[Form 4] TheRealReal, Inc. Insider Trading Activity
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 $0 acquisition price and will be settled into shares upon the director's separation from service or on a later date elected by the director. After this grant, the reporting person beneficially owns 206,935 shares of common stock. The award was made under TheRealReal, Inc. 2019 Equity Incentive Plan and the DRSUs are deferred rather than immediately issued as shares.
Niki Leondakis, un amministratore di TheRealReal, Inc. (REAL), ha ricevuto 823 unità azionarie differite vincolate (DRSUs) il 30/09/2025, completamente maturate e con l’equivalente economico di una singola azione ordinaria ciascuna. La transazione riportata indica che queste DRSU hanno un prezzo di acquisizione di 0$ e saranno regolamentate in azioni al momento della cessazione del servizio da parte del direttore o in una data successiva scelta dal direttore. A seguito di questa concessione, la persona che segnala detiene beneficiariamente 206.935 azioni ordinarie. L’assegnazione è stata effettuata ai sensi del TheRealReal, Inc. 2019 Equity Incentive Plan e le DRSU sono differite anziché emesse immediatamente come azioni.
Niki Leondakis, un director de TheRealReal, Inc. (REAL), recibió 823 unidades diferidas de acciones restringidas (DRSUs) el 30/09/2025, totalmente vestidas y con el equivalente económico de una acción común cada una. La transacción reportada indica que estas DRSUs tienen un precio de adquisición de 0$ y se liquidarán en acciones cuando el director se separe del servicio o en una fecha posterior elegida por el director. Tras esta concesión, la persona reportante posee beneficiosamente 206,935 acciones comunes. La adjudicación se realizó conforme al TheRealReal, Inc. 2019 Equity Incentive Plan y las DRSUs son diferidas en lugar de emitirse inmediatamente como acciones.
TheRealReal, Inc.의 이사인 Niki Leondakis는 2025-09-30에 823개의 연기된 제한 주식 단위(DRSUs)를 부여받았으며, 모든 단위가 완전히 취득 가능하고 각각의 경제적 가치는 보통주 1주에 해당합니다. 보고된 거래에 따르면 이 DRSU의 취득 가격은 0달러이며 이사는 서비스에서 분리될 때 또는 이사가 선택한 이후 시점에 주식으로 정산됩니다. 이번 수여 이후 보고자는 206,935주를 실질적으로 보유하게 됩니다. 이 수상은 TheRealReal, Inc.의 2019년 주식 인센티브 계획에 따라 이루어졌으며 DRSU는 아직 주식으로 발행되지 않고 연기됩니다.
Niki Leondakis, administratrice de TheRealReal, Inc. (REAL), a reçu 823 unités d’actions restreintes différées (DRSUs) le 30/09/2025, qui sont entièrement acquises et équivalent économiquement à une action ordinaire chacune. La transaction déclarée indique que ces DRSUs ont un prix d’acquisition de 0 $ et seront réglées en actions lors de la séparation du directeur du service ou à une date ultérieure choisie par le directeur. Après cette attribution, la personne déclarant détient bénéficiairement 206 935 actions ordinaires. Cette attribution a été faite dans le cadre du TheRealReal, Inc. 2019 Equity Incentive Plan et les DRSUs sont différées plutôt qu’émis immédiatement en actions.
Niki Leondakis, eine Direktorin von TheRealReal, Inc. (REAL), wurde am 30.09.2025 823 verzögerte eingeschränkte Aktien-Einheiten (DRSUs) gewährt, die vollständig vesting sind und den wirtschaftlichen Gegenwert von jeweils einer Stammaktie haben. Die gemeldete Transaktion zeigt, dass diese DRSUs einen Erwerbspreis von 0 USD haben und beim Ausscheiden der Direktorin aus dem Dienst oder zu einem späteren, vom Direktor gewählten Zeitpunkt in Aktien abgewickelt werden. Nach dieser Gewährung besitzt die meldende Person vorteilhaft 206.935 Stammaktien. Die Zuwendung erfolgte im Rahmen des TheRealReal, Inc. 2019 Equity Incentive Plan, und die DRSUs werden deferriert statt sofort als Aktien ausgegeben.
نكي ليونداكِس، مديرة في TheRealReal, Inc. (REAL)، مُنحت 823 وحدة أسهم مقيدة مؤجلة (DRSUs) في 30/09/2025، وهي مكتملة الاستحقاق وتحمل المعادل الاقتصادي لسهم واحد عادي لكل وحدة. تُظهر المعاملة المبلغ عنها أن لهذه الـDRSUs سعر اكتساب قدره 0 دولار وأنها ستُ settling إلى أسهم عند فصل المديرة عن الخدمة أو في تاريخ لاحق يختاره المديرة. بعد هذه المنحة، يملك الشخص المبلغ بشكل مستفيد 206,935 سهماً من الأسهم العادية. تم منح الجائزة بموجب خطة الحوافز الأسهمية لعام 2019 من TheRealReal, Inc.، وتُعتبر الـDRSUs مؤجلة بدلاً من إصدارها كأوراق مالية فورية.
