Document:

EX-4.2

 Exhibit 4.2 

WARRANT 
 THIS WARRANT AND
THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR QUALIFIED UNDER ANY STATE OR FOREIGN SECURITIES LAWS AND MAY NOT BE OFFERED FOR SALE, SOLD,
PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED OR ASSIGNED UNLESS (I) A REGISTRATION STATEMENT COVERING SUCH SHARES IS EFFECTIVE UNDER THE ACT AND IS QUALIFIED UNDER APPLICABLE STATE AND FOREIGN LAW OR (II) THE TRANSACTION IS EXEMPT FROM
THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS UNDER THE ACT AND THE QUALIFICATION REQUIREMENTS UNDER APPLICABLE STATE AND FOREIGN LAW AND, IF THE CORPORATION REQUESTS, AN OPINION SATISFACTORY TO THE CORPORATION TO SUCH EFFECT HAS BEEN
RENDERED BY COUNSEL. 
 THIS WARRANT (AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT) IS SUBJECT TO A RESTRICTIONS ON TRANSFER
FOR A PERIOD OF TIME FOLLOWING THE EFFECTIVE DATE OF THE UNDERWRITTEN PUBLIC OFFERING OF THE COMPANY’S SECURITIES AS SET FORTH HEREIN. NO TRANSFER, SALE, ASSIGNMENT, PLEDGE, HYPOTHECATION OR OTHER DISPOSITION OF THE SECURITIES REPRESENTED BY
THIS WARRANT MAY BE MADE EXCEPT IN ACCORDANCE WITH THE PROVISIONS CONTAINED HEREIN. 
  

			
	Warrant No. WC-        	  	Number of Shares:         
	Date of Issuance:                     	  	

 FOR VALUE RECEIVED, THEREALREAL, INC., a Delaware corporation (the “Company”), hereby
certifies that                      (the “Holder”) is entitled to purchase from the Company
         duly authorized, validly issued, fully paid and nonassessable shares of Common Stock at a purchase price per share of $          (the “Exercise
Price”), all subject to the terms and conditions set forth below in this Warrant. Certain capitalized terms used herein are defined in Section 1 hereof. 

 

	1.	 Definitions. As used in this Warrant, the following terms have the respective meanings set forth below:

 “Aggregate Exercise Price” means an amount equal to the product of (a) the number of Warrant
Shares in respect of which this Warrant is then being exercised pursuant to Section 3 hereof, multiplied by (b) the Exercise Price in accordance with the terms of this Warrant. 

 “Board” means the board of directors of the Company. 

“Business Day” means any day, except a Saturday, Sunday or legal holiday, on which banking institutions in the city of
San Francisco, California are authorized or obligated by law or executive order to close. 
 “Common Stock” means the
common stock, par value $0.0001 per share, of the Company, and any capital stock into which such Common Stock shall have been converted, exchanged or reclassified following the date hereof. 

“Company” has the meaning set forth in the preamble. 

“Convertible Securities” means any securities (directly or indirectly) convertible into or exchangeable for Common Stock,
but excluding Options. 
 “Exercise Date” means, for any given exercise of this Warrant, the date on which the
conditions to such exercise as set forth in Section 3 shall have been satisfied at or prior to 5:00 p.m., San Francisco, CA time, on a Business Day, including, without limitation, the receipt by the Company of the Exercise
Agreement, the Warrant and the Aggregate Exercise Price. 
 “Exercise Agreement” has the meaning set forth in
Section 3(a)(i). 
 “Exercise Period” has the meaning set forth in
Section 2. 
 “Exercise Price” has the meaning set forth in the preamble. 

“Fair Market Value” means the price on a given date as determined in good faith by the Board of Directors of the Company.

 “Holder” has the meaning set forth in the preamble. 

“Options” means any warrants or other rights or options to subscribe for or purchase Common Stock or Convertible
Securities. 
 “Original Issue Date” means
                    . 

“Person” means any individual, sole proprietorship, partnership, limited liability company, corporation, joint venture,
trust, incorporated organization or government or department or agency thereof. 

  
 2 

 “Warrant” means this Warrant and all warrants issued upon division or
combination of, or in substitution for, this Warrant. 
 “Warrant Shares” means the shares of Common Stock or other
capital stock of the Company then purchasable upon exercise of this Warrant in accordance with the terms of this Warrant. 
  

	2.	 Term of Warrant. Subject to the terms and conditions hereof, at any time or from time to time after the
date hereof and prior to 5:00 p.m., San Francisco, CA time, on                      (the “Exercise Period”), the Holder of this
Warrant may exercise this Warrant for all or any part of the Warrant Shares purchasable hereunder. 

  

	3.	 Exercise of Warrant. 

 

	 	(a)	 Exercise Procedure. This Warrant may be exercised from time to time on any Business Day during the
Exercise Period, for all or any part of the unexercised Warrant Shares, upon: 

  

	 	(i)	 surrender of this Warrant to the Company at its then principal executive offices (or an indemnification
undertaking with respect to this Warrant in the case of its loss, theft or destruction), together with an Exercise Agreement in the form attached hereto as Exhibit A (each, an “Exercise Agreement”), duly completed (including
specifying the number of Warrant Shares to be purchased) and executed; and 

  

	 	(ii)	 payment to the Company of the Aggregate Exercise Price in accordance with
Section 3(b). 

  

	 	(b)	 Payment of the Aggregate Exercise Price. Payment of the Aggregate Exercise Price shall be made, at the
option of the Holder as expressed in the Exercise Agreement, by the following methods: 

  

	 	(i)	 by delivery to the Company of a certified or official bank check payable to the order of the Company or by wire
transfer of immediately available funds to an account designated in writing by the Company, in the amount of such Aggregate Exercise Price; 

  

	 	(ii)	 by instructing the Company to withhold a number of Warrant Shares then issuable upon exercise of this Warrant
with an aggregate Fair Market Value as of the Exercise Date equal to such Aggregate Exercise Price; 

  
 3 

	 	(iii)	 any combination of the foregoing. 

In the event of any withholding of Warrant Shares or surrender of other equity securities pursuant to clause (ii) above where the number of shares whose
value is equal to the Aggregate Exercise Price is not a whole number, the number of shares withheld by or surrendered to the Company shall be rounded up to the nearest whole share and the Company shall make a cash payment to the Holder (by delivery
of a certified or official bank check or by wire transfer of immediately available funds) based on the incremental fraction of a share being so withheld by or surrendered to the Company in an amount equal to the product of (x) such incremental
fraction of a share being so withheld or surrendered multiplied by the Fair Market Value per Warrant Share as of the Exercise Date. 
  

	 	(c)	 Delivery of Stock Certificates. Upon receipt by the Company of the Exercise Agreement, surrender of this
Warrant and payment of the Aggregate Exercise Price (in accordance with Section 3(a) hereof), the Company shall execute (or cause to be executed) and deliver (or cause to be delivered) to the Holder a certificate or
certificates representing the Warrant Shares issuable upon such exercise, together with cash in lieu of any fraction of a share, as provided in Section 3(d) below. The stock certificate or certificates so delivered shall
be, to the extent possible, in such denomination or denominations as the exercising Holder shall reasonably request in the Exercise Agreement and shall be registered in the name of the Holder or, subject to compliance with
Section 7 below, such other Person’s name as shall be designated in the Exercise Agreement. This Warrant shall be deemed to have been exercised and such certificate or certificates of Warrant Shares shall be deemed to
have been issued, and the Holder or any other Person so designated to be named therein shall be deemed to have become a holder of record of such Warrant Shares for all purposes, as of the Exercise Date. 

