Madan Gopal Ajay 4

What Happened Madan Gopal Ajay, Chief Financial Officer of TheRealReal, received a grant of 106,181 restricted stock units (RSUs) on Feb 23, 2026 (reported as an award, Code A). To satisfy tax withholding on the vesting, 31,381 shares were automatically sold the same day in two open-market dispositions: 23,511 shares at $10.72 each ($252,038) and 7,870 shares at $10.72 each ($84,366), for total proceeds of $336,404. An award (A) is an acquisition of RSUs (no out-of-pocket cost); the sales (S) were routine tax-withholding disposals.

Key Details

• Transaction date: 2026-02-23; filing date: 2026-02-24 (appears timely).
• Sales: 23,511 shares @ $10.72 = $252,038; 7,870 shares @ $10.72 = $84,366; total sold = 31,381 shares for $336,404.
• Award: 106,181 RSUs granted @ $0.00 (no cash paid).
• Shares owned after transaction: not specified in the filing.
• Footnotes:
  • F1: Shares sold were automatically sold to satisfy withholding taxes on the vesting.
  • F2: RSUs represent one share each and will be issued upon vesting.
  • F3: RSUs granted under TheRealReal, Inc. 2019 Equity Incentive Plan; vest in 12 equal quarterly installments from the vesting commencement date.

Context RSU grants (A) are compensation awards that convert to shares as they vest; the simultaneous automatic sale (F1) is a common cashless step to cover payroll taxes and does not necessarily signal the insider’s view of the stock. For retail investors, purchases are usually more indicative of bullish insider sentiment; these transactions reflect compensation vesting and tax withholding rather than an active investment decision.