Document:

Exhibit

Exhibit 10.3.4

EMPLOYMENT AGREEMENT
THIS AGREEMENT is made effective [current date] (the “Effective Date”), between SANDRIDGE ENERGY, INC., a Delaware corporation (the “Company”), and [Executive Name], an individual (the “Executive”).
WITNESSETH:
WHEREAS, the Company and the Executive desire to set forth in their entirety the terms of their agreements relating to the employment of Executive by the Company.
NOW, THEREFORE, in consideration of the mutual promises herein contained, the Company and the Executive agree as follows:
1.Employment.  The Company hereby employs the Executive and the Executive hereby accepts such employment subject to the terms and conditions contained in this Agreement.  The Executive is engaged as an employee of the Company and the Executive and the Company do not intend to create a joint venture, partnership or other relationship that might impose a fiduciary obligation on the Executive or the Company in the performance of this Agreement, other than as an officer of the Company.
2.    Executive’s Duties.  The Executive is employed on a full-time basis. Throughout the term of this Agreement, the Executive will use his or her best efforts and due diligence to assist the Company in the objective of achieving the most profitable operation of the Company and the Company’s affiliated entities consistent with developing and maintaining a quality business operation and complying with applicable laws.  Except as provided in paragraph 3, the Executive shall devote his or her entire business skill, time, and effort diligently to the affairs of the Company in accordance with the duties assigned to the Executive, and the Executive shall perform all such duties, and otherwise conduct himself/herself, in a manner reasonably calculated in good faith by him to promote the best interests of the Company.
2.1    Specific Duties and Reporting.  Under this Agreement, the Executive shall report to the [Position of Direct Manager] of the Company, or his or her successor, who, for purposes of this Agreement, will be referred to as the “Executive’s Supervisor.”  This reporting relationship may change from time to time in the discretion of the Executive’s Supervisor or the Company’s Board of Directors (the “Board”).  During the term of this Agreement, the Executive will serve as the [Official Title of Executive] for the Company, with such titles, duties and authorities as the Executive’s Supervisor or the Board may from time to time prescribe.  The Executive will perform all of the services required to fully and faithfully execute the position in accordance with the reasonable directives that he may receive from time to time from the Executive’s Supervisor or the Company’s Board of Directors (the “Board”). 

2.2    Rules and Regulations.  From time to time, the Company may issue policies and procedures applicable to employees and the Executive.  The Executive agrees to comply with such policies and procedures, which may be supplemented, modified, changed or adopted without notice in the sole discretion of the Company at any time.  In the event of a conflict between such policies and procedures and this Agreement, this Agreement will control unless compliance with this Agreement will violate any law or regulation applicable to the Company or its affiliated entities.
3.    Other Activities.  The Executive shall not engage in any business activity that, in the judgment of the Board, conflicts with the Executive’s duties hereunder, whether or not such activity is pursued for gain, profit or other pecuniary advantage.  In addition, except for the activities permitted under paragraph 3.1 of this Agreement or approved by the Board or the Chief Executive Officer, in writing, the Executive will not: (a) engage in activities that require such substantial services on the part of the Executive that the Executive is unable to perform the duties assigned to the Executive in accordance with this Agreement; (b) serve as an officer or director of any publicly held entity; or (c) directly or indirectly invest in, participate in or acquire an interest in any oil and gas business, including, without limitation, businesses (i) producing oil and gas, (ii) drilling, owning or operating oil and gas leases or wells, (iii) providing services or materials to the oil and gas industry, or (iv) marketing or refining oil or gas.  The limitations in this paragraph 3 will not prohibit an investment by the Executive in publicly traded securities or the maintenance of investment interests owned prior to the Effective Date.  The Executive is not restricted from maintaining or making investments, or engaging in other businesses, enterprises or civic, charitable or public service functions if such activities, investments, businesses or enterprises do not result in a violation of clauses (a) through (c) of this paragraph 3.  Notwithstanding the foregoing, the Executive will be permitted to participate in the activities set forth in paragraph 3.1 that will be deemed to be approved by the Company, if such activities are undertaken in strict compliance with this Agreement.
3.1    Royalty Interests and Gifts.  The foregoing restriction in clause (c) will not prohibit the ownership of royalty interests where the Executive owns or previously owned the surface of the land covered by the royalty interest and the ownership of the royalty interest is incidental to the ownership of the surface estate or the ownership of royalty, overriding royalty or working interests that are received by gift or inheritance subject to disclosure by the Executive to the Company in writing.
4.    Executive’s Compensation.  The Company agrees to compensate the Executive as follows:
4.1    Base Salary.  The Executive will be paid a base salary (the “Base Salary”) at an annual rate of not less than [$ Annual Salary], which will be paid to the Executive in regular installments in accordance with the Company’s customary payroll practices during the term of this Agreement.

4.2    Annual Bonus.  The Executive will be eligible to participate in SandRidge’s annual incentive plan as in effect from time to time.  For 2015, the Executive’s target annual bonus will be [Target %] of the Base Salary that the Executive earns during 2015.  This bonus is anticipated to be paid in the first quarter of 2016.  The Executive recognizes and acknowledges that the award of bonus compensation is not guaranteed or promised in any way.
4.3    Long-Term Incentive.  The Executive will be eligible to receive annual grants of long-term incentive awards under and subject to the terms of SandRidge’s equity or other long-term incentive plan (including any applicable award agreement) as in effect from time to time.  The target value of the awards granted in 2015 will equal [Target %] of the Base Salary that the Executive earns during 2015.  Executive recognizes and acknowledges that the award of equity compensation is not guaranteed or promised in any way.
4.4    Benefits.  The Company sponsors a number of employee benefit plans, programs and arrangements for the benefit of its employees, including retirement, medical, life and disability benefits.  The Executive shall have the opportunity to participate in such plans, programs and arrangements to the same extent as other similarly-situated Company employees; however, any participation in Company employee benefit plans, programs or arrangements is subject to the terms and conditions of the particular plan, program or arrangement, including any eligibility requirements, as they may exist from time to time.  The Executive recognizes and acknowledges that the Company has the right to amend, modify or terminate its employee benefit plans, programs and arrangements at any time.
4.5    Paid Time Off (“PTO”).  The Executive shall be eligible for 30 days of PTO each continuous year of employment during the term of this Agreement under the Company’s PTO policy.  Such PTO shall be calculated from the Executive’s original date of hire.  No additional compensation will be paid for failure to take PTO and no PTO may be carried forward from one twelve month period to another.
5.    Term.  The employment relationship evidenced by this Agreement is an “at will” employment relationship and the Company reserves the right to terminate the Executive at any time with or without cause. This Agreement shall continue in full force and effect unless and until (i) the Executive’s employment is terminated by either party in accordance with Section 6, and (ii) all obligations and liabilities of the parties arising in connection with such termination or otherwise accruing under this Agreement have been fully satisfied. The “Termination Date” shall be the effective date of Executive’s termination of employment.  Notwithstanding any contrary provision in this Agreement, nothing in this Agreement constitutes a guarantee of continued employment but instead provides for certain rights and benefits during the Executive’s employment with the Company and if such employment terminates.  Notwithstanding the foregoing, the Executive shall not receive severance benefits under more than one plan, program or policy with the Company or other agreement with the Company.  

6.    Termination.  
6.1    Termination by Company.  The Company will have the following rights to terminate Executive’s employment:
6.1.1    Termination without Cause.  The Company may terminate Executive’s employment without Cause at any time by the service of written notice of termination to the Executive specifying a Termination Date not sooner than ten days after the date of such notice.  If the Executive is terminated without Cause (other than a CC Termination under paragraph 6.4 of this Agreement or on account of Executive’s incapacity or death under paragraphs 6.5 and 6.6 of this Agreement), the Executive will receive as termination compensation a lump sum payment equal to twelve months’ Base Salary as in effect on the Termination Date (or, if greater, the highest Base Salary in effect during the three year period ending on the Termination Date), which shall be paid within 60 days of the Termination Date.  However, if, on the Termination Date, the Executive is a “specified employee” as defined in regulations under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and the termination compensation is “nonqualified deferred compensation” that is subject to Section 409A, the payment will be made on the first payroll payment date that is more than six months following the Termination Date.  The right to the termination compensation described above is subject to the Executive’s execution and nonrevocation of the Company’s Separation Agreement and General Release, substantially in the form attached to this Agreement, which will operate as a release of all legally waivable claims against the Company and its affiliates, employees and directors.  The termination payment is further conditioned upon the Executive’s compliance with all of the provisions of this Agreement, including all post-employment obligations.
6.1.2    Termination for Cause.  The Company may terminate the employment of the Executive hereunder at any time for Cause (as hereinafter defined) (such a termination being referred to in this Agreement as a “Termination For Cause”), by giving the Executive written notice of such termination which shall take effect immediately upon the giving of such notice to the Executive.  As used in this Agreement, “Cause” means (A) the Executive’s material breach or threatened breach of this Agreement; (B) the Executive’s failure to substantially perform the Executive’s duties hereunder; (C) the misappropriation or fraudulent conduct by the Executive with respect to the assets or operations of the Company or any of its subsidiaries or affiliated companies; (D) the Executive’s willful disregard of the instructions of the Executive’s Supervisor or the Board or the Executive’s material neglect of duties or failure to act, other than by reason of disability or death; (E) the Executive’s personal misconduct which, in the judgment of the Company, could reasonably be expected to substantially injure the Company or its reputation; or (F) the conviction of the Executive for, or a plea of guilty or no 

contest to, a felony or any crime involving fraud, theft, dishonesty, or moral turpitude.  If the Executive’s employment is terminated for Cause, the Company will not have any obligation to provide any further payments or benefits to the Executive after the effective date of such termination other than to the extent required by law.
6.2    Termination by Executive.  The Executive may voluntarily terminate his or her employment by the service of written notice of such termination to the Company specifying an effective date of such termination 30 days after the date of such notice.  The Company may in its sole discretion, elect to waive all or any part of the 30-day notice period with no further obligations being owed to the Executive by the Company.  If the Executive terminates his or her employment, neither the Company nor the Executive will have any further obligations hereunder, except as provided in paragraph 14. 
6.3    Termination After Change in Control.  If, during the term of this Agreement there is a “Change in Control” and within two years thereafter there is a CC Termination (as hereafter defined), then the Executive will be entitled to a severance payment (in addition to any other rights and other amounts payable to the Executive under paragraph 6.8 or under Company plans in which Executive is a participant) payable in a lump sum in cash in an amount equal to [EVP: three times/ SVP: two times] the sum of: (a) the Executive’s Base Salary in effect on the Termination Date (or, if greater, the highest Base Salary in effect during the three year period ending on the Termination Date), and (b) the Executive’s Average Annual Bonus (as hereafter defined), which shall be paid within 60 days following the CC Termination.  The term “Average Annual Bonus” means (x) if the CC Termination occurs before the annual bonus is paid for the executive’s first year of employment, [Target %] of the Executive’s Base Salary as in effect on the Effective Date, or (y) otherwise, the average annual bonus paid pursuant to paragraph 4.2 for the preceding three years (or such lesser number of years as the Executive may have been employed).  If the foregoing amount is not paid within 60 days after the CC Termination, the unpaid amount will bear interest at the per annum rate of twelve percent beginning on the 61st day after the CC Termination.  However, if, on the date of the CC Termination, the Executive is a “specified employee” as defined in regulations under Section 409A of the Code and the severance payment is “nonqualified deferred compensation” that is subject to Section 409A, the payment will be made on the first payroll payment date that is more than six months following the date of the CC Termination.  If a severance payment subject to Section 409A is not paid on the first payroll payment date that is more than six months following the date of the CC Termination, the unpaid amount will bear interest at the per annum rate of twelve percent beginning on the day after the first payroll payment date that is more than six months following the date of the CC Termination.  The right to the termination compensation described above is subject to the Executive’s execution and nonrevocation of the Company’s Separation Agreement and General Release, substantially in the form attached to this Agreement, which will operate as a release of all legally waivable claims against the Company and its affiliates, employees and 

directors.  Such payment is further conditioned upon the Executive’s compliance with all of the provisions of this Agreement, including all post-employment obligations.  
6.3.1    Change in Control.  For the purpose of this Agreement, a “Change in Control” shall mean that any one of the following applies:
(a)    The acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (a “Person”), of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 40% or more of either (i) the then-outstanding shares of the Company’s common stock (the “Outstanding Company Common Stock”) or (ii) the combined voting power of the then-outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”).  For purposes of this paragraph (a) the following acquisitions by a Person will not constitute a Change in Control: (i) any acquisition directly from the Company; (ii) any acquisition by the Company; or (iii) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any entity controlled by the Company.
(b)    The individuals who, as of the Executive’s original date of hire constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board.  Any individual becoming a director subsequent to the date described in the preceding sentence whose election, or nomination for election by the Company’s stockholders, is approved by a vote of at least a majority of the directors then comprising the Incumbent Board will be considered a member of the Incumbent Board, but any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Incumbent Board will be deemed a member of the Incumbent Board only upon the third anniversary of such assumption of office.
(c)    The consummation of a reorganization, merger, consolidation or sale or other disposition of all or substantially all of the assets of the Company (a “Business Combination”), unless following such Business Combination: (i) the individuals and entities who were the beneficial owners, respectively, of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 60% of, respectively, the then-outstanding shares of common stock and the combined voting power of the then-outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the entity resulting from such 

