Document:

Exhibit 10.2

 

LICENSE TRANSFER AND IP
ASSIGNMENT AGREEMENT

 

This
License Transfer and IP Assignment Agreement (this “Agreement”) is datedand made as of the 14th
day of August, 2020 (“Effective Date”), by and between EdiZONE, LLC, a Delaware limited liability company
(“EdiZONE”), and Purple Innovation, LLC, a Delaware limited liability company (“Purple”).
EdiZONE and Purple are referred to herein collectively as the “Parties” and each individually as a “Party.”

 

WHEREAS,
EdiZONE, as assignee and successor in interest of TNT Holdings, LLC (“TNT”), is a party to that certain
Amended and Restated License Agreement with Advanced Comfort Technologies, Inc. (“ACTI”) dated January
28, 2010, as amended by the Settlement Agreement and First Amendment to License Agreement between EdiZONE and ACTI dated May 1,
2017 (collectively, the “License Agreement”), a true and complete copy of which is attached hereto as
Exhibit A;

 

WHEREAS,
EdiZONE and Purple are parties to that certain Second Amended and Restated Confidential Assignment and License Back Agreement dated
November 9, 2018 (the “Assignment and License Back”); and

 

WHEREAS,
for the consideration set forth below, EdiZONE desires to transfer and assign to Purple, and Purple desires to assume, all of EdiZONE’s
rights, interests, and obligations under the License Agreement, and certain intellectual property rights of EdiZONE, and indemnify
and hold EdiZONE harmless from liability related to the License Agreement as more specifically set forth herein, and the Parties
further desire to document certain effects of such transfer and assignment upon their rights and obligations under the Assignment
and License Back, all as set forth below;

 

NOW THEREFORE,
in consideration of the foregoing premises and the mutual covenants set forth below and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, EdiZONE and Purple hereby agree, as of the Effective Date, as follows.

 

1. Assignment
of License Agreement. EdiZONE hereby absolutely, fully, and irrevocably assigns, transfers and conveys to Purple, as of the
Effective Date, all of EdiZONE’s rights, obligations, claims, causes of action, title and interest in, to, and under the
License Agreement, including but not limited to: (i) all rights of EdiZONE to receive any royalties that are paid or payable thereunder
on or after the Effective Date; (ii) all rights to be identified as the licensor of trademarks thereunder; and (iii) any and all
claims and causes of action that EdiZONE may have thereunder for previously accrued but unpaid royalties, or for any past, present,
or future breach by ACTI of the License Agreement. In the event that ACTI remits any royalty payment under the License Agreement
to EdiZONE on or after the Effective Date, EdiZONE will promptly pay such amounts over to Purple in full.

 

2. Assumption by
Purple. Purple hereby accepts such assignment and acknowledges that, as between Purple and EdiZONE, Purple will bear all
of the obligations and liabilities of EdiZONE under the License Agreement accruing or arising on or after the Effective Date.
In addition, Purple is assuming EdiZONE’s (and certain related persons’) responsibility for any past or present
breach of the License Agreement (and for certain other matters) to the extent provided in, and subject to the terms and
conditions of, Section 7 below. Purple agrees that the assignment by EdiZONE to Purple of the License Agreement is subject
to, and Purple will be bound by, the applicable terms and conditions of the License Agreement.

 

     

     

    

 

 3. Assignment of IP.

 

3.1. Specified
Marks. EdiZONE hereby absolutely, fully, and irrevocably assigns, transfers, and conveys to Purple, as of the Effective Date,
the entire right, title, and interest in and to the trademarks GEL MATRIX and INTELLIPILLOW (the “Specified Marks”),
all registrations pertaining to the same (including U.S. Reg. Nos. 5,938,419 and 5,441,198), all related common-law rights, and
the goodwill pertaining thereto, together with all claims, demands and causes of action for the past infringement of the Specified
Marks or for unfair competition in business in connection therewith, and all rights to sue at law or in equity for any infringement,
misappropriation, dilution, or other violations of any of the foregoing, including the right to enforce the use of the Specified
Marks in accordance with the License Agreement, and also including the right to receive all proceeds and damages therefrom the
same, to be held and enjoyed by Purple and its successors, assigns, or other legal representatives as fully and entirely as the
same would or could have been held and enjoyed by EdiZONE had this assignment not been made.

 

3.2. Incremental
IP. To the extent, if any, that any other trademarks, service marks, patents, patent applications, copyrights, trade secrets,
know-how, or other intellectual property exist that are licensed to ACTI under the License Agreement and are not already owned
by Purple (pursuant to the Assignment and License Back or otherwise) (collectively, “Incremental IP”),
EdiZONE hereby absolutely, fully, and irrevocably assigns, transfers, and conveys to Purple, as of the Effective Date, the entire
right, title, and interest in and to such Incremental IP and, to the extent applicable, all registrations, applications, and filings
pertaining thereto, all related common-law rights, and the goodwill pertaining thereto, together with all claims, demands and causes
of action for the past infringement of the Incremental IP or for unfair competition in business in connection therewith, and all
rights to sue at law or in equity for any infringement, misappropriation, dilution, or other violations of any of the foregoing,
including the right to enforce the use of the Incremental IP in accordance with the License Agreement, and also including the right
to receive all proceeds and damages therefrom the same, to be held and enjoyed by Purple and its successors, assigns, or other
legal representatives as fully and entirely as the same would or could have been held and enjoyed by EdiZONE had this assignment
not been made.

 

3.3. Recordation
and Further Assurances. EdiZONE further agrees promptly to confirm the foregoing assignment of the Specified Marks and,
if requested by Purple, any other issued, registered, or pending item(s) of Incremental IP in one or more separate assignment
documents, in the form set forth in Exhibit B (or another form reasonably acceptable to Purple and suitable for recording in
the U.S. Patent and Trademark Office), and will so record such separate assignment document(s), or cooperate with
Purple’s recordation thereof, within thirty (30) days after Purple’s request provided that EdiZONE shall not be
required to incur any unreimbursed cost or expenses associated with complying with this Section 3.3. At Purple’s
direction, and at no cost to Purple other than reimbursement of EdiZONE’s reasonable out-of-pocket costs, EdiZONE will
execute such documents (and, as applicable, cause its affiliates and personnel to execute such documents) as Purple may
reasonably request in order to permit Purple to perfect, memorialize, record, maintain, defend, and enforce Purple’s
rights, title, and interests in and to the Specified Marks and any Incremental IP. To the extent that any of EdiZONE’s
officers, managers or employees are required to testify, be deposed or otherwise be a witness in litigation Purple will pay
them $2,500 per day. EdiZONE shall not be required to initiate or take any legal action to protect or enforce the Specified
Marks and any Incremental IP.

