Document:

Exhibit 10.132

 

AMENDMENT #1 TO

$150 MILLION EBITDA
INCENTIVE PROGRAM

 

This Amendment to the $150 Million EBITDA
Incentive Program (the “Plan”) is adopted this 30th day of December, 2005.

 

WHEREAS, General Communication, Inc. (the “Company”)
has adopted and maintains the Plan and the Company has the authority to amend
the Plan at any time;

 

WHEREAS, pursuant to the transition rules available
under IRS Notice 2005-1 and the Proposed Treasury Regulations under Section 409A
of the Internal Revenue Code of 1986, as amended, the Company may amend
the Plan to specify payment dates for benefits to be paid from the Plan;

 

WHEREAS, the Company also desires to amend the
Plan with respect to the calculation of benefits;

 

NOW THEREFORE, the Company amends the Plan as provided
below.

 

AMENDMENT

 

1. The paragraph of the Plan titled “Non
recurring amounts shall not be included:” is amended by the addition of the
following paragraph:

 

Notwithstanding the above, EBITDA shall include (a) the
proceeds from the company’s settlement with AT&T during 2005 and (b) the
company’s bad debt recovery during 2005 from MCI.

 

2. The following is added under the section titled
“SENIOR OFFICER GROUP”:

 

Notwithstanding the above, (a) solely in
the case of Wilson Hughes, the full amount payable under this Plan to Wilson
Hughes shall be paid in one lump sum cash payment on December 29, 2005,
with such cash payment to be determined based on the closing price of the
company stock on December 27, 2005, and (b) solely in the case of
Dana Tindall, 75% of the full amount payable under this Plan to Dana Tindall
shall be paid in one lump sum cash payment on January 10, 2006, with such
cash payment to be determined based on the closing price of the company stock
on December 27, 2005, and the remaining 25% of the amount payable under
this Plan to Dana Tindall to be paid (and valued) in 2007 in accordance with
the terms of this Plan.

 

IN WITNESS WHEREOF, the Company has authorized
the undersigned individual to execute this Amendment as of the date first above
written.

 

	
   

  	
  GENERAL
  COMMUNICATION, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Ronald A. Duncan

  	
   

  
	
   

  	
   

  
	
   

  	
  Title:
  President

  

 

1Exhibit 10.133

 

AMENDED AND RESTATED

MEMORANDUM OF
UNDERSTANDING

 

This
amended and restated memorandum of understanding (the “Memorandum of
Understanding”) dated effective as of January [ ], 2006 (the “Effective
Date”) sets forth the principal terms and conditions of transactions
(collectively, the “Transactions”) proposed to be consummated among Alaska
DigiTel, LLC, an Alaska limited liability company (“AKD”), all of the members
of AKD, all of the members of Denali PCS, LLC, an Alaska limited liability company
(“Denali”), and General Communication, Inc., an Alaska corporation (“GCI”).

 

Guiding Principles

 

AKD
operates a wireless telecommunications business within the State of Alaska and
currently owns all of Pacificom Properties, LLC (“Properties”), an Alaska
limited liability company that owns AKD’s headquarters building subject to a
mortgage at Northrim Bank.

 

Denali,
an Alaska limited liability company under common control with AKD, holds
additional spectrum capacity.

 

GCI
desires to acquire 100% of the Denali membership interests and to contribute
such interests so acquired together with additional capital in exchange for AKD
Units (hereinafter defined) based upon an agreed equity value of AKD and Denali
of $26MM, in the aggregate.

 

This
Memorandum of Understanding shall be binding on all parties hereto.

 

The Understandings

 

1.     Pre-Closing Arrangements.

 

a.     Within a commercially reasonable period
of time following execution of this Memorandum of Understanding, GCI and AKD
will enter into an agreement (“Interim Loan Agreement”) providing for secured
loans (“Interim Capital Loans”) to be advanced to AKD prior to the closing of
the Transactions (the “Closing”) by GCI, directly, or by a financial
institution enhanced by GCI’s guaranty and to be repaid upon the earlier of the
funding of the credit facility described in Section 8 below or [nine
months from the first advance under the Interim Loan Agreement], together with
interest on the unpaid balance accruing at the same rate as paid by GCI
Holdings, Inc. on its then-outstanding senior credit facility. The Interim
Capital Loans will not exceed $3MM and will be used for capital improvements to
be made by AKD as approved by GCI, which approval is not to be unreasonably
withheld or delayed. GCI hereby approves the capital improvements described on
Annex A to be funded with the first draw upon the Interim Capital Loans
covering AKD’s capital improvement expenditures forecasted through April 30,
2006.

