Company: TRUE
Filing Date: 2025-11-24
Form Type: DEFM14A
Source: 0001104659-25-115451
Chunk: 274

Company: TrueCar, Inc.
Filing Date: 2025-11-24
Form: DEFM14A
Chunk 274
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.20 of the Company Disclosure Schedule sets forth the aggregate fees and expenses payable to Morgan Stanley & Co. LLC in connection with the Transactions.

Section 4.21 Opinion of Financial Advisor. The Company has received the opinion of Morgan Stanley & Co. LLC, financial advisor to the Company, to the effect that, as of the date of this Agreement, the Merger Consideration is fair to the Company’s stockholders from a financial point of view. A true and complete copy of the signed, written opinion of Morgan Stanley & Co. LLC will promptly following the receipt thereof by the Company be made available to Parent after the date hereof for informational purposes only.

Section 4.22 Takeover Laws. The Company has taken all action necessary to exempt the Merger, this Agreement, the Support Agreements, and the Transactions from the restrictions on business combinations set forth in any Takeover Laws.

Section 4.23 Insurance . Except as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, (a) each of the material, currently active policies, binders and insurance contracts that are maintained by or for the benefit of the Company and its Subsidiaries (the “

#### Insurance Policies
”), is in full force and effect with all premiums due having been paid in full, and the Company is not in default under any Insurance Policy, (b) neither the Company nor any of its Subsidiaries has received any written or, to the Company’s Knowledge, oral notice of cancellation, termination, non-renewal or denial of coverage with respect to any Insurance Policy and (c) none of the policy limits under any of the Insurance Policies have been eroded by the payment of claims. A true, complete and accurate copy of each of the Insurance Policies has been made available to Parent.

Section 4.24 Related Party Transactions . Neither the Company nor any of its Subsidiaries is a party to any Contract with or for the benefit of any Person that is required to be disclosed under Item 404 of Regulation S-K under the Securities Act and that is not so disclosed.

Section 4.25 HSR Act . As of and immediately prior to the Closing, in relation to the HSR Act, the person (as such term is defined in 16 C.F.R. § 801.1(a)(1) and interpreted by the Federal Trade Commission) within which the Company is included will have (a) annual net sales (as determined pursuant to 16 C.F