The RealReal Announces Inducement Grants under Nasdaq Listing Rule 5635(c)(4)
March 03 2023 - 5:00PM
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 3, 2023 as a
material inducement to employment of the newly-hired Chief
Executive Officer, John Koryl, and Chief Technology and Product
Officer, Luke Friang.
As previously disclosed, The RealReal and Mr. Koryl
entered into an offer letter, dated January 24, 2023 (the “Offer
Letter”), in connection with his appointment as Chief Executive
Officer, effective February 6, 2023. As contemplated by the Offer
Letter, The RealReal granted Mr. Koryl an employment inducement
award consisting of (i) 1,250,000 time-based restricted stock units
(“RSUs”) and (ii) 1,500,000 performance-based restricted stock
units (“PSUs”), each with an effective grant date of March 3, 2023.
The RSUs will vest 25% on the first anniversary of February 20,
2023 and in 12 substantially equal quarterly installments
thereafter, subject to Mr. Koryl’s continuous employment on each
vesting date. The PSUs will vest in four tranches over a five-year
performance period based on Mr. Koryl’s continuous employment
through the service period for the applicable tranche and the The
RealReal’s stock price achievement.
In connection with the appointment of Mr. Friang as
Chief Technology and Product Officer, effective January 16, 2023,
The RealReal granted Mr. Friang an employment inducement award of
325,000 RSUs. The RSUs will vest 25% on the first anniversary of
February 20, 2023 and in 12 substantially equal quarterly
installments thereafter, subject to Mr. Friang’s continuous
employment on each vesting date.
The inducement awards to Mr. Koryl and Mr. Friang were granted
as a material inducement to their employment and were approved by
The RealReal’s Board of Directors and by the Compensation,
Diversity and Inclusion Committee of the Board of Directors on
March 3, 2023, 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 31 million members. With a rigorous
authentication process, The RealReal provides a safe, reliable,
full-service platform for consumers to buy and sell luxury items.
We employ hundreds of in-house luxury brand experts, GIA-certified
gemologists, and brand authenticators and use specialized AI and
machine learning technology to inspect, authenticate, price and
list thousands of items each day. We extend the life of thousands
of well-made luxury goods across several categories—including
women’s and men’s fashion, fine jewelry and watches, home and
art—and make engaging with the circular economy seamless. We offer
a full-service experience, from free virtual appointments, at-home
pickup, to direct shipping and drop-off services at our retail
locations, where customers can also meet with our experts, receive
free valuations, and shop a locally-curated selection of luxury
goods.
Investor Relations Contact:Caitlin
Howecaitlin.howe@therealreal.com
Press Contact:Laura
Hogyalaura.hogya@therealreal.com
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