 

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3.4. Technology
Transfer. EdiZONE will consult with and train Purple as reasonably necessary within six months following the Effective Date,
in order to enable Purple to understand, exercise, practice, and exploit (to the extent not prohibited under the License Agreement
and Retained Existing Contracts) the Specified Marks and Incremental IP. EdiZONE will deliver and, where applicable, transfer ownership
of any associated files, embodiments, documentation, tooling, materials, and know-how, at no additional cost to Purple other than
reimbursement of EdiZONE’s reasonable out-of-pocket costs.

 

 4. Effect on Assignment and License Back.

 

4.1. Retained
Existing Contracts. Purple acknowledges that certain of the Incremental IP may currently be licensed to third parties under
one or more agreements that are currently in effect and identified in the Assignment and License Back as “Existing Contracts”
(such agreements, excluding the License Agreement, the “Retained Existing Contracts”), and that Purple’s
right, title and interest in and to the Incremental IP and Purple’s ownership of any such Incremental IP is subject to the
licenses granted in those Retained Existing Contracts.

 

4.2. License
Back. To the extent necessary to enable EdiZONE to perform its obligations under the Retained Existing Contracts, and subject
to all terms and conditions set forth in the Assignment and License Back, the Parties agree that the Incremental IP will be deemed
included in the license back to EdiZONE as granted in the Assignment and License Back, but only as to the Retained Existing Contracts.

 

4.3. Modification.
From and after the Effective Date: (i) the License Agreement will not be considered an Existing Contract for purposes of the Assignment
and License Back (nor is it a Retained Existing Contract for purposes of this Agreement); and (ii) the Parties agree that Purple
will have no restrictions, limitations, conditions, or duties to EdiZONE under the Assignment and License Back in relation to (a)
the License Agreement or (b) Purple’s enforcement of any Purple intellectual property rights against any third party, other
than the counterparties to the Retained Existing Contracts.

 

 5. Consideration.

 

5.1. Transfer
Payment. Concurrently with the Parties’ execution of this Agreement, Purple shall remit to EdiZONE, as
consideration for the assignments, transfers, and other rights granted to Purple hereunder, a one-time lump-sum payment in
the amount of $8,456,191 (the “Transfer Payment”), subject to adjustment as set forth below. Such
remittance is to be made by wire transfer, using the bank information provided by EdiZONE to Purple for that purpose, and is
made against release of signatures to this Agreement and the recordable assignment for the Specified Marks in the form of
Exhibit B.

 

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5.2. Audit
and Adjustment. Purple may audit EdiZONE’s books and records within 60 days after the Effective Date to verify the royalty
amounts received from ACTI under the License Agreement, and EdiZONE will reasonably cooperate with any such audit at Purple’s
request. Purple will bear its costs to perform such audit, and will maintain the results thereof in confidence. If Purple completes
such an audit within that time period, the Transfer Payment will be subject to adjustment to the extent set forth below, and such
adjustment will be made (via refund by EdiZONE or additional payment by Purple, as the case may be) no later than 60 days after
the Effective Date or 15 days after Purple informs EdiZONE of the results of such audit, whichever is later.

 

(a) If
the audit establishes that the Transfer Payment is at least $10,000 greater than three times the amount of ACTI royalties EdiZONE
has received under the License Agreement in respect of the royalty periods between June 1, 2019 and May 31, 2020 (“3X
LTM Royalties”), then EdiZONE will refund to Purple the difference between the Transfer Payment amount and 3X LTM
Royalties.

 

(b) If
the audit establishes that 3X LTM Royalties are at least $10,000 greater than the Transfer Payment, then Purple will additionally
pay EdiZONE the difference between 3X LTM Royalties and the Transfer Payment amount.

 

5.3. Taxes.
EdiZONE will be solely responsible for any taxes that may apply to the Transfer Payment (net of any adjustments as set forth above)
and any tax liability associated with any amounts received under the License Agreement prior to the Effective Date.

 

 6. Representations and Warranties.

 

 6.1. By EdiZONE. EdiZONE represents and warrants to Purple that:

 

(a) EdiZONE
has all requisite power and authority to enter into and perform this Agreement, and, to the best of EdiZONE’s knowledge,
its execution and performance of this Agreement does not and will not conflict with any agreements, obligations, or commitments
of EdiZONE with respect to any third parties;

 

(b) EdiZONE
was, immediately prior to the assignment to Purple as set forth above, the Licensor under the License Agreement, with full, valid
rights to enforce the same against ACTI, and EdiZONE has not assigned the License Agreement (or any rights thereunder) to any third
party or otherwise encumbered its rights under the License Agreement; and

 

(c)
EdiZONE’s disclosures in response to Purple’s due-diligence inquiries in anticipation of this Agreement have been
full and accurate, based on the information known to Terry Pearce, Tony Pearce, Carrie Pearce, and/or Gaelyn Pearce and/or in
EdiZONE’s and/or TNT’s files (but without requiring them to perform any special investigation or audit, or to
breach any duty of confidentiality to ACTI or others if EdiZONE has advised Purple when and how such confidentiality
obligations affect EdiZONE’s disclosures). Indeed, Purple acknowledges that EdiZONE is unable to view a large cache of
emails between EdiZONE and ACTI.

 

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6.2. By
Purple. Purple represents and warrants to EdiZONE that Purple has all requisite power and authority to enter into and perform
this Agreement, and, to the best of Purple’s knowledge, its execution and performance of this Agreement do not and will not
conflict with any agreements, obligations, or commitments of Purple with respect to any third parties.

 

6.3. Independent
Knowledge. Purple acknowledges that it has certain knowledge regarding ACTI’s activities as a result of, among other
things, Purple’s communications with personnel of ACTI and/or third parties and other due diligence and that EdiZONE will
have no liability to Purple for any representation or warranty that Purple knows to be untrue as a result of any such knowledge
in Purple’s possession as of the Effective Date.

