Company: TRUE
Filing Date: 2025-04-08
Form Type: DEF 14A
Source: 0001104659-25-033025
Chunk: 44

Company: TrueCar, Inc.
Filing Date: 2025-04-08
Form: DEF 14A
Chunk 44
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DA (exclusive of executive bonus expense) at $1.69 million would yield an achievement of 54% and second half performance of revenues at $93 million and adjusted EBITDA (exclusive of executive bonus expense and legal fees incurred in the second half of 2024 that were associated with certain corporate matters outside of our ordinary course of business) at $1.33 million would yield an achievement of 67.2%. As a result the total overall annual incentive payout for 2024 was determined to be at 60.8% of target and we paid each of our NEOs an annual incentive payment equal to 60.8% of their target bonus as follows:

| ​ | Executive             | ​ | ​ |   |   |         | 2024Cash Bonus | ​ |
|:--|:----------------------|:--|:--|:--|:--|--------:|:---------------|:--|
| ​ | Jantoon E. Reigersman | ​ | ​ | ​ | $ | 304,000 | ​              | ​ |
| ​ | Oliver M. Foley       | ​ | ​ | ​ | $ | 121,600 | ​              | ​ |
| ​ | Jill S. Angel         | ​ | ​ | ​ | $ | 121,600 | ​              | ​ |
| ​ | Jeffrey J. Swart      | ​ | ​ | ​ | $ | 121,600 | ​              | ​ |
| ​ | Jay Ku                | ​ | ​ | ​ | $ | 121,600 | ​              | ​ |

* “Adjusted EBITDA” is a financial measure not prepared in accordance with U.S. GAAP, calculated based on earnings as reflected in our audited consolidated financial statements, adjusted to exclude interest income, depreciation and amortization, stock-based compensation, gain or loss from equity method investment, certain restructuring charges, certain transaction costs, changes in the fair value of contingent consideration liability, goodwill impairment, lease exit gain or loss, impairment of right-of-use assets, other income, and income taxes. Refer to Annex A for a reconciliation of Adjusted EBITDA to net income (loss), the most directly comparable GAAP financial measure. We use Adjusted EBITDA as an operating performance measure because it is (i) an integral part of our reporting and planning processes; (ii) used by our management and Board to assess our operational performance, and together with operational objectives, as a measure in evaluating employee compensation and