Company: LBRDK
Filing Date: 2025-01-22
Form Type: DEFM14A
Source: 0001140361-25-001609
Chunk: 244

Company: Liberty Broadband Corp
Filing Date: 2025-01-22
Form: DEFM14A
Chunk 244
---
 securities and its subsidiaries (however the underlying facts or occurrences giving rise or contributing to such material adverse effect may be taken into account when determining whether a material adverse effect has occurred (to the extent not otherwise excluded by the definition)). |

In the case of each of the first, second, third and fifth bullets above, to the extent that such changes, effects, events, occurrences, state of facts or developments affect Charter and its subsidiaries in a disproportionate manner relative to other participants in the industries in which Charter participates, only the incremental disproportionate effect may be taken into account in determining whether there has been a material adverse effect with respect to Charter. Covenants and Agreements Conduct of Business Each of Liberty Broadband and Charter has agreed to certain covenants in the merger agreement restricting the conduct of its respective businesses between the date of the merger agreement and the earlier of the effective time and the termination of the merger agreement. Conduct of Business of Liberty Broadband In general, Liberty Broadband has agreed that until the earlier of the effective time and the termination of the merger agreement in accordance with its terms, except (i) as required by applicable law, (ii) as expressly required or expressly permitted by the merger agreement or any other transaction document or as expressly required by the Liberty Broadband organizational documents in effect as of the date of the merger agreement, or any action or omission in connection with the GCI divestiture in accordance with the merger agreement, including the evaluation, negotiation, discussion, execution, implementation, performance and/or consummation thereof in accordance with the merger agreement, (iii) as consented to in writing by the Charter special committee (which consent will not be unreasonably conditioned, withheld or delayed), (iv) as set forth in certain confidential disclosure letter provided by Liberty Broadband to Charter in connection with the merger agreement or (v) with respect to GCI spinco, GCI, or any of their respective subsidiaries, the GCI business (as defined below), the company of which Liberty Broadband holds portfolio securities or any of its subsidiaries, except that, any action taken as permitted by this clause (v) prior to the consummation of the GCI divestiture must not (A) result in any liability (other than any tax liability resulting from or in connection with the GCI divestiture expressly contemplated by the GCI separation principles (as defined below), or any de minimisliabilities or

127

TABLE OF CONTENTS

reasonable fees, cost and expenses of advisors and legal counsel) for