Purple Innovation, Inc. announced substantially simultaneously with the Effective Time, pursuant to the Cooperation Agreement, and not due to any disagreement with the company or the board on any matter relating to the company's operations, policies, or practices, Pano Anthos and Paul Zepf will resign as directors of the company. At the time of their resignations, Mr. Anthos served on the Audit Committee and Nomination & Governance Committee of the Board and Mr. Zepf served as Chair of the Board. Substantially simultaneously with (and in any event, within one (1) business day of) the Effective Time, the Company will increase the size of the Board to eight (8) directors and appoint S. Hoby Darling, R. Carter Pate, and Erika Serow to the Board.

In addition, Adam Gray will be appointed as Chair of the Board and Gary DiCamillo will be appointed Chair of the Nomination & Governance Committee, with each appointment occurring substantially simultaneously with (and in any event, within one (1) business day of) the Effective Time.