Document:

EX-10.2

 Exhibit 10.2 
  

 
 TAX MATTERS AGREEMENT 

by and between 
 GRAHAM HOLDINGS
COMPANY 
 and 
 CABLE ONE, INC.

  
  

As of     , 2015 
  

 
  

 

 This TAX MATTERS AGREEMENT (this “Agreement”) is entered into as
of     , 2015, by and between GRAHAM HOLDINGS COMPANY, a Delaware corporation (“Graham”), and CABLE ONE, INC., a Delaware corporation and an wholly owned subsidiary of Graham (“Cable”). 

W I T N E S S E T H: 
 WHEREAS,
as of the date of this Agreement, Graham owns all of the outstanding shares of Cable stock; 
 WHEREAS Graham and Cable have entered into an
agreement dated as of the date of this Agreement (the “Separation Agreement”) pursuant to which Graham will distribute to the Record Holders, on a pro-rata basis, all of the outstanding shares of Cable common stock (the
“Distribution”); 
 WHEREAS, immediately prior to the Distribution, Cable will declare and distribute to Graham a special
cash dividend of $         million (the “Special Dividend”) and will issue shares of Cable common stock to Graham so that the number of outstanding shares of Cable common stock equals the
number of shares to be distributed in the Distribution as set forth in the Information Statement (the “Share Issuance”, and together with the Special Dividend and the Distribution, the “Transactions”); 

WHEREAS, at the end of the day on the Distribution Date, the taxable year of Cable and its Subsidiaries shall close for U.S. Federal income
Tax purposes; 
 WHEREAS the parties to this Agreement (the “Parties”) intend (i) the Special Dividend to qualify as
an intercompany distribution (within the meaning of Treasury Regulation §§ 1.1502-13(b)(1) and 1.1502-13(f)(2)(ii)), (ii) the Share Issuance to qualify as a distribution of stock under Section 305(a) of the Code and
(iii) the Distribution to qualify for nonrecognition of gain and loss under Section 355(a) and (c) of the Code (the “Intended Tax Treatment”); and 

WHEREAS the Parties desire to provide for and agree upon the allocation of liability for Taxes arising prior to, as a result of and subsequent
to the Transactions, and to provide for and agree upon certain other matters relating to Taxes. 

  
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 NOW, THEREFORE, in consideration of the mutual covenants contained in this Agreement, and
intending to be legally bound, the Parties agree as follows: 
 ARTICLE I 

CERTAIN DEFINITIONS 

SECTION 1.01. Certain Definitions. For purposes of this Agreement, the following terms have the following meanings. Capitalized terms
not defined in this Agreement have the meanings assigned to them in the Separation Agreement. 
 “Adjustment Request” means
any amended Tax Return (or other formal or informal claim or request filed with any Tax Authority or court) claiming adjustment to the Taxes reported on a Tax Return. 

“Agreement” has the meaning assigned to such term in the preamble. 

“Business” means the cable, internet and telephone service activities carried on by Cable, as those activities are described
in the Tax Representation Letter of Cable. 
 “Cable” has the meaning assigned to such term in the preamble. 

“Code” means the U.S. Internal Revenue Code of 1986, as amended. 

“Distribution” has the meaning assigned to such term in the recitals. 

“Employing Party” has the meaning assigned to such term in Section 2.06. 

“Final Determination” means (i) any final determination of liability in respect of a Tax that, under applicable Law, is
not subject to further appeal, review or modification through proceedings or otherwise (including the expiration of a statute of limitations or period for the filing of claims for refunds, amended Tax Returns or appeals from adverse determinations),
including a “determination” as defined in Section 1313(a) of the Code or execution of an IRS Form 870AD, or (ii) the payment of Tax by a Party (or its Subsidiary) that is responsible for payment of that Tax under applicable Law,
with respect to any item disallowed or adjusted by a Tax Authority, as long as the responsible Party determines that no action should be taken to recoup that payment and the other Party agrees. 

“Graham” has the meaning assigned to such term in the preamble. 

“Graham Consolidated Group” means any consolidated, combined, unitary or similar group of which (i) any member of the
Graham Group is or was a member and (ii) any member of the Cable Group is or was a member. 
 “Indemnified Party”
means a Party that is entitled to receive an Indemnity Payment. 

  
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 “Indemnifying Party” means a Party that has an obligation to make an Indemnity
Payment. 
 “Indemnity Payment” means an indemnity payment contemplated by the Separation Agreement or any Ancillary
Agreement. 
 “Intended Tax Treatment” has the meaning assigned to such term in the recitals. 

“IRS” means the U.S. Internal Revenue Service. 

“Ordinary Taxes” means Taxes other than (i) Transfer Taxes and (ii) Transaction Taxes. 

“Parties” has the meaning assigned to such term in the recitals. 

“Post-Distribution Period” means any taxable period (or portion thereof) beginning after the Distribution Date. 

“Pre-Distribution Period” means any taxable period (or portion thereof) ending on or before the Distribution Date. 

“Prime Rate” means the base rate on corporate loans charged by Citibank, N.A., New York, New York from time to time,
compounded daily on the basis of a year of 365 or 366 (as applicable) days and actual days elapsed. 
 “Refund Recipient”
has the meaning assigned to such term in Section 2.05(a). 
 “Requesting Party” has the meaning assigned to such term
in Section 3.04. 
 “Responsible Party” means, with respect to any Tax Return, the Party having responsibility for
preparing and filing such Tax Return under this Agreement. 
 “Separation Agreement” has the meaning assigned to such term
in the recitals. 
 “Share Issuance” has the meaning assigned to such term in the recitals. 

“Special Dividend” has the meaning assigned to such term in the recitals. 

“Tax” means all forms of taxation or duties imposed by a Governmental Authority, or required by any Governmental Authority to
be collected or withheld, together with any related interest, penalties or other additions to tax. 
 “Tax Authority”
means, with respect to any Tax, the Governmental Authority that imposes such Tax and the agency (if any) charged with the collection of such Tax for such Governmental Authority. 

“Tax Claim” has the meaning assigned to such term in Section 6.01. 

“Tax Law” means any Law of any Governmental Authority relating to any Tax. 

  
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 “Tax Records” means Tax Returns, Tax Return workpapers, documentation relating
to any Tax Claims and any other books of account or records maintained to comply with applicable Tax Laws or under any record retention agreement with any Tax Authority. 

“Tax Representation Letters” means the letters of representations relating to the Transactions to be provided by Graham,
Cable and Donald E. Graham to Cravath, Swaine & Moore LLP. 
 “Tax Return” means any report of Taxes due, any
information return with respect to Taxes or any other similar report, statement, declaration or document required or permitted to be filed under applicable Tax Law, including any attachments, exhibits or other materials submitted with any of the
foregoing and any amendments or supplements to any of the foregoing. 
 “Transaction Tax” means any Tax (other than a
Transfer Tax) resulting from the failure of any step of the Transactions to qualify for its Intended Tax Treatment. 

“Transactions” has the meaning assigned to such term in the recitals. 

“Transfer Taxes” means any sales, use, stamp duty or other transfer Taxes imposed on the transfers occurring as part of the
Transactions. 
 “Treasury Regulations” means the Treasury regulations promulgated under the Code. 

ARTICLE II 
 ALLOCATION OF TAX
LIABILITIES AND BENEFITS 
 SECTION 2.01. Indemnity by Graham. From and after the Distribution, Graham will indemnify, save and
hold harmless Cable from and against the following Taxes, whether incurred directly by Cable or indirectly through one of its Subsidiaries: 

(a) Ordinary Taxes of or attributable to Graham and its Subsidiaries (for the avoidance of doubt, including the members of the Cable Group
immediately prior to the Distribution) for any taxable period; 
 (b) any Transaction Taxes; and 

(c) any Transfer Taxes; 
 in each case, other
than Taxes for which Cable is liable under Section 2.02. 
 SECTION 2.02. Indemnity by Cable. From and after the Distribution,
Cable will indemnify, save and hold harmless Graham from and against the following Taxes, whether incurred directly by Graham or indirectly through one of its Subsidiaries: 

(a) Ordinary Taxes 

  
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 (i) that are (A) U.S. Federal Taxes for any Pre-Distribution Period,
(B) paid after the Distribution Date, (C) attributable to the Cable Group and (D) not previously treated as a liability of Cable and separately settled between Graham and Cable through intercompany accounts; 

(ii) of the Cable Group for any Post-Distribution Period; or 

(iii) that are state or local Taxes for any taxable period that are reported on a Tax Return that includes only members of the
Cable Group; 
 (b) any Transaction Taxes to the extent attributable to one or more of the following: 

(i) the failure to be true and correct of any representation provided by Cable in its Tax Representation Letter; 

(ii) the breach of any covenant or agreement contained in the Separation Agreement or any Ancillary Agreement to be performed
by Cable or its Subsidiaries; 
 (iii) any action by Cable or any of its Subsidiaries described in Section 7.04(a),
without regard to Section 7.04(b); 
 (iv) the application of Section 355(e) of the Code to the Distribution by
virtue of any direct or indirect acquisition of stock or assets of Cable or a Subsidiary of Cable after the Distribution, taking into account any indirect acquisitions of stock or assets of Cable or a Subsidiary of Cable prior to the Distribution;
or 
 (v) any other action or omission by Cable or any Subsidiary of Cable that Cable knows or reasonably should expect,
after consultation with Tax counsel, could give rise to Transaction Taxes, except to the extent such action or omission is expressly required or permitted by this Agreement (other than Section 7.04(b)), any other Ancillary Agreement or the
Separation Agreement; and 
 (c) 50% of any Transfer Taxes. 

SECTION 2.03. Allocation of Ordinary Taxes. (a) For purposes of Section 2.02(a)(i), in the case of any Graham Consolidated
Group: 
 (i) If any Ordinary Taxes that are U.S. Federal income Taxes arise in whole or in part as a result of any
adjustments made after the Distribution to the portion of the relevant Tax Return for a Pre-Distribution Period that relates to a member of the Cable Group or any Cable Asset, the amount of such Ordinary Taxes attributable to the Cable Group shall
equal the excess, if any, of 

  
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 (A) the amount of Ordinary Taxes actually payable by the Graham Consolidated
Group as a result of the adjustments for the relevant period over 
 (B) the amount of Ordinary Taxes that would have been
so payable had no adjustments been made to the portions of the relevant Tax Return relating to a member of the Cable Group or any Cable Asset; and 

(ii) The amount of Ordinary Taxes that are U.S. Federal income Taxes shown as due on any Tax Return filed after the
Distribution that are attributable to the Cable Group shall equal the excess, if any, of 
 (A) the amount of Ordinary Taxes
actually shown as due on that Tax Return over 
 (B) the amount of Ordinary Taxes that would have been shown as due on that
Tax Return had the relevant member of the Cable Group or Cable Asset not been included in the Graham Consolidated Group and had no estimated Taxes attributable to the relevant member of the Cable Group or Cable Asset been paid. 

(b) For the avoidance of doubt, Cable shall be liable for U.S. Federal income Taxes of any Graham Consolidated Group under
Section 2.02(a)(i) only to the extent any adjustment (as described in Section 2.03(a)(i)) or the inclusion of any relevant member of the Cable Group or Cable Asset in the relevant Graham Consolidated Group (as described in
Section 2.03(a)(ii)) results in an actual increase in the aggregate Tax liability of the Graham Consolidated Group in any period. To the extent that any such adjustment or inclusion in one taxable period increases the amount of Ordinary Taxes
actually payable by the Graham Consolidated Group in another taxable period, principles consistent with those in Section 2.03 shall apply to determine the amount of Ordinary Taxes attributable to the Cable Group or any Cable Asset. In addition,
for the avoidance of doubt, except as provided in Section 4.03(ii), Graham rather than Cable shall be liable for any Tax liability of Graham arising from the triggering of any “excess loss account” of Graham in the stock of Cable as a
result of the Transactions. 
 (c) For the avoidance of doubt, Graham shall be responsible for all state and local Taxes for any taxable
period that are reported on a consolidated, combined or similar state or local Tax Return that includes, as members of the Tax Return group, both (i) any member of the Cable Group and (ii) any member of the Graham Group. 

(d) For purposes of this Article II, neither Graham nor Cable shall have any liability to, or right to refund from, the other party as a
result of an increase or decrease in U.S. Federal income Taxes payable by either party as a result of an increase or decrease in the deduction for state or local income Taxes attributable to either party. 

SECTION 2.04. Straddle Periods. All Ordinary Taxes for any taxable period (or portion thereof) that includes the Distribution Date will
be allocated between the Pre-Distribution Period and the Post-Distribution Period (i) in the case of any Taxes imposed on a periodic basis, such as real, personal and intangible property Taxes, on a daily pro-rata basis and (ii) in the
case of any other Taxes, as if the taxable period ended as of the close of business on the Distribution Date. 