Business Combination (including, without limitation, a corporation that as a result of such transaction owns the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries) in substantially the same proportions to one another as their ownership, immediately prior to such Business Combination of the Outstanding Company Common Stock and Outstanding Company Voting Securities, as the case may be, (ii) no Person (excluding any entity resulting from such Business Combination or any employee benefit plan (or related trust) of the Company or such entity resulting from such Business Combination) beneficially owns, directly or indirectly, 40% or more of, respectively, the then-outstanding shares of common stock of the entity resulting from such Business Combination or the combined voting power of the then-outstanding voting securities of such entity except to the extent that such ownership existed prior to the Business Combination and (iii) at least a majority of the members of the Board of the corporation resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board, providing for such Business Combination; or
(d)    The approval by the stockholders of the Company of a complete liquidation or dissolution of the Company.
6.3.2    Legal Expenses After a CC Termination.  The Company will pay or reimburse the Executive for reasonable legal fees (including, without limitation, any and all court costs and reasonable attorneys’ fees and expenses) incurred by the Executive in connection with or as a result of any claim, action or proceeding brought by the Company or the Executive following a CC Termination that entitles the Executive to a severance payment under paragraph 6.3; provided, however, that the Company will have no obligation to pay any such legal fees, if in the case of an action brought by the Executive, the Company is successful in establishing with the court that the Executive’s action was frivolous or otherwise without any reasonable legal or factual basis.
6.4    CC Termination.  The term “CC Termination” means any of the following: (a) the Executive’s employment is terminated by the Company other than under paragraph 6.1.2, 6.5 or 6.6; (b) the Executive resigns as a result of a material diminution in the Executive’s authority, duties, or responsibilities, a material reduction in the Executive’s then current Base Salary or a material reduction in the Executive’s then current benefits as provided in paragraph 4, a relocation of more than 50 miles from the Executive’s then current place of employment being required by the Board or the Executive’s Supervisor, or a material breach by the Company under this Agreement; or (c) the Executive resigns in connection with a Change in Control as a result of the Company’s failure to obtain the assumption of this Agreement, without limitation or reduction, by any successor to the Company or any parent corporation of the Company.  

6.5    Incapacity of Executive.  If the Executive suffers from a physical or mental condition that qualifies the Executive for benefits under the Company’s Long Term Disability policy (or would qualify the Executive for benefits if the Executive was covered by the Long Term Disability policy), the Executive’s employment may be terminated by the Company, in which event, the Company will pay Executive a lump sum equal to twelve months’ Base Salary in effect on the Termination Date (or, if greater, the highest Base Salary in effect during the three year period ending on the Termination Date), which shall be paid within 60 days following the Termination Date.  However, if, on the Termination Date, the Executive is a “specified employee” as defined in regulations under Section 409A of the Code and the termination payment is “nonqualified deferred compensation” that is subject to Section 409A and is considered to be triggered by the Executive’s “separation from service,” such payment will be made on the first payroll payment date which is more than six months following the Termination Date.  Notwithstanding the foregoing, the amount payable hereunder will be reduced by any benefits payable under any disability plans provided by the Company under paragraph 4.4 of this Agreement.  The right to the compensation due under this paragraph 6.5 is subject to the execution and nonrevocation by the Executive or the Executive’s legal representative of the Company’s Separation Agreement and General Release, substantially in the form attached to this Agreement, which will operate as a release of all legally waivable claims against the Company and its affiliates, employees and directors.  In applying this paragraph, the Company will comply with any applicable legal requirements, including the Americans with Disabilities Act.    
6.6    Death of Executive.  If the Executive dies during the term of this Agreement, Executive’s employment will terminate without compensation to the Executive’s estate except the obligation to pay the Executive’s estate a lump sum equal to twelve months’ Base Salary in effect on the date of death (or, if greater, the highest Base Salary in effect during the three year period ending on the date of death).
6.7    Effect of Termination.  Subject to paragraph 14, the termination of Executive’s employment will terminate all obligations of the Executive to render services on behalf of the Company.  All keys, entry cards, credit cards, files, records, financial information, furniture, furnishings, computers, cellular phones, smart phones, equipment, supplies and other items relating to the Company will remain the property of the Company.  The Executive will have the right to retain and remove all personal property and effects that are owned by the Executive and located in the offices of the Company.  All such personal items will be removed from such offices no later than 14 days after the effective date of termination, and the Company is hereby authorized to discard any items remaining and to reassign the Executive’s office space after such date.  Prior to the effective date of termination, the Executive will cooperate with the Company to provide for the orderly separation of the Executive’s employment.

6.8    Equity Compensation Provisions.  Notwithstanding any provision to the contrary in any option agreement, restricted stock agreement, plan or other agreement relating to equity based compensation, in the event of a termination under paragraph 6.1.1 or 6.3 of this Agreement: (a) all units, stock options, incentive stock options, performance shares, stock appreciation rights and restricted stock granted and held by Executive immediately prior to such termination (other than any sign-on grant of restricted stock) will immediately become 100% vested; and (b) the Executive’s right to exercise any previously unexercised options will not terminate until the latest date on which such option would expire but for Executive’s termination of employment.  To the extent the Company is unable to provide for one or both of the foregoing rights the Company will provide in lieu thereof a lump-sum cash payment equal to the difference between the total value of such units, stock options, incentive stock options, performance shares, stock appreciation rights and shares of restricted stock (the “Equity Compensation Rights”) with the foregoing rights as of the date of Executive’s termination of employment and the total value of the Equity Compensation Rights without the foregoing rights as of the date of the Executive’s termination of employment.  The foregoing amounts will be determined by the Board in good faith based on a valuation performed by an independent consultant selected by the Board and the cash payment, if any, will be paid in a lump sum in the case of a termination under paragraph 6.1.1, at the same time as the severance payment is otherwise due under such paragraph (except for any cash payment made with respect to performance shares or performance share units, which will be made when those awards otherwise would have been paid), and in the case of a termination under paragraph 6.3, at the same time the payment is due under such paragraph.  The right to the foregoing termination compensation under clauses (a) and (b) above is subject to the Executive’s execution and nonrevocation of the Company’s Separation Agreement and General Release, substantially in the form attached to this Agreement, which will operate as a release of all legally waivable claims against the Company and its affiliates, employees and directors.  Such payment is further conditioned upon the Executive’s compliance with all of the provisions of this Agreement, including all post-employment obligations.
6.9    Application of Section 4999.  If any amount payable to the Executive under this Agreement or otherwise would constitute a “parachute payment” within the meaning of Section 280G of the Code and, but for this paragraph 6.9, would be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then the Executive’s payments hereunder shall be reduced to the greatest amount that would not be subject to the Excise Tax if, after taking into account applicable federal, state, local and foreign income and employment taxes, the Excise Tax, and any other applicable taxes, the Executive would retain a greater amount on an after-tax basis following such reduction.
6.10    Sole Source of Severance Benefits.  This paragraph 6 is intended to be the Executive’s sole source of severance benefits from the Company.  If the Executive is or becomes eligible to receive severance under another plan, program 

or policy with the Company or other agreement with the Company, the amount paid under paragraph 6 will be reduced by the severance amount paid under another plan, program or policy with the Company or other agreement with the Company.
7.    Confidentiality.  The Executive recognizes that the nature of the Executive’s services are such that the Executive will have access to information that constitutes trade secrets, is of a confidential nature, is of great value to the Company or is the foundation on which the success of the Company is predicated.  The Executive agrees not to disclose to any person other than the Company’s employees or the Company’s legal counsel or other parties authorized by the Company to receive confidential information (“Confidential Information”) nor use for any purpose, other than the performance of this Agreement, any Confidential Information.  Confidential Information includes data or material (regardless of form) that is: (a) a trade secret; (b) provided, disclosed or delivered to Executive by the Company, any officer, director, employee, agent, attorney, accountant, consultant, or other person or entity employed by the Company in any capacity, any customer, borrower or business associate of the Company or any public authority having jurisdiction over the Company of any business activity conducted by the Company; or (c) produced, developed, obtained or prepared by or on behalf of Executive or the Company (whether or not such information was developed in the performance of this Agreement) with respect to the Company or any assets oil and gas prospects, business activities, officers, directors, employees, borrowers or customers of the foregoing.  However, Confidential Information will not include any information, data or material that at the time of disclosure or use was generally available to the public other than by a breach of this Agreement, was available to the party to whom disclosed on a non-confidential basis by disclosure or access provided by the Company or a third party, or was otherwise developed or obtained independently by the person to whom disclosed without a breach of this Agreement.  On request by the Company, the Company will be entitled to a copy of any Confidential Information in the possession of the Executive.  The provisions of this paragraph 7 will survive the termination, expiration or cancellation of Executive’s employment.  The Executive will deliver to the Company all originals and copies of the documents or materials containing Confidential Information by the 14th day following his or her termination.  For purposes of paragraphs 7, 8, and 9 of this Agreement, the Company expressly includes any of the Company’s subsidiaries or affiliates.
8.    Non-Solicitation.  The Executive agrees that during the Non-Solicitation Period (as hereafter defined), Executive will not directly, either personally or by or through his or her agent, on behalf of himself/herself or on behalf of any other individual, association or entity, (i) use any of the Confidential Information for the purposes of calling on or soliciting any established customer of the Company for providing to any such customer a product or service provided by the Company or any affiliate or subsidiary of the Company; (ii) solicit, influence or encourage any established customer of the Company to (A) divert or direct business to the Executive or any person or entity by which or with which the Executive is employed, associated, affiliated or otherwise related, or (B) acquire any product or service provided by the Company; or (iii) solicit, divert or attempt to solicit or divert any person or entity who has been identified and contacted by the Company, either directly or through 

such entity’s agent(s), with respect to a possible acquisition by, or transaction with, the Company.  For the purposes hereof, the term “Non-Solicitation Period” shall mean a period of twelve months after Executive’s employment ceases for any reason.
9.    Non-Interference.  The Executive agrees that during the Non-Interference Period (as hereafter defined) he/she will not, directly or indirectly, either personally or by or through his or her agent, on behalf of himself/herself or on behalf of any other individual, association or entity, hire, solicit or seek to hire any employee of the Company or any affiliate or subsidiary of the Company, or any individual who was an employee of the Company or any affiliate or subsidiary of the Company during the twelve-month period prior to the Termination Date, or in any other manner attempt, directly or indirectly, to persuade any such employee to discontinue his or her employment with the Company or any affiliate or subsidiary of the Company or to become employed in a business or activities likely to be competitive with the business of the Company or any affiliate or subsidiary of the Company.  For the purposes hereof, the term “Non-Interference Period” shall mean a period of twelve months after Executive’s employment ceases for any reason.
10.    Severability.  It is the desire and intent of the parties hereto that the provisions of this Agreement be enforced to the fullest extent permissible under the laws and public policies applied in each jurisdiction in which enforcement is sought.  Accordingly, if any particular provision of this Agreement shall be adjudicated by a court of competent jurisdiction to be invalid, prohibited or unenforceable for any reason, such provision, as to such jurisdiction, shall be ineffective, without invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction.  Notwithstanding the foregoing, if such provision could be more narrowly drawn so as not to be invalid, prohibited or unenforceable in such jurisdiction, it shall, as to such jurisdiction, be so narrowly drawn, without invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction.
11.    Remedies.  The Executive acknowledges and understands that the provisions of this Agreement are of a special and unique nature, the loss of which cannot be adequately compensated for in damages by an action at law, and that the breach or threatened breach of the provisions of this Agreement would cause the Company or any of its subsidiaries irreparable harm.  In the event of a breach or threatened breach by the Executive of the provisions of this Agreement, the Company or any of its subsidiaries or affiliates shall be entitled to an injunction restraining the Executive from such breach.  In addition to the foregoing and not in any way in limitation thereof, or in limitation of any right or remedy otherwise available, if the Executive violates any provision of paragraph 7, 8 or 9 hereof, any compensation or severance payments then or thereafter due from the Company to the Executive shall be terminated forthwith and the Company’s obligation to pay and the Executive’s right to receive such compensation as severance payments shall terminate and be of no further force or effect, in each case without limiting or affecting the Executive’s obligations under paragraphs 7, 8 and 9 or the Company’s or its subsidiaries’ or affiliates’ other rights or remedies available at law or in equity.  Nothing contained in this 

