Document:

Exhibit 10.9 12.31.14

Exhibit 10.9

DEALER MANAGER AGREEMENT
     
JONES LANG LASALLE INCOME PROPERTY TRUST, INC.
 
Up to $350,000,000 in Shares of Class D

Dated March 3, 2015
 
LaSalle Investment Management Distributors, LLC
200 E. Randolph Drive
Chicago, Illinois 60601
 
Ladies and Gentlemen:
 
This letter confirms and comprises the agreement (this “Agreement”) between Jones Lang LaSalle Income Property Trust, Inc., a Maryland corporation (the “Company”), and LaSalle Investment Management Distributors, LLC, a Delaware limited liability company (the “Dealer Manager”), regarding the offer and sale (the “Offering”), in a private placement exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), pursuant to Regulation D promulgated under the Securities Act (“Regulation D”), of up to $350,000,000 of shares of the Company’s Class D shares of common stock, par value $0.01 per share (“Class D Shares”), of which amount up to (a)  up to $300,000,000 in shares are being offered to investors pursuant to the Company’s primary offering (the “Primary Shares”) and (b)  up to $50,000,000 in shares are being offered to stockholders of the Company pursuant to the Company’s distribution reinvestment plan (the “DRIP Shares” and, together with the Primary Shares, the “Shares”), pursuant to the terms and conditions of the Company’s Confidential Private Placement Memorandum, dated March 3, 2015, as may be amended or supplemented from time to time (with all appendixes thereto, the “Memorandum”). The Company may reallocate the Shares between the Primary Shares and the DRIP Shares. 
  
1.    Exclusive Appointment of Dealer Manager.

1.1    On the basis of the representations, warranties and covenants herein contained, and subject to the terms and conditions herein set forth, the Company hereby appoints the Dealer Manager as its exclusive agent and dealer manager during the period commencing with the date hereof and ending on the Offering Termination Date (as defined in Section 1.2 below) (the “Offering Period”) to solicit, or cause to be solicited, purchasers of the Primary Shares on a “best efforts” basis through a private, limited offering exempt from registration under the Securities Act pursuant to Regulation D, and applicable state blue sky registration exemptions, upon the other terms and conditions set forth in the Memorandum.  The Dealer Manager, in its sole discretion, is authorized to retain other registered broker-dealers (“Participating Broker-Dealers”) who are members in good standing of the Financial Industry Regulatory Authority, Inc. (“FINRA”) for the purpose of soliciting offers for the purchase of the Primary Shares pursuant to a Participating Dealer Agreement substantially in the form attached to this Agreement as Exhibit A (the “Participating Broker-Dealer Agreement”). The Dealer Manager hereby accepts such agency and distributorship and agrees to use its best efforts to sell the Primary Shares on said terms and conditions.

1.2    It is understood that no sale of Shares shall be regarded as effective unless and until accepted by the Company.  The Company reserves the right in its sole discretion to refuse to sell any of the Shares to any prospective purchaser.  The Shares will be offered during a period commencing on March 3, 2015, the date of the Memorandum (“Effective Date”), and continuing until the earlier of:  (i) the date that the maximum aggregate amount of Shares is sold pursuant to the Offering, subject to the Company’s option to increase the maximum aggregate amount of the Offering in its sole discretion, or (ii) such date as Company otherwise terminates the Offering, which it may do at any time in its sole discretion.  

2.    Representations and Warranties of the Company.
 
The Company hereby represents and warrants to the Dealer Manager and each Participating Broker-Dealer with whom the Dealer Manager has entered into or will enter into a Participating Broker-Dealer Agreement that, as of the date hereof and at all times during the Offering Period (provided that, to the extent such representations and warranties are given only as of a specified date or dates, the Company only makes such representations and warranties as of such date or dates):

2.1    Good Standing; Qualification to Do Business. The Company is a corporation duly organized and validly existing under the laws of the State of Maryland, and is in good standing with the State Department of Assessments and Taxation of Maryland, with full power and authority to conduct its business as described in the Memorandum and to enter into this Agreement and to perform the transactions contemplated hereby; this Agreement has been duly authorized, executed and delivered by the Company and is a legal, valid and binding agreement of the Company enforceable against the Company in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally, and by general equitable principles, and except to the extent that the enforceability of the indemnity provisions contained in Section 8 of this Agreement may be limited under applicable securities laws. The Company has qualified to do business and is in good standing in every jurisdiction in which the ownership or leasing of its properties or the nature or conduct of its business, as described in the Memorandum, requires such qualification, except where the failure to do so would not have a material adverse effect on the business, properties, management, financial position, results of operations or cash flows of the Company and its subsidiaries taken as a whole (a “Material Adverse Effect”).
 
2.2    Authorization and Description of Securities. The issuance and sale of the Shares will have been duly authorized by the Company, and, when issued and duly delivered against payment therefor as contemplated by this Agreement, will be validly issued, fully paid and non-assessable, free and clear of any pledge, lien, encumbrance, security interest or other claim, and the issuance and sale of the Shares by the Company are not subject to preemptive or other similar rights arising by operation of law, under the charter or bylaws of the Company or under any agreement to which the Company is a party or otherwise. The Shares conform in all material respects to the description of the Shares contained in the Memorandum. 
 
2.3    Absence of Defaults and Conflicts. The Company is not in violation of its charter or its bylaws as currently in effect and the execution and delivery of this Agreement, the issuance, sale and delivery of the Shares, the consummation of the transactions herein contemplated and compliance with the terms of this Agreement by the Company will not, as of the Effective Date, violate the terms of or constitute a default under: (a) the Company’s charter or bylaws as currently in effect; or (b) any indenture, mortgage, deed of trust, lease, or other material agreement to which the Company is a party or to which its properties are bound; or (c) any law, rule or regulation applicable to the Company; or (d) any writ, injunction or decree of any government, governmental instrumentality or court, domestic or foreign, having jurisdiction over the Company except, in the cases of clauses (b), (c) and (d), for such violations or defaults that, individually or in the aggregate, would not result in a Material Adverse Effect.
 
2.4    REIT Compliance. The Company has been organized and has operated in conformity with the requirements for qualification and taxation as a real estate investment trust (a “REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”), for each taxable year commencing with its taxable year ending December 31, 2004, and its organization and method of operation (as described in the Memorandum) will enable the Company to 

continue to meet the requirements for qualification and taxation as a REIT under the Code for its taxable year ending December 31, 2013 and thereafter.
 
2.5    No Operation as an Investment Company. The Company is not and, after giving effect to the transactions contemplated by this Agreement and the application of the net proceeds therefrom, will not be, an “investment company” as that term is defined in the Investment Company Act of 1940, as amended, and the rules and regulations thereunder.
 
2.6    Absence of Further Requirements. As of the Effective Date, no filing with, or consent, approval, authorization, license, registration, qualification, order or decree of any court, governmental authority or agency is required for the performance by the Company of its obligations under this Agreement or in connection with the issuance and sale by the Company of the Shares, except such as may be required under the Securities Act, the Securities Exchange Act of 1934, as amended (the “Exchange Act”), rules of FINRA or applicable state securities laws, all of which have been made.
 
2.7    Absence of Proceedings. Except as disclosed in the Memorandum, there are no actions, suits or proceedings pending or, to the knowledge of the Company, threatened against the Company at law or in equity or before or by any federal or state commission, regulatory body or administrative agency or other governmental body, domestic or foreign, that could reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.
   
2.8    No Material Adverse Change in Business. Except as otherwise disclosed in the Memorandum, since the respective dates as of which information is provided in the Memorandum there has been no material adverse change in the business, properties, management, financial position, results of operations or cash flows of the Company and its subsidiaries, whether or not arising in the ordinary course of business.
    
2.9    Possession of Licenses and Permits. The Company possesses adequate permits, licenses, approvals, consents and other authorizations (collectively, “Governmental Licenses”) issued by the appropriate federal, state, local and foreign regulatory agencies or bodies necessary to conduct the business now operated by it, except where the failure to obtain such Governmental Licenses, singly or in the aggregate, would not have a Material Adverse Effect or as otherwise disclosed in the Memorandum; the Company is in compliance with the terms and conditions of all such Governmental Licenses, except where the failure to so comply would not, singly or in the aggregate, have a Material Adverse Effect or as otherwise disclosed in the Memorandum; all of the Governmental Licenses are valid and in full force and effect, except where the invalidity of such Governmental Licenses to be in full force and effect would not have a Material Adverse Effect or as otherwise disclosed in the Memorandum; and the Company has not received any notice of proceedings relating to the revocation or modification of any such Governmental Licenses which, singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would result in a Material Adverse Effect or as otherwise disclosed in the Memorandum.
 
2.10    Good and Insurable Title to Properties. Except as otherwise disclosed in the Memorandum, the Company and its subsidiaries have good and insurable title (either in fee simple or pursuant to a valid leasehold interest) to all properties described in the Memorandum, as being owned or leased, as the case may be, by them, subject in each case to material matters of record, material matters of law, material matters that could be revealed by a survey and physical inspection of the property, and rights of parties in possession. 
 
3.    Covenants of the Company.
 
The Company covenants and agrees with the Dealer Manager that:
  
3.1    The Company has prepared the Memorandum for the offer and sale of the Shares in the Offering.  The Company will, at no expense to the Dealer Manager, furnish the Dealer Manager with such number of printed copies of the Memorandum as the Dealer Manager may reasonably request. 
 

3.2    If at any time any event occurs as a result of which, in the opinion of the Company, the Memorandum would include an untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in light of the circumstances under which they are made, not misleading, the Company will promptly notify the Dealer Manager thereof (unless the information shall have been received from the Dealer Manager) and the Dealer Manager will notify the Participating Broker-Dealers to suspend the offering and sale of the Shares in accordance with Section 5.6 hereof until such time as the Company, in its sole discretion (a) instructs the Dealer Manager to resume the offering and sale of the Shares and (b) has prepared any required supplemental or amended Memorandum as shall be necessary to correct such statement or omission.
   
3.3    The Company will apply the proceeds from the sale of the Shares as stated in the Memorandum.

3.4    The Company will prepare or cause to be prepared, executed and timely filed a Notice on Form D relating to the Offering (a) with the SEC under Regulation D and (b) with all applicable state securities regulatory agencies.

3.5    Subject to the Dealer Manager’s actions and the actions of others in connection with the Offering, the Company will comply with all requirements imposed upon it by Regulation D and other applicable securities laws, including applicable state blue sky registration exemptions.
 
4.    Payment of Expenses and Fees.
 
4.1    Company Expenses. The Company agrees to pay all costs and expenses incident to the Offering, whether or not the transactions contemplated hereunder are consummated or this Agreement is terminated, including expenses, fees and taxes in connection with: (a) the preparation of the Memorandum, and the printing and furnishing of copies thereof to the Dealer Manager; (b) all fees and expenses of the Company’s legal counsel, independent public or certified public accountants and other advisors; (c) filing with FINRA of all necessary documents and information relating to the Offering and the Shares; (d) the fees and expenses of any transfer agent or registrar for the Shares and miscellaneous expenses referred to in the Memorandum; (e) all costs and expenses incident to the travel and accommodation of the personnel of the Company and the Company’s advisor, and the personnel of any sub-advisor designated by the Company’s advisor and acting on behalf of the Company; and (f) the performance of the Company’s other obligations hereunder.
 
4.2    Dealer Manager Expenses. The Dealer Manager will pay for all of its own costs and expenses, including but not limited to its personnel costs and all expenses necessary for the Dealer Manager to remain in compliance with any applicable FINRA rules or federal or state laws, rules or regulations in order to participate in the Offering as a broker-dealer, and the fees and costs of the Dealer Manager’s counsel.
 
4.3    Due Diligence Expenses. In addition to reimbursement as provided under Section 4.2, the Company shall also reimburse the Dealer Manager for reasonable bona fide due diligence expenses incurred by any Participating Broker-Dealer. Such due diligence expenses may include travel, lodging, meals and other reasonable out-of-pocket expenses incurred by any Participating Broker-Dealer and their personnel when visiting the Company’s offices or properties to verify information relating to the Company or its properties. The Dealer Manager shall obtain from any Participating Broker-Dealer and provide to the Company a detailed and itemized invoice for any such due diligence expenses.
 
5.    Representations, Warranties and Covenants of the Dealer Manager.
 
The Dealer Manager hereby represents and warrants to, and covenants and agrees with the Company, as of the date hereof and at all times during the Offering Period (provided that, to the extent representations and warranties are given only as of a specified date or dates, the Dealer Manager only makes such representations and warranties as of such date or dates), as follows:
 

5.1    Compliance with Applicable Laws, Rules and Regulations. The Dealer Manager represents to the Company that (a) the Dealer Managers is a member of FINRA in good standing, and (b) the Dealer Manager and its employees and representatives who will perform services hereunder have all required approvals, licenses and registrations to act under this Agreement. With respect to its participation and the participation by each Participating Broker-Dealer in the offer and sale of the Shares (including, without limitation any resales and transfers of Shares), the Dealer Manager agrees, and, by virtue of entering into the Participating Broker-Dealer Agreement, each Participating Broker-Dealer shall have agreed, to comply with any applicable requirements of the Securities Act and the Exchange Act, applicable state securities or blue sky laws, and the rules set forth in the FINRA rulebook, which currently consists of rules promulgated by FINRA, the National Association of Securities Dealers (“NASD”) and the New York Stock Exchange (collectively, the “FINRA Rules”).
 
5.2    AML Compliance. The Dealer Manager represents to the Company that it has established and implemented anti-money laundering compliance programs in accordance with applicable law, including applicable FINRA Rules, rules and regulations promulgated under the Exchange Act (“Exchange Act Regulations”) and the USA PATRIOT Act, specifically including, but not limited to, Section 352 of the International Money Laundering Abatement and Anti-Terrorist Financing Act of 2001 (the “Money Laundering Abatement Act,” and together with the USA PATRIOT Act, the “AML Rules”) reasonably expected to detect and cause the reporting of suspicious transactions in connection with the offering and sale of the Shares. The Dealer Manager further represents that it is currently in compliance with all AML Rules, specifically including, but not limited to, the Customer Identification Program requirements under Section 326 of the Money Laundering Abatement Act, and the Dealer Manager hereby covenants to remain in compliance with such requirements and shall, upon request by the Company, provide a certification to the Company that, as of the date of such certification (a) its AML Program is consistent with the AML Rules and (b) it is currently in compliance with all AML Rules, specifically including, but not limited to, the Customer Identification Program requirements under Section 326 of the Money Laundering Abatement Act.
 
5.3    Accuracy of Information. The Dealer Manager represents and warrants to the Company that the information under the caption “Plan of Distribution” in the Memorandum and all other information furnished to the Company by the Dealer Manager in writing expressly for use in the Memorandum does not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they are made, not misleading.

5.4    Recordkeeping. The Dealer Manager agrees to comply with the record keeping requirements as may be required by the Company, any state securities commission, FINRA or the SEC, including but not limited to Exchange Act Regulations.
  
5.5    Customer Information. The Dealer Manager shall abide by and comply with (a) the privacy standards and requirements of the Gramm-Leach-Bliley Act of 1999 (“GLB Act”); (b) the privacy standards and requirements of any other applicable federal or state law; and (c) its own internal privacy policies and procedures, each as may be amended from time to time.
      
5.6    Suspension or Termination of Offering. The Dealer Manager agrees, and will require that each of the Participating Broker-Dealers agree, to suspend or terminate the offer and sale of Shares in the Offering upon request of the Company at any time and to resume the offer and sale of Shares in the Offering upon subsequent request of the Company.
 
5.7    Customer Complaints. The Dealer Manager hereby agrees to provide to the Company promptly upon receipt by the Dealer Manager copies of any written or otherwise documented customer complaints received by the Dealer Manager from Participating Broker-Dealers relating in any way to the Offering (including, but not limited to, the manner in which the Shares are offered by any Participating Broker-Dealer), the Shares or the Company.

5.8    Disqualification Events. 
    
(a)    The Dealer Manager represents that neither it, nor any of its directors, executive officers, other officers participating in the Offering, general partners or managing members, or any of the directors, executive officers or other 

officers participating in the Offering of any such general partner or managing member (each, a “Dealer Covered Person” and, together, “Dealer Covered Persons”), is subject to any of the “Bad Actor” disqualifications described in Rule 506(d)(1)(i) to (viii) under the Securities Act (a “Disqualification Event”) except for a Disqualification Event (i) contemplated by Rule 506(d)(2) of the Securities Act and (ii) a description of which has been furnished in writing to the Company prior to the date hereof or, in the case of a Disqualification Event occurring after the date hereof, prior to the date of any offering of Shares. The Dealer Manager has exercised reasonable care to determine (i) the identity of each person that is a Dealer Covered Person and (ii) whether any Dealer Covered Person is subject to a Disqualification Event.

(b)    The Dealer Manager will promptly notify the Company in writing of (i) any Disqualification Event relating to any Dealer Covered Person not previously disclosed to the Company in accordance with Section 5.8(a), and (ii) any event that would, with the passage of time, become a Disqualification Event relating to any Dealer Covered Person.

(c)    The Dealer Manager represents that it is not aware of any person (other than any Dealer Covered Person and any Participating Broker-Dealers which the Dealer Manager has entered into a Participating Broker-Dealer Agreement with) that has been or will be paid (directly or indirectly) remuneration for solicitation of purchasers in connection with the sale of Shares. The Dealer Manager will promptly notify the Company of any agreement or arrangement entered into between the Dealer Manager and such person in connection with such sale.
6.    Sale of Shares.
  
6.1    Compensation - Selling Commissions. Subject to the waivers, discounts or other special circumstances described in or otherwise disclosed in the Memorandum under the heading “Plan of Distribution,” the Company will pay to the Dealer Manager selling commissions on each Class D Share sold in the Primary Offering of up to 1.0% of the NAV per Class D Share as of the date of purchase, unless a reduced amount is agreed to in the Participating Broker-Dealer Agreement for the Participating Broker-Dealer which made that particular sale. The selling commissions payable to the Dealer Manager will be paid substantially concurrently with the execution by the Company of orders submitted by purchasers of Class D Shares and may be reallowed by the Dealer Manager to Participating Broker-Dealers. The Company will not pay to the Dealer Manager any selling commissions in respect of the purchase of any DRIP Shares.

6.2    Obligations to Participating Broker-Dealers. Selling commissions received by the Dealer Manager will be reallowed to the Participating Broker-Dealer who sold the Primary Shares giving rise to such commissions as described more fully in the Participating Broker-Dealer Agreement entered into with such Participating Broker-Dealer. The Company will not be liable or responsible to any Participating Broker-Dealer for direct payment of commissions to such Participating Broker-Dealer, it being the sole and exclusive responsibility of the Dealer Manager for payment of commissions to Participating Broker-Dealers. Notwithstanding the foregoing, the Company, in its sole discretion, may act as agent of the Dealer Manager by making direct payment of commissions to such Participating Broker-Dealers without incurring any liability therefor.
  
6.3    Suitability; Offer and Sale of Shares. 

(a)    The Dealer Manager will limit investment in the offering of the Shares to persons whom the Dealer Manager has reasonable grounds to believe, and in fact believes, are “accredited investors” as defined in Rule 501(a) under the Securities Act and who also meet the investor suitability standards and minimum purchase requirements as may be established by the Company and set forth in the Memorandum or in any suitability letter or memorandum sent to the Dealer Manager by the Company.

(b)    To the extent that the Dealer Manager may recommend the purchase or sale of the Shares to any offeree, the Dealer Manager or any person associated with the Dealer Manager shall:

(i)    have reasonable grounds to believe, on the basis of information obtained from the potential investor concerning the investor’s investment objectives, other investments, financial situation and needs, and any other information known by the Dealer Manager or an associated person, that: (A) the prospective investor is an “accredited investor” as that term is defined in Rule 501(a) under the Securities Act, and meets the other investor 

suitability requirements as may be established by the Company and set forth in the “Suitability Standards” section of the Memorandum and the minimum purchase requirements set forth in the Memorandum; (B) the prospective investor has a fair market net worth sufficient to sustain the risks inherent in an investment in the Company, including, but not limited to, total loss of its investment, lack of liquidity, and other risks described in the Memorandum; and (C) an investment in the Company is otherwise suitable for the prospective investor; and

(ii)    maintain in the Dealer Manager’s files, for a period of at least six years following the Offering Termination Date, information and documents disclosing the basis upon which the above determination of suitability was reached as to each investor.

(c)    The Dealer Manager will provide, or will cause each Participating Broker-Dealer to provide, each offeree with a copy of the Memorandum during the course of the Offering and prior to the sale, and advise each such offeree at the time of the initial offering to such offeree that the Company and/or its agents and consultants will, during the course of the Offering and prior to any sale, afford said offeree and his or her purchaser representative, if any, including the Dealer Manager or the Participating Broker-Dealer, the opportunity to ask questions of and to receive answers from the Company and/or its agents and consultants, concerning the terms and conditions of the Offering and to obtain any additional information which is possessed by the Company, or may be obtained by the Company without any unreasonable effort or expense, which is necessary to verify the accuracy of the information contained in the Memorandum.

(d)    The Dealer Manager shall complete all steps necessary to permit the Dealer Manager to offer the Shares pursuant to the registration exemptions available under applicable federal securities law and applicable state securities laws.  The Dealer Manager shall conduct all of its solicitation and sales efforts in conformity with Rule 506(c) of Regulation D and exemptions available under applicable state securities laws.

(e)    The Dealer Manager will comply in all respects with the subscription procedures and plan of distribution set forth in the Memorandum.

(f)    The Dealer Manager will furnish or cause to be furnished to the Company upon request a complete list of all persons who have been offered the Shares by the Dealer Manager or any Participating Broker-Dealer.

(g)    By virtue of entering into a Participating Broker-Dealer Agreement with Participating Broker-Dealers, the Dealer Manager shall cause each Participating Broker-Dealer to agree to comply with all of the foregoing obligations.
 
7.    Submission of Orders.
 
7.1    Each person desiring to purchase Primary Shares in the Offering will be required to complete and execute a subscription agreement in the form attached as Appendix A to the Memorandum (as amended or supplemented, the “Subscription Agreement”) and to deliver to the Dealer Manager or Participating Broker-Dealer, as the case may be, such completed and executed Subscription Agreement together with a check, draft, wire or money order (hereinafter referred to as an “instrument of payment”) in the amount of such person’s purchase, which must be at least the minimum purchase amount set forth in the Memorandum. Persons purchasing Primary Shares will be instructed by the Participating Broker-Dealer to make their instruments of payment payable to or for the benefit of “Jones Lang LaSalle Income Property Trust, Inc.”  The purchase price for subscriptions processed and accepted by the Company prior to the close of business on any business day will be executed at the NAV per share calculated at the end of such business day in accordance with the procedures described in the Memorandum, plus applicable selling commissions. Purchase orders placed after the close of business on any business day, or on a day that is not a business day, will be executed at the price per share calculated at the end of the next business day in accordance with the procedures described in the Memorandum, plus, applicable selling commissions. 
 
7.2    If the Participating Broker-Dealer receives a Subscription Agreement or instrument of payment not conforming to the instructions set forth in Section 7.1, the Participating Broker-Dealer shall return such Subscription 

Agreement and instrument of payment directly to such purchaser not later than the end of the second business day following receipt by the Participating Broker-Dealer. Subscription Agreements and instruments of payment received by the Participating Broker-Dealer which conform to the foregoing instructions shall be transmitted for deposit pursuant to one of the following methods:
 
(a)    where, pursuant to the internal supervisory procedures of the Participating Broker-Dealer, internal supervisory review is conducted at the same location at which Subscription Agreements and instruments of payment are received from purchasers, then, by noon of the next business day following receipt by the Participating Broker-Dealer, the Participating Broker-Dealer will transmit the Subscription Agreements and instruments of payment to the Company or to such other account or agent as directed by the Company; and
 
(b)    where, pursuant to the internal supervisory procedures of the Participating Broker-Dealer, final internal supervisory review is conducted at a different location (the “Final Review Office”), Subscription Agreements and instruments of payment will be transmitted by the Participating Broker-Dealer to the Final Review Office by noon of the next business day following receipt by the Participating Broker-Dealer. The Final Review Office will in turn by noon of the next business day following receipt by the Final Review Office, transmit such Subscription Agreements and instruments of payment to the Company or to such other account or agent as directed by the Company.
 
Notwithstanding the foregoing, with respect to any Primary Shares to be purchased by a custodial account, the Participating Broker-Dealer shall cause the custodian of such account to deliver a Subscription Agreement and instrument of payment for such account directly to the Company. The Participating Broker-Dealer shall furnish to the Company with each delivery of Subscription Agreements and instruments of payment a list of the purchasers showing the name, address, tax identification number, state of residence and dollar amount of Primary Shares purchased.
 
8.    Indemnification.
 
8.1    Indemnified Parties Defined. For the purposes of this Section 8, an entity’s “Indemnified Parties” shall include such entity’s officers, directors, employees, members, partners, affiliates, agents and representatives, and each person, if any, who controls such entity within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act.
 
8.2    Indemnification of the Dealer Manager and Participating Broker-Dealers. The Company will indemnify, defend (subject to Section 8.6) and hold harmless the Dealer Manager and the Participating Broker-Dealers, and their respective Indemnified Parties, from and against any losses, claims (including the reasonable cost of investigation), damages or liabilities, joint or several, to which such Participating Broker-Dealers or the Dealer Manager, or their respective Indemnified Parties, may become subject, under the Securities Act or the Exchange Act, or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon (a) in whole or in part, any material inaccuracy in a representation or warranty contained herein by the Company, any material breach of a covenant contained herein by the Company, or any material failure by the Company  to perform its obligations hereunder or to comply with state or federal securities laws applicable to the Offering, or (b) any untrue statement or alleged untrue statement of a material fact contained (i) in the Memorandum or (ii) in any securities filing or other document executed by the Company or on its behalf specifically for the purpose of qualifying the Offering for exemption from the registration requirements of the securities laws of any jurisdiction or based upon written information furnished by the Company under the securities laws thereof (any such application, document or information being hereinafter called a “Securities Application”), or (c) the omission or alleged omission to state a material fact required to be stated in the Memorandum or in any Securities Application or necessary to make the statements therein, in light of the circumstances under which they are made, not misleading, and the Company will reimburse each Participating Broker-Dealer or the Dealer Manager, and their respective Indemnified Parties, for any legal or other expenses reasonably incurred by such Participating Broker-Dealer or the Dealer Manager, and their respective Indemnified Parties, in connection with investigating or defending such loss, claim, damage, liability or action; provided, however, that the Company  will not be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in reliance upon and in conformity with written information furnished either (x) to the Company  by the Dealer Manager or (y) to 

the Company or the Dealer Manager by or on behalf of any Participating Broker-Dealer expressly for use in the Memorandum or any Securities Application, but only if the party seeking indemnification furnished the written information on which the Company relied. This indemnity agreement will be in addition to any liability which the Company may otherwise have.
 
Notwithstanding the foregoing, the indemnification and agreement to hold harmless provided in this Section 8.2 is further limited to the extent that no such indemnification by the Company of a Participating Broker-Dealer or the Dealer Manager, or their respective Indemnified Parties, shall be permitted under this Agreement for, or arising out of, an alleged violation of federal or state securities laws, unless one or more of the following conditions are met: (a) there has been a successful adjudication on the merits of each count involving alleged material securities law violations as to the particular indemnitee; (b) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the particular indemnitee; or (c) a court of competent jurisdiction approves a settlement of the claims against the particular indemnitee and finds that indemnification of the settlement and the related costs should be made, and the court considering the request for indemnification has been advised of the position of the SEC and of the published position of any state securities regulatory authority in which the securities were offered or sold as to indemnification for violations of securities laws.
 
8.3    Dealer Manager Indemnification of the Company. The Dealer Manager will indemnify, defend and hold harmless the Company and its Indemnified Parties from and against any losses, claims, damages or liabilities to which any of the aforesaid parties may become subject, under the Securities Act or the Exchange Act, or otherwise, insofar as such losses, claims (including the reasonable cost of investigation), damages or liabilities (or actions in respect thereof) arise out of or are based upon (a) in whole or in part, any material inaccuracy in a representation or warranty contained herein by the Dealer Manager, any material breach of a covenant or agreement contained herein by the Dealer Manager, or any material failure by the Dealer Manager to perform its obligations hereunder, (b) any untrue statement or any alleged untrue statement of a material fact contained in the Memorandum or (c) the omission or alleged omission to state a material fact required to be stated in the Memorandum or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, provided, however, that in each case described in clauses (b) and (c) to the extent, but only to the extent, that such untrue statement or omission was made in reliance upon and in conformity with written information furnished to the Company  by the Dealer Manager specifically for use in the preparation of the Memorandum, (d) any untrue statement or omission to state a fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading by the Dealer Manager or its representatives or agents in connection with the offer and sale of the Shares, (e) any failure by the Dealer Manager to comply with applicable laws governing money laundry abatement and anti-terrorist financing efforts in connection with the Offering, including applicable FINRA Rules, Exchange Act Regulations and the USA PATRIOT Act, or (f) any other failure by the Dealer Manager to comply with any of the applicable provisions of the Securities Act, the Exchange Act, Regulation D or the rules and regulations thereunder or any applicable federal or state securities laws or regulations. The Dealer Manager will reimburse the aforesaid parties in connection with investigation or defense of such loss, claim, damage, liability or action. This indemnity agreement will be in addition to any liability which the Dealer Manager may otherwise have.
 
8.4    Participating Broker-Dealer Indemnification of the Company. By virtue of entering into the Participating Broker-Dealer Agreements with the Participating Broker-Dealers, the Dealer Manager shall cause each Participating Broker-Dealer to agree to severally indemnify, defend and hold harmless the Company, the Dealer Manager and each of their respective Indemnified Parties, from and against any losses, claims, damages or liabilities to which the Company, the Dealer Manager, or any of their respective Indemnified Parties may become subject, as more fully described in each Participating Broker-Dealer Agreement.
 
8.5    Action Against Parties; Notification. Promptly after receipt by any indemnified party under this Section 8 of notice of the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 8, notify in writing the indemnifying party of the commencement thereof and the omission to so notify the indemnifying party will relieve such indemnifying party from any liability under this Section 8 as to the particular item for which indemnification is then being sought to the extent that the indemnifying party is materially prejudiced by such omission, but not from any other liability which it may 

have to any indemnified party. In case any such action is brought against any indemnified party, and it notifies an indemnifying party of the commencement thereof, the indemnifying party will be entitled, to the extent it may wish, jointly with any other indemnifying party similarly notified, to participate in the defense thereof, with separate counsel. Such participation shall not relieve such indemnifying party of the obligation to reimburse the indemnified party for reasonable legal and other expenses (subject to Section 8.6) incurred by such indemnified party in defending itself, except for such expenses incurred after the indemnifying party has deposited funds sufficient to effect the settlement, with prejudice, of the claim in respect of which indemnity is sought. Any such indemnifying party shall not be liable to any such indemnified party on account of any settlement of any claim or action effected without the consent of such indemnifying party.
 
8.6    Reimbursement of Fees and Expenses. An indemnifying party under Section 8 of this Agreement shall be obligated to reimburse an indemnified party for reasonable legal and other expenses as follows:
 
(a)    In the case of the Company  indemnifying the Dealer Manager, the advancement of Company funds to the Dealer Manager for legal expenses and other costs incurred as a result of any legal action for which indemnification is being sought shall be permissible only if all of the following conditions are satisfied: (i) the legal action relates to acts or omissions with respect to the performance of duties or services on behalf of the Company; (ii) the legal action is initiated by a third party who is not a stockholder of the Company or the legal action is initiated by a stockholder of the Company acting in his or her capacity as such and a court of competent jurisdiction specifically approves such advancement; and (iii) the Dealer Manager undertakes to repay the advanced funds to the Company, together with the applicable legal rate of interest thereon, in cases in which the Dealer Manager is found not to be entitled to indemnification.
 
