Company: TRUE
Filing Date: 2025-11-13
Form Type: PREM14A
Source: 0001104659-25-111498
Chunk: 100

Company: TrueCar, Inc.
Filing Date: 2025-11-13
Form: PREM14A
Chunk 100
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 and Alston, to evaluate potential strategic alternatives over more than twelve (12) months, which included outreach to thirty-nine (39) parties potentially interested in a transaction with TrueCar and provided an opportunity for these parties to negotiate a transaction with TrueCar if such parties desired to do so, and entry into confidentiality agreements with sixteen (16) of such parties.

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The Board’s belief that TrueCar, with the assistance of Alston and Morgan Stanley, had negotiated the most favorable terms that Fair was willing to offer, including the highest price per share that Fair

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was willing to pay for TrueCar and that represented the highest price reasonably available to TrueCar, and Fair’s best and final price, under the circumstances.

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the financial analysis of the Merger Consideration reviewed by representatives of Morgan Stanley with the Board as well as the oral opinion of Morgan Stanley rendered to the Board on October 14, 2025, which was subsequently confirmed by delivery of a written opinion dated October 14, 2025, that, as of such date and based on and subject to the assumptions made, procedures followed, matters considered and qualifications and limitations on the scope of the review undertaken by Morgan Stanley in rendering its opinion, the Merger Consideration to be received by the holders of Common Stock (other than the holders of the Excluded Shares) pursuant to the Merger Agreement was fair from a financial point of view to such holders, as more fully described in the section entitled “— Opinion of Morgan Stanley & Co. LLC.”

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TrueCar’s ability to pursue an alternative transaction because the Merger Agreement permits TrueCar to actively solicit third party alternative transactions for thirty (30) days following the execution of the Merger Agreement and to consider unsolicited third-party acquisition proposals prior to the Company Stockholder Approval.

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TrueCar’s “fiduciary out” rights under the Merger Agreement to terminate the Merger Agreement and enter into a Superior Proposal. In this regard, the Board considered that while the Merger Agreement contains a termination fee of $4.0 million (for a third-party that submits an Acquisition Proposal during the Go Shop Period that is accepted during such period or within ten (10) Business Days of its expiration) or $8.0 million otherwise, that TrueCar would be required to pay to Fair in certain circumstances, the Board believes that such termination fee is reasonable in light of such circumstances and the overall terms of the Merger Agreement and the process undertaken by the