Niki Leondakis，TheRealReal, Inc.（REAL）的董事，于2025-09-30获得823个延迟限制性股票单位（DRSUs），全部已完全归属，且每单位具有相当于一股普通股的经济价值。 报告交易显示这些DRSUs的取得价格为0美元，将在董事离职时或董事选择的后续日期以股票结算。完成本次授予后，报告人实际持有206,935股普通股。该奖励依据TheRealReal, Inc. 2019年股权激励计划授予，DRSUs为延期发放而非立即发行为股票。
- 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
- 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 $0 increases the director's economic exposure without immediate share issuance, which preserves current share count while aligning long-term incentives with shareholders. Because the units are fully vested and deferred, the timing of conversion to common stock depends on separation or an election, so short-term dilution is limited until settlement. The award was made under the company’s 2019 Equity Incentive Plan and is recorded as a non-derivative acquisition on 09/30/2025.
TL;DR: A routine director equity award structured as deferred RSUs, fully vested, consistent with typical non-employee director compensation practices.
Using deferred RSUs for non-employee directors is a common governance practice to align long-term interests without immediate share issuance. The units being fully vested suggests no ongoing service condition, but settlement is deferred, which may help manage optics around share count. The disclosure clearly identifies the plan and settlement mechanics; there are no indications of unusual terms in the filing text.
Niki Leondakis, un amministratore di TheRealReal, Inc. (REAL), ha ricevuto 823 unità azionarie differite vincolate (DRSUs) il 30/09/2025, completamente maturate e con l’equivalente economico di una singola azione ordinaria ciascuna. La transazione riportata indica che queste DRSU hanno un prezzo di acquisizione di 0$ e saranno regolamentate in azioni al momento della cessazione del servizio da parte del direttore o in una data successiva scelta dal direttore. A seguito di questa concessione, la persona che segnala detiene beneficiariamente 206.935 azioni ordinarie. L’assegnazione è stata effettuata ai sensi del TheRealReal, Inc. 2019 Equity Incentive Plan e le DRSU sono differite anziché emesse immediatamente come azioni.
Niki Leondakis, un director de TheRealReal, Inc. (REAL), recibió 823 unidades diferidas de acciones restringidas (DRSUs) el 30/09/2025, totalmente vestidas y con el equivalente económico de una acción común cada una. La transacción reportada indica que estas DRSUs tienen un precio de adquisición de 0$ y se liquidarán en acciones cuando el director se separe del servicio o en una fecha posterior elegida por el director. Tras esta concesión, la persona reportante posee beneficiosamente 206,935 acciones comunes. La adjudicación se realizó conforme al TheRealReal, Inc. 2019 Equity Incentive Plan y las DRSUs son diferidas en lugar de emitirse inmediatamente como acciones.
TheRealReal, Inc.의 이사인 Niki Leondakis는 2025-09-30에 823개의 연기된 제한 주식 단위(DRSUs)를 부여받았으며, 모든 단위가 완전히 취득 가능하고 각각의 경제적 가치는 보통주 1주에 해당합니다. 보고된 거래에 따르면 이 DRSU의 취득 가격은 0달러이며 이사는 서비스에서 분리될 때 또는 이사가 선택한 이후 시점에 주식으로 정산됩니다. 이번 수여 이후 보고자는 206,935주를 실질적으로 보유하게 됩니다. 이 수상은 TheRealReal, Inc.의 2019년 주식 인센티브 계획에 따라 이루어졌으며 DRSU는 아직 주식으로 발행되지 않고 연기됩니다.
Niki Leondakis, administratrice de TheRealReal, Inc. (REAL), a reçu 823 unités d’actions restreintes différées (DRSUs) le 30/09/2025, qui sont entièrement acquises et équivalent économiquement à une action ordinaire chacune. La transaction déclarée indique que ces DRSUs ont un prix d’acquisition de 0 $ et seront réglées en actions lors de la séparation du directeur du service ou à une date ultérieure choisie par le directeur. Après cette attribution, la personne déclarant détient bénéficiairement 206 935 actions ordinaires. Cette attribution a été faite dans le cadre du TheRealReal, Inc. 2019 Equity Incentive Plan et les DRSUs sont différées plutôt qu’émis immédiatement en actions.
Niki Leondakis, eine Direktorin von TheRealReal, Inc. (REAL), wurde am 30.09.2025 823 verzögerte eingeschränkte Aktien-Einheiten (DRSUs) gewährt, die vollständig vesting sind und den wirtschaftlichen Gegenwert von jeweils einer Stammaktie haben. Die gemeldete Transaktion zeigt, dass diese DRSUs einen Erwerbspreis von 0 USD haben und beim Ausscheiden der Direktorin aus dem Dienst oder zu einem späteren, vom Direktor gewählten Zeitpunkt in Aktien abgewickelt werden. Nach dieser Gewährung besitzt die meldende Person vorteilhaft 206.935 Stammaktien. Die Zuwendung erfolgte im Rahmen des TheRealReal, Inc. 2019 Equity Incentive Plan, und die DRSUs werden deferriert statt sofort als Aktien ausgegeben.
FAQ
What did TheRealReal (REAL) director Niki Leondakis receive?
When were the DRSUs for REAL granted and are they vested?
What is the acquisition price for the DRSUs reported by REAL?
How many REAL shares does Niki Leondakis beneficially own after the transaction?
Under what plan were the DRSUs granted at REAL?
