Document:

Exhibit 10.5

 

LOCK-UP
AGREEMENT

 

THIS
LOCK-UP AGREEMENT (this “Agreement”) is made and entered into as of February 2, 2018, by and among (i)
Global Partner Acquisition Corp., a Delaware corporation, which will be known after the consummation of the transactions
contemplated by the Merger Agreement (as defined below) as “Purple Innovation, Inc.” (including any successor entity
thereto, “Parent”), (ii) Purple Innovation, LLC, a Delaware limited liability company (including
the Surviving Entity (as defined in the Merger Agreement) or any other successor entity thereto, the “Company”),
(iii) Global Partner Sponsor I LLC, a Delaware limited liability company, solely in the capacity under the Merger Agreement
as the Parent Representative (including any successor Parent Representative appointed in accordance therewith, the “Parent
Representative”), and (iv) InnoHold, LLC, a Delaware limited liability company and the sole member of the
Company (as defined below) (“Holder”). Capitalized terms used but not otherwise defined in this Agreement
will have the meaning ascribed to such term in the Merger Agreement.

 

WHEREAS,
on November 2, 2017, Parent, PRPL Acquisition, LLC, a Delaware limited liability company and a wholly-owned subsidiary of Parent
(“Merger Sub”), the Company, Holder and the Parent Representative entered into that certain Agreement
and Plan of Merger (as amended from time to time in accordance with the terms thereof, the “Merger Agreement”),
pursuant to which, subject to the terms and conditions thereof, Merger Sub will merge with and into the Company, with the Company
continuing as the surviving entity (the “Merger”), and a result of which, among other matters, all of
the issued and outstanding membership interests of the Company immediately prior to the consummation of the Merger (the “Closing”)
shall no longer be outstanding and shall automatically be cancelled and shall cease to exist, in exchange for the Merger Consideration,
including the Equity Consideration consisting of Parent Class B Common Stock and Surviving Entity Class B Units;

 

WHEREAS,
on January 8, 2018, the parties to the Merger Agreement amended certain provisions therein;

 

WHEREAS,
Holder, prior to giving effect to the Closing, owns all of the issued and outstanding membership interests of the Company; and

 

WHEREAS,
pursuant to the Merger Agreement, and in view of the valuable consideration to be received by Holder thereunder, including the
rights under the Registration Rights Agreement being entered into by and among Parent, Holder and the other parties thereto, on
or about the date hereof in connection with Merger Agreement (the “Registration Rights Agreement”),
the parties desire to enter into this Agreement, pursuant to which the Equity Consideration, consisting of equity securities of
both Parent and the Company, to be issued to Holder (such Equity Consideration, together with any securities paid as dividends
or distributions with respect to such securities or into which such securities are exchanged or converted, the “Restricted
Securities”) shall become subject to limitations on disposition as set forth herein.

 

     

     

    

 

NOW,
THEREFORE, in consideration of the premises set forth above, which are incorporated in this Agreement as if fully set forth
below, and intending to be legally bound hereby, the parties hereby agree as follows:

 

1. Lock-Up
Provisions.

 

(a) Holder
hereby agrees not to, during the period commencing from the Closing and ending on the earliest of (x) the one (1) year anniversary
of the date of the Closing, (y) the date on which the last sale price of the Parent Class A Common Stock (or any successor publicly
traded common equity security) equals or exceeds $12.00 per share (as equitably adjusted for stock splits, stock dividends, reorganizations,
recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the
Closing, and (z) the date after the Closing on which Parent consummates a liquidation, merger, share exchange or other similar
transaction with an unaffiliated third party that results in all of Parent’s shareholders having the right to exchange their
equity holdings in Parent for cash, securities or other property (the “Lock-Up Period”): (i) lend, offer,
pledge, hypothecate, encumber, donate, assign, 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, directly or indirectly,
any Restricted Securities, (ii) enter into any swap or other arrangement that transfers to another, in whole or in part,
any of the economic consequences of ownership of the Restricted Securities, or (iii) publicly disclose the intention to do
any of the foregoing, whether any such transaction described in clauses (i), (ii) or (iii) above is to be settled by delivery
of Restricted Securities or other securities, in cash or otherwise (any of the foregoing described in clauses (i), (ii) or (iii),
a “Prohibited Transfer”). The foregoing sentence shall not apply to the transfer of any or all of the
Restricted Securities owned by Holder (A) by gift, will or intestate succession upon the death of Holder, (B) to any Permitted
Transferee, (C) pursuant to a court order or settlement agreement related to the distribution of assets in connection with the
dissolution of marriage or civil union or (D) pursuant to an underwritten public offering to which all of the parties to this
Agreement shall have consented; provided, however, that in any of cases (A), (B) or (C) it shall be a condition to such transfer
that the transferee executes and delivers to Parent, the Company and the Parent Representative an agreement stating that the transferee
is receiving and holding the Restricted Securities subject to the provisions of this Agreement applicable to Holder, and there
shall be no further transfer of such Restricted Securities except in accordance with this Agreement. As used in this Agreement,
the term “Permitted Transferee” shall mean: (I) the members of Holder’s immediate family (for
purposes of this Agreement, “immediate family” shall mean with respect to any natural person, any of the following:
such person’s spouse, the siblings of such person and his or her spouse, and the direct descendants and ascendants (including
adopted and step children and parents) of such person and his or her spouses and siblings), (II) any trust for the direct or indirect
benefit of Holder or the immediate family of Holder, (III) if Holder is a trust, to the trustor or beneficiary of such trust or
to the estate of a beneficiary of such trust, (IV) as a distribution to limited partners, shareholders, members of, or owners
of similar equity interests in Holder or (V) to any affiliate of Holder. Holder further agrees to execute such agreements as may
be reasonably requested by Parent, the Company or the Parent Representative that are consistent with the foregoing or that are
necessary to give further effect thereto.

 

(b) If
any Prohibited Transfer is made or attempted contrary to the provisions of this Agreement, such purported Prohibited Transfer
shall be null and void ab initio, and Parent and the Company shall refuse to recognize any such purported transferee of the Restricted
Securities as one of its equity holders for any purpose. In order to enforce this Section 1, Parent and the Company
may impose stop-transfer instructions with respect to the Restricted Securities of Holder (and permitted transferees and assigns
thereof) until the end of the Lock-Up Period.

 

(c) During
the Lock-Up Period, each certificate evidencing any Restricted Securities shall be stamped or otherwise imprinted with a legend
in substantially the following form, in addition to any other applicable legends:

 

“THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER SET FORTH IN A LOCK-UP AGREEMENT, DATED AS
OF FEBRUARY 2, 2018, BY AND AMONG THE ISSUER OF SUCH SECURITIES (THE “ISSUER”) AND THE ISSUER’S SECURITY HOLDER
NAMED THEREIN, AS AMENDED. A COPY OF SUCH LOCK-UP AGREEMENT WILL BE FURNISHED WITHOUT CHARGE BY THE ISSUER TO THE HOLDER HEREOF
UPON WRITTEN REQUEST.”