 

	 	(d)	 Fractional Shares. The Company shall not be required to issue a fractional Warrant Share upon exercise
of any Warrant. As to any fraction of a Warrant Share that the Holder would otherwise be entitled to purchase upon such exercise, the Company shall pay to such Holder an amount in cash (by delivery of a certified or official bank check or by wire
transfer of immediately available funds) equal to the product of (i) such fraction multiplied by (ii) the Fair Market Value of one Warrant Share on the Exercise Date. 

  
 4 

	 	(e)	 Delivery of New Warrant. Unless the purchase rights represented by this Warrant shall have expired or
shall have been fully exercised, the Company shall, at the time of delivery of the certificate or certificates representing the Warrant Shares being issued in accordance with Section 3(c) hereof, deliver to the Holder a new
Warrant evidencing the rights of the Holder to purchase the unexpired and unexercised Warrant Shares called for by this Warrant. Such new Warrant shall in all other respects be identical to this Warrant. 

 

	 	(f)	 Valid Issuance of Warrant and Warrant Shares; Payment of Taxes. With respect to the exercise of this
warrant, the Company hereby represents, covenants and agrees: 

  

	 	(i)	 This Warrant is, and any Warrant issued in substitution for or replacement of this Warrant shall be, upon
issuance, duly authorized and validly issued. 

  

	 	(ii)	 All Warrant Shares issuable upon the exercise of this Warrant pursuant to the terms hereof shall be, upon
issuance, and the Company shall take all such actions as may be necessary or appropriate in order that such Warrant Shares are, validly issued, fully paid and non-assessable, issued without violation of any
preemptive or similar rights of any stockholder of the Company and free and clear of all taxes, liens and charges. 

  

	 	(iii)	 The Company shall take all such actions as may be necessary to ensure that all such Warrant Shares are issued
without violation by the Company of any applicable law or governmental regulation or any requirements of any domestic securities exchange upon which shares of Common Stock or other securities constituting Warrant Shares may be listed at the time of
such exercise (except for official notice of issuance which shall be immediately delivered by the Company upon each such issuance). 

  

	 	(iv)	 The Company shall pay all expenses in connection with, and all taxes and other governmental charges that may be
imposed with respect to, the issuance or delivery of Warrant Shares upon exercise of this Warrant; provided, that the Company shall not be required to pay any tax or governmental charge that may be imposed with respect to any applicable
withholding or the issuance or delivery of the Warrant Shares to any Person other than the Holder, and no such issuance or delivery shall be made unless and until the Person requesting such issuance has paid to the Company the amount of any such
tax, or has established to the satisfaction of the Company that such tax has been paid. 

  
 5 

	 	(g)	 Conditional Exercise. Notwithstanding any other provision hereof, if an exercise of any portion of this
Warrant is to be made in connection with a public offering or a sale of the Company (pursuant to a merger, sale of stock, or otherwise), such exercise may at the election of the Holder be conditioned upon the consummation of such transaction, in
which case such exercise shall not be deemed to be effective until immediately prior to the consummation of such transaction. 

  

	 	(h)	 Reservation of Shares. During the Exercise Period, the Company shall at all times reserve and keep
available out of its authorized but unissued Common Stock or other securities constituting Warrant Shares, solely for the purpose of issuance upon the exercise of this Warrant, the maximum number of Warrant Shares issuable upon the exercise of this
Warrant, and the par value per Warrant Share shall at all times be less than or equal to the applicable Exercise Price. The Company shall not increase the par value of any Warrant Shares receivable upon the exercise of this Warrant above the
Exercise Price then in effect, and shall take all such actions as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable shares of Common Stock upon the exercise of this Warrant.

  

	4.	 Adjustments to the Shares And Warrant Price. 

 

	 	(a)	 Stock Dividends, Splits, Etc. If the Company declares or pays a dividend or distribution on the
outstanding shares of the Common Stock payable in securities or property (other than cash), then upon exercise of this Warrant, for each Warrant Share acquired, Holder shall receive, without additional cost to Holder, the total number and kind of
securities and property which Holder would have received had Holder owned the Warrant Shares of record as of the date the dividend or distribution occurred. If the Company subdivides the outstanding shares of the Common Stock by reclassification or
otherwise into a greater number of shares, the number of Warrant Shares purchasable hereunder shall be proportionately increased and the Exercise Price shall be proportionately decreased. If the outstanding shares of the Common Stock are combined or
consolidated, by reclassification or otherwise, into a lesser number of shares, the Exercise Price shall be proportionately increased and the number of Warrant Shares shall be proportionately decreased. 

  
 6 

	 	(b)	 Reclassification, Exchange, Combinations or Substitution. Upon any event whereby all of the outstanding
shares of the Common Stock are reclassified, exchanged, combined, substituted, or replaced for, into, with or by Company securities of a different class and/or series, then from and after the consummation of such event, this Warrant will be
exercisable for the number, class and series of Company securities that Holder would have received had the Warrant Shares been outstanding on and as of the consummation of such event, and subject to further adjustment thereafter from time to time in
accordance with the provisions of this Warrant. The provisions of this Section 4(b) shall similarly apply to successive reclassifications, exchanges, combinations substitutions, replacements or other similar events.

  

	 	(c)	 No Fractional Share. No fractional share shall be issuable upon exercise of this Warrant and the number
of Warrant Shares to be issued shall be rounded down to the nearest whole share. If a fractional Warrant Share interest arises upon any exercise of the Warrant, the Company shall eliminate such fractional Warrant Share interest by paying Holder in
cash the amount computed by multiplying the fractional interest by (i) the Fair Market Value of a full Warrant Share, less (ii) the then-effective Exercise Price. 

 

	5.	 Lock-Up Period. Holder hereby agrees that Holder shall not
offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any Common
Stock (or other securities) of the Company or enter into any swap, hedging or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any Common Stock (or other securities) of the Company
held by Holder (other than those included in the registration) for a period specified by the representative of the underwriters of Common Stock (or other securities) of the Company not to exceed one hundred and eighty (180) days following the
effective date of any registration statement of the Company filed under the Securities Act (or such other period as may be requested by the Company or the underwriters to accommodate regulatory restrictions on (i) the publication or other
distribution of research reports and (ii) analyst recommendations and opinions, including, but not limited to, the restrictions contained in NASD Rule 2711(f)(4) or NYSE Rule 472(f)(4), or any successor provisions or amendments
thereto). 

 Holder agrees to execute and deliver such other agreements as may be reasonably requested by the Company or
the underwriter which are consistent with the foregoing or which are necessary to give further effect thereto. In addition, if requested by the Company or the representative of the underwriters of Common Stock (or other securities) of the Company,
Holder shall provide, within ten (10) days of such request, such information as may be required by the Company or such representative in connection with the completion of any public offering of the Company’s securities pursuant to a
registration statement filed under the 

  
 7 

 
Securities Act. The obligations described in this Section 5 shall not apply to a registration relating solely to employee benefit plans on Form S-1 or Form S-8 or similar forms that may be promulgated in the future, or a registration relating solely to a Commission Rule 145 transaction on Form S-4 or similar forms that may be promulgated in the future. The Company may impose stop-transfer instructions with respect to the shares of Common Stock (or other securities) subject to the foregoing restriction
until the end of said one hundred and eighty (180) day (or other) period. Holder agrees that any transferee of the Warrant Shares shall be bound by this Section 5. 

 

	6.	 Company’s Right of First Refusal. Before any Warrant Shares held by Holder or any
transferee (either being sometimes referred to herein as the “Holder”) may be sold or otherwise transferred (including transfer by gift or operation of law), the Company or its assignee(s) shall have a right of first refusal to purchase
the Warrant Shares on the terms and conditions set forth in this Section 6 (the “Right of First Refusal”). 

