Company: GHC
Filing Date: 2025-03-26
Form Type: DEF 14A
Source: 0001193125-25-063218
Chunk: 42

Company: Graham Holdings Co
Filing Date: 2025-03-26
Form: DEF 14A
Chunk 42
---
 programmatic, cost of goods sold, allowances, and bad debt); and (4) 20% based on achieving new net business goals (exclusive of agency commission, revenue share, allowances, and bad debt).

Kaplan Long-Term Incentive Plans

Mr. Rosen participates in the Kaplan Milestone Plan and was awarded 20% of the award pool. The award pool is based on separate awards for enterprise achievement of operating income milestones of $110 million, $120 million, $130 million and $140 million in a single year, as adjusted for acquisitions and unexpected changes in capital expenditures, foreign exchange impact, and excluding restructuring costs, amortization of intangible assets and impairments of long-lived assets. Award achievement is cumulative and each target can only be achieved once. Service conditions in respect of 100% of the award will be satisfied when the respective operating income milestone is achieved in a year and payouts will occur the following March. In 2024, Kaplan achieved adjusted enterprise operating income of $133.8 million (adjusted for milestone exchange rates), which surpassed the second adjusted milestone of $120.6 million (adjusted for acquisitions and new pension plan) and the third adjusted milestone of $130.6 million (adjusted for acquisitions and new pension plan). This resulted in a payout of Mr. Rosen’s milestones award of $2.4 million.**

<div align='center'>21</div>

**Stock Options

The Committee grants stock options only when a key employee has made a significant contribution to the Company and demonstrates the ability to make additional contributions. The options generally vest over six years and expire 10 years from the grant date. No stock options were granted to the Company’s named executive officers in 2024. The Company does not have a formal policy relating to the timing of equity grants, but in practice seeks to avoid granting awards proximate to the release of material nonpublic information.

Retirement Benefits

Qualified Defined Contribution and Defined Benefit Plan

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.

Effective January 2024, the Company consolidated most employer contributions into the Company Contribution Plan (“CC Plan”, formerly known as the Cash Balance Retirement Program). Eligible employees who were actively employed on or after January 1, 2024, participate in