RENT · Rent the Runway, Inc.

The departure of co-founder Jennifer Hyman as CEO, President, and Board member represents a significant leadership transition for Rent the Runway, though explicitly not due to any operational disagreements. Her separation package provides continuity through advisory services until January 31, 2027, with substantial compensation including a $62,500 monthly fee, accelerated vesting of 103,047 RSUs on the separation date, Retained RSUs valued at $375,000 eligible to vest upon continued service, extended health benefits, and a lifetime subscription, ensuring knowledge transfer during the interim period. Teri Bariquit's appointment as interim CEO leverages her 37 years at Nordstrom, including as Chief Merchandising Officer, and her existing Board role since October 2025. Her compensation under the Consulting Services Agreement includes a $50,000 monthly fee, potential $125,000 bonus tied to FY2026 performance, and a performance-based PSU grant of up to 100,000 shares, with a follow-on consulting SOW at $10,000 monthly post-interim role. The Side Letter terminates Hyman's investor rights, including Board designation privileges. This structured transition, accompanied by reaffirmed FY2026 guidance in the press release, aims to maintain stability amid the CEO search.