PURPLE INNOVATION, INC., DEF 14A filed on 4/22/2026
Proxy Statement (definitive)
v3.26.1
Cover
 12 Months Ended
Dec. 31, 2025
Document Information [Line Items]  
Document Type DEF 14A
Amendment Flag false
Entity Information [Line Items]  
Entity Registrant Name PURPLE INNOVATION, INC.
Entity Central Index Key 0001643953
v3.26.1
Pay vs Performance Disclosure
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table

Pay Versus Performance Table and Information

Year

  

Summary
Compensation
Table
Total for
First
PEO(1)

  

Compensation
Actually
Paid to
First
PEO

  

Summary
Compensation
Table
Total for
Second
PEO(1)

  

Compensation
Actually
Paid to
Second
PEO(3)

  

Average
Summary
Compensation
Table
Total for
Non-PEO
NEOs(1)

  

Average
Compensation
Actually
Paid to
Non-PEO
NEOs(4)

  


Value of initial fixed $100
investment based on:

  

Net
Income (in
thousands)

  

Adjusted
EBITDA

Total
Shareholder
Return(2)

  

Peer Group
Total
Shareholder
Return(2)

  

2025

  

$

1,120,750

  

$

1,941,054

  

$

0

  

$

0

 

  

$

1,020,213

  

$

1,244,664

 

  

$

2.09

  

$

122.28

  

$

(51,414

)

  

$

1,945

 

2024

  

$

1,032,501

  

$

1,107,956

  

$

0

  

$

0

 

  

$

904,770

  

$

769,030

 

  

$

2.37

  

$

131.12

  

$

(97,897

)

  

$

(20,847

)

2023

  

$

2,663,668

  

$

656,275

  

$

0

  

$

0

 

  

$

622,429

  

$

400,238

 

  

$

3.13

  

$

121.14

  

$

(120,757

)

  

$

(54,696

)

2022

  

$

2,230,402

  

$

1,445,459

  

$

0

  

$

0

 

  

$

859,194

  

$

710,215

 

  

$

14.54

  

$

98.73

  

$

(92,470

)

  

$

(236

)

2021

  

$

445,210

  

$

631,864

  

$

2,967,250

  

$

(8,039,121

)

  

$

515,835

  

$

(786,543

)

  

$

40.29

  

$

126.74

  

$

3,114

 

  

$

(9,736

)

____________

(1)      The First PEO in the table above is Robert DeMartini. The Second PEO in the table above is Joseph Megibow. For 2021, the Non-PEO NEOs were Craig Phillips, John Legg, Bennett Nussbaum, Casey McGarvey, and Patrice Varni. For 2022, the Non-PEO NEOs were Bennett Nussbaum, Casey McGarvey, Patrice Varni, Jack Roddy, and Eric Haynor. For 2023, the Non-PEO NEOs were Bennett Nussbaum, Jack Roddy, Eric Haynor, Keira Krausz, and Todd Vogensen. For 2024, the Non-PEO NEOs were Tricia McDermott-Spikes, Eric Haynor, Keira Krausz, and Todd Vogensen. For 2025, the Non-PEO NEOs were Jeff Hutchings, Eric Haynor, Jack Roddy, and Todd Vogensen.

(2)      Assumes a hypothetical $100 investment on December 31, 2020, and reflects the cumulative total return to holders of the Company’s Class A Stock and the cumulative total returns of the peer group, which is the industry peer group included in the Stock Performance Graph in our Annual Report on Form 10-K for the year December 31, 2025.

(3)      The 2025 Summary Compensation Table (“SCT”) totals reported for the second PEO for each year were subject to the following adjustments per Item 402(v)(2)(iii) of Regulation S-K to calculate compensation actually paid (“CAP”).

First PEO SCT Reconciliation

Year

  

Summary
Compensation
Total for
First PEO

  

Reported
Grant Date
Fair Value
of Equity
Awards(a)

  

Equity Award
Adjustments(b)

  

Second PEO
Compensation
Actually Paid

2025

  

$

1,120,750

  

$

0

  

$

820,304

  

$

1,941,054

____________

(a)      Represents the amounts reported in the Stock Awards and Option Awards columns of the SCT for the applicable fiscal year. As described above with regard to the SEC’s definitions, when calculating CAP these amounts are first deducted from the SCT Total for the relevant fiscal year.