(b)    In any case of indemnification other than that described in Section 8.6(a) above, the indemnifying party shall pay all legal fees and expenses of the indemnified party in the defense of such claims or actions; provided, however, that the indemnifying party shall not be obligated to pay legal expenses and fees to more than one law firm in connection with the defense of similar claims arising out of the same alleged acts or omissions giving rise to such claims notwithstanding that such actions or claims are alleged or brought by one or more parties against more than one indemnified party. If such claims or actions are alleged or brought against more than one indemnified party, then the indemnifying party shall only be obliged to reimburse the expenses and fees of the one law firm that has been participating by a majority of the indemnified parties against which such action is finally brought; and in the event a majority of such indemnified parties is unable to agree on which law firm for which expenses or fees will be reimbursable by the indemnifying party, then payment shall be made to the first law firm of record representing an indemnified party against the action or claim, provided, however, that in the case of the defense of claims as a result of events alleged to have occurred during a period during which a Participating Broker-Dealer has the right to act as the exclusive Participating Broker-Dealer, and that Participating Broker-Dealer is an Indemnified Party entitled to the payment of fees and expenses under this Section 8.6, such Participating Broker-Dealer shall have the right to select the law firm of record. Such law firm shall be paid only to the extent of services performed by such law firm and no reimbursement shall be payable to such law firm on account of legal services performed by another law firm.
 
9.    Contribution.

If the indemnification provided for in Section 8 hereof is for any reason unavailable or insufficient to hold harmless the Company, the Dealer Manager, a Participating Broker-Dealer or any Indemnified Party thereof in respect of any losses, liabilities, claims, damages or expenses referred to in Section 8 hereof, then the Company, the Dealer Manager and the Participating Broker-Dealer shall contribute to the aggregate amount of such losses, liabilities, claims, damages and expenses as incurred, (a) in such proportion as is appropriate to reflect the relative benefits received by the Company, the Dealer Manager and the Participating Broker-Dealer, respectively, from the offering of the Primary Shares pursuant to this Agreement and the relevant Participating Dealer Agreement or (b) if the allocation provided by clause (a) is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (a) above but also the relative fault of the Company, the Dealer Manager and the 

Participating Broker-Dealer, respectively, in connection with the statements or omissions which resulted in such losses, liabilities, claims, damages or expenses, as well as any other relevant equitable considerations. 

The relative benefits received by Company, the Dealer Manager and any Participating Broker-Dealer, respectively, in connection with the Offering pursuant to this Agreement and the relevant Participating Dealer Agreement shall be deemed to be in the same respective proportion as the total net proceeds from the Offering pursuant to this Agreement and the relevant Participating Broker-Dealer Agreement (before deducting expenses) received by the Company, and the total selling commissions received by the Dealer Manager and the Participating Broker-Dealer, respectively, bear to the aggregate offering price of the Primary Shares. 

The relative fault of the Company, the Dealer Manager and any Participating Broker-Dealer, respectively, shall be determined by reference to, among other things, whether any such untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact related to information supplied by the Company, the Dealer Manager and the Participating Broker-Dealer, respectively, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.

10.    Survival of Provisions. Except as the context otherwise requires, all representations, warranties and agreements contained in this Agreement shall be deemed to be representations, warranties and agreements at and as of the Offering Termination Date, and such representations, warranties and agreements of the parties hereto, including the indemnity and contribution agreements contained in Sections 7, 8 and 9 above, shall remain operative and in full force and effect regardless of any investigation made by or on behalf of the Dealer Manager or the Company or any controlling person, and shall survive the sale of, and payment for, the Shares.
 
11.    Applicable Law; Venue. This Agreement was executed and delivered in, and its validity, interpretation and construction shall be governed by the laws of, the State of Maryland; provided however, that causes of action for violations of federal or state securities laws shall not be governed by this Section 11. Venue for any action brought hereunder shall lie exclusively in Chicago, Illinois.

12.    Counterparts. This Agreement may be executed in any number of counterparts. Each counterpart, when executed and delivered, shall be an original contract, but all counterparts, when taken together, shall constitute one and the same Agreement.
 
13.    Entire Agreement. This Agreement and the Exhibit attached hereto constitute the entire agreement among the parties and supersede any prior understanding, whether written or oral, prior to the date hereof with respect to the Offering.
 
14.    Successors; Assignment and Amendment.
 
14.1    Successors. This Agreement shall inure to the benefit of and be binding upon the Dealer Manager and the Company and their respective successors and permitted assigns. 
 
14.2    Assignment. Neither the Company nor the Dealer Manager may assign or transfer any of such party’s rights or obligations under this Agreement without the prior written consent of the Dealer Manager, on the one hand, or the Company, acting together, on the other hand.
 
14.3    Amendment. This Agreement may be amended only by the written agreement of the Dealer Manager and the Company.
 
15.    Term and Termination. Either party to this Agreement shall have the right to terminate this Agreement on 60 days’ written notice or immediately upon notice to the other party in the event that such other party shall have failed to comply with any material provision hereof. If not sooner terminated, the Dealer Manager’s agency and this Agreement shall automatically terminate as of the Offering Termination Date without obligation on the part of the Dealer Manager or the Company, except as set forth in this Agreement. Upon expiration or termination of this Agreement, (a) the Company shall pay to the Dealer Manager all earned but unpaid compensation and reimbursement 

for all incurred, accountable compensation to which the Dealer Manager is or becomes entitled under Section 6 of this Agreement pursuant to the requirements of that Section 6 at such times as such amounts become payable pursuant to the terms of such Section 6, offset by any losses suffered by the Company or any officer or director of the Company arising from the Dealer Manager’s breach of this Agreement or an action that would otherwise give rise to an indemnification claim against the Dealer Manager under Section 8 herein, and (b) the Dealer Manager shall promptly deliver to the Company all records and documents in its possession that relate to the Offering and that are not designated as “dealer” copies.
  
16.    Notices. Any notice, approval, request, authorization, direction or other communication under this Agreement shall be deemed given (a) when delivered personally, (b) on the first business day after delivery to a national overnight courier service, or (c) on the fifth business day after deposited in the United States mail, properly addressed and stamped with the required postage, registered or certified mail, return receipt requested, in each case to the intended recipient at the address set forth below:
 
	
			
	If to the Company:
	 
	Jones Lang LaSalle Income Property Trust, Inc.

	 
	 
	200 East Randolph Drive

	 
	 
	Chicago, Illinois 60601

	 
	 
	Attention: Chief Executive Officer

	 
	 
	 

	                With a copy to:
	 
	Jones Lang LaSalle Income Property Trust, Inc.

	 
	 
	200 East Randolph Drive

	 
	 
	Chicago, Illinois 60601

	 
	 
	Attention: General Counsel

	 
	 
	 

	If to the Dealer Manager:
	 
	LaSalle Investment Management Distributors, LLC

	 
	 
	200 East Randolph Drive

	 
	 
	Chicago, Illinois 60601

	 
	 
	Attention: General Counsel

 
Any party may change its address specified above by giving the other party notice of such change in accordance with this Section 16.

17.    Third Party Beneficiaries.  Except as expressly provided otherwise in this Agreement, no provision of this Agreement is intended to be for the benefit of any person or entity not a party to this Agreement, and no third party shall be deemed to be a beneficiary of any provision of this Agreement.  Each Participating Broker-Dealer is a third party beneficiary with respect to this Agreement with respect to Sections 2, 6, 8 and 9 of this Agreement and may enforce its rights against any party to this Agreement.
 
[Signatures on following page]
 

Signature Page to Dealer Manager Agreement
If the foregoing correctly sets forth our understanding, please indicate your acceptance thereof in the space provided below for that purpose, whereupon this letter and your acceptance shall constitute a binding agreement between us as of the date first above written.
 
	
						
	 
	Very truly yours,

	 
	 

	 
	“COMPANY”

	 
	 

	 
	JONES LANG LASALLE INCOME PROPERTY TRUST, INC.

	 
	 
	 

	 
	By:
	/s/C. Allan Swaringen

	 
	 
	Name: C. Allan Swaringen

	 
	 
	Title: President

	 
	 
	 

	Accepted and agreed as of the date first above written:
	 

	 
	 

	“DEALER MANAGER”
	 

	 
	 

	LASALLE INVESTMENT MANAGEMENT DISTRIBUTORS, LLC
	 

	 
	 

	By:
	/s/Gregory Gore
	 
	 

	 
	Name:
	Gregory Gore
	 
	 

	 
	Title:
	Director of Intermediary Distribution
	 
	 

 

EXHIBIT A
 
FORM OF PARTICIPATING BROKER-DEALER AGREEMENT
JONES LANG LASALLE INCOME PROPERTY TRUST, INC. 

Up to $350,000,000 in Shares of Class D Common Stock, $0.01 Par Value per Share  

Dated [], 2015

Ladies and Gentlemen: 

Subject to the terms described herein, LaSalle Investment Management Distributors, LLC, as the dealer manager (the “Dealer Manager”) for Jones Lang LaSalle Income Property Trust, Inc., a Maryland corporation (the “Company”), invites you (“Participating Broker-Dealer”) to participate on a “best efforts” basis in the distribution, in a private placement (the “Offering”) exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), pursuant to Regulation D promulgated under the Securities Act (“Regulation D”), of up to $350,000,000 of shares of the Company’s Class D shares of common stock, par value $0.01 per share (“Class D Shares”), of which amount up to (a)  up to $300,000,000 in shares are being offered to investors pursuant to the Company’s primary offering (the “Primary Shares”) and (b)  up to $50,000,000 in shares are being offered to stockholders of the Company pursuant to the Company’s distribution reinvestment plan (the “DRIP Shares” and, together with the Primary Shares, the “Shares”). The Company may reallocate the Shares between the Primary Shares and the DRIP Shares. The terms and conditions of the Offering are set forth in the Company’s Confidential Private Placement Memorandum for the sale of the Shares, dated March 3, 2015, as may be amended or supplemented from time to time (with all appendixes thereto, the “Memorandum”).

The Primary Shares are to be issued and sold in the Offering at a purchase price equal to the Company’s net asset value (“NAV”) applicable to the class of Shares being purchased on such day determined after the close of business on each business day, divided by the number of Shares of that class outstanding as of the close of business on such date (as calculated in accordance with the procedures described in the Memorandum), plus,  applicable selling commissions, subject in certain circumstances to waivers or reductions thereof. For stockholders who participate in the Company’s distribution reinvestment plan (“DRIP”), the cash distributions attributable to Shares that each stockholder owns will be automatically invested in additional Shares. The DRIP Shares are to be issued and sold to stockholders of the Company at a purchase price equal to the Company’s NAV per share of the applicable class of Share on such day (as calculated in accordance with the procedures described in the Memorandum).

The Shares will be offered during a period commencing on March 3, 2015, the date of the Memorandum (“Effective Date”), and continuing until the earlier of: (i) the date that the maximum aggregate amount of Shares is sold pursuant to the Offering, subject to the Company’s option to increase the maximum aggregate amount of the Offering in its sole discretion, or (ii) such date as Company otherwise terminates the Offering, which it may do at any time in its sole discretion.  (in each case, the “Offering Termination Date”).  

	
		
	I.
	Dealer Manager Agreement. 

The Dealer Manager has entered into a dealer manager agreement with the Company dated March 3, 2015 (the “Dealer Manager Agreement”). Upon effectiveness of this Participating Broker-Dealer Agreement (this “Agreement”), you will become one of the “Participating Broker-Dealers” referred to in the Dealer Manager Agreement. All capitalized terms used and not defined in this Agreement shall have the meaning ascribed to such terms in the Dealer Manager Agreement. 
 
	
		
	II.
	Sale of Shares. 

Participating Broker-Dealer hereby agrees to use its best efforts to sell the Primary Shares for cash on the terms and conditions stated in the Memorandum, subject to the terms and conditions specified in Schedule 1 to this Agreement. 

Nothing in this Agreement shall be deemed or construed to make Participating Broker-Dealer an employee, agent, representative, partner of the Dealer Manager or the Company, and Participating Broker-Dealer is not authorized to act for the Dealer Manager or the Company or to make any representations on their behalf except as set forth in the Memorandum and any or other materials delivered to Participating Broker-Dealer by the Dealer Manager. 
 
	
		
	III.
	Submission of Orders. 

Each person desiring to purchase Primary Shares in the Offering will be required to complete and execute a subscription agreement provided by the Company to the Dealer Manager and each Participating Broker-Dealer for use in connection with the Offering (the “Subscription Agreement”) and to deliver to Participating Broker-Dealer such completed and executed Subscription Agreement together with a check, draft, wire or money (hereinafter referred to as an “instrument of payment”) in the amount of such person’s purchase, which must be at least the minimum purchase amount set forth in the Memorandum, subject to any waiver of such minimum purchase amount for certain categories of purchasers in the discretion of the Company’s advisor (as described in the Memorandum). Persons purchasing Primary Shares will be instructed by Participating Broker-Dealer to make their instruments of payment payable to or for the benefit of “Jones Lang LaSalle Income Property Trust, Inc.” The purchase price for purchase orders received by the Company prior to the close of business on any business day will be executed at the NAV per share of the class of Shares being purchased calculated at the end of such business day in accordance with the procedures described in the Memorandum, plus, applicable selling commissions. Subscriptions processed and accepted by the Company after the close of business on any business day, or on a day that is not a business day, will be executed at the NAV per share of the class of Shares being purchased calculated at the end of the next business day in accordance with the procedures described in the Memorandum, plus, applicable selling commissions.  A purchaser will be contractually obligated to purchase Primary Shares in the aggregate dollar amount of the purchaser’s subscription as of the close of business on the date the subscription is accepted by the Company. If Participating Broker-Dealer receives a Subscription Agreement or instrument of payment not conforming to the foregoing instructions, Participating Broker-Dealer shall return such Subscription Agreement and instrument of payment directly to such purchaser not later than the end of the second business day following receipt by the Participating Broker-Dealer. Subscription Agreements and instruments of payment received by Participating Broker-Dealer which conform to the foregoing instructions shall be transmitted for deposit pursuant to one of the following methods: 
 
		
	(a)
	where, pursuant to Participating Broker-Dealer’s internal supervisory procedures, internal supervisory review is conducted at the same location at which Subscription Agreements and instruments of payment are received from purchasers, then, by noon of the next business day following receipt by Participating Broker-Dealer, Participating Broker-Dealer will transmit the Subscription Agreements and instruments of payment to the Company or to such other account or agent as directed by the Company; and

		
	(b)
	where, pursuant to Participating Broker-Dealer’s internal supervisory procedures, final internal supervisory review is conducted at a different location (the “Final Review Office”), then Subscription Agreements and instruments of payment will be transmitted by Participating Broker-Dealer to the Final Review Office by noon of the next business day following receipt by Participating Broker-Dealer. The Final Review Office will in turn, by noon of the next business day following receipt by the Final Review Office, transmit such Subscription Agreements and instruments of payment to the Company or to such other account or agent as directed by the Company. Participating Broker-Dealer understands that the Company reserves the unconditional right to reject any order for any or no reason.

Notwithstanding the foregoing, with respect to any Primary Shares to be purchased by a custodial account, Participating Broker-Dealer shall cause the custodian of such account to deliver a Subscription Agreement and an instrument of payment for such account directly to the Company. Participating Broker-Dealer shall furnish to the Company with each delivery of Subscription Agreements and instruments of payment a list of the purchasers showing the name, address, tax identification number, state of residence and dollar amount of Primary Shares to be purchased. 
 
	
		
	IV.
	Participating Broker-Dealer’s Compensation. 

Subject to the waivers, discounts or other special circumstances described in or otherwise disclosed in the “Plan of Distribution” section of the Memorandum, Participating Broker-Dealer’s selling commission on each Class D Share sold by Participating Broker-Dealer which it is authorized to sell hereunder is up to 1.0% of the NAV per Class D Share calculated after the close of business on the day the subscription agreement is accepted and confirmed by the Company, or if such day is not a business day, calculated after the close of business on the next business day, which commission will be paid by the Dealer Manager.

For these purposes, a “sale of Class D Shares” shall occur if and only if a transaction has closed with a securities purchaser pursuant to all applicable offering documents and the Company has thereafter distributed the commission to the Dealer Manager in connection with such transaction. Participating Broker-Dealer hereby waives any and all rights to receive payment of commissions due until such time as the Dealer Manager is in receipt of the commission from the Company. Participating Broker-Dealer affirms that the Dealer Manager’s liability for commissions payable to Participating Broker-Dealer is limited solely to the commissions received by the Dealer Manager from the Company associated with Participating Broker-Dealer’s sale of Class D Shares. 

Participating Broker-Dealer acknowledges and agrees that no selling commissions will be paid in connection with the sale of any DRIP Shares.

The parties hereby agree that (i) the foregoing selling commissions are not in excess of the usual and customary compensation received in the sale of securities similar to the Primary Shares, (ii) that Participating Broker-Dealer’s interest in the Offering is limited to the selling commissions referred to in this Section IV and Participating Broker-Dealer’s indemnity referred to in Section XII herein, and (iii) that the Company is not liable or responsible for the direct payment of selling commissions to Participating Broker-Dealer. In addition, as set forth in the Memorandum, the Dealer Manager may reimburse Participating Broker-Dealer for reasonable bona fide due diligence expenses incurred by Participating Broker-Dealer. Such due diligence expenses may include travel, lodging, meals and other reasonable out-of-pocket expenses incurred by Participating Broker-Dealer and its personnel when visiting the Company’s offices or properties to verify information relating to the Company or its properties. Participating Broker-Dealer shall provide a detailed and itemized invoice for any such due diligence expenses, and no such expenses shall be reimbursed absent a detailed and itemized invoice.

Participating Broker-Dealer acknowledges that the Shares shall not be included for the purposes of calculating compensation due to Participating Broker-Dealer pursuant to any arrangements other than this Agreement between Participating Broker-Dealer and the Dealer Manager or any entity controlling, controlled by, or under common control with the Dealer Manager. 
 
	
		
	V.
	Payment of Selling Commissions. 

Payments of selling commissions will be made by the Dealer Manager (or by the Company as the agent of the Dealer Manager, as provided in the Dealer Manager Agreement) to Participating Broker-Dealer. Selling Commissions will be paid to Participating Broker-Dealer within 30 days after receipt by the Dealer Manager, or, if the Company (as the agent of the Dealer Manager) pays such selling commissions directly to Participating Broker-Dealer, then the Company shall pay such selling commissions within 30 days of the execution by the Company of orders to purchase Primary Shares sold by Participating Broker-Dealer. 

Participating Broker-Dealer, in its sole discretion, may authorize Dealer Manager (or the Company as the agent of the Dealer Manager, as provided in the Dealer Manager Agreement) to deposit selling commissions and other payments due to it pursuant to this Agreement directly to its bank account. If Participating Broker-Dealer so elects, Participating Broker-Dealer shall provide such deposit authorization and instructions in Schedule 2 to this Agreement. 
 
	
		
	VI.
	Right to Reject Subscriptions or Cancel Sales. 

All subscriptions, whether initial or additional, are subject to acceptance by and shall only become effective upon confirmation by the Company, which reserves the right to reject any subscription for any or no reason. Subscriptions not accompanied by the required instrument of payment may be rejected. Issuance and delivery of Primary Shares will 

be made only after actual receipt of payment therefor. The Company or its agent shall advise the Participating Broker-Dealer no later than the next business day after receipt by the Company or its agent of a subscription if the Company intends to reject a subscription. In the event a subscription is rejected, canceled or rescinded for any reason, Participating Broker-Dealer agrees to return to the Dealer Manager any selling commissions theretofore paid with respect to such subscription, and, if Participating Broker-Dealer fails to so return any such amounts, the Dealer Manager shall have the right to offset amounts owed against future selling commissions and otherwise payable to Participating Broker-Dealer. 
 
	
		
	VII.
	Memorandum. 

Participating Broker-Dealer is not authorized or permitted to give, and will not give, any information or make any representation (written or oral) concerning the Shares except as set forth in the Memorandum or as otherwise specifically authorized and approved by the Company. The Dealer Manager will supply Participating Broker-Dealer with reasonable quantities of the Memorandum for delivery to investors, and Participating Broker-Dealer will deliver a copy of the Memorandum to each investor to whom an offer is made prior to or simultaneously with the first solicitation of an offer to sell the Primary Shares to an investor. Participating Broker-Dealer agrees that it will not use in connection with the offer or sale of Shares any materials or writings which have not been previously approved by the Company. 
 
	
		
	VIII.
	 License and Association Membership. 

Participating Broker-Dealer’s acceptance of this Agreement constitutes a representation to the Company and the Dealer Manager that Participating Broker-Dealer is a properly registered or licensed broker-dealer, duly authorized to sell Primary Shares under Federal and state securities laws and regulations in all states where it offers or sells Primary Shares, and that it is a member in good standing of the Financial Industry Regulatory Authority, Inc. (“FINRA”). Participating Broker-Dealer represents and warrants that it is currently licensed as a broker-dealer in the jurisdictions identified on Schedule 3 to this Agreement and that its independent contractors and registered representatives have the appropriate licenses(s) to offer and sell the Primary Shares in such jurisdictions. This Agreement shall automatically terminate if Participating Broker-Dealer ceases to be a member in good standing of FINRA, or with the securities commission of the state in which Participating Broker-Dealer’s principal office is located. Participating Broker-Dealer agrees to notify the Dealer Manager immediately if Participating Broker-Dealer ceases to be a member in good standing of FINRA or with the securities commission of any state in which Participating Broker-Dealer is currently registered or licensed. The Participating Broker-Dealer also hereby agrees to abide by the rules set forth in the FINRA rulebook, which currently consists of rules promulgated by FINRA, the National Association of Securities Dealers (“NASD”) and the New York Stock Exchange (collectively, the “FINRA Rules”), specifically including, but not limited to, FINRA Rule 2310, FINRA Rule 5110, FINRA Rule 5141, NASD Rule 2340 and NASD Rule 2420. 
 
	
		
	IX.
	Anti-Money Laundering Compliance Programs. 

Participating Broker-Dealer’s acceptance of this Agreement constitutes a representation to the Company and the Dealer Manager that Participating Broker-Dealer has established and implemented an anti-money laundering compliance program (“AML Program”) in accordance with applicable law, including applicable FINRA Rules, rules promulgated by the Commission (the “Commission Rules”) and the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act (USA PATRIOT Act) of 2001, as amended by the USA Patriot Improvement and Reauthorization Act of 2005 (the “USA PATRIOT Act”), specifically including, but not limited to, Section 352 of the International Money Laundering Abatement and Anti-Terrorist Financing Act of 2001 (the “Money Laundering Abatement Act” and together with the USA PATRIOT Act, the “AML Rules”), reasonably expected to detect and cause the reporting of suspicious transactions in connection with the sale of Shares. Participating Broker-Dealer covenants that it will perform all activities it is required to perform by applicable AML Rules and its AML Program with respect to all customers on whose behalf Participating Broker-Dealer submits orders to the Company. To the extent permitted by applicable law, Participating Broker-Dealer will share information with the Dealer Manager and the Company for purposes of ascertaining whether a suspicious activity report is warranted with respect to any suspicious transaction involving the purchase or intended purchase of Shares. 

Upon request by the Dealer Manager at any time, Participating Broker-Dealer hereby agrees to (i) furnish a written copy of its AML Program and relevant legal requirements to the Dealer Manager for review, (ii) provide annual certification to the Dealer Manager that Participating Broker-Dealer has complied with the provisions of its AML Program, and (iii) furnish a copy of the findings and any remedial actions taken in connection with Participating Broker-Dealer’s most recent independent testing of its AML Program. Participating Broker-Dealer further represents that it is currently in compliance with all AML Rules, specifically including, but not limited to, the Customer Identification Program requirements under Section 326 of the Money Laundering Abatement Act, and Participating Broker-Dealer hereby covenants to remain in compliance with such requirements and shall, upon request by the Dealer Manager, provide a certification to Dealer Manager that, as of the date of such certification (i) its AML Program is consistent with the AML Rules, (ii) it has continued to implement its AML Program, and (iii) it is currently in compliance with all AML Rules, specifically including, but not limited to, the Customer Identification Program requirements under Section 326 of the Money Laundering Abatement Act. 
 
	
		
	X.
	Suitability; Offer and Sale of Shares. 

The Participating Broker-Dealer agrees that in recommending to an investor the purchase of the Shares, Participating Dealer shall:
        
		
	(a)
	have reasonable grounds to believe, on the basis of information obtained from the investor (and thereafter maintained in the manner and for the period required by the Commission, any state securities commission, FINRA or the Company) concerning the investor’s age, investment objectives, other investments, financial situation and needs, and any other information known by the Participating Broker-Dealer, or person associated with Participating Broker-Dealer,  that: (A) the prospective investor is an “accredited investor” as that term is defined in Rule 501(a) under the Securities Act, and meets the other investor suitability requirements as may be established by the Company and set forth in the “Suitability Standards” section of the Memorandum and the minimum purchase requirements set forth in the Memorandum; (B) the prospective investor is or will be in a financial position appropriate to enable the investor to realize to a significant extent the benefits described in the Memorandum; and (C) the prospective investor has a fair market net worth sufficient to sustain the risks inherent in the investment, including but not limited to loss of investment and lack of liquidity, and other risks described in the Memorandum; and (D) the investment is otherwise suitable for the prospective investor; and

		
	(b)
	maintain in its files (for a period of at least six years following the Offering Termination Date) information and documents describing the basis upon which the determination that an investment in Primary Shares is suitable and appropriate for each such proposed investor was reached as to each prospective investor, to otherwise comply with the record keeping requirements provided in Section XIV below and to make such documents and records available to (a) the Dealer Manager and the Company upon request, and (b) representatives of the Commission, FINRA and applicable state securities administrators upon Participating Broker-Dealer’s receipt of an appropriate document subpoena or other appropriate request for documents from any such agency.

The Participating Broker-Dealer agrees to sell Primary Shares only to the extent authorized as set forth on Schedule 1 to this Agreement.

 Participating Broker-Dealer shall not purchase any Primary Shares for a discretionary account without obtaining the prior written approval of Participating Broker-Dealer’s customer and such customer’s completed and executed Subscription Agreement. 

The Participating Broker-Dealer shall complete all steps necessary to permit the Company to offer the Shares pursuant to the registration exemptions available under applicable federal securities laws and other applicable state securities laws.  The Participating Broker-Dealer shall conduct all of its solicitation and sales efforts in conformity with Rule 506(c) of Regulation D, promulgated under the Securities Act, and exemptions available under applicable state securities laws.

In soliciting persons to acquire the Shares, the Participating Broker-Dealer agrees to comply with the applicable requirements of the Securities Act, the Exchange Act, applicable state securities laws, the published rules and regulations thereunder and the Conduct Rules of FINRA. Further, the Participating Broker-Dealer agrees that it will not give any information or make any representations other than those contained in the Memorandum.
 
	
		
	XI.
	Due Diligence; Adequate Disclosure. 

Prior to offering the Primary Shares for sale, Participating Broker-Dealer shall have conducted an inquiry such that Participating Broker-Dealer has reasonable grounds to believe, based on information made available to Participating Broker-Dealer by the Company or the Dealer Manager through the Memorandum, that all material facts are adequately and accurately disclosed in the Memorandum and provide a basis for evaluating a purchase of Primary Shares. In determining the adequacy of disclosed facts pursuant to the foregoing, Participating Broker-Dealer may obtain, upon request, information on material facts relating at a minimum to the following: (1) items of compensation; (2) physical properties; (3) tax aspects; (4) financial stability and experience of the Company and its advisor and sub-advisor; (5) conflicts and risk factors; and (6) appraisals and other pertinent reports. Notwithstanding the foregoing, Participating Broker-Dealer may rely upon the results of an inquiry conducted by an independent third party retained for that purpose or another broker-dealer participating in the distribution of the Shares pursuant to an agreement with the Dealer Manager (an “Other Dealer”); provided, that: (1) Participating Broker-Dealer has reasonable grounds to believe that such inquiry was conducted with due care by said independent third party or such Other Dealer; (2) the results of the inquiry were provided to Participating Broker-Dealer with the consent of the Other Dealer conducting or directing the inquiry; and (3) no Other Dealer that participated in the inquiry is an affiliate of the Company. Prior to the sale of the Shares, Participating Broker-Dealer shall inform each prospective purchaser of Shares of pertinent facts relating to the Shares including specifically the risks related to limitations on liquidity and marketability of the Shares during the term of the investment but shall not, in any event, make any representation on behalf of the Company except as set forth in the Memorandum. 
 
	
		
	XII.
	Indemnification. 

For the purposes of this Section XII, an entity’s “Indemnified Parties” shall include such entity’s officers, directors, employees, members, partners, affiliates, agents and representatives, and each person, if any, who controls such entity within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act. 

		
	(a)
	Participating Broker-Dealer severally agrees to indemnify, defend and hold harmless the Company, the Dealer Manager and each of their respective Indemnified Parties from and against any losses, claims, damages or liabilities to which the Company, the Dealer Manager, or any of their respective Indemnified Parties may become subject, under the Securities Act or otherwise, insofar as such losses, claims (including the reasonable cost of investigation), damages or liabilities (or actions in respect thereof) arise out of or are based upon (a) in whole or in part, any material inaccuracy in a representation or warranty contained herein by Participating Broker-Dealer, any material breach or violation of a covenant or agreement contained herein by Participating Broker-Dealer, or any material failure by Participating Broker-Dealer to perform its obligations hereunder, (b) any untrue statement or alleged untrue statement of a material fact contained (i) in the Memorandum or (ii) in any application to qualify the Shares for the offer and sale under the applicable state securities or “blue sky” laws of any state or jurisdiction, (c) the omission or alleged omission to state a material fact required to be stated in the Memorandum or necessary to make statements therein, in light of the circumstances under which they were made,  not misleading; provided, however, that in each case described in clauses (b) and (c) to the extent, but only to the extent, that such untrue statement or omission was made in reliance upon and in conformity with written information furnished to the Company or the Dealer Manager by Participating Broker-Dealer specifically for use in the Memorandum, (d) any use by Participating Broker-Dealer of sales literature or other materials not authorized or approved by the Company in connection with the offer and sale of the Shares, (e) any untrue statement made by Participating Broker-Dealer or its representatives or agents or omission to state a fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading in connection with the offer and sale of the Shares, (f) any failure of 

Participating Broker-Dealer to comply with applicable laws governing money laundering abatement and anti-terrorist financing efforts in connection with the Offering, including applicable FINRA Rules, Commission Rules and the USA PATRIOT Act, or (g) any other failure by Participating Broker-Dealer to comply with applicable FINRA rules or Commission Rules or any other applicable Federal or state laws in connection with the Offering. Participating Broker-Dealer will reimburse the aforesaid parties in connection with investigation or defense of such loss, claim, damage, liability or action. This indemnity agreement will be in addition to any liability which Participating Broker-Dealer may otherwise have. 

		
	(b)
	Promptly after receipt by any indemnified party under this Section XII of notice of the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section XII, notify in writing the indemnifying party of the commencement thereof and the omission to so notify the indemnifying party will relieve such indemnifying party from any liability under this Section XII as to the particular item for which indemnification is then being sought, but not from any other liability which it may have to any indemnified party. In case any such action is brought against any indemnified party, and it notifies an indemnifying party of the commencement thereof, the indemnifying party will be entitled, to the extent it may wish, jointly with any other indemnifying party similarly notified, to participate in the defense thereof, with separate counsel. Such participation shall not relieve such indemnifying party of the obligation to reimburse the indemnified party for reasonable legal and other expenses (subject to Section XII(c) below) incurred by such indemnified party in defending itself, except for such expenses incurred after the indemnifying party has deposited funds sufficient to effect the settlement, with prejudice, of the claim in respect of which indemnity is sought. Any such indemnifying party shall not be liable to any such indemnified party on account of any settlement of any claim or action effected without the consent of such indemnifying party. 