 

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(d) For
the avoidance of any doubt, Holder shall retain all of its rights as an equity holder of Parent and the Company with respect to
the Restricted Securities during the Lock-Up Period, including the right to vote any Restricted Securities that are entitled to
vote.

 

2. Miscellaneous.

 

(a) Termination
of Merger Agreement. Notwithstanding anything to the contrary contained herein, in the event that the Merger Agreement is
terminated in accordance with its terms prior to the Closing, this Agreement and all rights and obligations of the parties hereunder
shall automatically terminate and be of no further force or effect.

 

(b) Binding
Effect; Assignment. This Agreement and all of the provisions hereof shall be binding upon and inure to the benefit of the
parties hereto and their respective permitted successors and assigns. This Agreement and all obligations of Holder are personal
to Holder and may not be transferred or delegated by Holder at any time other than pursuant to a transfer permitted by and in
accordance with Section 1(a) above. Parent and the Company may freely assign any or all of its rights under this Agreement,
in whole or in part, to any successor entity (whether by merger, consolidation, equity sale, asset sale or otherwise) without
obtaining the consent or approval of Holder, but subject to obtaining the consent of the Parent Representative. If the Parent
Representative is replaced in accordance with the terms of the Merger Agreement, the replacement Parent Representative shall automatically
become a party to this Agreement as if it were the original Parent Representative hereunder.

 

(c) Third
Parties. Nothing contained in this Agreement or in any instrument or document executed by any party in connection with the
transactions contemplated hereby shall create any rights in, or be deemed to have been executed for the benefit of, any person
or entity that is not a party hereto or thereto or a successor or permitted assign of such a party.

 

(d) Governing
Law; Jurisdiction. This Agreement and any dispute or controversy arising out of or relating to this Agreement shall be governed
by and construed in accordance with the laws of the State of Delaware, without regard to the conflict of law principles thereof.
All Proceedings arising out of or relating to this Agreement shall be heard and determined exclusively in any state or federal
court located in the State of Delaware (or in any appellate courts thereof) (the “Specified Courts”).
Each party hereto hereby (i) submits to the exclusive jurisdiction of any Specified Court for the purpose of any Proceeding
arising out of or relating to this Agreement brought by any party hereto and (ii) irrevocably waives, and agrees not to assert
by way of motion, defense or otherwise, in any such Proceeding, any claim that it is not subject personally to the jurisdiction
of the above-named courts, that its property is exempt or immune from attachment or execution, that the Proceeding is brought
in an inconvenient forum, that the venue of the Proceeding is improper, or that this Agreement or the transactions contemplated
hereby may not be enforced in or by any Specified Court. Each party agrees that a final judgment in any Proceeding shall be conclusive
and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by Law. Each party irrevocably
consents to the service of the summons and complaint and any other process in any other action or proceeding relating to the transactions
contemplated by this Agreement, on behalf of itself, or its property, by personal delivery of copies of such process to such party
at the applicable address set forth in Section 2(g). Nothing in this Section 2(d) shall affect the
right of any party to serve legal process in any other manner permitted by applicable law.

 

(e) WAIVER
OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY
HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT
OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY HERETO (i) CERTIFIES THAT NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF ANY ACTION, SEEK TO ENFORCE THAT FOREGOING WAIVER AND
(ii) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS,
THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 2(e).

 

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(f) Interpretation.
The titles and subtitles used in this Agreement are for convenience only and are not to be considered in construing or interpreting
this Agreement. In this Agreement, unless the context otherwise requires: (i) any pronoun used in this Agreement shall include
the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural
and vice versa; (ii) “including” (and with correlative meaning “include”) means including without limiting
the generality of any description preceding or succeeding such term and shall be deemed in each case to be followed by the words
“without limitation”; (iii) the words “herein,” “hereto,” and “hereby” and other
words of similar import in this Agreement shall be deemed in each case to refer to this Agreement as a whole and not to any particular
section or other subdivision of this Agreement; and (iv) the term “or” means “and/or”. The parties have
participated jointly in the negotiation and drafting of this Agreement. Consequently, in the event an ambiguity or question of
intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto, and no presumption
or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provision of this Agreement.

 

(g) Notices.
All notices, consents, waivers and other communications hereunder shall be in writing and shall be deemed to have been duly given
when delivered (i) in person, (ii) by facsimile or other electronic means, with affirmative confirmation of receipt, (iii) one
Business Day after being sent, if sent by reputable, nationally recognized overnight courier service or (iv) three (3) Business
Days after being mailed, if sent by registered or certified mail, pre-paid and return receipt requested, in each case to the applicable
party at the following addresses (or at such other address for a party as shall be specified by like notice):

 

	If to the Parent Representative,
    to:	With a copy to (which shall not
    constitute notice):
	 	 
	Global Partner Sponsor I LLP 	Ellenoff Grossman & Schole,
    LLP 
	c/o Ellenoff Grossman & Schole,
    LLP 	1345 Avenue of the Americas, 11th
    Floor 
	1345 Avenue of the Americas, 11th
    Floor 	New York, NY 10105 
	New York, NY 10105 	Attn: 	Douglas Ellenoff, Esq.
	Attn: 	Douglas Ellenoff, Esq.	 	Stuart Neuhauser, Esq.
	 	Stuart Neuhauser, Esq.	Fax: 	(212) 370-7889
	Fax:	(212) 370-7889	Tel: 	(212) 370-1300
	Tel: 	(212) 370-1300	Email: 	ellenoff@egsllp.com
	Email: 	ellenoff@egsllp.com	 	sneuhauser@egsllp.com
	 	sneuhauser@egsllp.com	 	 
	 	 
	If to Parent or the Company after
    the Closing, to:	With copies to (which shall not
    constitute notice):
	 	 
	Purple Innovation, Inc. 	Dorsey & Whitney LLP 
	123 E. 200 N. 	111 S. Main St., Suite 2100 
	Alpine, UT 84004 	Salt Lake City, UT 84111 
	Attn: 	Casey McGarvey	Attn: 	Nolan S. Taylor
	Email:	casey@onpurple.com	E-mail:	taylor.nolan@dorsey.com
	 	 	Fax: 	(801) 933-7373
	 	 	Tel: 	(801) 933-7366
	 	 	and 
	 	 	the Parent Representative (and its
    copy for notices hereunder)

  

	If to Holder, to: InnoHold,
    LLC 	With a copy to (which shall not
    constitute notice):
	 	 
	123 E. 200 N. 	Dorsey & Whitney LLP 
	Alpine, UT 84004 	111 S. Main St., Suite 2100 
	Attn: 	Casey McGarvey	Salt Lake City, UT 84111 
	Email: 	casey@onpurple.com	Attn: 	Nolan S. Taylor
	 	 	E-mail: 	taylor.nolan@dorsey.com
	 	 	Fax: 	(801) 933-7373
	 	 	Tel: 	(801) 933-7366

 

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(h) Amendments
and Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either
generally or in a particular instance, and either retroactively or prospectively) only with the written consent of Parent, the
Company, the Parent Representative and Holder. No failure or delay by a party in exercising any right hereunder shall operate
as a waiver thereof. No waivers of or exceptions to any term, condition, or provision of this Agreement, in any one or more instances,
shall be deemed to be or construed as a further or continuing waiver of any such term, condition, or provision.

