Company: HOUS
Filing Date: 2025-09-22
Form Type: 425
Source: 0001193125-25-210060
Chunk: 37

Company: Anywhere Real Estate Inc.
Filing Date: 2025-09-22
Form: 425
Chunk 37
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able into or exercisable for shares of Company Common Stock, or (ii) the number of shares of Parent Class A Common Stock, or securities convertible or exchangeable into or exercisable for shares of Parent
Class A Common Stock (including options to purchase Parent Class A Common Stock), in each case issued and outstanding after the date of this Agreement and prior to the Effective Time by reason of any stock split, reverse stock split, stock
dividend, subdivision, reclassification, recapitalization, combination, exchange of shares or the like, the Exchange Ratio shall be equitably adjusted to reflect the effect of such change and, as so adjusted, shall from and after the date of such
event, be the Merger Consideration, subject to further adjustment in accordance with this . Nothing in this shall be construed to permit the Parties to take any
action except to the extent consistent with, and not otherwise prohibited by, the terms of this Agreement. For the avoidance of doubt, no issuance of equity securities by Parent that is a non-pro rata issuance
of equity securities by Parent for value and which is otherwise permitted under the terms of this Agreement shall require an adjustment to the Exchange Ratio under this .

3.2 .

(a) .

(i) Except as set forth in , at the Effective Time, each outstanding award of
restricted stock units in respect of Company Common Stock that vests solely based on service (whether stock-settled or cash-settled) (a “”), each outstanding award of deferred stock units in respect of Company
Common Stock (a “”) and each outstanding award of performance units denominated and settleable in shares of Company Common Stock (a “”) granted pursuant to the Company’s
Third Amended and Restated 2018 Long-Term

-21-

Incentive Plan, as amended from time to time, or any predecessor plan (the “”), shall be canceled and converted into an award of restricted stock units in
respect of Parent Class A Common Stock (a “”) covering that number of shares of Parent Class A Common Stock (rounded to the nearest whole share) equal to the product of (i) the total number of shares
of Company Common Stock subject to such Company RSU Award, Company DSU Award or Company PSU Award, as applicable, immediately prior to the Effective Time multiplied by (ii) the Exchange Ratio. For purposes of the immediately preceding
sentence, (x) in the case of a Company RSU Award or a Company DSU Award, the total number of shares subject