Business Context and Reporting Period
This Form 8-K Current Report was filed by The RealReal, Inc. on February 19, 2021, covering events that occurred on February 17, 2021. The filing details significant corporate governance changes, specifically the expansion of the Board of Directors and the appointment of a new President.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on personnel appointments and compensation arrangements.
Material Changes
- Board Expansion: The Board of Directors increased its size from 9 to 10 members.
- New Director Appointment: Karen Katz was appointed as a Class I Director, with a term expiring at the 2023 annual meeting.
- Executive Appointment: Rati Sahi Levesque was appointed as President of the Company while retaining her role as Chief Operating Officer.
Compensation and Management Commentary
Karen Katz (Director): As a non-employee director, Ms. Katz will receive an annual cash retainer of $35,000 (paid quarterly) and an annual equity award of $165,000 in restricted stock units. The equity award vests on the earlier of the one-year anniversary of the grant or the date immediately prior to the annual meeting following the grant.
Rati Sahi Levesque (President): Ms. Levesque's base compensation will increase to $375,000 to reflect her expanded responsibilities. She will continue to participate in standard executive compensation and benefit programs. The filing notes no family relationships between Ms. Levesque and other directors or officers.
Investor Verification Checklist
- Verify the total number of directors on the Board is now 10.
- Confirm the vesting schedule for Karen Katz's $165,000 equity award.
- Review the updated executive compensation structure for Rati Sahi Levesque, specifically the $375,000 base salary.
- Check for any related party transactions involving the new appointees, though the filing states none exist under Item 404(a).