Company: TRUE
Filing Date: 2025-11-13
Form Type: PREM14A
Source: 0001104659-25-111498
Chunk: 91

Company: TrueCar, Inc.
Filing Date: 2025-11-13
Form: PREM14A
Chunk 91
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 million) if the Company failed to obtain the Company Stockholder Approval. This draft also contained a simplified dynamic for potential rollover stockholders, increased double-trigger protection for the Company’s employees’ unvested equity awards for a period of time post-closing, and reflected ongoing negotiations with respect to the go shop/no shop process, the Company’s obligations to cooperate with Parent’s debt financing efforts, and Parent’s obligations with respect to its current and any potential replacement financing.

On September 16, 2025, Mr. Reigersman and Mr. Painter spoke by telephone regarding available financing and price points for such financing. The parties discussed potential mechanics for adjustments to the purchase price depending on the involvement of various third parties in the transaction.

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Also on September 16, 2025, Mr. Reigersman, Mr. Painter and representatives from Alston and Perkins met to discuss the financing and various documentation for the transaction. During this meeting, Mr. Painter noted that the Investor had expressed that it expected to provide all of the equity financing for the deal at signing, and that it would look to syndicate financing between signing and closing in hopes of simplifying the process of finalizing terms. The participants also discussed the Company’s request that the Parent Termination Fee be placed in escrow at the time of signing and whether the Investor would fund the deposit. Mr. Painter provided an update regarding possible debt financing sources, but noted that these sources would not support a deal at price in excess of $2.58 per share based on Fair’s understanding of the fully diluted share count.

Also on September 16, Morgan Stanley provided an updated disclosure to the Board with respect to its relationships with TrueCar, Fair and affiliates of the Investor, none of which the Board deemed material to Morgan Stanley’s ability to assist the Company.

On September 17, 2025, Alston sent updated drafts of the form of Support Agreement and the Equity Commitment Letter to Perkins, the latter of which reflected the parties’ discussions regarding the Investor’s agreement to fund a deposit in the amount of the Parent Termination Fee into escrow at the time of signing. In addition, Mr. Painter and the Investor communicated to Stockholder A that they were no longer interested in pursuing an agreement with Stockholder A regarding a rollover of its investment in advance of signing the Merger Agreement.

On September 18, 2025, representatives from Morgan Stanley met with representatives from B. Riley to align on