		
	(c)
	An indemnifying party under this Section XII of this Agreement shall pay all legal fees and expenses of the indemnified party in the defense of such claims or actions; provided, however, that the indemnifying party shall not be obligated to pay legal expenses and fees to more than one law firm in connection with the defense of similar claims arising out of the same alleged acts or omissions giving rise to such claims notwithstanding that such actions or claims are alleged or brought by one or more parties against more than one indemnified party. If such claims or actions are alleged or brought against more than one indemnified party, then the indemnifying party shall only be obliged to reimburse the expenses and fees of the one law firm that has been participating on behalf of a majority of the indemnified parties against which such action is finally brought; and in the event a majority of such indemnified parties is unable to agree on which law firm for which expenses or fees will be reimbursable by the indemnifying party, then payment shall be made to the first law firm of record representing an indemnified party against the action or claim. Such law firm shall be paid only to the extent of services performed by such law firm and no reimbursement shall be payable to such law firm on account of legal services performed by another law firm. 

 
	
		
	XIII.
	 Contribution. 

If the indemnification provided for in Section XII hereof is for any reason unavailable to or insufficient to hold harmless an indemnified party in respect of any losses, liabilities, claims, damages or expenses referred to therein, then each indemnifying party shall contribute to the aggregate amount of such losses, liabilities, claims, damages and expenses incurred by such indemnified party, as incurred, (a) in such proportion as is appropriate to reflect the relative benefits received by the Company, the Dealer Manager and Participating Broker-Dealer, respectively, from the offering of the Shares pursuant to this Agreement and the Dealer Manager Agreement or (b) if the allocation provided by clause (a) is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (a) above but also the relative fault of the Company, the Dealer Manager and Participating Broker-Dealer, respectively, in connection with the statements or omissions which resulted in such losses, liabilities, claims, damages or expenses, as well as any other relevant equitable considerations. 

The relative benefits received by the Company, the Dealer Manager and Participating Broker-Dealer, respectively, in connection with the offering of the Shares pursuant to this Agreement shall be deemed to be in the same respective proportion as the total net proceeds from the offering of the Shares (before deducting expenses) received by the 

Company, and the total selling commissions and Distribution Fees received by the Dealer Manager and Participating Broker-Dealer, respectively, bear to the aggregate initial public offering price of the Shares. 

The relative fault of the Company, the Dealer Manager and Participating Broker-Dealer, respectively, shall be determined by reference to, among other things, whether any such untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact related to information supplied by the Company, the Dealer Manager or Participating Broker-Dealer, respectively, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 

The Company, the Dealer Manager and Participating Broker-Dealer agree that it would not be just and equitable if contribution pursuant to this Section XIII were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable contributions referred to above in this Section XIII. The aggregate amount of losses, liabilities, claims, damages and expenses incurred by an indemnified party and referred to above in this Section XIII shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue statement or omission or alleged omission. 

Notwithstanding the provisions of this Section XIII, the Dealer Manager and Participating Broker-Dealer shall not be required to contribute any amount by which the total price at which the Shares sold by them exceeds the amount of any damages which the Dealer Manager and Participating Broker-Dealer have otherwise been required to pay by reason of any untrue or alleged untrue statement or omission or alleged omission. 

No party guilty of fraudulent misrepresentation (within the meaning of Section 1(f) of the Securities Act) shall be entitled to contribution from any party who was not guilty of such fraudulent misrepresentation. 
 
For the purposes of this Section XIII, the Dealer Manager’s officers, directors, employees, members, partners, agents and representatives, and each person, if any, who controls the Dealer Manager within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act shall have the same rights to contribution of the Dealer Manager, and each officer, director, employee, member, partner, agent and representative of the Company and each person, if any, who controls the Company, within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, shall have the same rights to contribution of the Company. Participating Broker-Dealer’s obligations to contribute pursuant to this Section XIII are several in proportion to the number of Shares sold by Participating Broker-Dealer and not joint. 
 
	
		
	XIV.
	 Compliance with Record Keeping Requirements. 

Participating Broker-Dealer agrees to comply with the record keeping requirements of the Exchange Act and the rules promulgated under the Exchange Act. Participating Broker-Dealer further agrees to keep such records with respect to each customer who purchases Primary Shares, the investor’s suitability and the amount of Primary Shares sold, and to retain such records for such period of time as may be required by the Commission, any state securities commission, FINRA or the Company. 
	
		
	XV.
	Disqualification Events.

    
		
	(a)
	Participating Broker-Dealer represents that neither it, nor any of its directors, executive officers, other officers participating in the Offering, general partners or managing members, or any of the directors, executive officers or other officers participating in the Offering of any such general partner or managing member (each, a “Participating Dealer Covered Person” and, together, “Participating Dealer Covered Persons”), is subject to any of the “Bad Actor” disqualifications described in Rule 506(d)(1)(i) to (viii) under the Securities Act (a “Disqualification Event”) except for a Disqualification Event (i) contemplated by Rule 506(d)(2) of the Securities Act and (ii) a description of which has been furnished in writing to the Dealer Manager and the 

Company prior to the date hereof or, in the case of a Disqualification Event occurring after the date hereof, prior to the date of any offering of Shares by Participating Broker-Dealer. Participating Broker-Dealer has exercised reasonable care to determine (i) the identity of each person that is a Participating Dealer Covered Person; and (ii) whether any Participating Dealer Covered Person is subject to a Disqualification Event.

		
	(b)
	Participating Broker-Dealer will promptly notify the Dealer Manager and the Company in writing of (i) any Disqualification Event relating to any Participating Dealer Covered Person not previously disclosed in accordance with Section XV(a) above, and (ii) any event that would, with the passage of time, become a Disqualification Event relating to any Participating Dealer Covered Person.

		
	(c)
	The Participating Broker-Dealer represents that it is not aware of any person (other than the Dealer Manager and any Participating Dealer Covered Person) that has been or will be paid (directly or indirectly) remuneration for solicitation of purchasers in connection with the sale of Shares. The Participating Broker-Dealer will promptly notify the Dealer Manager and the Company of any agreement or arrangement entered into between the Participating Broker-Dealer and such person in connection with such sale.

 
	
		
	XVI.
	 Customer Complaints. 

Participating Broker-Dealer hereby agrees to provide to the Dealer Manager promptly upon receipt by Participating Broker-Dealer copies of any written or otherwise documented customer complaints received by Participating Broker-Dealer relating in any way to the Offering (including, but not limited to, the manner in which the Primary Shares are offered by Participating Broker-Dealer), the Shares or the Company. 
 
	
		
	XVII.
	 Effective Date. 

This Agreement will become effective upon the last date it is signed by any party hereto. 
 
	
		
	XVIII.
	 Termination; Amendment; Entire Agreement; Third Party Beneficiaries.

Participating Broker-Dealer will immediately suspend or terminate its offer and sale of Primary Shares upon the request of the Company or the Dealer Manager at any time and will resume its offer and sale of Primary Shares hereunder upon subsequent request of the Company or the Dealer Manager. Any party may terminate this Agreement by written notice pursuant to Section XXI below.

Upon termination of this Agreement, the Dealer Manager shall pay to Participating Broker-Dealer all (a) earned but unpaid compensation and (b) reimbursement for all incurred, accountable expenses to which Participating Broker-Dealer is or becomes entitled under Section IV hereof at such time as such compensation or reimbursement becomes payable. 

This Agreement may be amended at any time by the Dealer Manager by written notice to Participating Broker-Dealer, and any such amendment shall be deemed accepted by Participating Broker-Dealer upon placing an order for sale of Primary Shares after it has received such notice.

This Agreement and the exhibits and schedules hereto are the entire agreement of the parties and supersedes all prior agreements, if any, between the parties hereto relating to the subject matter hereof.  

Except as expressly provided otherwise in this Agreement, no provision of this Agreement is intended to be for the benefit of any person or entity not a party to this Agreement, and no third party shall be deemed to be a beneficiary of any provision of this Agreement. The Company is a third party beneficiary with respect to this Agreement with respect to Sections XII, XIII and XV of this Agreement and may enforce its rights against any party to this Agreement.
  

	
		
	XIX.
	  Assignment. 

Participating Broker-Dealer shall have no right to assign this Agreement or any of Participating Broker-Dealer’s rights hereunder or to delegate any of Participating Broker-Dealer’s obligations hereunder. Any such purported assignment or delegation by Participating Broker-Dealer shall be null and void. The Dealer Manager shall have the right to assign any or all of its rights and obligations under this Agreement by written notice, and Participating Broker-Dealer shall be deemed to have consented to such assignment by execution hereof. Dealer Manager shall provide written notice of any such assignment to Participating Broker-Dealer. 
 
	
		
	XX.
	 Privacy Laws. 

The Dealer Manager and Participating Broker-Dealer (each referred to individually in this Section XX as a “party”) agree as follows: 

		
	(a)
	Each party agrees to abide by and comply with (i) the privacy standards and requirements of the Gramm-Leach-Bliley Act of 1999 (“GLB Act”); (ii) the privacy standards and requirements of any other applicable Federal or state law; and (iii) its own internal privacy policies and procedures, each as may be amended from time to time; 

		
	(b)
	Each party agrees to refrain from the use or disclosure of nonpublic personal information (as defined under the GLB Act) of all customers who have opted out of such disclosures except as necessary to service the customers or as otherwise necessary or required by applicable law; and 

		
	(c)
	Each party shall be responsible for determining which customers have opted out of the disclosure of nonpublic personal information by periodically reviewing and, if necessary, retrieving a list of such customers (the “List”) as provided by each to identify customers that have exercised their opt-out rights. In the event either party uses or discloses nonpublic personal information of any customer for purposes other than servicing the customer, or as otherwise required by applicable law, that party will consult the List to determine whether the affected customer has exercised his or her opt-out rights. Each party understands that each is prohibited from using or disclosing any nonpublic personal information of any customer that is identified on the List as having opted out of such disclosures. 

 
	
		
	XXI.
	Notice. 

All notices will be in writing and deemed given (a) when delivered personally, (b) on the first business day after delivery to a national overnight courier service, or (c) on the fifth business day after deposit in the United States mail, properly addressed and stamped with the required postage, registered or certified mail, return receipt requested, to the Dealer Manager at: LaSalle Investment Management Distributors, LLC, 200 East Randolph Drive, Chicago, Illinois 60601, Attention: Chief Executive Officer, and to Participating Broker-Dealer at the address specified by Participating Broker-Dealer on the signature page hereto. 
 
	
		
	XXII.
	 Attorneys’ Fees; Applicable Law and Venue. 

In any action to enforce the provisions of this Agreement or to secure damages for breach of this Agreement, the prevailing party shall recover its costs and reasonable attorney’s fees. This Agreement shall be construed under the laws of the State of Maryland. Venue for any action (including arbitration) brought hereunder shall lie exclusively in Chicago, Illinois. 

[Signatures on following pages] 

Signature Page to Participating Broker-Dealer Agreement

IN WITNESS WHEREOF, the parties hereto have caused this Participating Broker-Dealer Agreement to be executed on its behalf by its duly authorized agent. 
 
	
			
	 
	 
	 

	“DEALER MANAGER”

	 

	LaSalle Investment Management Distributors, LLC

	 
	 

	By:
	 
	 

	Name:
	 
	 

	Title:
	 
	 

We have read the foregoing Agreement and we hereby accept and agree to the terms and conditions therein set forth. We hereby represent that the jurisdictions identified below represent a true and correct list of all jurisdictions in which we are registered or licensed as a broker or dealer and are fully authorized to sell securities, and we agree to advise you of any change in such list during the term of this Agreement. 
 
	
		
	1.
	Identity of Participating Broker-Dealer: 

 
	
	
	 

	Full Legal Name:

	 

	 

	 

	Type of Entity:

	 

	 

	 

	Organized in the State of:

	 

	 

	 

	Tax Identification Number:

	 

	 

	 

	FINRA/CRD Number:

	 

	 

	
		
	2.
	Any notice under this Agreement will be deemed given pursuant to Section XX hereof when delivered to Participating Broker-Dealer as follows: 

 
	
					
	 
	 
	 
	 
	 

	Company Name:
	  
	 _____________________
	  
	 

	 
	 
	 

	Attention to:
	  
	 
	  
	 

	 
	  
	(Name)
 
	  
	 

	 
	  
	(Title)
	  
	 

	 
	 
	 

	Street Address:
	  
	 
	  
	 

	 
	 
	 

	City, State and Zip Code:
	  
	 
	  
	 

	 
	 
	 

	Telephone No.:
	  
	(        )
	  
	 

	 
	 
	 

	Facsimile No.:
	  
	(        )
	  
	 

	 
	 
	 

	Email Address:
	  
	 
	  
	 

 
	
			
	 
	 
	 

	Accepted and agreed as of the date below:
 
“PARTICIPATING BROKER-DEALER”
 

	 

	(Print Name of Participating Broker-Dealer)

	 
	 

	By:
	 
	 ______________________________

	 
	 

	Name:
	 
	 ______________________________

	 
	 

	Title:
	 
	 ______________________________

	 
	 

	Date:
	 
	 ______________________________

SCHEDULE 1 
TO 
PARTICIPATING BROKER-DEALER AGREEMENT WITH 
[        ] 
	
					
	 
	 
	 
	 
	 

	NAME OF ISSUER:
	  
	JONES LANG LASALLE INCOME PROPERTY TRUST, INC.
	  
	 

	 
	 
	 

	NAME OF PARTICIPATING BROKER-DEALER:
	  
	 
	  
	 

	 
	 
	 

	SCHEDULE TO AGREEMENT DATED:
	  
	 
	  
	 

 
	
			
	 
	A.
	Share Authorized to Sell. 

Participating Broker-Dealer is authorized to sell the following classes of Primary Shares according to the terms and conditions set forth in this Schedule 1 and in accordance with all other express or implied terms and conditions of the Agreement:

¬    Class D Shares

	
			
	 
	B.
	Terms and Conditions of the Selling Commissions.

Participating Broker-Dealer shall be entitled to receive selling commissions, in an amount as determined by the Participating Broker-Dealer, of up to 1.0% of the NAV per Class D Share on each Class D Share sold by Participating Broker-Dealer. Participating Broker-Dealer will have sole discretion whether to waive, remit or reduce the selling commission payable to it in connection with the Class D Shares sold by Participating Broker-Dealer and neither the Company, nor the Dealer Manager, nor any of their respective affiliates, shall charge or receive a selling commission in connection with a Class D Share sold by Participating Broker-Dealer. All selling commissions payable to the Participating Broker-Dealer will be collected by Participating Broker-Dealer from the purchaser. No selling commissions shall be paid with respect to any sale of DRIP Shares.
	
			
	“DEALER MANAGER”

	 

	LaSalle Investment Management Distributors, LLC

	 

	Name:
	 
	 

	Title:
	 
	 

	 

	“PARTICIPATING BROKER-DEALER”

	 

	Name:
	 
	 

	Title:
	 
	 

SCHEDULE 2 
TO 
PARTICIPATING BROKER-DEALER AGREEMENT WITH 
[        ] 
	
				
	 
	 
	 
	 

	NAME OF ISSUER:
	  
	JONES LANG LASALLE INCOME PROPERTY TRUST, INC.
	  

	 
	 
	 

	NAME OF PARTICIPATING BROKER-DEALER:
	  
	 
	  

	 
	 
	 

	SCHEDULE TO AGREEMENT DATED:
	  
	 
	  

Participating Broker-Dealer hereby authorizes the Dealer Manager or its agent to deposit reallowances and other payments due to it pursuant to the Participating Broker-Dealer Agreement to its bank account specified below. This authority will remain in force until Participating Broker-Dealer notifies the Dealer Manager in writing to cancel it. In the event that the Dealer Manager deposits funds erroneously into Participating Broker-Dealer’s account, the Dealer Manager is authorized to debit the account with no prior notice to Participating Broker-Dealer for an amount not to exceed the amount of the erroneous deposit. 
 
	
					
	 
	 
	 
	 
	 

	Bank Name:
	 
	 
	 
	 

	 
	 
	 

	Bank Address:
	 
	 
	 
	 

	 
	 
	 

	Bank Routing Number:
	 
	 
	 
	 

	 
	 
	 

	Account Number:
	 
	 
	 
	 

 
	
			
	“PARTICIPATING BROKER-DEALER”
 

	(Print Name of Participating Broker-Dealer)

	 
	 

	By:
	 
	 

	 
	 

	Name:
	 
	 

	 
	 

	Title:
	 
	 

	 
	 

	Date:
	 
	 

SCHEDULE 3 
TO 
PARTICIPATING BROKER-DEALER AGREEMENT WITH 
[        ] 
Participating Broker-Dealer represents and warrants that it is currently licensed as a broker-dealer in the following jurisdictions: 
 
	
							
	 
	 
	 
	 
	 
	 
	 

	 
	  
	Alabama
	  
	 
	  
	Montana

	 
	  
	Alaska
	  
	 
	  
	Nebraska

	 
	  
	Arizona
	  
	 
	  
	Nevada

	 
	  
	Arkansas
	  
	 
	  
	New Hampshire

	 
	  
	California
	  
	 
	  
	New Jersey

	 
	  
	Colorado
	  
	 
	  
	New Mexico

	 
	  
	Connecticut
	  
	 
	  
	New York

	 
	  
	Delaware
	  
	 
	  
	North Carolina

	 
	  
	District of Columbia
	  
	 
	  
	North Dakota

	 
	  
	Florida
	  
	 
	  
	Ohio

	 
	  
	Georgia
	  
	 
	  
	Oklahoma

	 
	  
	Guam
	  
	 
	 
	  Oregon

	 
	  
	Hawaii
	  
	 
	  
	Pennsylvania

	 
	  
	Idaho
	  
	 
	  
	Puerto Rico

	 
	  
	Illinois
	  
	 
	  
	Rhode Island

	 
	  
	Indiana
	  
	 
	  
	South Carolina

	 
	  
	Iowa
	  
	 
	  
	South Dakota

	 
	  
	Kansas
	  
	 
	  
	Tennessee

	 
	  
	Kentucky
	  
	 
	  
	Texas

	 
	  
	Louisiana
	  
	 
	  
	Utah

	 
	  
	Maine
	  
	 
	  
	Vermont

	 
	  
	Maryland
	  
	 
	  
	Virgin Islands

	 
	  
	Massachusetts
	  
	 
	  
	Virginia

	 
	  
	Michigan
	  
	 
	  
	Washington

	 
	  
	Minnesota
	  
	 
	  
	West Virginia

	 
	  
	Mississippi
	  
	 
	  
	Wisconsin

	 
	  
	Missouri
	  
	 
	  
	WyomingEX-10.1

 Exhibit 10.1 

EXECUTION COPY 
  

 
  

PURCHASE AND SALE AGREEMENT 

DATED AS OF DECEMBER 4, 2014 

BY AND AMONG 
 ALASKA
COMMUNICATIONS SYSTEMS GROUP, INC., 
 ACS WIRELESS, INC., 

GCI COMMUNICATION CORP., 

GCI WIRELESS HOLDINGS, LLC 

GENERAL COMMUNICATION, INC. 

AND 
 THE ALASKA
WIRELESS NETWORK, LLC 
  
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 SECTION 1.
	 	DEFINED TERMS	  	 	1	  
	 1.1
	 	Terms Defined in this Section	  	 	1	  
	 1.2
	 	Clarifications	  	 	17	  
			
	 SECTION 2.
	 	AGREEMENT TO PURCHASE AND SELL; PURCHASE PRICE	  	 	17	  
			
	 2.1
	 	Purchase and Sale of Assets	  	 	17	  
	 2.2
	 	Purchase Price	  	 	18	  
	 2.3
	 	Purchase Price Adjustments and Special Distribution	  	 	19	  
	 2.4
	 	Excluded Assets	  	 	23	  
	 2.5
	 	Assumed Liabilities	  	 	24	  
	 2.6
	 	Excluded Liabilities	  	 	25	  
			
	 SECTION 3.
	 	REPRESENTATIONS AND WARRANTIES REGARDING ACS AND ACS WIRELESS	  	 	26	  
			
	 3.1
	 	Organization, Standing and Authority	  	 	26	  
	 3.2
	 	Authorization and Binding Obligation	  	 	26	  
	 3.3
	 	Absence of Conflicting Agreements	  	 	26	  
	 3.4
	 	Claims and Legal Actions	  	 	27	  
	 3.5
	 	Compliance with Laws	  	 	27	  
	 3.6
	 	Solvency	  	 	27	  
			
	 SECTION 4.
	 	REPRESENTATIONS AND WARRANTIES REGARDING THE ACS ASSETS AND THE ACS AWN INTEREST	  	 	27	  
			
	 4.1
	 	Sufficiency of Assets	  	 	28	  
	 4.2
	 	Contracts	  	 	28	  
	 4.3
	 	Title to and Condition of Leased Property	  	 	29	  
	 4.4
	 	Intellectual Property	  	 	29	  
	 4.5
	 	Consents	  	 	29	  
	 4.6
	 	Licenses and FCC Matters	  	 	30	  
	 4.7
	 	Insurance and Bonds	  	 	30	  
	 4.8
	 	Environmental Law	  	 	30	  
	 4.9
	 	Taxes and Tax Returns	  	 	30	  
	 4.10
	 	Conduct of Activities in Ordinary Course	  	 	30	  
	 4.11
	 	Unions	  	 	31	  
	 4.12
	 	Software and Hardware	  	 	31	  
	 4.13
	 	ACS AWN Interest	  	 	31	  
	 4.14
	 	Accounts Receivable	  	 	31	  
	 4.15
	 	Drop Circuits	  	 	31	  
	 4.16
	 	Dedicated Microwave Circuits	  	 	32	  
	 4.17
	 	IT Systems Architecture	  	 	32	  
	 4.18
	 	CDMA Core Assets	  	 	32	  

  
 -i- 

 TABLE OF CONTENTS 

(Continued) 
  

							
	 	 	 	  	Page	 
	 4.19
	 	Full Disclosure	  	 	32	  
			
	 SECTION 5.
	 	REPRESENTATIONS AND WARRANTIES OF GCI PARENT, GCI AND GCI WIRELESS	  	 	32	  
			
	 5.1
	 	Organization, Standing and Authority	  	 	32	  
	 5.2
	 	Authorization and Binding Obligation	  	 	32	  
	 5.3
	 	Absence of Conflicting Agreements	  	 	33	  
	 5.4
	 	Consents	  	 	33	  
	 5.5
	 	Claims and Legal Actions	  	 	33	  
	 5.6
	 	Investment Intent	  	 	33	  
	 5.7
	 	Ability to Obtain Financing	  	 	33	  
	 5.8
	 	Full Disclosure	  	 	33	  
			
	 SECTION 6.
	 	COVENANTS	  	 	33	  
			
	 6.1
	 	Pre-Closing Covenants	  	 	33	  
	 6.2
	 	GCI Promotion Activities	  	 	37	  
	 6.3
	 	Further Assurances	  	 	37	  
	 6.4
	 	Form 8-K Filing	  	 	37	  
	 6.5
	 	CommSoft Authorization	  	 	37	  
			
	 SECTION 7.
	 	SPECIAL COVENANTS AND AGREEMENTS	  	 	37	  
			
	 7.1
	 	Consents	  	 	37	  
	 7.2
	 	Cooperation	  	 	39	  
	 7.3
	 	Taxes, Fees and Expenses	  	 	39	  
	 7.4
	 	Brokers	  	 	40	  
	 7.5
	 	Employee Matters	  	 	40	  
	 7.6
	 	Risk of Loss	  	 	40	  
	 7.7
	 	Post-Closing Access to Information	  	 	41	  
	 7.8
	 	Post-Closing Consents and Subsequent Transfers	  	 	41	  
	 7.9
	 	Confidentiality/Press Releases	  	 	42	  
	 7.10
	 	Antitrust Notice	  	 	43	  
	 7.11
	 	CETC Amounts	  	 	44	  
	 7.12
	 	Allocation	  	 	44	  
	 7.13
	 	Forwarding Inquiries and Payments; Collection of Accounts Receivable	  	 	45	  
	 7.14
	 	Transaction Opinion	  	 	45	  
	 7.15
	 	Covenants Not To Compete or Solicit	  	 	45	  
	 7.16
	 	Leases	  	 	46	  
	 7.17
	 	Post Closing Deliveries	  	 	46	  
	 7.18
	 	Financial Reporting	  	 	47	  
	 7.19
	 	Excluded Business Customers	  	 	47	  

  
 -ii- 

 TABLE OF CONTENTS 

(Continued) 
  

							
	 	 	 	  	Page	 
	 SECTION 8.
	 	CONDITIONS TO THE OBLIGATIONS TO CLOSE	  	 	48	  
			
	 8.1
	 	Conditions to Obligations of ACS Group	  	 	48	  
	 8.2
	 	Conditions to Obligations of GCI and GCI Wireless	  	 	49	  
			
	 SECTION 9.
	 	CLOSING AND CLOSING DELIVERIES	  	 	52	  
			
	 9.1
	 	Time and Place of Closing	  	 	52	  
	 9.2
	 	Deliveries by ACS and ACS Wireless	  	 	52	  
	 9.3
	 	Deliveries by GCI	  	 	53	  
			
	 SECTION 10.
	 	RIGHTS OF THE PARTIES ON TERMINATION OR BREACH	  	 	53	  
			
	 10.1
	 	Termination Rights	  	 	53	  
	 10.2
	 	Specific Performance	  	 	54	  
			
	 SECTION 11.
	 	SURVIVAL OF REPRESENTATIONS AND WARRANTIES; INDEMNIFICATION	  	 	54	  
			
	 11.1
	 	Affiliates	  	 	54	  
	 11.2
	 	Survival	  	 	54	  
	 11.3
	 	Indemnification by ACS	  	 	55	  
	 11.4
	 	Indemnification by GCI	  	 	56	  
	 11.5
	 	Procedure for Indemnification	  	 	56	  
	 11.6
	 	Limitations	  	 	57	  
	 11.7
	 	Taxes	  	 	59	  
	 11.8
	 	Treatment of Indemnification Payments	  	 	59	  
	 11.9
	 	Exclusive Remedy	  	 	59	  
			
	 SECTION 12.
	 	MISCELLANEOUS	  	 	59	  
			
	 12.1
	 	Notices	  	 	59	  
	 12.2
	 	Benefit and Binding Effect	  	 	60	  
	 12.3
	 	Entire Agreement	  	 	61	  
	 12.4
	 	Waiver of Compliance; Consents	  	 	61	  
	 12.5
	 	Severability	  	 	61	  
	 12.6
	 	Prevailing Party	  	 	61	  
	 12.7
	 	No Consequential or Indirect Damages	  	 	61	  
	 12.8
	 	Governing Law	  	 	61	  
	 12.9
	 	Selection of Forum; Venue; Service of Process	  	 	61	  
	 12.10
	 	WAIVER OF JURY TRIAL	  	 	62	  
	 12.11
	 	Counterparts	  	 	62	  

  
 -iii- 

 PURCHASE AND SALE AGREEMENT 

This PURCHASE AND SALE AGREEMENT (this “Agreement”) is dated as of December 4, 2014 (the “Signing
Date”), by and among Alaska Communications Systems Group, Inc., a Delaware corporation (“ACS”), ACS Wireless, Inc., an Alaska corporation (“ACS Wireless”), GCI Communication Corp., an Alaska corporation
(“GCI”), GCI Wireless Holdings, LLC, an Alaska limited liability company (“GCI Wireless”), The Alaska Wireless Network, LLC, a Delaware limited liability company (the “Company”), and General
Communication, Inc., an Alaska corporation (“GCI Parent”). Capitalized terms used and not otherwise defined in this Agreement have the meanings given such terms in Section 1. 

R E C I T A L S: 
 A. ACS
and its Affiliates are engaged in the ACS Wireless Activities. 
 B. ACS Wireless and GCI Wireless are the sole members of the Company. 

C. The ACS Group desires to sell to GCI, and GCI desires to purchase from the ACS Group, the ACS Assets, on the terms and conditions set forth
in this Agreement. 
 D. ACS Wireless desires to sell to GCI Wireless, and GCI Wireless desires to purchase from ACS Wireless, the ACS AWN
Interest, on the terms and conditions set forth in this Agreement. 
 E. This Agreement (together with the Ancillary Agreements) is intended
to provide GCI and its subsidiaries with the ACS Assets and all rights held by ACS and its subsidiaries that are necessary to provide retail wireless services to Subscribers and to operate the ACS Assets. Consistent with this intent, no continuing
obligations, costs, or expenses would be payable by GCI, the Company or their affiliates to ACS or its subsidiaries, to secure such ACS Assets and the rights described in the Ancillary Agreements, except as specifically described in this Agreement
and the Ancillary Agreements. 
 A G R E E M E N T S: 

In consideration of the representations, warranties, covenants and agreements contained herein and other consideration the receipt and
sufficiency of which are hereby acknowledged, each of ACS, ACS Wireless, GCI and GCI Wireless intending to be legally bound do hereby agree as follows: 

SECTION 1. DEFINED TERMS 
 1.1
Terms Defined in this Section. The following terms shall have the following meanings in this Agreement: 
 “Accounts
Receivable” means all rights of the ACS Group to payment for providing Wireless services and products, whether billed or earned, to Subscribers prior to Closing in connection with the ACS Wireless Activities, including amounts receivable
from Lifeline Subscribers, provided, however, that amounts receivable from federal or Alaska Universal Service Funds for Lifeline support shall not be included in Accounts Receivable. 

 “ACS” has the meaning given such term in the Preamble. 

“ACS Assets” means the ACS Subscriber Assets and ACS Network Assets, and, for the avoidance of doubt, shall not include the
ACS AWN Interest. 
 “ACS AWN Interest” means the limited liability company membership interest in the Company held by ACS
Wireless, including all rights of ACS Wireless to distributions from the Company. 
 “ACS Board” means the board of
directors of ACS. 
 “ACS Closing Requirements” means all conditions to the obligations of GCI and GCI Wireless at the
Closing under Section 8.2 (other than Sections 8.2(l), (m) and (n)), and the condition to the obligations of ACS and ACS Wireless that the Specified Consents shall have been obtained, provided that delivery of a certificate
attesting to any such conditions or delivery of executed Ancillary Agreements required pursuant to Section 8.2 shall not be required to be delivered so long as ACS stands willing and able to make such deliveries. 

“ACS Group” means ACS and its Affiliates. 

“ACS Network Assets” means the rights, property, and Contracts of the ACS Group used in the operation of the CDMA Wireless
network, as listed in Section 2.1(a), but excluding the Excluded Assets, as more particularly described in Section 2.4. 

“ACS Services Agreement” means the ACS Services Agreement dated June 4, 2012, by and between ACS Wireless and the
Company. 
 “ACS Subscriber Assets” means all of the rights and Contracts of the ACS Group used to provide goods and
services to Subscribers, as more particularly described in Section 2.1(b), but excluding the Excluded Assets, as more particularly described in Section 2.4. 

“ACS Wireless” has the meaning given such term in the Preamble. 

“ACS Wireless Activities” means the retail wireless voice and data services business conducted by the ACS Group, including
the sale to Subscribers of wireless voice and data services provided by the Company. 
 “Actual Postpaid Subscriber Count”
means the difference between (a) the actual number of Postpaid Subscribers of the ACS Wireless Activities and (b) the actual number of Nonqualifying Subscribers who are Postpaid Subscribers included in clause (a), in each case on the
Closing Date (or, if the Closing has not occurred on or before the Target Closing Date, the later of (i) the Target Closing Date or (ii) the date on which the Subscriber Adjustment Conditions have been satisfied or waived). 