  
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 SECTION 2.05. Overpayments and Refunds. (a) Graham shall promptly reimburse Cable for
any (i) payments of estimated Tax by Cable to Graham for a Tax Return due after the Distribution Date, if such Tax is not shown as due on such Tax Return and the overpayment by Cable is not previously treated as an asset of Cable and separately
settled between Graham and Cable through intercompany accounts or (ii) Tax liabilities previously treated as a liability of Cable and separately settled between Graham and Cable through intercompany accounts, and later determined not to be
payable to a Tax Authority. 
 (b) If after the Distribution Date, Graham, Cable or any of their respective Subsidiaries receives any
refund of any Taxes for which the other Party is liable (or would be liable if such Taxes were determined to be payable) under this Article II (a “Refund Recipient”), then, subject to Section 2.05(c), such Refund Recipient
shall pay to the other Party the entire amount of the refund (including interest, but net of any Taxes imposed with respect to such refund) within 15 business days of receipt or accrual; provided, however, that the other Party, upon
the request of such Refund Recipient, shall repay the amount paid to the other Party (plus any penalties, interest or other charges imposed by the relevant Tax Authority) in the event such Refund Recipient is required to repay such refund. In the
event a Party would be a Refund Recipient but for the fact it elected to apply a refund to which it would otherwise have been entitled against a Tax liability arising in a subsequent taxable period, then such Party shall be treated as a Refund
Recipient and the economic benefit of so applying the refund shall be treated as a refund and shall be paid within 15 business days of the due date of the Tax Return to which such refund is applied to reduce the subsequent Tax liability. 

(c) In the case of any Graham Consolidated Group, the principles of Section 2.03 shall apply in determining the amount of any refund to
be paid pursuant to Section 2.05(a). Notwithstanding Section 2.05(b), Graham shall be entitled to any refund of U.S. Federal Taxes to the extent that such refund was previously treated as an asset of Cable and separately settled between
Graham and Cable through intercompany accounts. 
 (d) Any payment described in Section 2.05(a) will be increased so as to include
interest computed at the Prime Rate based on the number of days from the date of receipt of the refund to the date of payment of such amount under this Section 2.05. 

SECTION 2.06. Compensation Deductions. Any compensation deduction arising after the Distribution Date by reason of the exercise of
stock options or compensatory warrants or the vesting of restricted stock will be claimed solely by the Party (or one of its Subsidiaries) that employs the individual with respect to whom such compensation deduction arises at the time that it arises
or, if such individual is not then employed by any Party or a Subsidiary of a Party, by the Party that most recently employed such individual. If a deduction claimed by a Party (the “Employing Party”) pursuant to the preceding
sentence is disallowed by a Tax Authority for any reason, the other Party (or one of its Subsidiaries) will amend its applicable Tax Return to claim such deduction and pay to the Employing Party an amount equal to the Tax benefit actually realized
by the other Party (or one of its Subsidiaries) as a result of such deduction; provided, however, that the Employing Party, upon the request of the other Party, will repay any amount 

  
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paid to the Employing Party under this Section 2.06 (plus any penalties, interest or other charges imposed by the relevant Tax Authority) in the event the other Party (or one of its
Subsidiaries) is required to surrender such Tax benefit. The rights and obligations of the Parties with respect to Tax withholding and reporting will be governed by Section 12.05 of the EMA. 

ARTICLE III 
 PREPARATION AND
FILING OF TAX RETURNS 
 SECTION 3.01. Graham Responsibility. Graham (or one of its Affiliates) will prepare and file, or cause
to be prepared and filed, all Tax Returns for any Graham Consolidated Group for any taxable period that begins on or before the Distribution Date. 

SECTION 3.02. Cable Responsibility. Cable (or one of its Affiliates) will prepare and file, or cause to be prepared and filed, all Tax
Returns for any taxable period that begins on or before the Distribution Date and that are required to be filed by or with respect to Cable (or its Subsidiaries), other than Tax Returns described in Section 3.01. 

SECTION 3.03. Tax Accounting Practices. To the extent that any Tax Return that includes Cable reflects Tax items that are expected to
affect a Tax liability or Tax indemnity obligation of a Party other than the Responsible Party (and its Affiliates), the relevant portion of such Tax Return will be prepared in accordance with past practices used with respect to the Cable Group or
Cable Assets in Tax Returns of Graham or its Subsidiaries (except (i) as otherwise provided in Section 7.06 (regarding the reporting of the Transactions), (ii) as required by applicable Tax Law or a Final Determination or to correct
any clear error or (iii) as a result of changes or elections made on any Tax Return of a Graham Consolidated Group that do not relate primarily to the Cable Group or Cable Assets); provided that Cable will not claim any bonus
depreciation deduction for any Pre-Distribution Period after the close of the 2014 Tax year and will not make, or request from the IRS, any change to any current Tax accounting method for any Pre-Distribution Period. To the extent any relevant Tax
items are not covered by past practices (or such past practices are not permissible under applicable Tax Law or a Final Determination), such items shall be treated in accordance with reasonable Tax accounting practices selected by the Responsible
Party, subject to the consent of the other Party (which consent will not be unreasonably withheld or delayed). 
 SECTION 3.04. Right to
Review Tax Returns. The Responsible Party with respect to any Tax Return will make such Tax Return (or the relevant portions thereof) and related workpapers available for review by the other Party, if requested by the other Party (the
“Requesting Party”), but only to the extent such Tax Return (or portions thereof) relates to Taxes or Tax benefits or refunds for which the Requesting Party or any of its Subsidiaries may be liable or have a claim, as applicable,
under this Agreement. The Responsible Party will use its reasonable best efforts to make such Tax Returns (or portions thereof) available for review sufficiently in advance of the due date for filing such Tax Returns so as to provide the Requesting
Party with a meaningful opportunity to analyze and comment on such Tax Returns (or portions thereof) and have such Tax Returns modified, if appropriate, before filing. The Parties will cooperate in good faith to resolve any issues arising out of the
review of such Tax Returns (or portions thereof). 

  
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 SECTION 3.05. Adjustment Requests. Unless the other Party consents to the contrary (which
consent will not be unreasonably withheld or delayed), (i) no Adjustment Request with respect to any Tax of any Graham Consolidated Group will be filed if it could reasonably give rise to an Indemnity Payment by Cable pursuant to this Agreement
and (ii) Cable and its Affiliates will make any available elections to waive the right to carry back any Tax attributes of Cable from any Post-Distribution Period of Cable to any Pre-Distribution Period of Cable and will not make any
affirmative election to claim any such carryback. Any Adjustment Request that the Parties consent to make under this Section 3.05 will be prepared by the Responsible Party under Sections 3.01 and 3.02 for the Tax Return to be adjusted. The
Party requesting the Adjustment Request will provide to the Responsible Party all information required for the preparation and filing of such Adjustment Request in such form and detail as reasonably requested by the Responsible Party. 

ARTICLE IV 
 TIMING AND
TREATMENT OF PAYMENTS 
 SECTION 4.01. Tax Payments. Each Party will timely pay to the relevant Tax Authority all Taxes that are
legally imposed on it and that are Taxes for which such Party may seek indemnification under this Agreement. 
 SECTION 4.02. Indemnity
Payments. (a) Each Indemnified Party will (i) timely compute any liabilities for which it may be entitled to indemnification under this Agreement and (ii) promptly (but in no event later than 15 business days after the date it
knows that such liabilities have been incurred) provide the Indemnifying Party with a written notice of any amounts due from such Indemnifying Party, accompanied by a statement detailing the liabilities incurred (including any Taxes paid) and
describing in reasonable detail the calculation of such liabilities; provided, however, that failure to give such notice will not affect the indemnification provided under this Agreement, except to the extent that the Indemnifying
Party has been actually and materially prejudiced as a result of such failure. 
 (b) Any Indemnity Payment under this Agreement for
liabilities incurred by an Indemnified Party will become due and payable upon the receipt by the Indemnifying Party of the written notice described in Section 4.02(a). Within 15 business days following the receipt by the Indemnifying Party of
such notice, the Indemnifying Party will pay to the Indemnified Party an amount of cash equal to such liabilities, together with interest computed at the Prime Rate based on the number of days from the later of (i) the date the liabilities are
incurred or (ii) the date the notice is received, to the date the Indemnifying Party makes such payment. 
 SECTION 4.03. Amount of
Indemnity Payments. The amount of any Indemnity Payment shall be (i) reduced to take into account any Tax benefit actually realized by the Indemnified Party resulting from the incurrence of the liability in respect of which the Indemnity
Payment is made and (ii) increased to take into account any Tax cost actually realized by the Indemnified Party resulting from the receipt of the Indemnity Payment (including any Taxes imposed on additional amounts payable pursuant to this
clause (ii) and any Taxes related to the inclusion in income of an “excess loss account” (within the meaning of Treasury Regulation § 1.1502-19) with respect to Cable stock that results from an Indemnity Payment made
pursuant to Section 2.02(b)). 

  
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 SECTION 4.04. Treatment of Certain Payments. (a) All Indemnity Payments made by
Graham to Cable (or, in each case, their respective Affiliates) are intended to be treated, and will be reported for Tax purposes, as capital contributions from Graham to Cable occurring immediately prior to the Distribution, except as required by a
Final Determination. All Indemnity Payments made by Cable to Graham (or, in each case, their respective Affiliates) are intended to be treated, and will be reported for Tax purposes, as distributions by Cable to Graham occurring immediately prior to
the Distribution, except as required by a Final Determination. 
 (b) Notwithstanding anything to the contrary herein, to the extent the
Indemnifying Party makes a payment of interest to the Indemnified Party, the interest payment will be treated as interest expense to the Indemnifying Party (deductible to the extent provided by applicable Tax Law) and as interest income by the
Indemnified Party (includible in income to the extent provided by applicable Tax Law). 
 ARTICLE V 

COOPERATION; TAX RECORDS; CONFIDENTIALITY 

SECTION 5.01. Cooperation. (a) The Parties will cooperate (and cause their respective Subsidiaries to cooperate) with each other
and with each other’s agents (including accounting firms and legal counsel) in connection with the matters covered by this Agreement, including (i) preparation and filing of Tax Returns, including Adjustment Requests, (ii) determining
the liability for and amount of any Taxes due (including estimated Taxes) or the right to and amount of any Tax benefit or refund, (iii) examinations of Tax Returns and (iv) any administrative or judicial proceeding in respect of Taxes
assessed or proposed to be assessed. In connection with the foregoing, the Parties and their respective Subsidiaries will make available to each other for inspection and copying during normal business hours upon reasonable notice all Tax Records in
their possession to the extent reasonably required by the other; provided that the requesting Party will reimburse the other Party for its reasonable out-of-pocket expenses, including professional fees and excluding compensation of the
Party’s officers, directors and employees. 
 (b) The Parties will make available to each other, as reasonably requested and available,
personnel (including officers, directors, employees and agents of the Parties or their respective Subsidiaries) responsible for preparing, maintaining and interpreting information and documents relevant to Taxes and personnel reasonably required as
witnesses or for purposes of providing information or documents in connection with any administrative or judicial proceedings relating to Taxes; provided that the requesting Party will reimburse the other Party for its reasonable
out-of-pocket expenses, including professional fees and excluding compensation of the Party’s officers, directors and employees. 

  
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 SECTION 5.02. Retention of Tax Records. Cable and Graham each will preserve and keep (or
cause to be preserved and kept) all Tax Records exclusively relating to the assets and activities of Cable for Pre-Distribution Periods that are in its possession or control for so long as the contents thereof may become material in the
administration of any matter under applicable Tax Law and, in any event, until the later of (i) the day that is 60 days after the expiration of any applicable statute of limitation and (ii) seven years after the Distribution Date. 

SECTION 5.03. Confidentiality. Any Tax information or Tax-related documents provided under this Agreement will be kept confidential by
the Party receiving such information or documents, except as may otherwise be necessary in connection with the filing of Tax Returns or in connection with any administrative or judicial proceedings relating to Taxes. 

ARTICLE VI 
 TAX CLAIM
PROCEDURES 
 SECTION 6.01. Tax Claim Notice. (a) Each Indemnified Party will promptly notify the Indemnifying Party of the
commencement of any demand, audit, examination, action, investigation, suit, proceeding or other proposed change or adjustment by any Tax Authority concerning any Tax, or any other adjustment or claim, (i) that could reasonably give rise to an
Indemnity Payment pursuant to this Agreement (each, a “Tax Claim”) or (ii) that could reasonably be expected to affect the Tax consequences of the Transactions to either Party. 