(b)      Represents the value of equity calculated according to the SEC’s specified CAP methodology. As described above, when calculating CAP, the value of included equity is calculated by adding or subtracting the various items reflected in the following table:

Equity Type

  

Fair Value at
Fiscal Year End
of Outstanding
and Unvested
Equity Awards
Granted in the
Fiscal Year

  

Fair Value
at Fiscal
Year End of
Outstanding and
Unvested
Equity Awards
Granted in the
Fiscal Year

  

Fair Value
at Vesting of
Equity Awards
Granted and
Vested in
the Fiscal Year

  

Change in Fair Value
as of the Vesting
Date of Equity
Awards Granted in
Prior Fiscal Years that
Vested in the Fiscal Year

  

Fair Value as of
the Prior Fiscal
Year End of
Equity Awards
Granted
in Prior
Fiscal Years
that Failed to
Meet Vesting
Conditions in
the Fiscal Year

  

Value of
Dividends or
Other Earnings
Paid on Equity
Awards Not
Otherwise
Reflected
in Total
Compensation

  

Total Equity
Award
Adjustments
   

(a)

  

(b)

  

(c)

  

(d)

  

(e)

  

(f)

  

(g)=(a)+(b)+
(c)+(d)+(e)+(f)

2025

  

$

1,036,500

  

$

(223,002

)

  

$

0

  

$

6,806

  

$

0

  

$

0

  

$

820,304

(4)    The SCT average of the other NEOs for each year was subject to the following adjustments per Item 402(v)(2)(iii) of Regulation S-K to calculate CAP:

Non-PEO NEO SCT Reconciliation

Year

  

Summary
Compensation
Total for
Other NEOs

  

Reported
Grant Date
Fair Value
of Equity
Awards(a)

  

Equity Award
Adjustments(b)

  

Other NEOs
Compensation
Actually Paid

2025

  

$

1,020,213

  

$

(190,757

)

  

$

415,207

  

$

1,244,664

____________

(a)      Represents the amounts reported in the Stock Awards and Option Awards columns of the SCT for the applicable fiscal year. As described above with regard to the SEC’s definitions, when calculating CAP these amounts are first deducted from the SCT Total for the relevant fiscal year.

(b)      Represents the value of equity calculated according to the SEC’s specified CAP methodology. As described above, when calculating CAP, the value of included equity is calculated by adding or subtracting the various items reflected in the following table:

Equity Type

  

Fair Value at
Fiscal Year End
of Outstanding
and Unvested
Equity Awards
Granted in the
Fiscal Year

  

Fair Value
at Fiscal
Year End of
Outstanding and
Unvested
Equity Awards
Granted in the
Fiscal Year

  

Fair Value
at Vesting of
Equity Awards
Granted and
Vested in
the Fiscal Year

  

Change in
Fair Value as of
the Vesting
Date of Equity Awards
Granted in Prior Fiscal
Years that
Vested in
the Fiscal Year

  

Fair Value as of
the Prior Fiscal
Year End of
Equity Awards
Granted
in Prior
Fiscal Years
that Failed to
Meet Vesting
Conditions in
the Fiscal Year

  

Value of
Dividends or
Other Earnings
Paid on Equity
Awards Not
Otherwise
Reflected
in Total
Compensation

  

Total Equity
Award
Adjustments
   

(a)

  

(b)

  

(c)

  

(d)

  

(e)

  

(f)

  

(g)=(a)+(b)+
(c)+(d)+(e)+(f)

2025

  

$

453,109

  

$

(41,174

)

  

$

0

  

$

3,272

  

$

0

  

$

0

  

$

415,207
       
Named Executive Officers, Footnote For 2021, the Non-PEO NEOs were Craig Phillips, John Legg, Bennett Nussbaum, Casey McGarvey, and Patrice Varni. For 2022, the Non-PEO NEOs were Bennett Nussbaum, Casey McGarvey, Patrice Varni, Jack Roddy, and Eric Haynor. For 2023, the Non-PEO NEOs were Bennett Nussbaum, Jack Roddy, Eric Haynor, Keira Krausz, and Todd Vogensen. For 2024, the Non-PEO NEOs were Tricia McDermott-Spikes, Eric Haynor, Keira Krausz, and Todd Vogensen. For 2025, the Non-PEO NEOs were Jeff Hutchings, Eric Haynor, Jack Roddy, and Todd Vogensen.        
Peer Group Issuers, Footnote Assumes a hypothetical $100 investment on December 31, 2020, and reflects the cumulative total return to holders of the Company’s Class A Stock and the cumulative total returns of the peer group, which is the industry peer group included in the Stock Performance Graph in our Annual Report on Form 10-K for the year December 31, 2025.        
Non-PEO NEO Average Total Compensation Amount [1] $ 1,020,213 $ 904,770 $ 622,429 $ 859,194 $ 515,835
Non-PEO NEO Average Compensation Actually Paid Amount [2] $ 1,244,664 769,030 400,238 710,215 (786,543)
Compensation Actually Paid vs. Total Shareholder Return

CAP versus TSR.    As shown in the chart below, the CEO and other NEOs’ CAP values align with the Company’s TSR. This is due primarily to the Company’s use of long-term equity incentive awards, which are tied directly to our stock price in addition to our financial performance. The chart also compares the Company’s cumulative TSR and the 2025 Performance Peer’s TSR.