 

 7. Indemnification.

 

7.1. Obligation.
Subject to the representations and warranties by EdiZONE set forth above, Purple agrees to indemnify and hold harmless the EdiZONE
Group (as defined below) from and against any claims by ACTI or its affiliates, successors, or assigns: (i) for EdiZONE’s
breach of the ACTI License on or before the Effective Date; or (ii) arising out of or caused by the Parties’ execution and/or
performance of this Agreement (whether such claim is based on a violation of the 2010 Amended Permanent Injunction in Case No.
060910483 or otherwise) or (iii) Purple’s ownership, enforcement or breach of the ACTI License on or after the Effective
Date.

 

7.2. Definition.
As used herein, the “EdiZONE Group” means and includes: (i) EdiZONE and TNT; (ii) any business entity
that controls, is controlled by, or is under common control with EdiZONE and/or TNT; (iii) Terry Pearce, Tony Pearce, Carrie Pearce,
and Gaelyn Pearce, each in his or her capacity as an owner, officer, member, agent, or other representative of any of the entities
described in clause (i) or (ii); and (iv) any successor of any of the entities or persons described in clauses (i)-(iii), each
in its, his, or her capacity as such, but in each case excluding any purported successor to EdiZONE’s rights in the License
Agreement.

 

7.3. Notice.
EdiZONE Group will promptly notify Purple of any applicable claims, tender to Purple sole control and authority over the
defense and settlement of such claims, and provide Purple (at Purple’s cost) with reasonable cooperation and
information as Purple may reasonably request in connection with the defense and/or settlement of any such claim, subject to
compensation to such EdiZONE Group member with compensation for the time incurred. Such cooperation will include, without
limitation, prompt approval by the relevant member(s) of the EdiZONE Group of any Purple-requested settlement that fully
releases the relevant member(s) of the EdiZONE Group from liability. EdiZONE (on behalf of itself and the other members of
the EdiZONE Group) agrees that Purple may conduct the defense and settlement of any such claims through (and will be
responsible for the fees and expenses only of) counsel chosen and retained by Purple.

 

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8. Confidentiality.
EdiZONE shall, from and after the Effective Date, take all commercially reasonable measures to preserve the confidentiality of
any trade secrets and proprietary information included in the Incremental IP, and will treat the same as Confidential Information
of Purple for purposes of Section 11 (Confidentiality) of the Assignment and License Back. In addition, each Party agrees to keep
the terms of this Agreement, including but not limited to the amount of the Transfer Payment, confidential, and neither will disclose
the same to any third party without the other Party’s consent; provided, however, that either Party may disclose the terms
of this Agreement: (i) as reasonably necessary to comply with applicable laws, regulations, or securities exchange rules or to
enforce its rights hereunder; (ii) in confidence to its business or legal advisors; and/or (iii) in confidence to its actual or
prospective investors, acquirers, providers of capital, licensees, and/or assignees in order to advise them of the nature and extent
of the Parties’ rights and obligations hereunder.

 

9. Successors
and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the Parties hereto and their respective
successors and permitted assigns; provided, however, that EdiZONE may not assign this Agreement, or any of its rights or obligations
hereunder, to any third party without Purple’s prior written consent, and any attempt to do so will be void. Purple may assign
this Agreement without EdiZONE’s consent.

 

10. Controlling
Law and Jurisdiction. This Agreement shall be construed in accordance with the law of the State of Utah applicable to agreements
that are executed and fully performed therein. The Parties agree that the courts of the State of Utah and the United States District
Courts therein shall have exclusive jurisdiction of any action or proceeding arising out of or related to this Agreement, without
consideration of the applicable laws pertaining to conflict of laws.

 

11. Injunctive
Relief. Given the unique and proprietary nature of the rights granted to Purple under this Agreement and Purple’s dependence
upon EdiZONE to fulfill its obligations hereunder, the Parties acknowledge and agree that any breach by EdiZONE of its obligations
or covenants under this Agreement would cause Purple irreparable harm for which monetary damages would not be an adequate remedy,
and Purple will be entitled to equitable relief, including injunctive relief and specific performance, for any threatened or actual
breach of this Agreement in addition to all available legal remedies. Given the indemnification and hold harmless granted to EdiZONE
and the other members of the EdiZONE Group under this Agreement and their dependence upon Purple to fulfill its obligations hereunder,
the Parties acknowledge and agree that any breach by Purple of its obligations or covenants under this Agreement would cause one
or more of them irreparable harm for which monetary damages would not be an adequate remedy, and they will be entitled to equitable
relief, including injunctive relief and specific performance, for any threatened or actual breach of this Agreement in addition
to all available legal remedies.

 

12. Entire
Agreement. This Agreement is the Parties’ entire agreement and understanding regarding the subject matter hereof,
and supersedes all prior and contemporaneous agreements and understandings among the Parties with respect to such subject
matter; provided, however, that for the avoidance of doubt, the Parties acknowledge that the Assignment and License Back
continues to be in full force and effect except to the extent expressly set forth in this Agreement.

 

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13. Severability.
The Parties will cooperate with one another in good faith to give effect to and accomplish the purposes of this Agreement and its
provisions to the fullest extent permitted under applicable laws. If any term or provision of this Agreement is determined to be
invalid or unenforceable in any situation or in any jurisdiction, it shall be deemed amended consistent with the intent of this
Agreement to the narrowest extent possible to render that provision valid and enforceable or, if necessary, removed from this Agreement,
and shall not diminish the validity or enforceability of the remaining terms and provisions hereof or the validity or enforceability
of the offending term or provision in any other situation or in any other jurisdiction.

 

14. Headings.
The section headings contained in this Agreement are inserted for convenience only and shall not affect in any way the meaning
or interpretation of this Agreement.

 

15. Amendments
and Waivers. No amendment of any provisions of this Agreement shall be valid unless the same shall be in writing and signed
by the Parties. No waiver by any Party of any provision of this Agreement or any default, misrepresentation, or breach of warranty
or covenant hereunder, whether intentional or not, shall be valid unless the same shall be in writing and signed by the Party,
as applicable, making such waiver nor shall such waiver be deemed to extend to any prior or subsequent default, misrepresentation,
or breach of warranty or covenant hereunder or affect in any way any rights arising by virtue of any prior or subsequent such occurrence.

