The RealReal Announces Inducement Grants under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

The RealReal, Inc. granted equity awards to its Chief People Officer and Chief Marketing Officer as inducement for their employment. Each officer received 650,000 restricted stock units, vesting over time, approved by the Board of Directors on February 20, 2024.

SAN FRANCISCO, March 04, 2024 (GLOBE NEWSWIRE) -- The RealReal, Inc. (NASDAQ: REAL) – the world’s largest online marketplace for authenticated, resale luxury goods – today announced that it granted equity awards on March 4, 2024 as a material inducement to the employment of the company’s newly-hired Chief People Officer, Chatelle Lynch, and Chief Marketing Officer, Sri Batchu.

In connection with the appointment of Lynch as Chief People Officer on December 26, 2023 and Batchu as Chief Marketing Officer on February 26, 2024, The RealReal granted each of Lynch and Batchu an employment inducement award consisting of 650,000 restricted stock units (“RSUs”). The RSUs will vest 25% on the first anniversary of November 20, 2023, in the case of Lynch’s award, and of February 20, 2024, in the case of Batchu’s award, and in each case in 12 substantially equal quarterly installments thereafter, subject to the applicable executive’s continuous employment on each vesting date.

The inducement awards to Lynch and Batchu were granted as a material inducement to their employment and were approved by The RealReal’s Board of Directors on February 20, 2024, in accordance with Nasdaq Listing Rule 5635(c)(4). The awards were granted outside The RealReal’s equity incentive plans.

For more information, visit Investor.TheRealReal.com.

About The RealReal Inc.
The RealReal is the world’s largest online marketplace for authenticated, resale luxury goods, with more than 35 million members. With a rigorous authentication process overseen by experts, The RealReal provides a safe and reliable platform for consumers to buy and sell their luxury items. We have hundreds of in-house gemologists, horologists and brand authenticators who inspect thousands of items each day. As a sustainable company, we give new life to pieces by thousands of brands across numerous categories—including women’s and men’s fashion, fine jewelry and watches, art and home—in support of the circular economy. We make selling effortless with free virtual appointments, in-home pickup, drop-off and direct shipping. We handle all of the work for consignors, including authenticating, using AI and machine learning to determine optimal pricing, photographing and listing their items, as well as shipping and customer service.

Investor Relations Contact:
Caitlin Howe
caitlin.howe@therealreal.com

Press Contact:
Laura Hogya
laura.hogya@therealreal.com

FAQ

What type of awards did The RealReal grant to its Chief People Officer and Chief Marketing Officer?

The RealReal granted 650,000 restricted stock units (RSUs) to each officer.

When will the RSUs granted to Chatelle Lynch vest?

The RSUs granted to Chatelle Lynch will vest 25% on the first anniversary of November 20, 2023.

How were the inducement awards to Lynch and Batchu approved?

The awards were approved by The RealReal's Board of Directors on February 20, 2024.

Where can more information about the equity awards be found?

For more information, visit Investor.TheRealReal.com.