(b) Each Tax Claim notice will contain factual information (to the extent known) describing any asserted Tax liability in reasonable detail
and will be accompanied by copies of any notice and other documents received from any Tax Authority in respect of any such matters. 
 (c)
Failure to give such notice of any Tax Claim within a sufficient period of time or in reasonable detail to apprise the Indemnifying Party of the nature of such claim (in each instance taking into account the facts and circumstances with respect to
such claim) will not affect the indemnification provided under this Agreement, except to the extent that the Indemnifying Party has been actually and materially prejudiced as a result of such failure. 

SECTION 6.02. Control of Tax Claims. 

(a) In General. Subject to Section 6.02(b) and (c), the Indemnified Party will be entitled to exercise full control of the defense,
compromise or settlement of any Tax Claim, unless the Indemnifying Party (promptly after the receipt of notice of such Tax Claim in accordance with Section 6.01): 

(i) delivers a written confirmation to such Indemnified Party that the indemnity provisions of this Agreement are applicable to
such Tax Claim and that the Indemnifying Party will indemnify such Indemnified Party in respect of such Tax Claim pursuant to this Agreement; 

(ii) notifies such Indemnified Party in writing of the Indemnifying Party’s intention to assume the defense thereof; and

 (iii) retains legal counsel reasonably satisfactory to such Indemnified Party to conduct the defense of such Tax Claim;

  
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 in which case the Indemnifying Party will be entitled to exercise full control of the defense, compromise or
settlement of such Tax Claim. 
 (b) Transaction Taxes. In the case of any Tax Claim with respect to Transaction Taxes, Graham and
Cable will have the right to control jointly the defense, compromise or settlement of such Tax Claim (and neither Party will settle or compromise or consent to entry of any judgment with respect to any such Tax Claim without the prior written
consent of the other Party), except to the extent Graham waives all related indemnities of such Taxes under Section 2.02(b), in which case Graham will have the sole right to control the defense, compromise or settlement of such Tax Claim. In
the case of any Tax Claim over which Graham and Cable exercise joint control, the Parties will use their reasonable best efforts to resolve any disputes that arise with respect to the defense, compromise or settlement of such Tax Claim. 

(c) Combined Taxes. In the case of any Tax Claim with respect to any Tax of any Graham Consolidated Group that is not a Transaction
Tax, (i) to the extent permitted by applicable Law, each Party will control the defense of the portion of the Tax Claim directly and exclusively related to any proposed adjustment by a Tax Authority that would create or increase a Tax liability
for which it would be exclusively liable under this Agreement and (ii) in all other cases, the Parties will cooperate in good faith to achieve, as closely as possible, the same effect as if applicable Law did not prevent the application of
clause (i). 
 (d) Participation of Non-Controlling Party. Unless the Parties exercise joint control and except to the extent
Graham exercises sole control because it waived all related indemnities as provided in Section 6.02(b), the Party controlling the defense, compromise or settlement of any Tax Claim under this Section 6.02 will:

(i) notify the non-controlling Party of significant developments with respect to such Tax Claim; 

(ii) keep the non-controlling Party reasonably informed; 

(iii) consult with the non-controlling Party with respect to any issue that reasonably could be expected to have an adverse
effect on the non-controlling Party or any of its Subsidiaries (including by giving rise to an indemnity obligation of the non-Controlling Party); 

(iv) provide the non-controlling Party with an opportunity to attend, at the non-controlling Party’s own expense, as an
observer, settlement discussions and other conferences or meetings with respect to such Tax Claim; and 
 (v) notify the
non-controlling Party of its intention to settle or compromise any Tax Claim and the terms of such settlement or compromise. 

  
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 ARTICLE VII 

TAX MATTERS RELATING TO THE TRANSACTIONS 

SECTION 7.01. Termination of Tax Sharing Agreements. Prior to the Distribution, all Tax allocation or sharing agreements (other than
this Agreement) between one or more members of the Cable Group and one or more members of the Graham Group will terminate and all rights and obligations under such agreements will cease. 

SECTION 7.02. Tax Opinion Matters. Graham and Cable will use their reasonable best efforts to deliver to Cravath, Swaine &
Moore LLP the Tax Representation Letters. 
 SECTION 7.03. Mutual Representation. Each Party represents that it knows of no fact and
has no plan or intention to take any action that it knows or reasonably should expect is inconsistent with the qualification of the Transactions for their Intended Tax Treatment. 

SECTION 7.04. Cable Covenants. (a) Subject to Section 7.04(b), during the period that begins on the Distribution Date and
ends on (and includes) the second anniversary of the Distribution Date, Cable and its Subsidiaries will not, in any transaction or series of transactions: 

(i) liquidate Cable, including by way of merger, consolidation or conversion; 

(ii) enter into or cause or permit any transaction in connection with which one or more Persons (including Cable itself) would
(directly or indirectly) acquire, or have the right to acquire, from any other Person or Persons an interest in the stock of Cable that, when combined with any other acquisitions of the stock of Cable that occur after the Distribution, comprises
    % or more (by vote or by value) of the total outstanding shares of Cable; 
 (iii) cause or permit
Cable, directly or indirectly, to redeem or otherwise purchase any of its outstanding stock, except for purchases of outstanding shares of Cable common stock through stock purchases meeting the following requirements: (A) there is a good
business purpose for the stock purchases, (B) the stock to be purchased is widely held, (C) the stock purchases will be made on the open market and (D) the aggregate amount of stock purchases will be less than 20% of the total value
of the outstanding stock of Cable; 
 (iv) cause or permit Cable to sell or otherwise dispose of all or any material amount
of its assets; 
 (v) cause or permit Cable to cease to operate the Business in a manner substantially consistent with the
operation of the Business immediately before the Distribution; or 

  
 13 

 (vi) be treated as a real estate investment trust for U.S. Federal income Tax
purposes pursuant to an election made at any time. 
 For purposes of clause (ii) of this Section 7.04(a), (x) any recapitalization,
repurchase or redemption of the stock of Cable and any amendment to the certificate of incorporation (or other organizational documents) of Cable shall be treated as an indirect acquisition of the stock of Cable by any shareholder to the extent such
shareholder’s percentage interest in the total outstanding equity of Cable increases by vote or by value and (y) the following will not be taken into account: (A) transfers on an established market of the stock of Cable that are
described in Safe Harbor VII of Treasury Regulation § 1.355-7(d), (B) issuances of the stock of Cable that satisfy Safe Harbor VIII of Treasury Regulation § 1.355-7(d) (relating to acquisitions in connection with a
Person’s performance of services) and (C) issuances of the stock of Cable that satisfy Safe Harbor IX of Treasury Regulation § 1.355-7(d) (relating to acquisitions by a retirement plan of an employer). 

(b) Cable and its Subsidiaries may take any of the actions described in Section 7.04 if, prior to taking such action, Cable obtains: 

(i) a ruling from the IRS confirming that the proposed action will not adversely affect the Intended Tax Treatment; 

(ii) an unqualified “will” opinion of a nationally recognized Tax counsel, which opinion permits reliance by Graham
and is satisfactory to Graham in its reasonable discretion, to the effect that the proposed action will not adversely affect the Intended Tax Treatment; or 

(iii) the prior written consent of Graham, which consent may be provided or withheld by Graham in its sole discretion; 

provided that (A) in the case of (i) and (ii), such ruling or opinion, as applicable, is satisfactory to Graham in both form and substance
and (B) in each case, such ruling, opinion or consent, as applicable, is based on facts and representations provided by Cable or its Affiliates (and, if applicable, any counterparty to the proposed action) that are true, complete and correct in
all material respects. For each such ruling, opinion or consent described in this Section 7.04(b), Cable or its Affiliates (and, if applicable, any counterparty to the proposed action) will certify to Graham that the facts and representations
on which any such ruling, opinion or consent is based are true, complete and correct in all material respects. 
 SECTION 7.05. IRS
Ruling Requests. Cable covenants and agrees that, after the Distribution Date, it will not file, and it will cause its Subsidiaries to refrain from filing, any ruling request with the IRS (i) in respect of any part of the Transactions or
(ii) that may reasonably be expected to have any effect on the Tax treatment of the Transactions, in each case without the consent of Graham (which consent will not be unreasonably withheld or delayed); provided, however, that
Cable may request a ruling from the IRS that a transaction described in Section 7.04 will not adversely affect the Intended Tax Treatment. 

  
 14 

 SECTION 7.06. Tax Reporting of the Transactions. The Tax Returns (including all forms or
statements required by Section 6045B of the Code and Treasury Regulation § 1.355-5) of Graham, Cable and their respective Affiliates will report the Tax items relating to the Transactions consistent with the Intended Tax Treatment and
this Agreement, unless otherwise required by applicable Law or a Final Determination. 
 SECTION 7.07. Actions on the Distribution
Date. Cable will not take any action on the Distribution Date after the Distribution that is outside the ordinary course of business of Cable. 

SECTION 7.08. Protective Section 336(e) Election. (a) Graham will make a valid protective election under Section 336(e)
of the Code with respect to the Distribution, in accordance with Treasury Regulation §§ 1.336-2(h) and (j). Accordingly, Graham and Cable will timely enter into an agreement contemplated by Treasury Regulation
§ 1.336-2(h)(1)(i). Cable will cooperate with Graham to facilitate the making of such election. 
 (b) In the event that the
Distribution fails to qualify for the Intended Tax Treatment: 
 (i) If Graham is liable for Transaction Taxes pursuant to
Section 2.01, then Cable will pay to Graham 100% of any Tax benefits actually realized by Cable or any of its Affiliates as a result of the election described in Section 7.08(a) (net of Cable’s reasonable costs and expenses, including
professional fees, in determining the amount due), up to the total amount of Transaction Taxes for which Graham is liable; 

(ii) If Cable is liable for Transaction Taxes pursuant to Section 2.02, then no payment will be due. 

(c) In the event Section 7.08(b)(i) becomes applicable and payments become due hereunder, the Parties will cooperate in good faith to
implement Section 7.08(b)(i) in accordance with the principles that commonly apply to “tax receivable agreements”. 
 (d) For
the avoidance of doubt, Tax benefit matters addressed by this Section 7.08 will not be governed by Section 4.03. 
 ARTICLE VIII

 MISCELLANEOUS 

SECTION 8.01. Termination. This Agreement will be automatically terminated in the event that (i) the Distribution does not occur
or (ii) the Separation Agreement is terminated. In the event of the termination of this Agreement pursuant to this Section 8.01, this Agreement, except for the provisions of this Section 8.01, will become void and have no effect,
without any liability on the part of any Party or its directors, officers or stockholders. 
 SECTION 8.02. Late Payments. Any amount
owed by one Party to another Party under this Agreement that is not paid when due will bear interest at the Prime Rate plus 2%, compounded semiannually, from the due date of the payment to the date paid. 

  
 15 

 SECTION 8.03. No Duplicative Payment. Notwithstanding anything to the contrary in this
Agreement, it is intended that the provisions of this Agreement will not result in a duplicative payment of any amount required to be paid under the Separation Agreement or any Ancillary Agreement, and this Agreement will be construed accordingly.

