TheRealReal (REAL) director receives 1,107 deferred stock units

Rhea-AI Filing Summary

TheRealReal director Karen Katz reported an equity award of deferred restricted stock units (DRSUs). On December 31, 2025, she was granted 1,107 shares of common stock at a price of $0, issued upon settlement of DRSUs where each unit is economically equivalent to one share of TheRealReal, Inc. common stock.

The DRSUs were granted under TheRealReal Inc. 2019 Equity Incentive Plan, are fully vested, and are deferred to be settled generally upon her separation from service as a non-employee director or on a date she elects. Following this award, Katz beneficially owns 236,367 shares of TheRealReal common stock in direct form.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider KATZ KAREN

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	1,107	$0.00	--

Holdings After Transaction: Common Stock — 236,367 shares (Direct)

Footnotes (1)

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. The DRSUs were granted to the Reporting Person on December 31,2025 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.

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^*

KATZ KAREN

(Last) (First) (Middle)

C/O THEREALREAL, INC.

55 FRANCISCO STREET SUITE 400

(Street)

SAN FRANCISCO CA 94133

(City) (State) (Zip)

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)

3. Date of Earliest Transaction (Month/Day/Year)
12/31/2025

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

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

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

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)	12/31/2025		A		1,107(2)	A	$0	236,367	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 December 31,2025 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	01/07/2026
	** 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.

FAQ

What did TheRealReal (REAL) disclose about director Karen Katz in this Form 4?

TheRealReal reported that director Karen Katz received an award linked to 1,107 shares of common stock on December 31, 2025, tied to deferred restricted stock units (DRSUs) that are economically equivalent to one share each.

How many TheRealReal shares did Karen Katz receive and at what price?

Karen Katz was awarded 1,107 shares of TheRealReal common stock associated with DRSUs at a reported price of $0 per share, reflecting an equity compensation grant rather than an open-market purchase.

What are DRSUs in the context of TheRealReal (REAL) director compensation?

The filing explains that each deferred restricted stock unit (DRSU) is the economic equivalent of one share of TheRealReal, Inc. common stock and will result in shares being issued to the director when the DRSUs are settled.

When will Karen Katz’s TheRealReal DRSUs generally be settled into shares?

The DRSUs granted to Karen Katz on December 31, 2025 are fully vested but deferred and generally will be settled upon her separation from service as a non-employee director of TheRealReal, Inc. or on a date she elects.

Under which equity plan were Karen Katz’s TheRealReal DRSUs granted?

The DRSUs awarded to Karen Katz were granted pursuant to the TheRealReal Inc. 2019 Equity Incentive Plan, which governs the terms of this director equity compensation.

How many TheRealReal shares does Karen Katz beneficially own after this transaction?

After the reported DRSU-related award, Karen Katz is shown as beneficially owning 236,367 shares of TheRealReal, Inc. common stock, held in direct form.

What is Karen Katz’s relationship to TheRealReal as noted in the filing?

The report identifies Karen Katz as a director of TheRealReal, Inc. and indicates that the Form 4 is filed by one reporting person in connection with this equity award.