  

	 	(a)	 Notice of Proposed Transfer. The Holder of the Warrant Shares shall deliver to the Company a written
notice (the “Notice”) stating: (i) the Holder’s bona fide intention to sell or otherwise transfer such Shares; (ii) the name of each proposed purchaser or other transferee (“Proposed
Transferee”); (iii) the number of Shares to be transferred to each Proposed Transferee; and (iv) the bona fide cash price or other consideration for which the Holder proposes to transfer the Shares (the “Offered
Price”), and the Holder shall offer the Shares at the Offered Price to the Company or its assignee(s). 

  

	 	(b)	 Exercise of Right of First Refusal. At any time within thirty (30) days after receipt of the
Notice, the Company and/or its assignee(s) may, by giving written notice to the Holder, elect to purchase all, but not less than all, of the Shares proposed to be transferred to any one or more of the Proposed Transferees, at the purchase price
determined in accordance with subsection (c) below. 

  

	 	(c)	 Purchase Price. The purchase price (“ROFR Purchase Price”) for the Warrant
Shares purchased by the Company or its assignee(s) under this Section 6 shall be the Offered Price. If the Offered Price includes consideration other than cash, the cash equivalent value of the non-cash consideration shall be determined by the Board of Directors of the Company in good faith. 

  
 8 

	 	(d)	 Payment. Payment of the ROFR Purchase Price shall be made, at the option of the Company or its
assignee(s), in cash (by check), by cancellation of all or a portion of any outstanding indebtedness of the Holder to the Company (or, in the case of repurchase by an assignee, to the assignee), or by any combination thereof within thirty
(30) days after receipt of the Notice or in the manner and at the times set forth in the Notice. 

  

	 	(e)	 Holder’s Right to Transfer. If all of the Shares proposed in the Notice to be transferred to a
given Proposed Transferee are not purchased by the Company and/or its assignee(s) as provided in this Section 6, then the Holder may sell or otherwise transfer such Shares to that Proposed Transferee at the Offered Price or
at a higher price, provided that: (i) the transfer is made only on the terms provided for in the notice, with the exception of the purchase price, which may be either the price listed in the notice or any higher price; (ii) such transfer
is consummated within 60 days after the date the notice is delivered to the Company; (iii) the transfer is effected in accordance with any applicable securities laws, and if requested by the Company, the Holder shall have delivered an opinion
of counsel acceptable to the Company to that effect; and (iv) the Proposed Transferee agrees in writing that the provisions of this Section shall continue to apply to the transferred Shares in the hands of such Proposed Transferee. If any
Shares described in a notice are not transferred to the Proposed Transferee within the period provided above, then before any such Shares may be transferred, a new Notice shall be given to the Company, and the Company and/or its assignees shall
again be offered the right of first refusal described in this Section. 

  

	 	(f)	 Exception for Certain Family Transfers. Notwithstanding anything to the contrary contained elsewhere in
this Section, the transfer of any or all of the Warrant Shares during the Holder’s lifetime or on the Holder’s death by will or intestacy to the Holder’s spouse or domestic partner, child, father, mother, brother, sister, father-in-law, mother-in-law,
brother-in-law, sister-in-law, grandfather, grandmother, grandchild, cousin, aunt, uncle,
niece, nephew, stepchild, or to a trust or other similar estate planning vehicle for the benefit of the Holder or any such person, shall be exempt from the provisions of this Section; provided that, in each such case, the transferee shall agree in
writing to receive and hold the Warrant Shares so transferred subject to all of the provisions of this Warrant, including but not limited to this Section, and there shall be no further transfer of such Warrant Shares except in accordance with the
terms of this Section. For purposes of this Warrant, a person will be deemed to be a “domestic partner” of another person if the two persons (i) reside in the same residence and plan to do so indefinitely, (ii) have resided
together for at least one year, (iii) are each at least 18 years of age and mentally 

  
 9 

	 	
competent to consent to contract, (iv) are not blood relatives any closer than would prohibit legal marriage in the state in which they reside, (v) are financially interdependent, as
demonstrated to the reasonable satisfaction of the Company and (vi) have each been the sole spouse equivalent of the other for the year prior to the transfer and plan to remain so indefinitely; provided that a person will not be considered a
domestic partner if he or she is married to another person or has any other spouse equivalent. 

  

	 	(g)	 Termination of Right of First Refusal. The Right of First Refusal shall terminate as to any Warrant
Shares upon the earlier of (i) the first sale of Common Stock of the Company to the general public, or (ii) a merger or acquisition of the company in which the successor corporation has equity securities that are publicly traded.

  

	7.	 Transfer of Warrant. This Warrant and all rights hereunder are personal to the Holder and may not be
transferred, in whole or in part, by the Holder without the consent of the Company. 

  

	8.	 Holder Not Deemed a Stockholder; Limitations on Liability. Prior to the issuance to the Holder of the
Warrant Shares to which the Holder is then entitled to receive upon the due exercise of this Warrant, the Holder shall not be entitled to vote or receive dividends or be deemed the holder of shares of capital stock of the Company for any purpose,
nor shall anything contained in this Warrant be construed to confer upon the Holder, as such, any of the rights of a stockholder of the Company or any right to vote, give or withhold consent to any corporate action (whether any reorganization, issue
of stock, reclassification of stock, consolidation, merger, conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise. In addition, nothing contained in this Warrant shall be construed as imposing
any liabilities on the Holder to purchase any securities (upon exercise of this Warrant or otherwise) or as a stockholder of the Company, whether such liabilities are asserted by the Company or by creditors of the Company. 

 

	9.	 Replacement on Loss; Division and Combination. 

 

	 	(a)	 Replacement of Warrant on Loss. Upon receipt of evidence reasonably satisfactory to the Company of the
loss, theft, destruction or mutilation of this Warrant and upon delivery of an indemnity reasonably satisfactory to it (it being understood that a written indemnification agreement or affidavit of loss of the Holder shall be a sufficient indemnity)
and, in case of mutilation, upon surrender of such Warrant for cancellation to the Company, the Company at its own expense shall execute and deliver to the Holder, in lieu hereof, a new Warrant of like tenor and exercisable for an equivalent number
of Warrant Shares as the Warrant so lost, stolen, mutilated or destroyed; provided, that, in the case of mutilation, no indemnity shall be required if this Warrant in identifiable form is surrendered to the Company for cancellation.

  
 10 

	 	(b)	 Division and Combination of Warrant. Subject to compliance with the applicable provisions of this
Warrant and the Stockholders Agreement as to any transfer or other assignment which may be involved in such division or combination, this Warrant may be divided or, following any such division of this Warrant, subsequently combined with other
Warrants, upon the surrender of this Warrant or Warrants to the Company at its then principal executive offices, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the respective
Holders or their agents or attorneys. Subject to compliance with the applicable provisions of this Warrant and the Stockholders Agreement as to any transfer or assignment which may be involved in such division or combination, the Company shall at
its own expense execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants so surrendered in accordance with such notice. Such new Warrant or Warrants shall be of like tenor to the surrendered Warrant or Warrants and shall
be exercisable in the aggregate for an equivalent number of Warrant Shares as the Warrant or Warrants so surrendered in accordance with such notice. 