        
Compensation Actually Paid vs. Net Income

CAP versus Net Income.    As shown in the chart below, the Company’s net loss decreased in 2025 and the CEO and other NEOs’ CAP values increased as well. This is due in large part to the significant emphasis the Company places on long-term equity incentive awards, which are sensitive to changes in stock price. These measures do not align as closely as TSR because the Company does not use net income to determine compensation levels or annual cash performance award payouts.

        
Compensation Actually Paid vs. Company Selected Measure

CAP versus Adjusted EBITDA.    The chart below compares the CEO and other NEOs’ CAP values to our adjusted EBITDA. Historically, compensation actually paid aligned with adjusted EBITDA results, however, during 2022 we hired a new CEO and other new executive officers, requiring stock grants despite adjusted EBITDA being lower than the previous year. In 2025, the company’s EBITDA increased, and the CEO and other NEO’s CAP value increased as well.

        
Tabular List, Table

Performance Measures

The following tabular list provides information on the most important financial performance measures used by the registrant to link compensation actually paid to the Company’s named executive officers for the most recently completed fiscal year to the Company’s performance:

Performance Measure

Adjusted EBITDA

Net Revenue

Stock Price

Gross Margin
       
Total Shareholder Return Amount [3] $ 2.09 2.37 3.13 14.54 40.29
Peer Group Total Shareholder Return Amount [3] 122.28 131.12 121.14 98.73 126.74
Net Income (Loss) $ (51,414,000) $ (97,897,000) $ (120,757,000) $ (92,470,000) $ 3,114,000
Company Selected Measure Amount 1,945 (20,847) (54,696) (236) (9,736)
Measure:: 1          
Pay vs Performance Disclosure          
Name Adjusted EBITDA        
Measure:: 2          
Pay vs Performance Disclosure          
Name Net Revenue        
Measure:: 3          
Pay vs Performance Disclosure          
Name Stock Price        
Measure:: 4          
Pay vs Performance Disclosure          
Name Gross Margin        
First PEO [Member]          
Pay vs Performance Disclosure          
PEO Total Compensation Amount [1] $ 1,120,750 $ 1,032,501 $ 2,663,668 $ 2,230,402 $ 445,210
PEO Actually Paid Compensation Amount $ 1,941,054 1,107,956 656,275 1,445,459 631,864
PEO Name Robert DeMartini        
First PEO [Member] | Reported Grant Date Fair Value of Equity Awards [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount [4] $ 0        
First PEO [Member] | Equity Award Adjustments [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount [5] 820,304        
First PEO [Member] | Stock Awards and Option Awards [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount [4] 1,036,500        
First PEO [Member] | Fair Value at Fiscal Year End of Outstanding and Unvested Equity Awards Granted in the Fiscal Year [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount [5] (223,002)        
First PEO [Member] | Fair Value at Vesting of Equity Awards Granted and Vested in the Fiscal Year [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount [5] 0        
First PEO [Member] | Change in Fair Value as of the Vesting Date of Equity Awards Granted in Prior Fiscal Years that Vested in the Fiscal Year [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount [5] 6,806        
First PEO [Member] | Fair Value as of the Prior Fiscal Year End of Equity Awards Granted in Prior Fiscal Years that Failed to Meet Vesting Conditions in the Fiscal Year [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount [5] 0        
First PEO [Member] | Value of Dividends or Other Earnings Paid on Equity Awards Not Otherwise Reflected in Total Compensation [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount [5] 0        
Second PEO [Member]          
Pay vs Performance Disclosure          
PEO Total Compensation Amount [1] 0 0 0 0 2,967,250
PEO Actually Paid Compensation Amount [6] $ 0 $ 0 $ 0 $ 0 $ (8,039,121)
PEO Name Joseph Megibow        
Non-PEO NEO [Member] | Reported Grant Date Fair Value of Equity Awards [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount [7] $ (190,757)        
Non-PEO NEO [Member] | Equity Award Adjustments [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount [8] 415,207        
Non-PEO NEO [Member] | Stock Awards and Option Awards [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount [8] 453,109        
Non-PEO NEO [Member] | Fair Value at Fiscal Year End of Outstanding and Unvested Equity Awards Granted in the Fiscal Year [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount [8] (41,174)        
Non-PEO NEO [Member] | Fair Value at Vesting of Equity Awards Granted and Vested in the Fiscal Year [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount [8] 0        
Non-PEO NEO [Member] | Change in Fair Value as of the Vesting Date of Equity Awards Granted in Prior Fiscal Years that Vested in the Fiscal Year [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount [8] 3,272        
Non-PEO NEO [Member] | Fair Value as of the Prior Fiscal Year End of Equity Awards Granted in Prior Fiscal Years that Failed to Meet Vesting Conditions in the Fiscal Year [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount [8] 0        
Non-PEO NEO [Member] | Value of Dividends or Other Earnings Paid on Equity Awards Not Otherwise Reflected in Total Compensation [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount [8] $ 0        
[1]

