Company: GHC
Filing Date: 2025-03-26
Form Type: DEF 14A
Source: 0001193125-25-063218
Chunk: 40

Company: Graham Holdings Co
Filing Date: 2025-03-26
Form: DEF 14A
Chunk 40
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 of $26.91 per unit with respect to the portion of the performance attributable to Kaplan; (2) GMG’s cash flow ranked number one overall for the four-year period and, in each of the four years during the cycle, GMG’s cash flow was 2% higher than the nearest competitor among the peer companies, resulting in a payout of $50 per unit with respect to the portion of performance attributable to GMG; (3) the performance measure during the four-year period for Hoover, Dekko, Joyce and Forney was based on cumulative operating income of $170.7 million, excluding amortization of intangibles, resulting in a**

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**payout of $9.81 per unit with respect to the portion of performance attributable to these businesses; (4) the performance measure during the four-year period for Graham Healthcare Group was based on cumulative operating income of $213.2 million, excluding amortization of intangibles, resulting in a payout of $25 per unit with respect to the portion of performance attributable to Graham Healthcare Group; (5) Framebridge’s performance measure during the four-year period of cumulative gross profit of $120.8 million was not achieved, resulting in a payout of $0 per unit with respect to the portion of the performance attributable to Framebridge; (6) the performance measure during the four-year period for Graham Automotive (excluding certain entities), Clyde’s Restaurant Group, Code3, Decile, Slate, Foreign Policy, Pinna and CyberVista, was based on cumulative operating income of $81.5 million, excluding amortization of intangibles, resulting in a payout of $20 per unit with respect to the portion of performance attributable to these businesses; and (7) the performance measure during the four-year period for Leaf Group of cumulative operating income of $12.8 million, excluding amortization of intangibles was not achieved, resulting in a payout of $0 per unit with respect to the portion of performance attributable to Leaf Group.

Performance Units for the 2021-2024 award cycle were valued at $132 per unit, based on achievement of the above-described performance measures. Performance Unit payouts for the named executive officers for the 2021-2024 cycle were made in March 2025 and are included in the Summary Compensation Table.

2023–2026 Cycle

Awards under the 2023–2026 cycle are based on seven performance criteria: (1) Kaplan’s cumulative operating income excluding amort