 

(i) Severability.
In case any provision in this Agreement shall be held invalid, illegal or unenforceable in a jurisdiction, such provision shall
be modified or deleted, as to the jurisdiction involved, only to the extent necessary to render the same valid, legal and enforceable,
and the validity, legality and enforceability of the remaining provisions hereof shall not in any way be affected or impaired
thereby nor shall the validity, legality or enforceability of such provision be affected thereby in any other jurisdiction. Upon
such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties will substitute
for any invalid, illegal or unenforceable provision a suitable and equitable provision that carries out, so far as may be valid,
legal and enforceable, the intent and purpose of such invalid, illegal or unenforceable provision.

 

(j) Specific
Performance. Holder acknowledges that its obligations under this Agreement are unique, recognizes and affirms that in the
event of a breach of this Agreement by Holder, money damages will be inadequate and Parent, the Company and Parent Representative
will have no adequate remedy at law, and agrees that irreparable damage would occur in the event that any of the provisions of
this Agreement were not performed by Holder in accordance with their specific terms or were otherwise breached. Accordingly, each
of Parent, the Company and the Parent Representative shall be entitled to an injunction or restraining order to prevent breaches
of this Agreement by Holder and to enforce specifically the terms and provisions hereof, without the requirement to post any bond
or other security or to prove that money damages would be inadequate, this being in addition to any other right or remedy to which
such party may be entitled under this Agreement, at law or in equity.

 

(k) Entire
Agreement. This Agreement constitutes the full and entire understanding and agreement among the parties with respect to the
subject matter hereof, and any other written or oral agreement relating to the subject matter hereof existing between the parties
is expressly canceled; provided, that, for the avoidance of doubt, the foregoing shall not affect the rights and obligations
of the parties under the Merger Agreement or any Related Agreement, including the Registration Rights Agreement. Notwithstanding
the foregoing, nothing in this Agreement shall limit any of the rights or remedies of Parent, the Company and the Parent Representative
or any of the obligations of Holder under any other agreement between Holder and Parent, the Company or the Parent Representative
or any certificate or instrument executed by Holder in favor of Parent, the Company or the Parent Representative, and nothing
in any other agreement, certificate or instrument shall limit any of the rights or remedies of Parent, the Company or the Parent
Representative or any of the obligations of Holder under this Agreement.

 

(l) Further
Assurances. From time to time, at another party’s request and without further consideration (but at the requesting party’s
reasonable cost and expense), each party shall execute and deliver such additional documents and take all such further action
as may be reasonably necessary to consummate the transactions contemplated by this Agreement.

 

(m) Counterparts;
Facsimile. This Agreement may also be executed and delivered by facsimile signature or by email in portable document format
in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the
same instrument.

 

[Remainder
of Page Intentionally Left Blank; Signature Pages Follow]

 

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IN
WITNESS WHEREOF, the parties have executed this Lock-Up Agreement as of the date first written above.

 

	 	Parent:
	 	 
	 	Global
    Partner Acquisition Corp.
	 	 
	 	By:	/s/
Paul Zepf
	 	Name: Paul Zepf
	 	Title: Chief Executive Officer
	 	 
	 	The Parent Representative:
	 	 
	 	GLOBAL PARTNER SPONSOR I LLC,
    

    solely in its capacity under the Merger Agreement as the Parent Representative
	 	 
	 	By:	/s/
Paul Zepf
	 	Name: Paul Zepf
	 	Title: Chief Executive Officer
	 	 
	 	The Company:
	 	 
	 	PURPLE INNOVATION, LLC
	 	 
	 	By:	/s/
Samuel D. Bernards
	 	Name: Samuel D. Bernards
	 	Title: Chief Executive Officer
	 	 
	 	Holder:
	 	 
	 	INNOHOLD, LLC
	 	 
	 	By:	/s/
Terry V. Pearce
	 	Name: Terry V. Pearce
	 	Title: Manager

 

 

 

[Signature
Page to Lock-up Agreement]Exhibit
10.6

 

Amended
and Restated Employment Agreement

 

This
Amended and Restated Employment Agreement (this “Agreement”) is effective as of February 2, 2018 (the “Effective
Date”), by and between Tony Pearce, an individual resident of the State of Utah (“Executive”) and Purple Innovation,
Inc., a Delaware corporation (the “Company”).

 

WHEREAS,
the Company wishes to employ Executive in accordance with the terms of this Agreement.

 

WHEREAS,
Executive wishes to accept employment with the Company according to the terms of this Agreement.

 

NOW,
THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows:

 

1.
Employment. The Company hereby employs Executive, and Executive hereby accepts employment by the Company, upon the terms
and conditions set forth in this Agreement for the period beginning on the Effective Date and ending on the date described in
Section 4(a) (the “Employment Period”).

 

2.
Position and Duties.

 

(a)
During the Employment Period and subject to any applicable terms of the Certificate of Incorporation or Bylaws of the Company,
Executive shall serve as Co-Director of Research and Development of the Company and shall, subject to the direction of the Board
of Directors (“Board”) and the Chief Executive Officer of the Company (“CEO”), participate in the Company’s
technology, research and innovation efforts. In connection therewith, Executive shall work with the Company’s other Co-Director
of Research and Development (if such person has been engaged by the Company) to supervise or assist with the research and development
activities of the Company, subject to the power and authority of the Board and the CEO to expand (with mutual agreement of Executive)
or limit Executive’s duties, responsibilities, functions and authority.

 

(b)
Executive shall report to the CEO and shall diligently perform his duties in good faith in accordance with Section 2(a) above.

 

(c)
Executive shall comply with all lawful rules, policies, procedures, regulations and administrative directions now or hereafter
reasonably established by the Board for employees of the Company.

 

(d)
Notwithstanding the foregoing in this Section 2, Executive’s employment will be subject to the following provisions:

 

(i)
Executive will be free to devote such time as he sees fit in his sole discretion towards educational, welfare, social, religious
and civic organizations and perform services for, and hold director, advisor, management or employment positions with, other companies
and businesses. Without limitation of the foregoing, Company accepts and approves that Executive may serve one or more LDS missions
or, if called, serve in any capacity for the LDS church and related organizations during the Employment period. Executive will
not be required to work a particular number of hours for the Company.

