Company: LBRDK
Filing Date: 2025-01-22
Form Type: DEFM14A
Source: 0001140361-25-001609
Chunk: 216

Company: Liberty Broadband Corp
Filing Date: 2025-01-22
Form: DEFM14A
Chunk 216
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 agreement and the other transaction documents. See “Other Agreements Related to the Combination—Malone Voting Agreement.”

Pursuant to the Malone exchange side letter, certain of the members of the Malone Group agreed to an arrangement under which Liberty Broadband will have the right, in connection with the GCI divestiture, to exchange certain shares of Liberty Broadband Series B common stock held by such members of the Malone Group for shares of Liberty Broadband Series C common stock on a one-for-one basis.

On June 13, 2022, Liberty Broadband entered into an exchange agreement with Mr. Malone and a revocable trust of which Mr. Malone is the sole trustee and beneficiary (the “

#### JM Trust
”) (the “

#### Malone exchange agreement
”), whereby, among other things, Mr. Malone agreed to an arrangement under which his aggregate voting power in Liberty Broadband would not exceed 49% plus 0.5% (under certain circumstances). The Malone exchange agreement provides for exchanges by Liberty Broadband and Mr. Malone or the JM Trust of shares of Liberty Broadband Series B common stock for shares of Liberty Broadband Series C common stock in connection with certain events.

Pursuant to the terms of the Malone exchange side letter, the parties thereto agreed to amend certain provisions of the Malone exchange agreement to provide that (i) solely in connection with the GCI divestiture, Malone Series C Exchangeable Shares (as defined in the Malone exchange agreement) will not be exchanged for shares of Liberty Broadband Series B common stock and the holders of such Malone Series C Exchangeable Shares will receive the same per share consideration received by holders of shares of Liberty Broadband Series C common stock, (ii) Liberty Broadband waives its right to obligate the Malone Group to enter into an exchange agreement with GCI spinco in connection with the GCI divestiture, (iii) the Malone exchange agreement would not be terminated as a result of the Malone Group falling below 20% voting power in connection with the GCI divestiture, and (iv) following the Exchange (as defined in the Malone exchange side letter) and prior to any termination of the merger agreement, none of the Malone Series C Exchangeable Shares will be exchanged for shares of Liberty Broadband Series B common stock. For more information, please see “Other Agreements Related to the Combination—Malone Exchange Side Letter.”

The Liberty Broadband Board was aware of these interests and considered them when it approved the Liberty Broadband merger