  

	10.	 Compliance with the Securities Act. 

 

	 	(a)	 Agreement to Comply with the Securities Act; Legend. The Holder, by acceptance of this Warrant, agrees
to comply in all respects with the provisions of this Section 10 and the restrictive legend requirements set forth on the face of this Warrant and further agrees that such Holder shall not offer, sell or otherwise dispose
of this Warrant or any Warrant Shares to be issued upon exercise hereof except under circumstances that will not result in a violation of the Securities Act of 1933, as amended (the “Securities Act”). This Warrant and all Warrant
Shares issued upon exercise of this Warrant (unless registered under the Securities Act) shall be stamped or imprinted with a legend in substantially the following form: 

“THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“ACT”), OR QUALIFIED UNDER ANY STATE OR FOREIGN SECURITIES LAWS AND MAY NOT BE OFFERED FOR SALE, SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED OR ASSIGNED UNLESS (I) A REGISTRATION STATEMENT COVERING SUCH SHARES IS EFFECTIVE
UNDER THE ACT AND IS QUALIFIED UNDER APPLICABLE STATE 

  
 11 

 
AND FOREIGN LAW OR (II) THE TRANSACTION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS UNDER THE ACT AND THE QUALIFICATION REQUIREMENTS UNDER APPLICABLE STATE AND
FOREIGN LAW AND, IF THE CORPORATION REQUESTS, AN OPINION SATISFACTORY TO THE CORPORATION TO SUCH EFFECT HAS BEEN RENDERED BY COUNSEL.” 
  

	 	(b)	 Representations of the Holder. In connection with the issuance of this Warrant, the Holder specifically
represents, as of the date hereof, to the Company by acceptance of this Warrant as follows: 

  

	 	(i)	 The Holder is an “accredited investor” as defined in Rule 501 of Regulation D promulgated under the
Securities Act. The Holder is acquiring this Warrant and the Warrant Shares to be issued upon exercise hereof for investment for its own account and not with a view towards, or for resale in connection with, the public sale or distribution of this
Warrant or the Warrant Shares, except pursuant to sales registered or exempted under the Securities Act. 

  

	 	(ii)	 The Holder understands and acknowledges that this Warrant and the Warrant Shares to be issued upon exercise
hereof are “restricted securities” under the federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that, under such laws and applicable regulations, such
securities may be resold without registration under the Securities Act only in certain limited circumstances. In addition, the Holder represents that it is familiar with Rule 144 under the Securities Act, as presently in effect, and understands the
resale limitations imposed thereby and by the Securities Act. 

  

	 	(iii)	 The Holder acknowledges that it can bear the economic and financial risk of its investment for an indefinite
period, and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the Warrant and the Warrant Shares. The Holder has had an opportunity to ask questions and
receive answers from the Company regarding the terms and conditions of the offering of the Warrant and the business, properties, prospects and financial condition of the Company. 

  
 12 

	11.	 Warrant Register. The Company shall keep and properly maintain at its principal executive offices books
for the registration of the Warrant and any transfers thereof. The Company may deem and treat the Person in whose name the Warrant is registered on such register as the Holder thereof for all purposes, and the Company shall not be affected by any
notice to the contrary, except any assignment, division, combination or other transfer of the Warrant effected in accordance with the provisions of this Warrant. 

 

	12.	 Notices. All notices, requests, consents, claims, demands, waivers and other communications hereunder
shall be in writing and shall be deemed to have been given: (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee if sent by a nationally recognized overnight courier (receipt requested); (c) on
the date sent by facsimile or e-mail of a PDF document (with confirmation of transmission) if sent during normal business hours of the recipient, and on the next Business Day if sent after normal business
hours of the recipient; or (d) on the third day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid. Such communications must be sent to the respective parties at the addresses indicated below (or
at such other address for a party as shall be specified in a notice given in accordance with this Section 12). 

  

					
	If to the Company:	  	 TheRealReal, Inc. 
1980 Oakdale Ave. 
San Francisco, CA 94124

Attention: Chief Financial Officer
	  	
			
	with a copy to:	  	 Sidley Austin LLP 
1001 Page Mill Road, Building 1 
Palo Alto, CA 94304

Facsimile:        (650)-565-7001

E-mail:             hbarry@sidley.com

Attention:         Hank Barry
	  	
			
	If to the Holder:	  	  
	  	
			
		  	  
	  	
			
		  	  
	  	
		  	 Facsimile:

E-mail:

Attention:
	  	

  
 13 

	13.	 Cumulative Remedies. Except to the extent expressly provided in Section 8 to
the contrary, the rights and remedies provided in this Warrant are cumulative and are not exclusive of, and are in addition to and not in substitution for, any other rights or remedies available at law, in equity or otherwise. 

 

	14.	 Entire Agreement. This Warrant constitutes the sole and entire agreement of the parties to this Warrant
with respect to the subject matter contained herein, and supersedes all prior and contemporaneous understandings and agreements, both written and oral, with respect to such subject matter. 

 

	15.	 Successor and Assigns. This Warrant and the rights evidenced hereby shall be binding upon and shall
inure to the benefit of the parties hereto and the successors of the Company and the successors and permitted assigns of the Holder. Such successors and/or permitted assigns of the Holder shall be deemed to be a Holder for all purposes hereunder.

  

	16.	 No Third-Party Beneficiaries. This Warrant is for the sole benefit of the Company and the Holder and
their respective successors and, in the case of the Holder, permitted assigns and nothing herein, express or implied, is intended to or shall confer upon any other Person any legal or equitable right, benefit or remedy of any nature whatsoever,
under or by reason of this Warrant. 

  

	17.	 Headings. The headings in this Warrant are for reference only and shall not affect the interpretation of
this Warrant. 

  

	18.	 Amendment and Modification; Waiver. Except as otherwise provided herein, this Warrant may only be
amended, modified or supplemented by an agreement in writing signed by each party hereto. No waiver by the Company or the Holder of any of the provisions hereof shall be effective unless explicitly set forth in writing and signed by the party so
waiving. No waiver by any party shall operate or be construed as a waiver in respect of any failure, breach or default not expressly identified by such written waiver, whether of a similar or different character, and whether occurring before or
after that waiver. No failure to exercise, or delay in exercising, any rights, remedy, power or privilege arising from this Warrant shall operate or be construed as a waiver thereof; nor shall any single or partial exercise of any right, remedy,
power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. 

  

	19.	 Severability. If any term or provision of this Warrant is invalid, illegal or unenforceable in any
jurisdiction, such invalidity, illegality or unenforceability shall not affect any other term or provision of this Warrant or invalidate or render unenforceable such term or provision in any other jurisdiction. 

 

	20.	 Governing Law. This Warrant shall be governed by and construed in accordance with the internal laws of
the State of Delaware without giving effect to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of laws of any jurisdiction other than those of the State of
Delaware. 

  
 14 

	21.	 Submission to Jurisdiction. Any legal suit, action or proceeding arising out of or based upon this
Warrant or the transactions contemplated hereby may be instituted in the federal courts of the United States of America or the courts of the State of California in each case located in the city and county of San Francisco, and each party irrevocably
submits to the exclusive jurisdiction of such courts in any such suit, action or proceeding. Service of process, summons, notice or other document by certified or registered mail to such party’s address set forth herein shall be effective
service of process for any suit, action or other proceeding brought in any such court. The parties irrevocably and unconditionally waive any objection to the laying of venue of any suit, action or any proceeding in such courts and irrevocably waive
and agree not to plead or claim in any such court that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. 

 

	22.	 Waiver of Jury Trial. Each party acknowledges and agrees that any controversy which may arise under this
Warrant is likely to involve complicated and difficult issues and, therefore, each such party irrevocably and unconditionally waives any right it may have to a trial by jury in respect of any legal action arising out of or relating to this Warrant
or the transactions contemplated hereby. 

  

	23.	 Counterparts. This Warrant may be executed in counterparts, each of which shall be deemed an original,
but all of which together shall be deemed to be one and the same agreement. A signed copy of this Warrant delivered by facsimile, e-mail or other means of electronic transmission shall be deemed to have the
same legal effect as delivery of an original signed copy of this Warrant. 

  

	24.	 No Strict Construction. This Warrant shall be construed without regard to any presumption or rule
requiring construction or interpretation against the party drafting an instrument or causing any instrument to be drafted. 

