK-UP AGREEMENT

**Purple Innovation, Inc.** 

**Lock-up Agreement** 

February 7, 2023

BMO Capital Markets Corp.

KeyBanc Capital Markets Inc.

As Representatives of the Several Underwriters

c/o BMO Capital Markets Corp.

151 W 42nd Street

New York, New York 10036

and

c/o KeyBanc Capital Markets Inc.

127 Public Square

Cleveland, Ohio 44114

Re: <u>Proposed Public Offering of Class</u> <u>A Common Stock of Purple Innovation, Inc.</u>

Ladies and Gentlemen:

The undersigned, a stockholder, an officer and/or a director of Purple Innovation, Inc., a Delaware corporation (the "Company"), understands that BMO Capital Markets Corp. and KeyBanc Capital Markets Inc. (the "Representatives"), as representatives of the several Underwriters (defined below), propose to enter into an Underwriting Agreement (the "Underwriting Agreement") with the Company providing for the public offering (the "Public Offering") of shares of the Company's Class A common stock, par value $0.0001 per share (the "Common Stock"). In recognition of the benefit that such an offering will confer upon the undersigned as a stockholder, an officer and/or a director of the Company, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned agrees with each underwriter to be named in the Underwriting Agreement (the "Underwriters") that, during the period beginning on the date hereof and ending on the date that is 60 days from the date of the Underwriting Agreement, the undersigned will not, without the prior written consent of the Representatives, (i) directly or indirectly, offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase or otherwise transfer or dispose of any shares of the Company's Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock, whether now owned or hereafter acquired by the undersigned or with respect to which the undersigned has or hereafter acquires the power of disposition (collectively, the "Lock-Up Securities"), or exercise any right with respect to the registration of any of the Lock-up Securities, or file or cause to be filed any registration statement in connection therewith, under the Securities Act of 1933, as amended, or (ii) enter into any swap or any other agreement or any transaction that transfers, in whole or in part, directly or indirectly, the economic consequence of ownership of the Lock-Up Securities, whether any such swap or transaction is to be settled by delivery of Common Stock or other securities, in cash or otherwise.

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Notwithstanding the foregoing, and subject to the conditions below, the undersigned may transfer the Lock-Up Securities without the prior written consent of the Representatives, provided that in each transfer pursuant to clauses (a) through (e) below, (1) the Representatives receive a signed lock-up agreement for the balance of the lock-up period from each donee, trustee, distributee, or transferee, as the case may be, (2) any such transfer shall not involve a disposition for value, (3) such transfers are not required to be reported with the Securities and Exchange Commission on Form 4 in accordance with Section 16 of the Securities Exchange Act of 1934, as amended, and (4) the undersigned does not otherwise voluntarily effect any public filing or report regarding such transfers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. as a *bona fide* gift or gifts; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. pursuant to a will, other testamentary document or intestate succession to the legal representative, heir,
beneficiary or a member of the immediate family of the undersigned or by operation of law, such as pursuant to a qualified domestic order or as required by a divorce settlement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. to any trust for the direct or indirect benefit of the undersigned or the immediate family of the undersigned
(for purposes of this lock-up agreement, "immediate family" shall mean any relationship by blood, marriage or adoption, not more remote than first cousin); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. as a distribution to limited partners, members or stockholders of the undersigned; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. to the undersigned's affiliates or to any investment fund or other entity controlled or managed by the
undersigned.

Furthermore, the undersigned may sell shares of Common Stock of the Company purchased by the undersigned on the open market following the Public Offering if and only if (i) such sales are not required to be reported in any public report or filing with the Securities and Exchange Commission or otherwise and (ii) the undersigned does not otherwise voluntarily effect any public filing or report regarding such sales.

If (i) the Underwriting Agreement does not become effective by February 9, 2023, (ii) after becoming effective, the Underwriting Agreement (other than the provisions thereof which survive termination) shall terminate or be terminated prior to payment for and delivery of the Common Stock to be sold thereunder, or (iii) the Company notifies the Representatives, in writing, prior to the execution of the Underwriting Agreement, that it does not intend to proceed with the Public Offering, then as of such relevant date, this lock-up agreement shall terminate and the undersigned shall be released from all obligations under this lock-up agreement.

The undersigned acknowledges and agrees that the Underwriters have not provided any recommendation or investment advice nor have the Underwriters solicited any action from the undersigned with respect to the offering of the securities and the undersigned has consulted their own legal, accounting, financial, regulatory and tax advisors to the extent deemed appropriate.

The undersigned also agrees and consents to the entry of stop transfer instructions with the Company's transfer agent and registrar against the transfer of the Lock-Up Securities except in compliance with the foregoing restrictions.

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This lock-up agreement may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com or www.echosign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

This lock-up agreement and any claim, controversy or dispute arising under or related to this lock-up agreement shall be governed by and construed in accordance with the laws of the State of New York applicable to agreements made and to be performed entirely within such state.

[Remainder of page intentionally left blank]

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| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| **IF AN INDIVIDUAL:** | **IF AN INDIVIDUAL:** |
| By: | /s/ Adam Gray |
|  | *(duly authorized signature)* |
| Name: | Adam Gray |
|  | *(please print full name)* |
| Address: | 105 Rowayton Avenue<br> Rowayton, CT 06853 |
| E-mail: | [Redacted] |

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