Company: LBRDK
Filing Date: 2025-06-17
Form Type: 11-K
Source: 0001611983-25-000024
Chunk: 3

Company: Liberty Broadband Corp
Filing Date: 2025-06-17
Form: 11-K
Chunk 3
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(1) Description of Plan

The following description of the GCI 401(k) Plan ("Plan") provides general information only. Participants should refer to the Plan document for a more complete description of the Plan's provisions. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). Benefits are not guaranteed by the Pension Benefit Guaranty Corporation.

General

The Plan is a defined contribution plan sponsored by GCI Communication Corp. ("GCICC "and "Plan Sponsor"), a wholly owned subsidiary of Liberty Broadband Corporation (“Liberty Broadband”). The Plan covers employees of GCICC and the following affiliated companies, United Utilities, Inc. (“UUI”), and Unicom, Inc. ("Unicom") (collectively, the "Company").Employees of participating employers are eligible to make employee deferral contributions immediately after their date of hire, and are eligible to share in Company matching contributions, if any, on the first entry date after completing one year of service, as defined in the Plan document. The entry dates are the first day of each quarter during the year. GCICC and affiliated companies are parties-in-interest to the Plan.

On November 12, 2024, Liberty Broadband entered into a definitive agreement (the “Merger Agreement”) under which Charter Communications, Inc. (“Charter”) has agreed to acquire Liberty Broadband (the “Merger”). At the special meeting held on February 26, 2025, the stockholders of Liberty Broadband approved the adoption of the Merger Agreement, pursuant to which, among other things, Liberty Broadband will combine with Charter. As a condition to closing the Merger, Liberty Broadband has agreed to divest the GCI business by way of a distribution to the holders of Liberty Broadband common stock prior to the closing of the Merger (the “GCI Divestiture”). The GCI Divestiture has not yet been completed as of June 17, 2025. The Merger and associated GCI Divestiture is not expected to have an impact to the Plan.

Contributions

The Plan provides for a qualified cash or deferred arrangement as defined in Section 401(k) of the Internal Revenue Code of 1986 ("Code"). A participant may elect the following methods to make employee contributions:

1. Salary Reduction Contributions, which will not be included in the participant's current earnings for federal income tax purposes but rather are taxable upon distribution, or

2. Roth 401(k)