 

     

     

    

 

(ii)
The parties agree that Executive’s inventions, ideas and other intellectual property conceived developed, reduced to practice,
documented or filed with any governmental entity during his employment relating to the business conducted, or known to be proposed
to be conducted, by the Company or its subsidiaries are the consideration provided in exchange for the Salary payments and other
benefits hereunder. Notwithstanding anything herein to the contrary, Executive shall, as a condition to his employment hereunder
and to his right to the receipt of the Salary and other benefits hereunder, enter into a Proprietary Information, Invention Assignment,
and Non-Competition Agreement in substantially the form annexed as Exhibit A hereto setting forth the Executive’s previous
inventions which pre-date the date of such Proprietary Information, Invention Assignment and Non-Competition Agreement.

 

3.
Salary and Benefits.

 

(a)
Salary. During the Employment Period, the Company shall pay Executive base monthly salary at the following annual rates
during the calendar years set forth below:

 

2017:
$300,000

 

2018:
$320,000

 

2019:
$340,000

 

2020:
$360,000

 

2021:
$380,000

 

2022
and thereafter: Minimum $20,000 per year increases.

 

(b)
Bonus. With respect to each calendar year during the Employment Period, Executive may be eligible to receive an annual
or more frequent bonus as determined by the Board in its sole discretion. Any bonus payable hereunder shall be paid no later than
March 15th of the calendar year following the calendar year for which the bonus is earned. In addition, Executive will be entitled
to participate in any equity incentive plan offered to other executives of the Company and adopted by the Board of Directors or
the Compensation Committee of the Board of Directors.

 

(c)
Benefits. During the Employment Period, Executive, for himself and his spouse and dependent children under the age of 26,
will be entitled to all employee benefit plans of the Company or benefits offered by the Company to its employees, including without
limitation all health insurance plans, dental insurance plans, vision insurance plans, disability insurance plans, worker’s
comp plans, unemployment insurance plans, social security or Medicare matching plans, retirement plans (including 401(k)), life
insurance plans and other perquisite plans and programs (collectively, the “Benefit Plans”) for which employees of
Executive’s rank in the Company are generally eligible, in each case consistent with the Company’s then-current practice
as approved by the Board from time to time. Notwithstanding the foregoing, if Executive wishes, an alternative benefit plan (as
a non-limiting example, full coverage (including all subpart and subplans and available optional plans) from and related to Medicare)
may be selected by Executive and the Company will pay the same percentage of those premiums (but a minimum of 75%) as it pays
other executive-level officers in the Company. To the extent that the Company is unable to provide any of the foregoing benefits
to Executive pursuant to the terms of the applicable plans or without incurring unreasonable cost or expense, the Company shall
have the option, in its discretion, in lieu of providing such benefit or benefits to Executive, to provide Executive with a cash
payment or payments reasonably determined by the Board to compensate Executive for the Company’s inability to provide such
benefits to Executive.

 

(d)
Business Expenses. During the Employment Period, the Company shall reimburse Executive for all reasonable business expenses
incurred by Executive in the course of performing Executive’s duties under this Agreement, against presentation by Executive
to the Company of reasonably detailed receipts or records relating thereto.

 

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(e)
Office and Supplies. At all times during the Employment Period, the Company shall maintain and reserve for the exclusive
use of Executive executive-level (no lesser in any way than the office of any other executive officer in the Company) office space
in the same general portion of the company’s general headquarters as the CEO has his/her main office, and there shall be
no limitation of use of such office (without limitation, for example this office can be used for Executive’s work for any
other company or organization). In addition, Company shall at all times supply Executive at Company’s cost with executive-level
office furniture, computers, printers, phones and the like chosen at the sole reasonable discretion of Executive for use in his
office including technology or fashion or decorating or functionality updates, including additional such items for use in his
other offices or home office anywhere in the world, or while traveling whether or not traveling for the company, and there shall
be no limitation of use of such items (without limitation, for example these items can be used for Executive’s work for
any other company or organization).

 

4.
Employment Period.

 

(a)
The Employment Period will begin on the Effective Date and shall continue until December 31, 2021 (the “Initial Employment
Period”), and thereafter will automatically renew for one year terms unless either party gives the other party 30 days’
notice of its election not to renew, or until Executive’s employment hereunder is terminated in accordance with Section
4(b). Any leave of absence in which Executive does not work for the Company for one month or more to serve religious missions
or other not-for-profit activities will not toll the Employment Period and during such leave of absence, Executive will be paid
full Salary payments and benefits hereunder.

 

(b)
The Employment Period and Executive’s employment hereunder (i) will terminate upon Executive’s death or permanent
disability or incapacity, (ii) may be terminated by the Company at any time with or without Cause (as defined in Section 4(f)),
and (iii) may be terminated by Executive at any time with or without Good Reason (as defined in Section 4(g)). (The date
of termination associated with each and all of these reasons for termination is referred to hereafter as the “Termination
Date.”)

 

(c)
If Executive’s employment hereunder is terminated by the Company for Cause or by Executive without Good Reason, then Executive
will be entitled to receive only Executive’s accrued, unpaid Salary, any reimbursements owed for business expenses incurred
on or prior to the Termination Date and any accrued but unpaid benefits due and owing to Executive under any Benefit Plans through
the Termination Date (collectively, the “Accrued Obligations”).

 

(d)
If Executive’s employment hereunder is terminated without Cause by the Company or by Executive with Good Reason during the
Employment Period, then Executive shall receive the Accrued Obligations and, with the understanding that Executive shall not apply
for unemployment compensation chargeable to the Company during the twelve months following the Termination Date, the Company shall
pay Executive a one-time immediate lump sum of 100% of the remaining Salary and benefits that would have been paid from the Termination
Date until the end of the Initial Employment Term or, if the termination occurs following the Initial Employment Term, during
the calendar year in which the Termination Date occurred. Such lump sum shall be paid to Executive no later than March 15th
of the calendar year following the calendar year in which the Termination Date occurred. For purposes of the foregoing (as
well as Section 4(e) below), the amount payable with respect to the remaining benefits that would have been paid over the Employment
Period shall be determined in good faith as the present value of the Company contributions that would have been made during the
remaining Initial Employment Period on Executive’s behalf.