Agreement shall be construed as prohibiting the Company or any of its subsidiaries or affiliates from pursuing, or limiting the Company’s or any of its subsidiaries’ or affiliates’ ability to pursue, any other remedies available for any breach or threatened breach of this Agreement by the Executive.  
12.    Proprietary Matters.
12.1    The Executive acknowledges and agrees that the Company owns all right, title and interest (including patent rights, copyrights, trade secret rights, trademark rights and all other intellectual and industrial property rights) relating to any and all inventions (whether or not patentable), works of authorship, design, know-how, ideas and information made or conceived or reduced to practice, in whole or in part, by the Executive during the term of this Agreement which are useful in, or directly or indirectly related to, the business of the Company or any Confidential Information (collectively, the “Proprietary Rights”).  The Executive further acknowledges and agrees that all such Proprietary Rights are “works made for hire” of which the Company is the author.  The Executive agrees to promptly disclose and provide all Proprietary Rights to the Company; provided, in the event the Proprietary Rights shall not be deemed to constitute “works made for hire,” or in the event the Executive should, by operation of law or otherwise, be deemed to retain any rights in the Proprietary Rights, the Executive agrees to assign to the Company, without further consideration, the Executive’s entire right, title and interest in and to each and every such Proprietary Right.
12.2    The Executive hereby agrees to assist Company in obtaining and enforcing United States and/or foreign letters patent and copyright registrations covering the Proprietary Rights and further agrees that Executive’s obligation to assist Company shall continue beyond the termination of Executive’s employment hereunder.  If Company is unable because of Executive’s mental or physical incapacity or for any other reason to secure Executive’s signature to apply for or to pursue any application for any United States or foreign letters patent or copyright registrations covering inventions assigned to Company, then Executive hereby irrevocably designates and appoints Company and its duly authorized officers and agents as Executive’s agent and attorney-in-fact to act for and on Executive’s behalf to execute and file any such applications and to do all other lawfully permitted acts to further the prosecution and issuance of letters patent or copyright registrations thereon with the same legal force and effect as if executed by Executive.  Executive hereby waives and quitclaims to Company any and all claims of any nature whatsoever which Executive now or hereafter may have for infringement of any patent or copyright resulting from any such application for letters patent or copyright registrations assigned hereunder to Company.  Executive will further assist Company in every lawful way to enforce any copyrights or patents obtained, including without limitation, testifying in any suit or proceeding involving any of the copyrights or patents or executing any documents deemed necessary by Company, all without further consideration except as contemplated by the immediately 

following sentence but at the expense of Company.  If Executive is called upon to render such assistance after termination of Executive’s employment hereunder, then Executive shall be entitled to a fair and reasonable per diem fee (which shall not be less than Executive’s equivalent daily Base Salary) in addition to reimbursement of any expenses incurred at the request of Company.
13.    Governing Law and Venue.  To the extent not preempted by federal law, the provisions of this Agreement shall be construed and enforced in accordance with the laws of the State of Oklahoma, excluding any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of this provision to the substantive law of another jurisdiction.  Each party hereby agrees that Oklahoma City, Oklahoma is the proper venue for any litigation seeking to enforce any provision of this Agreement, and each party hereby waives any right it otherwise might have to defend, oppose, or object to, on the basis of jurisdiction, venue, or forum nonconveniens, a suit filed by the other party in any federal or state court in Oklahoma City, Oklahoma to enforce any provision of this Agreement.
14.    Survival.  In the event of termination of employment, neither the Company nor the Executive will have any further obligations hereunder, except for any obligations that expressly survive termination of employment including paragraphs 6, 7, 8, 9, 10, 11, 12 and 13.
15.    Miscellaneous.  The parties further agree as follows:
15.1    Time.  Time is of the essence of each provision of this Agreement.
15.2    Notices.  Any notice, payment, demand or communication required or permitted to be given by any provision of this Agreement will be in writing and will be deemed to have been given when received by personal delivery, by facsimile, by overnight courier, or by certified mail, postage and charges prepaid, directed to the following address or to such other or additional addresses as any party might designate by written notice to the other party:
To the Company:    SandRidge Energy, Inc.
123 Robert S. Kerr Ave.
Oklahoma City, OK  73102
Attn: R. Scott Griffin
		
	To the Executive:
	to the Executive at the address set forth below such Executive’s signature hereto.

15.3    Assignment.  The Company may assign its rights and obligations under this Agreement to any subsidiary or affiliate, and any entity to which this Agreement is assigned shall be treated as the Company for purposes of this Agreement.  The Executive may not transfer or assign this Agreement or any of his 

or her rights or interests herein, in whole or in part, to any other person or entity without the prior written consent of the Company.
15.4    Construction.  If any provision of this Agreement or the application thereof to any person or circumstances is determined, to any extent, to be invalid or unenforceable, the remainder of this Agreement, or the application of such provision to persons or circumstances other than those as to which the same is held invalid or unenforceable, will not be affected thereby, and each term and provision of this Agreement will be valid and enforceable to the fullest extent permitted by law. 
15.5    Entire Agreement.  This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter herein contained, and no modification hereof will be effective unless made by a supplemental written agreement executed by all of the parties hereto.
15.6    Binding Effect and Third Party Beneficiary.  This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective affiliates, officers, employees, agents, successors and assigns (including, in the case of the Company or any of its subsidiaries or affiliated companies, the successor to the business of the Company as a result of the transfer of all or substantially all of the assets or capital stock of the Company or any of its subsidiaries or affiliates).  
15.7    Supersession.  This Agreement is the final, complete and exclusive expression of the agreement between the Company and the Executive and supersedes and replaces in all respects any prior oral or written employment agreements. On execution of this Agreement by the Company and the Executive, the relationship between the Company and the Executive after the effective date of this Agreement will be governed by the terms of this Agreement and not by any other agreements, oral or otherwise.
15.8    Non-Contravention.  Executive represents and warrants to the Company that the execution and performance of this Agreement will not violate, constitute a default under, or otherwise give rights to any third party, pursuant to the terms of any Agreement to which Executive is a party.
15.9    Indemnity.  EXECUTIVE AGREES TO INDEMNIFY AND HOLD HARMLESS THE COMPANY, ITS DIRECTORS, OFFICERS AND EMPLOYEES AND AGENTS (THE "INDEMNIFIED PARTIES") AGAINST ANY LOSS, CLAIM, DAMAGE, LIABILITY OR EXPENSE, AS INCURRED, ("LOSS") TO WHICH THE INDEMNIFIED PARTIES MAY BECOME SUBJECT OR INCUR, INSOFAR AS SUCH LOSS ARISES OUT OF OR IS BASED UPON ANY INACCURACY IN ANY REPRESENTATION OR WARRANTY GIVEN BY EXECUTIVE IN THIS AGREEMENT INCLUDING REPRESENTATIONS AND WARRANTIES MADE IN PARAGRAPH 15.8 AND TO REIMBURSE THE INDEMNIFIED PARTIES FOR ANY AND ALL EXPENSES (INCLUDING THE FEES AND DISBURSEMENTS OF 

COUNSEL CHOSEN BY THE INDEMNIFIED PARTIES) AS SUCH EXPENSES ARE REASONABLY INCURRED BY THE INDEMNIFIED PARTIES IN CONNECTION WITH INVESTIGATING, DEFENDING, SETTLING, COMPROMISING OR PAYING ANY SUCH LOSS.
15.10    Compliance with Section 409A of the Code.  This Agreement shall be interpreted to ensure that the payments to be made to the Executive are exempt from, or comply with, Section 409A of the Code; provided, however, that nothing in this Agreement shall be interpreted or construed to transfer any liability for any tax (including a tax or penalty due as a result of a failure to comply with Section 409A) from the Executive to the Company or to any other individual or entity.  Any payment to the Executive that is subject to Section 409A and that is contingent on a termination of employment is contingent on a “separation from service” within the meaning of Section 409A.  Each payment shall be considered to be a separate payment for purposes of Section 409A.  If, upon separation from service, the Executive is a “specified employee” within the meaning of Section 409A, any payment that is subject to Section 409A and would otherwise be paid within six months after the Executive’s separation from service will instead be paid in the seventh month following the Executive’s separation from service to the extent required by Section 409A(a)(2)(B)(i).  Any taxable reimbursement shall be paid no later than December 31 of the year after the year in which the expense is incurred and shall comply with Treas. Reg. § 1.409A-3(i)(1)(iv).  If the period during which the Executive has discretion to execute or revoke a release straddles two calendar years, the Company shall make the payments that are conditioned upon the release no earlier than January 1st of the second of such calendar years, regardless of which taxable year the Executive delivers the executed release to the Company.
15.11    Withholding of Taxes.  The Company may withhold from any amounts payable under this Agreement all taxes that the Company reasonably determines to be required to be withheld pursuant to any law, regulation, or ruling.  However, it is the Executive’s obligation to pay all required taxes on any amounts paid under this Agreement, regardless of the extent to which amounts are withheld.
15.12    Nonduplication of Benefits.  No provision of this Agreement shall require the Company to provide the Executive with any payment, benefit or grant that duplicates any payment, benefit or grant that the Executive is entitled to receive under another plan, program or policy with the Company or other agreement with the Company.

IN WITNESS WHEREOF, the undersigned have executed this Agreement, effective the date first above written.
[SIGNATURES ON FOLLOWING PAGE]

SANDRIDGE ENERGY, INC. (the “Company”)
By:    
James D. Bennett         Date
President and Chief Executive Officer 

EXECUTIVE

By signing below, I acknowledge that I have been given the opportunity to review this Agreement carefully; that I have read, understand, and voluntarily agree to its terms; and that this Agreement is the sole and complete agreement relating to my employment and supersedes any prior oral or written employment agreement [, including the prior Employment Agreement dated [Insert Date] --Bracketed text only if Executive has existing agreement.] (and including any provisions in any such prior agreement that would otherwise survive its termination or expiration).

___________________________________
[Executive Name]             Date

Address for Notices:

___________________________________

___________________________________

___________________________________

Agreement Date

VIA HAND DELIVERY

Mr./Ms. Executive Name
Street Address
City, State Zipcode

Re:  Separation Agreement

Dear Executive:

Thank you for your service to SandRidge Energy, Inc., and its affiliates (“SandRidge” or the “Company”).  This letter, when fully executed, will constitute the Separation Agreement between you and SandRidge concerning the terms of your separation from employment with SandRidge (the “Separation Agreement”).  The attached General Release is part of the Separation Agreement, and terms that are defined in this Separation Agreement have the same meaning when used in the General Release.

		
	1.
	Termination of Employment.  SandRidge has made the decision to terminate your employment and your service as [Title], and any other position you hold with SandRidge, effective [Date], 2015 (the “Separation Date”).  

		
	2.
	Final Payment.  You have been paid or will be paid your earned salary through the Separation Date.  Your final paycheck will include payment for accrued and unused paid time off (“PTO”).  If you believe the amount of your final paycheck is incorrect, you agree to contact SandRidge immediately.

 
		
	3.
	Severance Payment. Consistent with the terms of your Employment Agreement, and in consideration of your service to SandRidge and your execution of this Separation Agreement and the General Release contained hereafter, SandRidge will provide you with a severance payment equal to number (#) months’ base salary.  

In some situations, the Company may place you on leave prior to your Separation Date if your employment loss is a result of a “mass layoff” or “plant closing” which may be covered by the federal Worker Adjustment and Retraining Notification Act 

(“WARN”) for a period of up to 60 days (“WARN Leave”).  If you are placed on WARN Leave, all or a portion of the severance benefits you may be entitled to receive shall be considered to be payments provided by the Company pursuant to WARN. In that event, any payment of a severance benefit that you may receive shall be reduced dollar-for-dollar by payments required to be made to you  pursuant to WARN and all other severance benefits otherwise provided to you under this Separation Agreement will be offset by benefits provided pursuant to WARN.
These severance amounts will not otherwise be “benefit bearing” and will not be considered as compensation for purposes of the Company’s 401(k) plan, the non-qualified deferred compensation plan or for accrual of PTO or other leave.  
You will receive the severance benefits only if you have returned an executed copy of this Separation Agreement and the accompanying General Release during the 21/45-day period immediately following the date on which you receive this Separation Agreement and the General Release and you have not revoked the General Release within the seven-day revocation period provided in the General Release.  In order to receive or retain the severance benefits you must also return all SandRidge property within 14 days of your Separation Date (as described in paragraph 4, below) and comply with the covenants set forth in paragraphs 5 through 9, below.
		