 

The obligation to make advances pursuant to the
Interim Loan Agreement will terminate upon the Closing. The Interim Loan
Agreement and the Interim Capital Loans will be subject to the prior approval
of Co-Bank. GCI will use all reasonable efforts to assist AKD in obtaining any
such approval from Co-Bank. AKD authorizes GCI and Co-Bank to have direct
discussions for the foregoing purposes.

 

b.     In advance of the Closing:

 

i.      The existing members of AKD will transfer
all, except for a

 

1

 

to-be-determined nominal portion thereof (the “Nominal
Interest Holders”), of their respective membership interests in AKD to a
to-be-formed limited liability company (“Parent AKD”).

 

ii.     Parent AKD will approve the modifications
of AKD’s operating agreement in accordance with the provisions of paragraph 3
below. Following such modifications, AKD will have only one class of
membership interests having an allocated value of $20MM, represented by 1999
units then issued to Parent AKD and one (1) unit issued to Nominal
Interest Holders.

 

iii.    All cash and equivalents in which AKD has
an interest on the day prior to the Closing shall be distributed by AKD to
Parent AKD and the Nominal Interest Holders, as their interest may appear.

 

2.     Transfer of Denali Membership Interests
to GCI. At the Closing, Denali’s members will transfer to GCI all issued and
outstanding Denali membership interests in exchange for $6MM in readily
available funds. The transfers of such interests, and/or the underlying
spectrum license(s), will be subject to all necessary regulatory approvals.

 

3.     Reorganization of AKD. At the Closing:

 

a.     AKD will amend and restate its operating
agreement (the “AKD Operating Agreement”) to (i) provide that the interest
of its members will consist of one class of membership interests
represented by units (the “AKD Units”), (1) (ii) provide that all
operating and capital distributions will be made to the members in proportion
to the number of AKD Units held by each member, and (iii) contain such
other terms and conditions to conform to this Memorandum of Understanding.
AKD will continue to be taxed as a partnership for federal income tax purposes.

 

1.             Prior the
Closing, all AKD Units will be issued to and held by Parent AKD and the Nominal
Interest Holders.

 

b.     Except for cash and equivalents, which
will be distributed to AKD’s members in advance of the Closing, AKD will retain
at the Closing all of its assets (including, without limitation, all real and
personal property, tangibles and intangibles, goods, contract rights,
documents, instruments, general intangibles, goodwill, equipment, machinery,
inventory, copyrights, trademarks, trade names, licenses, and its membership
interests in Properties).

 

c.     At Closing, AKD will retain and pay in
accordance with the terms thereof all Current Liabilities (defined below) and
the indebtedness set forth on Annex B. AKD will have accounts receivable and
other current assets (excluding cash and its equivalents) (collectively, the “Current
Assets”) expected to equal or exceed accounts payable, accrued expenses, property
taxes and other current non-interest bearing obligations (collectively, the “Current
Liabilities”). Exclusive of the Current Liabilities, the aggregate of all
interest bearing obligations owed by AKD and Properties is expected to
approximate $12,517,725, as detailed on Annex B hereto.

 

d.     The applicable transaction documents
shall provide for an adjustment in the number of AKD Units to be issued to GCI
pursuant to Section 4 below to the extent that (i) the
interest-bearing obligations of AKD are greater or less than $12,517,725 as of
the Closing date and/or (ii) the net working capital (Current Assets less
non-interest bearing liabilities) is greater or less than zero.

 

2

 

4.     GCI Contributions. At the Closing:

 

a.     GCI will contribute $10MM in readily
available funds to AKD’s capital in exchange for 1,000 AKD Units.

 

b.     GCI will contribute to AKD all of the
Denali membership interests acquired pursuant to Section 2 in exchange for
600 AKD Units. Subsequent to Closing, AKD will re-merge under FCC law and
regulations the AKD spectrum and the Denali spectrum capacity such that the
combined spectrum effectively reconstitutes the original FCC “A” block PCS 30
MHz spectrum, no longer disaggregated.