SIGNATURE PAGE FOLLOWS 

  
 15 

 IN WITNESS WHEREOF, the Company has duly executed this Warrant on the Original Issue Date.

  

			
	THEREALREAL, INC.
		
	By:	 	              

	Name: Julie Wainwright
	Title: Chief Executive Officer

  

	
	 Accepted and agreed,

	
	  

  

			
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 16 

 EXHIBIT A 

EXERCISE AGREEMENT 
  

			
	 To:  TheRealReal, Inc.
	  	Dated:                     

 The undersigned, pursuant to the provisions set forth in the attached Common Stock Purchase Warrant No. WC-     (the “Warrant”), hereby irrevocably elects to either 

☐ purchase                     
shares of the Common Stock covered by such Warrant and herewith makes payment of $                     , or 

☐ surrender shares of Warrant Stock pursuant to Section 3(b)(ii) of the Warrant, for a fair market value to be determined by the
Board of Directors of TheRealReal, Inc. in good faith 
 representing the full purchase price for such shares at the price per share provided for in such
Warrant by one of the methods specified for payment in Section 3(b) of such Warrant. 
 The undersigned acknowledges that it has reviewed the
representations and warranties set forth in Section 10 of the Warrant and by its signature below hereby makes such representations and warranties to the Company. Defined terms contained in such representations and warranties shall have the
meanings assigned to them in the Warrant, provided that the term “Purchaser” shall refer to the undersigned and the term “Securities” shall refer to the Warrant Stock. 

The undersigned further acknowledges that it has reviewed the restrictions on transfer and the market standoff provisions set forth in Section 5 of the
Warrant as well as the right of first refusal provisions set forth in Section 6 of the Warrant, and agrees to be bound by such provisions. 
  

	
	Signature:
                                         
                           
	
	Name (print):
                                         
                     
	
	Title (if applicable)
                                         
            
	
	Company (if applicable):EX-4.3

 Exhibit 4.3 

THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, PLEDGED OR
OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH APPLICABLE LAW. 
 WARRANT TO PURCHASE STOCK 

 

			
	Corporation:	  	TheRealReal, Inc.
	Number of Shares:	  	             (subject to adjustment pursuant to Section 1.7)
	Class of Stock:	  	Series B Preferred
	Initial Exercise Price:	  	$             per share
	Issue Date:	  	            
	Expiration Date:	  	            

 THIS WARRANT CERTIFIES THAT, for good
and valuable consideration, the receipt of which is hereby acknowledged,              or its assignee (“Holder”) is entitled to purchase the number of fully paid and
nonassessable shares of the class of securities (the “Shares”) of the corporation (the “Company”) at the initial exercise price per Share (the “Warrant Price”) all as set forth
above and as adjusted pursuant to Article 2 of this warrant, subject to the provisions and upon the terms and conditions set forth in this warrant. 

ARTICLE 1 
 EXERCISE

 1.1 Method of Exercise. Holder may exercise this warrant by delivering this warrant and a duly executed Notice of
Exercise in substantially the form attached as Appendix 1 to the principal office of the Company. Unless Holder is exercising the conversion right set forth in Section 1.2, Holder shall also deliver to the Company a check for the aggregate
Warrant Price for the Shares being purchased. 
 1.2 Conversion Right. In lieu of exercising this warrant as specified in
Section 1.1, Holder may from time to time convert this warrant, in whole or in part, into a number of Shares determined by dividing (a) the aggregate fair market value of the Shares or other securities otherwise issuable upon exercise of
this warrant minus the aggregate Warrant Price of such Shares by (b) the fair market value of one Share. The fair market value of the Shares shall be determined pursuant to Section 1.3. 

1.3 Fair Market Value. If the Shares are traded regularly in a public market, the fair market value of the Shares shall be the
closing price of the Shares (or the closing price of the Company’s stock into which the Shares are convertible) reported for the business day immediately before Holder delivers its Notice of Exercise to the Company. If the Shares are not
regularly traded in a public market, the Board of Directors of the Company shall determine fair market value in its reasonable good faith judgment. 

  

					
	TheRealReal, Inc. — Warrant	  		  	

 1.4 Delivery of Certificate and New Warrant. Promptly after Holder exercises
or converts this warrant, the Company shall deliver to Holder certificates for the Shares acquired and, if this warrant has not been fully exercised or converted and has not expired, a new warrant representing the Shares not so acquired. 

1.5 Replacement of Warrants. On receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or
mutilation of this warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably satisfactory in form and amount to the Company or, in the case of mutilation, on surrender and cancellation of this warrant,
the Company at its expense shall execute and deliver, in lieu of this warrant, a new warrant of like tenor. 
 1.6 Repurchase on Sale,
Merger, or Consolidation of the Company. 
 1.6.1 “Acquisition.” For the purpose of this warrant,
“Acquisition” means (a) any sale, license, or other disposition of all or substantially all of the assets (including intellectual property) of the Company, or (b) any reorganization, consolidation, merger or sale of the voting
securities of the Company or any other transaction where the holders of the Company’s securities before the transaction beneficially own less than 50% of the outstanding voting securities of the surviving entity after the transaction. 

1.6.2 Assumption of Warrant. If upon the closing of any Acquisition the successor entity assumes the obligations of this warrant,
then this warrant shall be exercisable for the same securities, cash, and property as would be payable for the Shares issuable upon exercise of the unexercised portion of this warrant as if such Shares were outstanding on the record date for the
Acquisition and subsequent closing. The Warrant Price shall be adjusted accordingly. The Company shall use reasonable efforts to cause the surviving corporation to assume the obligations of this warrant. 

1.6.3 Nonassumption. If upon the closing of any Acquisition the successor entity does not assume the obligations of this warrant
and Holder has not otherwise exercised this warrant in full, then Holder shall have the option either to (a) deem this warrant to have been automatically converted pursuant to Section 1.2 and thereafter Holder shall participate in the
Acquisition on the same terms as other holders of the same class of securities of the Company; or (b) require the Company to purchase this warrant for cash upon the closing of the Acquisition for an amount per Share equal to three
(3) times the Warrant Price. 
 1.7 Adjustment in Number of Shares. The number of shares for which this warrant is
exercisable shall automatically increase by an amount equal to the quotient of (a) (i) the aggregate principal amount of all Term Loans made pursuant to that certain Loan and Security Agreement by and between the Company and
                     dated                     ,
as it may be amended from time to time (provided that such amount shall not exceed $5,000,000), multiplied by (ii) 0.01125, divided by (b) the Initial Exercise Price; provided, that, for the avoidance of doubt, under no circumstance will the
total number of shares for which this warrant is exercisable be greater than                     . With respect to any adjustment to the number of
shares pursuant to this Section 1.7, all shares subject to this warrant shall be of the same series and class of stock and bearing the same rights, preferences, and privileges as such series and class of stock denoted in the above caption
hereto. The adjustment under this Section 1.7 shall be in addition to any adjustment made pursuant to Article 2 hereof. 

  

					
	TheRealReal, Inc. — Warrant	  		  	

 ARTICLE 2 

ADJUSTMENTS TO THE SHARES 

2.1 Stock Dividends, Splits, Etc. If the Company declares or pays a dividend on its common stock payable in common stock, or
other securities, or subdivides the outstanding common stock into a greater amount of common stock, then upon exercise of this warrant, for each Share acquired, Holder shall receive, without cost to Holder, the total number and kind of securities to
which Holder would have been entitled had Holder owned the Shares of record as of the date the dividend or subdivision occurred. 