	4.
	Return of SandRidge Property.  If you have any Company property in your possession, you agree to return it to the People and Culture Department within 14 days of your Separation Date.  SandRidge property includes work product, electronic devices and other physical property of the Company.  This includes equipment, supplies, keys, security items, credit cards, passwords, electronic devices, laptop computers, cellular phones and Blackberry devices.  You must also return all originals and any copies of Company records.  This includes any disks, files, notebooks, etc. that you have personally generated or maintained with respect to the Company’s business, as well as any Company records in your possession.

		
	5.
	Continued Assistance.  You will continue to cooperate with and assist SandRidge and its representatives and attorneys as requested with respect to any investigations, litigation, arbitration or other dispute resolutions by being available for interviews, depositions and/or testimony with regard to any matters in which you are or have been involved or with respect to which you have relevant information.  SandRidge will reimburse you for reasonable expenses you may incur for travel in connection with this obligation to assist SandRidge.  In addition, SandRidge will compensate you at a reasonable hourly rate for all time spent providing such assistance.

		
	6. 
	Confidential Information.  During the course of your employment with SandRidge, you have had access to and gained knowledge of confidential and proprietary information; therefore, you agree not to make any independent use of or disclose to any other person or organization any of the Company’s confidential, proprietary 

information unless you obtain the Company’s prior written consent.  Confidential Information includes data or material (regardless of form) that is: (a) a trade secret; (b) provided, disclosed or delivered to you by the Company, any officer, director, employee, agent, attorney, accountant, consultant, or other person or entity employed by the Company in any capacity, any customer, borrower or business associate of the Company or any public authority having jurisdiction over the Company of any business activity conducted by the Company; or (c) produced, developed, obtained or prepared by you or on your behalf or the Company with respect to the Company or any assets oil and gas prospects, business activities, officers, directors, employees, borrowers or customers of the foregoing.  However, Confidential Information does not include any information, data or material that at the time of disclosure or use was generally available to the public other than by a breach of this covenant, was available to the party to whom disclosed on a non-confidential basis by disclosure or access provided by the Company or a third party, or was otherwise developed or obtained independently by the person to whom disclosed without a breach of this covenant.  On request by the Company, the Company is entitled to a copy of any Confidential Information in your possession.
If you are asked to testify, receive a subpoena, or provide information pertaining to the Company, you will immediately notify J. Matthew Thompson, SandRidge Energy, Inc., 123 Robert S. Kerr Ave., Oklahoma City, Oklahoma 73102 by regular mail or email to mthompson@sandridgeenergy.com and provide a copy of the legal process documents so that, if appropriate, the Company may seek to have the legal process quashed or a protective order granted.
You also agree that all such Confidential Information together with all copies in any format thereof and notes and other summaries thereof are and will remain the sole property of SandRidge. You agree to return to SandRidge any such Confidential Information and all copies, notes or other summaries thereof which you may have in your possession no later than the effective date of your separation.  These obligations described in this paragraph apply whether you accept your severance payment or not.  This commitment of confidentiality also applies to the terms of this Separation Agreement, except for discussions with your spouse, your personal attorney and/or accountants, in connection with an application for unemployment insurance benefits or as needed to enforce our Agreement.  Any disclosure by such individuals will be deemed a disclosure by you and will have the same consequences as a breach of our agreements with you.
		
	7.
	No Influence or Solicitation of Employees or Business.  You agree that, for the one-year period immediately following the Separation Date, you will not, either personally or by or through his or her agent, on behalf of himself or herself or on behalf of any other individual, association, or entity (i) use any of the Confidential Information for the purposes of calling on any customer of the Company or soliciting or inducing any such customers to acquire, or providing to any of such customers, any product or service provided by the Company or any affiliate or subsidiary of the 

Company; (ii) solicit, influence or encourage any established customer of the Company to divert or direct such customer’s business to you or any person or entity by which or with which you become employed, associated, affiliated or otherwise related; (iii) solicit, divert or attempt to solicit or divert any entity which has been identified and contacted by the Company, either directly or through such entity’s agent(s), with respect to a possible acquisition by, or transaction with, the Company; (iv) hire, solicit or seek to hire any employee of the Company, or any individual who was an employee of the Company during the twelve-month period prior to your termination of employment; or (v) in any other manner attempt, directly or indirectly, to persuade any such employee to discontinue his or her status of employment with the Company or to become employed in a business or activities likely to be competitive with the business of the Company.
		
	8.
	Future Activities.  You will not be employed or otherwise act as an expert witness or consultant or in any similar paid capacity in any litigation, arbitration, regulatory or agency hearing or other adversarial or investigatory proceeding involving the Company.  

		
	9.
	Preserving Name and Reputation.  You will not at any time in the future defame, disparage or make statements or disparaging remarks which could embarrass or cause harm to SandRidge’s name and reputation or the names and reputation of any of its officers, directors, representatives, agents, employees or SandRidge’s current, former or prospective vendors, professional colleagues, professional organizations, associates or contractors, or to the press or media.  Disparagement means the form and substance of any communication, regardless of whether or not you believe it to be true, that tends to degrade or belittle SandRidge or subject it to ridicule or embarrassment.  You agree this paragraph is a material provision of this Separation Agreement and that in the event of breach, you will be liable for the return of the value of all consideration received as well as any other damages sustained by SandRidge.  This paragraph does not apply to statements made under penalty of perjury; however, you agree to give advance notice to SandRidge of such an event, to the extent practicable.

		
	10.
	Exceptions to Restrictions on Communications, Confidentiality and Future Activities.  Nothing in this Agreement is intended to prohibit you from reporting possible violations of federal law or regulation to any governmental agency or entity, including but not limited to the Department of Justice, the Securities and Exchange Commission, Congress, and any agency Inspector General, or making other disclosures that are protected under the whistleblower provisions of federal law or regulation.  In addition, you do not need the prior authorization of the Company to make any such reports or disclosures, nor are you required to notify the Company that you have made such reports or disclosures.  Further, nothing in this Paragraph or elsewhere in this Agreement prevents or prohibits you from communicating with the Equal Employment Opportunity Commission (or a similar fair employment 

practices agency of your State of residence or employment) or with other similarly situated employees.
		
	11.
	Forfeiture.  If you breach any of your obligations under this Separation Agreement, SandRidge will be entitled to stop payment of any benefit due under this Separation Agreement, has no further obligation to pay any benefit due under this Separation Agreement, and will be entitled to recover any benefit paid under this Separation Agreement and to obtain all other relief provided by law or equity, including, but not limited to, injunctive relief.

		
	12.
	Additional Warranties.  You represent and warrant that as of this date you have suffered no work related injury during your employment with SandRidge and that you have no intention of filing a claim for worker’s compensation benefits arising from any incident occurring during your employment with the Company.  You further represent that you have accounted to the Company for any and all hours worked through your Separation Date, and that you have been paid for such hours worked at the appropriate rate.  You also represent and warrant that you are not due any unpaid vacation or sick pay, except as provided in paragraph 2 with respect to PTO.

		
	13.
	No Admission/Offer of Compromise.  By making this severance offer, SandRidge is not admitting liability or responsibility for any past due wages or other consideration.  Any alleged responsibility or liability on the part of the Company has been and continues to be denied.  In addition, this severance offer constitutes an offer of compromise pursuant to the applicable rules of evidence.

		
	14.
	Governing Law and Venue.  To the extent not preempted by federal law, the provisions of this Separation Agreement, including the General Release, will be construed and enforced in accordance with the laws of the State of Oklahoma, excluding any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of this provision to the substantive law of another jurisdiction.  Each party hereby agrees that Oklahoma City, Oklahoma, is the proper venue for any litigation seeking to enforce any provision of this Separation Agreement (including the General Release), and each party hereby waives any right it otherwise might have to defend, oppose, or object to, on the basis of jurisdiction, venue, or forum non-conveniens, a suit filed by the other party in any federal or state court in Oklahoma City, Oklahoma, to enforce any provision of this Separation Agreement.

		
	15.
	Severability.  If any portion, provision or part of this Separation Agreement is held, determined or adjudicated to be invalid, unenforceable or void for any reason whatsoever, each such portion, provision or part shall be severed from the remaining portions, provisions or parts of this Separation Agreement and shall not affect the validity or enforceability of such remaining portions, provisions or parts.

		
	16.
	Entire Agreement.  This Separation Agreement between you and SandRidge, if you execute this Agreement, will be in consideration of the mutual promises 

described above.  This Separation Agreement, including the General Release, will constitute the entire agreement between you and SandRidge with respect to your separation from employment.  You agree that you have no additional rights under any employment agreement or arrangement.  There are no other agreements, written or oral, expressed or implied, between the parties concerning the subject matter of this Separation Agreement.

We wish you the best of luck and every success in your future endeavors.

Sincerely,

SANDRIDGE ENERGY, INC.
Agreed to on behalf of SandRidge Energy, Inc.

_______________________________________        ________________
R. Scott Griffin                             Date
SVP – People and Culture    
   

By signing below, I acknowledge that I have been given the opportunity to review this Separation Agreement carefully; that I have read this Separation Agreement and understand its terms; and that I voluntarily agree to them.

ACCEPTED AND AGREED TO BY:

_________________________________________        ________________
[    NAME            ]                    Date

 NOTICE

Various laws, including Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1866, as amended, the Pregnancy Discrimination Act of 1978, the Equal Pay Act, the Civil Rights Act of 1991, the Age Discrimination in Employment Act, the Rehabilitation Act of 1973, the Americans with Disabilities Act Amendments Act, the Employee Retirement Income Security Act of 1974 and the Uniformed Services Employment and Reemployment Rights Act (all as amended from time to time), prohibit employment discrimination based on sex, race, color, national origin, religion, age, disability, eligibility for covered employee benefits and military service status.  You may also have rights under laws such as the Older Worker Benefit Protection Act of 1990, the Worker Adjustment and Retraining Notification Act of 1988, the Fair Labor Standards Act, the Family and Medical Leave Act, the Occupational Safety and Health Act and other federal, state and/or municipal statutes, orders or regulations pertaining to labor, employment and/or employee benefits.  These laws are enforced through federal departments and agencies such as the United States Department of Labor and the Equal Employment Opportunity Commission, and various state and municipal labor departments, fair employment boards, human rights commissions and similar agencies.  
You have until the close of business 21/45 days from the date you received the Separation Agreement and this General Release to make your decision to agree to the Separation Agreement and receive a severance payment.  You may sign the Separation Agreement at any time during that period.  If you do not accept the severance package and sign and return the Separation Agreement and this General Release within 21/45 days, you will not be eligible for the severance package.  
BEFORE EXECUTING EITHER THE PROPOSED SEPARATION AGREEMENT OR THIS GENERAL RELEASE YOU SHOULD REVIEW THESE DOCUMENTS CAREFULLY AND CONSULT AN ATTORNEY, IF YOU THINK YOU NEED TO.
You may revoke this General Release within seven days after you sign it, and it will not become effective or enforceable until that revocation period has expired.  Revocation must be in writing and received by the Company’s People and Culture Department, 123 Robert S. Kerr Ave., Oklahoma City, OK 73102 or via fax (405) 429-5967, Attn:  R. Scott Griffin, within the seven-day period following your execution of this General Release.

GENERAL RELEASE
My employment with SandRidge or one of its affiliates (collectively the “Company”) is terminated effective on the Separation Date.  In consideration of the special severance package offered to me by SandRidge and the benefits that I will receive as reflected in the Separation Agreement, I, ___________________, on behalf of myself and my heirs, assigns, executors, and administrators (collectively referred to as the “Releasing Parties”), hereby release and discharge SandRidge and its subsidiaries, partners, and affiliates, including each of those entities’ predecessors, successors, affiliates, and partners and each of those entities’ employees, officers, directors and agents (collectively referred to as the “Released Parties”) from all claims, liabilities, demands, and causes of action, known or unknown, fixed or contingent, that I or the Releasing Parties may have or claim to have against the Released Parties either as a result of my past employment with the Company and/or the severance of that relationship and/or otherwise, and hereby waive any and all rights I may have with respect to any such claims.