 

16. Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall be deemed an original but all of which together
will constitute one and the same instrument. Such counterparts may be executed and/or delivered by electronic means by either of
the Parties, and any signature page so executed and/or delivered shall be treated as an original signature page of this Agreement.

 

[Signature page follows]

 

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IN WITNESS WHEREOF, each of
Parties has caused its authorized representative to execute and deliver this License Transfer and IP Assignment Agreement as of
the Effective Date written above.

 

	EdiZONE, LLC	 	Purple Innovation, LLC
	 	 	 	 	 
	By:	/s/ Tony M. Pearce	 	By:	/s/ Joseph B. Megibow
	 	 	 	 	 
	Name:	Tony M. Pearce	 	Name:	Joseph B. Megibow
	Title:	Manager	 	Title:	CEO
	Date:	August 13, 2020	 	Date:	August 14, 2020Exhibit
10.3

 

INDEMNIFICATION
AGREEMENT

 

This
Indemnification Agreement (“Agreement”), dated as of August 18, 2020, is by and between Purple Innovation,
Inc., a Delaware corporation (the “Company”) and Paul Zepf (the “Indemnitee”).

 

WHEREAS,
Indemnitee is a director and/or officer of the Company;

 

WHEREAS,
both the Company and Indemnitee recognize the increased risk of litigation and other claims being asserted against directors and
officers of public companies;

 

WHEREAS,
the board of directors of the Company (the “Board”) has determined that enhancing the ability of the Company
to retain and attract as directors and officers the most capable persons is in the best interests of the Company and that the
Company therefore should seek to assure such persons that indemnification and insurance coverage is available; and

 

WHEREAS,
in recognition of the need to provide Indemnitee with substantial protection against personal liability, in order to procure Indemnitee’s
continued service as a director and/or officer of the Company and to enhance Indemnitee’s ability to serve the Company in
an effective manner, and in order to provide such protection pursuant to express contract rights (intended to be enforceable irrespective
of, among other things, any amendment to the Company’s certificate of incorporation or bylaws (collectively, the “Constituent
Documents”), any change in the composition of the Board or any change in control or business combination transaction
relating to the Company), the Company wishes to provide in this Agreement for the indemnification of, and the advancement of Expenses
(as defined in Section 1(f) below) to, Indemnitee as set forth in this Agreement and for the coverage of Indemnitee under the
Company’s directors’ and officers’ liability insurance policies.

 

NOW,
THEREFORE, in consideration of the foregoing and the Indemnitee’s agreement to continue to provide services to the Company,
the parties agree as follows:

 

1. Definitions.
For purposes of this Agreement, the following terms shall have the following meanings:

 

(a) “Beneficial
Owner” has the meaning given to the term “beneficial owner” in Rule 13d-3 under the Securities Exchange
Act of 1934, as amended (the “Exchange Act”).

 

(b) “Change
in Control” means the occurrence after the date of this Agreement of any of the following events:

 

(i) any
Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing thirty percent (30%)
or more of the Company’s then outstanding Voting Securities;

 

(ii)
the consummation of a reorganization, merger or consolidation, unless immediately following such reorganization, merger or consolidation,
all of the Beneficial Owners of the Voting Securities of the Company immediately prior to such transaction beneficially own, directly
or indirectly, more than fifty percent below. (50%) of the combined voting power of the outstanding Voting Securities of the entity
resulting from such transaction;

 

(iii) during
any period of two consecutive years, not including any period prior to the execution of this Agreement, individuals who at the
beginning of such period constituted the Board (including for this purpose any new directors whose election by the Board or nomination
for election by the Company’s stockholders was approved by a vote of at least two-thirds (2/3) of the directors then still
in office who either were directors at the beginning of the period or whose election or nomination for election was previously
so approved) cease for any reason to constitute at least a majority of the Board; or

 

    

     

    

 

(iv) the
stockholders of the Company approve a plan of complete liquidation or dissolution of the Company or an agreement for the sale
or disposition by the Company of all or substantially all of the Company’s assets.

 

(c)
“Claim” means:

 

(i) any
threatened, pending or completed action, suit, proceeding or alternative dispute resolution mechanism, whether civil, criminal,
administrative, arbitrative, investigative or other, and whether made pursuant to federal, state or other law; or

 

(ii) any
inquiry, hearing or investigation that the Indemnitee determines might lead to the institution of any such action, suit, proceeding
or alternative dispute resolution mechanism.

 

(d)
“Delaware Court” shall have the meaning ascribed to it in Section 9(e)

 

(e)
“Disinterested Director” means a director of the Company who is not and was not a party to the Claim in
respect of which indemnification is sought by Indemnitee.

 

(f)
“Expenses” means any and all expenses, including attorneys’ and experts’ fees, court costs,
transcript costs, travel expenses, duplicating, printing and binding costs, telephone charges, and all other costs and
expenses incurred in connection with investigating, defending, being a witness in or participating in (including on appeal),
or preparing to defend, be a witness or participate in, any Claim. Expenses also shall include (i) Expenses incurred in
connection with any appeal resulting from any Claim, including without limitation the premium, security for, and other costs
relating to any cost bond, supersedeas bond, or other appeal bond or its equivalent, and (ii) for purposes of Section 5 only,
Expenses incurred by Indemnitee in connection with the interpretation, enforcement or defense of Indemnitee’s rights
under this Agreement, by litigation or otherwise. Expenses, however, shall not include amounts paid in settlement by
Indemnitee or the amount of judgments or fines against Indemnitee.

 

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(g) “Expense
Advance” means any payment of Expenses advanced to Indemnitee by the Company pursuant to Section 4 or Section 5 hereof.

 

(h) “Indemnifiable
Event” means any event or occurrence, whether occurring before, on or after the date of this Agreement, related to the
fact that Indemnitee is or was a director, officer, employee or agent of the Company or any subsidiary of the Company, or is or
was serving at the request of the Company as a director, officer, employee, member, manager, trustee or agent of any other corporation,
limited liability company, partnership, joint venture, trust or other entity or enterprise (collectively with the Company, “Enterprise”)
or by reason of an action or inaction by Indemnitee in any such capacity (whether or not serving in such capacity at the time
any Loss is incurred for which indemnification can be provided under this Agreement).