 SECTION 8.04. Counterparts; Effectiveness. This Agreement may be executed in one or more counterparts, all of which counterparts
shall be considered one and the same agreement, and shall become effective when one or more counterparts have been signed by each Party and delivered to the other Party. This Agreement may be executed by facsimile or PDF signature and a facsimile or
PDF signature shall constitute an original for all purposes. 
 SECTION 8.05. Integration. In the event of any inconsistency between
this Agreement and the Separation Agreement or any other Ancillary Agreement, the provisions of this Agreement will control. 
 SECTION
8.06. Governing Law. This Agreement shall be governed by, and construed in accordance with, the Laws of the State of New York, regardless of the Laws that might otherwise govern under applicable principles of conflicts of laws thereof. Each
Party irrevocably consents to the exclusive jurisdiction, forum and venue of the Commercial Division of the Supreme Court of the State of New York, New York County and the United States District Court for the Southern District of New York over any
and all claims, disputes, controversies or disagreements between the Parties or any of their respective Subsidiaries, Affiliates, successors and assigns under or related to this Agreement or any document executed pursuant to this Agreement or any of
the transactions contemplated hereby or thereby. 
 SECTION 8.07. WAIVER OF JURY TRIAL. EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES
ANY RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT. 
 SECTION 8.08. Assignability.
Neither this Agreement nor any of the rights, interests or obligations under this Agreement shall be assigned, in whole or in part, by operation of law or otherwise by either Party without the prior written consent of the other Party. Any purported
assignment without such consent shall be void. Subject to the preceding sentences, this Agreement will be binding upon, inure to the benefit of, and be enforceable by, the Parties and their respective successors and assigns. Notwithstanding the
foregoing, either Party may assign this Agreement without consent in connection with (a) a merger transaction in which such Party is not the surviving entity and the surviving entity acquires or assumes all or substantially all of such
Party’s Assets or (b) the sale of all or substantially all of such Party’s Assets; provided, however, that the assignee expressly assumes in writing all of the obligations of the assigning Party under this Agreement, and
the assigning Party provides written notice and evidence of such assignment and assumption to the non-assigning Party. No assignment permitted by this Section 8.08 shall release the assigning Party from liability for the full performance of its
obligations under this Agreement. 
 SECTION 8.09. Third-Party Beneficiaries. (a) The provisions of this Agreement are solely
for the benefit of the Parties hereto and are not intended to confer upon any Person except the Parties hereto any rights or remedies hereunder, (b) there are no third-party 

  
 16 

 
beneficiaries of this Agreement and (c) this Agreement will not provide any third person with any remedy, claim, liability, reimbursement, cause of action or other right in excess of those
existing without reference to this Agreement. 
 SECTION 8.10. Notices. All notices or other communications under this Agreement
shall be in writing and shall be deemed to be duly given when (a) delivered in person, (b) on the date received, if sent by a nationally recognized delivery or courier service, or (c) upon the earlier of confirmed receipt or the fifth
business day following the date of mailing if sent by registered or certified mail, return receipt requested, postage prepaid, addressed as follows: 

If to Graham, to: 
 Graham
Holdings Company 
 1300 North 17th Street 

Arlington, VA 22209 
 Attn:
         General Counsel 
 E-mail:      *** 

Facsimile: (703) 345-6299 
 with a
copy to: 
 Cravath, Swaine & Moore LLP 

Worldwide Plaza 
 825 Eighth
Avenue 
 New York, NY 10019 

Attn:          Eric L. Schiele 

                  Lauren Angelilli 

E-mail:      *** 

                  *** 

Facsimile: (212) 474-3700 

If to Cable, to: 
 Cable One, Inc.

 210 East Earll Drive 

Phoenix, AZ 85012 
 Attn:
         General Counsel 
 E-mail:      *** 

Facsimile: (602) 364-6013 

with a copy to: 
 Perkins Coie LLP

 1201 Third Avenue, Suite 4900 

Seattle, WA 98101 
 Attn:
         Stewart M. Landefeld 

                  Eric A. DeJong 

E-mail:      *** 

                  *** 

Facsimile: (206) 359-4793 

  
 17 

 Either Party may, by notice to the other Party, change the address to which such notices are to
be given. 
 SECTION 8.11. Severability. If any provision of this Agreement or the application thereof to any Person or circumstance
is determined by a court of competent jurisdiction to be invalid, void or unenforceable, the remaining portions hereof, or the application of such provision to Persons or circumstances or in jurisdictions other than those as to which it has been
held invalid or unenforceable, shall remain in full force and effect and shall in no way be affected, impaired or invalidated thereby, so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner
materially adverse to either Party. Upon any such determination, any such provision, to the extent determined to be invalid, void or unenforceable, shall be deemed replaced by a provision that such court determines is valid and enforceable and that
comes closest to expressing the intention of the invalid, void or unenforceable provision. 
 SECTION 8.12. Headings. The article,
section and paragraph headings contained in this Agreement are for reference purposes only and will not affect in any way the meaning or interpretation of this Agreement. 

SECTION 8.13. Survival of Covenants. Except as expressly set forth in this Agreement, the covenants in this Agreement and the
liabilities for the breach of any obligations in this Agreement shall survive the Spin-Off and shall remain in full force and effect. 

SECTION 8.14. Specific Performance. In the event of any actual or threatened default in, or breach of, any of the terms, conditions and
provisions of this Agreement, the affected Party shall have the right to specific performance and injunctive relief or other equitable relief of its rights under this Agreement, in addition to any and all other rights and remedies at law or in
equity, and all such rights and remedies shall be cumulative. The other Party will not oppose the granting of such relief on the basis that money damages are an adequate remedy. The Parties agree that the remedies at law for any breach or threatened
breach hereof, including monetary damages, are inadequate compensation for any loss and that any defense in any action for specific performance that a remedy at law would be adequate is waived. Any requirements for the securing or posting of any
bond with such remedy are waived. 
 SECTION 8.15. Amendments. No provision of this Agreement shall be deemed waived, amended,
supplemented or modified by any Party unless such waiver, amendment, supplement or modification is in writing and signed by the authorized representative of each Party. 

SECTION 8.16. Interpretation. The rules of interpretation set forth in Section 12.14 of the Separation Agreement shall be
incorporated by reference to this Agreement, mutatis mutandis. 
 SECTION 8.17. Further Assurances. The Parties will execute
and deliver all documents, provide all information, and take or refrain from taking action as may be necessary or appropriate to achieve the purposes of this Agreement, including the execution and delivery to the other Party and its Subsidiaries and
representatives of such powers of attorney or other authorizing documentation as is reasonably necessary or appropriate in connection with Tax Claims (or portions thereof) under the control of the other Party in accordance with Article VI. 

  
 18 

 IN WITNESS WHEREOF, the Parties have caused this Tax Matters Agreement to be executed by their
duly authorized representatives. 
  

			
	GRAHAM HOLDINGS COMPANY,
		
			by
		
			  

			Name:
			Title:
	
	CABLE ONE, INC.,
		
			by
		
			  

			Name:
			Title:

  
 19EX-10.3

 Exhibit 10.3 

EMPLOYEE MATTERS AGREEMENT 
 By
and Between 
 GRAHAM HOLDINGS COMPANY 

and 
 CABLE ONE, INC. 

Dated as of                 , 2015 

 TABLE OF CONTENTS 
  

							
	 	  	 	  	Page	 
	
	ARTICLE I	  
	
	Definitions	 
			
	SECTION 1.01.	  	Definitions	  	 	1	 
	
	ARTICLE II	  
	
	General Principles	 
			
	SECTION 2.01.	  	Cable Employees	  	 	8	 
	SECTION 2.02.	  	Liabilities	  	 	8	 
	SECTION 2.03.	  	Benefit Plans	  	 	9	 
	SECTION 2.04.	  	Payroll Services	  	 	9	 
	
	ARTICLE III	  
	
	Annual Incentive Plans; Long-Term Incentive Plans	 
			
	SECTION 3.01.	  	Cable Annual Incentive Plans	  	 	9	 
	SECTION 3.02.	  	Cable Long-Term Incentive Plans	  	 	10	 
	
	ARTICLE IV	  
	
	Service Credit	 
			
	SECTION 4.01.	  	Graham Benefit Plans	  	 	10	 
	SECTION 4.02.	  	Cable Benefit Plans	  	 	10	 
	
	ARTICLE V	  
	
	Severance	 
			
	SECTION 5.01.	  	Severance Liabilities	  	 	10	 
	
	ARTICLE VI	  
	
	Certain Welfare Benefit Plan Matters	 
			
	SECTION 6.01.	  	Graham Welfare Plans	  	 	11	 
	SECTION 6.02.	  	Cable Welfare Plans	  	 	12	 
	SECTION 6.03.	  	Allocation of Welfare Benefit Claims	  	 	12	 
	SECTION 6.04.	  	COBRA	  	 	12	 

  
 i 

							
	ARTICLE VII	  
	
	Long-Term Disability	 
			
	SECTION 7.01.		Benefits		 	13	 
	SECTION 7.02.		Return to Work		 	13	 
	
	ARTICLE VIII	  
	
	Defined Benefit Pension Plans	 
			
	SECTION 8.01.		Graham Pension Plan		 	13	 
	SECTION 8.02.		Graham Defined Benefit SERP		 	14	 
	SECTION 8.03.		No Distributions		 	14	 
	SECTION 8.04.		Limitation of Liability		 	15	 
	
	ARTICLE IX	  
	
	Defined Contribution Plans	 
			
	SECTION 9.01.		Cable 401(k) Plan		 	15	 
	SECTION 9.02.		Trust-to-Trust Transfer		 	15	 
	SECTION 9.03.		Employer 401(k) Plan Contributions		 	16	 
	SECTION 9.04.		Cable Defined Contribution SERP		 	16	 
	 SECTION 9.05.
		No Distributions		 	16	 
	 SECTION 9.06.
		Limitation of Liability		 	17	 
	
	ARTICLE X	  
	
	Nonqualified Deferred Compensation	 
			
	SECTION 10.01.		Graham Deferred Compensation Plan		 	17	 
	SECTION 10.02.		No Distributions		 	17	 
	SECTION 10.03.		Limitation of Liability		 	17	 
	SECTION 10.04.		Individual Deferred Compensation Arrangement		 	18	 
	
	ARTICLE XI	  
	
	Medical Flexible Spending Arrangements;	  
	Medical Insurance Premiums	 
			
	SECTION 11.01.		Cafeteria Plan		 	18	 
	SECTION 11.02.		Remittances of Premiums and FSA Contributions		 	18	 
	SECTION 11.03.		Liabilities		 	19	 

  
 ii 

							
	ARTICLE XII	  
	
	Graham Equity Compensation Awards	 
			
	SECTION 12.01.		General Provisions		 	19	 
	SECTION 12.02.		Treatment of Outstanding Graham Stock Options Held by Cable Employees or Former Cable Employees		 	19	 
	SECTION 12.03.		Treatment of Outstanding Graham Restricted Shares Held by Graham Employees or Cable Employees		 	20	 
	SECTION 12.04.		Employee Withholding Tax Obligations		 	20	 
	SECTION 12.05.		Employer Tax Obligations; Tax Deductions		 	20	 
	SECTION 12.06.		Forfeited Restricted Shares		 	21	 
	SECTION 12.07.		Reports		 	21	 
	
	ARTICLE XIII	  
	
	Benefit Plan Reimbursements; Indemnification	 
			
	SECTION 13.01.		Benefit Plan Indemnification		 	21	 
	SECTION 13.02.		Cable Reimbursement of Graham for Post-Separation Welfare Plan Continuation Coverage		 	22	 
	
	ARTICLE XIV	  
	
	Cooperation; Production of Witnesses	 
			
	SECTION 14.01.		Cooperation		 	24	 
	SECTION 14.02.		Production of Witnesses; Records		 	24	 
	
	ARTICLE XV	  
	
	Termination	 
			
	SECTION 15.01.		Termination		 	24	 
	SECTION 15.02.		Effect of Termination		 	24	 
	
	ARTICLE XVI	  
	
	Indemnification	 
			
	SECTION 16.01.		Incorporation of Indemnification Provisions of Separation Agreement		 	25	 
	
	ARTICLE XVII	  
	
	Further Assurances and Additional Covenants	 
			
	SECTION 17.01.		Further Assurances		 	25	 

  
 iii 

							
	ARTICLE XVIII	  
	
	Miscellaneous	 
			
	SECTION 18.01.		Administration		 	26	 
	SECTION 18.02.		Data Privacy		 	26	 
	SECTION 18.03.		Section 409A		 	26	 
	SECTION 18.04.		Confidentiality		 	26	 
	SECTION 18.05.		Counterparts; Entire Agreement; Corporate Power		 	26	 
	SECTION 18.06.		Governing Law; Jurisdiction		 	26	 
	SECTION 18.07.		Assignability		 	26	 
	SECTION 18.08.		No Third-Party Beneficiaries		 	26	 
	SECTION 18.09.		Notices		 	27	 
	SECTION 18.10.		Severability		 	28	 
	SECTION 18.11.		Headings		 	28	 
	SECTION 18.12.		Survival of Covenants		 	28	 
	SECTION 18.13.		Waivers of Default		 	28	 
	SECTION 18.14.		Specific Performance		 	29	 
	SECTION 18.15.		Amendments		 	29	 
	SECTION 18.16.		Interpretation		 	29	 

  
 iv 

 EMPLOYEE MATTERS AGREEMENT (this “Agreement”), dated as of
                    , 2015, by and between GRAHAM HOLDINGS COMPANY, a Delaware corporation (“Graham”), and CABLE ONE, INC., a
Delaware corporation (“Cable”, and together with Graham, the “Parties”). 
 R E C I T A L S 

WHEREAS the Parties are entering into the Separation and Distribution Agreement (the “Separation Agreement”) concurrently
herewith, pursuant to which Graham intends to distribute to its shareholders its entire interest in Cable by way of a stock dividend to be made to holders of Graham Common Stock (as defined below) (the “Distribution”); and 

WHEREAS the Parties wish to set forth their agreements as to certain matters regarding employment, compensation, employee benefits and
arrangements with non-employee service providers. 
 NOW, THEREFORE, in consideration of the mutual agreements, provisions and covenants
contained in this Agreement, the Parties, intending to be legally bound, hereby agree as follows: 
 ARTICLE I 

Definitions 
 SECTION
1.01. Definitions. For purposes of this Agreement, the following terms shall have the following meanings. All capitalized terms used but not defined herein shall have the meanings assigned to them in the Separation Agreement unless otherwise
indicated. 
 “Action” shall mean any claim, demand, action, suit, countersuit, arbitration, inquiry, proceeding or
investigation by or before any Governmental Authority or any Federal, state, local, foreign or international arbitration or mediation tribunal. 