(1)      The First PEO in the table above is Robert DeMartini. The Second PEO in the table above is Joseph Megibow. For 2021, the Non-PEO NEOs were Craig Phillips, John Legg, Bennett Nussbaum, Casey McGarvey, and Patrice Varni. For 2022, the Non-PEO NEOs were Bennett Nussbaum, Casey McGarvey, Patrice Varni, Jack Roddy, and Eric Haynor. For 2023, the Non-PEO NEOs were Bennett Nussbaum, Jack Roddy, Eric Haynor, Keira Krausz, and Todd Vogensen. For 2024, the Non-PEO NEOs were Tricia McDermott-Spikes, Eric Haynor, Keira Krausz, and Todd Vogensen. For 2025, the Non-PEO NEOs were Jeff Hutchings, Eric Haynor, Jack Roddy, and Todd Vogensen.
[2] The SCT average of the other NEOs for each year was subject to the following adjustments per Item 402(v)(2)(iii) of Regulation S-K to calculate CAP:

Non-PEO NEO SCT Reconciliation

Year

  

Summary
Compensation
Total for
Other NEOs

  

Reported
Grant Date
Fair Value
of Equity
Awards(a)

  

Equity Award
Adjustments(b)

  

Other NEOs
Compensation
Actually Paid

2025

  

$

1,020,213

  

$

(190,757

)

  

$

415,207

  

$

1,244,664
[3] Assumes a hypothetical $100 investment on December 31, 2020, and reflects the cumulative total return to holders of the Company’s Class A Stock and the cumulative total returns of the peer group, which is the industry peer group included in the Stock Performance Graph in our Annual Report on Form 10-K for the year December 31, 2025.
[4] Represents the amounts reported in the Stock Awards and Option Awards columns of the SCT for the applicable fiscal year. As described above with regard to the SEC’s definitions, when calculating CAP these amounts are first deducted from the SCT Total for the relevant fiscal year.
[5] Represents the value of equity calculated according to the SEC’s specified CAP methodology. As described above, when calculating CAP, the value of included equity is calculated by adding or subtracting the various items reflected in the following table:

Equity Type

  

Fair Value at
Fiscal Year End
of Outstanding
and Unvested
Equity Awards
Granted in the
Fiscal Year

  

Fair Value
at Fiscal
Year End of
Outstanding and
Unvested
Equity Awards
Granted in the
Fiscal Year

  

Fair Value
at Vesting of
Equity Awards
Granted and
Vested in
the Fiscal Year

  

Change in Fair Value
as of the Vesting
Date of Equity
Awards Granted in
Prior Fiscal Years that
Vested in the Fiscal Year

  

Fair Value as of
the Prior Fiscal
Year End of
Equity Awards
Granted
in Prior
Fiscal Years
that Failed to
Meet Vesting
Conditions in
the Fiscal Year

  

Value of
Dividends or
Other Earnings
Paid on Equity
Awards Not
Otherwise
Reflected
in Total
Compensation

  

Total Equity
Award
Adjustments
   

(a)

  

(b)

  

(c)

  

(d)

  

(e)

  

(f)

  

(g)=(a)+(b)+
(c)+(d)+(e)+(f)

2025

  

$

1,036,500

  

$

(223,002

)

  

$

0

  

$

6,806

  

$

0

  

$

0

  

$

820,304
[6] The 2025 Summary Compensation Table (“SCT”) totals reported for the second PEO for each year were subject to the following adjustments per Item 402(v)(2)(iii) of Regulation S-K to calculate compensation actually paid (“CAP”).

