ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS;
APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.
Resignation of Chief Operating Officer
On July 3, 2018, Charlie Smith resigned as the Company's Chief Operating
Officer. The Company and Mr. Smith have entered into a separation agreement
memorializing the terms of his separation of employment (the "Separation
Agreement"). The Separation Agreement provides that, in consideration for Mr.
Smith's comprehensive release of claims against the Company and its affiliates
and his post-employment covenants set forth in the Separation Agreement, Mr.
Smith will be entitled to receive severance of three months' pay, payable over a
three-month period. Mr. Smith may revoke the Separation Agreement for a period
of seven days after July 3, 2018, the date Mr. Smith executed the Separation
Agreement. The Separation Agreement shall not become effective or enforceable
until the seven-day revocation period has ended. The foregoing summary of the
Separation Agreement does not purport to be complete and is subject to, and
qualified in its entirety by, the full text of the Separation Agreement, a copy
of which is attached as Exhibit 10.1 to this report and is incorporated by
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
10.1 Separation Agreement, dated as of July 3, 2018, between Purple
Innovation, Inc. and Charlie Smith
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