HUTCHINGS JEFFREY LAYNE 4

What Happened

• Jeff Hutchings, Chief Innovation Officer at Purple Innovation (PRPL), reported conversion/exercise of derivative awards on March 15, 2026. The filing shows an acquisition of 11,235 shares (conversion of derivatives/RSUs) and two dispositions of derivative shares: 11,235 shares and 62,595 shares, each reported at $0.00.
• The filing lists no cash proceeds for the $0.00 disposals. Footnotes in the filing indicate these transactions relate to Restricted Stock Units (RSUs) that convert one-for-one into Class A common stock and that the RSUs had a vesting schedule that included March 15, 2026.

Key Details

• Transaction date: March 15, 2026; Form 4 filed March 17, 2026 (timely, within the SEC’s two-business-day reporting window).
• Reported trades (transaction code M = exercise/conversion of derivative): Acquired 11,235 shares (price N/A); Disposed 11,235 shares @ $0.00; Disposed 62,595 shares @ $0.00.
• Shares owned after the transactions: not specified in the excerpt provided (see the full Form 4 for "shares owned following transaction").
• Relevant footnotes from the filing:
  • F1: RSUs convert into Class A common stock on a one-for-one basis.
  • F2: RSUs vest in installments with the final installment on March 15, 2026 (vesting schedule given).
  • F3: Performance Stock Units granted in 2023 had performance targets that were not met and therefore did not result in shares.
• The filing does not explicitly label the $0 disposals as tax withholding, but zero-dollar disposals in RSU settlements commonly reflect shares retained or withheld to satisfy tax obligations.

Context

• This appears to be a conversion/settlement of vested RSUs rather than an open-market buy or sell. When RSUs vest, companies often issue the corresponding shares and withhold some shares to cover taxes or other obligations; that process can show up as both an acquisition and zero-dollar dispositions on a Form 4.
• No cash proceeds or open-market sales were reported in the provided lines, and the filing notes that related performance awards did not vest. For exact post-transaction holdings or to confirm the nature of the $0 disposals (e.g., tax withholding vs. transfer), consult the full Form 4 text on the SEC EDGAR site.