  
 2 

 “Actual Prepaid Subscriber Count” means the difference between (a) the
actual number of Prepaid Subscribers of the ACS Wireless Activities and (b) the actual number of Nonqualifying Subscribers who are Prepaid Subscribers included in clause (a), in each case on the Closing Date (or, if the Closing has not occurred
on or before the Target Closing Date, the later of (i) the Target Closing Date or (ii) the date on which the Subscriber Adjustment Conditions have been satisfied or waived). 

“Affiliate” means, with respect to any Person, any other Person that, directly or indirectly through one or more
intermediaries, controls, is controlled by, or is under common control with such Person, except that, prior to the Closing, the Company shall not be deemed to be an Affiliate of either Member. For purposes of this definition, “control”
(including the terms “controlled by,” and “under common control with”) means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the
ownership of voting securities or partnership or other ownership interests, by contract, or otherwise. 
 “Affiliate
Contract” means any Contract between a Person in the ACS Group, on the one hand, and one or more of such Person’s Affiliates, on the other hand. 

“Agreement” has the meaning given such term in the Preamble. 

“Allocation Schedule” has the meaning given such term in Section 7.12. 

“Ancillary Agreements” means the Escrow Agreement, the Telular Agreement, the BIT Agreement, the Transition Services
Agreement, the IP License Agreements, the A&R ACS Services Agreement, the Omnibus Amendment Agreement, the Transition Support Agreement and any other agreements and instruments executed and delivered in connection with this Agreement or the
Ancillary Agreements. 
 “Antitrust Division” has the meaning given such term in Section 7.10. 

“Antitrust Law” means the Sherman Act, the Clayton Act, the HSR Act, the Federal Trade Commission Act, and all other
federal, state and foreign statutes, rules, regulations, orders, decrees, administrative and judicial doctrines and other laws that are designed or intended to prohibit, restrict or regulate actions having the purpose or effect of monopolization or
restraint of trade or lessening of competition. 
 “A&R ACS Services Agreement” means the Amended and Restated
ACS Services Agreement. 
 “Assignment of Ownership Interest” means the Assignment of Ownership Interest substantially in
the form of Exhibit C. 
 “Assumed Contracts” means (a) the Contracts listed in Schedule 4.2 other than
Contracts that GCI elects not to assume pursuant to Section 7.8(b), (b) all Subscriber Contracts other than Excluded Business Customer Contracts and Contracts that GCI elects not to assume pursuant to Section 7.8(a), and
(c) all Assumed Leases. 

  
 3 

 “Assumed Leases” has the meaning given such term in Section 7.16. 

“Assumed Leases Assumption Date” means the date that is ten Business Days after the Transition Completion Date. 

“Assumed Liabilities” has the meaning given such term in Section 2.5. 

“Assumed Subscriber Liabilities” means (a) any remaining liability of ACS to Prepaid Subscribers or Postpaid Subscribers
to provide Wireless services for which such Prepaid Subscribers or Postpaid Subscribers have paid, (b) any liability of ACS to Subscribers for deposits and (c) any liability for Taxes collected or withheld from Subscribers whose Contracts
are included in the ACS Subscriber Assets that is required to be paid by GCI on or after the Closing Date, including E911 payments. 

“AWN Account Payable” means the aggregate amount owed by ACS Wireless to the Company for plans, services, and other charges
pursuant to the FNUA provided through the Closing Date, less the aggregate amount owed by the Company to ACS Wireless for services provided, shared third party charges and ACS Wireless equipment subsidy reimbursements through the Closing Date. Such
amount shall be determined as follows: For charges with respect to the period from February through August 2014, such amount shall be the unpaid portion of the “Total Net Due to AWN” as set forth in the analysis sent to the Company by ACS
Wireless on October 14, 2014. For charges with respect to the period from September 2014 through the Closing Date, such amount shall be (a) for traditional postpaid plans and services, the unpaid portion of an amount equal to 70% of retail
revenues with respect to such plans plus $100,000 per month (prorated for any portion of a month), and (b) for all plans other than those described in clause (a), the unpaid portion of an amount equal to the Company’s charges at the
Company’s wholesale rates for such plans and services (prorated for any portion of a month). 
 “Bankruptcy Event”
means, with respect to any Person, the commencement or occurrence of any of the following: (a) a voluntary or involuntary case under Title 11 of the U.S. Code (the “Bankruptcy Code”), as now constituted or hereafter
amended, or under any other applicable federal, state or foreign bankruptcy or insolvency law or other similar law, in which such Person is a debtor; (b) the appointment of (or a proceeding to appoint) a trustee or receiver for a substantial
portion of such Person’s property interest, or a custodian (as such term is defined in section 101 of the Bankruptcy Code); (c) an attachment, execution or other judicial seizure of (or a proceeding to attach, execute or seize) a
substantial property interest of such Person; (d) a general assignment for the benefit of creditors; (e) the taking of, failure to take, or submission to any action indicating (after reasonable investigation) an inability to meet its
obligations as they accrue; or (f) the general failure to pay debts as such debts become due. 
 “Baseline Postpaid Subscriber
Count” means 86,000 Postpaid Subscribers, reduced by one percent for each month (or a pro rata portion of one percent for any partial month) after the Signing Date and before the Closing Date. For the purposes of the foregoing definition, a
“month” means the 30-day period beginning the day after the Signing Date, and, as applicable, any subsequent 30-day period. 

“Baseline Prepaid Subscriber Count” means 18,000 Prepaid Subscribers. 

  
 4 

 “Base Purchase Price” has the meaning given such term in Section 2.2. 

“Basket” has the meaning given such term in Section 11.6(c). 

“Basket/Cap Exclusions” has the meaning given such term in Section 11.6(c). 

“BIT Agreement” means the Backhaul, Interconnection and Transport Agreement substantially in the form of Exhibit H.

 “Business Day” means any day except Saturday, Sunday or any other day on which commercial banks located in New York City
or Anchorage are required or authorized by law to be closed for business. 
 “CDMA Core” means the CDMA core electronics,
equipment and facilities owned by the Company and currently operated on its behalf by ACS pursuant to the ACS Services Agreement. 

“CDMA Core Assets” means (i) all Wireless equipment, inventory and property that is dedicated to the CDMA Core,
(ii) any asset acquired by ACS Wireless under the ACS Services Agreement for the CDMA Core which has been fully paid for by the Company and (iii) the Assumed Contracts, in each case, used or useful in the provision of Wireless services by
ACS and its Affiliates in connection with the CDMA Core. 
 “CETC Cash Flow” means all revenues from the Universal Service
Fund for high cost support (including all support disbursed pursuant to 47 C.F.R. § 54.307 for Wireless services, 47 C.F.R. Subpart L, the FCC’s Mobility Fund or Tribal Mobility Fund, or any successor or other provisions created hereafter
to provide universal service support for Wireless services in rural, insular or high cost areas, as defined by the FCC) received by the ACS Group after the Closing with respect to the ACS Wireless Activities prior to the Closing, regardless of
whether line counts were submitted prior to or after the Closing or were associated with Wireless service provided to end users prior to Closing. 

“Claimant” has the meaning given such term in Section 11.2. 

“Clayton Act” means title 15 of the United States Code §§ 12-27 and title 29 of the United States Code §§
52-53. 
 “Closing” has the meaning given such term in Section 9.1. 

“Closing Calculation Statement” has the meaning given such term in Section 2.3(f). 

“Closing Date” has the meaning given such term in Section 9.1. 

“COBRA” means Section 4980B of the Code and Section 601 et seq. of ERISA. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time (including corresponding provisions of
subsequent revenue laws). 

  
 5 

 “Company” has the meaning given such term in the Preamble. 

“Communications Act” means the Communications Act of 1934, as amended. 

“CommSoft” means Communications Software Consultants, Inc. 

“CommSoft System” means the software systems and services, including customer care and billing operations systems provided by
CommSoft and related data and information utilized by such systems. 
 “Compensation Arrangement” means any plan or
compensation arrangement other than an Employee Plan, whether written or unwritten, which provides to employees, former employees, officers, directors or independent contractors of ACS or its Affiliates, any compensation or other benefits, whether
deferred or not, in excess of base salary or wages and excluding overtime pay, including any bonus or incentive plan, stock rights plan, deferred compensation arrangement, life insurance, stock purchase plan, severance pay plan and any other
perquisites and employee fringe benefit plan. 
 “Confidentiality Agreement” means that certain Confidentiality Agreement
entered into by ACS and GCI dated August 15, 2014. 
 “Consents” means all of the consents, permits or approvals of
Governmental Authorities and other Third Parties (including shareholders or members of any Party) necessary to consummate the Transactions, including the Specified Consents, and any Consent required to transfer and assign any Assumed Contracts. 

“Continuing Indemnification Obligations” has the meaning given such term in the Omnibus Amendment Agreement. 

“Contracts” means all contracts, leases, license agreements, undertakings and all other agreements, commitments and legally
binding arrangements, whether written or oral, relating to the ACS Wireless Activities or the ACS Assets and to which a member of the ACS Group is a party or which are binding upon a member of the ACS Group, including Contracts for the provision of
Wireless services to Subscribers, Lifeline Subscriber agreements, and agreements related to the provision of Wireless services to OnStar Subscribers. 

“Contribution IRU Agreement” means the Fiber, Facilities, and Capacity Contribution IRU Agreement dated July 22, 2013,
by and among the Company, ACS Wireless and GCI, as amended. 
 “Damages” has the meaning given such term in
Section 11.3(a). 
 “Dedicated Microwave Circuits” means point-to-point FCC licensed and unlicensed radio frequency
equipment used to transmit exclusively Wireless voice and data communications over free space from or to a Company cell site or third party Wireless carrier cell site that was served by a member of the ACS Group on July 22, 2013, to a Core
Connecting Point (as defined in the Contribution IRU Agreement) or another cell site, including all baseband processing, RF, transmission lines, antenna systems and associated cabling and attachment hardware. 

  
 6 

 “Deferred Payment Amount” has the meaning given such term in
Section 2.2(b). 
 “Disputed Amounts” has the meaning given such term in Section 2.3(h)(iii). 

“Distribution” has the meaning given such term in the Operating Agreement. 

“Distribution Date” has the meaning given such term in Section 2.3(a). 

“Drop Circuits” means the dedicated final fiber optic facility that extends from ACS’s or its Affiliates’ network
interface device located at a Company or third party Wireless carrier cell site to a point of interconnection of such facility to a facility that carries other customers’ traffic and/or circuits or to the first point of electronics, whichever
comes first, in the “Drop Circuit” (as defined in the Contribution IRU Agreement) in which the Company was granted an IRU by ACS in the Contribution IRU Agreement or that was ordered subsequently by the Company under the Contribution IRU
Agreement. For the avoidance of doubt, Drop Circuits include the terminating electronic devices and legal title to Drop Circuits. 

“Effective Time” means 11:59 p.m., Alaska time, on the Closing Date. 

“Eligible Accounts Receivable” means an amount equal to (a) all Accounts Receivable validly recorded on ACS’s
accounts receivable detailed aging report that, as of the Closing Date, have not been outstanding for 90 days or more from date of billing minus the Accounts Receivable from Postpaid Subscribers for any amount that is attributable to the
period after the Effective Time, multiplied by (b) .95 (to reflect a discount of 5% for administrative costs of GCI after Closing for collecting and processing payments). For the avoidance of doubt, Eligible Accounts Receivable does not
include CETC Cash Flow. 
 “Enforceability Exceptions” means the exceptions or limitations to the enforcement of contract
terms arising in the instance of bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally, and the application of general principles of equity. 

“Environmental Claim” means any claim, action, cause of action, demand, lawsuit, arbitration, inquiry, audit, notice of
violation, proceeding, litigation, citation, summons, subpoena or investigation of any nature, civil, criminal, administrative, regulatory or otherwise, whether at law or in equity, any order, writ, judgment, injunction, decree, stipulation,
determination or award entered by or with any Governmental Authority, or any lien, fine, penalty, or, as to each, any settlement or judgment arising therefrom, by or from any Person alleging liability of whatever kind or nature (including liability
or responsibility for the costs of enforcement proceedings, investigations, cleanup, governmental response, removal or remediation, natural resources damages, property damages, personal injuries, medical monitoring, penalties, contribution,
indemnification and injunctive relief) arising out of, based on or resulting from: (a) the presence, release of, or exposure to, any Hazardous Substance; or (b) any actual or alleged non-compliance with any Environmental Law. 

“Environmental Law” means any statute, code or law (including common law) pertaining to land use, air, soil, surface water,
groundwater (including the protection, cleanup, removal, remediation or damage thereof), the use, handling, storage, disposal or exposure to any 

  
 7 

 
Hazardous Substance, or any other environmental matter, including the following statutes as the same may be amended from time to time: (a) Clean Air Act (42 U.S.C. § 7401, et
seq.); (b) Clean Water Act (33 U.S.C. § 1251, et seq.); (c) Resource Conservation and Recovery Act (42 U.S.C. § 6901, et seq.); (d) Comprehensive Environmental Response, Compensation and Liability Act (42
U.S.C. § 9601, et seq.); (e) Safe Drinking Water Act (42 U.S.C. 300f, et seq.); (f) Toxic Substance Control Act (15 U.S.C. § 2601, et seq.); and (g) Occupational Safety and Health Act (29 U.S.C. §
651, et seq.) and including any rule, regulation, order, permit or other standard request or procedure enacted, adopted, promulgated or applied by any Governmental Authority with respect to such matters. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and the regulations thereunder, as in effect
from time to time. 
 “ERISA Affiliate” means a trade or business affiliated within the meaning of Sections 414(b),
(c) or (m) of the Code. 
 “Escrow Agent” means Wells Fargo Bank, National Association, the escrow agent
designated under the Escrow Agreement. 
 “Escrow Agreement” means the Escrow Agreement substantially in the form of
Exhibit F. 
 “Escrow Amount” has the meaning given such term in Section 2.2(a). 

“Estimated Assumed Subscriber Liabilities” has the meaning given such term in Section 2.3(e)(iii). 

“Estimated AWN Account Payable” has the meaning given such term in Section 2.3(e)(iv). 

“Estimated Eligible Accounts Receivable” has the meaning given such term in Section 2.3(e)(ii). 

“Estimated Subscriber Adjustment” has the meaning given such term in Section 2.3(e)(i). 

“ETC Designation” means the designation by RCA as an Eligible Telecommunications Carrier for Wireless services within the
State of Alaska. 
 “Exchange Act” means the Securities Exchange Act of 1934, and the regulations thereunder, as in effect
from time to time. 
 “Excluded Assets” means certain assets of the ACS Group that are not being sold, transferred, or
otherwise conveyed hereunder, as specified in Section 2.4. 
 “Excluded Business Customer Contracts” means the
Contracts between the ACS Group or its Affiliates and certain business customers identified therein set forth on Schedule 2.4. 

  
 8 

 “Excluded Business Customer Payment” has the meaning given such term in
Section 7.19. 
 “Excluded Business Customers” means the Subscribers pursuant to an Excluded Business Customer
Contract. 
 “Excluded Liabilities” has the meaning given such term in Section 2.6. 

“Existing NDA” means that certain Mutual Nondisclosure Agreement dated August 15, 2014, by and between ACS and GCI, as
amended. 
 “FCC” means the Federal Communications Commission. 

“Federal Trade Commission Act” means title 15 of the United States Code §§ 41-58. 

“Fine” has the meaning given such term in Section 11.3(d). 

“Fixed Wireless Replacement Service” means the provision of fixed wireless replacement service by a member of the ACS Group
to the exchanges identified by community in Exhibit N-1 of the Operating Agreement. 
 “FNUA” means the Facilities and
Network Use Agreement dated July 22, 2013, by and among the Company, ACS, GCI, ACS Wireless and GCI Wireless, as amended and as modified by that certain Side Letter Agreement dated July 22, 2013 by and among the Company, ACS, GCI, ACS
Wireless and GCI Wireless. 
 “FTC” has the meaning given such term in Section 7.10. 

“GAAP” means generally accepted accounting principles in effect from time to time in the United States of America, applied on
a consistent basis, or, in the absence thereof, applicable accounting principles consistent with past practices. 
 “GCI”
has the meaning given such term in the Preamble. 
 “GCI Parent” has the meaning given such term in the Preamble. 

“GCI Wireless” has the meaning given such term in the Preamble. 

“Governmental Authority” any government or any arbitrator, tribunal or court of competent jurisdiction, administrative
agency, board, department or commission, legislative body or other governmental authority or instrumentality (in each case whether Federal, state, local, foreign, international or multinational) or entity which lawfully assumes the powers and
functions of the same (including any taxing or other revenue collecting authority or other body). 
 “Governmental
Consents” means those Consents of Governmental Authorities required for the Transactions that are listed in Schedule 4.5 as “Governmental Consents.” 

  
 9 

 “Hazardous Substance” means any pollutant, contaminant, hazardous or toxic
substance, material, constituent or waste that is defined, labeled or regulated as such by any Governmental Authority, or for which liability or standards of care are imposed, pursuant to an Environmental Law and includes asbestos and
asbestos-containing materials and any material or substance that is: (a) designated as a “hazardous substance” pursuant to 33 U.S.C. § 1317; (b) defined as a “hazardous waste” pursuant to 42 U.S.C. § 6903;
(c) defined as a “hazardous substance” pursuant to Section 101 of CERCLA; or (d) is so designated or defined under any other applicable Legal Requirements. 

“HSR Act” means the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. 

“Indemnifier” has the meaning given such term in Section 11.2. 

“Independent Accountant” has the meaning given such term in Section 2.3(h)(iii). 

“Information” has the meaning given such term in Section 7.9. 

“Information Protection Terms” means the confidentiality procedures as mutually agreed to by ACS and GCI to prevent
disclosure to unauthorized persons prior to Closing. 
 “Instrument of Assignment” means the Instrument of Assignment
substantially in the form of Exhibit A. 
 “Instrument of Assumption” means the Instrument of Assumption
substantially in the form of Exhibit B. 
 “Intellectual Property” means all rights and privileges relating to
intellectual property, whether arising under United States, multinational or foreign laws or otherwise, including copyrights, copyright licenses, patents, patent licenses, patent applications, proprietary information, know how and processes of a
member of the ACS Group and used in the conduct of the ACS Wireless Activities, other than trademarks and service marks of ACS. 

“Internal Subscriber” means any Person who receives Wireless services through the ACS Group, and has no payment obligations
with respect to such authorized services, (a) who is a director, officer, employee or consultant of a member of the ACS Group or any of its Affiliates, (b) for demonstration purposes in the ACS Group’s (or its Affiliates’) retail
stores or (c) for other internal uses or purposes of the ACS Group or its Affiliates. 
 “IP License Agreements” means
the Trademark License Agreement and the License Agreement substantially in the forms attached as Exhibit J. 
 “IRU”
means an indefeasible right of use. 
 “Knowledge” when used with respect to (i) ACS, means the actual knowledge of
any fact, circumstance or condition of those officers of ACS set forth on Exhibit D and (ii) GCI, means the actual knowledge of any fact, circumstance or condition of those officers of GCI Parent set forth on Exhibit E, and, in
each case, the knowledge that such officers would have had if such officers had conducted a reasonable inquiry. 

  
 10 

 “Leased Property” means, to the extent constituting real property, all the
buildings, fixtures, other improvements, leasehold interests, easements, licenses, rights to access, right-of-way and other real property interests which are leased by a member of the ACS Group and used in the conduct of the ACS Wireless Activities
at the sites of the Offered Leases, in each case other than any Excluded Assets. 
 “Leased Property Schedule” means the
separate Leased Property Schedule heretofore agreed to by ACS and GCI. 
 “Leases” means all leases for retail stores used
in the conduct of the ACS Wireless Activities to which a member of the ACS Group is a party. 
 “Legal Requirements” means
applicable common law and any applicable statute, ordinance, code or other law, rule, regulation, order, technical or other standard, requirement or procedure enacted, adopted, promulgated or applied by any Governmental Authority, including any
applicable order, decree or judgment which may have been handed down, adopted or imposed by any Governmental Authority. 

“Licenses” means all domestic wireless, business radio and other FCC licenses, and any pending applications therefor granted
to a member of the ACS Group by the FCC in connection with the ACS Assets or the ACS Wireless Activities, and all other licenses, certifications, registrations, authorizations and permits and any pending applications therefor, issued to such Person
or any of its Affiliates by any Governmental Authority that are used in the conduct of the ACS Wireless Activities, other than, in each case, FCC licenses and other licenses, authorizations and permits and any pending applications therefor related
to IRU or capacity purchases. 
 “Liens” means all claims, charges, restrictions, mortgages, pledges, security interests,
liens or other encumbrances of any nature whatsoever (whether absolute, accrued, contingent or otherwise). 
 “Lifeline
Subscribers” means Wireless subscribers receiving service from ACS or its Affiliates under ACS’s Lifeline Wireless Phone program. 

“M2M Connections” means machine to machine connections for which ACS provides Wireless services, including OnStar and ProCon
connections. 
 “Material Consents” means the Consents designated in Schedule 4.5 as “Material Consents.”

 “Network Information” means that information listed in Schedule 9.2. 

“Non-Election Notice” has the meaning given such term in Section 7.8(a). 

“Nonqualifying Subscribers” means, for purposes of determining the Subscriber Adjustment, each of the following: (a) any
Subscriber any portion of whose Wireless account has been outstanding more than 60 days from date of billing as of the date of determination; (b) any Lifeline Subscriber who has not been certified or recertified in 2014; (c) any Prepaid

  
 11 

 
Subscriber who has not, within 60 days before the date of determination of the number of Actual Prepaid Subscribers (i) had voice or data usage or (ii) added money to such Prepaid
Subscriber’s account balance; (d) OnStar Subscribers; and (e) Subscribers for which (i) Consent is required to transfer and assign its Subscriber Contract and (ii) such Consent is not obtained, and, if such Subscriber
Contract is listed on the Subscriber Contract Consent List, GCI has delivered a Non-Election Notice with respect to such Subscriber Contract pursuant to Section 7.8(a). 

“Offered Leases” means those leases listed in the Leased Property Schedule. 

“Omnibus Amendment Agreement” means the Omnibus Amendment Agreement substantially in the form of Exhibit K. 

“OnStar Subscribers” means customers in the State of Alaska subscribing to the OnStar service that are provided Wireless
service by the ACS Group, whether directly or through a contract with Verizon. 
 “Operating Agreement” means the First
Amended and Restated Operating Agreement of the Company dated July 22, 2013, by ACS, ACS Wireless, GCI Parent, GCI Wireless and the Company, as amended as of the date hereof. 

“Outside Date” has the meaning given such term in Section 10.1(d). 

“Parent” means either ACS or GCI Parent as the context requires and references to the other Parent mean, with respect to ACS,
ACS Wireless or ACS Group, GCI Parent, and with respect to GCI, GCI Parent or GCI Wireless, ACS. 
 “Parties” means ACS,
ACS Wireless, GCI, GCI Wireless and the Company and a “Party” means any such Person. 
 “Permitted Liens” means:

 (a) Liens for Taxes not yet due and payable; 

(b) Mechanics’, carriers’, workmen’s, warehousemen’s, landlord’s, repairmen’s or other like Liens arising or
incurred in the ordinary course of business consistent with past practice that secure obligations not yet due; 

(c) (A) easements, rights of way, zoning ordinances, building and other similar restrictions of record and Liens affecting Leased
Property and any conditions that may be shown by a current, accurate survey or physical inspection made before the Closing, (B) Liens that have been placed by any developer, landlord or other Third Party on property over which easement rights
have been granted or on any Leased Property and subordination or similar agreements relating thereto and (C) unrecorded easements, covenants, rights of way and other similar restrictions, in each case that are not, individually or in the
aggregate, material to the ACS Wireless Activities or the ACS Assets, which do not prohibit or interfere with the current operation of any Leased Property; 

  
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 (d) Deposits to secure the performance of bids, trade contracts, leases, statutory obligations,
surety and appeal bonds, performance bonds and other obligations of a like nature, in each case in the ordinary course of business to the extent such deposits constitute ACS Assets; 

(e) Pledges and deposits made in the ordinary course of business in compliance with any Legal Requirements and Liens arising by statute in
connection with worker’s compensation, unemployment insurance, old age benefits, social security obligations, taxes, assessments, statutory obligations or other similar charges, good faith cash deposits in connection with tenders, contracts or
leases to which such Person is a party or other cash deposits in any such foregoing case that is required to be made in the ordinary course of business, provided in each case that the obligation is not for borrowed money and that the
obligation secured is not overdue or, if overdue, is being contested in good faith by appropriate proceedings which prevent enforcement of the matter under contest and adequate reserves have been established therefor; 

(f) Imperfections of title or encumbrances that, individually or in the aggregate, do not impair materially, and would not reasonably be
expected to impair materially, the continued use and operation of the ACS Assets to which they relate in the conduct of the ACS Wireless Activities in substantially the manner as presently conducted; 

(g) With respect to the ACS AWN Interest, all restrictions, obligations and liabilities with respect thereto set forth in the Operating
Agreement; and 
 (h) Existing third party IRUs listed on Schedule 1.1(b). 

“Person” means any natural person, corporation, general or limited partnership, limited liability company, joint venture,
trust, association, unincorporated entity of any kind, or a Governmental Authority. 
 “Post-Close Systems” has the meaning
given such term in Exhibit A to the A&R ACS Services Agreement. 
 “Post-Closing Adjustment” has the meaning given such
term in Section 2.3(g). 
 “Postpaid Subscribers” means all subscribers of the ACS Group with respect to ACS
Wireless Activities in the State of Alaska (which for the avoidance of doubt includes Lifeline Subscribers and M2M Connections) other than Prepaid Subscribers. 

“Prepaid Subscribers” means all subscribers purchasing or receiving prepaid Wireless services from the ACS Group, as
determined in accordance with past practices of ACS for public reporting purposes, consistently applied. 
 “Proceeding”
means any suit, action, proceeding, arbitration, audit, hearing, or investigation (in each case, whether civil, criminal, administrative, investigative, or informal) commenced, brought, conducted or heard by or before, or otherwise involving, any
Governmental Authority. 

  
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 “Provider” has the meaning given such term in Section 7.9. 

“Purchase Price” has the meaning given such term in Section 2.2. 

“RCA” means the Regulatory Commission of Alaska. 

“Receiver” has the meaning given such term in Section 7.9. 

“Resolution Period” has the meaning given such term in Section 2.3(h)(ii). 

“Restricted Wireless Business” means the business of (a) engineering, operating and maintaining competitive
Wireless network(s) in the State of Alaska, and (b) providing Wireless products (including Wireless devices) and services in the State of Alaska on any basis (retail or wholesale), including entering into Wireless roaming agreements. The
Restricted Wireless Business does not include (i) Fixed Wireless Replacement Services, whether provided pursuant to the Telular Agreement or otherwise, regardless of who provides such services, (ii) WiFi, (iii) Wireless Internet
service provider (WISP) services, (iv) commercial services provided by ACS to customers under Excluded Business Customer Contracts, to the extent and for the period that ACS is permitted to retain such customers, (v) engineering, providing
or maintaining competitive Wireless backhaul and transport services for the benefit of Wireless carriers serving the Alaska market or (vi) providing competitive cell site leases. 

“Review Period” has the meaning given such term in Section 2.3(h)(i). 

“SEC” means the U.S. Securities and Exchange Commission. 

“Securities Act” means the Securities Act of 1933, as amended. 

“Sherman Act” means title 15 of the United States Code §§ 1-7. 

“Signing Date” has the meaning given such term in the Preamble. 

“Specified Consents” means the Consents set forth on Schedule 1.1(a). 

“Statement of Estimates” has the meaning given such term in Section 2.3(e). 

“Statement of Objections” has the meaning given such term in Section 2.3(h)(ii). 

“Subscriber Adjustment” means an amount (if any) equal to the sum of (i)(A) $350 multiplied by (B) the absolute
difference between (1) the Actual Postpaid Subscriber Count and (2) the Baseline Postpaid Subscriber Count, but only if (1) minus (2) is a negative number and, if such amount is a positive number, then it shall be deemed
to be zero, and (ii)(A) $175 multiplied by (B) the difference between (1) the Actual Prepaid Subscriber Count and (2) the Baseline Prepaid Subscriber Count, but only if (1) minus (2) is a negative number and if
such amount is a positive number, then it shall be deemed to be zero. 

  
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 “Subscriber Adjustment Conditions” means all conditions to the obligations of
GCI and GCI Wireless at the Closing under Section 8.2 (other than Sections 8.2(f), (h), (j), (l), (m) and (n)), and the condition to the obligations of ACS and ACS Wireless that the Specified Consents shall have been obtained, provided
that delivery of a certificate attesting to any such conditions or delivery of executed Ancillary Agreements required pursuant to Section 8.2 shall not be required to be delivered so long as ACS stands willing and able to make such
deliveries. 
 “Subscriber Contract Consent List” has the meaning given such term in Section 7.8(a). 

“Subscriber Contracts” means all Contracts for the provision of Wireless services to Subscribers, including agreements
related to the provision of Wireless services to M2M Connections. 
 “Subscribers” means all active or suspended customers
(commercial and consumer) of the ACS Group with respect to ACS Wireless Activities in the State of Alaska, including Postpaid Subscribers and Prepaid Subscribers, but in no event including Internal Subscribers or Telular Subscribers. 

“Target Closing Date” means the date that is two months after the Signing Date. 

“Tax Benefit” has the meaning given such term in Section 11.6(b). 

“Tax Return” means, with respect to a Person, any federal, state, local or foreign tax return, report, declaration of
estimated Tax payments, statement, information return or statement, or other similar filing, including any related or supporting information with respect to any of the foregoing and any amendment thereof, filed or to be filed by such Person with any
taxing authority in connection with the determination, assessment, collection or administration of any Taxes. 
 “Tax
Savings” has the meaning given such term in Section 11.6(b). 
 “Taxes” means (a) all Federal, state,
county, local, municipal, foreign and other taxes, assessments, duties fees, regulatory impositions, price support impositions or similar charges of any kind whatsoever, including all franchise, capital, income, sales, use, ad valorem, receipts,
value added, profits, license, withholding, payroll, employment, excise, premium, property, customs, net worth, capital gains, transfer, stamp, documentary, social security, environmental, alternative minimum, occupation, recapture gross receipts,
universal service, recovery and other taxes and levies, and including all interest, penalties and additions imposed with respect to such amounts, and (b) any liability for any amounts described in clause (a) under Treasury Regulations
Section 1.1502-6 (or any similar provision of state, local, or foreign law), or as a transferee or co-vendor, agent, responsible person, by contract, by operation of law or otherwise. 

“Telular Agreement” means the Fixed Wireless Replacement Services Agreement substantially in the form of Exhibit G.

 “Telular Subscribers” means customers purchasing only Fixed Wireless Replacement Services from any member of the ACS
Group and no other Wireless services. 

  
 15 

 “Third Party” means any Person that is not a member of the ACS Group or any
Affiliate thereof, the Company or any Affiliate thereof, GCI or any Affiliate thereof, or an officer or director of any of the foregoing. 

“Transaction Opinion” means an opinion from a nationally recognized valuation or investment banking firm approved by GCI
Parent in its reasonable discretion, addressed to GCI Parent opining that the Purchase Price to be paid for the consideration for the ACS Assets and the ACS AWN Interest represents at least reasonably equivalent value for such assets, as of the
Closing Date. 
 “Transactions” means the transactions contemplated by this Agreement and the Ancillary Agreements. 

“Transition Completion Date” means the date on which the Transition Completion (as defined in the Transition Support
Agreement) occurs. 
 “Transition Contracts” means the Movius Contract and the R.I.M./Blackberry Contract.
“Transition Services Agreement” means the Transition Services Agreement substantially in the form attached as Exhibit I. 

