Company: HOUS
Filing Date: 2025-09-22
Form Type: 425
Source: 0001193125-25-209980
Chunk: 2

Company: Anywhere Real Estate Inc.
Filing Date: 2025-09-22
Form: 425
Chunk 2
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 forth in the Merger Agreement, at the Effective Time, each outstanding equity award with respect to Anywhere Common Stock will be treated as follows:

| (a) | Anywhere Restricted Stock Units (“Anywhere RSU Awards”), Deferred Stock                                                                                                                                                                                  
 Units (“Anywhere DSU Award”) and Performance Stock Units (“Anywhere PSU Awards”): Each outstanding Anywhere RSU Award, each outstanding Anywhere DSU Award and each outstanding                                                                          
 Anywhere PSU Award will be canceled and converted into a time-based restricted stock unit award of the Company (each, a “Company RSU Award”) relating to a number of Company Shares equal to the number of shares subject to such                        
 Anywhere RSU Award, Anywhere DSU Award or Anywhere PSU Award immediately prior to the Effective Time multiplied by the Exchange Ratio, with the same terms and conditions as were applicable to the underlying Anywhere RSU Award, Anywhere DSU Award or 
 Anywhere PSU Award, as applicable (except that Anywhere PSU Awards will only be subject to service-based vesting). With respect to each Anywhere PSU Award, performance goals will be determined based on the average of any individual performance      
 periods (provided that the average will be no less than the target performance level), without regard to any relative total shareholder return modifier, and based on: (i) for performance periods ending prior to the Effective Time, actual            
 performance, (ii) for in-flight performance periods, actual performance through the Effective Time and extrapolated forecasted performance for the remainder of the performance period and (iii) for                                                     
 performance periods that have not commenced as of the Effective Time, target performance.                                                                                                                                                                |

| (b) | Anywhere Option Awards (“Anywhere Option Awards”): Each outstanding                                                                                                                                                                                  
 Anywhere Option Award held by any individual who is not an employee of Anywhere as of immediately prior to the Effective Time will be treated as net exercised and canceled for the Merger Consideration in respect of each net share, determined by 
 dividing (i)(A) the excess, if any, of the value of the Merger Consideration over the per share exercise price of the Anywhere Option Award, multiplied by (B) the number of shares subject to the Anywhere Option Award immediately prior to the    
 Effective Time, by (ii) the Company’s closing price (determined in accordance with the Merger Agreement). Each other outstanding Anywhere Option Award will be assumed and converted into an option to purchase a number of Company Shares (each,    
 an “Adjusted Option”) equal