TheRealReal Inc
For the period ended Jun 12, 2024. Filed Apr 26, 2024.
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What shareholders are asked to vote on at a company's meeting. It is where to find what directors and top executives are paid, and who owns the most shares.
Jun 12, 2024 · Filed Apr 26, 2024
Contents
Elements of Our 2023 Compensation Program
For 2023, the material elements of our executive compensation program were base salary, annual cash bonuses and LTI compensation in the form of both time-based restricted stock unit (“RSU”) awards and PSU awards. “At risk,” incentive-based compensation in the form of an annual cash bonus and equity-based compensation represents the majority of each NEO’s total target direct compensation mix.
| Elements of Pay | Structure | Highlights |
|---|---|---|
| Base Salary | •Fixed compensation•Attract and retain NEOs in the short-term | •Established in line with competitive market levels•Aligned to scale, scope and complexity of role |
| Annual Cash Bonuses | •Incentivize and reward achievement against strategic business goals and objectives in short-term | •Incentive plan funding measured against challenging metrics of Adjusted EBITDA and, for certain NEOs as described below, individual goals |
| Long-Term Incentive Compensation | •Attract and retain NEOs in the long-term•Motivate and reward achievement of long-term Company financial and operational goals•Directly align interests with stockholders | •RSU awards granted to our NEOs in 2022 with four-year vesting•PSUs granted to our NEOs with cliff vesting or significant service vesting conditions•Granted at competitive market levels |
Base Salary
Base salaries provide a level of fixed compensation sufficient to attract and retain a high-performing leadership team, when considered in combination with the other elements of our executive compensation program. The relative levels of base salary for our NEOs are established after considering market-competitive levels and are intended to reflect each NEO’s scope of responsibility.
Annual Cash Bonuses
Annual cash bonuses may be earned by our NEOs under our annual cash bonus program. In support of our “pay-for-performance” philosophy, this program is designed to motivate and reward our NEOs based on their achievement of performance goals established by our Board each fiscal year.
Long-Term Incentive Compensation
Equity awards under our LTI program are a key element of our executive compensation program, which is designed to align the interests of our NEOs with the long-term interests of our stockholders and to motivate our NEOs to achieve our long-term business objectives. A significant portion of the total target direct compensation of each NEO is provided in the form of RSU and PSU awards, the value of which fluctuates directly with our stock price performance.
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