“Transition Support Agreement” means the Transition Support and Pre-Closing Confidentiality Agreement. 

“Treasury Regulations” means the Treasury regulations promulgated under the Code. 

“Undisputed Amounts” has the meaning given such term in Section 2.3(h)(iii). 

“Union” has the meaning given such term in Section 4.11. 

“USAC” means the Universal Service Administrative Company. 

“WARN Act” has the meaning given such term in Section 7.5(c). 

“WiFi” means any wireless local area network technology that is based on the Institute of Electrical and Electronics
Engineers’ (IEEE) 8.02.11 standards. 
 “Wireless” means (a) Commercial Mobile Radio Services (as defined by the
Communications Act and the rules and regulations thereunder), (b) WiFi and (c) any additional mobile voice, text messaging and data products and services provided over wireless spectrum licensed or authorized for use by the FCC other than,
in the case of clause (c), any such products or services provided by satellite directly to Wireless devices. 
 “2012 Purchase and
Contribution Agreement” means the Asset Purchase and Contribution Agreement dated as of June 4, 2012 by and among ACS, ACS Wireless, GCI Parent, GCI Wireless and the Company. 

  
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 1.2 Clarifications. Words used in this Agreement, regardless of the gender and number
specifically used, shall be deemed and construed to include any other gender and any other number as the context requires. As used in this Agreement, the word “including” shall be deemed to be followed by the words “without limiting
the generality of the foregoing”, and the word “or” has the inclusive meaning of “and/or”. Except as specifically otherwise provided in this Agreement in a particular instance, a reference to a Section, Exhibit or Schedule
is a reference to a Section of this Agreement or an Exhibit or Schedule hereto, and the terms “hereof,” “herein,” and other like terms refer to this Agreement as a whole, including the Exhibits and Schedules to this Agreement,
and not solely to any particular part of this Agreement. The descriptive headings in this Agreement are inserted for convenience of reference only and are not intended to be part of or to affect the meaning or interpretation of this Agreement. This
Agreement shall be construed without regard to any presumption or rule requiring construction or interpretation against the Party drafting an instrument or causing any instrument to be drafted. 

SECTION 2. AGREEMENT TO PURCHASE AND SELL; PURCHASE PRICE 

2.1 Purchase and Sale of Assets. 

(a) [Intentionally Omitted] 
 (b)
Subject to the terms and conditions set forth in this Agreement, at the Closing or, with respect to the Transition Contracts, on the Transition Completion Date and, with respect to the Assumed Leases, on the Assumed Leases Assumption Date, ACS shall
cause one or more applicable members of the ACS Group to sell, assign, transfer, convey and deliver to GCI or an Affiliate of GCI designated by GCI, and GCI and any such Affiliate shall purchase from such members of the ACS Group, the ACS Assets,
free and clear of any Liens (except for Permitted Liens), and without the creation of any successor or derivative liability by operation of law or otherwise, such sale, assignment, transfer conveyance and delivery to be effected by execution and
delivery of the Instrument of Assignment. The ACS Assets are the following: 
 (i) ACS Subscriber Assets: 

(1) All Assumed Contracts not included in the CDMA Core Assets, including any deposits or prepayments made thereunder; 

(2) All Accounts Receivable (for the avoidance of doubt, whether or not constituting Eligible Accounts Receivable); 

(3) Proprietary training materials primarily used in connection with the ACS Wireless Activities; 

(4) All Leased Property leased pursuant to the Assumed Leases; and 

(5) The Operating Company Number (OCN) 6304 assigned by NECA to ACS Wireless. 

  
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 (ii) ACS Network Assets: 

(1) All Drop Circuits; 

(2) The CDMA Core Assets; 

(3) The Network Information; and 

(4) The Dedicated Microwave Circuits, other than Dedicated Microwave Circuits that were transferred to the Company pursuant to the 2012
Purchase and Contribution Agreement. 
 (iii) Originals or, if such originals are not available, copies of all Tax Returns regarding
personal property and ad valorem Taxes imposed on the ACS Assets, to the extent each relates solely to the ACS Assets; provided, however, that the ACS Group may retain copies of any such Tax Returns; and 

(iv) All books and records relating to the ACS Assets (except as expressly excluded by Section 2.4(e)), including executed copies of
the Assumed Contracts, all Subscriber information, and all filings or records required to be kept by the FCC; provided, however, that the ACS Group may retain copies of any such books, records, Contracts and filings and such books, records,
Contracts and filings shall constitute Information provided by GCI to ACS that is not previously known by, or in the possession of, the ACS Group and is subject to the obligation to keep such Information confidential in the manner and to the extent
set forth in the Confidentiality Agreement, provided that the obligation to keep such Information confidential shall be extended to the date that is five years after the Signing Date. 

(c) Subject to the terms and conditions set forth in this Agreement, at the Closing, ACS Wireless shall sell, assign, transfer, convey and
deliver to GCI Wireless, and GCI Wireless shall purchase from ACS Wireless, the ACS AWN Interest, free and clear of any Liens (except for Permitted Liens described in clause (g) of the definitions of Permitted Liens), such sale, assignment,
transfer, conveyance and delivery to be effected by the execution and delivery of the Assignment of Ownership Interest. 
 2.2 Purchase
Price. The aggregate purchase price for the ACS Assets and the ACS AWN Interest shall be $300 million (the “Base Purchase Price”), subject to adjustment as provided in Section 2.3 (as so adjusted, the
“Purchase Price”). GCI or GCI Wireless shall pay, and GCI Parent shall cause GCI and GCI Wireless to pay, the Purchase Price, without any deduction or withholding except as expressly permitted by this Agreement, as follows:

 (a) $9 million of the Purchase Price (the “Escrow Amount”) shall be paid at Closing to the Escrow Agent to be held
in escrow pursuant to the terms and conditions of the Escrow Agreement; 
 (b) $3 million of the Purchase Price (the “Deferred
Payment Amount”) shall be paid to the ACS Group upon satisfaction by ACS of the delivery requirements set forth in Section 7.17; 

  
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 (c) the balance of the Purchase Price (estimated as of the Closing Date as provided in
Section 2.3) less the sum of the Escrow Amount and the Deferred Payment Amount shall be paid to the ACS Group on the Closing Date; 
 in the case of
(b) and (c) by wire transfer of immediately available funds to an account or accounts designated by ACS no later than three Business Days prior to the Closing Date. The recipient or recipients of the Purchase Price designated by ACS shall
be deemed to have received the Purchase Price on behalf of the selling members of the ACS Group in accordance with the Allocation Schedule. 

2.3 Purchase Price Adjustments and Special Distribution. The Base Purchase Price shall be subject to adjustment in accordance with the
following provisions of this Section 2.3: 
 ( a) The Base Purchase Price shall be decreased by an amount equal to $2.4 million
multiplied by the number of months (including partial months) during the period beginning on January 1, 2015 and ending on the Closing Date in which the Company makes interim monthly or quarterly Distributions to ACS Wireless in
accordance with Section 5.5 of the Operating Agreement (the date of any such distribution, the “Distribution Date”); provided, however, that if the Closing has not occurred on or before the Target Closing Date and all
ACS Closing Requirements have been satisfied or waived on or before the Target Closing Date, then the Base Purchase Price shall be decreased by an amount equal to $1.2 million (rather than $2.4 million) multiplied by the number of months
(including partial months) during the period beginning on the Target Closing Date and ending on the Closing Date in which the Company makes Distributions to ACS Wireless as described in the preceding provisions of this sentence. For the avoidance of
doubt, the first month in the period specified in the preceding sentence will be January 2015 if the Company makes a Distribution to ACS Wireless during such month that relates to the prior month (i.e., December 2014). 

(b) If the Closing Date occurs on a day after the Distribution Date in January 2015, ACS Wireless shall receive, from the Company immediately
prior to the Closing, a special Distribution from the Company in an amount equal to the product of (i) the number of days between the most recent Distribution Date and the Closing Date (including the Closing Date but not including the most
recent Distribution Date), (ii) .0333 and (iii) $1.766 million; and the amount of such Distribution pursuant to this Section 2.3(b) shall in no event exceed $1.766 million. For the avoidance of doubt, the amount of such Distribution
pursuant to this Section 2.3(b) resets to $-0- on each Distribution Date. For the avoidance of doubt, the Distribution provided for under this Section 2.3(b) will not be considered an adjustment to the Base Purchase Price. Subject to the
foregoing, the Company agrees that it will not make a Distribution prior to the date that such Distribution is required to be made pursuant to the provisions of the Operating Agreement. 

(c) The Base Purchase Price shall be decreased by the amount of the Estimated Subscriber Adjustment. 

(d) The Base Purchase Price shall be (i) increased by the amount of Estimated Eligible Accounts Receivable and (ii) decreased by the
sum of the amounts of the Estimated AWN Account Payable and the Estimated Assumed Subscriber Liabilities. 

  
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 (e) At least two Business Days before the Closing Date, ACS shall prepare and deliver to GCI a
statement (the “Statement of Estimates”) setting forth its good faith estimate of: 
 (i) the Subscriber Adjustment
estimated as of the Closing Date or such other applicable date as provided in the definition of Subscriber Adjustment (the “Estimated Subscriber Adjustment”), which statement shall contain a calculation of the Estimated Subscriber
Adjustment and a detailed report showing the Actual Postpaid Subscriber Count and the Actual Prepaid Subscriber Count, and a certificate of a financial officer of ACS that the Estimated Subscriber Adjustment was prepared in accordance with any
applicable past practices of ACS for public reporting purposes, using the same methods, practices, principles, policies and procedures, with consistent classifications, judgments and methodologies; 

(ii) Eligible Accounts Receivable estimated as of the Closing Date (the “Estimated Eligible Accounts Receivable”), which
statement shall contain a calculation of Estimated Eligible Accounts Receivable and accounts receivable aging detail for each account, and a certificate of a financial officer of ACS that the Estimated Eligible Accounts Receivable was prepared in
accordance with GAAP applied using the same accounting methods, practices, principles, policies and procedures, with consistent classifications, judgments and valuation and estimation methodologies that were used in the preparation of the audited
financial statements of ACS for the most recent fiscal year end; 
 (iii) the Assumed Subscriber Liabilities estimated as of the
Closing Date (the “Estimated Assumed Subscriber Liabilities”), which statement shall contain a calculation of Estimated Assumed Subscriber Liabilities and a report showing the amount of deferred revenue derived from the financial
reporting system with sufficient detail to establish the allocation of such deferred revenue and its appropriate Subscribers, and a certificate of a financial officer of ACS that the Estimated Assumed Subscriber Liabilities was prepared in
accordance with GAAP applied using the same accounting methods, practices, principles, policies and procedures, with consistent classifications, judgments and valuation and estimation methodologies that were used in the preparation of the audited
financial statements of ACS for the most recent fiscal year end; and 
 (iv) the AWN Account Payable estimated as of the Closing Date
(the “Estimated AWN Account Payable”), which statement shall contain a calculation of Estimated AWN Account Payable and a detailed report showing the amount of retail revenue for traditional postpaid plans and services for the
relevant periods and such details and such other information as is required under the FNUA with respect to postpaid and other plan fees and charges, and a certificate of a financial officer of ACS that the Estimated AWN Account Payable was prepared
in accordance with GAAP applied using the same accounting methods, practices, principles, policies and procedures, with consistent classifications, judgments and valuation and estimation methodologies that were used in the preparation of the audited
financial statements of ACS for the most recent fiscal year end. 
 (f) If, within 60 days after the Closing Date, GCI gives written notice
to ACS that it accepts the calculations of Estimated Eligible Accounts Receivable, Estimated Assumed Subscriber Liabilities, Estimated AWN Account Payable or Estimated Subscriber Adjustment as 

  
 20 

 set forth in the Statement of Estimates (or fails to provide ACS with written notice within such 60 day period
that it does not accept any calculation set forth in the Statement of Estimates), then such calculations shall be accepted and agreed in the form delivered in the Statement of Estimates and no Post-Closing Adjustment shall be made with respect to
the Estimated Eligible Accounts Receivable, Estimated Assumed Subscriber Liabilities, Estimated AWN Account Payable or Estimated Subscriber Adjustment, as the case may be. If GCI does not accept the Statement of Estimates with respect to one or more
of the Estimated Eligible Accounts Receivable, Estimated Assumed Subscriber Liabilities, Estimated AWN Account Payable or Estimated Subscriber Adjustment, then within 60 days after the Closing Date, GCI shall prepare and deliver to ACS a statement
setting forth its calculation of the Purchase Price adjustments not accepted by GCI (the “Closing Calculation Statement”) which statement shall contain the same details as required in Sections 2.3(e)(i), (ii), (iii) and
(iv) and a certificate of an authorized officer of GCI Parent that the applicable calculations were prepared in accordance with GAAP (to the extent applicable) applied using the same accounting methods, practices, principles, policies and
procedures, with consistent classifications, judgments and valuation and estimation methodologies that were used in the preparation of the audited financial statements of ACS for the most recent fiscal year end. During this 60 day period, GCI shall
have full access to the books and records of ACS and its Affiliates, the personnel of, and work papers prepared by, ACS, its Affiliates and/or their respective accountants to the extent that they relate to the calculation of the Estimated Subscriber
Adjustment, Estimated Eligible Accounts Receivable, Estimated Assumed Subscriber Liabilities or the Estimated AWN Account Payable and to such historical financial information (to the extent in such Person’s possession) relating to such
calculations as GCI may reasonably request (at reasonable times) for the purpose of reviewing the calculations and to prepare the Closing Calculation Statement; provided, however, that such access shall be in a manner that does not
interfere with the normal business operations of ACS or its Affiliates. 
 (g) Subject to Section 2.3(h), if (i) the Purchase Price
as adjusted to account for the amount of the Estimated Subscriber Adjustment, Estimated Eligible Accounts Receivable, the Estimated Assumed Subscriber Liabilities and the Estimated AWN Account Payable exceeds (ii) the Purchase Price as adjusted
to account for the amounts of the Subscriber Adjustment, Eligible Accounts Receivable, Assumed Subscriber Liabilities and AWN Account Payable accepted by GCI or set forth in the Closing Calculation Statement, as applicable, then ACS shall pay to GCI
an amount equal to such excess. If (i) the Purchase Price as adjusted to account for the amounts of the Subscriber Adjustment, Eligible Accounts Receivable, Assumed Subscriber Liabilities and AWN Account Payable accepted by GCI or set forth in
the Closing Calculation Statement, as applicable, exceeds (ii) the Purchase Price as adjusted to account for the amount of the Estimated Subscriber Adjustment, Estimated Eligible Accounts Receivable, Estimated Assumed Subscriber Liabilities and
Estimated AWN Account Payables, then GCI shall pay to ACS an amount equal to such excess. The amount payable pursuant to this Section 2.3(g) is referred to as the “Post-Closing Adjustment”. 

(h) (i) Examination. After receipt of the Closing Calculation Statement, ACS shall have 30 days (the “Review
Period”) to review the Closing Calculation Statement. During the Review Period, ACS shall have full access to the books and records of GCI, the personnel of, and work papers prepared by, GCI, its Affiliates and/or their respective
accountants to the extent that they relate to the Closing Calculation Statement and to such historical financial information 

  
 21 

 (to the extent in such Person’s possession) relating to the Closing Calculation Statement as ACS may
reasonably request (at reasonable times) for the purpose of reviewing the Closing Calculation Statement and to prepare a Statement of Objections (defined below), provided, however, that such access shall be in a manner that does not interfere
with the normal business operations of GCI or its Affiliates. 
 (ii) Objection. On or prior to the last day of the Review Period,
ACS may object to the Closing Calculation Statement by delivering to GCI a written statement setting forth objections of ACS in reasonable detail, indicating each disputed item or amount and the basis for ACS’s disagreement therewith (the
“Statement of Objections”). If ACS fails to deliver the Statement of Objections before the expiration of the Review Period, the Closing Calculation Statement and the Post-Closing Adjustment, as the case may be, shall be deemed to
have been accepted by ACS. If ACS delivers the Statement of Objections before the expiration of the Review Period, GCI and ACS shall negotiate in good faith to resolve such objections within 30 days after the delivery of the Statement of Objections
(the “Resolution Period”), and, if the same are so resolved within the Resolution Period, the Post-Closing Adjustment and the Closing Calculation Statement with such changes as may have been previously agreed in writing by
GCI and ACS, shall be final and binding. 
 (iii) Resolution of Disputes. If ACS and GCI fail to reach an agreement with respect to
all of the matters set forth in the Statement of Objections before expiration of the Resolution Period (any amounts remaining in dispute, “Disputed Amounts” and any amounts not so disputed, the “Undisputed
Amounts”), then GCI and ACS shall appoint by mutual agreement the office of an impartial nationally recognized firm of independent certified public accountants other than GCI’s accountants or ACS’s accountants (the
“Independent Accountant”) who, acting as experts and not arbitrators, shall resolve the Disputed Amounts only and make any adjustments to the Post-Closing Adjustment. If GCI and ACS are unable to so select the Independent Accountant
within 20 days after the end of the Resolution Period, the American Arbitration Association shall make such selection. The Parties agree that all adjustments shall be made without regard to materiality. The Independent Accountant shall only decide
the specific items under dispute by the Parties and their decision for each Disputed Amount must be within the range of values assigned to each such item in the Closing Calculation Statement and the Statement of Objections, respectively. 

(iv) Fees of the Independent Accountant. The fees and expenses of the Independent Accountant shall be paid by ACS, on the one hand, and
by GCI, on the other hand, based upon the percentage that the amount actually contested but not awarded to ACS or GCI, respectively, bears to the aggregate amount actually contested by ACS and GCI. 

(v) Determination by Independent Accountant. The Independent Accountant shall make a determination as soon as practicable within 30
days (or such other time as the Parties shall agree in writing) after their engagement, and their resolution of the Disputed Amounts and their adjustments to the Closing Calculation Statement shall be conclusive and binding upon the Parties. 

  
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 (vi) Payments of Post-Closing Adjustment. Except as otherwise provided herein, any
payment of the amounts set forth in Section 2.3(g) in respect of the Post-Closing Adjustment, together with interest calculated as set forth below, shall (A) be due (x) within ten Business Days of acceptance of the applicable Closing
Calculation Statement or (y) if there are Disputed Amounts, then, with respect to any Undisputed Amounts, within ten Business Days of the agreement with respect to such Undisputed Amounts and, with respect to Disputed Amounts, within ten
Business Days of the resolution described in clause (v) above; and (B) be paid by wire transfer of immediately available funds to such account as is directed by GCI or ACS, as the case may be. The Post-Closing Adjustment shall bear
interest from and including the Closing Date to but excluding the date of payment at a rate per annum equal to 10%. Such interest shall be calculated daily on the basis of a 365 day year and the actual number of days elapsed. 

(i) For purposes of this Section 2.3, the methods, practices, principles, policies and procedures for the calculation of amounts pursuant
to this Section 2.3 shall be as set forth on Schedule 2.3 for the respective Purchase Price adjustment as specified on such Schedule. 

2.4 Excluded Assets. The ACS Assets being sold hereunder shall exclude the following assets: 

(a) Each member of the ACS Group’s cash on hand as of the Closing Date and all other cash and cash equivalents in any member of the
ACS Group’s bank, savings or other depository accounts; any and all letters of credit or other similar items; and any stocks, bonds, certificates of deposit and similar investments; 

(b) Any Contracts other than the Assumed Contracts, including the Excluded Business Customer Contracts as set forth on Schedule
2.4; 
 (c) Any Contract for which a Non-Election Notice is delivered by GCI pursuant to Section 7.8(a); 

(d) Any handset and accessory inventory, except as otherwise provided in any Ancillary Agreement; 

(e) Any books and records that ACS is required by any Legal Requirement to retain (subject to the right of GCI to access and to copy for a
period of three years after the Closing Date), and the corporate minute books and other books and records related to internal corporate matters of any member of the ACS Group; 

(f) Any claims, rights and interest in and to any refunds of federal, state or local income or other Taxes, fees or assessments for
periods (or portions thereof) ending on or prior to the Closing Date or otherwise relating to the Excluded Assets, Excluded Liabilities or any other Tax for which ACS is liable pursuant to Section 7.3; 

(g) All judgments, choses in action or Proceedings of the ACS Group relating to the ownership or operation of the ACS Assets or conduct of
the ACS Wireless Activities prior to the Closing Date; 

  
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 (h) All Employee Plans, Compensation Arrangements and employment agreements of any member of the
ACS Group; 
 (i) The account books of original entry, general ledgers, and financial records except to the extent specifically
identified in Section 2.1(b)(iv); 
 (j) Medical records and personnel records to the extent required by Legal Requirements; 

(k) Insurance policies and rights and claims thereunder; 

(l) All Tax Returns and all supporting documentation for such Tax Returns, except to the extent specifically identified in
Section 2.1(b)(iii); 
 (m) All Intellectual Property; 

(n) All right and assets (other than Drop Circuits) primarily used to provide wireline services; 

(o) All real property other than the Leased Property leased pursuant to the Assumed Leases; 

(p) All WiFi equipment and DSL routers; 

(q) All voicemail hardware and software other than Assumed Contracts; 

(r) All vehicles; 

(s) All office furniture, office fixtures, office appliances and office equipment other than the Leased Property leased pursuant to the
Assumed Leases; 
 (t) All inventory other than inventory included in the CDMA Core Assets; 

(u) Any right or asset used by any member of the ACS Group to provide local exchange services under the Communications Act; 

(v) Any right or asset used by any member of the ACS Group to provide any service under the Transition Services Agreement 

(w) All assets located in the ACS Group’s (or its Affiliates’) retail stores that are not required, pursuant to the applicable
Lease, to remain in such stores upon the expiration or termination of such Lease; and 
 (x) The assets set forth on Schedule
2.4. 
 2.5 Assumed Liabilities. Upon the terms and subject to the conditions of this Agreement, GCI or GCI Wireless, as
applicable, shall assume, effective as of the Closing or, with respect to the Transition Contracts, on the Transition Completion Date and, with respect to the Assumed Leases, on the Assumed Leases Assumption Date, and from and after the Closing,

  
 24 

 the Transition Completion Date or the Assumed Leases Assumption Date, as applicable, GCI or GCI Wireless, as
applicable, shall pay, perform and discharge when due, all the following liabilities, obligations and commitments of the ACS Group (the “Assumed Liabilities”), such assumption to be evidenced where appropriate by execution and
delivery of an Instrument of Assumption, other than any Excluded Liabilities: 
 (a) All liabilities, obligations and commitments under
the Assumed Contracts to the extent accruing and related to the period after Closing; and 
 (b) All liabilities, obligations and
commitments with respect to the ownership of the ACS AWN Interest to the extent accruing and related to the period after Closing. 
 2.6
Excluded Liabilities. Neither GCI nor GCI Wireless shall assume or be obligated to pay, perform or otherwise discharge any liability or obligation of the ACS Group, whether direct or indirect, known or unknown, absolute or contingent, not
expressly assumed by GCI or GCI Wireless pursuant to Section 2.5 (all such liabilities and obligations not being assumed being herein called the “Excluded Liabilities”) and, notwithstanding anything to the contrary in
Section 2.5 or by operation of law or otherwise, none of the following shall be Assumed Liabilities for purposes of this Agreement: 

(a) Any liabilities in respect of Taxes for which any member of the ACS Group is liable for periods ending as of the effectiveness of the
Closing; 
 (b) Any costs and expenses incurred by the ACS Group in connection with the Transactions, including in connection with its
negotiation and preparation of this Agreement and the Ancillary Agreements and its performance and compliance with the agreements and conditions contained herein and therein; 

(c) Any liabilities, obligations or commitments in respect of any Excluded Assets; 

(d) Any liabilities, obligations or commitments in respect of any Proceedings to which the ACS Group is a party prior to the Closing; 

(e) Any liabilities, obligations or commitments in respect of employees of the ACS Wireless Activities; 

(f) Any liabilities, obligations or commitments resulting from any Environmental Claims (regardless of whether any representation or
warranty contained in Section 4.8 is incorrect) related to the ownership or operation of the ACS Assets related to the period prior to the Effective Time; 

(g) Any liabilities, obligations or commitments in respect of any universal service support received from the federal or Alaska Universal
Service Funds with respect to ACS Wireless Activities prior to the Closing; 
 (h) Any liabilities, obligations or commitments owed to
or claimed by USAC or the FCC pursuant to the federal Lifeline program with respect to ACS Wireless Activities prior to Closing or with respect to the obligation to report line counts and other information to USAC, including any forfeitures, fines
or monetary judgments; and 

  
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 (i) Any liabilities, obligations or commitments resulting from any member of the ACS Group
failing to comply with any Legal Requirements with respect to ACS Wireless Activities prior to Closing. 
 SECTION 3. REPRESENTATIONS AND
WARRANTIES REGARDING ACS AND ACS WIRELESS 
 Each of ACS and ACS Wireless, jointly and severally, represents and warrants to GCI and GCI
Wireless, as of the date hereof and as of the Closing Date except insofar as such representations and warranties are made as of the date hereof or any other specified date (in which case as of such date), as follows: 

3.1 Organization, Standing and Authority. Such Person is a corporation duly organized, validly existing and in good standing under the
laws of its jurisdiction of organization, and such Person is duly qualified to conduct business in all such foreign jurisdictions in which such qualification is necessary for its conduct of the ACS Wireless Activities and to hold the ACS AWN
Interest. Such Person and its Affiliates have all requisite power (i) to own, lease, and use the ACS Assets as presently owned, leased, and used, (ii) to conduct the ACS Wireless Activities as presently conducted, (iii) to hold the
ACS AWN Interest, and (iv) to execute, deliver, and perform this Agreement and the documents contemplated hereby according to their respective terms. Neither such Person nor any of its Affiliates is a participant in any joint venture or
partnership with any other Person with respect to any part of the ACS Wireless Activities or the ACS Assets. 
 3.2 Authorization and
Binding Obligation. The execution, delivery and performance of this Agreement and the Ancillary Agreements by such Person have been duly authorized by all necessary corporate action on the part of such Person. No approval or consent from any of
its shareholders is required for such Person to execute, deliver or perform this Agreement or the Ancillary Agreements or to consummate the Transactions. This Agreement has been duly executed and delivered by such Person and constitutes its legal,
valid, and binding obligation, enforceable against it in accordance with its terms, except to the extent such enforceability may be limited by the Enforceability Exceptions. 

3.3 Absence of Conflicting Agreements. Subject to obtaining the Consents, the execution, delivery and performance of this Agreement and
the Ancillary Agreements (with or without the giving of notice, the lapse of time, or both): (i) does not require the consent of any Person; (ii) will not conflict with any provision of the organizational documents of such Person;
(iii) will not conflict with, result in a breach of, or constitute a default under, any applicable Legal Requirements; (iv) will not conflict with, constitute grounds for termination of, result in a breach of, constitute a default under,
or accelerate or permit the acceleration of any performance required by the terms of, any material agreement, instrument, license or permit to which such Person is a party or by which such Person may be bound; and (v) will not create any Lien
upon the ACS Assets or the ACS AWN Interest. 

  
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 3.4 Claims and Legal Actions. Except as set forth in Schedule 3.4, there is no
material Proceeding, or any order, decree or judgment, in progress or pending, or to the Knowledge of such Person, threatened, against or relating to such Person or any of its Affiliates relating to the ACS Assets, the ACS Wireless Activities or the
ACS AWN Interest, or to such Person’s performance of its obligations under this Agreement or the consummation of the Transactions. To the best of such Person’s Knowledge there are no pending written complaints by customers or other users
of such Person’s or any of its Affiliates’ services that, individually or in the aggregate, would reasonably be expected to materially and adversely affect the ACS Assets, the financial condition of the ACS Wireless Activities or the ACS
AWN Interest. Other than requests described in Schedule 3.4, no written requests have been received by such Person or any of its Affiliates during the preceding two year period from the FCC, any state regulatory authority or other
Governmental Authority or any other Person challenging or questioning the right of such Person or its Affiliates to conduct the ACS Wireless Activities. 

3.5 Compliance with Laws. Except as set forth in Schedule 3.5, such Person and its Affiliates have complied with, and to such
Person’s Knowledge, the ACS Wireless Activities and the ACS Assets are in compliance with, in all material respects, all applicable Legal Requirements and such Person and its Affiliates have not received any notice of any claim that such Person
or any of its Affiliates is not in compliance with any applicable Legal Requirements, in each case, except where such noncompliance would not reasonably be expected to have a material impact, including the following Legal Requirements: 

(a) Communications Act. The Communications Act, including FCC filing requirements, notices to subscribers and FCC equal opportunity
rules; 
 (b) FCC Rules and Regulations. Rules and regulations of the FCC; and 

(c) RCA Rules and Regulations. Rules and regulations of the RCA. 

3.6 Solvency. After giving effect to the Transactions, such Person and each of its Affiliates that is transferring any of the ACS Assets
or the ACS AWN Interest pursuant to this Agreement is solvent and each shall: (a) be able to pay its debts as they become due; (b) own property that has a fair saleable value greater than the amounts required to pay its debts (including a
reasonable estimate of the amount of all contingent liabilities); and (c) have adequate capital to carry on its business. No transfer of property is being made and no obligation is being incurred in connection with the Transactions with the
intent to hinder, delay or defraud either present or future creditors of any such Person or any of its Affiliates. In connection with the Transactions, neither such Person nor any of its Affiliates has incurred, or plans to incur, debts beyond its
ability to pay as they become absolute and matured. 
 SECTION 4. REPRESENTATIONS AND WARRANTIES REGARDING THE ACS ASSETS AND THE ACS AWN
INTEREST 
 Each of ACS and ACS Wireless, jointly and severally, represents and warrants to GCI and GCI Wireless with respect to the ACS
Wireless Activities, the ACS Assets and the ACS AWN Interest, as of the date hereof and as of the Closing Date (and to the extent related to the Transition Contracts, as of the Transition Completion Date, and to the extent related to the 

  
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 Assumed Leases or the Leased Property pursuant to any Assumed Leases, as of the Assumed Leases Assumption Date)
except insofar as such representations and warranties are made as of the date hereof or any other specified date (in which case as of such date), as follows: 

4.1 Sufficiency of Assets. Except as set forth in Schedule 4.1 and except for the Excluded Assets, the ACS Assets, together with
the ACS AWN Interest and the rights, assets and services made available pursuant to the Ancillary Agreements (i) constitute all of the assets, tangible and intangible, of any nature whatsoever, necessary to conduct the ACS Wireless Activities
in substantially the manner presently operated by the ACS Group and (ii) include all of the assets of such Person and its Affiliates which are used primarily in the ACS Wireless Activities. 

4.2 Contracts. 
 (a) ACS
has delivered or provided to GCI copies of all material Contracts (other than Subscriber Contracts and Contracts set forth on Schedule 4.1) required to enable the ACS Group to conduct the ACS Wireless Activities in all material respects as
presently conducted. True and complete copies of all Assumed Contracts (together with all amendments thereto) other than Subscriber Contracts have been delivered to GCI. All Assumed Contracts are in full force and effect, and are in all material
respects valid, binding and enforceable in accordance with their respective terms. None of the Assumed Contracts would be materially breached by virtue of the Transactions or by virtue of the assignments thereof to GCI or as otherwise contemplated
by this Agreement; provided, however, that the Consents are obtained. Except as set forth in Schedule 4.2, there is not under any Assumed Contract any default by the ACS Group or any of its Affiliates or, to its Knowledge, any other
party thereto, or any event which, after notice or lapse of time, or both, would constitute a material default which would give any party the right to terminate such Assumed Contract. Except as expressly set forth in Schedule 4.2, the ACS
Group has not received any written notice of any intention by any party to any material Assumed Contract (i) to amend the terms thereof in a manner that would materially and adversely affect the ACS Group’s rights thereunder, or to
terminate such Contract, (ii) to refuse to renew the same upon expiration of its term, or (iii) to renew the same upon expiration only on terms and conditions which materially and adversely affect the ACS Group’s rights thereunder.