2.2 Reclassification, Exchange or Substitution. Upon any reclassification, exchange, substitution, or other event that results in
a change of the number and/or class of the securities issuable upon exercise or conversion of this warrant, Holder shall be entitled to receive, upon exercise or conversion of this warrant, the number and kind of securities and property that Holder
would have received for the Shares if this warrant had been exercised immediately before such reclassification, exchange, substitution, or other event. Such an event shall include any automatic conversion of the outstanding or issuable securities of
the Company of the same class or series as the Shares to common stock pursuant to the terms of the Company’s Certificate of Incorporation upon the closing of a registered public offering of the Company’s common stock. The Company or its
successor shall promptly issue to Holder a new warrant for such new securities or other property. The new warrant shall provide for adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided for in this Article
2 including, without limitation, adjustments to the Warrant Price and to the number of securities or property issuable upon exercise of the new warrant. The provisions of this Section 2.2 shall similarly apply to successive reclassifications,
exchanges, substitutions, or other events. 
 2.3 Adjustments for Combinations, Etc. If the outstanding Shares are combined or
consolidated, by reclassification or otherwise, into a lesser number of shares, the Warrant Price shall be proportionately increased. If the outstanding Shares are combined or consolidated, by reclassification or otherwise, into a greater number of
shares, the Warrant Price shall be proportionately decreased. 
 2.4 Adjustments for Diluting Issuances. In the event of the
issuance (a “Diluting Issuance”) by the Company after the Issue Date of securities at a price per share less than the Warrant Price, then the number of shares of common stock issuable upon conversion of the Shares shall be
adjusted in accordance with those provisions of the Company’s Certificate of Incorporation that apply to Diluting Issuances. 

2.5 Certificate as to Adjustments. Upon each adjustment of the Warrant Price, the Company at its expense shall promptly compute
such adjustment, and furnish Holder with a certificate of its Chief Financial Officer setting forth such adjustment and the facts upon which such adjustment is based. The Company shall, upon written request, furnish Holder a certificate setting
forth the Warrant Price in effect upon the date thereof and the series of adjustments leading to such Warrant Price. 

  

					
	TheRealReal, Inc. — Warrant	  		  	

 2.6 Fractional Shares. No fractional Shares shall be issuable upon exercise or
conversion of the warrant, and the Number of Shares to be issued shall be rounded down to the nearest whole Share. If a fractional share interest arises upon any exercise or conversion of the warrant, the Company shall eliminate such fractional
share interest by paying Holder the amount computed by multiplying the fractional interest by the fair market value of a full Share. 

ARTICLE 3 

REPRESENTATIONS AND COVENANTS OF THE COMPANY 

3.1 Representations and Warranties. The Company hereby represents and warrants to the Holder as follows: 

(a) The initial Warrant Price referenced on the first page of this warrant is not greater than the fair market value of the Shares as of
the date of this warrant. 
 (b) All Shares which may be issued upon the exercise of the purchase right represented by this warrant,
and all securities, if any, issuable upon conversion of the Shares, shall, upon issuance, be duly authorized, validly issued, fully paid and nonassessable, and free of any liens and encumbrances except for restrictions on transfer provided for
herein or under applicable federal and state securities laws. 
 (c) The Company’s capitalization table attached to this warrant
is true and complete as of the Issue Date. 
 3.2 Notice of Certain Events. The Company shall provide Holder with not less than
10 days prior written notice, including a description of the material facts surrounding, any of the following events: (a) declaration of any dividend or distribution upon its common stock, whether in cash, property, stock, or other securities
and whether or not a regular cash dividend; (b) offering for subscription pro rata to the holders of any class or series of its stock any additional shares of stock of any class or series or other rights; (c) effecting any reclassification
or recapitalization of common stock; or (d) the merger or consolidation with or into any other corporation, or sale, lease, license, or conveyance of all or substantially all of its assets, or liquidation, dissolution or winding up. 

3.3 Information Rights. So long as the Holder holds this warrant and/or any of the Shares, the Company shall deliver to the
Holder (a) promptly after mailing, copies of all communiques to the shareholders of the Company, (b) within one hundred eighty (180) days after the end of each fiscal year of the Company, the annual audited financial statements of the
Company certified by independent public accountants of recognized standing and (c) within forty-five (45) days after the end of each of the first three quarters of each fiscal year, the Company’s quarterly, unaudited financial
statements. 

  

					
	TheRealReal, Inc. — Warrant	  		  	

 3.4 Registration Under Securities Act of 1933, as amended. The Company agrees
that upon exercise of the Shares pursuant to Article 1, Holder may become an “Investor” under that certain Investors’ Rights Agreement among the Company and other investors dated as of April 3, 2013, as amended from time to time,
(the “IRA”) by executing a joinder pursuant to Section 6.9 of the IRA. For the avoidance of doubt, Holder will not be a “Major Investor” under the IRA and the common stock of the Company which the Shares are convertible into
shall be “Registrable Securities” under the IRA. 
 ARTICLE 4 

MISCELLANEOUS 
 4.1
Term: Exercise Upon Expiration. This warrant is exercisable in whole or in part, at any time and from time to time on or before the Expiration Date set forth above; provided, however, that if the Company completes its initial public offering
within the three-year period immediately prior to the Expiration Date, the Expiration Date shall automatically be extended until the third anniversary of the effective date of the Company’s initial public offering. If this warrant has not been
exercised prior to the Expiration Date, this warrant shall be deemed to have been automatically exercised on the Expiration Date by “cashless” conversion pursuant to Section 1.2. 

4.2 Legends. This warrant and the Shares (and the securities issuable, directly or indirectly, upon conversion of the Shares, if
any) shall be imprinted with a legend in substantially the following form: 
 THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, AND MAY NOT BE SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH APPLICABLE LAW. 
 4.3 Compliance with
Securities Laws on Transfer. This warrant and the Shares issuable upon exercise of this warrant (and the securities issuable, directly or indirectly, upon conversion of the Shares, if any) may not be transferred or assigned in whole or in part
without compliance with applicable federal and state securities laws by the transferor and the transferee. The Company shall not require Holder to provide an opinion of counsel if the transfer is to an affiliate of Holder or if there is no material
question as to the availability of current information as referenced in Rule 144(c), Holder represents that it has complied with Rule 144 (d) and (e) in reasonable detail, the selling broker represents that it has complied with Rule 144(f), and
the Company is provided with a copy of Holder’s notice of proposed sale. 
 4.4 Transfer Procedure. Subject to the
provisions of Section 4.3, Holder may transfer all or part of this warrant or the Shares issuable upon exercise of this warrant (or the securities issuable, directly or indirectly, upon conversion of the Shares, if any) by giving the Company
notice of the portion of the warrant being transferred setting forth the name, address and taxpayer identification number of the transferee and surrendering this warrant to the Company for reissuance to the transferee(s) (and Holder, if applicable).
No surrender or reissuance shall be required if the transfer is to an affiliate of Holder. 

  

					
	TheRealReal, Inc. — Warrant	  		  	

 4.5 Notices. All notices and other communications from the Company to the
Holder, or vice versa, shall be deemed delivered and effective when given personally or mailed by first-class registered or certified mail, postage prepaid, at such address as may have been furnished to the Company or the Holder, as the case may be,
in writing by the Company or such Holder from time to time. All notices to the Holder shall be addressed as follows: 
  

			
		 	  

		
		 	  

		
		 	  

 4.6 Amendments. This warrant and any term hereof may be changed, waived, discharged or
terminated only by an instrument in writing signed by the party against which enforcement of such change, waiver, discharge or termination is sought. 

4.7 Attorneys’ Fees. In the event of any dispute between the parties concerning the terms and provisions of this warrant,
the party prevailing in such dispute shall be entitled to collect from the other party all costs incurred in such dispute, including reasonable attorneys’ fees. 