 

(i) “Independent
Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither
presently performs, nor in the past five years has performed, services for either: (i) the Company or Indemnitee (other than in
connection with matters concerning Indemnitee under this Agreement or of other indemnitees under similar agreements) or (ii) any
other party to the Claim giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent
Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would
have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights
under this Agreement.

 

(j) “Losses”
means any and all Expenses, damages, losses, liabilities, judgments, fines, penalties (whether civil, criminal or other), ERISA
excise taxes, amounts paid or payable in settlement, including any interest, assessments, any federal, state, local or foreign
taxes imposed as a result of the actual or deemed receipt of any payments under this Agreement and all other charges paid or payable
in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to defend,
be a witness or participate in, any Claim.

 

(k) “Person”
means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association,
organization, governmental entity or other entity and includes the meaning set forth in Sections 13(d) and 14(d) of the Exchange
Act.

 

(l) “Standard
of Conduct Determination” shall have the meaning ascribed to it in Section 9(b) below.

 

(m) “Voting
Securities” means any securities of the Company that vote generally in the election of directors.

 

2. Services
to the Company. Indemnitee agrees to continue to serve as a director or officer of the Company for so long as Indemnitee
is duly elected or appointed or until Indemnitee tenders Indemnitee’s resignation or is no longer serving in such
capacity. This Agreement shall not be deemed an employment agreement between the Company (or any of its subsidiaries or
Enterprise) and Indemnitee. Indemnitee specifically acknowledges that Indemnitee’s service to the Company or any of its
subsidiaries or Enterprise is at will and the Indemnitee may be discharged at any time for any reason, with or without cause,
except as may be otherwise provided in any written employment agreement between Indemnitee and the Company (or any of its
subsidiaries or Enterprise), other applicable formal severance policies duly adopted by the Board or, with respect to service
as a director or officer of the Company, by the Company’s Constituent Documents or Delaware law.

 

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3. Indemnification.
Subject to Section 9 and Section 10 of this Agreement, the Company shall indemnify Indemnitee, to the fullest extent permitted
by the laws of the State of Delaware in effect on the date hereof, or as such laws may from time to time hereafter be amended
to increase the scope of such permitted indemnification, against any and all Losses if Indemnitee was or is or becomes a party
to or participant in, or is threatened to be made a party to or participant in, any Claim by reason of or arising in part out
of an Indemnifiable Event, including, without limitation, Claims brought by or in the right of the Company, Claims brought by
third parties, and Claims in which the Indemnitee is solely a witness.

 

4. Advancement
of Expenses. Indemnitee shall have the right to advancement by the Company, prior to the final disposition of any Claim by
final adjudication to which there are no further rights of appeal, of any and all Expenses actually and reasonably paid or incurred
by Indemnitee in connection with any Claim arising out of an Indemnifiable Event. Indemnitee’s right to such advancement
is not subject to the satisfaction of any standard of conduct. Without limiting the generality or effect of the foregoing, within
ten (10) days after any request by Indemnitee, the Company shall, in accordance with such request, (a) pay such Expenses on behalf
of Indemnitee, (b) advance to Indemnitee funds in an amount sufficient to pay such Expenses, or (c) reimburse Indemnitee for such
Expenses. In connection with any request for Expense Advances, Indemnitee shall not be required to provide any documentation or
information to the extent that the provision thereof would undermine or otherwise jeopardize attorney-client privilege. In connection
with any request for Expense Advances, Indemnitee shall execute and deliver to the Company an undertaking (which shall be accepted
without reference to Indemnitee’s ability to repay the Expense Advances) to repay any amounts paid, advanced, or reimbursed
by the Company for such Expenses to the extent that it is ultimately determined, following the final disposition of such Claim,
that Indemnitee is not entitled to indemnification hereunder. Indemnitee’s obligation to reimburse the Company for Expense
Advances shall be unsecured and no interest shall be charged thereon.

 

5. Indemnification for Expenses in Enforcing Rights. To the fullest extent allowable under applicable law,
the Company shall also indemnify against, and, if requested by Indemnitee, shall advance to Indemnitee subject to and in accordance
with Section 4, any Expenses actually and reasonably paid or incurred by Indemnitee in connection with any action or proceeding
by Indemnitee for (a) indemnification or reimbursement or advance payment of Expenses by the Company under any provision of this
Agreement, or under any other agreement or provision of the Constituent Documents now or hereafter in effect relating to Claims
relating to Indemnifiable Events, and/or (b) recovery under any directors’ and officers’ liability insurance policies
maintained by the Company. However, in the event that Indemnitee is ultimately determined not to be entitled to such indemnification
or insurance recovery, as the case may be, then all amounts advanced under this Section 5 shall be repaid. Indemnitee shall be
required to reimburse the Company in the event that a final judicial determination is made that such action brought by Indemnitee
was frivolous or not made in good faith.

 

6. Partial
Indemnity. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for a portion
of any Losses in respect of a Claim related to an Indemnifiable Event but not for the total amount thereof, the Company shall
nevertheless indemnify Indemnitee for the portion thereof to which Indemnitee is entitled.

 

    4

     

    

 

7.
Notification and Defense of Claims.

 

(a) Notification
of Claims. Indemnitee shall notify the Company in writing as soon as practicable of any Claim which could relate to an Indemnifiable
Event or for which Indemnitee could seek Expense Advances, including a brief description (based upon information then available
to Indemnitee) of the nature of, and the facts underlying, such Claim. The failure by Indemnitee to timely notify the Company
hereunder shall not relieve the Company from any liability hereunder except that the Company shall not be liable to indemnify
Indemnitee under this Agreement with respect to any judicial award in a Claim related to an Indemnifiable Event if the Company
was not given a reasonable and timely opportunity to participate at its expense in the defense of such action.

 

(b) Defense
of Claims. The Company shall be entitled to participate in the defense of any Claim relating to an Indemnifiable Event at
its own expense and, except as otherwise provided below, to the extent the Company so wishes, it may assume the defense
thereof with counsel reasonably satisfactory to Indemnitee. After notice from the Company to Indemnitee of its election to
assume the defense of any such Claim, the Company shall not be liable to Indemnitee under this Agreement or otherwise for any
Expenses subsequently directly incurred by Indemnitee in connection with Indemnitee’s defense of such Claim other than
reasonable costs of investigation or as otherwise provided below. Indemnitee shall have the right to employ its own legal
counsel in such Claim, but all Expenses related to such counsel incurred after notice from the Company of its assumption of
the defense shall be at Indemnitee’s own expense; provided, however, that if (i) Indemnitee’s employment of its
own legal counsel has been authorized by the Company, (ii) Indemnitee has reasonably determined that there may be a conflict
of interest between Indemnitee and the Company in the defense of such Claim, (iii) after a Change in Control,
Indemnitee’s employment of its own counsel has been approved by the Independent Counsel or (iv) the Company shall not
in fact have employed counsel to assume the defense of such Claim, then Indemnitee shall be entitled to retain its own
separate counsel (but not more than one law firm plus, if applicable, local counsel in respect of any such Claim) and all
Expenses related to such separate counsel shall be borne by the Company.