 

(e)
If Executive’s employment hereunder is terminated as a result of Executive’s death, permanent disability or incapacity
during the Employment Period, Executive or Executive’s representatives or beneficiaries shall receive the Accrued Obligations
or if not applicable the equivalent value in cash and the Company shall pay Executive or Executive’s representatives or
beneficiaries a one-time immediate lump sum of 90% of the remaining Salary and benefits that would have been paid over the Initial
Employment Period if Executive had not been terminated or, if the termination occurs following the Initial Employment Term, during
the calendar year in which the Termination Date occurred. The Company’s payment of the amounts due pursuant to this Section
2(e) to any person who the Company reasonably believes is authorized to act on behalf of the Executive’s representatives
or beneficiaries shall be deemed to satisfy the Company’s obligations pursuant to this Section 2(e) in full. The Company
may, should it determine to do so, purchase key man insurance in an amount sufficient to cover the obligation to Executive’s
representatives and beneficiaries who are agreed to be intended third-party beneficiaries to this provision of this Agreement.
The Company’s obligations under this Agreement are not limited to any payment by any insurance company.

 

    3

     

    

 

(f)
For purposes of the Agreement, “Cause” means Executive’s conviction of or entering a guilty plea to any felony
or any crime involving moral turpitude, fraud, misrepresentation, embezzlement, theft or sexual harassment.

 

(g)
For purposes of this Agreement, “Good Reason” shall mean Executive’s resignation following a Change of Control
as defined in paragraph 7 herein or following the initial occurrence (without Executive’s consent) of any of the following,
provided Executive has provided the Company with written notice setting forth in reasonable detail the grounds for such resignation
within 15 days following such initial occurrence, and provided further the Company has failed to remedy the stated grounds for
such resignation within 30 days following its receipt of such notice: (i) the Company substantially reduces the aggregate value
of Executive’s Salary or the benefits provided to Executive under the Benefit Plans or other benefit obligations; (ii) the
Company requires that Executive be based at a particular location; or (iii) any other action or inaction that constitutes a breach
of this Agreement by the Company. A resignation with Good Reason may occur only within 30 days following the expiration of the
Company’s 30-day cure period described above.

 

5.
Representations and Warranties.

 

(a)
Executive hereby represents and warrants to the Company that upon execution and delivery of this Agreement, this Agreement will
be the valid and binding obligation of Executive, enforceable against Executive in accordance with its terms.

 

(b)
The Company hereby represents and warrants to Executive that upon execution and delivery of this Agreement, this Agreement will
be the valid and binding obligation of the Company, enforceable against the Company in accordance with its terms.

 

6.
Indemnification. With respect to all actions taken relating to the Company by Executive during the Employment Period and
during any previous activity relating to the Company or any future activity relating to the Company (as a non-limiting example
during any future cooperation in a patent infringement suit filed by the Company against a third party), the Company agrees to
fully indemnify, hold harmless and defend Executive and Executive’s estate, heirs, and Affiliates on the same basis as the
officers of the Company, in connection with any claims, liabilities, actions, suits or proceedings to which Executive or his estate,
heirs or Affiliates is, or is threatened to be made, a party, and Executive shall be covered by the Company’s executive
indemnification insurance during all such periods in indemnification to the same extent as the officers of the Company.

 

    4

     

    

 

7.
Successors and Assigns. This Agreement will bind and inure to the benefit of and be enforceable by Executive and the Company
and their respective heirs, successors and permitted assigns. Neither party may assign any of its rights or assign or delegate
any of its obligations hereunder without the prior written consent of the other party hereto; provided, however, that the Company
may assign this Agreement in connection with any Change of Control provided Executive is first terminated without Cause by the
Company and all termination-associated payments to Executive have been made and all other termination-associated obligations have
been fulfilled by the Company. “Change of Control” means a change in ownership or control of Company following the
Effective Date effected through any of the following transactions: (i) any consolidation or merger of Company with or into any
other entity, or any other corporate reorganization, other than any consolidation, merger or reorganization in which the members
of the Company immediately prior to such transaction, continue to hold at least a majority of the voting power of the surviving
entity in substantially the same proportions (or, if the surviving entity is a wholly owned subsidiary, its parent) immediately
after such transaction; (ii) any transaction or series of related transactions to which the Company is a party in which in excess
of 50% of the Company’s voting power is transferred; or (iii) a sale, lease, exclusive license or other disposition of all
or substantially all of the assets of Company; provided, however, that a Change of Control does not include (x) any transaction
or series of transactions principally for bona fide equity financing purposes in which cash is received by the Company or any
successor or indebtedness of the Company is cancelled or converted or a combination thereof or (y) a change in ownership or control
of the Company effected through any consolidation or merger for the principal purpose of changing the domicile of the Company.
A public offering of the Company’s securities will be deemed to constitute a Change of Control if in excess of 50% of the
Company’s voting power is issued pursuant to such offering.

 

8.
Notices. All notices, demands or other communications to be given or delivered under or by reason of the provisions of
this Agreement shall be in writing and will be deemed to have been given (a) on the date established by the sender as having been
delivered personally, (b) on the date delivered by a private courier with signature by the recipient as established by the sender
by evidence obtained from such courier, or (c) on the date sent by facsimile or email transmission (with acknowledgement by recipient
of complete transmission). Notices, demands or communications to any party hereto will, unless another address is specified in
writing pursuant to this Section 8, be sent to the addresses indicated below.

 

	If
to Executive: 

        Tony
M. Pearce 

        801
S. 1230 E. 

        Alpine,
Utah 84004 

        Email:
tony@onpurple.com 

        and
        tonymarionp@gmail.com
	If
to the Company: 

        Purple
Innovation, Inc. 

        123
E 200 N 

        Alpine,
Utah 84004 

        Attn:
Chief Legal Officer 

        Email:
        casey@onpurple.com

 

9.
Severability. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be valid under
applicable law; but, if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any
applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision
or any other jurisdiction, but except as otherwise set forth in this Agreement, this Agreement will be reformed, construed and
enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein.

 

10.
Complete Agreement. This Agreement and any documents or agreements referred to herein and all exhibits and schedules referred
to herein or therein embody the complete agreement and understanding between the parties with respect to the subject matter hereof
and supersedes and preempts any prior understandings, agreements or representations by or among the parties, written or oral,
which may have related to the subject matter hereof in any way. Without limiting the generality of the foregoing, this Agreement
amends and restates and supersedes and replaces the Employment Agreement by and between the Executive and WonderGel, LLC dba Purple,
which was effective as of December 31, 2016.

 

11.
Signatures; Counterparts. This Agreement may be executed in one or more counterparts, each of which will be deemed an original
but all of which together will constitute one and the same instrument. For purposes hereof, a facsimile signature, portable document
format (PDF) signature or signature sent by electronic transmission will be considered an original signature.

 

    5

     

    

 

12.
Governing Law. All issues and questions concerning the construction, validity, enforcement and interpretation of this Agreement
will be governed by, and construed in accordance with, the internal laws of the State of Utah, without giving effect to any choice
of law or conflict of law rules or provisions (whether of the State of Utah or any other jurisdiction).

 

13.
Survival. The provisions of Sections 6 through 10, 12, 13, and 15 shall survive the
termination of Executive’s employment and the termination of this Agreement for any reason. Upon termination of Executive,
all amounts owing to Executive hereunder shall be paid to Executive within one week of termination of this Agreement or Executive’s
employment hereunder, whichever is earlier.