 

5.     GCI’s Purchase of AKD Units. At the
Closing, GCI will, at the request of AKD, purchase up to an additional 2,000
AKD Units from AKD at a price equal to $1MM in readily available funds for each
100 AKD Units so acquired. The proceeds from the issuance of such additional
AKD Units will be used by AKD to redeem an equal number of AKD Units from
Parent AKD and Nominal Interest Holders.(2) If GCI is requested to
purchase more than an additional 1,350 AKD Units from AKD, GCI will have the
option to purchase all 2,000 AKD Units at the same $1MM in readily available
funds for each 100 AKD Units. In the event GCI exercises such latter option,
then AKD will redeem all remaining AKD Units from Parent AKD and the Nominal
Interest Holders, GCI will thereafter own all issued and outstanding AKD Units,
Sections 6 through 15 will be inoperative and of no further force or effect and
the Management Agreement between AKD and Poplar Associates LLC shall be
terminated without any cost or liability to AKD or GCI.

 

2.             The AKD
Units held by the Nominal Interest Holders shall be redeemed first, so that
following such redemption the Nominal Interest Holders will have no further
membership interests in AKD.

 

6.     Formation of MBO-CO.

 

a.     At Closing, AKD will grant a 6% interest
in the future profits of AKD (as adjusted pursuant to Section 6.c and Section 10
below, the “MBO-CO Profits Interest”) to a limited liability company to be
formed by certain members of AKD senior management (“MBO-CO”).

 

b.     AKD shall enter into a management
agreement (“Management Agreement”) with MBO-CO that is substantially similar to
the existing management agreement between AKD and Poplar Associates, LLC, with
an initial 5 year term and automatic 1 year renewal terms thereafter, unless
either party gives written notice of termination for material cause or without
cause as long as such termination is accompanied by payment of the Break-Up
Fee. The Management Agreement will contain a break-up fee (the “Break-Up Fee”)
that will be payable in the event that the agreement terminates for any reason,
or in the event that GCI exercises a call option pursuant to Section 10.a
below, or if AKD is sold to a party unaffiliated with any AKD member. The
amount of the Break-Up Fee will equal $1.8MM in readily available funds
multiplied by the EBITDA Multiplier (as defined below). The existing management
agreement between AKD and Poplar Associates will be terminated without cost or
liability to AKD, unless otherwise approved by GCI in its sole discretion.

 

c.     In the event that the Management Agreement
terminates for any reason, GCI exercises its call option pursuant to Section 10
below or if AKD is sold to a party unaffiliated with any AKD member, then the
amount of the MBO-CO Profits Interest shall be adjusted to equal the amount
obtained after

 

3

 

multiplying 6% by the applicable EBITDA
Multiplier (subject to any adjustments specified in Section 10). By way of
example, if the EBITDA Multiplier is equal to 1.5, then the MBO-CO Profits
Interest will represent a total of 9% in the future profits of AKD following
its formation.

 

d.     The EBITDA Multiplier shall equal the
quotient of (i) the earnings before interest, taxes, depreciation and
amortization of AKD determined in accordance with U.S. generally accepted
accounting principles (“EBITDA”) for the calendar quarter in which GCI gives
notice of its exercise of its call option, divided by (ii) the forecasted
amount of EBITDA for the same quarter as set forth in Annex C hereto; provided,
that if such calculation yields a number lower than one, the EBITDA Multiplier
will equal one, and if such calculation yields a number higher than two, the
EBITDA Multiplier will equal two. If it is determined that the managers have
taken any extraordinary actions not in the ordinary course of business or
consistent with past practice (and which actions have not been approved by a
unanimous consent of the AKD Board) for the purpose of increasing EBITDA for
any particular calendar quarter with respect to which the EBITDA Multiplier is
calculated, then appropriate adjustments will be made to EBITDA for such
quarter in order to negate the impact of such extraordinary actions.
Notwithstanding the foregoing, the parties shall mutually negotiate any
appropriate adjustment to the EBITDA Multiplier to negate the impact of any
extraordinary costs incurred in such period for AKD Board, such as for approved
marketing costs and/or integration activities.

 

7.     AKD Governance.

 

a.     AKD will be governed by a board of
managers (the “AKD Board”) that will operate in a manner that is the functional
equivalent of a corporate board of directors. The AKD Board will consist of
between 4 and 8 members. The parties agree that AKD shall comply with any
requirement for independent board member(s) under the Sarbanes-Oxley Act, which
may arise because of GCI’s ownership of AKD Units.