 (b) Except as set forth in Schedule 4.2, there are no Assumed Contracts in effect on the date hereof between the ACS Group or any
of its Affiliates and (i) any of its Affiliates, (ii) any of its or its Affiliates’ officers, directors, shareholders, members, managers or “associates” (as defined in the Exchange Act), or (iii) any Affiliate or
“associate” (as defined in the Exchange Act) of any of the Persons listed in clause (ii). 
 (c) ACS has delivered to GCI either
the form of each type of, or the specific, Subscriber Contract (consumer and commercial) in electronic or paper form other than those that were individually negotiated. Other than those Subscriber Contracts that were individually negotiated, all
Subscriber Contracts conform to the specific Contract previously delivered to GCI or one of the types of Contract forms previously delivered to GCI. All Subscriber Contracts that were individually negotiated are on terms that are commercially
reasonable in light of the practices in the industry at the time such contracts were entered into and such contracts do not 

  
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 contain most favored nation provisions, restrictions on offerings or providing services to third parties,
requirements of the service providers to make capital expenditures, prepayments for services to be provided after the Closing Date (other than as reflected in Assumed Subscriber Liabilities) or termination or expiration dates later than
December 31, 2019. The Subscriber Contracts were entered into in the ordinary course of business. Upon assignment and transfer of the Subscriber Contracts to GCI under this Agreement, GCI will have the right to receive all revenue, fees, and
charges associated with the Wireless services provided pursuant to such Subscriber Contracts after Closing. 
 4.3 Title to and Condition
of Leased Property. 
 (a) The Leased Property Schedule lists all Leases that ACS proposes to terminate or assign. 

(b) The ACS Group and its Affiliates have marketable title or leasehold interests, as the case may be, to all Leased Property free and clear of
all Liens except for Liens set forth on the Leased Property Schedule and Permitted Liens. 
 (c) All of such Leased Property (i) is in
good condition and repair (ordinary wear and tear excepted), and (ii) subject to receipt of the Consents and payment of any rent obligations in respect thereto that are not overdue, would be available for immediate use by GCI for Wireless
activities, as of the applicable transfer date. All Leased Property (i) has been maintained in a manner consistent with generally accepted industry standards, and (ii) permits the ACS Wireless Activities to operate in all material respects
in accordance with the terms of the Assumed Contracts and all applicable Legal Requirements as currently in effect. 
 4.4 Intellectual
Property. Other than (i) the Intellectual Property being provided pursuant to the Ancillary Agreements and (ii) any know-how, business processes and related tools (including models and spreadsheets), there is no Intellectual Property
that any member of the ACS Group uses in connection with the ACS Wireless Activities that is necessary to conduct the ACS Wireless Activities in substantially the manner presently operated by the ACS Group, other than Intellectual Property
previously contributed to or otherwise acquired by the Company. To the Knowledge of ACS, the Intellectual Property licensed to GCI pursuant to the IP License Agreements, as currently used by ACS, does not infringe the Intellectual Property of any
Third Party in any material respect. 
 4.5 Consents. Except for the Consents described in Schedule 4.5, no Consent of, or
filing with, any Governmental Authority is required to permit any member of the ACS Group (i) to consummate this Agreement and the Transactions or (ii) to permit such Person to assign or transfer the ACS Assets and the ACS AWN Interest as
contemplated hereby. Except for the Consents described in Schedule 4.5, no Consent with respect to an Assumed Contract (other than a Subscriber Contract) or a material Contract is required to be obtained by any member of the ACS Group
(i) to consummate this Agreement and the Transactions or (ii) to permit such Person to assign or transfer the ACS Assets and the ACS AWN Interest as contemplated hereby. For purposes of this Section 4.5, a material Subscriber Contract
shall mean a Subscriber Contract for more than 100 lines. 

  
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 4.6 Licenses and FCC Matters. Schedule 4.6 lists all of the material Licenses
required to enable the ACS Group or its Affiliates to carry on the ACS Wireless Activities as presently conducted. All material required reports of the ACS Group and its Affiliates to the FCC or RCA, including those relating to Taxes administered by
the FCC, are true and correct in all material respects and have been duly filed. The ACS Group and its Affiliates have all of the material Licenses required under all applicable FCC RCA rules, regulations and orders for the operations of the ACS
Wireless Activities and to receive Universal Service Support, and are licensed in all material respects to operate all of the ACS Wireless Activities required by Legal Requirements to be licensed. 

4.7 Insurance and Bonds. The ACS Wireless Activities and the ACS Assets are insured against claims, loss or damage in amounts set forth
in Schedule 4.7. Schedule 4.7 provides a true and complete list of all surety and performance bonds or letters of credit maintained in connection with the ACS Wireless Activities. 

4.8 Environmental Law. Except as disclosed in Schedule 4.8, to the Knowledge of ACS (i) operations by the ACS Group and its
Affiliates with respect to the ACS Wireless Activities comply in all material respects with all applicable Environmental Laws; (ii) the ACS Group and its Affiliates have not used any Leased Property for, and have no Knowledge that such Leased
Property has previously been used for, the manufacture, transportation, treatment, storage or disposal of Hazardous Substances except for such use of Hazardous Substances (for backup power and ordinary maintenance) customary in the construction,
maintenance and operation of the ACS Assets and the ACS Wireless Activities and in amounts or under circumstances that would not reasonably be expected to give rise to any material liability for remediation; and (iii) such Leased Property
complies in all material respects with all applicable Environmental Laws. Except as described in Schedule 4.8, to the Knowledge of ACS, no underground storage tanks have been installed by or are used by the ACS Group or any of its Affiliates
at any of its Leased Property. ACS has delivered to GCI true and complete copies of all environmental reports and studies in the possession of or reasonably available to ACS with respect to the Leased Property. The ACS Group and its Affiliates are
not, to the Knowledge of ACS, the subject of (x) any “Superfund” evaluation or Proceeding in connection with its Leased Property, (y) any Proceeding of any Governmental Authority evaluating whether any remedial action is
necessary to respond to any release of Hazardous Substances on or in connection with its Leased Property, or (z) any Environmental Claim. 

4.9 Taxes and Tax Returns. All Tax Returns relating to the ACS Assets or the ACS Wireless Activities required to have been filed have
been duly and timely filed with the appropriate Governmental Authorities. All such Tax Returns are true, correct and complete in all material respects and properly reflect the liabilities for Taxes for the periods, property or events covered
thereby. All material Taxes due and payable with respect to the ACS Assets or the ACS Wireless Activities have been timely and duly paid to the appropriate Governmental Authority. 

4.10 Conduct of Activities in Ordinary Course. Since December 31, 2013, through the date of this Agreement, the ACS Group and its
Affiliates have conducted the ACS Wireless Activities and owned and maintained the ACS Assets only in the ordinary course and have not: 

  
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 (a) Suffered any material adverse change in the ACS Wireless Activities, the ACS Assets or
condition (financial or otherwise), including any damage, destruction or loss affecting the ACS Assets, other than any material adverse change resulting from general economic conditions, governmental regulations or otherwise affecting the Wireless
services industry generally; or 
 (b) Made any sale, assignment, lease or other transfer of any properties used in the ACS Wireless
Activities other than in the normal and usual course of business with suitable replacements being obtained therefor. 
 4.11 Unions.
Subject to obtaining the applicable Consent, the ACS Group and its Affiliates are not party to, bound by, or negotiating any collective bargaining agreement or other contract with a union, works council or labor organization (collectively,
“Union”) that would be binding upon GCI or any of its Affiliates, that would impose on GCI or any of its Affiliates any duty to bargain with any Union or that would impose any successor liability or obligation on GCI or any of its
Affiliates or their property. 
 4.12 Software and Hardware. All material third party software licenses and hardware used in the ACS
Wireless Activities and included in the ACS Assets is currently supported by the vendor of such software licenses or hardware. 
 4.13 ACS
AWN Interest. ACS Wireless owns the ACS AWN Interest, free and clear of all Liens except for Liens set forth on Schedule 4.13 and Permitted Liens described in clause (g) of the definition of Permitted Liens. This Section 4.13
comprises the sole and exclusive representations and warranties of ACS and ACS Wireless relating to the ACS AWN Interest. For the avoidance of doubt, ACS and ACS Wireless make no representations or warranties relating to the assets, liabilities,
business or operations of the Company. 
 4.14 Accounts Receivable. All Accounts Receivable represent fees or charges for sales
actually made or services actually performed in the ordinary course of business consistent with past practices, and all Eligible Accounts Receivable are legal, validly subsisting and binding claims against the respective debtors as to which
performance has been rendered. Unless paid, written off, or reserved against in the ordinary course of business consistent with past practice prior to the Closing Date, to the Knowledge of ACS, Eligible Accounts Receivable are collectible in the
ordinary course of business consistent with past practice net of respective reserves against such Eligible Accounts Receivable, which such reserves are commercially reasonable and have been determined in accordance with GAAP. Except to the extent
reserved against, no counterclaims or offsetting claims with respect to such Eligible Accounts Receivable are pending or, to the Knowledge of ACS, threatened. 

4.15 Drop Circuits. Schedule 4.15 lists all Drop Circuits that were granted as IRUs by ACS to AWN in the Contribution IRU
Agreement or ordered subsequently by AWN under the Contribution IRU Agreement. The Drop Circuits (i) are to the Knowledge of ACS in good condition and repair (ordinary wear and tear excepted), and (ii) are, and have been, maintained in
accordance with industry standards. 

  
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 4.16 Dedicated Microwave Circuits. Schedule 4.16 lists all Dedicated Microwave
Circuits. The Dedicated Microwave Circuits described in Section 2.1(b)(ii)(4) (i) are to the Knowledge of ACS in good condition and repair (ordinary wear and tear excepted), and (ii) are, and have been, maintained in accordance with
industry standards. 
 4.17 IT Systems Architecture. ACS has delivered to GCI the diagrams and descriptions of ACS’s IT systems
architecture used to conduct ACS Wireless Activities set forth on Schedule 4.17. The diagrams and descriptions are correct and complete and accurately depict such network in all material respects. 

4.18 CDMA Core Assets. Except as set forth in Schedule 4.18 and except for the Excluded Assets, the CDMA Core Assets, when
combined with the assets and rights previously transferred, assigned and granted to the Company and the rights, assets and services made available pursuant to the Ancillary Agreements, and excluding assets and rights not dedicated to ACS Wireless
Activities, constitute all Contracts, rights and property necessary for the Company to operate the CDMA Core in substantially the manner currently provided and operated. 

4.19 Full Disclosure. No representation or warranty made by ACS or ACS Wireless herein or in any certificate, document or other
instrument furnished or to be furnished by such Person pursuant hereto contains or will contain any untrue statement of a material fact, or omits or will omit to state any material fact known to such Person and required to make the statements herein
or therein, in light of the circumstances under which they were made, not misleading. 
 SECTION 5. REPRESENTATIONS AND WARRANTIES OF GCI
PARENT, GCI AND GCI WIRELESS 
 Each of GCI Parent, GCI and GCI Wireless, jointly and severally, represents and warrants to ACS and ACS
Wireless, as of the date hereof and as of the Closing Date except insofar as such representations and warranties are made as of the date hereof or any other specified date (in which case as of such date), as follows: 

5.1 Organization, Standing and Authority. Such Person is a corporation or limited liability company duly organized, validly existing and
in good standing under the laws of its jurisdiction of organization, and such Person is duly qualified to conduct business in all such foreign jurisdictions in which such qualification is necessary for its conduct of its respective business. 

5.2 Authorization and Binding Obligation. The execution, delivery and performance of this Agreement and the Ancillary Agreements by such
Person have been duly authorized by all necessary corporate or limited liability company action on the part of such Person. No approval or consent from any of its shareholders or members is required for such Person to execute, deliver or perform
this Agreement or the Ancillary Agreements or to consummate the Transactions. This Agreement has been duly executed and delivered by such Person and constitutes its legal, valid, and binding obligation, enforceable against it in accordance with its
terms, except to the extent such enforceability may be limited by the Enforceability Exceptions. 

  
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 5.3 Absence of Conflicting Agreements. Subject to obtaining the Consents, the execution,
delivery and performance of this Agreement and the Ancillary Agreements (with or without the giving of notice, the lapse of time, or both): (i) does not require the consent of any Person; (ii) will not conflict with any provision of the
organizational documents of such Person; (iii) will not conflict with, result in a breach of, or constitute a default under, any applicable Legal Requirements; and (iv) will not conflict with, constitute grounds for termination of, result
in a breach of, constitute a default under, or accelerate or permit the acceleration of any performance required by the terms of, any material agreement, instrument, license or permit to which such Person is a party or by which such Person may be
bound. 
 5.4 Consents. Except as set forth in Schedule 5.4, no Consent of, or filing with, any Governmental Authority is
required to permit GCI, GCI Wireless or GCI Parent to consummate this Agreement and the Transactions. 
 5.5 Claims and Legal Actions.
There is no Proceeding, or any order, decree or judgment, in progress or pending, or to the Knowledge of such Person, threatened, against or relating to such Person or any of its Affiliates relating to such Person’s performance of its
obligations under this Agreement or the consummation of the Transactions. 
 5.6 Investment Intent. GCI Wireless is acquiring the ACS
AWN Interest for investment purposes only, for its own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof within the meaning of Section 2(11) of the Securities Act. 

5.7 Ability to Obtain Financing. As of the date hereof, none of GCI Parent, GCI and GCI Wireless have any reason to believe that the
financing to fund the Purchase Price will not be available on commercially reasonable terms and conditions (or that GCI will not be able to satisfy any conditions to such financing) such that the condition set forth in Section 8.2(m) will be
satisfied on the Target Closing Date or at such later time when the other conditions set forth in Section 8.2 have been satisfied or waived. 

5.8 Full Disclosure. No representation or warranty made by GCI or GCI Wireless herein or in any certificate, document or other
instrument furnished or to be furnished by such Person pursuant hereto contains or will contain any untrue statement of a material fact, or omits or will omit to state any material fact known to such Person and required to make the statements herein
or therein, in light of the circumstances under which they were made, not misleading. 
 SECTION 6. COVENANTS 

6.1 Pre-Closing Covenants. Unless ACS shall have obtained the prior written consent of GCI Parent, between the date hereof and the
Closing Date (or the Transition Completion Date with respect to the Transition Contracts or the Assumed Leases Assumption Date with respect to the Assumed Leases and the Leased Property pursuant to any Assumed Leases), each of ACS and ACS Wireless
shall conduct, and shall cause its Affiliates to conduct, the ACS Wireless Activities in the ordinary course of business in accordance with its past practices (except where such conduct would conflict with the following covenants or with such
Party’s other obligations hereunder) and shall abide by the following negative and affirmative covenants: 

  
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 (a) Negative Covenants. Such Person shall not, and shall cause its Affiliates to not, do
any of the following: 
 (1) Contracts. (i) Modify, amend in any material respect or enter into any new Affiliate Contracts
affecting the ACS Wireless Activities other than the Ancillary Agreements; or modify or amend in any material respect any Assumed Contract except (other than with respect to Affiliate Contracts) modifications or amendments in the ordinary course of
business that are consistent with past practices; (ii) enter into any new Contracts that will be binding on GCI except Subscriber Contracts (other than Affiliate Contracts) entered into in the ordinary course of business that are consistent
with past practices or any Contracts that are permitted under clause (7) below; or (iii) enter into any modification or amendment to any Assumed Contract, or enter into any new Contract, that would require a new or additional Consent other
than business Subscriber Contracts pursuant to which the Subscriber has specifically required that a Contract containing a provision requiring Consent be included in such Contract; 

(2) Disposition of Assets. Sell, assign, lease, or otherwise transfer or dispose of any of the ACS Assets, except for assets
consumed or disposed of in the ordinary course of business that are obsolete and no longer usable in the ACS Wireless Activities or are replaced by property of equivalent kind and value and except transfers to Affiliates of such Person in order to
facilitate the Transactions; 
 (3) Liens. Create, assume or permit to exist any Liens upon the ACS Assets, except for Permitted
Liens and except any Liens that will be removed prior to Closing; 
 (4) Licenses. Do any act or fail to do any act which could
reasonably be expected to result in the expiration, revocation, suspension, non-renewal or materially adverse modification of any of such Person’s Licenses, or fail to prosecute with due diligence any material applications to any Governmental
Authority in connection with the ACS Wireless Activities; 
 (5) No Inconsistent Action. Take any action which is inconsistent
in any material respect with such Person’s obligations hereunder or which would reasonably be expected to materially hinder or delay the consummation of the Transactions; 

(6) Offers. Sell, dispose of or offer to sell or dispose (including by way of merger or equity sale or issuance) of any of the ACS
Assets, the ACS Wireless Activities or the ACS AWN Interest, or participate in any discussions pertaining to, or entertain offers for any of, the ACS Assets, the ACS Wireless Activities or the ACS AWN Interest or otherwise negotiate for the sale of
any of the ACS Assets, the ACS Wireless Activities or the ACS AWN Interest or make information about the ACS Assets, the ACS Wireless Activities or the ACS AWN Interest available to any Third Party in connection with the possible sale of the ACS
Assets, the ACS Wireless Activities or the ACS AWN Interest; 

  
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 (7) Promotions. Offer Wireless subscribers or customers marketing promotions, or
solicit prospective Wireless subscribers or customers through the use of marketing promotions, except for marketing promotions that are consistent with past practices or that do not contain discounts or waivers of costs, fees or charges that are
materially less favorable to the service provider than comparable service offerings by other market participants, provided that any offer of a premium, payment, waiver or discount all of which is paid by or funded by ACS is permitted; 

(8) Internal Subscribers. Hinder or interfere with GCI’s efforts to enter into Wireless subscriber contracts with Internal
Subscribers. ACS agrees that it shall, and shall cause its Affiliates to, give GCI a right of first offer to provide Wireless services to such Internal Subscribers; or 

(9) Waivers. Waive any material right relating to the ACS Wireless Activities, the ACS Assets or the ACS AWN Interest. 

(b) Affirmative Covenants. Such Person shall do, and shall cause its Affiliates to do, the following: 

(1) Access to Information. Subject to the requirements set forth in Section 7.9, allow GCI Parent and its authorized
representatives reasonable access upon reasonable notice at GCI Parent’s expense during normal business hours to the ACS Assets and to all other properties, equipment, books, records, Contracts and documents relating to the ACS Assets and the
ACS Wireless Activities for the purpose of audit and inspection and shall provide GCI Parent with such information as it may reasonably request for the purpose of allowing the review necessary to issue the Transaction Opinion, and furnish or cause
to be furnished to GCI Parent or its authorized representatives all information directly related to the ACS Wireless Activities, as GCI Parent may reasonably request. Any such audit, investigation or request for information shall be conducted in
such a manner as not to interfere unreasonably with the ACS Wireless Activities, provided, however, that (i) neither the furnishing of such information to GCI Parent or its representatives nor any investigation made heretofore or
hereafter by GCI Parent shall affect the right of GCI Parent or its Affiliates to rely on any representation or warranty made by the ACS Group or its Affiliates in this Agreement or such Person’s or its Affiliates’ covenants set forth
herein, each of which representations, warranties and covenants shall survive any furnishing of information to, or any investigation by or Knowledge of GCI in accordance with Section 11.2 and (ii) all such information shall be subject to
the confidentiality requirements set forth in Section 7.9; 
 (2) Maintenance of Assets. Use its commercially reasonable
efforts to maintain all Drop Circuits, Dedicated Microwave Circuits and Leased Property in good condition (ordinary wear and tear excepted) in a manner consistent with generally accepted industry standards, and use all of the foregoing assets in a
reasonable manner; 
 (3) Insurance. Use its commercially reasonable efforts to maintain insurance policies covering the ACS
Wireless Activities and the ACS Assets in such amounts and with such coverages as are customarily maintained by similarly situated Persons consistent with past practices; 

  
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 (4) Consents. Use its commercially reasonable efforts to obtain the Consents required for
each member of the ACS Group to consummate the Transactions and to assign and transfer the ACS Assets to GCI or the Company, as applicable; 

(5) Books and Records. Maintain the books and records of the ACS Group with respect to ACS Wireless and the ACS Assets in
accordance with past practices and generally accepted accounting principles; 
 (6) Notification. Promptly notify GCI Parent of
any fact or condition known to such Person that causes or constitutes a material breach of any representation, warranty, covenant or commitment made by such Person in this Agreement or any material change in any of the information contained in such
Person’s and its Affiliates’ representations and warranties contained herein or in the Schedules hereto; 
 (7) Compliance
with Laws. Comply in all material respects with all Legal Requirements applicable to the operation of the ACS Wireless Activities and the ownership of the ACS Assets and the ACS AWN Interest; 

(8) Keep Organization Intact. Use such Person’s commercially reasonable efforts to preserve intact its business and
organization relating to the ACS Wireless Activities and preserve for GCI the related goodwill of its suppliers, customers and others having business relations with it; 

(9) Contracts. Prior to the Closing Date, promptly notify GCI regarding any Contracts entered into or modified between the date
hereof and the Closing Date of the type required to be listed in Schedule 4.2, and promptly provide copies of such Contracts and any amendments; 

(10) CETC. Take all commercially reasonable actions necessary to assure continued receipt of CETC Cash Flow, including the filing
for time periods that occur prior to Closing for which payment is to be received after Closing, and the continued filing of high cost line counts; 

(11) Lifeline. Take all commercially reasonable actions necessary to assure continued receipt of payments for Lifeline Subscribers
through the federal Lifeline program, including the certification and recertification of Lifeline Subscribers; 
 (12) Offers.
Promptly notify GCI Parent of any offer or proposal by any Person concerning any (i) merger, consolidation, other business combination or similar transaction involving the ACS Assets or the ACS Wireless Activities, (ii) sale, lease,
license or other disposition directly or indirectly by merger, consolidation, business combination, share exchange, joint venture or otherwise, of assets representing a majority of the consolidated assets, revenues or net income of the ACS Assets or
the ACS Wireless Activities, (iii) issuance, sale or other disposition (including by way of merger, consolidation, business combination, share exchange, joint venture or similar transaction) of equity interests representing a majority of the
voting power of ACS Wireless or any member of the ACS Group a majority of whose assets are ACS Assets or relate to the ACS Wireless Activities, (iv) transaction or series of transactions in which any Person (or the stockholders of such Person)
would acquire beneficial ownership or the 

  
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right to acquire beneficial ownership of equity interests representing a majority of the voting power of ACS Wireless or any member of the ACS Group a majority of whose assets are ACS Assets or
relate to the ACS Wireless Activities or (v) any combination of the foregoing or any similar offer or proposal related to the ACS AWN Interest; and 

(13) Systems and Software. Use its commercially reasonable efforts to maintain its systems and software used in the ACS Wireless
Activities and included in the ACS Assets in a manner consistent with generally accepted industry standards. 
 6.2 GCI Promotion
Activities. Unless GCI shall have obtained the prior written consent of ACS, between the date hereof and the Closing Date, each of GCI, GCI Wireless and GCI Parent shall not, and shall cause their respective Affiliates not to, offer Wireless
subscribers or customers marketing promotions, or solicit prospective Wireless subscribers or customers through the use of marketing promotions, in each case, that would specifically target ACS Subscribers. 

6.3 Further Assurances. ACS and ACS Wireless shall take, and cause its Affiliates to take, such actions, and execute and deliver to GCI
or GCI Wireless, as applicable, such further transfer documents as may be reasonably necessary to ensure the full and effective transfer of the ACS Assets and the ACS AWN Interest to GCI or GCI Wireless, as applicable, pursuant to this Agreement;
provided, however, that GCI or GCI Wireless, as applicable, shall be responsible for all fees, taxes and other costs (other than any other Party’s attorneys’ fees and expenses) payable with respect to the filing or recording of any
such further transfer documents. 
 6.4 Form 8-K Filing. Each of ACS and GCI Parent shall cooperate with the other and provide such
information or documentation as may be necessary for it to complete the filing of SEC Form 8-K as may be required pursuant to Item 2.01 thereto to be filed in connection with the Transactions. Each Party will bear its own costs and expenses
with respect to this Section 6.4. 
 6.5 CommSoft Authorization. On or before the Closing, ACS shall authorize CommSoft to make
available to GCI all Subscriber data with respect to active Subscribers, former subscribers with account balances, and suspended Subscribers, in each case that is stored in, resides on or is utilized by the CommSoft System, including contact,
billing, payment and usage information, and credit card information, in each case to the extent reasonably practicable, by executing and delivering the Authorization Notice in the form of Exhibit L. 

SECTION 7. SPECIAL COVENANTS AND AGREEMENTS 

7.1 Consents. 
 (a) As
promptly as practicable after the date hereof, ACS shall and shall cause each member of the ACS Group, as applicable, to request the consent of such Third Parties whose Consents are required, and thereafter shall and shall cause each member of the
ACS Group, as applicable, to use its commercially reasonable efforts to obtain such Consents as expeditiously as possible, subject to the other provisions of this Section 7.1. No Consent shall include any material adverse change to the terms of
any Assumed Contract unless otherwise agreed to in writing by GCI. If notwithstanding its good faith commercially reasonable efforts, 

  
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the ACS Group is unable to obtain any Consent (or is unable to cause its Affiliates to obtain any such Consent), ACS shall not be liable for any breach of this covenant (but GCI and GCI Wireless
shall have no obligation to effect the Closing unless the condition set forth in Section 8.2(c) shall have been satisfied) except as set forth in Section 7.8. Nothing herein shall require the expenditure or payment of any funds (other than
in respect of normal and usual filing fees and such Party’s attorneys’ fees, other normal costs of doing business or costs described in Section 7.1(c)) or the giving of any other consideration by any Party in order to obtain any
Consent. 
 (b) To the extent requested by the ACS Group, GCI agrees to cooperate fully with the ACS Group in obtaining any necessary
Consents, but GCI will not be required (i) to make any payment to any Person from whom such Consent is sought or (ii) to accept any material adverse changes in, or the imposition of any material adverse condition to, any Assumed Contract
as a condition to obtaining any Consent. The Parties shall jointly participate in negotiations with Third Parties with respect to the Consents. Each Party shall not, and shall cause its Affiliates not to, without the prior written consent of the
other Parent (which may be withheld at such Parent’s sole discretion), seek amendments or modifications to the Assumed Contracts which would reasonably be expected to delay or prevent obtaining any Consents necessary for the Closing. 

(c) ACS shall bear any costs required to remedy any item of noncompliance by ACS or any of its Affiliates with the terms of its Contracts. GCI
shall bear any costs arising with respect to the performance of the Assumed Contracts on and after the Closing Date (other than any costs arising as a result of noncompliance by ACS or any of its Affiliates) in accordance with the terms of any such
Assumed Contracts (including any amendments or modifications) executed or assumed by GCI; provided that, notwithstanding the preceding provisions of this sentence, GCI shall bear any costs arising with respect to the Transition Contracts from and
after the Transition Completion Date (except as otherwise provided in the A&R ACS Services Agreement) and with respect to the Assumed Leases from and after the Assumed Leases Assumption Date, in each case rather than from and after the Closing
Date. 
 (d) Each Party shall promptly furnish to any Third Party such accurate and complete information regarding such Party and its
Affiliates, including financial information concerning such Party and its Affiliates (other than information which such Party reasonably deems to be proprietary), as such Third Party may reasonably require in connection with obtaining any Consent.
Each Party shall ensure that its appropriate officers and employees shall be available to attend any scheduled hearings or meetings in connection with obtaining any Consent. 

(e) The Parties shall use commercially reasonable efforts to deliver to the FCC and any Subscribers any notice required by the Communications
Act to be delivered in connection with the consummation of the Transactions; provided, however, that the text of any such notice shall be mutually agreed upon by the Parties. 

  
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 7.2 Cooperation. The Parties shall cooperate fully in good faith with each other and their
respective counsel and accountants in connection with any actions required to be taken as part of their respective obligations under this Agreement, and each Party shall execute such other documents as may be reasonably necessary to the
implementation and consummation of this Agreement, and otherwise shall use its commercially reasonable efforts in good faith to do all things necessary, proper or advisable in order to consummate the Transactions in the most expeditious manner
practicable (including using commercially reasonable efforts to cause the conditions to Closing set forth in Section 8 for which such Party is responsible to be satisfied on or before the Target Closing Date or as soon as reasonably practicable
and, in the case of GCI Parent, GCI and GCI Wireless, using their commercially reasonable efforts to (i) obtain financing as contemplated by Sections 5.7 and 8.2(m) and (ii) enter into the arrangements with CommSoft and other Persons as
contemplated by Section 8.2(n)) and to fulfill its obligations hereunder. ACS shall take all commercially reasonable steps necessary to transfer the administrative entity designation (AOCN) authority for OCN 6304 to the GCI AOCN 7785 and
provide to GCI a copy of the most recently filed FCC Form 502 (NRUF) for OCN 6304, in each case no later than 30 days after Closing. Without limiting the foregoing, if a Governmental Authority requires an arrangement to be addressed through another
form of agreement that requires Governmental Consent, or asserts that an arrangement requires a Governmental Consent the Parties did not believe was required, the Parties agree to work in good faith to obtain that Consent. 

7.3 Taxes, Fees and Expenses. 

(a) ACS shall, at its expense, prepare and file (or cause to be prepared and filed) all Tax Returns of ACS or its Affiliates relating to the
operation of the ACS Wireless Activities or the ownership of the ACS Assets or the ACS AWN Interest for any Tax period ending on or prior to the Closing Date. GCI shall, at its expense, prepare and file (or cause to be prepared and filed) all Tax
Returns of GCI or its Affiliates relating to the operation of the assets acquired pursuant to this Agreement for any Tax period ending after the Closing Date. Each of ACS and GCI will cooperate in good faith in the preparation and filing of Tax
Returns relating to the ACS Assets and the AWN Interests and provide information to the other Party as is reasonably necessary for such Tax Returns. The Parties shall treat the Company as having terminated as a partnership within the meaning of
Section 708(b)(1)(A) of the Code on the Closing Date, and the Company shall, in accordance with Section 11.4 of the Operating Agreement (relating to the filing of Tax Returns), at its expense, prepare and file all final Tax Returns
relating to income Taxes for the Tax period ending on the Closing Date. For the avoidance of doubt, the Company shall, at its expense, prepare and file all other Tax Returns of the Company in accordance with Section 11.4 of the Operating
Agreement. 
 (b) ACS shall pay and hold GCI Parent and its Affiliates harmless from any liability for payment of or otherwise with respect
to any Taxes, without duplication, (i) of ACS or its Affiliates or (ii) relating to the operation of the ACS Wireless Activities or the ownership of the ACS Assets or the ACS AWN Interest for any Tax period (or portion thereof) ending on
or prior to the Closing Date (for purposes of this clause (ii), all real property Taxes, personal property Taxes and similar ad valorem obligations levied with respect to the ACS Assets for a Tax period that includes (but does not end on) the
Closing Date shall be apportioned between ACS and GCI based upon the number of days of such period (which period shall include the Closing Date) included in the pre-Closing Tax period and the number of days of such Tax period after the Closing
Date). 

  
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 (c) ACS shall pay, or shall reimburse GCI (to the extent GCI shall have paid) for, all sales,
use, transfer, and recordation and documentary Taxes, if any, arising out of the transfer by ACS of the ACS Assets to GCI pursuant to this Agreement. 

(d) Upon receipt of any bill for real or personal property Taxes or similar ad valorem Taxes relating to the ACS Assets, or upon the filing of
any Tax Return with respect to any such ad valorem Taxes, ACS or GCI, as applicable, shall present a statement to the other setting forth the amount of such Taxes that is attributable to the portion of the applicable Tax period that ended on the
Closing Date, with such supporting evidence as is reasonably necessary to calculate such prorated amount. The prorated amount shall be paid by the Party owing it to the other within 30 days after delivery of such statement. Any payment required
under this Section 7.3(d) and not made within 30 days of delivery of the relevant statement shall bear interest at LIBOR plus 10% per annum until fully paid. 