4.8 Governing Law. This warrant shall be governed by and construed in accordance with the laws of the State of California,
without giving effect to its principles regarding conflicts of law. 
 Signature Page Follows 

  

					
	TheRealReal, Inc. — Warrant	  		  	

 IN WITNESS WHEREOF, the undersigned has executed this Warrant to Purchase Stock as of the date set forth
above. 
  

			
	THEREALREAL, INC.

 
			
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 Signature Page to Warrant to Purchase Stock 

  

					
		  		  	

 APPENDIX 1 

NOTICE OF EXERCISE 

1. The undersigned hereby elects to purchase
                     shares of the
                     stock of THEREALREAL, INC. pursuant to the terms of the
attached warrant, and tenders herewith payment of the purchase price of such shares in full. 
 1. The undersigned hereby elects to
convert the attached warrant into shares in the manner specified in the warrant. This conversion is exercised with respect to                      of
the shares covered by the warrant. 
 Strike paragraph that does not apply. 

2. Please issue a certificate or certificates representing said shares in the name of the undersigned or in such other name as is
specified below: 
  

			
		 	  

		
		 	  

		
		 	  

 3. The undersigned represents it is acquiring the shares solely for its own account and not as a
nominee for any other party and not with a view toward the resale or distribution thereof except in compliance with applicable securities laws. 
  

	
	             or Registered Assignee
	
	  

	(Signature)
	
	  

	(Date)

  

					
	TheRealReal, Inc. — Warrant	  		  	

 THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, AND MAY NOT BE SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH APPLICABLE LAW. 
 SECOND WARRANT TO PURCHASE
STOCK 
  

			
	Corporation:	  	TheRealReal, Inc.
	Number of Shares:	  	            
	Class of Stock:	  	Series B Preferred
	Initial Exercise Price:	  	$             per share
	Issue Date:	  	            
	Expiration Date:	  	            

 THIS SECOND WARRANT CERTIFIES
THAT, for good and valuable consideration, the receipt of which is hereby acknowledged,              or its assignee (“Holder”) is entitled to
purchase the number of fully paid and nonassessable shares of the class of securities (the “Shares”) of the corporation (the “Company”) at the initial exercise price per Share (the “Warrant
Price”) all as set forth above and as adjusted pursuant to Article 2 of this warrant, subject to the provisions and upon the terms and conditions set forth in this warrant. 

ARTICLE 5 
 EXERCISE

 5.1 Method of Exercise. Holder may exercise this warrant by delivering this warrant and a duly executed Notice of
Exercise in substantially the form attached as Appendix 1 to the principal office of the Company. Unless Holder is exercising the conversion right set forth in Section 1.2, Holder shall also deliver to the Company a check for the aggregate
Warrant Price for the Shares being purchased. 
 5.2 Conversion Right. In lieu of exercising this warrant as specified in
Section 1.1, Holder may from time to time convert this warrant, in whole or in part, into a number of Shares determined by dividing (a) the aggregate fair market value of the Shares or other securities otherwise issuable upon exercise of
this warrant minus the aggregate Warrant Price of such Shares by (b) the fair market value of one Share. The fair market value of the Shares shall be determined pursuant to Section 1.3. 

5.3 Fair Market Value. If the Shares are traded regularly in a public market, the fair market value of the Shares shall be the
closing price of the Shares (or the closing price of the Company’s stock into which the Shares are convertible) reported for the business day immediately before Holder delivers its Notice of Exercise to the Company. If the Shares are not
regularly traded in a public market, the Board of Directors of the Company shall determine fair market value in its reasonable good faith judgment. 

5.4 Delivery of Certificate and New Warrant. Promptly after Holder exercises or converts this warrant, the Company shall deliver
to Holder certificates for the Shares acquired and, if this warrant has not been fully exercised or converted and has not expired, a new warrant representing the Shares not so acquired. 

  

					
	TheRealReal, Inc. — Warrant	  		  	

 5.5 Replacement of Warrants. On receipt of evidence reasonably satisfactory to
the Company of the loss, theft, destruction or mutilation of this warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably satisfactory in form and amount to the Company or, in the case of mutilation,
on surrender and cancellation of this warrant, the Company at its expense shall execute and deliver, in lieu of this warrant, a new warrant of like tenor. 

5.6 Repurchase on Sale, Merger, or Consolidation of the Company. 

5.6.1 “Acquisition.” For the purpose of this warrant, “Acquisition” means (a) any sale,
license, or other disposition of all or substantially all of the assets (including intellectual property) of the Company, or (b) any reorganization, consolidation, merger or sale of the voting securities of the Company or any other transaction
where the holders of the Company’s securities before the transaction beneficially own less than 50% of the outstanding voting securities of the surviving entity after the transaction. 

5.6.2 Assumption of Warrant. If upon the closing of any Acquisition the successor entity assumes the obligations of this warrant,
then this warrant shall be exercisable for the same securities, cash, and property as would be payable for the Shares issuable upon exercise of the unexercised portion of this warrant as if such Shares were outstanding on the record date for the
Acquisition and subsequent closing. The Warrant Price shall be adjusted accordingly. The Company shall use reasonable efforts to cause the surviving corporation to assume the obligations of this warrant. 

5.6.3 Nonassumption. If upon the closing of any Acquisition the successor entity does not assume the obligations of this warrant
and Holder has not otherwise exercised this warrant in full, then Holder shall have the option either to (a) deem this warrant to have been automatically converted pursuant to Section 1.2 and thereafter Holder shall participate in the
Acquisition on the same terms as other holders of the same class of securities of the Company; or (b) require the Company to purchase this warrant for cash upon the closing of the Acquisition for an amount per Share equal to three
(3) times the Warrant Price. 
 ARTICLE 6 

ADJUSTMENTS TO THE SHARES 

6.1 Stock Dividends, Splits, Etc. If the Company declares or pays a dividend on its common stock payable in common stock, or
other securities, or subdivides the outstanding common stock into a greater amount of common stock, then upon exercise of this warrant, for each Share acquired, Holder shall receive, without cost to Holder, the total number and kind of securities to
which Holder would have been entitled had Holder owned the Shares of record as of the date the dividend or subdivision occurred. 

  

					
	TheRealReal, Inc. — Warrant	  		  	

 6.2 Reclassification, Exchange or Substitution. Upon any reclassification,
exchange, substitution, or other event that results in a change of the number and/or class of the securities issuable upon exercise or conversion of this warrant, Holder shall be entitled to receive, upon exercise or conversion of this warrant, the
number and kind of securities and property that Holder would have received for the Shares if this warrant had been exercised immediately before such reclassification, exchange, substitution, or other event. Such an event shall include any automatic
conversion of the outstanding or issuable securities of the Company of the same class or series as the Shares to common stock pursuant to the terms of the Company’s Certificate of Incorporation upon the closing of a registered public offering
of the Company’s common stock. The Company or its successor shall promptly issue to Holder a new warrant for such new securities or other property. The new warrant shall provide for adjustments which shall be as nearly equivalent as may be
practicable to the adjustments provided for in this Article 2 including, without limitation, adjustments to the Warrant Price and to the number of securities or property issuable upon exercise of the new warrant. The provisions of this
Section 2.2 shall similarly apply to successive reclassifications, exchanges, substitutions, or other events. 
 6.3
Adjustments for Combinations, Etc. If the outstanding Shares are combined or consolidated, by reclassification or otherwise, into a lesser number of shares, the Warrant Price shall be proportionately increased. If the outstanding Shares are
combined or consolidated, by reclassification or otherwise, into a greater number of shares, the Warrant Price shall be proportionately decreased. 