This General Release includes, but is not limited to, claims arising under Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1866, as amended, the Pregnancy Discrimination Act of 1978, the Equal Pay Act, the Civil Rights Act of 1991, the Age Discrimination in Employment Act, the Rehabilitation Act of 1973, the Americans With Disabilities Act Amendments Act, the Employee Retirement Income Security Act of 1974 and the Uniformed Services Employment and Reemployment Rights Act (all as amended from time to time).  This General Release also includes, but is not limited to, any rights I may have under the Older Workers Benefit Protection Act of 1990, the Worker Adjustment and Retraining Notification Act of 1988, the Fair Labor Standards Act, the Family and Medical Leave Act, the Occupational Safety and Health Act and any other federal, state and/or municipal statutes, orders or regulations pertaining to labor, employment and/or employee benefits.  This General Release also applies to any claims or rights I or the Releasing Parties may have growing out of any legal or equitable restrictions on the Company’s rights not to continue an employment relationship with its employees, including any expressed or implied employment contracts, and to any claims I or the Releasing Parties may have against the Released Parties for fraudulent inducement or misrepresentation, defamation (except as set forth in the Separation Agreement), wrongful termination or other retaliation claims in connection with workers’ compensation or alleged “whistleblower” status or on any other basis whatsoever.

It is specifically agreed, however, that this General Release does not have any effect on any rights or claims that I may have against the Released Parties that arise after the date I execute this General Release or on any of the Company’s obligations under the Separation Agreement.  [Officers Only:  In addition, this General Release does not have any effect on any coverage I may have, or may be entitled to, under any directors’ and officers’ liability insurance policy for any action or inaction taken in my role as director or officer of the Company.]

I have received copies and carefully reviewed and fully understand all the provisions of the Separation Agreement and General Release, including the foregoing NOTICE.  I have not relied on any representation or statement, oral or written, by the Company or any of its representatives, which is not set forth in those documents.
The Separation Agreement, including this General Release and the foregoing NOTICE, set forth the entire agreement between me and the Company with respect to this subject. I understand that my receipt and retention of the separation benefits covered by the Separation Agreement are contingent not only on my execution of this General Release, but also on my continued compliance with my other obligations under the Separation Agreement.
I acknowledge that the Company gave me 21/45 days to consider whether I wish to accept or reject the separation benefits I am eligible to receive under the Separation Agreement in exchange for this General Release.  I also acknowledge that the Company advised me to seek independent legal advice as to these matters, if I chose to do so.  I hereby represent and state that I have taken such actions and obtained such information and independent legal or other advice, if any, that I believed were necessary for me to fully understand the effects and consequences of the Separation Agreement and this General Release prior to signing those documents.  
I acknowledge that I have been informed of my right to revoke this General Release within seven days after I sign it.  I represent and state that I fully understand how any such revocation is to be made and the consequences of any such revocation.
    
Date:________________, 2015

________________________________________
[NAME]

SCHEDULE 1
[TO BE USED IN THE EVENT OF A GROUP TERMINATION ONLY]

SandRidge Energy, Inc. Severance Agreement and General Release Agreement

The following demographic information provided in the two tables below is provided to you for review and consideration in connection with signing the SEVERANCE AGREEMENT AND GENERAL RELEASE.  This list represents job titles and ages of employees of SandRidge whose employment has recently terminated.  
	
		
	TITLE
	AGE(S)

	 
	 

	 
	 

	 
	 

 

This list represents the job titles and ages of current employees of SandRidge whose employment has not recently terminated.  Those employees by job title and age are as follows:
	
		
	TITLE
	AGE(S)Exhibit

Exhibit 4.1

EXECUTION VERSION

AMENDED AND RESTATED SECURITYHOLDER AGREEMENT 
by and among
GENERAL COMMUNICATION, INC.,  
 
SEARCHLIGHT ALX, L.P. (solely for purposes of Section 1.6 hereof)
and
SEARCHLIGHT ALX, LTD.
dated as of
July 13, 2015

W/2507378
W/2507378

TABLE OF CONTENTS
Page
ARTICLE I DEFINITIONS3
Section 1.1Definitions    3
Section 1.2Terms Generally.    6
Section 1.3Closing.    7
Section 1.4Actions Prior to Investor Closing.    7
Section 1.5Post-Closing Actions.    7
ARTICLE II DIRECTOR NOMINATION RIGHTS8
Section 2.1Investor Nominees    8
Section 2.2Company Nomination    8
Section 2.3Removal    8
Section 2.4Vacancies    8
ARTICLE III TRANSFER OF SECURITIES9
Section 3.1General Restrictions on Transfer.    9
Section 3.2Right of First Refusal.    10
Section 3.3Redemption and Transfer Rights.    12
ARTICLE IV REPRESENTATIONS AND WARRANTIES13
Section 4.1Representations and Warranties of Both Parties.    13
Section 4.2Reserved.    13
ARTICLE V STANDSTILL14
Section 5.1Standstill    14
ARTICLE VI ADJUSTMENTS15
Section 6.1Adjustments to Exercise Price for Cash Dividend.    15
Section 6.2Agreement for Reorganization Event    15

Section 6.3Adjustments to SARs for Merger or Consolidation    15
Section 6.4Cancellation of SARs    16
ARTICLE VII TERM AND TERMINATION16
Section 7.1Termination    16
Section 7.2Effect of Termination    16
ARTICLE VIII MISCELLANEOUS16
Section 8.1Confidentiality.    16
Section 8.2Expenses    17
Section 8.3Notices    17
Section 8.4Effectiveness    18
Section 8.5Interpretation.    18
Section 8.6Headings    18
Section 8.7Severability    18
Section 8.8Agreement    18
Section 8.9No Third Party Beneficiaries    18
Section 8.10Amendment and Modification; Waiver    19
Section 8.11Governing Law; Submission to Jurisdiction; Service of Process; Waiver of Jury Trial.    19
Section 8.12Specific Performance    20
Section 8.13Counterparts    20

2

AMENDED AND RESTATED SECURITYHOLDER AGREEMENT
This Amended and Restated Securityholder Agreement (this “Agreement”), dated as of July 13, 2015 is entered into by and among General Communication, Inc., an Alaska corporation (the “Company”), Searchlight ALX, L.P. (solely for purposes of Section 1.6 hereof) and Searchlight ALX, LTD, an exempted company under the laws of the Cayman Islands (the “Investor”).
RECITALS
WHEREAS, on December 4, 2014, the Company entered into a Purchase and Sale Agreement, among the Company, Alaska Communications Systems Group, Inc., ACS Wireless, Inc., GCI Communication Corp., GCI Wireless Holdings, LLC and The Alaska Wireless Network, LLC (the “Purchase Agreement”). 
WHEREAS, at the Closing (as defined in the Purchase Agreement), Searchlight ALX, L.P. (the “Original Investor”) acquired the following securities from Company (collectively, the “Securities”) pursuant to the terms and conditions of the Securityholder Agreement, dated as of December 4, 2014 (the “Original Agreement”), entered into by and between the Company and the Original Investor: (a) that certain Unsecured Promissory Note Due 2023, dated February 2, 2015, in the principal amount of $75,000,000 (as replaced by the note dated the date hereof, the “Note”); and (b) 3,000,000 SARs, as such term is defined in that certain Stock Appreciation Rights Agreement, dated as of February 2, 2015, by and between the Company and the Original Investor (as amended and restated as of the date hereof, the “SAR Agreement”) (subject to adjustment as provided herein or in the SAR Agreement).
WHEREAS, the Original Investor desires to transfer the Securities to the Investor in accordance with the terms of the Original Agreement, pursuant to the terms hereof.
WHEREAS, each of the Investor and the Company deems it in its respective best interests to set forth in this Agreement each party’s rights and obligations in connection with the Investor’s acquisition of the Securities. 
NOW, THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

3

ARTICLE I 
DEFINITIONS
Section 1.1    Definitions. Capitalized terms used herein and not otherwise defined will have the meanings set forth in this Article I.
“Acceleration Notice” has the meaning set forth in Section 3.3(a).
“Affiliate” of a Person means any other Person that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, such Person, including any director or officer of such Person or any owner of Class B Common Stock . The term “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 and policies of a Person, whether through the ownership of voting securities, by contract or otherwise.
“Agreement” has the meaning set forth in the preamble.
“Applicable Law” means all applicable provisions of (a) constitutions, treaties, statutes, laws (including the common law), rules, regulations, decrees, ordinances, codes, proclamations, declarations or orders of any Governmental Authority, (b) any consents or approvals of any Governmental Authority and (c) any orders, decisions, advisory or interpretative opinions, injunctions, judgments, awards, decrees of, or agreements with, any Governmental Authority.
“Board” has the meaning set forth in Section 2.1. 
“Business Day” means a day other than a Saturday, Sunday or any other day on which commercial banks located in Anchorage, Alaska are authorized or required by Law to be closed for business.
“Closing” has the meaning set forth in the Recitals.
“Capital Stock” means the Common Stock and the Class B common stock of the Company and any securities issued in respect thereof, or in substitution therefor, in connection with any Reorganization Event (the “Class B Common Stock”).
“Common Stock” means the Class A common stock of the Company and any securities issued in respect thereof, or in substitution therefor, in connection with any Reorganization Event.
“Company” has the meaning set forth in the preamble. 
“Director” has the meaning set forth in Section 2.1. 
“Encumbrance” means any charge, claim, community property interest, pledge, condition, equitable interest, lien (statutory or other), option, security interest, mortgage, right of 

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first refusal or restriction of any kind, including any restriction on use, voting, transfer, receipt of income or exercise of any other attribute of ownership.
 “Government Approval” means any authorization, consent, approval, waiver, exception, variance, order, exemption, publication, filing, declaration, concession, grant, franchise, agreement, permission, permit, or license of, from or with any Governmental Authority, the giving notice to, or registration with, any Governmental Authority or any other action in respect of any Governmental Authority.
“Governmental Authority” means any federal, state, local or foreign government or political subdivision thereof, or any agency or instrumentality of such government or political subdivision, or any self-regulated organization or other non-governmental regulatory authority or quasi-governmental authority (to the extent that the rules, regulations or orders of such organization or authority have the force of law), or any arbitrator, court or tribunal of competent jurisdiction.
“Information” has the meaning set forth in Section 8.1.
“Investor” has the meaning set forth in the preamble. 
“Investor Closing” has the meaning set forth in Section 1.3.
“Investor Director” has the meaning set forth in Section 2.1.
“Investor Nominee” has the meaning set forth in Section 2.1.
“Lender” means any bank, lending institution or other financing source to whom the Investor pledges or assigns a security interest in the Securities as collateral for loans or other credit extended to the Investor by such bank, lending institution or other financing source (including, collectively, Credit Suisse AG, Cayman Islands Branch and each subsequent holder, assignee or transferee of the Loan Obligations originally owing to Credit Suisse AG, Cayman Islands Branch).
“Loan Obligations” means any and all of the obligations owed by the Investor to any Lender in respect of loans or other credit extended to the Investor by such Lender (including any such obligations pursuant to that certain loan agreement dated as of July 13, 2015, with Credit Suisse AG, Cayman Islands Branch, as amended, modified and restated from time to time).
“Note” has the meaning set forth in the Recitals.
“Offered Securities” has the meaning set forth in Section 3.2(a).
“Offering Notice” has the meaning set forth in Section 3.2(b). 
“Original Agreement” has the meaning set forth in the Recitals.
“Original Investor” has the meaning set forth in the Recitals.

