Company: TRUE
Filing Date: 2025-11-24
Form Type: DEFM14A
Source: 0001104659-25-115451
Chunk: 95

Company: TrueCar, Inc.
Filing Date: 2025-11-24
Form: DEFM14A
Chunk 95
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 to specifically enforce the Equity Commitment Letter as noted above, included a provision requiring all of the Company’s cash on hand to be available to be used toward closing, eliminated double-trigger protection for unvested employee equity awards, and reflected ongoing negotiations with respect to various go shop/no shop provisions and circumstances that would lead to the payment of the Termination Fee or Parent Termination Fee.

On October 1, 2025, Alston distributed an issues list to Perkins summarizing open topics in the Merger Agreement, including certainty regarding the amount of the Company’s cash available to pay the merger consideration, including the insertion of minimum cash and maximum limit on transaction expenses as

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conditions to closing, the availability of the specific performance remedy, go shop and no shop provisions, circumstances in which termination fees must be paid, whether the Parent Termination Fee was to be deposited or held in escrow, antitrust analysis, expense reimbursement requirements and unvested equity award protections.

On October 2, 2025, Mr. Reigersman, Mr. Painter and the Investor met with representatives from Alston, Greenberg Traurig LLP, counsel to the Investor (“

#### Greenberg
”), and Perkins to discuss the issues list provided by Alston.

On October 3, 2025, Greenberg called Alston to discuss the terms of the proposed equity financing and conveyed the Investor’s willingness to proceed with a transaction that did not include any minimum cash or transaction expense conditions to closing, if the merger consideration were to be reduced to $2.50 per share. The Company’s Common Stock closed at a trading price of $1.77 per share on October 3, 2025.

Also on October 3, 2025, the Board met, with representatives from management, Alston, and Morgan Stanley present. Mr. Reigersman summarized the status of the Company’s negotiations with Fair and the Investor, and a discussion ensued. Although the Board was supportive of further engagement toward finalizing a transaction, the Board discussed the risk of further deterioration of transaction terms and instructed management and advisors to keep working to finalize the terms of the transaction.

Following the Board meeting, Mr. Reigersman engaged in discussions with Mr. Painter and the Investor regarding the amount of cash on the Company’s balance sheet expected to be available at closing.

On October 4, 2025, Mr. Reigersman and the Investor continued to engage in discussions regarding available cash,