 

14.
Headings; No Strict Construction. The headings of the paragraphs and sections of this Agreement are inserted for convenience
only and will not be deemed a part of or affect the construction or interpretation of any provision hereof. The language used
in this Agreement will be deemed to be the language chosen by the parties hereto to express their mutual intent, and no rule of
strict construction will be applied against any party.

 

15.
Code Section 409A. The parties hereto intend that the payments and benefits provided in this Agreement either will be exempt
from Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), or be provided in a manner that complies
with Section 409A of the Code and any ambiguity herein shall be interpreted so as to be consistent with the intent of this paragraph.
Further, if Executive is a “specified employee” (as such term is defined under Section 409A of the Code) at the time
of a termination of employment and the deferral of the commencement of any payments or benefits otherwise payable hereunder as
a result of such termination of employment is necessary in order to prevent any accelerated recognition of income or additional
tax under Section 409A of the Code, then the Company will defer the commencement of the payment of any such payments or benefits
hereunder (without any reduction in payments or benefits ultimately paid or provided to Executive) until the date that is at least
six (6) months following Executive’s termination of employment with the Company (or the earlier date of Executive’s
death), whereupon the Company will promptly pay Executive a lump-sum amount equal to the cumulative amounts that would have otherwise
been previously paid to Executive under this Agreement during the period in which such payments or benefits were deferred. In
addition, if following the date hereof, the Company or Executive reasonably determines that any amounts or benefits payable under
this Agreement may be subject to Section 409A of the Code, the Company and Executive shall work together to adopt such amendments
to this Agreement or adopt other policies or procedures (including amendments, policies and procedures with retroactive effect),
or take any other commercially reasonable actions necessary or appropriate to (i) exempt the compensation and benefits payable
under this Agreement from Section 409A of the Code and/or (ii) preserve the intended tax treatment of the compensation and benefits
provided with respect to this Agreement or (iii) comply with the requirements of Section 409A of the Code and related Department
of Treasury guidance. Notwithstanding anything contained herein to the contrary, in no event whatsoever shall the Company be liable
for any additional tax, interest or penalty that may be imposed on Executive under Section 409A of the Code, or damages for failing
to comply with Section 409A of the Code.

 

16.
Amendment and Waiver. The provisions of this Agreement may be amended or waived only with the prior written consent of
the Company and Executive, and no course of conduct or failure or delay in enforcing the provisions of this Agreement shall affect
the validity, binding effect or enforceability of this Agreement.

 

17.
Read and Understood. Executive has read this Agreement carefully and understands each of its terms and conditions. Executive
has sought independent legal counsel of Executive’s choice to the extent Executive deemed such advice necessary in connection
with the review and execution of this Agreement.

 

[Signature
Page Follows]

 

    6

     

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Employment Agreement as of the date first written above.

 

	 	Company:
	 	Purple
    Innovation, Inc.
	 	 	 
	 	By:	/s/
Sam Bernards
	 	 	Sam
    Bernards, CEO
	 	 	 
	 	Executive:
	 	 
	 	/s/
Tony M. Pearce
	 	Tony
    M. Pearce

 

[Signature
Page to Tony Pearce Employment Agreement]

 

    7

     

    

 

Exhibit
A

 

See
Attached

 

    8

     

    

 

Confidential
Purple Innovation, Inc.

 

Proprietary
Information and Invention Assignment Agreement

 

In
consideration, and as a condition, of my employment with Purple Innovation, Inc. or any of its subsidiaries (collectively, the
“Company”), I agree, effective as of February 2, 2018 (the “Effective Date”),
as follows:

 

1.
Nondisclosure

 

1.1.
Recognition of the Company’s Rights; Nondisclosure. At all times following the Effective Date during my performance
of services (the “Services”) for the Company, whether as an officer, director, manager, employee or
contractor or otherwise (the “Service Period”), and thereafter, I will hold in strictest confidence
and will not disclose, use, lecture upon, or publish any of the Company’s Proprietary Information (defined below), except
as such disclosure, use, or publication may be required in connection with my work for the Company, or unless a director or officer
of the Company expressly authorizes such in writing. I will obtain the Company’s written approval before publishing or submitting
for publication any material (written, verbal, or otherwise) that incorporates any Proprietary Information and/or disparages the
Company. The foregoing restrictions do not apply to any information that (i) is in or enters the public domain, through no wrongdoing
of my own or any third party; or (ii) has been disclosed to me by a third party who is not subject to such restriction and who
has not directly or indirectly received such information through the wrongdoing of any third party; provided, however, that the
limitations of this sentence will not in any way limit any other duties or obligations that I have, or may have in the future,
with respect to the Company in accordance with any other written agreement with the Company or as a result of any express or implied
duty or obligation that I may have as a member, officer, manager, employee, contractor or director of the Company. I hereby assign
to the Company any rights I may have or acquire in such Proprietary Information and recognize that all Proprietary Information
will be the sole property of the Company and its assigns.

 

1.2.
Proprietary Information. The term “Proprietary Information” means any and all confidential and/or
proprietary knowledge, data, or information of the Company. By way of illustration but not limitation, “Proprietary Information”
includes (a) trade secrets, inventions, mask works, ideas, materials, concepts, processes, formulas, source and object codes,
data, programs, other works of authorship, know-how, improvements, discoveries, developments, designs and techniques (hereinafter
collectively referred to as “Inventions”); and (b) information regarding research, development,
products, marketing and selling, business plans, budgets and unpublished financial statements, licenses, prices and costs, suppliers
and customers and the existence of any business discussions, negotiations, or agreements between the Company and any third party;
and (c) information regarding the skills and compensation of the Company’s employees, contractors or other service
providers.

 

1.3.
No Improper Use of Information of Prior Employers and Others. During the Service Period, I will not improperly use or disclose
any confidential information or trade secrets, if any, of any former employer or any other person to whom I have an obligation
of confidentiality, and I will not bring onto the premises of the Company any unpublished documents or any property belonging
to any former employer or any other person to whom I have an obligation of confidentiality unless consented to in writing by that
former employer or person. I will use in the performance of my duties only information that is generally known and used by persons
with training and experience comparable to my own, which is common knowledge in the industry or otherwise legally in the public
domain, or which is otherwise provided or developed by the Company.

 

    9

     

    

 

1.4.
Third Party Information. I understand, in addition, that the Company has received and in the future will receive from third
parties confidential or proprietary information (“Third Party Information”) subject to a duty on the
Company’s part to maintain the confidentiality of such information and to use it only for certain limited purposes. During
the term of my Service Period and thereafter, I will hold Third Party Information in the strictest confidence and will not disclose
to anyone (other than the Company personnel who need to know such information in connection with their work for the Company) or
use, except in connection with my work for the Company, Third Party Information unless expressly authorized by a manager or officer
of the Company in writing.

