Friang Luke Thomas 4

What Happened

• Luke Thomas, Chief Product & Tech Officer at TheRealReal (REAL), had three open-market/private sale events on Feb 23, 2026 and an award/vesting event the same day. He disposed of 8,848 shares at $10.72 ($94,851), 8,321 shares at $10.72 ($89,201), and 2,440 shares at $10.72 ($26,157) — total sold 19,609 shares for total proceeds of ~$210,209. He also was recorded as acquiring 72,203 shares (priced $0.00) representing restricted stock units (RSUs) tied to an equity award.

Key Details

• Transaction date: Feb 23, 2026; Form 4 filed Feb 24, 2026 (no indication of a late filing).
• Sales: 8,848 @ $10.72 = $94,851; 8,321 @ $10.72 = $89,201; 2,440 @ $10.72 = $26,157. Total proceeds ≈ $210,209.
• Award: 72,203 RSUs reported as acquired at $0.00 per share (economic equivalent of common stock upon vesting).
• Footnotes: Sales represent shares automatically sold to satisfy withholding taxes in connection with vesting (tax-withholding sale). RSUs were granted under the 2019 Equity Incentive Plan and vest in 12 equal quarterly installments from the vesting commencement date.
• Shares owned after the transactions: not specified in the provided filing details.

Context

• The sales were flagged as automatic tax-withholding related to the RSU vesting (routine administrative sale), not an independent discretionary open‑market sell decision. The 72,203-item line reflects issuance/vesting of restricted stock units, which are grants that convert into common shares as they vest over time. Such withholding sales are common and do not necessarily indicate an insider view on the company’s stock price.