 

8. Procedure
upon Application for Indemnification. In order to obtain indemnification pursuant to this Agreement, Indemnitee shall
submit to the Company a written request therefor, including in such request such documentation and information as is
reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled
to indemnification following the final disposition of the Claim. Indemnification shall be made insofar as the Company
determines Indemnitee is entitled to indemnification in accordance with Section 9 below.

 

9.
Determination of Right to Indemnification.

 

(a)
Mandatory Indemnification; Indemnification as a Witness.

 

(i) To
the extent that Indemnitee shall have been successful on the merits or otherwise in defense of any Claim relating to an Indemnifiable
Event or any portion thereof or in defense of any issue or matter therein, including without limitation dismissal without prejudice,
Indemnitee shall be indemnified against all Losses relating to such Claim in accordance with Section 3 to the fullest extent allowable
by law.

 

(ii) To
the extent that Indemnitee’s involvement in a Claim relating to an Indemnifiable Event is to prepare to serve and serve
as a witness, and not as a party, the Indemnitee shall be indemnified against all Losses incurred in connection therewith to the
fullest extent allowable by law.

 

(b) Standard
of Conduct. To the extent that the provisions of Section 9(a) are inapplicable to a Claim related to an Indemnifiable Event
that shall have been finally disposed of, any determination of whether Indemnitee has satisfied any applicable standard of conduct
under Delaware law that is a legally required condition to indemnification of Indemnitee hereunder against Losses relating to
such Claim and any determination that Expense Advances must be repaid to the Company (a “Standard of Conduct Determination”)
shall be made as follows:

 

(i) if
no Change in Control has occurred, (A) by a majority vote of the Disinterested Directors, even if less than a quorum of the Board,
(B) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than
a quorum or (C) if there are no such Disinterested Directors, by Independent Counsel in a written opinion addressed to the Board,
a copy of which shall be delivered to Indemnitee; and

 

(ii) if
a Change in Control shall have occurred, (A) if the Indemnitee so requests in writing, by a majority vote of the Disinterested
Directors, even if less than a quorum of the Board or (B) otherwise, by Independent Counsel in a written opinion addressed to
the Board, a copy of which shall be delivered to Indemnitee.

 

    5

     

    

 

The
Company shall indemnify and hold harmless Indemnitee against and, if requested by Indemnitee, shall reimburse Indemnitee for,
or advance to Indemnitee, within ten (10) days of such request, any and all Expenses incurred by Indemnitee in cooperating with
the person or persons making such Standard of Conduct Determination.

 

(c) Making
the Standard of Conduct Determination. The Company shall use its reasonable best efforts to cause any Standard of Conduct
Determination required under Section 9(b) to be made as promptly as practicable. If the person or persons designated to make the
Standard of Conduct Determination under Section 9(b) shall not have made a determination within 30 days after the later of (A)
receipt by the Company of a written request from Indemnitee for indemnification pursuant to Section 8 (the date of such receipt
being the “Notification Date”) and (B) the selection of an Independent Counsel, if such determination is to
be made by Independent Counsel, then Indemnitee shall be deemed to have satisfied the applicable standard of conduct; provided
that such 30-day period may be extended for a reasonable time, not to exceed an additional 30 days, if the person or persons making
such determination in good faith requires such additional time to obtain or evaluate information relating thereto. Notwithstanding
anything in this Agreement to the contrary, no determination as to entitlement of Indemnitee to indemnification under this Agreement
shall be required to be made prior to the final disposition of any Claim.

 

(d)
Payment of Indemnification. If, in regard to any Losses:

 

 (i) Indemnitee shall be entitled to indemnification pursuant to Section 9(a);

 

 (ii) no Standard Conduct Determination is legally required as a condition to indemnification of Indemnitee hereunder; or

 

 (iii) Indemnitee has been determined or deemed pursuant to Section 9(b) or Section 9(c) to have satisfied the Standard of Conduct Determination,

 

  then the Company shall pay to Indemnitee, within five (5) days after the later of (A) the Notification Date or (B) the earliest date on which the applicable criterion specified in clause (i), (ii) or (iii) is satisfied, an amount equal to such Losses.

 

(e)
Selection of Independent Counsel for Standard of Conduct Determination. If a Standard of Conduct Determination is to be
made by Independent Counsel pursuant to Section 9.1(b)(i), the Independent Counsel shall be selected by the Board of Directors,
and the Company shall give written notice to Indemnitee advising Indemnitee of the identity of the Independent Counsel so selected.
If a Standard of Conduct Determination is to be made by Independent Counsel pursuant to Section 9.1(b)(ii), the Independent Counsel
shall be selected by Indemnitee, and Indemnitee shall give written notice to the Company advising it of the identity of the Independent
Counsel so selected. In either case, Indemnitee or the Company, as applicable, may, within three (3) days after receiving written
notice of selection from the other, deliver to the other a written objection to such selection; provided, however, that such objection
may be asserted only on the ground that the Independent Counsel so selected does not satisfy the criteria set forth in the definition
of “Independent Counsel” in Section 1(i), and the objection shall set forth with particularity the factual basis of
such assertion. Absent a proper and timely objection, the person or firm so selected shall act as Independent Counsel. If such
written objection is properly and timely made and substantiated, (i) the Independent Counsel so selected may not serve as Independent
Counsel unless and until such objection is withdrawn or a court has determined that such objection is without merit; and (ii)
the non-objecting party may, at its option, select an alternative Independent Counsel and give written notice to the other party
advising such other party of the identity of the alternative Independent Counsel so selected, in which case the provisions of
the two immediately preceding sentences, the introductory clause of this sentence and numbered clause (i) of this sentence shall
apply to such subsequent selection and notice. If applicable, the provisions of clause (ii) of the immediately preceding sentence
shall apply to successive alternative selections. If no Independent Counsel that is permitted under the foregoing provisions of
this Section 9(e) to make the Standard of Conduct Determination shall have been selected within twenty (20) days after the Company
gives its initial notice pursuant to the first sentence of this Section 9(e) or Indemnitee gives its initial notice pursuant to
the second sentence of this Section 9(e), as the case may be, either the Company or Indemnitee may petition the Court of Chancery
of the State of Delaware (“Delaware Court”) to resolve any objection which shall have been made by the Company
or Indemnitee to the other’s selection of Independent Counsel and/or to appoint as Independent Counsel a person to be selected
by the Court or such other person as the Court shall designate, and the person or firm with respect to whom all objections are
so resolved or the person or firm so appointed will act as Independent Counsel. In all events, the Company shall pay all of the
reasonable fees and expenses of the Independent Counsel incurred in connection with the Independent Counsel’s determination
pursuant to Section 9(b).

