TheRealReal Files 8-K on Officer Changes and Compensatory Arrangements
Ticker: REAL · Form: 8-K · Filed: Feb 21, 2024 · CIK: 1573221
Sentiment: neutral
Topics: executive-changes, compensatory-arrangements, corporate-governance
TL;DR
**TheRealReal just dropped an 8-K hinting at executive shake-ups and new pay deals, so keep an eye on leadership changes!**
AI Summary
TheRealReal, Inc. filed an 8-K on February 21, 2024, reporting an event that occurred on February 19, 2024. The filing covers topics such as the departure or election of directors or officers, compensatory arrangements, Regulation FD Disclosure, and other events. The company, based in San Francisco, CA, operates in miscellaneous retail and has a SEC file number of 001-38953.
Why It Matters
This filing signals potential changes in TheRealReal's leadership and executive compensation, which could influence future strategic direction and financial performance.
Risk Assessment
Risk Level: medium — Changes in leadership and compensatory arrangements can introduce uncertainty regarding future company strategy and stability.
Key Numbers
- 001-38953 — SEC File Number (Identifies the company's registration with the SEC)
- 2024-02-19 — Event Date (Indicates when the reported event occurred)
Key Players & Entities
- TheRealReal, Inc. (company) — Registrant
- February 19, 2024 (date) — Date of earliest event reported
- February 21, 2024 (date) — Filing date
- San Francisco, CA (company) — Business address city and state
- 001-38953 (dollar_amount) — SEC File Number
FAQ
What was the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing occurred on February 19, 2024.
What is the name of the registrant company?
The exact name of the registrant company is The RealReal, Inc.
What specific items were disclosed in this 8-K?
The 8-K disclosed information regarding 'Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers', 'Regulation FD Disclosure', 'Other Events', and 'Financial Statements and Exhibits'.
What is TheRealReal, Inc.'s SEC file number?
TheRealReal, Inc.'s SEC file number is 001-38953.
Where is TheRealReal, Inc.'s business address located?
TheRealReal, Inc.'s business address is 55 Francisco Street, Suite 400, San Francisco, CA 94133.
Filing Stats: 1,685 words · 7 min read · ~6 pages · Grade level 11 · Accepted 2024-02-21 08:15:58
Key Financial Figures
- $0.00001 — ange on which registered Common stock, $0.00001 par value REAL The Nasdaq Global Selec
- $500,000 — package consisting of a base salary of $500,000 and a target bonus opportunity of 75% o
- $300,000 — one-time sign-on bonus in the amount of $300,000 (the "Sign-On Bonus"), payable in the f
- $30,000 — will pay Ms. Katz an additional fee of $30,000 in respect of her role as Chairperson,
Filing Documents
- real-20240219.htm (8-K) — 50KB
- offerlettergopalexecutionv.htm (EX-10.1) — 40KB
- pressreleasegopalcfokatzch.htm (EX-99.1) — 9KB
- image_0.jpg (GRAPHIC) — 13KB
- 0001573221-24-000018.txt ( ) — 294KB
- real-20240219.xsd (EX-101.SCH) — 2KB
- real-20240219_def.xml (EX-101.DEF) — 15KB
- real-20240219_lab.xml (EX-101.LAB) — 29KB
- real-20240219_pre.xml (EX-101.PRE) — 16KB
- real-20240219_htm.xml (XML) — 4KB
02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers
Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers. On February 21, 2024, The RealReal, Inc. (the "Company") announced that Ajay Gopal has been appointed by the Board of Directors (the "Board") of the Company to serve as the Company's Chief Financial Officer, effective March 18, 2024 (the "Start Date"). Mr. Gopal, age 49, is currently serving as Chief Financial Officer of Outside Interactive, Inc., a position he has held since December 2020. Mr. Gopal previously served as Chief Financial Officer of Good Eggs, Inc. from July 2019 to December 2020, of Helix, Inc. from July 2018 to July 2019, and of StubHub from April 2013 to June 2018. Prior to these roles, Mr. Gopal held senior roles at eBay, Inc. and numerous management roles with GE HealthCare Technologies, Inc. Mr. Gopal holds a Master of Management Studies degree from the Birla Institute of Technology and Science. There is no arrangement or understanding between Mr. Gopal and any other person pursuant to which Mr. Gopal has been appointed as Chief Financial Officer, and there is no family relationship between Mr. Gopal and any of the Company's directors or executive officers. Mr. Gopal has no interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K. Compensation Arrangements with Mr. Gopal Mr. Gopal entered into an offer letter (the "Offer Letter") with the Company on February 19, 2024, providing for an annual compensation package consisting of a base salary of $500,000 and a target bonus opportunity of 75% of base salary (prorated for 2024). In addition, the Offer Letter provides for a one-time sign-on bonus in the amount of $300,000 (the "Sign-On Bonus"), payable in the first regularly scheduled pay date following the Start Date, less applicable withholdings and deductions. The Offer Letter also provides that Mr. Gopal will work from the Company's headquarters in San Francisco, California, with regular
01 Regulation FD Disclosure
Item 7.01 Regulation FD Disclosure. On February 21, 2024, the Company issued a press release. A copy of the press release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference. The information in Item 7.01 to this Current Report on Form 8-K, including Exhibit 99.1, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended or the Exchange Act, except as expressly set forth by specific reference in such filing.
01 Other Events
Item 8.01 Other Events. On February 21, 2024, The RealReal, Inc. (the "Company") announced that Karen Katz has been appointed as independent Chairperson of the Board and that Rob Krolik will no longer serve as Lead Independent Director of the Board, in each case, effective as of February 20, 2024. Ms. Katz and Mr. Krolik have served on the Board since February 2021 and January 2019, respectively. The Company will pay Ms. Katz an additional fee of $30,000 in respect of her role as Chairperson, payable in equal quarterly installments in arrears and prorated for any partial quarter or year of service.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 10.1 Offer Letter by and between The RealReal, Inc. and Ajay Gopal dated February 19 , 2024 99.1 Press Release dated February 21 , 2024 104 Cover Page Interactive Data File (the cover page XBRL tags are embedded within the inline XBRL document) 2
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. The RealReal, Inc. Date: February 21, 2024 By: /s/ Todd Suko Todd Suko Interim Chief Financial Officer, Chief Legal Officer and Secretary