Company: HOUS
Filing Date: 2025-12-02
Form Type: DEFM14A
Source: 0001628280-25-054793
Chunk: 65

Company: Anywhere Real Estate Inc.
Filing Date: 2025-12-02
Form: DEFM14A
Chunk 65
---
 Board or the Anywhere Board, as applicable, may withdraw or qualify its recommendation with respect to the Compass share issuance proposal or the Anywhere merger proposal, as applicable, in favor of such superior proposal, or terminate the merger agreement in order to enter into a definitive agreement with respect to the superior proposal as described further under “The Merger Agreement—Covenants and Agreements—Changes in Board Recommendations” and “The Merger Agreement—Termination.”

In some circumstances, upon termination of the merger agreement, Anywhere would be required to pay a termination fee of $200 million to Compass. Similarly, in some circumstances, upon termination of the merger agreement, Compass would be required to pay a termination fee of $200 million to Anywhere, or a termination fee of $350 million to Anywhere in the event that the merger agreement is terminated due to the failure to receive required regulatory approvals before the end date or if the merger is permanently enjoined . For further discussion, see the section entitled “The Merger Agreement—Termination—Termination Payments and Expenses.”

While both Compass and Anywhere believe these provisions to be reasonable and customary and are not preclusive of other offers, these provisions could discourage a potential third-party acquiror that might have an interest in Compass or Anywhere or pursuing an alternative transaction from considering or proposing such a transaction. These provisions might also result in a potential acquiror or other strategic transaction partner proposing

<div align='center'>32</div>

to pay a lower price than it might otherwise have proposed to pay because of the added expense of the termination fee that may become payable in certain circumstances.

If the merger agreement is terminated and either of Compass or Anywhere determines to seek another business combination transaction, Compass or Anywhere may not be able to negotiate a transaction with another party on terms comparable to, or better than, the terms of the merger.

The Merger Agreement limits Anywhere’s ability to pursue alternatives to the merger and may discourage other companies from trying to acquire Anywhere.

The merger agreement contains “no shop” covenants that restrict Anywhere’s ability to, directly or indirectly, initiate, solicit, propose, knowingly assist, knowingly encourage or knowingly facilitate any inquiries or proposals with respect to any acquisition proposal, engage or participate in any negotiations or discussions with any person concerning any acquisition proposal, provide any confidential or nonpublic information or data to, or have or participate in any discussions with, any person relating to any acquisition proposal, subject to certain exceptions, or, unless the merger agreement has been