 

    6

     

    

 

(f)
Presumptions and Defenses.

 

(i) Indemnitee’s
Entitlement to Indemnification. In making any Standard of Conduct Determination, the person or persons making such determination
shall presume that Indemnitee has satisfied the applicable standard of conduct and is entitled to indemnification, and the Company
shall have the burden of proof to overcome that presumption and establish that Indemnitee is not so entitled. Any Standard of
Conduct Determination that is adverse to Indemnitee may be challenged by the Indemnitee in the Delaware Court. No determination
by the Company (including by its directors or any Independent Counsel) that Indemnitee has not satisfied any applicable standard
of conduct may be used as a defense to any legal proceedings brought by Indemnitee to secure indemnification or reimbursement
or advance payment of Expenses by the Company hereunder or create a presumption that Indemnitee has not met any applicable standard
of conduct.

 

(ii) Reliance
as a Safe Harbor. For purposes of this Agreement, and without creating any presumption as to a lack of good faith if the following
circumstances do not exist, Indemnitee shall be deemed to have acted in good faith and in a manner he or she reasonably believed
to be in or not opposed to the best interests of the Company if Indemnitee’s actions or omissions to act are taken in good
faith reliance upon the records of the Company, including its financial statements, or upon information, opinions, reports or
statements furnished to Indemnitee by the officers or employees of the Company or any of its subsidiaries in the course of their
duties, or by committees of the Board or by any other Person (including legal counsel, accountants and financial advisors) as
to matters Indemnitee reasonably believes are within such other Person’s professional or expert competence and who has been
selected with reasonable care by or on behalf of the Company. In addition, the knowledge and/or actions, or failures to act, of
any director, officer, agent or employee of the Company shall not be imputed to Indemnitee for purposes of determining the right
to indemnity hereunder.

 

(iii) No
Other Presumptions. For purposes of this Agreement, the termination of any Claim by judgment, order, settlement (whether with
or without court approval) or conviction, or upon a plea of nolo contendere or its equivalent, will not create a presumption that
Indemnitee did not meet any applicable standard of conduct or have any particular belief, or that indemnification hereunder is
otherwise not permitted.

 

(iv) Defense
to Indemnification and Burden of Proof. It shall be a defense to any action brought by Indemnitee against the Company to enforce
this Agreement (other than an action brought to enforce a claim for Losses incurred in defending against a Claim related to an
Indemnifiable Event in advance of its final disposition) that it is not permissible under applicable law for the Company to indemnify
Indemnitee for the amount claimed. In connection with any such action or any related Standard of Conduct Determination, the burden
of proving such a defense or that the Indemnitee did not satisfy the applicable standard of conduct shall be on the Company.

 

    7

     

    

 

(v) Resolution
of Claims. The Company acknowledges that a settlement or other disposition short of final judgment may be successful on the
merits or otherwise for purposes of Section 9.1(a)(i) if it permits a party to avoid expense, delay, distraction, disruption and
uncertainty. In the event that any Claim relating to an Indemnifiable Event to which Indemnitee is a party is resolved in any
manner other than by adverse judgment against Indemnitee (including, without limitation, settlement of such action, claim or proceeding
with our without payment of money or other consideration) it shall be presumed that Indemnitee has been successful on the merits
or otherwise for purposes of Section 9.1(a)(i). The Company shall have the burden of proof to overcome this presumption.

 

10. Exclusions
from Indemnification. Notwithstanding anything in this Agreement to the contrary, the Company shall not be obligated to:

 

(a) indemnify
or advance funds to Indemnitee for Expenses or Losses with respect to proceedings initiated by Indemnitee, including any proceedings
against the Company or its directors, officers, employees or other indemnitees and not by way of defense, except:

 

(i) proceedings
referenced in Section 5 above (unless a court of competent jurisdiction determines that each of the material assertions made by
Indemnitee in such proceeding was not made in good faith or was frivolous); or

 

(ii) where
the Company has joined in or the Board has consented to the initiation of such proceedings.

 

(b) indemnify
Indemnitee if a final decision by a court of competent jurisdiction determines that such indemnification is prohibited by applicable
law.

 

(c) indemnify
Indemnitee for the disgorgement of profits arising from the purchase or sale by Indemnitee of securities of the Company in violation
of Section 16(b) of the Exchange Act, or any similar successor statute.

 

(d) indemnify
or advance funds to Indemnitee for Indemnitee’s reimbursement to the Company of any bonus or other incentive-based or equity-based
compensation previously received by Indemnitee or payment of any profits realized by Indemnitee from the sale of securities of
the Company, as required in each case under the Exchange Act (including any such reimbursements under Section 304 of the Sarbanes-
Oxley Act of 2002 in connection with an accounting restatement of the Company or the payment to the Company of profits arising
from the purchase or sale by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act).

 

11. Settlement
of Claims. The Company shall not be liable to Indemnitee under this Agreement for any amounts paid in settlement of any threatened
or pending Claim related to an Indemnifiable Event effected without the Company’s prior written consent, which shall not
be unreasonably withheld. The Company shall not settle any Claim related to an Indemnifiable Event in any manner that would impose
any Losses on the Indemnitee without the Indemnitee’s prior written consent.