 

2.
Assignment of Inventions

 

2.1.
Proprietary Rights. The term “Proprietary Rights” means all trade secret, patent, copyright,
trademark, mask work, moral rights, know-how and any and all other intellectual property rights throughout the world.

 

2.2.
Excluded Inventions and Excluded Future Inventions. As set forth on Exhibit A attached hereto, inventions, patented
or unpatented, that (i) I made prior to the Effective Date, or (ii) that have been owned prior to the Effective Date in whole
or part by me through EdiZONE, LLC or licensed by EdiZONE, LLC to third parties (clauses (i) and (ii) are collectively, the “Excluded
Inventions“). To preclude any possible uncertainty, I have set forth on Exhibit A attached hereto a complete
list of all Excluded Inventions (and related patents, trademarks and copyrights) relevant to the subject matter of my Services
that I have, alone or jointly with others, conceived, developed, or reduced to practice or caused to be conceived, developed or
reduced to practice prior to the Effective Date, that constitute my property or the property of third parties and that the Company
agrees will be excluded from the scope of this Agreement. That certain Amended and Restated Confidential Assignment and License
Back Agreement executed November 2, 2017 and effective December 27, 2016 governs the rights of the Company and EdiZONE with respect
to the Excluded Inventions.

 

2.3.
Assignment of Inventions. Subject to Section 2.4, I hereby assign and agree to assign in the future (when any
such Inventions or Proprietary Rights are first reduced to practice or first fixed in a tangible medium, as applicable) to the
Company all my right, title, and interest in and to any and all Inventions (and all Proprietary Rights with respect thereto) whether
or not patentable or registrable under copyright or similar statutes, made or conceived or reduced to practice or learned by me,
either alone or jointly with others, during the period of my Service Period with the Company. Inventions (and all Proprietary
Rights with respect thereto) assigned to the Company, or to a third party as directed by the Company pursuant to this Section 2,
are hereinafter referred to as “Company Inventions.” I hereby forever waive and agree not to assert
any and all Proprietary Rights I may have in or with respect to any Company Invention. Notwithstanding the date of this Agreement,
my assignment of rights to the Company as provided in this Agreement is intended to pertain to Inventions and Proprietary Rights
created from my earliest performance of services for, or on behalf of, the Company and continue for so long as I continue providing
services for, or on behalf of, the Company.

 

2.4.
Nonassignable Inventions. I recognize that, in the event of a specifically applicable state law, regulation, rule, or public
policy (“Specific Inventions Law”), this Agreement may not be deemed to require assignment of any invention
that qualifies fully for protection under a Specific Inventions Law by virtue of the fact that any such invention was, for example,
developed entirely on my own time without using the Company’s equipment, supplies, facilities, or trade secrets and neither
related to the Company’s actual or anticipated business, research or development, nor resulted or was derived from work
performed by me directly or indirectly for the Company. In the absence of a Specific Inventions Law, the preceding sentence will
not apply.

 

    10

     

    

 

2.5.
Obligation to Keep the Company Informed. During my Service Period and for one year after termination of my Service Period
with the Company, I will promptly disclose to the Company fully and in writing all Inventions (and all Proprietary Rights with
respect thereto) authored, conceived, or reduced to practice by me, either alone or jointly with others. In addition, I will promptly
disclose to the Company all patent applications filed by me or on my behalf or in which I am named as an inventor or co-inventor
within one year after termination of Service Period. The Company will keep in confidence and will not use for any purpose or disclose
to third parties without my consent any confidential information disclosed in writing to the Company pursuant to this Section
2.5 of this Agreement relating to my Inventions. I will preserve the confidentiality of any Company Invention (and all Proprietary
Rights with respect thereto) that results from my Services during the Service Period.

 

2.6.
Works for Hire. I acknowledge that all original works of authorship that are made by me (solely or jointly with others)
within the scope of my Services during the Service Period and which are protectable by copyright are “works made for hire,”
pursuant to United States Copyright Act (17 U.S.C., Section 101).

 

2.7.
Enforcement of Proprietary Rights. I will assist the Company in every proper way to obtain, and from time to time enforce,
United States and foreign Proprietary Rights relating to the Company Inventions in any and all countries. To that end I will execute,
verify, and deliver such documents and perform such other acts (including appearances as a witness) as the Company may reasonably
request for use in applying for, obtaining, perfecting, evidencing, sustaining and enforcing such Proprietary Rights and the assignment
thereof. In addition, I will execute, verify and deliver assignments of such Proprietary Rights to the Company or its designee.
My obligation to assist the Company with respect to Proprietary Rights relating to such Company Inventions in any and all countries
will continue beyond the termination of my Service Period, but the Company will compensate me at a reasonable rate after my termination
for the time actually spent by me at the Company’s request on such assistance.

 

2.8.
Further Assurances. If the Company is unable for any reason, after reasonable effort, to secure my signature on any document
needed in connection with the actions specified in the preceding paragraph, I hereby irrevocably designate and appoint the Company
and its duly authorized officers and agents as my agent and attorney in fact, which appointment is coupled with an interest, to
act for and in my behalf to execute, verify, and file any such documents and to do all other lawfully permitted acts to further
the purposes of this Section 2 with the same legal force and effect as if executed by me. I hereby waive, assign and
quitclaim to the Company any and all claims, of any nature whatsoever, which I now or may hereafter have for infringement of any
Proprietary Rights assigned hereunder to the Company.

 

2.9.
Presumption of Ownership. Due to the difficulty of establishing when an Invention (and all Proprietary Rights with respect
thereto) is first conceived or developed, whether it results from access to the Company’s actual or anticipated business
or research or development, or whether it is a direct or indirect result or derivation of any work I perform for the Company,
I hereby acknowledge and agree that ownership of all Inventions (and all Proprietary Rights with respect thereto) conceived, developed,
suggested or reduced to practice by me, alone or jointly with others during my Service Period shall be presumed to belong to the
Company and I shall have the burden of proof to prove otherwise.

 

3.
Records. Unless otherwise directed or requested by the Company, I agree to
keep and maintain adequate and current records (in the form of notes, sketches, drawings and in any other form that may be required
by the Company) of all Proprietary Information developed by me and all Inventions made by me during my Service Period with the
Company, which records will be available to and remain the sole property of the Company at all times.

 

    11

     

    

 

4.
No Conflicts or Solicitation. I acknowledge that during my Service Period
I will have access to and knowledge of Proprietary Information. To protect the Company’s Proprietary Information, I agree
that during the period of my Service Period with the Company I will not, without the Company’s express written consent,
engage in any other business activity that is competitive with the Company, or would otherwise conflict with my obligations to
the Company. I have entered into a Non-Competition and Non-Solicitation Agreement of even date herewith.