 

b.     GCI will have the right to designate one
person to serve on the AKD Board. Parent AKD will have the right to designate
up to seven persons to serve on the AKD Board. GCI’s board member shall have
the right to have a GCI employee or agent accompany him/her to meetings, to
serve in an advisory capacity.

 

c.     Each year the AKD Board will approve the
annual AKD operating and capital budget including the types of equipment to be
purchased and implemented into the AKD network. Such actions will require
unanimous approval, not to be unreasonably withheld or delayed.

 

d.     GCI will have customary minority
protection rights, including but not limited to the right to approve any new businesses,
acquisitions, dispositions, mergers, admission of new members, distribution of
new units, capital calls, debt incurrence, related party transactions, winding
up or dissolution of AKD, amendment of the AKD Operating Agreement, annual
operating and capital budgets, bankruptcy, redemption of AKD Units or
extraordinary distributions thereon, or change in the organizational form of
AKD.

 

4

 

e.     To the extent that the GCI interests in
AKD exceed any allowable control requirements for ownership of wireless
carriers under any agreement or understanding to which GCI may be bound,
the AKD Operating Agreement will include curative provisions regarding voting
and economic interests.

 

8.     AKD Refinancing. As soon as practicable
after the Closing, but not more than 90 days after the Closing, AKD will
refinance its obligations (except as set forth in Section 3.c) with a
lender and upon terms and conditions which shall require unanimous approval of
the AKD Board, which shall not be unreasonably withheld or delayed. GCI shall
agree to provide reasonable cooperation with the AKD Refinancing. The senior
facility will provide a term component and a revolving line component
aggregating no more than $15 million but sufficient to fund AKD’s business plan
as approved pursuant to Section 7.c.

 

9.     Tax Distributions. AKD shall make annual
tax distributions to its members in proportion to their respective ownership
interests in AKD.

 

10.   ***.

 

a.     ***.

 

i.      Within *** following the Closing, ***
will have the *** for *** of (x) the *** (***, with such *** in the AKD
Operating Agreement, or (y) the ***, as set forth in the AKD Operating
Agreement ***. Upon the closing of such *** of only the applicable Break-Up
Fee, the MBO-CO Profits Interest ***.

 

ii.     After *** but before *** Closing, ***
will have the *** for the *** (x) the *** as determined by *** the AKD
Operating Agreement, or (y) the ***, as set forth in the AKD Operating
Agreement ***. Upon the closing of a *** subclause (x) of this paragraph and
*** Break-Up Fee *** MBO-CO Profits Interest ***, the MBO-CO Profits Interest
***. Upon the closing of a *** subclause (y) of this paragraph and *** Break-Up
Fee, the MBO-CO Profits Interest ***.

 

iii.    After *** following Closing, *** will
have the *** as determined by an *** in accordance with the procedures
specified in the AKD Operating Agreement. Upon the closing of such *** Break-Up
Fee *** MBO-CO Profits Interest ***, the MBO-CO Profits Interest ***.

 

iv.    *** shall be determined ***, but ***
MBO-CO Profits Interest. The *** (including, without limitation, ***), and
which ***.

 

b.     ***.

 

i.      Before *** Closing, *** will have *** for
*** in accordance with procedures to be specified in the AKD Operating
Agreement. *** at the closing ***.

 

***
CONFIDENTIAL PORTION has been omitted pursuant to a request for confidential
treatment by the Company to, and the material has been separately filed with,
the SEC. Each omitted Confidential Portion is marked by three Asterisks.

 

5

 

ii.     If *** in Section 10.b(i), *** set
forth in Section 10.a (*** MBO-CO Profits Interest), which shall *** Section 10.b(i) above.

 

11.   ***.

 

a.     ***. Any time *** based on *** with the
*** in the AKD Operating Agreement. At ***, upon the closing *** Break-Up Fee
*** MBO-CO Profits Interest ***, the MBO-CO Profits Interest ***.

 

b.     ***. Beginning *** based on *** with ***
in the AKD Operating Agreement. *** at the closing ***.

