DeMartini Robert 4
4 · Purple Innovation, Inc. · Filed Mar 17, 2026
Research Summary
AI-generated summary of this filing
Purple Innovation (PRPL) CEO Robert DeMartini Converts 428,001 RSUs
What Happened
Robert DeMartini, CEO of Purple Innovation, reported the conversion/exercise of derivative awards (restricted stock units) on March 15, 2026. The Form 4 shows a total of 428,001 RSUs converted into Class A common stock. To cover tax withholding, 16,309 shares were surrendered at $0.71 per share (total withheld value reported as $11,516). Other entries show conversion/exercise reported with $0.00 proceeds (i.e., no cash sale).
Key Details
- Transaction date: 2026-03-15; Form 4 filed: 2026-03-17 (period of report: 2026-03-15). No late filing is indicated in the provided data.
- Converted/Exercised (derivative M): total 428,001 shares (56,529 + 56,529 + 314,943).
- Tax withholding (F): 16,309 shares disposed at $0.71 per share, reported value $11,516.
- Shares owned after transaction: Not specified in the provided excerpt.
- Relevant footnotes:
- F1: RSUs convert into Class A common shares on a one-for-one basis.
- F2: RSUs vest on a schedule (one‑third on 3/15/24, half of the remainder on 3/15/25, balance on 3/15/26).
- F3: Performance Stock Units granted in 2023 did not meet targets and did not result in issued shares.
Context
This was a conversion/vesting event of restricted stock units, not an open-market sale. The only shares surrendered were for tax withholding; there is no indication in the filing that DeMartini sold shares on the open market. For retail investors, vesting/conversion events are routine executive compensation actions and do not by themselves signal a change in insider sentiment.
Insider Transaction Report
- Exercise/Conversion
Class A Common Stock
[F1]2026-03-15+56,529→ 936,043 total - Tax Payment
Class A Common Stock
2026-03-15$0.71/sh−16,309$11,516→ 919,734 total - Exercise/Conversion
Restricted Stock Units
[F1][F2]2026-03-15−56,529→ 0 total→ Class A Common Stock (56,529 underlying) - Exercise/Conversion
Performance Stock Units
[F1][F3]2026-03-15−314,943→ 0 total→ Class A Common Stock (0 underlying)
Footnotes (3)
- [F1]Restricted Stock Units convert into Class A Common Stock on a one-for-one basis.
- [F2]Each Restricted Stock Unit represents a contingent right to receive one share of Purple Innovation, Inc. Class A Common Stock. The Restricted Stock Units vest in three equal annual installments; one-third on March 15, 2024; one-half of the remainder on March 15, 2025; and the balance on March 15, 2026 (the "Vesting Period"). Fractional numbers will be rounded down to the nearest whole number.
- [F3]On June 20, 2023, the Company granted Performance Stock Units that could vest on March 15, 2026, if PRPL's Class A Common Stock achieved specific target prices per share. No target prices were achieved so no shares of Class A Common Stock were issued for these Performance Stock Units.