(e) Except as otherwise provided in this Agreement, each Party shall pay its own attorneys’ fees and other expenses incurred in connection
with the negotiation, authorization, preparation, execution, and performance of this Agreement; provided, however, that each of ACS and GCI Parent shall pay 50% of any required filing fees in connection with applications for governmental
approval of the Transactions. 
 7.4 Brokers. Each Party represents and warrants that, except as set forth in Schedule 7.4,
neither it nor any Person acting on its behalf has incurred any liability for any finders’ or brokers’ fees or commissions in connection with the Transactions. 

7.5 Employee Matters. 
 (a)
Neither GCI nor any of its Affiliates shall be obligated to hire any employee of ACS or any of its Affiliates. Nothing in this Agreement is intended to confer upon any employee of ACS or its Affiliates or such employee’s legal representative or
heirs any rights as a third-party beneficiary or otherwise or any remedies of any kind whatsoever under or by reason of this Agreement, or the Transactions, including any rights of employment or continued employment. All rights and obligations
created by this Agreement are solely among the Parties. 
 (b) ACS shall retain all liabilities with respect to any employees terminated by
ACS or any of its Affiliates prior to or after the Effective Time. 
 (c) ACS shall comply, as necessary, with the provisions of the Worker
Adjustment and Retaining Notification Act, as amended, 29 U.S.C. §2101, et seq. (the “WARN Act”), as it relates to the Transactions, including providing all affected employees and other necessary persons with any notice
that may be required under the WARN Act. 
 7.6 Risk of Loss. The risk of any loss, damage or impairment, confiscation or condemnation
of any of the ACS Assets from any cause whatsoever shall be borne by ACS at all times prior to the completion of the Closing (and prior to the Transition Completion Date with respect to the Transition Contracts and prior to the Assumed Leases
Assumption Date with respect to the Assumed Leases and the Leased Property pursuant to any Assumed Leases) as and to the extent provided in Section 11. In the event of any loss, damage or impairment, confiscation or condemnation, the proceeds
of any claim for loss payable under any insurance policy, judgment or award with respect thereto shall be applied by ACS to repair, replace or restore such ACS Assets to their prior condition as soon as reasonably practicable after such loss,
impairment, condemnation or confiscation. 

  
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 7.7 Post-Closing Access to Information. Following the Closing for a period of 24 months,
each Party (i) shall allow each other Party and its authorized representatives reasonable access, on reasonable notice and at such other Party’s expense during normal business hours, to such Party’s books and records, for the purpose
of audit, inspection or investigation relating to the business, tax and financial reporting requirements of such other Party as well as to any Third-Party claims made against such other Party, relating to or arising from the acquisition, ownership
or conduct of the operations of the ACS Assets, the AWN Interest or the ACS Wireless Activities during the time period prior to Closing, and (ii) shall furnish or cause to be furnished to such other Party or its authorized representatives all
information with respect to the ACS Assets, the AWN Interest and the ACS Wireless Activities as such other Party may reasonably request, including information necessary to complete any compliance report or filing applicable to the ACS Wireless
Activities, in each case subject to reasonable confidentiality and use restrictions. Any such audit, investigation or request for information shall be conducted in such manner as not to interfere unreasonably with the then-ongoing business of ACS or
GCI, as applicable, and their respective Affiliates. 
 7.8 Post-Closing Consents and Subsequent Transfers. 

(a) Schedule 7.8 contains a list (the “Subscriber Contract Consent List”) setting forth all Subscriber Contracts as of
the Signing Date for which Consent is required in order to assign or transfer such Subscriber Contracts pursuant to this Agreement and for which such Consent has not been obtained. If ACS or ACS Wireless enters into a new Subscriber Contract
requiring Consent pursuant to Section 6.1(a)(1)(iii), ACS shall as promptly as practicable, but in no event later than two Business Days after entering into such Contract, provide GCI with an updated Schedule 7.8 containing such
Contract. On the earlier of 30 days after the Signing Date or 15 days before the estimated Closing Date, ACS shall provide copies of all Contracts listed on the Subscriber Contract Consent List for which Consent has not been obtained. No later than
five Business Days after the delivery by ACS to GCI of such Contracts, GCI shall notify ACS in writing of any Contracts listed on such updated Subscriber Contract Consent List that it elects not to assume if Consent with respect thereto is not
obtained by Closing (each such notice, a “Non-Election Notice”). All Subscriber Contracts listed on the Subscriber Contract Consent List for which Consent is not obtained by Closing and a Non-Election Notice is timely received shall
not be assumed by GCI and will be Excluded Assets. All Subscriber Contracts listed on the Subscriber Contract Consent List for which Consent is obtained by Closing or a Non-Election Notice is not timely received shall be assumed by GCI pursuant to
this Agreement as part of the ACS Assets, and all Subscribers under such Subscriber Contracts shall be included in the Actual Postpaid Subscriber Count or the Actual Prepaid Subscriber Count, as applicable. All Subscriber Contracts for which Consent
is not obtained by Closing and a Non-Election Notice has been timely received shall be Excluded Assets and may be terminated by ACS, assigned to a Third Party or otherwise dealt with in ACS’s sole discretion. Notwithstanding anything to the
contrary contained herein or in any Ancillary Agreement, ACS’s assignments of such Subscriber Contracts shall not constitute a breach of any non-competition or other provision of this Agreement or any Ancillary Agreement. 

  
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 (b) In the event that ACS shall be unable to obtain prior to Closing (or prior to the Transition
Completion Date with respect to any Transition Contract or prior to the Assumed Leases Assumption Date with respect to any Assumed Leases) any Consent required to assign or transfer any of the Assumed Contracts (other than Subscriber Contracts) to
be assigned or transferred by ACS to GCI, ACS and GCI agree that at the option of GCI, either (1) GCI shall waive such Consent as a precondition to assignment and such Assumed Contract shall be assigned by ACS to GCI as part of the ACS Assets,
(2) at GCI’s election, such Contract shall be an Excluded Asset (but not an Excluded Business Customer Contract) and such Contract shall not be assigned or assumed, or (3) such Assumed Contract to which such Consent relates shall not
be assigned and (i) ACS shall cause such Assumed Contract to remain in effect and shall use its commercially reasonable efforts to give GCI the benefit of such Assumed Contract to the same extent as if it had been assigned, and GCI shall
perform the obligations of ACS or its Affiliates under such Assumed Contract relating to the benefit obtained by GCI, and (ii) ACS and GCI shall continue to cooperate to try to obtain such Consent as soon as practicable after Closing or after
the Transition Completion Date or the Assumed Contracts Assumption Date, as applicable, with the provisions of Section 7.1 continuing to apply to such Consent. Upon the subsequent receipt of any such Consent to transfer any such Assumed
Contract, or upon the subsequent waiver by GCI of the requirement that such Consent be obtained, such Assumed Contract shall be automatically assigned to GCI under the terms hereof without any further action by any Party. 

7.9 Confidentiality/Press Releases. Each Party will hold, and will cause its Affiliates and its and their officers, directors,
employees, lenders, accountants, representatives, agents, consultants and advisors to hold, in confidence all information (other than such information as may be publicly available) furnished by, or obtained from, the other Party and its Affiliates
(“Provider”) to such Party and its Affiliates (“Receiver”) in connection with the Transactions, as well as all information concerning Provider, its Affiliates or the ACS Assets or the ACS Wireless Activities
contained in any analyses, compilations, studies or other documents prepared by or on behalf of Receiver based on information provided by, or obtained from, Provider (collectively, the “Information”) in the manner set forth in the
Confidentiality Agreement. 
 (a) If the Transactions are not consummated, each Party, as Receiver, agrees that: (i) the Information,
except for that portion thereof which consists of analyses, compilations, studies or other documents prepared by or on behalf of Receiver, will be returned to Provider immediately upon Provider’s request therefor; and (ii) that portion of
the Information which consists of analyses, compilations, studies or other documents prepared by or on behalf of Receiver will be destroyed by Receiver. Notwithstanding the foregoing, Receiver may retain data or electronic records containing
Information (i) for the legal department of Receiver for compliance, evidentiary or archival purposes and (ii) for the purposes of backup, recovery, contingency planning or business continuity planning so long as such data or records are
not accessible in the ordinary course of business and are not accessed except as required for backup, recovery, contingency planning or business continuity purposes. 

(b) Each Party shall, and shall cause its Affiliates to, consult with each other before issuing, and provide each other the opportunity to
review and comment upon, any press release or other public statements with respect to the Transactions and shall not issue any such press release or make any such public statement without the prior written consent of the other

  
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Parent, except with respect to (i) any disclosures to any Governmental Authority which it is required to make under any Legal Requirement (including with respect to any such Person’s
public reporting obligations under applicable securities laws), or (ii) filing this Agreement with, or disclosing the terms of this Agreement to, any institutional lender to such Person or any of its Affiliates or potential investor in such
Person or any of its Affiliates. The Parties shall cooperate to issue a press release publicly announcing this Agreement and the Transactions and shall mutually agree upon the timing and contents of such press release. Notwithstanding the foregoing,
any Party may without consulting with any other Party make additional announcements that are substantially similar in form as the mutually agreed upon press release referenced in the prior sentence. 

(c) Each Party shall, and shall cause its Affiliates to, consult with each other before issuing, and provide each other the opportunity to
review and comment upon, any communication to Subscribers, except communications in conformance and compliance with the terms of the Transition Services Agreement or the IP License Agreement. 

7.10 Antitrust Notice. 

(a) GCI Parent shall as promptly as practicable, but in no event later than five Business Days following the execution and delivery hereof,
contact the Antitrust Division to disclose the agreement of the Parties to consummate the Transactions. If requested by GCI, ACS shall, and shall cause its Affiliates to, cooperate reasonably in all respects with GCI in connection with any response,
filing or submission requested by the United States Federal Trade Commission (the “FTC”) or the United States Department of Justice (the “Antitrust Division”) and in connection with any investigation or other
inquiry with respect thereto. Each Parent will use its reasonable best efforts to do each of the following with respect to matters relating to any such response, filing or submission: (i) cooperate reasonably in all respects with the other
Parent in connection with any filing or submission and in connection with any investigation or other inquiry, including any proceeding initiated by a private party, (ii) promptly inform the other Parent of any communication received by such
Party from, or given by such Party to, the Antitrust Division or any other Governmental Authority and of any material communication received or given in connection with any proceeding by a private party, in each case regarding any of the
Transactions, (iii) permit the other Parent, or the other Parent’s legal counsel, to review any substantive communication given by it to, and consult with each other in advance of any meeting or conference with, the Antitrust Division or
any such other Governmental Authority or, in connection with any proceeding by a private party, with any other Person, in each case regarding any of the Transactions, (iv) give the other Parent the opportunity to attend and participate in such
meetings and conferences to the extent allowed by applicable Legal Requirements or by the applicable Governmental Authority, (v) in the event one Parent is prohibited by applicable Legal Requirements or by the applicable Governmental Authority
from participating in or attending any meetings or conferences, keep the other promptly and reasonably apprised with respect thereto, (vi) cooperate reasonably in the filing of any memoranda, white papers, filings, correspondence, or other
written communications explaining or defending the Transactions, articulating any regulatory or competitive argument, and/or responding to requests or objections made by any Governmental Authority and (vii) furnish the other Parent with copies
of all correspondence, filings, and written communications between the Parent and any Governmental Authority with respect to this Agreement and the Transactions, 

  
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except that any materials containing valuation information, internal financial information, or competitively sensitive information may be designated for limited distribution as appropriate.
Notwithstanding anything in this Section 7.10 to the contrary, no Party shall be required to share with any other Party confidential or proprietary information that is provided by such Party to the FTC or Antitrust Division and is unrelated to
the Transactions. 
 (b) In the event that any objections to the Transactions are asserted by any Governmental Authority under any Antitrust
Law, the Parties will in good faith discuss at such time and each use reasonable best efforts to resolve such objections including, without limitation, if a Proceeding is instituted challenging any Transaction as violative of any Antitrust Law,
using reasonable best efforts to resist or resolve such Proceeding; provided, however, that neither Party shall be required to provide any undertakings or to comply with any conditions that, in its reasonable opinion, would materially change
the Transactions or such Party’s business, taken as a whole. 
 7.11 CETC Amounts. After the Closing, ACS shall promptly deliver,
and cause its Affiliates to promptly deliver, to the Company an amount equal to all CETC Cash Flow as and when received by it and its Affiliates which shall be used by the Company for maintenance and support of the Company’s Wireless network.
ACS shall cooperate with GCI to transfer to GCI or the Company the right to the CETC Cash Flow, including transfer of the USAC separate Study Area Codes for the ACS Wireless Activities. 

7.12 Allocation. The Parties agree that the Purchase Price (including the Assumed Liabilities, if any, attributable to the ACS Assets to
the extent properly taken into account for U.S. federal income tax purposes and any other items treated as consideration paid by GCI or GCI Wireless for such purposes) shall be allocated among each member of the ACS Group transferring the ACS Assets
or the AWN Interest, then further allocated among the ACS Assets and the ACS AWN Interest sold by such Member in accordance with Code Section 1060 and the Treasury regulations thereunder (and any similar provision of state, local or foreign
law, as appropriate) as shown on the allocation schedule (the “Allocation Schedule”). In addition, the Allocation Schedule shall set forth the value of each of the Company assets, broken down in such a manner to enable ACS to
determine the amount of gain recognized on the sale of the ACS AWN Interest characterized as ordinary income under Section 751 of the Code. The Allocation Schedule shall be (i) prepared by the Parties as soon as practicable following the
completion of the valuation report by Duff & Phelps pursuant to Section 7.18, (ii) subject to mutual agreement by ACS and GCI Parent and (iii) consistent with the valuation prepared by Duff & Phelps pursuant to
Section 7.18. ACS and GCI Parent and their Affiliates shall file all Tax Returns (including Internal Revenue Service Form 8594) in a manner consistent with, and shall take no position in any audit or administrative proceeding inconsistent with,
the Allocation Schedule. Any subsequent allocation necessary as a result of an adjustment to the consideration to be paid hereunder shall be determined by the Parties in a manner consistent with the Allocation Schedule; provided, however,
that any adjustment to the Purchase Price pursuant to Section 2.3(a) shall relate solely to the AWN Interest, and any adjustment to the Purchase Price pursuant to any other provision of Section 2.3 shall relate solely to the ACS Assets.

  
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 7.13 Forwarding Inquiries and Payments; Collection of Accounts Receivable. 

(a) For a period of 12 months after the Closing Date, ACS shall, and shall cause its Affiliates to, forward to GCI any e-mail, facsimile,
postal mail or telephone inquiries that the ACS Group receives to the extent relating to the ACS Assets, the ACS Wireless Activities or the ACS AWN Interest and shall promptly after the Closing Date file complete and adequate forwarding notices with
the postal officials and appropriate telephone utilities provided by GCI for the forwarding to GCI of all mail and telephone calls relating to the ACS Assets, the ACS Wireless Activities or the ACS AWN Interest. 

(b) Except for payments made pursuant to the provisions of this Agreement, to the extent (i) the ACS Group receives any payments in
respect of any portion of the ACS Assets, the ACS Wireless Activities or the ACS AWN Interest, in each case with respect to (x) Wireless goods or services provided by GCI after Closing or (y) the ownership of the ACS Assets or the ACS AWN
Interest after Closing the ACS Group shall promptly forward the same to GCI, or (ii) GCI receives any payments in respect of any of the Excluded Assets, GCI shall promptly forward the same to ACS, in each case to the extent not otherwise
addressed pursuant to this Agreement or the Ancillary Agreements. The Parties also agree to use commercially reasonable efforts to coordinate the collection of the Accounts Receivable of the ACS Wireless Activities. Each of ACS and GCI agree to
allocate payments received for a combination of Wireless services and other services in accordance with the policies and procedures described on Schedule 7.13. 

(c) At least two Business Days before Closing, ACS shall provide to GCI a list of all Subscribers that have requested to pay by wire transfer
or that ACS has agreed to accept payment by wire transfer. 
 7.14 Transaction Opinion. GCI Parent shall use reasonable best efforts
to cause the Transaction Opinion to be issued so as not to delay the Closing. Such efforts shall include entering into an engagement letter as soon as reasonably practicable with a nationally recognized investment banking or valuation firm, paying
any applicable fees, providing all necessary information to such firm and requesting the Transaction Opinion from such firm. ACS shall take all commercially reasonable actions requested by GCI Parent to cooperate and provide information required in
connection with issuance of the Transaction Opinion. 
 7.15 Covenants Not To Compete or Solicit. 

(a) Neither ACS nor any of its controlled Affiliates will engage, directly or indirectly, including as a reseller, in the Restricted Wireless
Business in the State of Alaska for a period of four years after the Closing Date; provided, however, that nothing contained herein shall be deemed to prohibit ACS or any of its Affiliates from (i) performing under and in accordance with
the terms of the Excluded Business Customer Contracts or (ii) acquiring as an investment not more than 1% of the outstanding capital stock of a Restricted Wireless Business whose capital stock is traded on a national securities exchange. 

  
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 (b) For a period of six months after the Closing Date, no Party nor any of its controlled
Affiliates will, directly or indirectly, solicit, recruit or hire any Person set forth on Schedule 7.15 to the extent that any such Person has not been terminated by the applicable Party. 

7.16 Leases. Within 45 days after the Signing Date, GCI will provide written notice to ACS setting forth those Offered Leases listed on
the Leased Property Schedule that GCI desires to assume upon completion of the transition period under the Transition Services Agreement (each an “Assumed Lease”). All Assumed Leases will be Assumed Contracts under this Agreement,
and all other Offered Leases will be Excluded Assets and Excluded Liabilities under this Agreement. 
 7.17 Post Closing Deliveries.
ACS shall, or shall cause its subsidiaries or other Persons, as applicable to, deliver to GCI: 
 (a) On or before the date that is five
Business Days after Closing, all Contracts for provision of Wireless services to Subscribers that are stored in or reside on the CommSoft System, in each case, in electronic format (with signature or recorded third-party verification) with respect
to all active Subscribers, former subscribers with account balances at Closing, and suspended Subscribers. For the avoidance of doubt, the foregoing delivery requirement will be satisfied by ACS providing access to the CommSoft System or other
electronic system to GCI to the extent such delivery requirement is included in the CommSoft System. Contracts “in transit” (e.g., contracts for services sold in a Retail Store which are not entered into CommSoft at the point of sale) will
be provided electronically within two Business Days after their entry into CommSoft. 
 (b) On or before the date that is ten Business Days
after Closing, all Contracts for the provision of Wireless services to commercial Subscribers other than those described in Section 7.17(a) that, to the Knowledge of ACS, have not been delivered to GCI. 

(c) On or before the date that is five Business Days after Closing, with respect to Lifeline Subscribers, the latest recertification date with
respect to each Lifeline Subscriber, in each case in electronic format. 
 (d) On or before the date that is five Business Days after
Closing, all Subscriber data that is not stored in or does not reside on the CommSoft System that is reasonably requested by GCI and that is in ACS’s possession including, to the extent reasonably requested and in ACS’s possession:
historical CPNI data, One Time Payment information, Trouble Ticket information, #5775 (contract) Usage Statistics, Customer Threshold Configurations, 3PV Files and Subscriber data resident in the Customer Data Store or Wireless Access Database
systems. 
 (e) On or before the date that is ten Business Days after Closing, a detailed report of prepaid wireless deferred revenue
calculated consistent with ACS’s past practices. 
 (f) On or before the date that is five Business Days after Closing, all Wireless
call history information in its possession, including call history for former subscribers in electronic format sourced from the primary database in which the information is stored. 

  
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 7.18 Financial Reporting. (a) ACS and GCI agree that they will retain Duff &
Phelps to provide valuation services with respect to the Transactions and that each of ACS and GCI will bear and be responsible for 50% of the cost of such services as are required for ACS’s and GCI’s financial reporting. The cost of any
additional services provided by Duff & Phelps shall be borne by the Party requesting such services. Each of ACS and GCI agree that it will accept the valuation determined by Duff & Phelps as set forth in its valuation report for
financial reporting purposes to the extent applicable after being provided with an opportunity to review and comment on such report for a period not to exceed ten Business Days. Each of ACS and GCI will use reasonable best efforts to cause the
valuation report to be issued. Such efforts shall include taking all commercially reasonable actions requested by Duff & Phelps to provide information required in connection with such report and to cooperate in good faith with each other in
connection with any actions required to be taken in connection with the issuance of such report. 
 (b) If Closing occurs after March 1,
2015, the Company will complete a stub period audit if required in connection with ACS’s public reporting obligations and the cost of such audit shall be the responsibility of the Company. Each of ACS and GCI agree that Grant Thornton will be
engaged to provide such audit. 
 7.19 Excluded Business Customers. 

(a) GCI and ACS agree to negotiate in good faith for a period not to exceed 180 days after Closing to reach an agreement with respect to the
Excluded Business Customers, which agreement will provide that (i) the Excluded Business Customers will remain customers of ACS for the period specified in the Excluded Business Customers Contracts, including any contracted extensions
specifically set forth therein, (ii) GCI will be paid the greater of (A) all revenues, fees and charges payable by the Excluded Business Customers for Wireless services and (B) wholesale rates, fees and charges currently payable by
ACS to the Company to provide Wireless service to the Excluded Business Customers, (iii) GCI will have reasonable third party audit rights with respect to the Excluded Business Customer Contracts to verify wireless revenues, fees and charges
payable by the Excluded Business Customers thereunder, which audit rights (A) shall not be exercised more than once every other year and (B) shall not unreasonably interfere with the business operations of ACS and its Affiliates,
(iv) ACS will retain responsibility for all customer care and customer relations functions for the Excluded Business Customers and enforce a reasonable and customary excessive roaming policy with respect to the Excluded Business Customers,
(v) GCI will provide Wireless services and billing support functions for the Excluded Business Customers for the period specified in the Excluded Business Customers Contracts, including any contracted extensions specifically set forth therein,
under the terms of the applicable Excluded Business Customers Contract, (vi) ACS will not amend any Excluded Business Customer Contract, except to execute contracted extensions, (vii) to the extent technically feasible, GCI will preserve
the ACS logo on the Excluded Business Customer handsets and produce paper bills in the name of and on behalf of ACS and (viii) GCI will have no obligation or responsibility to maintain any Wireless network or system functionality with respect
to the Excluded Business Customers that it or the Company does not provide to any other Wireless customers. During the period of negotiation, GCI agrees to provide Wireless services to the Excluded Business Customers on commercially reasonable terms
consistent with the foregoing to the extent practicable, and use commercially reasonable efforts to comply with the 

  
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terms and conditions of the Excluded Business Customer Contracts; provided, however, that, other than with respect to its obligations to use commercially reasonable efforts set
forth above, GCI and its Affiliates shall have no liability to any member of the ACS Group or to any Excluded Business Customer for failing to comply with such terms and conditions. During such 180 day period, GCI will bill ACS for all revenues,
fees, and charges payable by the Excluded Business Customers for Wireless under the terms of the Excluded Business Customer Contracts and ACS will pay such amounts to GCI on customary commercial terms. 

(b) If the Parties fail to reach an agreement with respect to the Excluded Business Customers within 180 days after Closing, neither GCI nor
any of its Affiliates will have any further obligation to provide Wireless service to the Excluded Business Customers and ACS will pay to GCI the difference between (a) the Subscriber Adjustment as finally determined pursuant to
Section 2.3 and (b) the Subscriber Adjustment that would have applied if the Excluded Business Customers were included in the definition of Nonqualifying Subscribers (the “Excluded Business Customer Payment”). ACS will pay
any Excluded Business Customer Payment to GCI on or before the date that is 15 days after the expiration of the 180 day period by wire transfer of immediately available funds to an account or accounts designated by GCI. GCI will have the right to
dispute ACS’s calculation of the Excluded Business Customer Payment subject to the procedures and time frames set forth in Sections 2.3(f), (g), and (h) with the expiration of the 180 day period being substituted for the Closing Date in
such Sections. Any payment pursuant to this Section 7.19(b) shall be treated for all Tax purposes as an adjustment to the Purchase Price. 

SECTION 8. CONDITIONS TO THE OBLIGATIONS TO CLOSE 

8.1 Conditions to Obligations of ACS Group. All obligations of ACS and ACS Wireless at the Closing hereunder are subject to the
satisfaction, on or before the Closing Date, of each and every one of the following conditions, all or any of which may be waived, in whole or in part, by ACS for purposes of consummating the Transactions, but without prejudice to any other right or
remedy which ACS or ACS Wireless may have hereunder as a result of any misrepresentation by, or breach of any covenant or warranty of, GCI or GCI Wireless contained in this Agreement or any other certificate or instrument furnished by GCI or GCI
Wireless hereunder: 
 (a) Representations and Warranties. All representations and warranties of each of GCI and GCI Wireless in
this Agreement shall be true and correct in all respects to the extent qualified by materiality and in all material respects to the extent not so qualified at and as of the Closing Date as though such representations and warranties were made at and
as of such time, except insofar as any such representation or warranty is made as of the date of this Agreement or any other specified date (in which case it shall be true and correct in all respects to the extent qualified by materiality and in all
material respects to the extent not so qualified as of the date of this Agreement or such other specified date). ACS and ACS Wireless shall have received a certificate signed by authorized officers of GCI and GCI Wireless to the effect of the
preceding sentence. 
 (b) Covenants and Conditions. Each of GCI and GCI Wireless shall have in all material respects performed and
complied with all covenants, agreements and conditions required by this Agreement to be performed or complied with by it prior to or on the Closing Date. ACS and ACS Wireless shall have received a certificate signed by authorized officers of GCI and
GCI Wireless to the effect of the preceding sentence. 

  
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 (c) Ancillary Agreements. The Ancillary Agreements shall have been duly executed and
delivered by GCI, GCI Wireless and the other parties thereto, as applicable (other than ACS, ACS Wireless or any of their Affiliates), and each Ancillary Agreement shall constitute the legal, valid, and binding obligation of each of such parties,
enforceable against it in accordance with its terms, except to the extent such enforceability may be limited by the Enforceability Exceptions. 

(d) Consents. All Governmental Consents and the Specified Consents shall have been obtained. 

(e) Governmental Orders. No Governmental Authority shall have enacted, issued, promulgated, enforced or entered any order, writ,
judgment, injunction, decree, stipulation, determination or award that is in effect and has the effect of making any material aspect of the Transactions illegal, otherwise restraining or prohibiting consummation of any material aspect of the
Transactions or causing any material aspect of the Transactions to be rescinded following completion thereof. 
 (f) Deliveries. GCI
and GCI Wireless shall have made or stand willing and able to make all the deliveries set forth in Section 9.3. 
 (g) Absence of
Proceedings. There shall not be pending or overtly threatened in writing any Proceeding (i) challenging or seeking to restrain or prohibit the Transactions or seeking to obtain from ACS or ACS Wireless or any of their respective Affiliates,
in connection with the Transactions, any damages, forfeiture, license revocation, or other penalty, condition or liability that, individually or in the aggregate, could reasonably be expected to have a material effect on ACS or any of its
Affiliates, or (ii) seeking to impose any conditions or restrictions that, individually or in the aggregate, in the reasonable judgment of ACS or ACS Wireless, would materially impair (or would reasonably be expected to materially impair) the
ability of ACS or ACS Wireless to consummate the Transactions or would reasonably be expected to have a material adverse effect on the economic benefits to ACS or ACS Wireless arising therefrom. 

(h) Bankruptcy Event. No Bankruptcy Event shall have occurred and be continuing with respect to GCI or GCI Wireless. 

8.2 Conditions to Obligations of GCI and GCI Wireless. All obligations of GCI and GCI Wireless at the Closing hereunder are subject to
the satisfaction, on or before the Closing Date, of each and every one of the following conditions, all or any of which may be waived, in whole or in part, by GCI Parent for purposes of consummating the Transactions, but without prejudice to any
other right or remedy which GCI or GCI Wireless may have hereunder as a result of any misrepresentation by, or breach of any covenant or warranty of, ACS or ACS Wireless contained in this Agreement or any other certificate or instrument furnished by
ACS or ACS Wireless hereunder: 

  
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 (a) Representations and Warranties. All representations and warranties of each of ACS and
ACS Wireless in this Agreement shall be true and correct in all respects to the extent qualified by materiality and in all material respects to the extent not so qualified at and as of the Closing Date as though such representations and warranties
were made at and as of such time, except insofar as any such representation or warranty is made as of the date of this Agreement or any other specified date (in which case it shall be true and correct in all respects to the extent qualified by
materiality and in all material respects to the extent not so qualified as of the date of this Agreement or such other specified date). GCI and GCI Wireless shall have received a certificate signed by authorized officers of ACS and ACS Wireless to
the effect of the preceding sentence. 
 (b) Covenants and Conditions. Each of ACS and ACS Wireless shall have in all material
respects performed and complied with all covenants, agreements, and conditions required by this Agreement to be performed or complied with by it prior to or on the Closing Date. GCI and GCI Wireless shall have received a certificate signed by
authorized officers of ACS and ACS Wireless to the effect of the preceding sentence. 
 (c) Consents. Each of the Material Consents to
be obtained by a member of the ACS Group, in form and substance reasonably acceptable to GCI, shall have been duly obtained and delivered to GCI with, as a result of obtaining such Consent, no material adverse change having been made in the terms of
the License or Assumed Contract that is the subject of such Material Consent. 
 (d) Ancillary Agreements. The Ancillary Agreements
shall have been duly executed and delivered by ACS, ACS Wireless and the other parties thereto, as applicable (other than GCI, GCI Wireless or any of their Affiliates), and each Ancillary Agreement shall constitute the legal, valid and binding
obligation of each of such parties enforceable against it in accordance with its terms, except to the extent such enforceability may be limited by the Enforceability Exceptions. 

(e) Lien Searches. Any lien searches that shall have been obtained by GCI, at its expense, shall disclose no Liens on any material ACS
Assets other than Permitted Liens and Liens under the Credit Agreement, dated as of October 21, 2010, as amended, among Alaska Communications Systems Holdings, Inc., ACS, the lenders party thereto and JPMorgan Chase Bank, as administrative
agent. 
 (f) Governmental Consents. All Governmental Consents shall have been obtained. 

(g) Material Adverse Change. ACS and its Affiliates shall not have suffered any material adverse change in the ACS Assets or the ACS
Wireless Activities, its liabilities, condition (financial or otherwise) or results of operations, including as a result of any damage, destruction or loss affecting the ACS Assets, other than any material adverse change resulting from
(i) general economic conditions, (ii) changes adversely affecting the Wireless industry (so long as the ACS Assets or the ACS Wireless Activities are not disproportionately affected thereby), (iii) the negotiation, announcement,
execution, delivery, consummation or pendency hereof or of the Transactions, any litigation relating to this Agreement or the Transactions or any 

  
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action or inaction by ACS or its Affiliates contemplated by or required by this Agreement, (iv) changes in accounting principles, (v) matters disclosed or referred to in the Schedules,
or (vi) attack, outbreak, hostility, terrorist activity, act or declaration of war or act of public enemies or other geopolitical event (so long as the ACS Assets or the ACS Wireless Activities are not disproportionately affected thereby). 

