Company: TRUE
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001327318-25-000006
Chunk: 2

Company: TrueCar, Inc.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 8
Chunk 2
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790; Oliver Foley: 157,895; Jeff Swart: 157,895; Jill Angel: 157,895; Jay Ku: 157,895. 

The target number of shares of the Company’s common stock earned by an executive officer pursuant to these awards will be determined based on the number of TrueCar+ Transactions (the “TC+ Performance Metrics”), defined as each TrueCar+ retail installment contract that is fully executed and is not canceled during the month of September 2027 (the “Performance Period”); provided, that any such awards will only be earned if the number of TrueCar+ Transactions achieved in the Performance Period exceeds the monthly average of TrueCar+ Transactions achieved in the three months immediately prior to the Performance Period (the “Growth Requirement”).  If the Growth Requirement is achieved, then, depending on the number of TrueCar+ Transactions achieved in the Performance Period, the Strategic PSUs may vest at between 0% and 300% of the target. 

Except for in certain scenarios involving a Change in Control (as defined in the Strategic PSU Agreement), an executive must remain a Service Provider (as defined in the Plan) through the end of the Performance Period for any of his or her Strategic PSUs to vest.  If a Change in Control occurs prior to the end of the Performance Period, the Growth Target will be deemed satisfied and the TC+ Performance Metrics will be deemed satisfied at 100% of target levels for each executive who remains a Service Provider until immediately prior to the Change in Control.  If the acquiring, surviving or continuing entity assumes or substitutes the Strategic PSUs on substantially the same terms and conditions (other than the performance conditions originally applicable to the Strategic PSUs), each executive must remain a Service Provider until the end of the Performance Period in order for his or her award to vest; provided that, if the executive experiences a Qualifying Termination (as defined in the Strategic PSU Agreement) upon or following the Change in Control, such award will vest immediately pursuant to the terms of the Strategic PSU Agreement, which includes a requirement that the executive enter into a release of claims agreement in favor of the Company.  If the acquiring, surviving or continuing entity does not assume or substitute the awards, such awards will vest immediately prior to the Change in Control. 

The foregoing description of the Strategic PSU Agreement is a summary only and is qualified in its entirety by the full text of the Strategic PSU Agreement, which is filed as Exhibit 10.21 hereto and incorporated herein by reference.