Form 4: Director Niki Leondakis Acquires RealReal Stock Units

TheRealReal, Inc. Director Niki Leondakis acquired 823 fully vested deferred restricted stock units under the company's equity incentive plan.

Summary

• Niki Leondakis, a Director of TheRealReal, Inc. (REAL), acquired 823 deferred restricted stock units (DRSUs).
• The DRSUs were granted on September 30, 2025, pursuant to TheRealReal Inc. 2019 Equity Incentive Plan.
• Each DRSU is the economic equivalent of one share of TheRealReal, Inc. common stock.
• The DRSUs are fully vested and will generally be settled upon Ms. Leondakis's separation from service as a Non-Employee Director or on a date she elects.
• The acquisition was made at a price of $0 per unit, which is typical for equity grants.
• Following this transaction, Ms. Leondakis beneficially owns 206,935 shares of common stock.

Sentiment

Score: 7

Explanation: The acquisition of fully vested equity by a director is a positive signal of alignment with shareholder interests and confidence in the company, though it is a routine compensation event rather than a strategic move.

Positives

• Director Niki Leondakis received 823 fully vested deferred restricted stock units, aligning her interests with shareholders.
• The grant was made under the company's 2019 Equity Incentive Plan, indicating the use of established compensation structures.

Future Outlook

The deferred restricted stock units (DRSUs) will generally settle upon the reporting person's separation from service as a Non-Employee Director of TheRealReal Inc. or on a date elected by the reporting person, leading to a future issuance of common stock.

Industry Context

This transaction represents a routine equity grant to a non-employee director, a common practice across publicly traded companies to align director incentives with shareholder interests. It does not provide broader insights into industry trends.

Comparison to Industry Standards

• Equity grants to non-employee directors, often in the form of restricted stock units, are a standard component of director compensation packages in publicly traded companies across various industries.
• The grant of 823 units at a $0 price, fully vested, is consistent with typical practices for compensating board members for their service, similar to practices observed at other e-commerce companies like Etsy or eBay.

Corporate Governance

Related Party Transactions

• The acquisition of deferred restricted stock units by Director Niki Leondakis is a related party transaction, representing a standard compensation event for board service.

Stakeholder Impact

• Shareholders: The director's increased equity ownership aligns her interests with those of the shareholders.
• Employees: No direct impact on employees is mentioned in this filing.
• Customers, Suppliers, Creditors: No direct impact on these stakeholders is mentioned in this filing.

Next Steps

• The DRSUs will be settled, resulting in the issuance of common stock, upon Niki Leondakis's separation from service as a Non-Employee Director or on an elected date.

Key Dates

Recommendation

This Form 4 reports a routine equity grant to a director as part of their compensation. While it indicates continued alignment of interests, it does not provide new fundamental information about the company's performance, strategy, or financial health that would warrant a change in investment recommendation. It is a standard operational disclosure.

Keywords

TheRealReal, REAL, Niki Leondakis, Director, SEC Form 4, Insider Transaction, Restricted Stock Units, Equity Incentive Plan, Deferred Compensation