(h) Governmental Orders. No Governmental Authority shall have enacted, issued, promulgated, enforced or entered any order, writ,
judgment, injunction, decree, stipulation, determination or award that is in effect and has the effect of making the Transactions illegal, otherwise restraining or prohibiting consummation of such Transactions or causing such Transactions to be
rescinded following completion thereof. 
 (i) Deliveries. ACS and ACS Wireless shall have made or shall stand willing and able to
make all the deliveries set forth in Section 9.2. 
 (j) Absence of Proceedings. There shall not be pending or overtly threatened
in writing any Proceeding (i) challenging or seeking to restrain or prohibit the Transactions or seeking to obtain from GCI or GCI Wireless or any of their respective Affiliates, in connection with the Transactions, any damages that are
material in relation to GCI or GCI Wireless (as the case may be) taken as whole, (ii) seeking to prohibit or limit the ownership or operation by GCI or GCI Wireless of any material portion of the ACS Wireless Activities, the ACS Assets or the
ACS AWN Interest or to compel GCI or GCI Wireless to dispose of or hold separate any material portion of the ACS Wireless Activities, the ACS Assets or the ACS AWN Interest, in each case as a result of the Transactions, or (iii) seeking to
impose any conditions or restrictions that, individually or in the aggregate, in the reasonable judgment of GCI or GCI Wireless, would materially impair (or would reasonably be expected to materially impair) the ability of GCI or GCI Wireless to
consummate the Transactions or would reasonably be expected to have a material adverse effect on the economic benefits to GCI or GCI Wireless arising therefrom. 

(k) Bankruptcy Event. No Bankruptcy Event shall have occurred and be continuing with respect to any member of the ACS Group. 

(l) Transaction Opinion. GCI shall have received the Transaction Opinion. 

(m) Financing. GCI shall have obtained financing to fund the Purchase Price on terms and conditions that, taken as a whole, are not
substantially less favorable to GCI than commercially reasonable terms and conditions that could be obtained on the date hereof, assuming that GCI has not entered into a transaction after the date hereof that materially adversely alters its ability
to secure financing as contemplated above. For purposes of this Section 8.2(m), a draw on an existing revolving credit facility (to the extent permitted on the date hereof) shall not be considered to be entering into a transaction after the
date hereof. 
 (n) Customer Billing Arrangements. GCI shall have entered into a reasonably acceptable arrangement with CommSoft and
any other Person necessary to provide billing and customer care to Subscribers after Closing, and GCI shall have been provided with the necessary customer information to enable GCI to bill Subscribers. 

  
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 (o) CDMA Network Transition. ACS shall be ready, willing and able to transfer to GCI the
operation of the CDMA Core Network, subject to ACS continuing to maintain and support the Post-Close Systems. 
 (p) Release. ACS
shall have delivered a release, or evidence that a release will, upon Closing, be provided, of all Liens disclosed in the lien searches described in Section 8.2(e) that are on (i) the ACS AWN Interest (other than Permitted Liens described
in clause (g) of the definition of Permitted Liens), or (ii) the ACS Assets. 
 SECTION 9. CLOSING AND CLOSING DELIVERIES 

9.1 Time and Place of Closing. Subject to (i) the satisfaction or, to the extent permissible by Legal Requirements, waiver (by the
Parent for whose benefit the closing condition is imposed), of the closing conditions described in Section 8, and (ii) the provisions of Section 10, the closing of the Transactions (the “Closing”) will take place at
the offices of GCI, 2550 Denali Street, Suite 1000, Anchorage, Alaska, at 10:00 a.m., local time, on the second Business Day following the date on which each of the conditions set forth in Section 8 is satisfied or waived by the Party entitled
to waive such condition (except for any conditions that by their nature can only be satisfied on the Closing Date, but subject to the satisfaction of such conditions or waiver by the Party entitled to waive such conditions) (the “Closing
Date”), or on such other date or at such other location as shall otherwise be mutually agreed upon by the Parents. 
 9.2
Deliveries by ACS and ACS Wireless. Prior to or on the Closing Date, and subject to the terms of Section 7.9, ACS and ACS Wireless shall deliver to GCI and GCI Wireless the following, in form and substance reasonably satisfactory to GCI
Parent and its counsel: 
 (a) Transfer Documents. Duly executed Instruments of Assignment and the Assignment of Ownership
Interest and duly executed bills of sale, assignments of the Assumed Contracts and such other transfer documents which shall be sufficient to vest good and marketable title to the ACS Assets in the name of GCI and the ACS AWN Interest in the name of
GCI Wireless, free and clear of any Liens (except for in the case of any ACS Asset the Permitted Liens); 
 (b) Consents. The
original of each Consent which has been obtained relating to the ACS Group; 
 (c) Secretary’s Certificate. A certificate
dated as of the Closing Date, executed by the Secretary or Assistant Secretary of each of ACS and ACS Wireless: (i) certifying that the resolutions, as attached to such certificate, were duly adopted by such Person’s board of directors and
shareholders (if required), authorizing and approving the execution of this Agreement and the consummation of the Transactions and that such resolutions remain in full force and effect; and (ii) providing, as attachments thereto, such
Person’s certificate or articles of incorporation, bylaws or operating agreement and a certificate of good standing certified by an appropriate state official, and, if appropriate, certificates of qualification as a foreign corporation
certified by an appropriate state official of those states in which such Person conducts the ACS Wireless Activities, all certified by such state officials as of a date not more than 20 days before the Closing Date and by such Person’s
Secretary or Assistant Secretary as of the Closing Date; 

  
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 (d) Network Information. The Network Information set forth on Schedule 9.2;
and 
 (e) Contracts, Activities Records, Etc. Copies of all Assumed Contracts other than consumer Subscriber Contracts, and all
files and records included in the ACS Assets. 
 9.3 Deliveries by GCI. On the Closing Date, and subject to the terms of
Section 7.9, GCI shall deliver to ACS and ACS Wireless the following, in form and substance reasonably satisfactory to ACS and its counsel: 

(a) Assumption Agreements. Duly executed Instruments of Assumption, pursuant to which GCI shall assume and undertake to perform
obligations arising after the Effective Time under the Assumed Contracts; and 
 (b) Secretary’s Certificate. A certificate
dated as of the Closing Date, executed by the Secretary or Assistant Secretary of each of GCI and GCI Wireless: (i) certifying that the resolutions, as attached to such certificate, were duly adopted by such Person’s board of directors and
shareholders (if required), authorizing and approving the execution of this Agreement and the consummation of the Transactions and that such resolutions remain in full force and effect; and (ii) providing, as attachments thereto, such
Person’s articles of incorporation, bylaws and a certificate of good standing certified by an appropriate state official, all certified by such state official as of a date not more than 20 days before the Closing Date and by such Person’s
Secretary or Assistant Secretary as of the Closing Date. 
 SECTION 10. RIGHTS OF THE PARTIES ON TERMINATION OR BREACH 

10.1 Termination Rights. This Agreement may be terminated prior to the Closing: 

(a) At any time by mutual written consent of both ACS and GCI; 

(b) By ACS if (A) there have been one or more breaches by GCI Parent, GCI or GCI Wireless of any of their representations,
warranties, covenants or agreements contained herein or in any Ancillary Agreement that have not been waived by ACS and would result in the failure to satisfy any of the conditions set forth in Section 8.1 (Conditions to Obligations of ACS
Group) and such breaches have not been cured within ten days after written notice thereof has been received by GCI Parent or (B) any of the conditions set forth in Section 8.1 (Conditions to Obligations of ACS Group) has become incapable
of being satisfied on or before the Outside Date and has not been waived by ACS; provided, however, that in each case that ACS and its Affiliates are not in material breach of any of their representations, warranties, covenants or agreements
contained herein or in any Ancillary Agreement; 
 (c) By GCI if (A) there have been one or more breaches by ACS or ACS Wireless of
any of their representations, warranties, covenants or agreements contained herein or in any Ancillary Agreement that have not been waived by GCI and would result in the failure to 

  
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satisfy any of the conditions set forth in Section 8.2 (Conditions to Obligations of GCI and GCI Wireless) and such breaches have not been cured within ten days after written notice thereof
has been received by ACS or (B) any of the conditions set forth in Section 8.2 (Conditions to Obligations of GCI and GCI Wireless) has become incapable of being satisfied on or before the Outside Date and has not been waived by GCI;
provided, however, that in each case that GCI and its Affiliates are not in material breach of any of their representations, warranties, covenants or agreements contained herein or in any Ancillary Agreement; 

(d) By either Party if the Closing hereunder has not taken place within five months of the Signing Date (the “Outside
Date”); provided, however, that neither ACS nor GCI shall be permitted to terminate this Agreement pursuant to this Section 10.1(d) if the failure to consummate the Closing by such date results from material breach by such other
Party or any of its Affiliates of any of their representations, warranties, covenants or agreements contained herein or in any Ancillary Agreement. 
 In
the event of termination by ACS or GCI pursuant to this Section 10.1, written notice thereof shall promptly be given to the other Party, setting forth the clause of this Section 10.1 pursuant to which such Party is terminating and the
facts giving rise to such Party’s termination right in reasonable detail, and this Agreement and the Transactions shall be terminated, without further action by any Party. Upon such termination: (i) if no Party is in intentional or willful
material breach of any provision of this Agreement, the Parties shall not have any further liability to each other; or (ii) if any Party shall be in intentional or willful material breach of any provision of this Agreement, the other Parties
shall have all rights and remedies available at law or equity. 
 10.2 Specific Performance. Prior to termination of this Agreement,
in the event any Party refuses to perform under the provisions of this Agreement, monetary damages alone will not be adequate. The other Parties shall therefore be entitled, in addition to any other remedies that may be available, including money
damages, to obtain specific performance of the terms of this Agreement. In the event of an action by any of the Parties to obtain specific performance of the terms of this Agreement, each other Party hereby waives the defense that there is an
adequate remedy at law. 
 SECTION 11. SURVIVAL OF REPRESENTATIONS AND WARRANTIES; INDEMNIFICATION 

11.1 Affiliates. The indemnification rights provided in this Section 11 shall, in any instance, extend to any Affiliate of either
Parent although any indemnification claims by such Persons shall be made by and through the Claimant. 
 11.2 Survival. All
representations, warranties and pre-Closing covenants contained in this Agreement shall be deemed continuing representations, warranties and covenants, and shall survive the Closing Date for 18 months following the Closing Date with respect to any
claim by the other Parent as the Person claiming indemnification (the “Claimant”) that a Parent or an Affiliate thereof that is a Party (the “Indemnifier”) has breached its representations or warranties contained in
this Agreement or failed to comply with its pre-Closing covenants contained herein; provided, however, that the representations and warranties set forth in Section 4.3(b) regarding title to the ACS Assets and Section 4.13 regarding
title to the ACS 

  
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AWN Interest shall survive for the period of the applicable statute of limitations, and those set forth in Section 4.8 (Environmental Law) relating to the pre-Closing period shall survive
for five years following the Closing Date. In clarification of the foregoing, the Parties confirm that the covenants herein to be performed following the Closing, including under this Section 11, shall survive in each instance until 18 months
after the required performance thereof. Any investigations by or on behalf of any Party or Knowledge of any Party shall not constitute a waiver by such Party of its rights to enforce any representation, warranty or covenant contained herein of the
other Parties. 
 11.3 Indemnification by ACS. Subsequent to the Closing, and regardless of any investigation made at any time by or
on behalf of any Party, or any information or Knowledge any other Party may have, ACS as Indemnifier shall indemnify and hold GCI Parent, as Claimant, harmless against and with respect to, and shall reimburse GCI Parent for: 

(a) Any and all expenses, losses, liabilities or damages (“Damages”) resulting from any untrue representation, breach of
warranty or nonfulfillment of any covenant contained herein by ACS or its Affiliates; 
 (b) Any and all obligations or liabilities of
ACS and its Affiliates not assumed by GCI or GCI Wireless pursuant to the terms hereof; 
 (c) Any and all Damages resulting from the
ACS Wireless Activities or the ownership or operation of the ACS Assets or the ownership of the ACS AWN Interest prior to the Effective Time, including any and all liabilities which relate to events occurring prior to the Effective Time arising
under the Assumed Contracts (other than Damages described in Section 11.3(e)), but excluding any and all matters subject to the Continuing Indemnification Obligations; 

(d) (i) Any and all forfeitures, fines or monetary judgments (including voluntary contributions to the U.S. Treasury paid pursuant to
an FCC-approved Consent Decree or other settlement to which the FCC is a party) in excess of overpayments of High Cost Universal Service Support from the Universal Service Fund (each, a “Fine”) to the extent that any such Fine
results from acts or omissions of any member of the ACS Group, including but not limited to deficiencies in the customer billing address, line type, line count or other information provided by the ACS Group, rather than from acts or omissions by the
Company; 
 (ii) Any decrease in CETC Cash Flow from the ACS Wireless Activities due to failure to file any required reports necessary
to maintain ACS’s eligibility to receive High Cost Universal Service Support, failure to cooperate with any FCC or USAC required audit, including a Payment Quality Assurance review, or other investigation, or failure to respond to lawful
process, in each case before the Closing, except to the extent that such failure resulted from acts or omissions by the Company with respect to actions required of the Company by Exhibit F to the FNUA; 

(e) Any and all Damages resulting from any Environmental Claims (regardless of whether any representation or warranty contained in
Section 4.8 is incorrect) related to the operation of any Leased Property prior to the Effective Time; 

  
 55 

 (f) Any and all Damages resulting from any claim that a collective bargaining agreement or other
contract with a Union is binding upon GCI Parent or any of its Affiliates or imposes on GCI Parent or any of its Affiliates any duty to bargain with any Union to the extent such claim relates to any collective bargaining agreement or other contract
with a Union by ACS or any of its Affiliates; and 
 (g) Any and all actions, suits, proceedings, claims, demands, assessments,
judgments, reasonable costs and expenses, including reasonable legal fees and expenses, incident to any of the foregoing or reasonably incurred in investigating or attempting to avoid the same or to oppose the imposition thereof, or in enforcing
this indemnity. 
 11.4 Indemnification by GCI. Subsequent to the Closing, GCI Parent, GCI and GCI Wireless shall indemnify and hold
ACS and ACS Wireless harmless against and with respect to, and shall reimburse ACS and ACS Wireless for: 
 (a) Any and all Damages
resulting from any untrue representation, breach of warranty or nonfulfillment of any covenant contained herein by GCI or its Affiliates; 

(b) Any and all Damages resulting from (i) GCI’s operation or ownership of the ACS Assets or the ACS Wireless Activities on and
after the Effective Time, including any and all liabilities arising under the Assumed Contracts (other than Transition Contracts and Assumed Leases) which relate to events occurring after the Effective Time, any and all liabilities arising under
Transition Contracts which relate to events occurring on or after the Transition Completion Date and any and all liabilities arising under the Assumed Leases which relate to events occurring on or after the Assumed Leases Assumption Date,
(ii) Assumed Liabilities and (iii) ownership of the ACS AWN Interest on and after the Effective Time; 
 (c) If GCI makes an
election pursuant to option (1) of Section 7.8(b), any and all Damages resulting from the transfer to GCI by ACS of any such Assumed Contract prior to the receipt of the Consent required for the assignment thereof, contingent upon such
Consent having been waived by GCI as a precondition to such assignment; and 
 (d) Any and all actions, suits, proceedings, claims,
demands, assessments, judgments, costs and expenses, including reasonable legal fees and expenses, incident to any of the foregoing or incurred in investigating or attempting to avoid the same or to oppose the imposition thereof, or in enforcing
this indemnity. 
 11.5 Procedure for Indemnification. The procedure for indemnification shall be as follows: 

(a) The Claimant, as the party claiming indemnification, shall give written notice to the Indemnifier of any claim, whether between or
among Parties or brought by a Third Party, within 20 days of receiving notice, or becoming aware, thereof and specifying (i) the factual basis for such claim (to the extent known by the Claimant) and (ii) if known, the amount of the claim;
provided that failure to give such notice within 20 days shall not constitute a defense to any claim for indemnification unless, and only to the extent that, such failure materially prejudices the Indemnifier except that the Indemnifier shall
not be liable for any expenses incurred during the period in which the Claimant failed to give such notice. Thereafter, the Claimant shall deliver to the Indemnifier, promptly following the Claimant’s receipt thereof, copies of all notices and
documents (including court papers) received by the Claimant relating to the claim. 

  
 56 

 (b) Following receipt of notice from the Claimant of a claim, the Indemnifier shall have 30 days
to make such investigation of the claim as the Indemnifier deems necessary or desirable. For the purposes of such investigation, the Claimant agrees to make available to the Indemnifier and/or its authorized representative(s) the information relied
upon by the Claimant to substantiate the claim. If the Claimant and the Indemnifier agree at or prior to the expiration of said 30 day period (or any mutually agreed upon extension thereof) to the validity and amount of such claim, the Indemnifier
shall immediately pay to the Claimant the full amount of the claim. If the Claimant and the Indemnifier do not agree within such period (or any mutually agreed upon extension thereof), the Claimant may seek a remedy in accordance with the applicable
provisions of this Agreement. 
 (c) With respect to any claim by a Third Party as to which a Claimant is claiming indemnification hereunder,
the Indemnifier shall have the right, at its own expense, to participate in or assume control of the defense of such claim with counsel selected by the Indemnifier, and the Claimant shall cooperate fully with the Indemnifier, subject to
reimbursement for actual out-of-pocket expenses incurred by the Claimant as the result of a request by the Indemnifier. Such cooperation shall include the retention and (upon the Indemnifier’s request) the provision to the Indemnifier of
records and information that are reasonably relevant to such Third Party claim, and making employees available at such times and places as may be reasonably necessary to defend against such Third Party claim for the purpose of providing additional
information, explanation or testimony in connection with such Third Party claim. If the Indemnifier elects to assume control of the defense of any Third Party claim, the Indemnifier shall have the right to assert any counterclaims or defenses
available to Claimant against such Third Party, and the Claimant shall have the right to participate in the defense of such claim at its own expense and to employ counsel (not reasonably objected to by the Indemnifier), at its own expense, separate
from the counsel employed by the Indemnifier, it being understood that the Indemnifier shall control such defense; provided that if the Claimant shall have reasonably concluded that separate counsel is required because a conflict of interest
would otherwise exist, the Claimant shall have the right to select separate counsel to participate in the defense of such action on its behalf, at the expense of the Indemnifier. If the Indemnifier does not elect to assume control or otherwise
participate in the defense of any Third Party claim, it shall be bound by the results obtained by the Claimant with respect to such claim. If the Indemnifier assumes the defense of a Third Party claim in accordance with this Section 11.5(c),
the Indemnifier shall not be liable to the Claimant for any legal expenses subsequently incurred by the Claimant in connection with the defense thereof. Whether or not the Indemnifier assumes the defense of a Third Party claim, the Claimant shall
not admit any liability with respect to, or settle, compromise or discharge, such Third Party claim without the Indemnifier’s prior written consent, and the Indemnifier shall not have any indemnification obligation with respect to any
settlement, compromise or discharge effected without its prior written consent. 
 11.6 Limitations. The Indemnifier’s
obligations to indemnify the Claimant pursuant to Section 11.3 or 11.4 shall be subject to the following limitations: 

  
 57 

 (a) The Claimant shall be entitled to indemnification only for those Damages arising with respect
to any claim as to which Claimant has given the Indemnifier written notice within the appropriate time period set forth in Section 11.2 hereof for such claim. 

(b) Claimant’s Damages sought to be recovered under Section 11.3 or 11.4 hereof shall be net of any insurance proceeds actually
received by Claimant with respect to the events giving rise to such Damages. If the incurrence or payment of any such Damages makes allowable to the Indemnified Party any deduction, amortization, exclusion from income or other allowance (a
“Tax Benefit”) which would not, but for such adjustment, be allowable, then the indemnification payment to the Claimant under this Section 11 shall be an amount equal to (i) the amount otherwise due but for this sentence,
minus (ii) the amount of Tax savings actually realized by the Claimant as a result of the Tax Benefit in the Tax year in which the Damages were incurred (a “Tax Savings”). If and to the extent that subsequent to any
payment of Damages by any Indemnifier to a Claimant hereunder, such Claimant receives insurance proceeds or realizes a Tax Savings with respect to the events giving rise to such Damages, which proceeds or Tax Savings would have been netted against
such Damages if they had been received prior to the Indemnifier’s payment of such Damages, then the Claimant shall remit such insurance proceeds or the amount of such Tax Savings to Indemnifier to the extent such proceeds or amount would have
been netted against such Damages. 
 (c) ACS shall not be liable for indemnification under Section 11.3(a), 11.3(e) or 11.3(g) (to the
extent relating to Section 11.3(a) or 11.3(e)) (other than with respect to claims for indemnification based upon, arising out of, with respect to or by reason of fraud, intentional misrepresentation or other willful misconduct, any breach of
any covenant, or any pre-Closing liabilities of the ACS Group that are not Assumed Liabilities (the “Basket/Cap Exclusions”)), until the aggregate amount of all indemnification payments for which ACS is liable in respect of
indemnification under such Sections (other than with respect to claims for indemnification based upon the Basket/Cap Exclusions) exceeds $1,000,000 (the “Basket”), in which event ACS shall be required to pay all indemnification
payments including the amount of the Basket. 
 (d) The aggregate amount of all indemnification payments for which ACS shall be liable
pursuant to Section 11.3(a), 11.3(e) and 11.3(g) (to the extent relating to Section 11.3(a) or 11.3(e)) (other than with respect to claims for indemnification based upon, arising out of, with respect to or by reason of the Basket/Cap
Exclusions) shall not exceed $50,000,000. 
 (e) The Parties agree that the amount of Damages attributable to a breach of the representation
contained in Section 4.5 that no Consent is required for the assignment or transfer of any Postpaid Subscriber Contract shall be $350 multiplied by the number of Wireless lines with respect to such Postpaid Subscriber Contract; provided,
however, that the amount of such Damages shall be $0 if (i) such Contract was listed on the Subscriber Contract Consent List and a Non-Election Notice is not delivered by GCI with respect to such Postpaid Subscriber Contract or
(ii) such Contract is not terminated by the Subscriber within six months after the Closing Date. 
 (f) No member of the ACS Group shall
be liable for any Damages to GCI or any of its Affiliates with respect to any loss or reduction in CETC Cash Flow if ACS and its Affiliates have complied with their obligations with respect to such CETC Cash Flow in this Agreement. 

  
 58 

 11.7 Taxes. In the event of any inconsistency between the provisions of Section 7.3
and the provisions of this Section 11, the provisions of Section 7.3 shall govern. 
 11.8 Treatment of Indemnification
Payments. All indemnity payments made pursuant to this Section 11 shall be treated for all Tax purposes as adjustments to the Purchase Price to the extent permitted by applicable Legal Requirements. 

11.9 Exclusive Remedy. Subject to Section 10.2, the Parties acknowledge and agree that, following the Closing, their sole and
exclusive remedy with respect to any and all claims (other than claims arising from fraud on the part of a Party hereto in connection with the Transactions) for any breach of any representation, warranty, covenant, agreement or obligation set forth
herein, shall be pursuant to the indemnification provisions set forth in Section 7.3 or this Section 11. In furtherance of the foregoing, each Party hereby waives, to the fullest extent permitted under law, any and all rights, claims and
causes of action for any breach of any representation, warranty, covenant, agreement or obligation set forth herein it may have against the other Parties hereto and their Affiliates and each of their respective representatives arising under or based
upon any law, except pursuant to the provisions set forth in Section 7.3 or this Section 11. Nothing in this Section 11.9 shall limit any Person’s right to seek and obtain any equitable relief to which any Person shall be
entitled or to seek any remedy on account of any fraud. 
 SECTION 12. MISCELLANEOUS 

12.1 Notices. All notices, demands and requests required or permitted to be given under the provisions of this Agreement shall be
(i) in writing, (ii) sent by email as a portable document format (PDF) file, delivered by personal delivery, or sent by commercial delivery service or certified mail, return receipt requested, (iii) deemed to have been given on the
date sent by email as a portable document format (PDF) file with receipt confirmed, the date of personal delivery, or the date set forth in the records of the delivery service or on the return receipt, and (iv) addressed as follows: 

 

					
	 If to the Company:
		 The Alaska Wireless Network, LLC
 c/o General
Communication, Inc.
 2550 Denali Street, Suite 1000
 Anchorage,
Alaska 99503
 Attention: CEO
 Email: whughes@GCI.com
		

  
 59 

					
			
	 with a copy (which shall

not alone constitute notice) to:
		 Sherman & Howard L.L.C.
 633 17th Street, Suite 3000
 Denver, CO 80202

Attention: Steven D. Miller
 Email: smiller@shermanhoward.
com
		
			
	 If to GCI Parent, GCI or 

GCI Wireless:
		 General Communication, Inc.
 2550 Denali Street,
Suite 1000
 Anchorage, Alaska 99503
 Attention: General
Counsel
 Email: tpidgeon@gci.com
		
			
	 with a copy (which shall

not alone constitute notice) to:
		 Sherman & Howard L.L.C.
 633 17th Street, Suite 3000
 Denver, CO 80202

Attention: Steven D. Miller
 Email: smiller@shermanhoward.
com
		
			
	 If to ACS or ACS Wireless:
		 Alaska Communications Systems Group, Inc.
 600
Telephone Avenue
 Anchorage, Alaska 99503
 Attention: General
Counsel
 Email: leonard.steinberg@acsalaska.com
		
			
	 with a copy (which shall

not alone constitute notice) to:
		 Sidley Austin LLP
 787 Seventh Avenue

New York, New York 10019
 Attention: Irving L. Rotter

                Gabriel Saltarelli

Email: irotter@sidley.com             gsaltarelli@sidley.com
		

 or to any such other or additional Persons and addresses as the Person to whom notice is to be provided may from time to
time designate in a writing delivered in accordance with this Section 12.1. 
 12.2 Benefit and Binding Effect. This Agreement
shall inure solely to the benefit of the Parties, without conferring on any other Person any rights of enforcement or other rights. No Party may assign this Agreement without the prior written consent of the other Parties. This Agreement shall be
binding upon and inure to the benefit of the Parties and their respective successors and permitted assigns. 

  
 60 

 12.3 Entire Agreement. This Agreement together with the Ancillary Agreements and all
exhibits and schedules hereto or thereto, and all documents and certificates delivered by the Parties contemporaneously and in connection herewith, or to be delivered by the Parties pursuant hereto or in connection herewith, collectively represent
the entire understanding and agreement between the Parties with respect to the subject matter hereof. This Agreement together with the Ancillary Agreements supersede all prior negotiations, letters of intent or other writings between the Parties
with respect to the subject matter hereof, and cannot be amended, supplemented or modified except by a written agreement which makes specific reference to this Agreement or an Ancillary Agreement, as the case may be, and which is signed by the Party
against which enforcement of any such amendment, supplement or modification is sought. 
 12.4 Waiver of Compliance; Consents.
Except as otherwise provided in this Agreement, any failure of any Party to comply with any obligation, representation, warranty, covenant, agreement or condition herein may be waived by the Party entitled to the benefits thereof only by a written
instrument signed by the Party granting such waiver, but such waiver or failure to insist upon strict compliance with such obligation, representation, warranty, covenant, agreement or condition shall not operate as a waiver of, or estoppel with
respect to, any subsequent or other failure. Whenever this Agreement requires or permits consent by or on behalf of any Party, such consent shall be given in writing in a manner consistent with the requirements for a waiver of compliance as set
forth in this Section 12.4. 
 12.5 Severability. If any provision hereof or the application thereof to any Person or
circumstance shall be invalid or unenforceable to any extent, the remainder of this Agreement and the application of such provision to other Persons or circumstances shall not be affected thereby and shall be enforced to the greatest extent
permitted by applicable Legal Requirements. 
 12.6 Prevailing Party. If any Party commences any Proceeding against another Party to
interpret or enforce any of the terms of this Agreement as a result of an alleged breach by the other Party of any terms hereof, the nonprevailing Party shall pay to the prevailing Party reasonable attorneys’ fees, costs and expenses incurred
in connection with the prosecution or defense of such Proceeding (including at any appellate level). 
 12.7 No Consequential or Indirect
Damages. Except to the extent payable to a Third Party with respect to indemnification claims under Section 11.5(c), in no event shall any Party be liable under this Agreement to another Party for any punitive, incidental, indirect, special
or consequential damages, including any damages for business interruption, loss of use, revenue or profit, whether arising out of breach of contract, tort (including negligence) or otherwise, regardless of whether such damages were foreseeable and
whether or not the breaching Party was advised of the possibility of such damages. 
 12.8 Governing Law. This Agreement shall be
governed, construed and enforced in accordance with the laws of the State of Delaware, without regard to conflicts of law principles thereunder. 

12.9 Selection of Forum; Venue; Service of Process. The Parties hereby irrevocably submit in any Proceeding arising out of or relating
to this Agreement or any Transactions to the exclusive jurisdiction of the United States District Court for the District of Alaska or if 

  
 61 

 
jurisdiction is not available therein the jurisdiction of any court of the State of Alaska, and waive any and all objections to such jurisdiction or venue that they may have under the laws of any
state or country, including any argument that jurisdiction, sites and/or venue are inconvenient or otherwise improper. Each Party further agrees that process may be served upon such Party in any manner authorized under the laws of the United States
or Alaska, and waives any objections that such Party may otherwise have to such process. 
 12.10 WAIVER OF JURY TRIAL. EACH PARTY
HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, INVOLVING OR OTHERWISE IN RESPECT OF THIS AGREEMENT, ANY ANCILLARY AGREEMENT OR ANY
TRANSACTION CONTEMPLATED HEREBY OR THEREBY. EACH PARTY (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO
ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE ANCILLARY AGREEMENTS, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN
THIS SECTION 12.10. 
 12.11 Counterparts. This Agreement may be executed in any number of counterparts, each of which, when so
executed and delivered, shall be an original, and all of which counterparts together shall constitute one and the same fully executed instrument. 

Signature page follows 

  
 62 

 IN WITNESS WHEREOF, this Agreement has been duly executed by the Parties as of
the date first above written. 
  

			
	ALASKA COMMUNICATIONS SYSTEMS
	GROUP, INC.
		
	By:		 /s/ David C. Eisenberg

			Name: David C. Eisenberg
			Title: Chief Revenue Officer
	
	ACS WIRELESS, INC.
		
	By:		 /s/ David C. Eisenberg

			Name: David C. Eisenberg
			Title: Chief Revenue Officer
	
	GCI COMMUNICATION CORP.
		
	By:		 /s/ Peter Pounds

			Name: Peter Pounds
			Title: CFO
	
	GCI WIRELESS HOLDINGS, LLC
		
	By:		 /s/ Peter Pounds

			Name: Peter Pounds
			Title: Manager
	
	THE ALASKA WIRELESS NETWORK, LLC
		
	By:		 /s/ Wilson Hughes

			Name: Wilson Hughes
			Title: CEO

 [Signature pages to Purchase and Sale Agreement] 

 
			
	GENERAL COMMUNICATION, INC.
		
	By:		 /s/ Peter Pounds

			Name: Peter Pounds
			Title: CFO

 [Signature pages to Purchase and Sale Agreement] 

 IN WITNESS WHEREOF, this Agreement has been duly executed by the Parties as of the date first
above written. 
  

			
	ALASKA COMMUNICATIONS SYSTEMS
	GROUP, INC.
		
	By:		 /s/ David C. Eisenberg

			Name: David C. Eisenberg
			Title: Chief Revenue Officer
	
	ACS WIRELESS, INC.
		
	By:		 /s/ David C. Eisenberg

			Name: David C. Eisenberg
			Title: Chief Revenue Officer
	
	GCI COMMUNICATION CORP.
		
	By:		 /s/ Peter Pounds

			Name: Peter Pounds
			Title: Manager
	
	GCI WIRELESS HOLDINGS, LLC
		
	By:		 /s/ Peter Pounds

			Name: Peter Pounds
			Title: Manager
	
	THE ALASKA WIRELESS NETWORK, LLC
		
	By:		 /s/ Wilson Hughes

			Name: Wilson Hughes
			Title: CEO

 [Signature pages to Purchase and Sale Agreement]

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