6.4 Adjustments for Diluting Issuances. In the event of the issuance (a “Diluting Issuance”) by the
Company after the Issue Date of securities at a price per share less than the Warrant Price, then the number of shares of common stock issuable upon conversion of the Shares shall be adjusted in accordance with those provisions of the Company’s
Certificate of Incorporation that apply to Diluting Issuances. 
 6.5 Certificate as to Adjustments. Upon each adjustment of
the Warrant Price, the Company at its expense shall promptly compute such adjustment, and furnish Holder with a certificate of its Chief Financial Officer setting forth such adjustment and the facts upon which such adjustment is based. The Company
shall, upon written request, furnish Holder a certificate setting forth the Warrant Price in effect upon the date thereof and the series of adjustments leading to such Warrant Price. 

6.6 Fractional Shares. No fractional Shares shall be issuable upon exercise or conversion of the warrant, and the Number of
Shares to be issued shall be rounded down to the nearest whole Share. If a fractional share interest arises upon any exercise or conversion of the warrant, the Company shall eliminate such fractional share interest by paying Holder the amount
computed by multiplying the fractional interest by the fair market value of a full Share. 
 ARTICLE 7 

REPRESENTATIONS AND COVENANTS OF THE COMPANY 

7.1 Representations and Warranties. The Company hereby represents and warrants to the Holder as follows: 

  

					
	TheRealReal, Inc. — Warrant	  		  	

 (a) The initial Warrant Price referenced on the first page of this warrant is not
greater than the fair market value of the Shares as of the date of this warrant. 
 (b) All Shares which may be issued upon the
exercise of the purchase right represented by this warrant, and all securities, if any, issuable upon conversion of the Shares, shall, upon issuance, be duly authorized, validly issued, fully paid and nonassessable, and free of any liens and
encumbrances except for restrictions on transfer provided for herein or under applicable federal and state securities laws. 
 (c) The
Company’s capitalization table attached to this warrant is true and complete as of the Issue Date. 
 7.2 Notice of Certain
Events. The Company shall provide Holder with not less than 10 days prior written notice, including a description of the material facts surrounding, any of the following events: (a) declaration of any dividend or distribution upon its
common stock, whether in cash, property, stock, or other securities and whether or not a regular cash dividend; (b) offering for subscription pro rata to the holders of any class or series of its stock any additional shares of stock of any
class or series or other rights; (c) effecting any reclassification or recapitalization of common stock; or (d) the merger or consolidation with or into any other corporation, or sale, lease, license, or conveyance of all or substantially
all of its assets, or liquidation, dissolution or winding up. 
 7.3 Information Rights. So long as the Holder holds this
warrant and/or any of the Shares, the Company shall deliver to the Holder (a) promptly after mailing, copies of all communiques to the shareholders of the Company, (b) within one hundred eighty (180) days after the end of each fiscal
year of the Company, the annual audited financial statements of the Company certified by independent public accountants of recognized standing and (c) within forty-five (45) days after the end of each of the first three quarters of each
fiscal year, the Company’s quarterly, unaudited financial statements. 
 7.4 Registration Under Securities Act of 1933, as
amended. The Company agrees that, upon exercise of tall or a portion of this warrant pursuant to Article 1, Holder may become an “Investor” under that certain Amended and Restated Investors’ Rights Agreement among the Company and
other investors dated as of April 3, 2013, as amended from time to time, (the “IRA”) by executing a joinder pursuant to Section 6.9 of the IRA. For the avoidance of doubt, Holder will not be a “Major Investor” under the
IRA and the common stock of the Company into which the Shares are convertible shall be “Registrable Securities” under the IRA. 

ARTICLE 8 

MISCELLANEOUS 
 8.1
Term: Exercise Upon Expiration. This warrant is exercisable in whole or in part, at any time and from time to time on or before the Expiration Date set forth above; provided, however, that if the Company completes its initial public offering
within the three-year period immediately prior to the Expiration Date, the Expiration Date shall automatically be extended until the third anniversary of the effective date of the Company’s initial public offering. If this warrant has not been
exercised prior to the Expiration Date, this warrant shall be deemed to have been automatically exercised on the Expiration Date by “cashless” conversion pursuant to Section 1.2. 

  

					
	TheRealReal, Inc. — Warrant	  		  	

 8.2 Legends. This warrant and the Shares (and the securities issuable,
directly or indirectly, upon conversion of the Shares, if any) shall be imprinted with a legend in substantially the following form: 
 THIS SECURITY HAS NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH APPLICABLE LAW. 

8.3 Compliance with Securities Laws on Transfer. This warrant and the Shares issuable upon exercise of this warrant (and the
securities issuable, directly or indirectly, upon conversion of the Shares, if any) may not be transferred or assigned in whole or in part without compliance with applicable federal and state securities laws by the transferor and the transferee. The
Company shall not require Holder to provide an opinion of counsel if the transfer is to an affiliate of Holder or if there is no material question as to the availability of current information as referenced in Rule 144(c), Holder represents that it
has complied with Rule 144 (d) and (e) in reasonable detail, the selling broker represents that it has complied with Rule 144(f), and the Company is provided with a copy of Holder’s notice of proposed sale. 

8.4 Transfer Procedure. Subject to the provisions of Section 4.3, Holder may transfer all or part of this warrant or the
Shares issuable upon exercise of this warrant (or the securities issuable, directly or indirectly, upon conversion of the Shares, if any) by giving the Company notice of the portion of the warrant being transferred setting forth the name, address
and taxpayer identification number of the transferee and surrendering this warrant to the Company for reissuance to the transferee(s) (and Holder, if applicable). No surrender or reissuance shall be required if the transfer is to an affiliate of
Holder. 
 8.5 Notices. All notices and other communications from the Company to the Holder, or vice versa, shall be deemed
delivered and effective when given personally or mailed by first-class registered or certified mail, postage prepaid, at such address as may have been furnished to the Company or the Holder, as the case may be, in writing by the Company or such
Holder from time to time. All notices to the Holder shall be addressed as follows: 
  

			
		 	  

		
		 	  

		
		 	  

 8.6 Amendments. This warrant and any term hereof may be changed, waived, discharged or
terminated only by an instrument in writing signed by the party against which enforcement of such change, waiver, discharge or termination is sought. 

8.7 Attorneys’ Fees. In the event of any dispute between the parties concerning the terms and provisions of this warrant,
the party prevailing in such dispute shall be entitled to collect from the other party all costs incurred in such dispute, including reasonable attorneys’ fees. 

  

					
	TheRealReal, Inc. — Warrant	  		  	

 8.8 Governing Law. This warrant shall be governed by and construed in
accordance with the laws of the State of California, without giving effect to its principles regarding conflicts of law. 
 Signature Page
Follows 

  

					
	TheRealReal, Inc. — Warrant	  		  	

 IN WITNESS WHEREOF, the undersigned has executed this Second Warrant to Purchase Stock as of the date set
forth above. 
  

			
	THE REALREAL, INC.

 
			
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 Signature Page to Second Warrant to Purchase Stock 

 APPENDIX 1 

NOTICE OF EXERCISE 

1. The undersigned hereby elects to purchase
                     shares of the
                     stock of THE REALREAL, INC. pursuant to the terms of the
attached warrant, and tenders herewith payment of the purchase price of such shares in full. 
 1. The undersigned hereby elects to
convert the attached warrant into shares in the manner specified in the warrant. This conversion is exercised with respect to                      of
the shares covered by the warrant. 
 Strike paragraph that does not apply. 

2. Please issue a certificate or certificates representing said shares in the name of the undersigned or in such other name as is
specified below: 
  

			
		 	  

		
		 	  

		
		 	  

 3. The undersigned represents it is acquiring the shares solely for its own account and not as a
nominee for any other party and not with a view toward the resale or distribution thereof except in compliance with applicable securities laws. 
  

	
	             or Registered Assignee
	
	  

	(Signature)
	
	  

	(Date)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00296-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00296-of-00352.parquet"}]]