“Adjusted Graham Option” has the meaning set forth in Section 12.02. 

“Administrative Costs” has the meaning set forth in Section 13.02. 

“Ancillary Agreements” shall mean the TSA, TMA and any other instruments, assignments, documents and agreements executed in
connection with the implementation of the transactions contemplated by this Agreement. 
 “Applicable Exchange” shall mean,
with respect to Graham Common Stock, the New York Stock Exchange, and, with respect to Cable Common Stock, the New York Stock Exchange, or, in either case, such other securities exchange as may, at the applicable time, be the principal market for
the Graham Common Stock or the Cable Common Stock, as the case may be. 

 “Benefit Plan” shall mean any plan, program, policy, agreement, arrangement or
understanding that is an employment, consulting, deferred compensation, executive compensation, incentive bonus or other bonus, employee pension, profit sharing, savings, retirement, supplemental retirement, stock option, stock purchase, stock
appreciation right, restricted stock, restricted stock unit, deferred stock unit, other equity-based compensation, severance pay, retention, change in control, salary continuation, life, death benefit, health, hospitalization, sick leave, vacation
pay, disability or accident insurance or other employee benefit plan, program, agreement or arrangement, including any “employee benefit plan” (as defined in Section 3(3) of ERISA) (whether or not subject to ERISA), but excluding any
plan, program, policy, agreement, arrangement or understanding providing for benefits in respect of workers’ compensation claims. 

“Cable” has the meaning set forth in the preamble. 

“Cable 401(k) Plan” has the meaning set forth in Section 9.01. 

“Cable Benefit Plan” shall mean any Benefit Plan sponsored or maintained by any member of the Cable Group, or to which any
member of the Cable Group is a party, or in which any Cable Employee or Former Cable Employee participates by reason of such current or former employment with a member of the Cable Group, other than a Graham Benefit Plan. 

“Cable Cafeteria Plan” has the meaning set forth in Section 11.01. 

“Cable Common Stock” shall mean the common stock, $0.01 par value per share, of Cable. 

“Cable Defined Benefit SERP” has the meaning set forth in Section 8.02. 

“Cable Defined Contribution SERP” has the meaning set forth in Section 9.04. 

“Cable Deferred Compensation Plan” has the meaning set forth in Section 10.01. 

“Cable Employee” shall mean, as of any applicable date, each Employee employed by a member of the Cable Group, including any
individual who is not actively at work due to a leave of absence (including vacation, holiday, illness, injury or short-term disability but excluding, until such time as provided in Section 7.01, any Cable LTD Employee) from which such
employee is permitted to return to active employment in accordance with the Cable Group’s personnel policies, but excluding any Former Cable Employee. 

  
 2 

 “Cable Group” shall mean (a) Cable, (b) each Person that will be a
Subsidiary of Cable immediately prior to the Distribution, including the entities set forth on Schedule III of the Separation Agreement under the caption “Subsidiaries” and (c) each Person that becomes a Subsidiary of Cable after the
Distribution, including in each case any Person that is merged or consolidated with and into Cable or any Subsidiary of Cable. 

“Cable Indemnitees” shall mean Cable, each other member of the Cable Group and each of their respective former and current
directors, officers and Employees, and each of the heirs, executors, successors and assigns of any of the foregoing. 
 “Cable LTD
Employee” shall mean any Employee of the Cable Group who, as of the Distribution, is receiving long-term disability benefits under the Graham LTD Plan or who becomes eligible under the terms of the Graham LTD Plan to receive such benefits
as a result of a “disabling event” (within the meaning of the Graham LTD Plan) occurring prior to the Distribution. 

“Cable Restricted Share” shall have the meaning set forth in Section 12.03. 

“Cable Service Provider” shall mean, as of an applicable date, each Service Provider providing services to a member of the
Cable Group. 
 “Cable Welfare Plan” has the meaning set forth in Section 6.02. 

“COBRA” shall mean the U.S. Consolidated Omnibus Budget Reconciliation Act of 1985, as amended. 

“COBRA Employees” shall mean Pre-Distribution COBRA Employees, Continuation Period COBRA Employees and Post-Continuation
Period COBRA Employees. 
 “COBRA Liabilities” has the meaning set forth in Section 6.04. 

“COBRA Premium Amounts” has the meaning set forth in Section 6.04. 

“Code” shall mean the U.S. Internal Revenue Code of 1986, as amended. 

“Continuation Coverage” has the meaning set forth in Section 6.01. 

“Continuation Period” has the meaning set forth in Section 6.01. 

“Continuation Period COBRA Employees” has the meaning set forth in Section 6.04. 

“Distribution” has the meaning set forth in the recitals. 

“Distribution Ratio” shall mean the number of shares of Cable Common Stock to be distributed in respect of each share of
Graham Common Stock in the Distribution, which ratio shall be determined by the Graham Board of Directors prior to the Distribution. 

  
 3 

 “Employee” shall mean any individual employed by another Person. 

“Employment Taxes” shall mean all fees, Taxes, social insurance payments or similar contributions to a fund of a Governmental
Authority with respect to wages or other compensation of an Employee or Service Provider. 
 “ERISA” shall mean the
Employee Retirement Income Security Act of 1974, as amended. 
 “Equity Awards” shall mean Graham Options, Graham
Restricted Shares and Cable Restricted Shares. 
 “Former Cable Employee” shall mean, as of any applicable date, each
individual who is a former Employee of a member of the Cable Group; provided that, in the case of any former Employee of a member of the Cable Group who, following termination of such employment, becomes an Employee of the Graham Group, such
Employee shall only be considered a Former Cable Employee with respect to Liabilities relating to employment with the Cable Group; provided further that any such former Employee of a member of the Cable Group who, on or prior to the
Distribution becomes an Employee of the Graham Group, shall not be considered a Former Cable Employee for purposes of any of the following provisions: Section 2.03 (relating to cessation of active participation in Graham Benefit Plans);
Section 2.04 (relating to termination of payroll services); the first sentence of Section 6.01 (relating to post-Distribution participation in Graham Welfare Plans); Section 6.02 (relating to cessation of
participation in Graham Welfare Plans); Section 8.01 (relating to cessation of active participation in the Graham Pension Plan); Article VIII (relating to the Cable Defined Benefit SERP); Section 9.02 (relating to
transfer of account balances to the Cable 401(k) Plan); Section 9.04 (relating to the Cable Defined Contribution SERP); Section 10.01 (relating to the Cable Deferred Compensation Plan); Article XII (relating to
treatment of Equity Awards) and Section 13.02 (relating to post-Distribution participation in Graham Welfare Plans). 

“Former Cable Service Provider” shall mean each individual or entity that is a former Service Provider of a member of the
Cable Group. 
 “Former Graham Employee” shall mean, as of any applicable date, each individual who is a former Employee of
a member of the Graham Group, excluding, except to the extent provided in Section 2.02, any Cable Employee. 
 “FSA
Amount” has the meaning set forth in Section 11.02. 
 “Governmental Authority” shall mean any
Federal, state, local, domestic, foreign or international court, government, department, commission, board, bureau, agency, official or other legislative, judicial, regulatory, administrative or governmental authority. 

  
 4 

 “Graham” has the meaning set forth in the preamble. 

“Graham 401(k) Plan” has the meaning set forth in Section 9.01. 

“Graham Benefit Plan” shall mean any Benefit Plan sponsored or maintained by any member of the Graham Group or to which any
member of the Graham Group is a party. 
 “Graham Benefit Plan Rebate” has the meaning set forth in
Section 13.02. 
 “Graham Cafeteria Plan” has the meaning set forth in Section 11.01. 

“Graham Common Stock” shall mean the common stock, $0.01 par value per share, of Graham. 

“Graham Continuation Plan” has the meaning set forth in Section 6.01. 

“Graham Deferred Compensation Plan” has the meaning set forth in Section 10.01. 

“Graham Defined Benefit SERP” has the meaning set forth in Section 8.02. 

“Graham Defined Contribution SERP” has the meaning set forth in Section 9.04. 

“Graham Employee” shall mean, as of any applicable date, each Employee employed by a member of the Graham Group, including
any individual who is not actively at work due to a leave of absence (including vacation, holiday, illness, injury, short-term disability or long-term disability) from which such employee is permitted to return to active employment in accordance
with the Graham Group’s personnel policies, but excluding any Former Graham Employee; provided that, solely for the purposes of Article XII (relating to the treatment of Graham Restricted Shares), the term “Graham
Employee” shall include any non-Employee director of the Graham Group. 
 “Graham Group” shall mean Graham and each of
its Subsidiaries. 
 “Graham Indemnitee” shall mean Graham, each other member of the Graham Group and each of their
respective former and current directors, officers and Employees, and each of the heirs, executors, successors and assigns of any of the foregoing. 

“Graham Life Insurance Plan” shall mean the Graham Holdings Company Life Insurance Plan. 

  
 5 

 “Graham LTD Plan” shall mean the Graham Holdings Company Long-Term Disability
Plan. 
 “Graham Option” has the meaning set forth in Section 12.01. 

“Graham Price Ratio” shall mean the quotient obtained by dividing (a) the Graham Post-Distribution Stock Value by
(b) the Graham Pre-Distribution Stock Value. 
 “Graham Pension Plan” has the meaning set forth in
Section 8.01. 
 “Graham Post-Distribution Stock Value” shall mean the simple average of the volume weighted
average per share price of Graham Common Stock trading on the Applicable Exchange during Regular Trading Hours on the first five Trading Days following the date of the Distribution. 

“Graham Pre-Distribution Stock Value” shall mean the simple average of the volume weighted average per share price of Graham
Common Stock trading “regular way with due bills” on the Applicable Exchange during the Regular Trading Hours on the date of the Distribution and the four immediately preceding Trading Days. 

“Graham Restricted Share” has the meaning set forth in Section 12.03. 

“Graham Share Ratio” shall mean the quotient obtained by dividing (a) the Graham Pre-Distribution Stock Value by
(b) the Graham Post-Distribution Stock Value. 
 “Graham Welfare Plan” shall mean each Welfare Plan that is a Graham
Benefit Plan. 
 “Group” shall mean either the Graham Group or the Cable Group, as the context requires. 

“HCSA” shall mean the Health Flexible Spending Account under the applicable Graham Continuation Plan. 

“HIPAA” shall mean the Health Insurance Portability and Accountability Act of 1996, as amended. 

“Health Reimbursement Account” has the meaning set forth in Section 6.01. 

“Information” shall mean information, whether or not patentable or copyrightable, in written, oral, electronic or other
tangible or intangible forms, stored in any medium, including studies, reports, records, books, contracts, instruments, surveys, discoveries, ideas, concepts, know-how, techniques, designs, specifications, drawings, blueprints, diagrams, models,
prototypes, samples, flow charts, data, computer data, disks, diskettes, tapes, computer programs or other software, marketing plans, customer names, communications by or to attorneys (including attorney-client privileged communications), memos and
other materials prepared by attorneys or under their direction (including attorney work product) and other technical, financial, Employee, Service Provider or business information or data. 

  
 6 

 “Liabilities” shall mean any and all claims, debts, demands, actions, causes of
action, suits, damages, obligations, accruals, accounts payable, reckonings, bonds, indemnities and similar obligations, agreements, promises, guarantees, make whole agreements and similar obligations and other liabilities and requirements,
including all contractual obligations, whether absolute or contingent, matured or unmatured, liquidated or unliquidated, accrued or unaccrued, known or unknown, whenever arising and including those arising under any law, rule, regulation, Action,
threatened or contemplated Action, order or consent decree of any Governmental Authority or any award of any arbitrator or mediator of any kind and those arising under any contract, commitment or undertaking, including those arising under this
Agreement, in each case, whether or not recorded or reflected or required to be recorded or reflected on the books and records or financial statements of any Person. For the avoidance of doubt, Liabilities (a) shall include attorneys’
fees, the costs and expenses of all assessments, judgments, settlements and compromises and any and all other costs and expenses whatsoever reasonably incurred in connection with anything contemplated by the preceding sentence and (b) shall not
include liabilities or requirements related to Taxes. 
 “Person” shall mean an individual, a general or limited
partnership, a corporation, a trust, a joint venture, an unincorporated organization, a limited liability company, any other entity and any Governmental Authority. 