 

12.   Transferability. The AKD Units will not
be transferable without the unanimous approval of the AKD Board committee,
except to affiliates who agree to be bound by the terms and conditions of the
AKD Operating Agreement. Any indirect transfer by virtue of a change in control
of AKD member will not constitute a transfer of the underlying AKD Units. The
MBO-CO Profits Interest will not be transferable.

 

13.   GCI Arranged Bridge Loan. GCI shall,
prior to Closing, arrange a secured bridge loan for AKD of $2.0MM (or at the
request of AKD up to $2.5MM as mutually agreed to by AKD and GCI) which shall
be repaid immediately upon the earlier of the funding of the senior facility
described in Section 8 or 90 days following the Closing. Interest on the
unpaid principal balance of such bridge loan shall accrue at a rate equal to
that variable rate paid by GCI Holdings, Inc. on its then-existing senior
credit facility. The bridge loan subject to this Section 13 is in addition
to the Interim Capital Loans described in Section 1.a. above.

 

14.   Nonsolicitation of Offers. Neither Parent
AKD nor AKD shall solicit the sale of its business nor shall it entertain
offers from third parties to purchase its business, from the Effective Date
until the Closing, and for a period of *** following the Closing.

 

15.   Capital Calls/Loans by Members. The AKD
Operating Agreement shall not contemplate any further capital calls or loans by
members. Any requirement for a capital call or a member loan shall be the
subject of a subsequent negotiation.

 

16.   Time is of the Essence. In order to
proceed, all parties must execute this binding Memorandum of Understanding
regarding the Transactions no later than 11:59 p.m.(Central Standard Time)
on January [ ], 2006, or this Memorandum of Understanding shall be of no
further force or effect. The parties shall use all reasonable efforts to close
the Transactions as promptly as practicable after the execution of this binding
Memorandum of Understanding.

 

17.   Regulatory Approvals. The Transactions
are subject to all necessary governmental regulatory approvals. AKD and Denali
shall be responsible for obtaining all such approvals. GCI agrees to use all
commercially reasonable efforts to support and assist AKD and Denali in such
efforts. Should any necessary material governmental approval for any of the
Transactions not be granted, all of the Transactions shall be cancelled, and
the parties shall have no further obligation to proceed to Closing.

 

18.   Expenses. Each party shall bear its own
costs and expenses relating to this Memorandum of Understanding, the Closing and
transaction documents, and the

 

***
CONFIDENTIAL PORTION has been omitted pursuant to a request for confidential
treatment by the Company to, and the material has been separately filed with,
the SEC. Each omitted Confidential Portion is marked by three Asterisks.

 

6

 

Transactions, including without limitation,
accountant and attorneys’ fees.

 

19.   Cooperation. The parties agree to
cooperate in good faith in negotiating and finalizing the purchase and sale
agreements, the AKD Operating Agreement, and all related documents, which shall
contain such representations, warranties, covenants, conditions and
indemnifications as are customary for transactions of this size and nature, and
which shall survive the Closing of the Transactions. If after good faith
negotiations the parties cannot resolve an issue in any of the final
transaction documents, then the matter shall be submitted to arbitration under Section 22
for resolution in accordance with the intent of the parties as set forth in
this Memorandum of Understanding.

 

20    No Finders’ Fees. Except to the extent
payment may be due to Falkenberg Capital by AKD, which shall be the sole
responsibility of AKD, no party shall have any obligation to pay any finders’,
brokers’ or agents’ fees as a result of the execution of this Memorandum of
Understanding, the related documents, or the consummation of the Transactions.

 

21.   Confidentiality. The parties agree that
the terms of this Memorandum of Understanding are confidential and may not
be disclosed, except as may be required by law or as contemplated by the
final agreements, and except as to disclosure to the parties’ boards of
managers, boards of directors, investors whose interests shall be acquired by
AKD and/or GCI, advisors and financial institutions, without the consent of the
parties, which shall not be unreasonably withheld or delayed. All such persons
and parties must be bound to hold the terms of this Memorandum of Understanding
confidential. Notwithstanding the foregoing, the parties acknowledge that GCI
will make such disclosures regarding the general terms of the proposed
Transactions as required by the securities disclosure laws, rules and
regulations. Each party may disclose to its employees the information contained
in the GCI disclosures that are mandated by such securities laws, rules and
regulations.

