Karen Katz of TheRealReal (NASDAQ: REAL) granted 1,378 fully vested deferred stock units

Rhea-AI Filing Summary

KATZ KAREN reported acquisition or exercise transactions in this Form 4 filing.

TheRealReal, Inc. director Karen Katz reported receiving a grant of deferred restricted stock units, representing 1,378 shares of common stock. These units were granted on June 30, 2026 under TheRealReal Inc. 2019 Equity Incentive Plan, are fully vested, and are economically equivalent to common shares.

The DRSUs will be settled in shares of common stock upon her separation from service as a non-employee director or on a date she elects, so there is no immediate cash transaction. Following this grant, Katz’s direct holdings increased to 239,733 shares of common stock, reflecting a routine equity compensation award rather than an open-market purchase or sale.

Insider Trade Summary

Net Buyer: 1,378 shares

Net Buy 1 txn

Insider KATZ KAREN

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	1,378	$0.00	$0.00

Holdings After Transaction: Common Stock — 239,733 shares (Direct)

Footnotes (2)

1. F1. Represents shares of TheRealReal, Inc. common stock that will be issued to the Reporting Person upon settlement of deferred restricted stock units (DRSUs). Each DRSU is the economic equivalent of one share of TheRealReal, Inc. common stock.
2. F2. The DRSUs were granted to the Reporting Person on June 30, 2026 pursuant to TheRealReal Inc. 2019 Equity Incentive Plan and are fully vested. The DRSUs are deferred and generally will be settled upon the Reporting Persons separation from service as a Non-Employee Director of the TheRealReal Inc. or a date elected by the Reporting Person.

Key Figures

Equity award size: 1,378 shares Award price per unit: $0.00 per share Post-transaction holdings: 239,733 shares +1 more

4 metrics

Equity award size 1,378 shares Deferred restricted stock units granted June 30, 2026

Award price per unit $0.00 per share Grant/award acquisition, compensation not cash purchase

Post-transaction holdings 239,733 shares Total common stock held directly after grant

Grant date June 30, 2026 DRSUs granted under 2019 Equity Incentive Plan

Key Terms

deferred restricted stock units (DRSUs), economic equivalent, 2019 Equity Incentive Plan, fully vested, +1 more

5 terms

deferred restricted stock units (DRSUs) financial

"Represents shares of TheRealReal, Inc. common stock that will be issued to the Reporting Person upon settlement of deferred restricted stock units (DRSUs)."

economic equivalent financial

"Each DRSU is the economic equivalent of one share of TheRealReal, Inc. common stock."

2019 Equity Incentive Plan financial

"The DRSUs were granted to the Reporting Person on June 30, 2026 pursuant to TheRealReal Inc. 2019 Equity Incentive Plan and are fully vested."

fully vested financial

"The DRSUs were granted to the Reporting Person on June 30, 2026 pursuant to TheRealReal Inc. 2019 Equity Incentive Plan and are fully vested."

separation from service financial

"The DRSUs are deferred and generally will be settled upon the Reporting Persons separation from service as a Non-Employee Director of the TheRealReal Inc."

FAQ

What insider transaction did TheRealReal (REAL) director Karen Katz report?

Karen Katz reported receiving 1,378 deferred restricted stock units, each equal to one common share. The award is a fully vested equity grant under TheRealReal Inc. 2019 Equity Incentive Plan, not an open-market stock purchase or sale.

How many TheRealReal (REAL) shares does Karen Katz hold after this Form 4?

After the grant, Karen Katz directly holds 239,733 shares of TheRealReal common stock. This total includes the newly awarded 1,378 deferred restricted stock units, which will settle in shares at a future separation or elected date.

What are deferred restricted stock units (DRSUs) in TheRealReal (REAL) filing?

Deferred restricted stock units are equity awards economically equivalent to one share of common stock. In this case, Katz’s DRSUs are fully vested but will only be settled in actual shares upon her separation as a non-employee director or a future elected date.

Under which plan were the TheRealReal (REAL) DRSUs granted to Karen Katz?

The 1,378 deferred restricted stock units were granted under TheRealReal Inc. 2019 Equity Incentive Plan. This plan provides equity-based compensation to directors and others, aligning their interests with shareholders through stock-linked awards instead of immediate cash payments.

Does Karen Katz’s Form 4 for TheRealReal (REAL) indicate a stock sale or purchase?

The Form 4 shows an acquisition via grant, not an open-market trade. Katz received 1,378 fully vested deferred restricted stock units at a stated price of $0.00 per unit, reflecting compensation rather than a discretionary buy or sell in the market.

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 07/01/2026 - 04:54 PM Accepted by SEC EDGAR 07/01/2026 - 04:53 PM Learn about SEC filing dates

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^*

KATZ KAREN

(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)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/30/2026

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)	06/30/2026		A		1,378(2)	A	$0	239,733	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 settlement of deferred restricted stock units (DRSUs). Each DRSU is the economic equivalent of one share of TheRealReal, Inc. common stock.

2. The DRSUs were granted to the Reporting Person on June 30, 2026 pursuant to TheRealReal Inc. 2019 Equity Incentive Plan and are fully vested. The DRSUs are deferred and generally will be settled upon the Reporting Persons separation from service as a Non-Employee Director of the TheRealReal Inc. or a date elected by the Reporting Person.

Remarks:

	By: Todd Suko For: Karen Katz	07/01/2026
	** 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)