Graham Holdings Co

Most employees of the Company, including certain named executive officers, are eligible to participate in the Company’s qualified defined contribution 401(k) savings plan and a defined benefit retirement plan. Benefits under these plans are determined on the basis of base salary only, exclusive of all bonuses, deferred compensation and other forms of remuneration.

Eligible Corporate employees hired or rehired by the Company on or after September 1, 2009, participated in the Cash Balance Retirement Program (“CBRP”). Eligible Corporate employees who were actively employed on or after August 1, 2012, also participated in the Secure Retirement Account (“SRA”). Both the CBRP and the SRA arenon-contributory defined benefit programs expressed in the form of hypothetical account balances that grow through quarterlypay-based credits and quarterly interest credits. Corporate employees hired prior to September 1, 2009, including certain named executive officers who are vested and who begin to take their pension benefit at age 65 or whose age and years of service when added together equal 90 (the “Rule of 90”), receive an annual pension equal to 1.75% of their highest average 60-month base salary annualized up to the limits permitted by the Code, minus Social Security-covered compensation multiplied by the appropriate Social Security offset percentage and early retirement factor, multiplied by the number of years of credited service under the Graham Holdings Retirement Benefits Schedule (“Graham Schedule”). Cash pension supplements are also provided to assist in the payment of retiree medical coverage. The annual cash pension supplement is equal to $200 multiplied by the number of years of credited service under the Graham Schedule. An additional temporary Pre-Age 65 pension supplement of $250 per month ($2,075 per month for those participants who have attained age 50 with five years of vesting service as of September 1, 2018) is provided to participants under the Graham Schedule who retire and commence benefit payment at or after age 55, but prior to age 65, and who had 10 years of vesting service at retirement. The temporary Pre-Age 65 supplement is discontinued when the retiree qualifies for Medicare (the month prior to the 65th birthday).

Starting in January 2024, the Company is consolidating most employer contributions into the Company Contribution Plan (formerly known as the Cash Balance Retirement Program). Eligible corporate employees actively employed on or after January 1, 2024, will participate in the Company Contribution Plan, which is anon-contributory defined benefit program expressed in the form of a hypothetical account balance that grows through monthlypay-based credits and monthly interest credits. Pension benefits accrued in the Company Contribution Plan become vested after one year of service or upon reaching age 65 while actively employed. The Company Contribution Plan replaces contributions employees may have previously received through the 401(k) savings plan, Cash Balance (CBRP), and Secure Retirement Account (SRA). Corporate employees hired prior to September 1, 2009, will continue to participate in the “Graham Schedule” as described above as well as receive new benefits through the Company Contribution Plan.