Karen Katz of TheRealReal (REAL) receives 1,988 deferred stock units

Rhea-AI Filing Summary

TheRealReal, Inc. director Karen Katz reported an acquisition of deferred equity compensation. She received 1,988 deferred restricted stock units (DRSUs), each economically equivalent to one share of common stock, granted under TheRealReal Inc. 2019 Equity Incentive Plan on March 31, 2026. Following this award, her directly held and deferred equity position is reported at 238,355 shares of common stock. The DRSUs are fully vested but will be settled in shares only upon her separation from service as a non-employee director or on a future date she has elected.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider KATZ KAREN

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	1,988	$0.00	--

Holdings After Transaction: Common Stock — 238,355 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 March 31. 2026 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.

Key Figures

Equity award size: 1,988 DRSUs Total holdings after grant: 238,355 shares Grant price per share: $0.00 per share +1 more

4 metrics

Equity award size 1,988 DRSUs Grant of deferred restricted stock units on March 31, 2026

Total holdings after grant 238,355 shares Direct common stock position reported following transaction

Grant price per share $0.00 per share Non-cash equity award, compensation grant

Transaction date March 31, 2026 Date DRSUs were granted under 2019 Equity Incentive Plan

Key Terms

Deferred restricted stock units (DRSUs), 2019 Equity Incentive Plan, separation from service, Non-Employee Director

4 terms

Deferred restricted stock units (DRSUs) financial

"Represents shares of TheRealReal, Inc. common stock that will be issued to the Reporting Person upon settlement of deferred restricted stock units (DRSUs)."

2019 Equity Incentive Plan financial

"The DRSUs were granted to the Reporting Person on March 31. 2026 pursuant to TheRealReal Inc. 2019 Equity Incentive Plan and are fully vested."

separation from service financial

"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."

Non-Employee Director financial

"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."

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 CALIFORNIA 94133

(City) (State) (Zip)

UNITED STATES

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/31/2026

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

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

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

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)	03/31/2026		A		1,988(2)	A	$0	238,355	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 March 31. 2026 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	04/02/2026
	** 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.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did Karen Katz report for TheRealReal (REAL)?

Karen Katz reported receiving 1,988 deferred restricted stock units in TheRealReal common stock as a fully vested equity award. These units are compensation, not an open‑market purchase, and are economically equivalent to 1,988 shares of common stock when ultimately settled.

How many TheRealReal (REAL) shares does Karen Katz report after this grant?

After the grant, Karen Katz reports holding 238,355 shares of TheRealReal common stock on a direct basis, including the newly awarded deferred restricted stock units. This total reflects her updated equity position as shown in the Form 4 filing following the March 31, 2026 award.

What are deferred restricted stock units (DRSUs) in TheRealReal (REAL) Form 4?

The deferred restricted stock units are equity awards economically equivalent to one share of TheRealReal common stock each. They are fully vested but do not convert into actual shares until settlement, which occurs at director separation from service or at a pre‑elected date.

When will Karen Katz’s TheRealReal (REAL) DRSUs be settled into shares?

The DRSUs will generally be settled in TheRealReal common stock upon Karen Katz’s separation from service as a non‑employee director or on a date she has previously elected. Until settlement, they function as deferred, fully vested equity compensation units.

Under which plan were Karen Katz’s TheRealReal (REAL) DRSUs granted?

The 1,988 deferred restricted stock units granted to Karen Katz were issued under TheRealReal Inc. 2019 Equity Incentive Plan. This plan governs equity-based compensation awards for eligible participants, including non‑employee directors receiving stock-based incentives instead of cash.