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“Par Redemption Right” has the meaning set forth in Section 3.3(b).
“Permitted Transferee” means with respect to the Investor, any Affiliate of the Investor and any Lender to whom the Investor pledges or assigns a security interest in the Securities as collateral for loans or other credit extended to the Investor by such Lender. For all purposes of this Agreement, for the avoidance of doubt, Searchlight Capital, L.P. shall be an Affiliate of the Investor and a Permitted Transferee hereunder.  In addition, for clarification, while the Investor shall be permitted to pledge or assign a security interest in the Securities as collateral for Loan Obligations, any such Lender shall not be considered to be a Permitted Transferee upon the disposition or foreclosure of any such secured interest, which transfer shall be subject to the provisions set forth in Section 3.3.
“Person” means an individual, corporation, partnership, joint venture, limited liability company, Governmental Authority, unincorporated organization, trust, association or other entity.
“Purchase Agreement” has the meaning set forth in the Recitals.
“Redemption Amount” has the meaning set forth in Section 3.3(a).
“Redemption Expiration Date” means the first date that the Company is deemed to have waived its redemption rights as set forth in the first sentence of Section 3.3(b). 
“Redemption Period” has the meaning set forth in Section 3.3(a).
“Redemption Notice” has the meaning set forth in Section 3.3(a).
“Representative” means, with respect to any Person, any and all directors, officers, employees, partners, members, investors, consultants, financial advisors, counsel, accountants and other agents of such Person.
“ROFR Notice” has the meaning set forth in Section 3.2(d).
“ROFR Notice Period” has the meaning set forth in Section 3.2(d).
“SAR Agreement” has the meaning set forth in the Recitals.
“Securities” has the meaning set forth in the Recitals.
“Securities Act” means the Securities Act of 1933, as amended, or any successor federal statute, and the rules and regulations issued thereunder, as in effect at the time.
“Third Party Purchaser” means any Person who, immediately prior to the contemplated transaction, is not the Investor or a Permitted Transferee.
“Transfer” means to, directly or indirectly, sell, transfer, assign, pledge, encumber, hypothecate or similarly dispose of, either voluntarily or involuntarily, or to enter into any contract, option or other arrangement or understanding with respect to the sale, transfer, 

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assignment, pledge, encumbrance, hypothecation or similar disposition of, any Securities owned by a Person or any interest (including a beneficial interest) in any Securities owned by a Person; provided, however, that for all purposes of this Agreement, the Investor shall be permitted to pledge or assign a security interest in the Securities to a Lender as collateral for loans or other credit extended to the Investor by such Lender.
“Treasury Regulations” means the Treasury Regulations (including temporary or proposed regulations) promulgated under the Internal Revenue Code of 1986, as amended from time to time (including corresponding provisions of succeeding regulations).
Section 1.2    Terms Generally. The definitions set forth or referenced in Section 1.1 apply equally to both the singular and plural forms of the terms defined. Any pronoun includes the corresponding masculine, feminine and neuter forms, as the context requires. The words “include,” “includes” and “including” will be deemed to be followed by the phrase “without limitation.” The word “or” is not exclusive. The words “will” and “shall” are used interchangeably and are intended to have, and will be deemed to have, the same meaning. The words “herein,” “hereof,” “hereby” and “hereunder” and words of similar import refer to this Agreement in its entirety and not to any part of this Agreement unless the context otherwise requires. All references to Articles and Sections will be deemed references to Articles and Sections of this Agreement unless the context otherwise requires. Any references to any agreement or other document or instrument or to any statute or regulation are to it as amended and supplemented from time to time (and, in the case of a statute or regulation, to any successor provisions, and to any rules and regulations promulgated thereunder), unless the context otherwise requires. Any reference to a “day” or number of “days” (without the explicit qualification of “business”) will be interpreted as a reference to a calendar day or number of calendar days. If any action or notice is to be taken or given on or by a particular calendar day, and such calendar day is not a Business Day, then such action or notice will be deferred until, or may be taken or given on, the next Business Day.  
Section 1.3    Closing. The Company and the Original Investor consummated the transactions contemplated by the Original Agreement on February 2, 2015 (the consummation of such transactions, the “Investor Closing”).  
Section 1.4    Actions Prior to Investor Closing. The Investor and the Company hereby acknowledge that prior to the Investor Closing the Original Investor and the Company cooperated in good faith to determine and agree upon the relative fair market values of the Note and the SARs for purposes of the application of Treasury Regulation Section 1.1273-2(h), and the Company and Investor hereby agree not to take any position on any tax return or otherwise for income tax purposes inconsistent with such fair market values (provided, that the Investor shall, upon request by any subsequent Investor that is not an Affiliate of the Investor party hereto on the date hereof, provide such relative fair market values of the Note and the SARs to such Investor).
Section 1.5    Post-Closing Actions. To the extent the Investor receives SARs and/or Common Stock pursuant to the SAR Agreement: (a) the Company and the Investor shall negotiate in good faith and enter into a customary registration rights agreement with respect to 

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such Common Stock; and (b) the Company shall use reasonable best efforts to cause the Compensation Committee of the Board to approve the issuance of such SARs and/or Common Stock in a manner designed to exempt the issuance from Section 16(b) of the Securities Exchange Act of 1934, as amended, pursuant to Rule 16b-3(d)(1) promulgated thereunder.
Section 1.6    Transfer of Securities to the Investor  On the date hereof, in accordance with the terms of the Original Agreement, the Original Investor hereby transfers to the Investor the Securities and the Investor will be substituted for, and will assume all the rights and obligations under the Original Agreement and this Agreement.
ARTICLE II     
DIRECTOR NOMINATION RIGHTS
Section 2.1    Investor Nominees.  The Investor acknowledges that the business and affairs of the Company are managed through a board of directors (the “Board”) currently consisting of nine members (each, a “Director”).  From time to time and at any time after the Investor Closing and for so long as any principal amount remains outstanding under the Note (or until such right is otherwise terminated as provided for in this Agreement), the Investor (or, if applicable, a Permitted Transferee that is an Affiliate of the Investor) shall be entitled to nominate one Director to serve on the Board (the “Investor Nominee” and, if elected to the Board, the “Investor Director”), such Investor Nominee to initially be Eric Zinterhofer.  The Board shall expand its size to ten members or such number as necessary to accommodate the Investor Nominee.
Section 2.2    Company Nomination.  At each meeting of the Company’s stockholders at which the election of the class II Directors is to be considered, the Company shall nominate the Investor Nominee so designated by the Investor for election to the Board by the Company’s stockholders and use reasonable best efforts to solicit proxies from the Company’s stockholders in favor of the election of the Investor Nominee. The Company shall use reasonable best efforts to cause the Investor Nominee to be elected to the Board (including voting all unrestricted proxies in favor of the election of such Investor Nominee and including recommending approval of such Investor Nominee’s appointment to the Board) and shall not take any action designed to diminish the prospects of such Investor Nominee of being elected to the Board. 
Section 2.3    Removal.  The Investor Director appointed pursuant to this Article II shall continue to hold office until the next annual meeting of the stockholders of the Company at which the class II Directors are to be elected and until his or her successor is elected and qualified in accordance with this Section 2.3 and the bylaws of the Company, unless such Investor Director is earlier removed from office by the Investor (or, if applicable, a Permitted Transferee that is an Affiliate of the Investor) (in which event the Investor shall cause the Investor Director to resign from the Board) or at such time as such Investor Director’s death, resignation, retirement or disqualification. The Company shall use all reasonable best efforts to ensure that any Investor Director is removed only if so directed in writing by the Investor, unless otherwise required by this Section 2.3 or applicable law.   

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Section 2.4    Vacancies. In the event of a vacancy on the Board resulting from the death, disqualification, resignation, retirement or termination of the term of office of the Investor Director, the Company shall use reasonable best efforts to cause the Board to fill such vacancy or new directorship with a representative designated by the Investor (or, if applicable, a Permitted Transferee that is an Affiliate of the Investor) to serve until the next annual or special meeting of the stockholders at which the class II Directors are to be elected (and at such meeting, such representative, or another representative designated by such holders, will be nominated to be elected to the Board in the manner set forth in Section 2.1).  If the Investor (or, if applicable, a Permitted Transferee that is an Affiliate of the Investor) fails or declines to fill the vacancy, then the directorship shall remain open until such time as the Investor elects to fill it with a representative designated hereunder.  Any representative designated by the Investor (or, if applicable, a Permitted Transferee that is an Affiliate of the Investor) to fill such a vacancy must be a principal or senior executive officer of the Investor or any of its Affiliates and must have sufficient industry expertise and professional qualifications to enable such representative to make meaningful and significant contributions to the Board, as determined in good faith by the Company.
ARTICLE III     
TRANSFER OF SECURITIES
Section 3.1    General Restrictions on Transfer. 
(a)    At any time when any of the Securities remain outstanding, the Investor acknowledges and agrees that it (or any Permitted Transferee) will not voluntarily or involuntarily Transfer any of the Securities, in whole or in part, without the prior written consent of the Company except (i) to a Permitted Transferee in accordance with the procedures set forth in this Section 3.1, (ii) in accordance with the procedures set forth in Section 3.2 or (iii) in accordance with the procedures set forth in Section 3.3(e).  For the avoidance of doubt, all issued and outstanding Securities, if Transferred pursuant to this Section 3.1 or Section 3.2, may only be Transferred together and in their entirety.
(b)    A Transfer of all of the then issued and outstanding Securities by the Investor (i) to a Permitted Transferee at any time or (ii) in accordance with Section 3.3(e) shall, in each case, not be subject to Section 3.2.
(c)    In the event of a Transfer or attempted Transfer of any of the Securities (i) in violation of this Agreement or (ii) in accordance with Section 3.3(e), the rights of the Investor set forth in Article II will immediately be of no further force or effect and the Investor shall promptly cause the Investor Director to resign from the Board.
(d)    Prior to the consummation of any Transfer of the Securities by the Investor that is permitted pursuant to the terms and conditions of this Agreement (other than a pledge of, or assignment of a security interest in, the Securities as collateral for loans or other credit extended to the Investor by a Lender or a Transfer in accordance with Section 3.3(e)), the Investor will cause the transferee thereof to execute and deliver to the Company an agreement to be bound by the terms and conditions of this Agreement, which shall be in form and substance reasonably 

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acceptable to the Company. Except as set forth in this Section 3.1, upon any Transfer by the Investor of all of its then issued and outstanding Securities in accordance with the terms of this Agreement, the transferee thereof will be substituted for, and will assume all the rights and obligations under this Agreement of, the Investor; provided, that if the Transfer is not made to a Permitted Transferee, then any such transferee shall not be entitled to enforce the rights of the Investor set forth in Article II which will immediately be of no further force or effect and the Investor shall promptly cause the Investor Director to resign from the Board. 
(e)    Notwithstanding any other provision of this Agreement, the Investor agrees that it will not, directly or indirectly, Transfer the Securities (i) except as permitted under the Securities Act and other applicable federal or state securities laws, and then, if requested by the Company, only upon delivery to the Company of an opinion of counsel in form and substance satisfactory to the Company to the effect that such Transfer may be effected without registration under the Securities Act, (ii) if it would cause the Company or any of its subsidiaries to be required to register as an investment company under the Investment Company Act of 1940, as amended, or (iii) if it would cause the assets of the Company or any of its subsidiaries to be deemed plan assets as defined under the Employee Retirement Income Security Act of 1974 or its accompanying regulations or result in any “prohibited transaction” thereunder involving the Company.  In any event, the Company may refuse the Transfer to any Person if such Transfer would have a material adverse effect on the Company as a result of any regulatory or other restrictions imposed by any Governmental Authority.
(f)    Any Transfer or attempted Transfer of the Securities in violation of this Agreement will be null and void, no such Transfer will be recorded on the Company’s books and the purported transferee in any such Transfer will not be treated (and the purported transferor will continue be treated) as the owner of the Securities for all purposes of this Agreement.
(g)    Notwithstanding anything contained herein to the contrary or otherwise, the Investor may at any time pledge or assign a security interest in the Securities to any Lender to secure loans or other credit extended to the Investor by such Lender and the Company hereby agrees at any time during which Loans Obligations owing by the Investor to such Lender shall remain outstanding to make any and all payments on account of the Securities to one or more accounts designated in writing by such Lender; provided that no such pledge or assignment shall release the Investor from any of its obligations hereunder or substitute any such pledgee or assignee for the Investor as a party hereto.  In addition, for clarification, while the Investor shall be permitted to pledge or assign a security interest in the Securities as collateral for Loan Obligations, any such Lender shall not be considered to be a Permitted Transferee upon the disposition or foreclosure of any such secured interest, which transfer shall be subject to the provisions set forth in Section 3.3(e).  In no event shall any such Lender be entitled to enforce the rights of the Investor set forth in Article II and upon any such disposition or foreclosure of any such secured interest, the rights of the Investor set forth in Article II will immediately be of no further force or effect and the Investor shall promptly cause the Investor Director to resign from the Board.
Section 3.2    Right of First Refusal.  