“Post-Continuation Period COBRA Employees” has the meaning set forth in Section 6.04. 

“Premium Amount” has the meaning set forth in Section 11.02. 

“Pre-Distribution COBRA Employees” has the meaning set forth in Section 6.04. 

“Previously Funded Amount” has the meaning set forth in Section 13.02. 

“Regular Trading Hours” shall mean the period beginning at 9:30 A.M. New York City time and ending at 4:00 P.M. New York City
time. 
 “Run-Out Period” has the meaning set forth in Section 13.02. 

“Run-Out Schedule” has the meaning set forth in Section 13.02. 

“Service Provider” shall mean any individual or entity providing services for another Person, whether as an independent
contractor or other similar role (other than as an Employee). 

  
 7 

 “Subsidiary” of any Person shall mean any corporation or other organization
whether incorporated or unincorporated of which at least a majority of the securities or interests having by the terms thereof ordinary voting power to elect at least a majority of the board of directors or others performing similar functions with
respect to such corporation or other organization is directly or indirectly owned or controlled by such Person or by any one or more of its Subsidiaries, or by such Person and one or more of its Subsidiaries; provided, however, that
(a) no Person that is not directly or indirectly wholly owned by any other Person shall be a Subsidiary of such other Person unless such other Person controls, or has the right, power or ability to control, that Person and (b) solely for
purposes of this Agreement, Cable and its Subsidiaries shall not be considered Subsidiaries of Graham (or members of the Graham Group) prior to, on or after the Distribution. 

“Taxes” shall mean all forms of taxation or duties imposed, or required to be collected or withheld, including (but not
limited to) all forms of income taxes, social insurance charges, payroll tax payments or other tax-related amounts, together with any related interest, penalties or other additional amounts. 

“TMA” shall mean the Tax Matters Agreement dated as of the date of this Agreement by and between Graham and Cable. 

“Trading Day” shall mean the period of time during any given calendar day, commencing with the determination of the opening
price on the Applicable Exchange and ending with the determination of the closing price on the Applicable Exchange. 

“TSA” shall mean the Transition Services Agreement dated as of the date of this Agreement by and between Graham and Cable.

 “Welfare Plan” shall mean each Benefit Plan that provides life insurance, health care, dental care, accidental death and
dismemberment insurance, disability, severance, vacation, flexible spending accounts or other group welfare or fringe benefits. 

“Withholding Amount” shall have the meaning set forth in Section 12.04. 

ARTICLE II 
 General
Principles 
 SECTION 2.01. Cable Employees. All Cable Employees as of immediately prior to the Distribution shall continue to be
Cable Employees immediately following the Distribution. 
 SECTION 2.02. Liabilities. Except as otherwise specifically provided in
this Agreement, the members of the Cable Group shall be responsible for all actual or potential employment and other Liabilities with respect to Cable Employees and Former Cable Employees arising prior to, at or after the Distribution relating to
periods during which such Cable Employees and Former Cable Employees were employed by any member of the Cable Group. Except as otherwise specifically provided in this 

  
 8 

 
Agreement, the provisions of this Agreement do not apply to Cable Service Providers and Former Cable Service Providers, and the members of the Cable Group shall be responsible for all actual or
potential Liabilities relating to services provided by Cable Service Providers and Former Cable Service Providers to members of the Cable Group, including (a) Liabilities relating to the misclassification of any Person as a Service Provider and
not as an Employee of a member of the Cable Group, (b) Liabilities for Taxes (including any Employment Taxes) with respect to such Cable Service Provider or Former Cable Service Provider, (c) accounts payable owed to any Cable Service
Provider or Former Cable Service Provider and (d) any claims made by any Cable Service Provider or Former Cable Service Provider with respect to benefits under any Benefit Plan. Except as otherwise specifically provided in this Agreement or as
relates to any periods of service for, or employment with, any member of the Cable Group, the members of the Cable Group shall not be responsible for any actual or potential employment and other Liabilities with respect to Graham Employees, Former
Graham Employees or current or former Service Providers of the Graham Group, whether arising prior to, at or after the Distribution. 

SECTION 2.03. Benefit Plans. Except as otherwise specifically provided in this Agreement or as may otherwise be provided in the TSA, as
of the Distribution, each Cable Employee and each Former Cable Employee (and each of their respective dependents and beneficiaries) shall cease active participation in, and each member of the Cable Group shall cease to be a participating employer
in, all Graham Benefit Plans, including the Graham Benefit Plans listed on Schedule 2.03, and, as of such time, Cable shall, or shall cause its Subsidiaries to, have in effect such corresponding Cable Benefit Plans as are necessary to comply with
its obligations pursuant to this Agreement. As of immediately following the Distribution, except as otherwise specifically provided in this Agreement, (a) Graham shall, or shall cause one or more members of the Graham Group to, retain, pay,
perform, fulfill and discharge all Liabilities arising out of or relating to all Graham Benefit Plans, and (b) Cable shall, or shall cause one of the members of the Cable Group to, retain, pay, perform, fulfill and discharge all Liabilities
arising out of or relating to all Cable Benefit Plans. 
 SECTION 2.04. Payroll Services. Subject to the TSA, prior to, at and
after the Distribution, the members of the Cable Group shall be solely responsible for providing payroll services to the Cable Employees and Former Cable Employees. 

ARTICLE III 
 Annual Incentive
Plans; Long-Term Incentive Plans 
 SECTION 3.01. Cable Annual Incentive Plans. At and after the Distribution, the members of the
Cable Group shall retain all Liabilities with respect to any annual bonus or other short-term incentive awards to or in respect of Cable Employees and Former Cable Employees that relate to the year that includes the Distribution under any Cable
Benefit Plan, including any such awards under the Benefit Plans that are set forth on Schedule 3.01. 

  
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 SECTION 3.02. Cable Long-Term Incentive Plans. At and after the Distribution, the members
of the Cable Group shall retain all Liabilities with respect to any long-term incentive awards to or in respect of Cable Employees and Former Cable Employees under any Cable Benefit Plan that is a long-term incentive plan, including any such awards
under the Benefit Plans that are set forth on Schedule 3.02. 
 ARTICLE IV 

Service Credit 
 SECTION
4.01. Graham Benefit Plans. As of the Distribution, the service of Cable Employees with any member of the Cable Group or any other employer, as applicable, other than any member of the Graham Group, shall not be taken into account for any
purpose under any Graham Benefit Plan, except as otherwise specifically provided in this Agreement. 
 SECTION 4.02. Cable Benefit
Plans. Unless prohibited by applicable law, Cable shall, and shall cause its Subsidiaries to, credit service accrued by each Cable Employee with, or otherwise recognized for benefit plan purposes by, any member of the Graham Group or the Cable
Group at the time of or prior to the Distribution for purposes of (a) eligibility and vesting under each Cable Benefit Plan under which service is relevant in determining eligibility or vesting, (b) determining the amount of severance
payments and benefits (if any) payable under each Cable Benefit Plan that provides severance payments or benefits and (c) determining the number of vacation days to which each such Employee will be entitled following the Distribution, in the
case of clauses (a), (b) and (c), to the same extent recognized by the relevant members of the Graham Group or Cable Group or the corresponding Graham Benefit Plan or Cable Benefit Plan immediately prior to the Distribution, except to the
extent such credit would result in a duplication of benefits for the same period of service. 
 ARTICLE V 

Severance 
 SECTION 5.01.
Severance Liabilities. The members of the Cable Group shall retain all Liabilities and be solely responsible for all severance or other separation payments and benefits relating to the termination or alleged termination of any Cable
Employee’s or Former Cable Employee’s employment with a member of the Cable Group that occurs prior to, at or after the Distribution. 

  
 10 

 ARTICLE VI 

Certain Welfare Benefit Plan Matters 

SECTION 6.01. Graham Welfare Plans. Without limiting the generality of Section 2.02 and notwithstanding
Section 2.03, (i) the Cable Employees and Former Cable Employees (and their respective dependents and beneficiaries) who are participants in the Graham Welfare Plans identified on Schedule 6.01 (the “Graham Continuation
Plans”) as of the Distribution may continue to participate in such Graham Continuation Plans for the period commencing on the date of the Distribution and ending December 31, 2015, and (ii) the Cable Employees and Former Cable
Employees (and their respective dependents and beneficiaries) who become eligible to participate in the Graham Continuation Plans after the Distribution but prior to December 31, 2015 in accordance with the terms of such plans (other than any
individuals who became a Cable Employee outside of the course of ordinary business (e.g., pursuant to an acquisition or extraordinary transaction)) may participate in the Graham Continuation Plans for the period commencing on the date of such
eligibility, as applicable, and ending December 31, 2015 (such period described in clauses (i) or (ii), as the context requires, the “Continuation Period”, and such coverage, the “Continuation Coverage”).
For purposes of this Agreement, if a Cable Employee is a participant in the HCSA on December 31, 2015, the Continuation Period shall also include the period ending March 15, 2016 solely with respect to expenses otherwise eligible for
reimbursement from the HCSA. Cable shall notify Graham in writing as soon as possible, and in all cases, (A) within five (5) days, in the case of any change in employment status (including but not limited to termination of employment) or
(B) within thirty-one (31) days, in the case of any other change, in each case, of a Cable Employee or Former Cable Employee that affects such Employee’s eligibility for Continuation Coverage under the Graham Continuation Plans;
provided, however, that such notice will be deemed given to the extent of any such changes that are timely and validly entered by a member of the Cable Group directly into the applicable shared Human Resources Information System. The
Continuation Coverage under the Graham Continuation Plans shall be on the same general terms and conditions as in effect immediately prior to the Distribution, including the Cable Group’s obligation to fund by no later than the 15th of each
month the budgeted amounts (i.e., Graham’s determination of the estimated costs in excess of premium payments payable by members of the Cable Group) payable to the Graham Group in respect of the Graham Continuation Plans and the Cable
Group’s obligation to reimburse Graham in accordance with Section 13.02, subject to any amendment or modification to any Graham Continuation Plan that becomes effective following the Distribution and relates to similarly situated
Graham Employees. Graham’s obligation to provide Continuation Coverage shall be subject to any necessary consents of any third-party vendors and insurance carriers in respect of the Graham Continuation Plans. The Cable Employees shall have the
opportunity to use their phantom account balances under the Aetna Health Fund (“Health Reimbursement Account”) under Graham Continuation Plans during the Continuation Period; provided that any portion of such balances that
remain unused as of December 31, 2015 shall not be transferred to Cable or the Cable Welfare Plans (as hereinafter defined) and shall be forfeited on such date, subject to any applicable run-out period set forth in the Health Reimbursement
Account. In order to implement the provisions of this Section 6.01, Cable and Graham shall reasonably cooperate in the exchange of information, notification to Cable Employees and in the preparation of any documentation required to be
filed with any Governmental Authority; provided, however, that the Graham Group shall only be required to disclose information to the Cable Group with respect to Continuation Coverage to the extent specifically permitted under the
applicable provisions of HIPAA and any other similar applicable law. 

  
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 SECTION 6.02. Cable Welfare Plans. As of (a) the Distribution, in the case of Graham
Welfare Plans that are not Graham Continuation Plans, and (b) the expiration of the Continuation Period, in the case of Graham Continuation Plans, each Cable Employee and Former Cable Employee will cease participation with respect to themselves
and their respective dependents and beneficiaries in the applicable Graham Welfare Plan. Cable shall, or shall cause its Subsidiaries to have in effect Welfare Plans (collectively, the “Cable Welfare Plans”) as of (i) the
Distribution, in the case of Cable Welfare Plans corresponding to the Graham Welfare Plans described in clause (a) above, and (ii) January 1, 2016, in the case of Cable Welfare Plans corresponding to the Graham Welfare Plans described
in clause (b) above, in each case, that will provide welfare benefits to the Cable Employees and Former Cable Employees (and their respective dependents and beneficiaries). 

