John Koryl - Mar 3, 2023 Form 4 Insider Report for TheRealReal, Inc. (REAL)

Role
Chief Executive Officer, Director
Signature
by Todd Suko, Attorney in Fact for John Koryl
Stock symbol
REAL
Transactions as of
Mar 3, 2023
Transactions value $
$0
Form type
4
Date filed
3/7/2023, 05:55 PM
Previous filing
Feb 8, 2023
Next filing
Aug 25, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction REAL Common Stock Award $0 +1.5M $0.00 1.5M Mar 3, 2023 Direct F1, F2
transaction REAL Common Stock Award $0 +1.25M +83.33% $0.00 2.75M Mar 3, 2023 Direct F3, F4
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Represents shares of The RealReal, Inc. (the "Company") common stock underlying performance-based restricted stock units ("PSUs") granted to the Reporting Person as a material inducement to employment, in accordance with Nasdaq Listing Rule 5635(c)(4).
F2 The PSUs will be earned when both the time-based and performance-based vesting conditions are satisfied for the applicable tranche, as follows: a) 150,000 PSUs time-vest on February 20, 2024 and performance-vest upon the Company's stock price achievement of $5.00; (b) 300,000 PSUs time-vest on February 20, 2025 and performance-vest upon the Company's stock price achievement of $7.50; (c) 350,000 PSUs time-vest on February 20, 2026 and performance-vest upon the Company's stock price achievement of $10.00; and (d) 700,000 PSUs time-vest on February 20, 2027 and performance-vest upon the Company's stock price achievement of $15.00, in each case, subject to the Reporting Person's continuous service as of each vesting date and acceleration upon certain events. The Company's stock price achievement is measured over a five-year performance period based on the 60-day volume-weighted average price of one share of the Company's common stock.
F3 Represents shares of The RealReal, Inc. (the "Company") common stock underlying restricted stock units ("RSUs") granted to the Reporting Person as a material inducement to employment, in accordance with Nasdaq Listing Rule 5635(c)(4).
F4 Twenty-five percent of the RSUs will vest on February 20, 2024, and the remainder of the RSUs will vest in 12 equal quarterly installments thereafter, subject to the Reporting Person's continuous service as of each vesting date and acceleration upon certain events.