REAL: Director Niki Leondakis Receives 823 DRSUs, Now Owns 206,935 Shares
Rhea-AI Filing Summary
Niki Leondakis, a director of TheRealReal, Inc. (REAL), was granted 823 deferred restricted stock units (DRSUs) on 09/30/2025 that are fully vested and carry the economic equivalent of one common share each. The reported transaction shows these DRSUs have a $0 acquisition price and will be settled into shares upon the director's separation from service or on a later date elected by the director. After this grant, the reporting person beneficially owns 206,935 shares of common stock. The award was made under TheRealReal, Inc. 2019 Equity Incentive Plan and the DRSUs are deferred rather than immediately issued as shares.
Positive
- 823 fully vested DRSUs granted, providing clear additional equity alignment for the director without immediate dilution
- Beneficial ownership increased to 206,935 shares, improving the director's reported economic stake in REAL
Negative
- None.
Insights
TL;DR: Director received 823 fully vested deferred RSUs, raising reported ownership to 206,935 shares; settlement occurs on separation or elected date.
The grant of 823 DRSUs at $0 increases the director's economic exposure without immediate share issuance, which preserves current share count while aligning long-term incentives with shareholders. Because the units are fully vested and deferred, the timing of conversion to common stock depends on separation or an election, so short-term dilution is limited until settlement. The award was made under the company’s 2019 Equity Incentive Plan and is recorded as a non-derivative acquisition on 09/30/2025.
TL;DR: A routine director equity award structured as deferred RSUs, fully vested, consistent with typical non-employee director compensation practices.
Using deferred RSUs for non-employee directors is a common governance practice to align long-term interests without immediate share issuance. The units being fully vested suggests no ongoing service condition, but settlement is deferred, which may help manage optics around share count. The disclosure clearly identifies the plan and settlement mechanics; there are no indications of unusual terms in the filing text.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | Common Stock | 823 | $0.00 | -- |
Footnotes (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 September 30,2025 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.