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(a)    If at any time during the period from the Investor Closing until the fourth (4th) anniversary of the Investor Closing (but subject to Section 3.3(e)), the Investor owning all of the then issued and outstanding Securities receives a bona fide offer from any Third Party Purchaser to purchase all of such Securities (the “Offered Securities”) owned by the Investor and the Investor desires to Transfer the Offered Securities (other than Transfers that are permitted by Section 3.1 or Section 3.3(e)), then the Investor must first offer the Offered Securities to the Company in accordance with the provisions of this Section 3.2.
(b)    The Investor shall, within five Business Days of receipt of the offer from the Third Party Purchaser, give written notice (the “Offering Notice”) to the Company stating that it has received a bona fide offer from a Third Party Purchaser and specifying:
(i)    that the Investor intends to Transfer all (but not less than all) of the then issued and outstanding Securities and the exact number of then issued and outstanding Securities to be Transferred by the Investor;
(ii)    the identity of the Third Party Purchaser; and
(iii)    the total purchase price for the Offered Securities (such cost to be payable solely in cash) and the other material terms and conditions of the Transfer.
The Offering Notice will constitute the Investor’s offer to Transfer the Offered Securities to the Company, which offer will be irrevocable until the end of the ROFR Notice Period.
(c)    By delivering the Offering Notice, the Investor represents and warrants to the Company that: (i) the Investor has full right, title and interest in and to the Offered Securities, (ii) the Investor has all the necessary power and authority and has taken all necessary action to Transfer such Offered Securities as contemplated by this Section 3.2, and (iii) the Offered Securities are (or upon consummation of such Transfer to the Company, will be) free and clear of any and all Encumbrances other than those arising as a result of or under the terms of this Agreement.
(d)    Upon receipt of the Offering Notice, the Company will have ten Business Days (the “ROFR Notice Period”) to elect to purchase all (and not less than all) of the Offered Securities by delivering a written notice (a “ROFR Notice”) to the Investor stating that it will purchase such Offered Securities on the terms specified in the Offering Notice, provided that the Company will have a period of up to 60 days in order to close any such purchase, which period may be extended for a reasonable time not to exceed 150 total days to the extent reasonably necessary to obtain any Government Approvals. Any ROFR Notice will be binding upon delivery and irrevocable by the Company.
(e)    Subject to Section 3.2(f), if the Company does not deliver a ROFR Notice during the ROFR Notice Period, the Company will be deemed to have waived all of its rights to purchase the Offered Securities under this Section 3.2. 

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(f)    If the Company does not deliver a ROFR Notice in accordance with Section 3.2(d), the Investor may, during the 60 day period immediately following the expiration of the ROFR Notice Period, which period may be extended for a reasonable time not to exceed 150 total days to the extent reasonably necessary to obtain any Government Approvals, Transfer all (and not less than all) of the Offered Securities to the Third Party Purchaser on terms and conditions no more favorable to the Third Party Purchaser than those set forth in the Offering Notice.  If the Investor does not Transfer all of the Offered Securities within such period, or if such Transfer is not consummated within such period, the rights provided hereunder will be revived and the Offered Securities may not be Transferred to the Third Party Purchaser unless the Investor sends a new Offering Notice in accordance with, and otherwise complies with, this Section 3.2.
(g)    At the closing of any Transfer to the Company pursuant to this Section 3.2, the Investor will deliver to the Company the promissory note and agreements representing the Offered Securities to be sold (if any), accompanied by such assignment instruments and other documents as are reasonably necessary to reflect the transfer and assignment of the Securities to the Company against receipt of the purchase price therefor from the Company by certified or official bank check or by wire transfer of immediately available funds.  Notwithstanding the failure of the Investor to deliver any such assignment instruments and other documents, at the closing of any Transfer to the Company, the Company shall for all purposes be deemed to be the record and beneficial owner of the Securities and the Investor shall have no further right, title or interest to such Securities. 
Section 3.3    Redemption and Transfer Rights.  
(a)    Upon notification in writing by any Lender to the Company (the “Acceleration Notice”) that the Loan Obligations have matured or been accelerated and the Investor has failed to repay the Loan Obligations in full, the Company will have five (5) days from the date of the delivery of the Acceleration Notice (such five (5) day period, the “Redemption Period”) to elect to redeem the Note in its entirety (and not in part) by delivering a written notice (the “Redemption Notice”) to such Lender and the Investor stating that it will redeem the Note for an amount equal to fifty percent (50%) of the current outstanding balance of the Note as of the date it received the Acceleration Notice (the “Redemption Amount”); provided that (i) the Company shall close such redemption (5) days after the date of the delivery of the Redemption Notice (the “Closing Date”) and (ii) the Investor shall not have repaid the applicable Loan Obligations prior to the Closing Date.  The Redemption Notice will be binding upon delivery and irrevocable by the Company; provided, however, that such Redemption Notice will be deemed not to have been delivered in the event the Investor repays the applicable Loan Obligations prior to the Closing Date.
(b)    If the Company (i) does not deliver a Redemption Notice during the Redemption Period, or (ii) delivers a Redemption Notice, but fails to pay the Redemption Amount on the Closing Date, the Company will be deemed to have waived all of its rights to redeem the Note under Section 3.3(a).  Notwithstanding any provision of this Article III, after the Redemption Expiration Date but prior to February 2, 2019, the Company shall have the right to voluntarily prepay the Note in full 

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(but not in part) at any time together with all accrued and unpaid interest on the principal balance, without premium or penalty, three (3) business days after giving written notice to the Investor of the Company’s intention to prepay the note in full (the “Par Redemption Right”).  
(c)    At the closing of the redemption pursuant to Section 3.3(a), the Investor shall deliver to the Company the original Note, accompanied by such payoff letters, lien releases and other documents as are reasonably necessary to reflect the redemption of the Note in full.
(d)    At the closing of the redemption pursuant to Section 3.3(a), the Company shall wire transfer the Redemption Amount in immediately available funds denominated in lawful money of the United State of America to an account designated in writing by Lender.
(e)    Subject to clauses (e)(i) (other than the requirement of an opinion), (ii) and (iii) of Section 3.1 (but not the last full sentence of Section 3.1(e)), at any time on or after the Redemption Expiration Date (unless the Investor repays the applicable Loan Obligations in full prior to the disposition or foreclosure of the Securities by the applicable Lender to whom the Investor has pledged or assigned a security interest in the Securities as collateral for loans or other credit extended to the Investor by such Lender) the Investor or any Lender (and any subsequent transferee of either of them, as applicable) may Transfer the Securities, in whole, to any Person (subject to clauses (e)(i) (other than the requirement of an opinion), (ii) and (iii) of Section 3.1) upon written notice of such Transfer to the Company.
(f)    Prior to the consummation of a Transfer of the Securities by the Investor or any Lender pursuant to Section 3.3(e) (other than a pledge of, or assignment of a security interest in, the Securities as collateral for loans or other credit extended to the Investor by such Lender), the Investor or any Lender will cause the transferee thereof to execute and deliver to the Company an agreement to be bound by the terms and conditions of this Agreement, which shall be in the form of Exhibit A attached hereto or such other form reasonably acceptable to the Company.  Upon a Transfer made in accordance with Section 3.3(e) above, the transferee of the Securities will be substituted for, and will assume all rights and obligations under this Agreement (except as set forth in Sections 3.1 and 3.2 and Article V) of, the Investor.   
ARTICLE IV     
REPRESENTATIONS AND WARRANTIES
Section 4.1    Representations and Warranties of Both Parties. The parties represent and warrant to each other, as of the date hereof, as follows: 
(a)    Each party represents and warrants to that other that (i) it has full corporate power and authority to execute and deliver this Agreement, the SAR Agreement and the Note, to perform its obligations hereunder and thereunder and to consummate the transactions contemplated hereby and thereby and (ii) the execution and delivery of this Agreement, the SAR Agreement and the Note, the performance of the obligations hereunder and thereunder and the consummation of the transactions contemplated hereby and thereby, have been duly authorized by all requisite corporate action and each party has duly executed and delivered this Agreement.

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(b)    Each party represents and warrants to the other that the execution, delivery and performance of this Agreement, the SAR Agreement and the Note and the consummation of the transactions contemplated hereby and thereby, require no action by or in respect of, or filing with, any Governmental Authority.
(c)    Each party represents and warrants to the other that the execution, delivery and performance by the Investor and the Company (as applicable) of this Agreement, the SAR Agreement and the Note and the consummation of the transactions contemplated hereby and thereby do not (i) conflict with or result in any violation or breach of any provision of any of the organizational documents of the Investor or the Company (as applicable), (ii) conflict with or result in any violation or breach of any provision of any Applicable Law or (iii) require any consent or other action by any Person under any provision of any material agreement or other instrument to which the Investor or the Company (as applicable) is a party.
(d)    Each party represents and warrants to the other that this Agreement, the SAR Agreement, the SARs and the Note each constitutes a legal, valid and binding obligation, enforceable against each applicable party and its successors and permitted assigns in accordance with its terms except as may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law). 
Section 4.2    Reserved. 

ARTICLE V      
STANDSTILL
Section 5.1    Standstill. Unless approved in advance in writing by the Board, the Investor agrees that neither it nor any of its Representatives acting on behalf of or in concert with the Investor will, from and after the Investor Closing until none of the Securities are owned by the Investor or its Affiliates, directly or indirectly:
(a)    make any public statement or proposal to the board of directors of any of the Company, any of the Company’s Representatives or any of the Company’s stockholders (other than the Investor and its Affiliates) regarding, or make any public announcement, proposal or offer (including any “solicitation” of “proxies” as such terms are defined or used in Regulation 14A of the Securities Exchange Act of 1934, as amended) with respect to, or otherwise solicit, seek or offer to effect (including, for the avoidance of doubt, indirectly by means of communication with the press or media) (i) any business combination, merger, tender offer, exchange offer or similar transaction involving the Company or any of its subsidiaries, (ii) any restructuring, recapitalization, liquidation or similar transaction involving the Company or any of its subsidiaries, (iii) any acquisition of any of the Company's loans, debt securities, equity securities or assets, or rights or options to acquire interests in any of the Company's loans, debt securities, equity securities or assets, (iv) any proposal to seek representation on the Board (except as set forth in Article II hereof) or otherwise seek to control or influence the management, Board or policies of any of the Company, (v) any request or proposal to waive, 

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terminate or amend the provisions of this Agreement or (vi) any proposal, arrangement or other statement that is inconsistent with the terms of this Agreement, including this Section 5.1(a);
(b)    instigate, encourage or assist any third party (including forming a "group" with any such third party) to do, or enter into any discussions or agreements with any third party with respect to, any of the actions set forth in clause (a) above;
(c)    take any action which would reasonably be expected to require the Company or any of its affiliates to make a public announcement regarding any of the actions set forth in clause (a) above; 
(d)    except as provided in this Agreement, the SAR Agreement or the Note, acquire (or propose or agree to acquire), of record or beneficially, by purchase or otherwise, any equity securities of the Company or any of its subsidiaries, or rights or options to acquire interests in any of the Company's equity securities, except that subject to applicable securities laws limitations (including Company imposed blackout periods), Investor may acquire up to an additional two million (2,000,000) shares of Capital Stock (subject to appropriate adjustments to reflect any Reorganization Event) at any time after the date of this Agreement (in addition to any shares of Common Stock issuable upon exercise of the SARs); or
(e)    engage in put, call, short sale, hedge, swap, straddle, collar or similar transactions with respect to any of the Securities (including any shares of Common Stock issuable upon exercise of the SARs), except with respect to any pledge or assignment of a security interest in the Securities to secure loans or other credit extended to the Investor by a Lender.
Notwithstanding the foregoing, (i) nothing in this Agreement shall restrict any Director from taking action in such capacity, and (ii) if (1) a Person “commences” (within the meaning of Rule 14d-2 under the Securities Exchange Act of 1934, as amended)  a tender or exchange offer for at least 50% of the outstanding capital stock of the Company and the Board does not publicly recommend against such offer within ten business days of such commencement or (2) a Person enters into a definitive written agreement with the Company or any of its subsidiaries contemplating the acquisition (by way of merger, tender offer, or otherwise) of at least 50% of the outstanding capital stock of the Company or any of its subsidiaries, then, in any of such cases, the restrictions set forth in this Section 5.1 shall immediately terminate and cease to be of any further force or effect with respect to the Investor or any of its Representatives.
ARTICLE VI     
ADJUSTMENTS
Section 6.1    Adjustments to Exercise Price for Cash Dividend. In case the Company shall pay or make a dividend or other distribution to holders of record of any shares of Common Stock in cash, the Exercise Price shall be reduced by amount of cash paid per share of Common Stock to such holders, such reduction to become effective when such dividend or other distribution is declared by the Board.  

