SEC Contract Filing

Filing Date: 2023-09-21

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ea185501ex10-1_purple.htm
<DESCRIPTION>OFFER LETTER ENTERED INTO BETWEEN PURPLE INNOVATION, LLC AND TODD VOGENSEN DATED SEPTEMBER 19, 2023
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.1</B></P>

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

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 <TD STYLE="text-align: left; width: 33%; vertical-align: bottom">September 18th, 2023</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On behalf of Purple Innovation, LLC (&ldquo;Purple&rdquo; or the &ldquo;Company&rdquo;),
it is my pleasure to extend to you this written offer outlining the mutually agreed upon terms of your employment. Key points for your
employment and compensation include:</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Your position will be <B>Chief Financial Officer</B> reporting to <B>Rob
DeMartini, Chief Executive Officer</B>. It is anticipated that your start date will be the week of October 16th, 2023.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Your base pay will be <B>$600,000 </B>annually, paid on a bi-weekly
basis, less deductions required by law. Payable in accordance with normal payroll practices of the Company. This is an exempt position.
As an exempt employee, you will not be entitled to overtime pay and your salary is intended to cover all hours worked including any hours
worked more than 40 in a workweek or overtime as otherwise defined by applicable state law.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">You will receive a signing bonus of <B>$100,000 </B>contingent upon
your continued employment for two years. The first half of this bonus ($50,000) will be paid upon completion of 30 days of employment
with Purple. The second half ($50,000) will be paid upon 6 months of employment with Purple. If you leave Purple by your own choice or
are separated from Purple for cause within 24 months of the start date of your employment, you will be responsible for reimbursing the
Company a prorated portion of the Signing Bonus.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">You will be eligible for an annual short-term cash bonus starting with
the year <B>2024</B> in accordance with Purple&rsquo;s short-term cash incentive plan for the applicable year. The bonus target is <B>75%</B>
of your annual base salary for C-Level Executives and the percentage is subject to adjustment, including accelerators, based on both the
company&rsquo;s and your performance as measured against metrics set by the board of directors and your supervisor for the year. Any such
bonus will be paid annually in the following calendar year (for example, in 2025 for performance in 2024) after the Company files its
annual Form 10-K with the SEC for the applicable year, so long as you continue to be employed and are in good standing on the payment
date.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As a C-Level Executive, you will be eligible to participate in the
long-term equity incentive plan of the Company, as approved by the board of directors. Under the current plan, you will be eligible in
this position to receive an equity award in the amount of <B>75%</B> of your base salary at the time of an award, split between time-based
RSU&rsquo;s and performance-based PSU&rsquo;s. You will be eligible to receive such awards beginning in <B>2024</B> at the same time and
on the same conditions as other similarly situated employees. This plan may be changed by the board of directors and performance metrics
are set by the board of directors for each award.</P>

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

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