SECTION 6.03. Allocation of Welfare Benefit Claims. Notwithstanding Section 2.03, and other than in connection with the
Continuation Coverage under the Graham Continuation Plans at and after the Distribution, (a) the members of the Graham Group shall retain Liability and responsibility in accordance with the applicable Graham Welfare Plan for all reimbursement
claims (such as medical and dental claims) for expenses incurred and for all non-reimbursement claims (such as life insurance claims) incurred by Cable Employees and Former Cable Employees (and their dependents and beneficiaries) under such plans
prior to the Distribution and (b) the members of the Cable Group shall retain Liability and responsibility in accordance with the Cable Welfare Plans for all reimbursement claims (such as medical and dental claims) for expenses incurred and for
all non-reimbursement claims (such as life insurance claims) incurred by Cable Employees and Former Cable Employees (and their dependents and beneficiaries) on or after the Distribution. Notwithstanding the foregoing, Cable shall be obligated to
reimburse Graham for any such claims and expenses as provided in Article XIII. For purposes of this Section6.03, a benefit claim shall be deemed to be incurred as follows: (i) health, dental, vision and prescription drug benefits
(including in respect of any hospital confinement), upon provision of such services, materials or supplies; and (ii) life, accidental death and dismemberment and business travel accident insurance benefits, upon the death, cessation of
employment or other event giving rise to such benefits; and (iii) notwithstanding the above, with respect to any fully insured benefits, the insurance premium shall be treated as a claim at the time such premium is due, and benefits payable by
the insurer shall not be considered a claim. 
 SECTION 6.04. COBRA. Notwithstanding Section 2.03, (a) at and after
the Distribution, Graham and the Graham Welfare Plans shall be responsible for all Liabilities in respect of COBRA and any applicable similar state laws (the “COBRA Liabilities”) with respect to Cable Employees and Former Cable
Employees (and their respective dependents) who became eligible to receive continued health coverage under such laws prior to the Distribution (the “Pre-Distribution COBRA Employees”), (b) during the Continuation Period and
subject to Cable’s obligation to reimburse Graham in accordance with Section 13.02, Graham and the Graham Welfare Plans shall provide 

  
 12 

 
continued health coverage with respect to Cable Employees and Former Cable Employees (and their respective dependents) who became eligible to receive such coverage under COBRA or any applicable
similar state law after the Distribution but on or prior to December 31, 2015 (the “Continuation Period COBRA Employees”), and (c) as of January 1, 2016, Cable and the Cable Welfare Plans shall be responsible for all
COBRA Liabilities with respect to the Continuation Period COBRA Employees and Cable Employees and Former Cable Employees (and their respective dependents) who became eligible to receive continued health coverage under COBRA or any applicable similar
state law after the Distribution (the “Post-Continuation Period COBRA Employees”); provided that Continuation Period COBRA Employees shall, during the Continuation Period, remit the premiums required for each such
participant’s participation in the applicable plan(s) (the “COBRA Premium Amounts”) directly to the third-party administrator of the applicable governing plan (in accordance with past practice) within the time required under
the governing plan documents. In addition, Cable shall indemnify, defend and hold harmless the members of the Graham Group from and against any and all Liabilities relating to, arising out of or resulting from COBRA provided by Cable, or the failure
of Cable to meet its COBRA obligations to Cable Employees, Former Cable Employees and their respective dependents. 
 ARTICLE VII 

Long-Term Disability  

SECTION 7.01. Benefits. Except as otherwise specifically provided in this Agreement and subject to Section 7.02, at and
after the Distribution, the Cable LTD Employees shall be deemed to be Graham Employees for purposes of this Agreement, including participation in the Graham LTD Plan and eligibility to receive continued benefits under the Graham Life Insurance Plan.

 SECTION 7.02. Return to Work. To the extent required by applicable Cable policies, as in effect from time to time, and applicable
law, Cable shall, or shall cause its Subsidiaries to, employ any Cable LTD Employee at such time, if ever, as such Cable LTD Employee is ready to return to active employment, and from and after the time such Cable LTD Employee returns to active
employment, such Employee shall no longer be deemed a Graham Employee and shall be deemed a Cable Employee for purposes of this Agreement. 

ARTICLE VIII 
 Defined Benefit
Pension Plans 
 SECTION 8.01. Graham Pension Plan. Effective as of the Distribution, each Cable Employee or Former Cable
Employee who is a participant as of immediately prior to the Distribution in The Retirement Plan for Graham Holdings Company (including the Secure Retirement Account and Cash Balance schedules thereunder) (the “Graham Pension Plan”)
shall cease active participation in the Graham Pension Plan and, 

  
 13 

 
without limiting the generality of Section 4.01, service with any member of the Cable Group or any other employer other than any member of the Graham Group from and after the
Distribution shall not be taken into account for any purpose under the Graham Pension Plan. At the Distribution, the accrued benefit of each Cable Employee under the Graham Pension Plan, if unvested, shall become immediately vested, subject to
compliance with applicable law. Notwithstanding any provision of this Agreement to the contrary, following the Distribution, the Graham Group shall retain sponsorship of the Graham Pension Plan and all assets and Liabilities arising out of or
relating to the Graham Pension Plan in respect of Cable Employees and Former Cable Employees, and the Graham Pension Plan shall make payments to Cable Employees and Former Cable Employees with vested rights thereunder in accordance with the terms of
the Graham Pension Plan as in effect from time to time and their applicable beneficiaries. The obligations of the members of the Cable Group to provide information to the members of the Graham Group in connection with Cable Employees and Former
Cable Employees participating in the Graham Pension Plan are set forth in Section 14.01. Notwithstanding Section 2.03, Cable shall not have any obligation to establish a tax-qualified defined benefit pension plan from and
after the Distribution. 
 SECTION 8.02. Graham Defined Benefit SERP. Effective as of the Distribution, the Cable Group shall
establish a defined benefit supplemental executive retirement plan for the benefit of certain Cable Employees and Former Cable Employees (the “Cable Defined Benefit SERP”) as a continuation of the Graham Defined Benefit SERP.
Effective as of the Distribution, Cable and its Subsidiaries shall be responsible for all Liabilities with respect to the Graham Defined Benefit SERP relating to Cable Employees and Former Cable Employees, and, from and after the Distribution, Cable
and its Subsidiaries shall be solely liable for all payments to any such Cable Employee and Former Cable Employee under the Cable Defined Benefit SERP. Cable and its Subsidiaries shall make payments to such Cable Employees and Former Cable Employees
with rights under the Graham Defined Benefit SERP in accordance with the terms of such plan (which, for purposes of clarity, shall be incorporated into the Cable Defined Benefit SERP), as in effect from time to time. Cable and its Subsidiaries shall
be solely responsible for all obligations relating to reporting of Taxes to the appropriate Governmental Authority and remitting the amounts of any such Taxes required to be withheld (including any Employment Taxes) to the appropriate Governmental
Authority in connection with payments to Cable Employees and Former Cable Employees with rights under the Graham Defined Benefit SERP and in connection with payments to Cable Defined Benefit SERP participants. Notwithstanding
Section 2.03 or anything in this Section 8.02 to the contrary, Cable shall not have any obligation to allow Cable Employees or Former Cable Employees to accrue additional benefits under the Cable Defined Benefit SERP from and
after the Distribution. At and after the Distribution, Graham shall cooperate in good faith to assist the Cable Group in the administration of the Cable Defined Benefit SERP with respect to the matters set forth on Schedule 8.02. 

SECTION 8.03. No Distributions. The Parties acknowledge that none of the transactions contemplated by this Agreement or the Separation
Agreement will trigger a payment or distribution of compensation under the Graham Defined Benefit SERP for any Cable Employee or Former Cable Employee and, consequently, the 

  
 14 

 
payment or distribution of any compensation to which any such Cable Employee or Former Cable Employee is entitled under the Graham Defined Benefit SERP will occur upon such Employee’s
separation from service from Cable or its Subsidiaries or at such other time as provided pursuant to the Cable Defined Benefit SERP. 

SECTION 8.04. Limitation of Liability. For the avoidance of doubt, Graham shall have no responsibility for any failure of Cable to
properly administer the Cable Defined Benefit SERP in accordance with its terms and applicable law, including any failure to properly administer the accounts of Cable Employees, Former Employees and their respective beneficiaries in the Cable
Defined Benefit SERP, other than any failure that is the direct result of the receipt by a member of the Cable Group or the Cable Defined Benefit SERP of incorrect information from a member of the Graham Group or an Employee of a member of the
Graham Group; provided, however, that in no event shall any member of the Graham Group have any responsibility for any failure that would have occurred in the absence of the receipt of such inaccurate information. 

ARTICLE IX 
 Defined
Contribution Plans 
 SECTION 9.01. Cable 401(k) Plan. Effective as of the Distribution, Cable will establish a defined
contribution plan that includes a qualified cash or deferred arrangement within the meaning of Section 401(k) of the Code (the “Cable 401(k) Plan”) providing benefits to Cable Employees and Former Cable Employees participating
in The Savings Plan for GHC Divisions (the “Graham 401(k) Plan”) as of the Distribution. 
 SECTION 9.02. Trust-to-Trust
Transfer. As soon as practicable following the Distribution, a member of the Graham Group shall cause to be transferred from the Graham 401(k) Plan to the Cable 401(k) Plan the assets and Liabilities relating to the account balances of Cable
Employees and Former Cable Employees in accordance with the applicable requirements of all applicable laws, including the Code. From and after the time that the transfer is complete, as described in the immediately preceding sentence, a member of
the Cable Group shall administer the accounts of Cable Employees and Former Cable Employees in the Cable 401(k) Plan in accordance with all applicable laws, including the Code. Such transfer of assets and Liabilities shall consist of a transfer in
kind of all account balances referred to in the first sentence of this Section 9.02, including such Liabilities for the beneficiaries of the Cable Employees and Former Cable Employees and accrued benefit Liabilities arising under any
applicable qualified domestic relations order. As soon as practicable following the Distribution, a member of the Cable Group shall direct the trustee of the Cable 401(k) Plan to accept such transfers of assets and Liabilities from the Graham 401(k)
Plan. Following the foregoing transfer, the Cable Group and/or the Cable 401(k) Plan shall assume all Liabilities of the Graham Group under the Graham 401(k) Plan with respect to all participants in the Graham 401(k) Plan whose balances were
transferred to the Cable 401(k) Plan and their beneficiaries pursuant to such transfer, and the Graham Group and the Graham 401(k) Plan shall have no Liabilities to provide such participants with benefits under the Graham 401(k) Plan following such
transfer. Cable shall not permit any participant in the Cable 

  
 15 

 
401(k) Plan to make any additional investments in the stock fund holding Graham Common Stock or in any of the funds listed on Schedule 9.02 from and after the time that the trust-to-trust
transfer contemplated in this Section 9.02 is effected. Graham and Cable shall use reasonable efforts to minimize the duration of any “blackout period” imposed in connection with each transfer of account balances from the
Graham 401(k) Plan to the Cable 401(k) Plan. 
 SECTION 9.03. Employer 401(k) Plan Contributions. The Cable Group shall remain
responsible for employer contributions under the Graham 401(k) Plan or Cable 401(k) Plan, as applicable, with respect to any Cable Employees or Former Cable Employees relating to periods prior to, on and after the Distribution. In the event that any
such contribution relates to a payroll period that begins prior to the Distribution but ends after the Distribution, the Cable Group shall make such contribution to the Cable 401(k) Plan following the Distribution. 

SECTION 9.04. Cable Defined Contribution SERP. Effective as of the Distribution, the Cable Group shall establish a defined contribution
supplemental executive retirement plan for the benefit of certain Cable Employees and Former Cable Employees (the “Cable Defined Contribution SERP”) as a continuation of the Graham Defined Contribution Supplemental Executive
Retirement Plan (the “Graham Defined Contribution SERP”). Effective as of the Distribution, Cable and its Subsidiaries shall be responsible for all Liabilities with respect to the Graham Defined Contribution SERP relating to Cable
Employees and Former Cable Employees, and, from and after the Distribution, Cable and its Subsidiaries shall be solely liable for all payments to any such Cable Employee and Former Cable Employee under the Cable Defined Contribution SERP. Cable and
its Subsidiaries shall make payments to such Cable Employees and Former Cable Employees with rights under the Graham Defined Contribution SERP in accordance with the terms of such plan (which, for purposes of clarity, shall be incorporated into the
Cable Defined Contribution SERP), as in effect from time to time. Cable and its Subsidiaries shall be solely responsible for all obligations relating to reporting of Taxes to the appropriate Governmental Authority and remitting the amounts of any
such Taxes required to be withheld (including any Employment Taxes) to the appropriate Governmental Authority in connection with payments to Cable Employees and Former Cable Employees with rights under the Graham Defined Contribution SERP and in
connection with payments to Cable Defined Contribution SERP participants. Notwithstanding Section 2.03 or anything in this Section 9.04 to the contrary, except as required to comply with Section 409A of the Code, Cable
shall not have any obligation to allow Cable Employees or Former Cable Employees to accrue additional benefits under the Cable Defined Contribution SERP from and after the Distribution. 