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Section 6.2    Agreement for Reorganization Event. In the event of a stock dividend or stock distribution, stock split, subdivision, reclassification or reclassification or other change in corporate structure or capitalization affecting any of the Capital Stock (a “Reorganization Event”), the Exercise Price, the number of outstanding SARs pursuant to the SAR Agreement, the number of SARs payable pursuant to a SARs Payment Option (as defined and pursuant to the Note) and the number and/or kind of shares or other property to be issued hereunder shall be appropriately adjusted to preserve the economic benefits of the SARs to the Investor (as such economic benefits existed immediately prior to the announcement of such event) in a manner reasonably and in good faith determined by the Board.
Section 6.3    Adjustments to SARs for Merger or Consolidation. If the Company shall be the surviving corporation in any merger or consolidation (other than a merger or consolidation in which the Company survives but its outstanding shares are converted into securities of another corporation or exchanged for other consideration), the SAR Agreement shall pertain and apply to the securities which a holder of the number of shares of Common Stock then subject to the SAR Agreement should have been entitled to receive.  Notwithstanding the provisions of Section 11 of the SAR Agreement, any dissolution or liquidation of the Company, a sale of all or substantially all of the assets of the Company or a merger or consolidation in which the Company is not the surviving corporation or becomes a subsidiary of another Person (in each case, other than in connection with a reincorporation of the Company into another jurisdiction, in which case the SAR Agreement shall pertain and apply to the securities which a holder of the number of shares of Common Stock then subject to the SAR Agreement should have been entitled to receive) or its outstanding shares are so converted or exchanged shall cause every SAR under the SAR Agreement to terminate and the Company shall pay to the Investor in cash the Appreciation Value or Adjusted Appreciation Value, as applicable, pursuant to the terms of the SAR Agreement.
Section 6.4    Cancellation of SARs.  Upon initial disposition or foreclosure of the Note by the Investor or any Lender in accordance with Section 3.3(e), all SARs granted under the SAR Agreement by the Company to the Investor on or prior to the date of such initial disposition or foreclosure shall automatically be cancelled and forfeited.
ARTICLE VII     
TERM AND TERMINATION
Section 7.1    Termination. This Agreement will terminate upon the earliest of:
(a)    such time as there are no Securities that remain issued and outstanding; 
(b)    the termination of the Purchase Agreement in accordance with its terms; or
(c)    the written agreement to terminate this Agreement between the Company and the Investor.

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Section 7.2    Effect of Termination.  The termination of this Agreement will terminate all further rights and obligations of the Investor and the Company under this Agreement except that such termination will not affect: 
(a)    the obligation of a party to pay any amounts arising on or prior to the date of termination, or as a result of or in connection with such termination; or
(b)    the rights contained herein which by their terms are intended to survive termination of this Agreement, including this Section 7.2,  Section 8.1, Section 8.3, Section 8.4, Section 8.5, Section 8.11 and  Section 8.12.
ARTICLE VIII     
MISCELLANEOUS
Section 8.1    Confidentiality.
(a)    The Investor will, and will cause its Representatives to, keep confidential and not divulge any information (including all budgets, business plans and analyses) concerning the Company, including its assets, business, operations, financial condition or prospects (“Information”), and to use, and cause its Representatives to use, such Information only in connection with its investment in the Company; provided, that nothing herein will prevent the Investor from disclosing such Information (i) upon the order of any court or administrative agency, (ii) upon the request or demand of any regulatory agency or authority having jurisdiction over the Investor, (iii) to the extent compelled by legal process or required or requested pursuant to subpoena, interrogatories or other discovery requests, (iv) to the extent necessary in connection with the exercise of any remedy hereunder, (v) to Investor Representatives that in the reasonable judgment of the Investor need to know such Information or (vi) to any potential Third Party Purchaser in connection with a proposed Transfer of the Securities from the Investor as long as such transferee agrees to be bound by the provisions of this Section 8.1, provided, further, that in the case of clause (i), (ii) or (iii), the Investor will notify the Company of the proposed disclosure as far in advance of such disclosure as practicable and use reasonable efforts to ensure that any Information so disclosed is accorded confidential treatment, when and if available.
(b)    The restrictions of this Section 8.1 will not apply to information that (i) is or becomes generally available to the public other than as a result of a disclosure by the Investor or any of its Representatives in violation of this Agreement, (ii) is or has been independently developed or conceived by the Investor without use of the Company’s Information, or (iii) is or becomes available to the Investor or any of its Representatives on a non-confidential basis from a source other than the Company or any of its Representatives, provided, that such source is not known by the Investor to be bound by a confidentiality agreement with the Company or any of its Representatives.
Section 8.2    Expenses. Company shall reimburse Investor for (a) all fees and disbursements of counsel incurred in connection with this Agreement, the SAR Agreement and the Note, provided that such fees and disbursements shall in no event exceed the amount of fees 

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and disbursements of counsel incurred by the Company in connection with this Agreement, the SAR Agreement and the Note, and (b) reasonable out-of-pocket travel expenses incurred in connection with the Purchase Agreement, this Agreement, the SAR Agreement, the Note and the transactions contemplated hereby and thereby. All other costs and expenses, including fees and disbursements of financial advisors and accountants, incurred in connection with this Agreement, the SAR Agreement and the Note will be paid by the party incurring such costs and expenses.
Section 8.3    Notices. All notices, requests, consents, claims, demands, waivers and other communications hereunder or under the Note or the SAR Agreement will be in writing and will be deemed to have been given (a) when delivered by hand (with written confirmation of receipt), (b) one Business Day after the date delivered to a nationally recognized overnight courier for next Business Day delivery, (c) on the third day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid, or (d) upon transmission if sent via facsimile (with confirmation of receipt) on a Business Day or the next Business Day if the day it is sent is not a Business Day. Such communications must be sent to the respective parties at the following addresses (or at such other address for a party as will be specified in a notice given in accordance with this Section 8.3):
If to the Company:                General Communication, Inc.
2550 Denali Street, Suite 1000
Anchorage, Alaska 99503
Attention: General Counsel
Facsimile: (907) 868-5676

with a copy to:    Sherman & Howard L.L.C.
633 17th Street, Suite 3000
Denver, CO 80202
Attention: Steven Miller, Esq. 
Facsimile: (303) 298-0940

If to the Investor:                Searchlight ALX, LTD
c/o Searchlight Capital Partners, L.P.
745 Fifth Avenue - 27th Floor
New York, NY 10151
Attention:      Eric Zinterhofer 
Andrew Frey
Facsimile: (202) 207-3837    
with a copy to:    Wachtell, Lipton, Rosen & Katz
51 West 52nd Street
New York, NY 10019
Attention:     Steven A. Cohen
Ronald C. Chen 
Fax: (212) 403-2000

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Section 8.4    Effectiveness. In no event will any draft of this Agreement create any obligation or liability, it being understood that this Agreement will be effective and binding only when a counterpart hereof has been executed and delivered by each party hereto.
Section 8.5    Interpretation. This Agreement will 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 8.6    Headings. The headings in this Agreement are for reference only and will not affect the interpretation of this Agreement.
Section 8.7    Severability. If any term or provision of this Agreement is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other term or provision of this Agreement or invalidate or render unenforceable such term or provision in any other jurisdiction. Upon such determination that any term or other provision is invalid, illegal or unenforceable, the parties hereto will negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the greatest extent possible.
Section 8.8    Agreement. This Agreement, the Note and the SAR Agreement constitute the sole and entire agreement of the parties to this Agreement with respect to the subject matter contained herein, and supersede all prior and contemporaneous understandings and agreements, both written and oral, with respect to such subject matter. In the event of any inconsistency or conflict between this Agreement and the Note or the SAR Agreement, the Investor and the Company shall, to the extent permitted by Applicable Law, amend this Agreement to comply with the terms of the Note or the SAR Agreement.
Section 8.9    No Third Party Beneficiaries. This Agreement is for the sole benefit of the parties hereto and their respective successors and permitted assigns and nothing herein, express or implied, is intended to or will confer upon any other Person or entity any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement.  Notwithstanding the foregoing, each Lender is a third party beneficiary of the terms and provisions contained in this Agreement (other than Articles II, IV and V).
Section 8.10    Amendment and Modification; Waiver. This Agreement may only be amended, modified or supplemented by an agreement in writing signed by each party hereto (provided, that, at any time any Loan Obligations remain outstanding, the written consent of the applicable Lender shall also be required to amend, modify or supplement this Agreement other than  Articles II and V of this Agreement). No waiver by any party of any of the provisions hereof will be effective unless explicitly set forth in writing and signed by the party so waiving (provided, that, at any time any Loan Obligations remain outstanding, the written consent of the applicable Lender shall also be required prior to any waiver by the Investor of its rights under this Agreement other than Articles II and V). No waiver by any party will operate or be construed as a waiver in respect of any failure, breach or default not expressly identified by such written waiver, whether of a similar or different character, and whether occurring before or after 

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that waiver. No failure to exercise, or delay in exercising, any right, remedy, power or privilege arising from this Agreement will operate or be construed as a waiver thereof; nor will any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.
Section 8.11    Governing Law; Submission to Jurisdiction; Service of Process; Waiver of Jury Trial.
(a)    This Agreement, the Note and the SAR Agreement  will be governed, construed, and enforced in accordance with the laws of the State of Delaware, without regard to conflicts of law principles thereunder.
(b)    The parties hereby irrevocably submit in any proceeding arising out of or relating to this Agreement, the Note and the SAR Agreement, or any of the transactions contemplated hereby or thereby, to the exclusive jurisdiction of the United States District Court for the District of Alaska or if 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 or venue are inconvenient or otherwise improper
(c)    Each party 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, provided, however, that process will be served to the address set forth in Section 8.3.
(d)    EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY ARISE UNDER THIS AGREEMENT, THE NOTE OR THE SAR AGREEMENT ARE LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH SUCH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LEGAL ACTION ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE NOTE OR THE SAR AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. EACH PARTY TO THIS AGREEMENT, THE NOTE OR THE SAR AGREEMENT CERTIFIES AND ACKNOWLEDGES THAT (i) NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT SEEK TO ENFORCE THE FOREGOING WAIVER IN THE EVENT OF A LEGAL ACTION, (ii) SUCH PARTY HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (iii) SUCH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (iv) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 8.11(d).
Section 8.12    Specific Performance. The parties agree that irreparable damage would occur if any provision of this Agreement were not performed in accordance with the terms hereof and that the parties will be entitled to specific performance of the terms hereof, in addition to any other remedy to which they are entitled at law or in equity.

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Section 8.13    Counterparts. This Agreement may be executed in counterparts, each of which will be deemed an original, but all of which together will be deemed to be one and the same agreement. A signed copy of this Agreement delivered by facsimile, e-mail or other means of electronic transmission will be deemed to have the same legal effect as delivery of an original signed copy of this Agreement.
[Signature Page Follows]

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the date first above written. 
General Communication, Inc.

		
	By: 
	/s/ Peter Pounds     
Name:  Peter Pounds
Title:  SVP and CFO

Searchlight ALX, LTD., as Investor

		
	By: 
	/s/ Eric Zinterhofer     
Name:  Eric Zinterhofer
Title: Director

Searchlight ALX, L.P., as Original Investor (solely for purposes of Section 1.6 hereof)

By: Searchlight ALX GP, LLC, its general partner  
  

		
	By: 
	/s/ Eric Zinterhofer     
Name:  Eric Zinterhofer
Title: Authorized Person

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Exhibit A:  Assumption Agreement

ASSUMPTION AGREEMENT

This ASSUMPTION AGREEMENT (“Agreement”) is effective as of [________________] (“Effective Date”) among [_______________] (“Assignor”), [___________________] (“Assignee”), and General Communication, Inc., an Alaska corporation (“Company”). 

WHEREAS, Assignor is party to that certain Amended and Restated Securityholder Agreement dated as of July 13, 2015 with Company (the “Securityholder Agreement”); and

WHEREAS, Assignor desires to assign to Assignee all of its rights, title, interests and obligations under and in respect of the Securityholder Agreement (the “Proposed Assignment”). 

In connection with the Proposed Assignment, Assignee hereby agrees that contemporaneously with the effectiveness of the Proposed Assignment, Assignee shall become bound by the applicable terms and conditions of the Securityholder Agreement. 

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. 

No amendment, modification or waiver in respect of this Agreement will be effective unless in writing and executed by each of the parties hereto. 

This Agreement may be executed in any number of counterparts, each of which shall be deemed an original, and all of which together shall constitute one single Agreement.

[Signature Pages Follow]

15220266_3

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective authorized persons effective on the date first above written. 

ASSIGNOR:

[__________________________]

By: __________________________ 
Name: 
Title: 

ASSIGNEE:

[____________________________]

By: __________________________ 
Name: 
Title: 

COMPANY:

GENERAL COMMUNICATION, INC.

By: __________________________ 
Name: 
Title: 

Signature Page to Assumption Agreement

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