Company: TRUE
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001327318-25-000006
Chunk: 18

Company: TrueCar, Inc.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 9B
Chunk 18
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Item 9B.    Other Information

Trading Arrangements 

During the three months ended December 31, 2024, no director or officer of the Company who is required to file reports

under Section 16 of the Exchange Act adopted, modified, or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1

trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

Strategic PSU Grants

On February 18, 2025, the Compensation and Workforce Committee of the Company’s board of directors approved a form of performance-based restricted stock unit agreement (the “Strategic PSU Agreement”) for performance-based restricted stock units that vest based on the achievement of certain strategic performance goals and certain retention requirements (“Strategic PSUs”) and granted Strategic PSU awards under the Company’s 2023 Equity Incentive Plan (the “Plan”) to each of the Company’s named executive officers. 

The number of Strategic PSUs awarded to the Company’s executive officers is as follows: Jantoon Reigersman: 315,790; Oliver Foley: 157,895; Jeff Swart: 157,895; Jill Angel: 157,895; Jay Ku: 157,895. 

The target number of shares of the Company’s common stock earned by an executive officer pursuant to these awards will be determined based on the number of TrueCar+ Transactions (the “TC+ Performance Metrics”), defined as each TrueCar+ retail installment contract that is fully executed and is not canceled during the month of September 2027 (the “Performance Period”); provided, that any such awards will only be earned if the number of TrueCar+ Transactions achieved in the Performance Period exceeds the monthly average of TrueCar+ Transactions achieved in the three months immediately prior to the Performance Period (the “Growth Requirement”).  If the Growth Requirement is achieved, then, depending on the number of TrueCar+ Transactions achieved in the Performance Period, the Strategic PSUs may vest at between 0% and 300% of the target. 

Except for in certain scenarios involving a Change in Control (as defined in the Strategic PSU Agreement), an executive must remain a Service Provider (as defined in the Plan) through the end of the Performance Period for any of his or her Strategic PSUs to vest.  If a Change in Control occurs prior to the end of the Performance Period, the Growth Target will be deemed satisfied and the