KATZ KAREN 4

What Happened Karen Katz, a director of TheRealReal, Inc. (REAL), received a grant of 1,378 deferred restricted stock units (DRSUs) on June 30, 2026. The grant is reported as an award/acquisition at $0.00 per unit (total reported value $0). This is a compensation award to a director, not an open-market purchase or sale.

Key Details

• Transaction date and type: 2026-06-30 — Grant/Award (code A) of 1,378 DRSUs at $0.00.
• Filing date: Form 4 filed 2026-07-01 (timely reporting following the transaction).
• Shares owned after transaction: not specified in the provided filing excerpt.
• Footnote summaries:
  • F1: Each DRSU equals the economic equivalent of one share of TheRealReal common stock and will be issued upon settlement.
  • F2: The DRSUs were granted under the 2019 Equity Incentive Plan, are fully vested, but 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.
• Not a sale or purchase for cash — no proceeds or outlay reported.

Context DRSUs are a form of deferred compensation: although fully vested, these units will convert to actual shares (or their cash equivalent) at a later settlement event, so this grant does not reflect an immediate market transaction. Director awards are common and primarily reflect compensation policy rather than a direct signal of buying or selling intentions.