Company: LBRDK
Filing Date: 2025-01-10
Form Type: PRER14A
Source: 0001140361-25-000778
Chunk: 274

Company: Liberty Broadband Corp
Filing Date: 2025-01-10
Form: PRER14A
Chunk 274
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 assets or property securing any GCI debt (and, under certain circumstances, deliver customary payoff letters, guarantee releases, lien terminations, releases and instruments and acknowledgements of discharge, as applicable, in each case in form and substance reasonably satisfactory to Charter); and |

| • | except for certain intercompany transactions in the ordinary course of business consistent with past practice, it and its subsidiaries will conduct the GCI business solely in GCI spinco, GCI and their respective subsidiaries until the earlier of the effective time and the consummation of the GCI divestiture. |

Liberty Broadband may make reasonable adjustments to its equity awards outstanding at the time of a GCI divestiture (which adjustments may vary by award type and award holder) in order to preserve the value of such awards as of immediately prior to and immediately following the GCI divestiture, as determined by the Liberty Broadband Board (or an authorized committee thereof) in consultation with Charter, in accordance with the adjustment provisions of the applicable Liberty Broadband benefit plan under which the equity award was issued and which adjustments shall be consistent in all material respects with the GCI separation principles. The GCI separation principles contemplate that each outstanding Liberty Broadband equity award held by an individual who provides services primarily or solely to GCI or its subsidiaries will be converted entirely into an award with respect to stock of GCI spinco with the same terms and conditions as the original Liberty Broadband award, using a ratio based on the Liberty Broadband’s and GCI spinco’s respective stock prices. Charter has agreed to bear the tax liabilities of Liberty Broadband resulting from the GCI divestiture. To the extent that the cash tax payable by Liberty Broadband exceeds $420 million, GCI spinco is required to pay Charter for 100% of the tax benefit arising from the additional tax gain corresponding to any cash tax payable in excess of $420 million when such tax benefits are actually realized, under a tax receivables agreement to be entered into by Liberty Broadband, GCI spinco and Charter. Additionally, Charter has also agreed to enter into joinders at the effective time in a form mutually agreed, to the separation agreements entered into in connection with the GCI divestiture, including the tax sharing agreement, separation and distribution agreement and tax receivables agreement consistent with the GCI separation principles. If, no later than December 31, 2025, Liberty Broadband in good faith determines that the GCI divestiture is not reasonably capable of being