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TheRealReal Executive Compensation (FY25)

REAL · Executive and director compensation, fiscal 2022 to 2025
Chief executive, fiscal 2025
◇
Rati Sahi Levesque
Latest say-on-pay support
=
June 10, 2026
Chief executive pay ratio
◇
To the median employee
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Data as of October 22, 2026Latest filing (8-K): June 12, 2026
10 filings cited on this page
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TheRealReal brief$1,500Get the executive brief
Velarion Member, one year
256 figures on this page: 247 cited to the filing that reported them, 9 calculated from figures it prints. See the citations
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive of record: Rati Levesque → Rati Sahi Levesque
Say-on-pay support: 94.2% → 94.2% (0.0 points lower)
CEO pay ratio: 199:1 → 39:1 (80.4% lower)

Frequently asked questions

Answers drawn from the data on this page.
Who is TheRealReal's chief executive and what were they paid?
Rati Sahi Levesque was paid $2,117,607 in total compensation as President and Chief Executive Officer for fiscal 2025.
What was TheRealReal's say-on-pay result?
The say-on-pay proposal drew 94.2% of votes cast including abstentions in favor at the meeting held June 10, 2026 for fiscal 2025.
Which companies are in TheRealReal's peer group?
The disclosed peer group includes a.k.a. Brands Holdings, Brilliant Earth Group, Cars.com, Duluth Trading Company and Eventbrite, among others.
What is TheRealReal's chief executive pay ratio?
For fiscal 2025, the company reported a chief executive pay ratio of 39:1, against median employee compensation of $54,554.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Rati Levesque
President and Chief Executive Officer
◇◇◇———◇◇
Robert Julian
Former Chief Financial Officer
◇◇◇———◇◇
Todd Suko
Chief Legal Officer and Secretary
◇◇◇—◇—◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
John Koryl
Former Chief Executive Officer
◇◇◇—◇—◇◇
Rati Levesque
President and Chief Executive Officer
◇◇◇—◇—◇◇
Robert Julian
Former Chief Financial Officer
◇◇◇—◇—◇◇
Luke Friang
Chief Technology and Product Officer
◇◇◇—◇—◇◇
Todd Suko
Chief Legal Officer and Secretary
◇—◇—◇—◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Rati Levesque
President and Chief Executive Officer
◇◇◇—◇—◇— not reconciled
John Koryl
Former Chief Executive Officer
Departed during or after this year
◇—◇———◇◇
Todd Suko
Chief Legal Officer and Secretary
◇—◇—◇—◇◇
Luke Friang
Chief Technology and Product Officer
◇◇◇—◇—◇◇
Robert Julian
Former Chief Financial Officer
Departed during or after this year
◇—————◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Ajay Gopal
Chief Financial Officer
◇—◇—◇—◇◇
Chatelle Lynch
Former Chief People Officer
Departed during or after this year
◇—◇———◇◇
Todd Suko
Chief Legal Officer and Secretary
◇◇◇—◇—◇◇
Rati Sahi Levesque
President and Chief Executive Officer
◇———◇—◇◇
Luke Friang
Chief Technology and Product Officer
◇—◇—◇—◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Ajay GopalRSU◇——◇——◇
Ajay GopalPSU◇◇◇—◇—◇
Chatelle LynchPSU◇◇◇—◇—◇
Chatelle LynchRSU◇——◇——◇
Luke FriangRSU◇——◇——◇
Todd SukoRSU◇——◇——◇
Todd SukoPSU◇◇◇—◇—◇
Fiscal 2023, 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Rati Sahi LevesqueRSU◇◇——
RSU◇◇——
RSU◇=——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Todd SukoRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇=——
Ajay GopalRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇=——
Luke FriangRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Severance and change in control

