TheRealReal (REAL) CAO Steve Ming Lo granted 31,310 RSUs as equity pay

Rhea-AI Filing Summary

Lo Steve Ming reported acquisition or exercise transactions in this Form 4 filing.

TheRealReal, Inc. reported that Chief Accounting Officer Steve Ming Lo received an equity award of 31,310 shares of common stock in the form of restricted stock units, granted at no cash cost to him. Following this grant, he holds 201,546 common shares directly.

The units were granted under TheRealReal Inc. 2019 Equity Incentive Plan and will vest in twelve equal quarterly installments from the vesting commencement date. This is a compensation-related award, not an open-market share purchase or sale.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Lo Steve Ming

Role Chief Accounting Officer

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	31,310	$0.00	--

Holdings After Transaction: Common Stock — 201,546 shares (Direct)

Footnotes (1)

1. Represents shares of TheRealReal, Inc. common stock that will be issued to the Reporting Person upon vesting of restricted stock units. Each restricted stock unit is the economic equivalent of one share of TheRealReal, Inc. common stock. The restricted stock units were granted to the Reporting Person on the Transaction Date pursuant to TheRealReal Inc. 2019 Equity Incentive Plan. The restricted stock units will vest in twelve (12) equal installments on a quarterly basis from the vesting commencement date.

Key Figures

RSU grant size: 31,310 shares Post-grant holdings: 201,546 shares Grant price: $0.00 per share +1 more

4 metrics

RSU grant size 31,310 shares Restricted stock units granted to CAO as of April 13, 2026

Post-grant holdings 201,546 shares Total common shares held directly after grant

Grant price $0.00 per share No cash paid; equity compensation award

Vesting schedule 12 equal quarterly installments RSUs vest over time from vesting commencement date

Key Terms

restricted stock units, 2019 Equity Incentive Plan, vesting commencement date, grant, award, or other acquisition

4 terms

restricted stock units financial

"Represents shares of TheRealReal, Inc. common stock that will be issued to the Reporting Person upon vesting of restricted stock units."

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

2019 Equity Incentive Plan financial

"The restricted stock units were granted to the Reporting Person on the Transaction Date pursuant to TheRealReal Inc. 2019 Equity Incentive Plan."

vesting commencement date financial

"The restricted stock units will vest in twelve (12) equal installments on a quarterly basis from the vesting commencement date."

The vesting commencement date is the starting point when an employee begins earning ownership rights to their promised benefits, such as stock options or retirement contributions. Think of it like the day a savings account is opened—only after this date do the benefits start to grow and become fully available over time. It matters to investors because it marks when the clock begins ticking toward full ownership, affecting the timing and value of these benefits.

grant, award, or other acquisition financial

"transaction_code_description: Grant, award, or other acquisition"

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Lo Steve Ming

(Last) (First) (Middle)

C/O THEREALREAL, INC.

55 FRANCISCO STREET SUITE 400

(Street)

SAN FRANCISCO CALIFORNIA 94133

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
TheRealReal, Inc. [ REAL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Accounting Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/13/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock(1)	04/13/2026		A		31,310(2)	A	$0	201,546	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents shares of TheRealReal, Inc. common stock that will be issued to the Reporting Person upon vesting of restricted stock units. Each restricted stock unit is the economic equivalent of one share of TheRealReal, Inc. common stock.

2. The restricted stock units were granted to the Reporting Person on the Transaction Date pursuant to TheRealReal Inc. 2019 Equity Incentive Plan. The restricted stock units will vest in twelve (12) equal installments on a quarterly basis from the vesting commencement date.

Remarks:

	Todd Suko, Attorney in Fact for Steve Lo	04/14/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did TheRealReal (REAL) disclose for Steve Ming Lo?

TheRealReal disclosed that Chief Accounting Officer Steve Ming Lo received a grant of 31,310 restricted stock units, each equivalent to one common share, as equity compensation. This award increases his direct holdings to 201,546 shares of TheRealReal common stock.

Were Steve Ming Lo’s new TheRealReal (REAL) shares bought on the open market?

No, the 31,310 shares were granted as restricted stock units at no purchase price, not bought on the open market. They represent equity compensation awarded under TheRealReal Inc. 2019 Equity Incentive Plan, vesting over time in scheduled installments.

How do Steve Ming Lo’s restricted stock units at TheRealReal (REAL) vest?

The restricted stock units granted to Steve Ming Lo vest in twelve equal installments on a quarterly basis, starting from the vesting commencement date. As each installment vests, he receives actual TheRealReal common shares corresponding to those units.

What is Steve Ming Lo’s total TheRealReal (REAL) share ownership after this Form 4?

After the reported grant, Steve Ming Lo directly holds 201,546 shares of TheRealReal common stock. This figure includes the 31,310 restricted stock units that will convert into shares as they vest according to the plan’s quarterly vesting schedule.

Under which plan were Steve Ming Lo’s TheRealReal (REAL) restricted stock units granted?

The restricted stock units were granted under TheRealReal Inc. 2019 Equity Incentive Plan. This plan provides for equity-based compensation, and the units awarded to Steve Ming Lo vest quarterly in twelve equal installments from the vesting commencement date.