KATZ KAREN 4

What Happened
Karen Katz, a director of TheRealReal, Inc. (REAL), was granted 1,988 deferred restricted stock units (DRSUs) on March 31, 2026. The award was recorded at $0.00 per share (no cash paid at grant); the filing shows the grant of 1,988 units (economic equivalent to 1,988 shares) rather than an open‑market purchase or sale.

Key Details

• Transaction type: Award/Grant (Code A).
• Transaction date: March 31, 2026; Form 4 filed April 2, 2026.
• Price: $0.00 per share; total cash paid at grant = $0.
• Shares/units granted: 1,988 deferred restricted stock units (DRSUs).
• Shares owned after transaction: Not specified in the filing.
• Footnotes: F1 — Each DRSU is the economic equivalent of one share and will be issued upon settlement. F2 — The DRSUs are fully vested, were granted under the 2019 Equity Incentive Plan on March 31, 2026, are deferred, and generally will be settled upon the reporting person’s separation from service as a non‑employee director or on a date elected by the director.
• Filing timeliness: Filed April 2, 2026 for a March 31, 2026 grant; no late filing flag indicated.

Context
DRSUs are a form of deferred equity: they provide the economic benefit of company shares but are typically settled in stock (or sometimes cash) at a later date. Because these DRSUs are fully vested but deferred, the award does not represent a cash purchase or immediate sale and does not by itself indicate a change in the director’s view of the stock.