First PEO SCT Reconciliation

Year

  

Summary
Compensation
Total for
First PEO

  

Reported
Grant Date
Fair Value
of Equity
Awards(a)

  

Equity Award
Adjustments(b)

  

Second PEO
Compensation
Actually Paid

2025

  

$

1,120,750

  

$

0

  

$

820,304

  

$

1,941,054
[7] Represents the amounts reported in the Stock Awards and Option Awards columns of the SCT for the applicable fiscal year. As described above with regard to the SEC’s definitions, when calculating CAP these amounts are first deducted from the SCT Total for the relevant fiscal year.
[8] Represents the value of equity calculated according to the SEC’s specified CAP methodology. As described above, when calculating CAP, the value of included equity is calculated by adding or subtracting the various items reflected in the following table:

Equity Type

  

Fair Value at
Fiscal Year End
of Outstanding
and Unvested
Equity Awards
Granted in the
Fiscal Year

  

Fair Value
at Fiscal
Year End of
Outstanding and
Unvested
Equity Awards
Granted in the
Fiscal Year

  

Fair Value
at Vesting of
Equity Awards
Granted and
Vested in
the Fiscal Year

  

Change in
Fair Value as of
the Vesting
Date of Equity Awards
Granted in Prior Fiscal
Years that
Vested in
the Fiscal Year

  

Fair Value as of
the Prior Fiscal
Year End of
Equity Awards
Granted
in Prior
Fiscal Years
that Failed to
Meet Vesting
Conditions in
the Fiscal Year

  

Value of
Dividends or
Other Earnings
Paid on Equity
Awards Not
Otherwise
Reflected
in Total
Compensation

  

Total Equity
Award
Adjustments
   

(a)

  

(b)

  

(c)

  

(d)

  

(e)

  

(f)

  

(g)=(a)+(b)+
(c)+(d)+(e)+(f)

2025

  

$

453,109

  

$

(41,174

)

  

$

0

  

$

3,272

  

$

0

  

$

0

  

$

415,207
v3.26.1
Recovery of Erroneously Awarded Compensation - Restatement Determination Date:: 2023-10-31
 12 Months Ended
Dec. 31, 2025
Erroneously Awarded Compensation Recovery  
Restatement Determination Date Oct. 31, 2023
Aggregate Erroneous Compensation Not Yet Determined

Clawback Policy

In October 2023, we adopted the Clawback Policy, which is intended to comply with the requirements of Nasdaq Listing Rule 5608 implementing Rule 10D-1 under the Exchange Act, as amended. In the event the Company is required to prepare an accounting restatement of the Company’s financial statements due to material non-compliance with any financial reporting requirement under the federal securities laws, the Company will recover the excess short- and/or long-term performance-based incentive-based compensation (cash or equity) received by any covered executive, including the NEOs, during the prior three fiscal years that exceeds the amount that the executive otherwise would have received had the incentive-based compensation been determined based on the restated financial statements. The Clawback Policy, which is administered by the Human Capital & Compensation Committee, also provides for the discretionary adjustment of incentive compensation for those covered executives who violate Company policy, including but not limited to, our Code and our Policy Regarding Accounting, Auditing and Other Ethical and Regulatory Matters, or engage in certain other misconduct, whether related to or outside the context of a financial restatement.
v3.26.1
Award Timing Disclosure
 12 Months Ended
Dec. 31, 2025
Award Timing Disclosures [Line Items]  
Award Timing MNPI Considered false
Award Timing, How MNPI Considered Pursuant to the authority of the Board under the 2017 Plan, the Board generally grants long-term incentive awards under the LTIP annually in the first half of the year to motivate forward-looking, long-term performance and promote retention among our executive team. Such timing may change from year to year. The Board also may consider and approve interim or mid-year grants, or grants made on another basis, from time to time based on business needs, changing compensation practices or other factors, at the discretion of the Board.
MNPI Disclosure Timed for Compensation Value false
v3.26.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted false
Insider Trading Policies and Procedures Not Adopted

Insider Trading Policy — Our insider trading policy (the “Insider Trading Policy”) governs the purchase, sale, and other dispositions of our securities that applies to all our personnel, including directors, officers, employees, and other covered persons. We believe our Insider Trading Policy is designed to promote compliance with insider trading laws, rules and regulations, and applicable listing standards. A copy of our Insider Trading Policy was filed as Exhibit 19.1 to our Annual Report. While we have not adopted a formal policy governing insider trading restrictions on the Company itself, as a matter of practice the Company generally observes the same procedures and restrictions as relevant, including the potential existence of material non-public information, with respect to transactions by the Company in its securities, including repurchases of common stock.