Company: TRUE
Filing Date: 2025-11-24
Form Type: DEFM14A
Source: 0001104659-25-115451
Chunk: 30

Company: TrueCar, Inc.
Filing Date: 2025-11-24
Form: DEFM14A
Chunk 30
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 may, and TrueCar and its subsidiaries must cause their respective Representatives not to, directly or indirectly, make an Adverse Recommendation Change.

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TABLE OF CONTENTS

Permitted Change of Recommendation — Superior Proposal

If, at any time prior to obtaining the Company Stockholder Approval, TrueCar has received a bona fide Acquisition Proposal that (i) is not a result of a breach of the Merger Agreement and (ii) the Board determines in good faith, after consultation with its financial advisor and outside legal counsel, constitutes a Superior Proposal, then the Board may make an Adverse Recommendation Change and/or cause TrueCar to terminate the Merger Agreement in accordance with its terms in order to enter into a definitive Alternative Acquisition Agreement in respect of such Superior Proposal, in each case if and only if:

•

the failure to take such action would be inconsistent with the fiduciary duties of the Board under applicable law; and

•

prior to taking any such action:

•

TrueCar notifies Parent of its intent to take such action, which notice must specify, as applicable, the identity of the Person making any Superior Proposal and the material terms and conditions thereof (including copies of any proposed draft Alternative Acquisition Agreement); and

•

during the period ending at 11:59 p.m. (Pacific Time) on the fifth (5th) business day immediately following the date of the notice described in the preceding bullet, if Parent so requests, TrueCar must, and must direct its Representatives to, negotiate with Parent and its Representatives (in each case to the extent Parent desires to so negotiate), to amend the Merger Agreement such that the Superior Proposal giving rise to such notice would no longer constitute a Superior Proposal.

If the financial or other material terms of the relevant Acquisition Proposal are materially amended or modified, then TrueCar will be required to deliver to Parent a new notice pursuant to the immediately preceding bullets, except that the “notice period” will instead end at 11:59 p.m. (Pacific Time), on the third (3rd) business day immediately following the date such new notice is delivered to Parent (but such new notice will not shorten the initial five (5) business day “notice period” described in the second bullet above).

Permitted Change of Recommendation — Intervening Event

Other than in connection with a Superior Proposal, prior to obtaining the Company Stockholder Approval, the Board may, in response to an Intervening Event (as defined in the section of this proxy statement captioned “Merger