Corporate ActionJul 7, 2026, 06:06 AM
Purple Innovation Stockholders Approve Reverse Split, CEO Comp Amended
AI Summary
Purple Innovation, Inc. stockholders approved a reverse stock split of Class A and Class B common stock at a ratio ranging from 1-for-10 to 1-for-30, as determined by the Board of Directors. They also approved the adjournment of the special meeting if needed to solicit further votes. Additionally, the company amended CEO Robert T. DeMartini's employment agreement, granting him an incremental $1,000,000 cash bonus and accelerated vesting terms for RSUs and PSUs upon retirement.
Key Highlights
- Stockholders approved a reverse stock split at a ratio between 1-for-10 and 1-for-30.
- 88,192,268 votes were cast in favor of the reverse stock split proposal.
- Stockholders approved adjourning the special meeting to solicit votes, if necessary.
- CEO Robert T. DeMartini's employment agreement was amended on July 4, 2026.
- CEO eligible for an incremental cash bonus of $1,000,000.
- Bonus vests 10% on Oct 31, 2026, 20% on Feb 28, 2027, and 70% on June 30, 2027.
- Time-based RSUs will vest as if employed for an additional 12 months upon CEO retirement.
- Performance-based PSUs will vest pro-rata upon CEO retirement, subject to performance.
Price Impact
More from PRPL