 

12. Duration.
All agreements and obligations of the Company contained herein shall continue during the period that Indemnitee is a director
or officer of the Company (or is serving at the request of the Company as a director, officer, employee, member, trustee or agent
of another Enterprise) and shall continue thereafter (i) so long as Indemnitee may be subject to any possible Claim relating to
an Indemnifiable Event (including any rights of appeal thereto) and (ii) throughout the pendency of any proceeding (including
any rights of appeal thereto) commenced by Indemnitee to enforce or interpret his or her rights under this Agreement, even if,
in either case, he or she may have ceased to serve in such capacity at the time of any such Claim or proceeding.

 

    8

     

    

 

13. Non-Exclusivity.
The rights of Indemnitee hereunder will be in addition to any other rights Indemnitee may have under the Constituent Documents,
the General Corporation Law of the State of Delaware, any other contract or otherwise (collectively, “Other Indemnity
Provisions”); provided, however, that (a) to the extent that Indemnitee otherwise would have any greater right to indemnification
under any Other Indemnity Provision, Indemnitee will be deemed to have such greater right hereunder and (b) to the extent that
any change is made to any Other Indemnity Provision which permits any greater right to indemnification than that provided under
this Agreement as of the date hereof, Indemnitee will be deemed to have such greater right hereunder.

 

14. Liability
Insurance. For the duration of Indemnitee’s service as a director and/or officer of the Company, and thereafter for
so long as Indemnitee shall be subject to any pending Claim relating to an Indemnifiable Event, the Company shall use commercially
reasonable efforts (taking into account the scope and amount of coverage available relative to the cost thereof) to continue to
maintain in effect policies of directors’ and officers’ liability insurance providing coverage that is at least substantially
comparable in scope and amount to that provided by the Company’s current policies of directors’ and officers’
liability insurance. In all policies of directors’ and officers’ liability insurance maintained by the Company, Indemnitee
shall be named as an insured in such a manner as to provide Indemnitee the same rights and benefits as are provided to the most
favorably insured of the Company’s directors, if Indemnitee is a director, or of the Company’s officers, if Indemnitee
is an officer (and not a director) by such policy. Upon request, the Company will provide to Indemnitee copies of all directors’
and officers’ liability insurance applications, binders, policies, declarations, endorsements and other related materials.

 

15. No
Duplication of Payments. The Company shall not be liable under this Agreement to make any payment to Indemnitee in respect
of any Losses to the extent Indemnitee has otherwise received payment under any insurance policy, the Constituent Documents, Other
Indemnity Provisions or otherwise of the amounts otherwise indemnifiable by the Company hereunder.

 

16. Subrogation.
In the event of payment to Indemnitee under this Agreement, the Company shall be subrogated to the extent of such payment to all
of the rights of recovery of Indemnitee. Indemnitee shall execute all papers required and shall do everything that may be necessary
to secure such rights, including the execution of such documents necessary to enable the Company effectively to bring suit to
enforce such rights.

 

17. Amendments.
No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties
hereto. No waiver of any of the provisions of this Agreement shall be binding unless in the form of a writing signed by the party
against whom enforcement of the waiver is sought, and no such waiver shall operate as a waiver of any other provisions hereof
(whether or not similar), nor shall such waiver constitute a continuing waiver. Except as specifically provided herein, no failure
to exercise or any delay in exercising any right or remedy hereunder shall constitute a waiver thereof.

 

18. Binding
Effect. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their
respective successors (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially
all of the business and/or assets of the Company), assigns, spouses, heirs and personal and legal representatives. The Company
shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially
all or a substantial part of the business and/or assets of the Company, by written agreement in form and substances satisfactory
to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company
would be required to perform if no such succession had taken place.

 

19. Severability.
The provisions of this Agreement shall be severable in the event that any of the provisions hereof (including any portion thereof)
are held by a court of competent jurisdiction to be invalid, illegal, void or otherwise unenforceable, and the remaining provisions
shall remain enforceable to the fullest extent permitted by law. Upon such determination that any term or other provision is invalid,
illegal or unenforceable, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original
intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby
be consummated as originally contemplated to the greatest extent possible.

 

    9

     

    

 

20. Notices.
All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given
if delivered by hand, against receipt, or mailed, by postage prepaid, certified or registered mail:

 

		(a)	if
                                         to Indemnitee, to the address set forth on the signature page hereto.

 

		(b)	if
                                         to the Company, to: Purple Innovation, Inc. Attn:

                                                                                 

                                                                                Chief
Legal Officer 

                                                                                 

                                                                                4100
N. Chapel Ridge Road, Suite 200 Lehi,

                                                                                 

                                                                                Utah
84043

 

Notice
of change of address shall be effective only when given in accordance with this Section. All notices complying with this Section
shall be deemed to have been received on the date of hand delivery or on the third business day after mailing.

 

21. Governing
Law and Forum. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of
Delaware applicable to contracts made and to be performed in such state without giving effect to its principles of conflicts of
laws. The Company and Indemnitee hereby irrevocably and unconditionally: (a) agree that any action or proceeding arising out of
or in connection with this Agreement shall be brought only in the Delaware Court and not in any other state or federal court in
the United States, (b) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding
arising out of or in connection with this Agreement, (c) appoint, to the extent such party is not otherwise subject to service
of process in the State of Delaware, Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, DE 19808, New
Castle County as its agent in the State of Delaware for acceptance of legal process in connection with any such action or proceeding
against such party with the same legal force and validity as if served upon such party personally within the State of Delaware
and (d) waive, and agree not to plead or make, any claim that the Delaware Court lacks venue or that any such action or proceeding
brought in the Delaware Court has been brought in an improper or inconvenient forum.

 

22. Headings.
The headings of the sections and paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute
part of this Agreement or to affect the construction or interpretation thereof.

 

23. Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original,
but all of which together shall constitute one and the same Agreement.

 

[SIGNATURE
PAGE FOLLOWS]

 

    10

     

    

 

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

 

	 	PURPLE INNOVATION, INC.
	 	 	 
	 	By:	/s/ Joseph B. Megibow
	 	Name:	Joseph B. Megibow 
	 	Title:	Chief Executive Officer
	 	 	 
	 	INDEMNITEE
	 	 	 
	 	By:	/s/ Paul Zepf 
	 	Name:	Paul Zepf
	 	Address:	10 Allison Lane
	 	 	Thornwood, NY 10594

 

 

11

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