The terms as written in the agreements.
Ajay Gopal
Chief Financial Officer · Severance agreement
Severance multiple◇
Severance base◇
Change-in-control multiple◇
Benefits continuation on change in control◇
Benefits continuation◇
Excise tax treatment◇
Non-compete period◇
Non-solicit period◇
Chatelle Lynch
Former Chief People Officer · Severance agreement
Severance multiple◇
Severance base◇
Change-in-control multiple◇
Equity acceleration on change in control◇
Benefits continuation on change in control◇
Benefits continuation◇
Non-compete period◇
Non-solicit period◇
Luke Friang
Chief Technology and Product Officer · Severance agreement
Severance multiple◇
Severance base◇
Change-in-control multiple◇
Equity acceleration on change in control◇
Benefits continuation on change in control◇
Benefits continuation◇
Excise tax treatment◇
Non-compete period◇
Non-solicit period◇
Rati Sahi Levesque
President and Chief Executive Officer · Severance agreement
Severance base◇
Equity acceleration on change in control◇
Excise tax treatment◇
Non-compete period◇
Non-solicit period◇
Todd Suko
Chief Legal Officer and Secretary · Severance agreement
Severance base◇
Equity acceleration on change in control◇
Excise tax treatment◇
Non-compete period◇
Non-solicit period◇

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Karen Katz
Board chair
◇◇————◇
Robert Krolik
◇◇————◇
Caretha Coleman
◇◇————◇
Chip Baird
◇◇————◇
James Miller
◇◇————◇
Niki Leondakis
◇◇————◇
Mark McCaffrey
◇◇————◇
Carol Melton
◇—————◇
Jennifer McKeehan and Rati Sahi Levesque served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Board chair premium◇
Audit committee chair◇
Compensation committee chair◇
Nominating and governance chair◇
Equity is delivered as restricted stock units.

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • a.k.a. Brands Holdings AKA
  • Brilliant Earth Group BRLT
  • Cars.com CARS
  • Duluth Trading Company DLTH
  • Eventbrite EB
  • EverQuote EVER
  • FIGS FIGS
  • J. Jill JILL
  • Movado Group MOV
  • Porch Group PRCH
  • Purple Innovation symbol not shown
  • Rent the Runway RENT
  • Revolve Group RVLV
  • Stitch Fix SFIX
  • ThredUp TDUP
  • TrueCar TRUE
  • Warby Parker WRBY

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025June 10, 2026=◇◇◇
2024June 11, 2025=◇◇◇
2023June 12, 2024=◇◇◇
2022June 14, 2023=◇◇◇
2021June 15, 2022=◇◇◇
2020June 15, 2021=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇

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Sample answer — “What is the CEO’s total compensation?”
- Rati Sahi Levesque (President and Chief Executive Officer), FY2025 total compensation $2,117,607 (base salary $700,000) [exec_comp, SEC accession 0001573221-26-000036, filed 2026-04-27]

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What this page does not include

Everything above is a fact TheRealReal disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where TheRealReal sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $499
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion Intelligence
Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
256 figures on this page: 247 cited to the filing that reported them, 9 calculated from figures it prints.
247 cited to the filing
9 calculated from the filing

Documents cited

  1. 0001573221-26-000048
    Proposal 3 - Advisory Vote on Named Executive Officer Compensation The Company’s stockholders approved, on an advisory basis, the compensation of the Company’s named executive officers.
  2. 0001573221-26-000036
    2025 Grants of Plan-Based Awards · 2025 Outstanding Equity Awards at Fiscal Year End Table · 2025 Summary Compensation Table · CEO Pay Ratio · and 1 more section
  3. 0001573221-25-000058
    Proposal 3 - Advisory Vote on Named Executive Officer Compensation The Company’s stockholders approved, on an advisory basis, the compensation of the Company’s named executive officers.
  4. 0001573221-25-000037
    2024 Summary Compensation Table
  5. 0001573221-24-000088
    Item 5.07 Submission of Matters to a Vote of Security Holders
  6. 0001573221-24-000056
    2023 Summary Compensation Table
  7. 0001573221-23-000056
    Item 5.07 Submission of Matters to a Vote of Security Holders
  8. 0001573221-22-000080
  9. 0001193125-21-195285
  10. 0001564590-21-026114
    Employment Agreement
Cite this data
This page is free to cite. Attribution we ask for:
Velarion, “TheRealReal executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/REAL (accessed 2026).
Short form: data: Velarion

The TheRealReal brief, $1,500

Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
From $499 for the board report; $2,400 for both.
Get the executive briefGet the board briefNo account needed.
10 filings cited on this page
Method: intel.velarion.ai/methodology
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
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Peers TheRealReal discloses

The companies named in REAL's own disclosed peer group.

a.k.a. Brands HoldingsBrilliant Earth GroupCars.comDuluth Trading CompanyEventbriteEverQuoteFIGSJ. JillMovado GroupPorch GroupRent the RunwayRevolve GroupStitch FixThredUpTrueCarWarby Parker

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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