Company: UZF
Filing Date: 2025-01-23
Form Type: DEFM14C
Source: 0000821130-25-000012
Chunk: 13

Company: ARRAY DIGITAL INFRASTRUCTURE, INC.
Filing Date: 2025-01-23
Form: DEFM14C
Chunk 13
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 retained by the Company, as well as certain organizational matters.

Later on October 11, 2024, the USCC Board held a meeting. Representatives of WBK shared (a) an update as to the status of negotiations with Verizon, including key outstanding points, (b) the key terms of the current drafts of the transaction documents for the sale of the Spectrum Assets to Verizon and (c) the FCC regulatory considerations associated with the potential sale of the Spectrum Assets to Verizon. In addition, members of management presented an overview of the potential communications plan for a potential transaction announcement. Representatives of Clifford Chance also presented on the regulatory considerations associated with the potential sale of the Spectrum Assets to Verizon.

From October 11, 2024 through the signing of the Agreement on October 17, 2024, representatives of the Company, TDS and Verizon, with the assistance of their respective legal and financial advisors, continued to negotiate the terms of the license purchase agreement and other primary transaction documents, including regulatory efforts, protecting the licenses during the interim period between signing and closing, timing of regulatory filings, closing timing and post-closing spectrum leases.

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On October 17, 2024, the USCC Independent Directors held a meeting with representatives of Cravath, PJT Partners and WBK. Representatives of Cravath delivered an overview of the key terms of the License Purchase Agreement and other transaction documents, which were in substantially final form. Representatives of WBK provided an overview of the ancillary agreements in the transaction and the FCC regulatory considerations associated with the potential sale of the Spectrum Assets to Verizon. Representatives of PJT Partners shared with the USCC Independent Directors their preliminary perspectives on the financial aspects of the transaction. Representatives of Cravath reviewed with the USCC Independent Directors draft resolutions determining that (a) the entry into the License Purchase Agreement and other transaction documents and the consummation by the Company and Sellers of the potential sale of the Spectrum Assets to Verizon is advisable, expedient and in the best interests of the Company and its stockholders (including Company stockholders other than TDS), (b) the License Purchase Agreement and other transaction documents should be submitted to the USCC Board for approval and (c) the USCC Independent Directors recommended to the USCC Board that the USCC Board approve and adopt the License Purchase Agreement and the other transaction documents, approve the consummation of the potential sale of the Spectrum Assets to Verizon and recommend the approval of the transaction with Verizon to the stockholders