 

22.   Governing Law; Arbitration. This
Memorandum of Understanding shall be governed by the laws of the State of
Alaska and the Commercial Arbitration Rules of the American Arbitration
Association. The parties will attempt in good faith to resolve any controversy
or claim arising out of or relating to this Memorandum of Understanding through
discussions between the senior management of GCI, Denali, and AKD, as applicable.
If these discussions are unsuccessful, the parties agree that any action
asserting a claim by one party against another party hereto arising out of or
relating to this Memorandum of Understanding shall, on the written notice by
one party to the other (as applicable), be submitted to binding arbitration to
be held in Seattle, Washington. The parties shall hold an initial meeting
within thirty (30) days from receipt of notice from the requesting party of a
request for arbitration. Unless otherwise agreed in writing, they will jointly
appoint a mutually acceptable arbitrator not affiliated with either party. If
they are unable to agree upon such appointment within thirty (30) days of the
initial meeting, the parties shall obtain an odd numbered list of not less than
five (5) potential arbitrators from the Superior Court for the Third
Judicial District, State of Alaska. Each party shall alternatively strike a
single name from the list until only one name remains, with such person to be
the arbitrator. The party requesting the arbitration shall strike the first
name. Each party shall pay one-half (1/2) of the costs related to the
arbitration, unless the arbitrator’s decision provides otherwise. Each party
shall bear its own costs to prepare for and participate in the arbitration.
Each party shall produce at the request of the other party, at least thirty
(30) days in advance of the hearing, all documents to be submitted at the

 

7

 

hearing and such other documents as are relevant
to the issues or likely to lead to relevant information. The arbitrator shall
promptly render a written decision, in accordance with Alaska law and supported
by substantial evidence in the record. The prevailing party shall be entitled
to recover reasonable attorneys’ fees, costs, charges and expended or incurred
therein, if the arbitrator’s decision so provides. Failure to apply Alaska law,
or entry of a decision that is not based on substantial evidence in the record,
shall be additional grounds for modifying or vacating an arbitration decision.
Judgment on any arbitration award shall be entered in any court of competent
jurisdiction. In any subsequent arbitration, the decision in any prior
arbitration of this Memorandum of Understanding shall not be deemed conclusive
of the rights among the parties hereunder.

 

23.   No Material Adverse Change. No material
adverse change shall have occurred from the Effective Date through the Closing
in AKD’s financial condition or its business prospects.

 

24.   Risk of Loss. The risk of loss due to
acts of God or other casualty between the Effective Date and the Closing shall
be borne by AKD and Denali.

 

25.   Specific Performance. The parties agree
that the Transactions are unique, it would be difficult to calculate the
damages that would result from the failure to Close, and that monetary damages
would not be an adequate remedy. The parties agree that any party may seek
an order for specific performance from any court of competent jurisdiction to
enforce the Transactions.

 

26.   Former Memorandum of Understanding. This
Memorandum of Understanding will become effective upon the Effective Date and
as of such date, amends and restates in its entirety the memorandum of
understanding dated effective as of December 4, 2005 among AKD, Denali and
GCI, which shall thereafter become null, void and of no further force or
effect.

 

The
parties’ authorized representatives each hereby execute this Amended and
Restated Memorandum of Understanding as of the Effective Date.

 

	
  Alaska
  DigiTel, LLC

  	
   

  	
  General
  Communication, Inc.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/

  	
   

  	
  By:

  	
  /s/

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Name:
   William M. Yandell, III

  	
   

  	
  Name:
   William C. Behnke

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Its:
   President

  	
   

  	
  Its:
   Senior Vice President

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Denali
  PCS, LLC

  	
   

  	
  PacifiCom
  Holdings, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/

  	
   

  	
  By:

  	
  /s/

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Name:
   William M. Yandell, III

  	
   

  	
  Name:
   William M. Yandell, III

  
	
   

  	
   

  	
   

  
	
  Its:
   Chief Manager

  	
   

  	
  Its:
   Chief Manager

  
						

 

8

 

	
  Red
  River Wireless, LLC

  	
   

  	
  Graystone
  Holdings, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/

  	
   

  	
  By:

  	
  /s/

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Name:
   William M. Yandell, III

  	
   

  	
  Name:
   J. Michael Keenan

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Its:
   Chief Manager

  	
   

  	
  Its:
   Exec. Vice President

  
						

 

9

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