Company: TRUE
Filing Date: 2025-11-24
Form Type: DEFM14A
Source: 0001104659-25-115451
Chunk: 122

Company: TrueCar, Inc.
Filing Date: 2025-11-24
Form: DEFM14A
Chunk 122
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 Stanley investment banking and other professionals in accordance with its customary practice.

The Board retained Morgan Stanley based upon Morgan Stanley’s qualifications, experience and expertise. Morgan Stanley is a global financial services firm engaged in the securities, investment management and individual wealth management businesses. Its securities business is engaged in securities underwriting, trading and brokerage activities, foreign exchange, commodities and derivatives trading, prime brokerage, as well as providing investment banking, financing and financial advisory services. Morgan Stanley, its affiliates, directors and officers may at any time invest on a principal basis or manage funds that invest, hold long or short positions, finance positions, and may trade or otherwise structure and effect transactions, for their own account or the accounts of its customers, in debt or equity securities or loans of TrueCar, Parent, Investor, or their respective affiliates or any other company, or any currency or commodity, that may be involved in the Merger, or any related derivative instrument. Under the terms of its engagement letter, Morgan Stanley provided TrueCar financial advisory services and a financial opinion in connection with the Merger, and TrueCar agreed to pay Morgan Stanley a fee of $3 million (the “

#### Announcement Fee
”), which became payable upon the execution of the Merger Agreement, and a transaction fee of $12.5 million, against which any Announcement Fee paid will be credited, to the extent not previously credited, and which is contingent upon consummation of the Merger. TrueCar has also agreed to reimburse Morgan Stanley for

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its expenses incurred in performing its services. In addition, TrueCar has agreed to indemnify Morgan Stanley and its affiliates, their respective directors, officers, agents and employees and each person, if any, controlling Morgan Stanley or any of its affiliates against certain liabilities and expenses, including certain liabilities under the federal securities laws, related to or arising out of Morgan Stanley’s engagement.

In the two years prior to the date of its opinion, Morgan Stanley has not provided financial advisory or financing services to TrueCar, Parent, or Investor, and has not received fees in connection with such services. Morgan Stanley may seek to provide financial advisory and financing services to Parent, TrueCar, Investor and their respective affiliates in the future and would expect to receive fees for the rendering of these services. As of September 16, 2025, Morgan Stanley held an aggregate interest of less than 1% of the shares of Common Stock, which interests were held in connection with Morgan Stanley’s (i)