Suko Todd A 4

What Happened
Todd A. Suko, Chief Legal Officer and Secretary of TheRealReal, reported multiple sales and an equity award on 2026-02-23. The filing shows five open-market sales totaling 45,947 shares at $10.72 per share (proceeds ≈ $492,552). The filing also reports a grant of 63,708 restricted stock units (RSUs) (reported at $0.00), i.e., an award that will convert to shares under the company’s equity plan.

These sales were reported as automatic dispositions to satisfy tax-withholding obligations connected with equity vesting, rather than discretionary stock trades. Sales like these are often routine; the award represents additional compensation rather than an outright market purchase.

Key Details

• Transaction date: 2026-02-23 (filed 2026-02-24 — timely)
• Sales (open market/private sale): 3,787; 9,390; 15,777; 12,271; and 4,722 shares — all at $10.72 per share; total proceeds ≈ $492,552
• Award/Acquisition: 63,708 restricted stock units (RSUs) granted at $0.00
• Net effect: 63,708 RSUs granted, 45,947 shares sold to cover withholding — net increase of 17,761 shares (63,708 − 45,947)
• Footnotes: Sales were automatic to satisfy withholding taxes (including withholding tied to a 30,000-share performance award); RSUs were granted under TheRealReal’s 2019 Equity Incentive Plan and will vest in twelve equal quarterly installments per the filing
• Filing timeliness: Report filed one day after the transactions (not marked late)

Context

• Restricted stock units (RSUs) are awards that convert to shares upon vesting; companies commonly withhold or sell shares to cover the recipient’s tax withholding obligations.
• Because the reported sales were automatic tax-withholding transactions tied to vesting, they are generally considered administrative and not a clear negative signal about the insider’s view of the stock. Purchases or discretionary sales by insiders tend to be more informative about sentiment.