Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
On September 21, 2021, The RealReal, Inc. (the "Company") announced the
appointment of Robert Julian as Chief Financial Officer of the Company effective
October 1, 2021 (the "Effective Date").
Mr. Julian, age 59, most recently served as Chief Financial Officer and
Secretary for Sportsman's Warehouse Holdings, Inc. ("Sportsman's Warehouse"), a
position he held since April 2019. Mr. Julian has over 30 years of financial
management experience, in both public and private companies, ranging in size
from small-cap enterprises to Fortune 100 companies. Prior to Sportsman's
Warehouse, he served as Executive Vice President, Chief Financial Officer and
Treasurer for Deluxe Entertainment Services Group from July 2017 to June 2018.
Prior to that, Mr. Julian served as Senior Vice President and Chief Financial
Officer for Callaway Golf Company from May 2015 to April 2017, and as Executive
Vice President and Chief Financial Officer for Lydall Inc. from October 2012 to
May 2015. Previously in his career, Mr. Julian held senior financial roles at
Rockwell International, Honeywell, Cisco Systems, Fisher Scientific and Legrand
S.A. He earned a B.A. Finance, with Honor, from Michigan State University, and
an MBA Finance from The University of Michigan.
Mr. Julian entered into an offer letter (the "Offer Letter") with the Company
providing for an annual compensation package consisting of a base salary of
$425,000 and a target bonus opportunity of 50% of base salary (prorated for
2021). Mr. Julian will also receive an initial grant of 575,000 restricted stock
units ("RSUs") under the Company's 2019 Equity Incentive Plan, of which 35% will
vest twelve months after the Effective Date and the remaining RSUs will vest
quarterly over twelve quarters in equal amounts, subject to Mr. Julian's
continued employment. In addition, the Offer Letter provides for a one-time
sign-on bonus in the amount of $1,000,000 to be paid in four equal quarterly
payments within the first twelve months following the Effective Date, which is
subject to repayment if Mr. Julian is terminated for cause or voluntarily
resigns within one year of the Effective Date, and, in the event of such
termination or resignation during the second year of Mr. Julian's employment,
the repayment obligation is reduced to 50% of the total amount. The Offer Letter
also provides for a relocation allowance in the amount of $500,000 to be paid
within thirty days of the Effective Date, which is subject to repayment if
Mr. Julian is terminated for cause or voluntarily resigns within one year of the
Mr. Julian will enter into the Company's Severance and Change in Control
Agreement and the Company's Indemnity Agreement in the same form, respectively,
entered into by the Company's other executive officers.
There is no arrangement or understanding between Mr. Julian and any other
persons pursuant to which Mr. Julian was selected as Chief Financial Officer of
the Company. Furthermore, there are no transactions between Mr. Julian and the
Company that would be required to be reported under Item 404(a) of
Regulation S-K. No family relationships exist between Mr. Julian and any of the
Company's directors or other executive officers.
A copy of the Company's announcement regarding the appointment of Mr. Julian as
Chief Financial Officer of the Company is attached as Exhibit 99.1 to this
Current Report on Form 8-K, and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
99.1 The RealReal Names Robert Julian Chief Financial Officer
104 Cover Page Interactive Data file (embedded within the Inline XBRL document)
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