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

Rhea-AI Summary

The RealReal, Inc. granted equity awards to its new Chief Financial Officer, Ajay Gopal, consisting of 700,000 time-based restricted stock units and 550,000 performance-based restricted stock units. These awards were approved by the Board of Directors as a material inducement to Gopal's employment, in accordance with Nasdaq Listing Rule 5635(c)(4).

SAN FRANCISCO, May 08, 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 May 8, 2024 as a material inducement to the employment of the company’s newly-hired Chief Financial Officer, Ajay Gopal.

In connection with the appointment of Gopal as Chief Financial Officer on March 18, 2024, The RealReal granted Gopal employment inducement awards consisting of (a) 700,000 time-based restricted stock units (“RSUs”) and (b) 550,000 performance-based restricted stock units (“PSUs”), each with an effective grant date of May 8, 2024. The RSUs will vest 25% on the first anniversary of February 20, 2024 and in 12 substantially equal quarterly installments thereafter, subject to Gopal’s continuous employment on each vesting date. The PSUs will vest in four tranches over a four-year performance period based on Mr. Gopal’s continuous employment through the service period for the applicable tranche and The RealReal’s stock price achievement.

The inducement awards to Gopal were granted as a material inducement to his employment and were approved by The RealReal’s Board of Directors on May 8, 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 36 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

When were the equity awards granted to Ajay Gopal by The RealReal, Inc.?

The equity awards were granted on May 8, 2024.

What types of restricted stock units were included in the equity awards for Ajay Gopal?

The awards consisted of 700,000 time-based restricted stock units and 550,000 performance-based restricted stock units.

How will the RSUs for Ajay Gopal vest?

The RSUs will vest 25% on the first anniversary of February 20, 2024, and in 12 equal quarterly installments thereafter, subject to Gopal's continuous employment on each vesting date.

How will the PSUs for Ajay Gopal vest?

The PSUs will vest in four tranches over a four-year performance period based on Mr. Gopal's continuous employment through the service period for each tranche and The RealReal's stock price achievement.

Why were the inducement awards granted to Ajay Gopal?

The awards were granted as a material inducement to his employment and were approved by The RealReal's Board of Directors.

Where can more information about the awards be found?

For more information, visit Investor.TheRealReal.com.