 

5.
No Conflicting Obligation. I represent that my performance of all the terms
of this Agreement and my performance of the Services do not and will not breach any non-compete agreement or any agreement to
keep in confidence information acquired by me in confidence or in trust prior to my Service Period with the Company. I have not
entered into, and I agree I will not enter into, any agreement either written or oral in conflict with this Agreement.

 

6.
Return of Company Documents. Upon termination of the Service Period or upon
request by the Company during the course of my Service Period, I will deliver to the Company any and all property, equipment,
drawings, notes, memoranda, specifications, devices, formulas, and documents, together with all copies thereof, and any other
material containing or disclosing any Company Inventions, Third Party Information or Proprietary Information of the Company. I
agree that I will not copy, delete or alter any information contained on my Company computer, cell phone or other electronic storage
and communication device before I return it to the Company. I further agree that any property situated on the Company’s
premises or otherwise owned by the Company, including cloud based and onsite based storage services or devices for and access
of electronic data or media, filing cabinets or other work areas, is subject to inspection by the Company personnel at any time
with or without notice. I further agree that I will not store any of the Company’s information in locations or on electronic
devices which are not accessible by the Company, that I will use only Company provided or approved electronic devices, such as
but not limited to cell phones, tablets, digital photographs and the like, and that the Company has the right to inspect any of
such personal devices which contain such information and to require the deletion or other permanent destruction of the same. Prior
to leaving, I will cooperate with the Company in completing and signing the Company’s termination statement.

 

7.
Legal and Equitable Remedies. Because my services are personal and unique
and because I may have access to and become acquainted with the Company’s Proprietary Information, the Company has the right
to enforce this Agreement and any of its provisions by injunction, specific performance or other equitable relief, without bond
and without prejudice to any other rights and remedies that the Company may have for a breach of this Agreement or an infringement
of its intellectual property rights or other rights.

 

8.
Notices. All notices, payments, demands or
communications required or permitted to be given by any provision of this Agreement shall be in writing and shall be deemed to
be delivered, given and received for all purposes (a) as of the date and time of actual receipt, in the case of notices delivered
personally; (b) one calendar day after deposit with a nationally recognized overnight delivery service; (c) if sent
by email, or other electronic communication processes, upon confirmed receipt by recipient; or (d) five calendar days after
deposit in registered or certified United States mail return receipt requested, as applicable. If not emailed, such notices, payments,
demands or communications shall be delivered personally to the recipient or to an officer of the recipient to whom the same is
directed, or sent by registered or certified United States mail return receipt requested, or by nationally recognized overnight
delivery service, addressed at the addresses specified on the signature page hereto or to such other address as may be specified
from time to time by notice to parties hereto.

 

    12

     

    

 

9.
Notification of New Employer. If the Service
Period ceases for any reason (such as from termination of my employment by myself or the Company), I hereby consent to the notification
of my new employer of my rights and obligations under this Agreement.

 

10.
General Provisions

 

10.1.
Survival and Assignment by the Company. I understand that my obligation under this Agreement will continue in accordance
with its express terms regardless of any changes in title, position, duties, salary, compensation or benefits, or other terms
and conditions of my Services. I further understand that my obligations under this Agreement will continue following the termination
of my Services regardless of the manner of such termination and will be binding upon my heirs, executors, and administrators.
The Company will have the right to assign this Agreement to its affiliates and successors. I expressly consent to be bound by
the provisions of this Agreement for the benefit of the Company or any parent, subsidiary, or affiliate to whom I may be transferred
without the necessity that this Agreement be re-executed at the time of such transfer.

 

10.2.
Severability. In case any provision (or portions thereof) contained in this Agreement will, for any reason, be held invalid,
illegal, or unenforceable in any respect, such invalidity, illegality, or unenforceability will not affect the other provisions
of this Agreement, and this Agreement will be construed as if such invalid, illegal, or unenforceable provision had never been
contained herein.

 

10.3.
Governing Law. This Agreement and actions taken hereunder will be governed and construed in accordance with the laws of
the State of Utah, applied without regard to conflict of law principles. I hereby expressly consent to the personal jurisdiction
of the state and federal courts located in Salt Lake City, Utah for any lawsuit filed there against me by the Company arising
from or relating to this Agreement.

 

10.4.
Successors and Assigns. This Agreement will be binding upon my heirs, executors, administrators, and other legal representatives
and will be for the benefit of the Company, its successors, and its assigns.

 

10.5.
Service Period. I acknowledge and agree that my relationship with the Company is governed by the Amended and Restated Employment
Agreement of even date hereof.

 

10.6.
Waiver. No waiver by the Company of any breach of this Agreement will be a waiver of any preceding or succeeding breach.
No waiver by the Company of any right under this Agreement will be construed as a waiver of any other right. The Company will
not be required to give notice to enforce strict adherence to all terms of this Agreement.

 

10.7.
Entire Agreement. The obligations pursuant to Sections 1 and 2 of this Agreement will apply to any time during
which I was previously employed, or am in the future employed, by the Company as a consultant if no other agreement governs nondisclosure
and assignment of inventions during such period. This Agreement and the offer letter of even date herewith is the final, complete
and exclusive agreement of the parties with respect to the subject matter hereof and thereof and supersedes and merges all prior
discussions between us. No modification of or amendment to this Agreement, nor any waiver of any rights under this Agreement,
will be effective unless in writing and signed by the party to be charged. Any subsequent change or changes in my duties, salary
or compensation will not affect the validity or scope of this Agreement.

 

10.8.
Advice of Counsel. I ACKNOWLEDGE THAT, IN EXECUING THIS AGREEMENT, I HAVE HAD THE OPPORTUNITY TO SEEK THE ADVICE OF INDEPENDENT
LEGAL COUNSEL, AND I HAVE READ AND UNDERSTOOD ALL OF THE TERMS AND PROVISIONS OF THIS AGRREEMENT. THIS AGREEMENT MAY NOT BE CONSTRUED
AGAINST ANY PARTY BY ANY REASON OF THE DRAFTING FOR PREPARATION HEREOF.

 

10.9.
Counterparts. This Agreement may be executed in any number of counterparts, and by the different parties hereto in separate
counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one
and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement by facsimile or other electronic
means (e.g., electronic mail or PDF) shall be effective as delivery of a manually executed counterpart to this Agreement.

 

[signature
page follows]

 

    13

     

    

 

IN
WITNESS WHEREOF, the undersigned have executed this Agreement as of the date set forth below.

 

	Sign:
    		 	Date:
    	

	Print:	Tony
    Pearce	 	 	 

 

Acknowledged
and agreed:

  

	Purple
    Innovation, inc.

    

    By:                                      

    Name: Samuel D. Bernards

    Its: Chief Executive Officer

 

[Signature
page to Proprietary Information and Invention Assignment Agreement]

 

[Signature Page to PIIA]

 

    14

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