SECTION 9.05. No Distributions. The Parties acknowledge that none of the transactions contemplated by this Agreement or the Separation
Agreement will trigger a payment or distribution of compensation under the Graham Defined Contribution SERP for any Cable Employee or Former Cable Employee and, consequently, the payment or distribution of any compensation to which any such Cable
Employee or Former Cable Employee is entitled under the Graham Defined Contribution SERP will occur upon such Employee’s separation from service from Cable or its Subsidiaries or at such other time as provided pursuant to the Cable Defined
Contribution SERP. 

  
 16 

 SECTION 9.06. Limitation of Liability. For the avoidance of doubt, Graham shall have no
responsibility for any failure of Cable to properly administer the Cable 401(k) Plan or the Cable Defined Contribution SERP in accordance with their terms and applicable law, including any failure to properly administer the accounts of Cable
Employees, Former Employees and their respective beneficiaries in such Cable 401(k) Plan or Cable Defined Contribution SERP, other than any failure that is the direct result of the receipt by a member of the Cable Group, the Cable 401(k) Plan or the
Cable Defined Contribution SERP of incorrect information from a member of the Graham Group or an Employee of a member of the Graham Group; provided, however, that in no event shall any member of the Graham Group have any responsibility
for any failure that would have occurred in the absence of the receipt of such inaccurate information. 
 ARTICLE X 

Nonqualified Deferred Compensation 

SECTION 10.01. Graham Deferred Compensation Plan. Effective as of the Distribution, the Cable Group will establish a nonqualified
deferred compensation plan (the “Cable Deferred Compensation Plan”). Pursuant to the Cable Deferred Compensation Plan, the Cable Group will be responsible for all Liabilities with respect to the Graham Deferred Compensation Plan
(the “Graham Deferred Compensation Plan”) relating to Cable Employees and Former Cable Employees. From and after the Distribution, Cable shall indemnify, defend and hold harmless the members of the Graham Group from and against any
and all Liabilities relating to, arising out of or resulting from the participation of the Cable Employees and Former Cable Employees in the Cable Deferred Compensation Plan. Notwithstanding Section 2.03 or anything in this
Section 10.01 to the contrary, except as required to comply with Section 409A of the Code, Cable shall not have any obligation to allow Cable Employees or Former Cable Employees to defer additional amounts or accrue additional
benefits under the Cable Deferred Compensation Plan from and after the Distribution. 
 SECTION 10.02. No Distributions. The Parties
acknowledge that none of the transactions contemplated by this Agreement or the Separation Agreement will trigger a payment or distribution of compensation under the Graham Deferred Compensation Plan for any Cable Employee or Former Cable Employee
and, consequently, that the payment or distribution of any compensation to which any such Cable Employee or Former Cable Employee is entitled under the Graham Deferred Compensation Plan will occur upon such Employee’s separation from service
from Cable or its Subsidiaries or at such other time as provided pursuant to the Cable Deferred Compensation Plan or by such Employee’s deferral election. 

SECTION 10.03. Limitation of Liability. For the avoidance of doubt, Graham shall have no responsibility for any failure of Cable to
properly administer the Cable Deferred Compensation Plan in accordance with its terms and applicable law, 

  
 17 

 
including any failure to properly administer the accounts of Cable Employees, Former Employees and their respective beneficiaries in such Cable Deferred Compensation Plan, other than any failure
that is the direct result of the receipt by a member of the Cable Group or the Cable Deferred Compensation Plan of incorrect information from a member of the Graham Group or an Employee of a member of the Graham Group; provided,
however, that in no event shall any member of the Graham Group have any responsibility for any failure that would have occurred in the absence of the receipt of such inaccurate information. 

SECTION 10.04. Individual Deferred Compensation Arrangement. Cable will continue to honor the individual deferred compensation
arrangement listed on Schedule 10.04. 
 ARTICLE XI  

Medical Flexible Spending Arrangements; 

Medical Insurance Premiums 

SECTION 11.01. Cafeteria Plan. In order to facilitate the Continuation Coverage in accordance with Section 6.01, no later
than the Distribution, Cable shall, or shall cause one of its Subsidiaries, to have in effect a cafeteria plan qualifying under Section 125 of the Code (the “Cable Cafeteria Plan”) that will continue in effect through
December 31, 2015 in respect of elections made by the Cable Employees pursuant to the Code Section 125 cafeteria plan sponsored by the any member of the Graham Group (the “Graham Cafeteria Plan”), which elections will
apply to participation in the Graham Continuation Plans until December 31, 2015. 
 SECTION 11.02. Remittances of Premiums and FSA
Contributions. Cable shall, or shall cause one of its Subsidiaries to, honor and continue through the last paycheck of 2015, the payroll deductions and salary reductions made through the Cable Cafeteria Plan that are required for each Cable
Employee’s continued active participation in the Cable Cafeteria Plan in respect of (i) the premiums (if any) required for each Cable Employee’s participation in the Graham Continuation Plans (such amounts, the “Premium
Amounts”) and (ii) the contributions (if any) elected to be made by the Cable Employees to the flexible spending reimbursement accounts that constitute a component of the Graham Continuation Plans (such amounts, the “FSA
Amounts”). Cable shall remit the Premium Amounts and FSA Amounts to Graham by no later than the fifth business day following the end of each month during the Continuation Period (in all events, in accordance with the timing applicable to
such remittances prior to the Distribution), commencing with the month of the Distribution. At the reasonable request of Graham, Cable shall provide Graham with a summary for each Cable Employee of such Cable Employee’s Premium Amounts and FSA
Amounts (in each case, if any) paid or contributed during the relevant month during the Continuation Period within 15 business days of such request. 

  
 18 

 SECTION 11.03. Liabilities. Cable shall indemnify, defend and hold harmless the members of
the Graham Group from and against any and all Liabilities relating to, arising out of or resulting from the Cable Cafeteria Plan. 
 ARTICLE
XII 
 Graham Equity Compensation Awards 

SECTION 12.01. General Provisions. Each option to purchase shares of Graham Common Stock (each, a “Graham Option”)
that is outstanding as of the Distribution and is held by a Cable Employee or Former Cable Employee shall be adjusted as described below; provided, however, that, effective immediately prior to the Distribution, the Compensation
Committee of the Board of Directors of Graham may provide for different adjustments with respect to some or all of a holder’s Graham Options. For greater certainty, any adjustments made by the Compensation Committee of the Board of Directors of
Graham shall be deemed incorporated by reference herein as if fully set forth below and shall be binding on the parties hereto and their respective Subsidiaries. The adjustments provided in Section 12.02 with respect to any Graham
Options are intended to be effected in a manner that is consistent with Sections 424(a) and 409A of the Code. 
 SECTION 12.02. Treatment
of Outstanding Graham Stock Options Held by Cable Employees or Former Cable Employees. The employment of each Cable Employee with Graham and its Affiliates will be treated as terminated as of the Distribution for purposes of any outstanding
Graham Option held by such Cable Employee. Subject to any required action by the Graham Board (or a duly authorized committee thereof), effective upon the Distribution, (a) each outstanding unvested Graham Option that, as of the Distribution,
is held by a Cable Employee shall be automatically canceled and forfeited and (b) each outstanding vested Graham Option that, as of the Distribution, is held by a Cable Employee or Former Cable Employee, shall remain outstanding through the
period specified in the applicable award agreement for such Graham Option (each, an “Adjusted Graham Option”) and shall, except as otherwise provided in this Section 12.02, be subject to the same terms and conditions
after the Distribution as applicable to such Graham Option immediately prior to the Distribution; provided, however, that from and after the Distribution: 

(i) the per share exercise price of each such Adjusted Graham Option shall be equal to the product of (A) the per share
exercise price of the corresponding Graham Option immediately prior to the Distribution multiplied by (B) the Graham Price Ratio, rounded up to the nearest whole cent; and 

(ii) the number of shares of Graham Common Stock subject to each such Adjusted Graham Option shall be equal to the product of
(A) the number of shares of Graham Common Stock subject to the corresponding Graham Option immediately prior to the Distribution multiplied by (B) the Graham Share Ratio, with any fractional share rounded down to the nearest whole share.

  
 19 

 SECTION 12.03. Treatment of Outstanding Graham Restricted Shares Held by Graham Employees or
Cable Employees. In connection with the Distribution, each Graham Employee or Cable Employee who holds restricted shares of Graham Common Stock (“Graham Restricted Shares”) will generally receive, as of the time of the
Distribution, restricted shares of Cable Common Stock (“Cable Restricted Shares”) in accordance with the terms and conditions of the awards agreements for such Graham Restricted Shares, in an amount determined in the same manner as
for other shareholders of Graham Common Stock based on the Distribution Ratio, rounded down to the nearest whole number of shares. The treatment of any fractional shares in respect of such Cable Restricted Shares will be treated in accordance with
Section 5.02 of the Separation Agreement. Such Cable Restricted Shares shall be subject to the same vesting requirements and dates and other terms and conditions as the Graham Restricted Shares to which they relate (including the right to
receive dividends or other distributions paid on Cable Common Stock). Immediately prior to the Distribution, each Cable Employee holding Graham Restricted Shares as of the Distribution shall become vested pro rata in a percentage of such Graham
Restricted Shares, with such percentage calculated by dividing (i) the number of full months elapsed from the effective grant date of such Graham Restricted Shares through the Distribution by (ii) the number of full months elapsed from the
effective grant date of such Graham Restricted Shares through the original vesting date. Any Cable Common Stock received by such Cable Employee in respect of such vested Graham Restricted Shares upon the Distribution shall also be deemed vested. As
the employment of each Cable Employee with Graham and its Affiliates will be treated as terminated as of the Distribution for purposes of the Graham Restricted Shares, any outstanding unvested Graham Restricted Shares shall be automatically canceled
and forfeited effective upon the Distribution (and, for the avoidance of doubt, no Cable Common Stock shall be issued upon the Distribution in respect of such Graham Restricted Shares). 

SECTION 12.04. Employee Withholding Tax Obligations. Upon vesting or exercise, as applicable, of any Equity Awards, the applicable
Employee shall, in accordance with and to the extent permitted under the Graham policy (in the case of Equity Awards relating to Graham Common Stock) or Cable policy (in the case of Equity Awards relating to Cable Common Stock) applicable to the
vesting or exercise of such Equity Awards, either (i) pay to Graham (in the case of Graham Employees or Former Graham Employees) or to Cable (in the case of Cable Employees or Former Cable Employees) an amount in cash equal to the Withholding
Amount attributable to such vesting or exercise, or (ii) deliver instructions to the applicable brokerage to sell a number of shares of Cable Common Stock or Graham Common Stock, as applicable, that, upon sale, would result in an amount
realized by such holder equal to the Withholding Amount attributable to such vesting or exercise. For purposes of this Section 12.04, the “Withholding Amount” shall mean the employee-paid portion of any Taxes (including
any Employment Taxes) required to be withheld upon the applicable event. 
 SECTION 12.05. Employer Tax Obligations; Tax Deductions.
Graham and Cable hereby acknowledge and agree that, notwithstanding any provision of this Article XII to the contrary, (a) the members of the Cable Group shall be solely responsible for all obligations relating to reporting of Taxes to
the appropriate 

  
 20 

 
Governmental Authority and withholding and remitting the amounts of any such Taxes required to be withheld (including any Employment Taxes) to the appropriate Governmental Authority in connection
with any Equity Awards held by Cable Employees or Former Cable Employees and Graham shall not have any responsibility or Liability with respect thereto, other than as provided in Section 12.07, and (b) the members of the Graham
Group shall be solely responsible for all obligations relating to reporting of Taxes to the appropriate Governmental Authority and remitting the amounts of any such Taxes required to be withheld (including any Employment Taxes) to the appropriate
Governmental Authority in connection with any Equity Awards held by Graham Employees or Former Graham Employees and Cable shall not have any responsibility or Liability with respect thereto, other than as provided in Section 12.07;
provided, however, that the Parties shall cooperate in good faith to take any steps necessary to ensure that any Withholding Amount received pursuant to Section 12.04 by a Party who is not responsible for withholding and
remitting such amount to the appropriate Governmental Authority in accordance with this Section 12.05 is paid over or remitted to the applicable responsible Party as promptly as reasonably practicable. The rights and obligations of the
Parties with respect to Tax deductions relating to the Equity Awards shall be governed by Section 2.06 of the TMA. 
 SECTION 12.06.
Forfeited Restricted Shares. Notwithstanding the foregoing, the Parties hereby acknowledge and agree that, in respect of any Cable Restricted Shares that are forfeited by a Graham Employee or Former Graham Employee following the Distribution,
the Parties shall ensure that the appropriate transfer agent returns such Cable Restricted Shares to Cable. Cable will be authorized to cancel any and all such certificates representing Cable Restricted Shares so forfeited and to cause any book
entry to be made in the records of Cable in respect of such Cable Restricted Shares so forfeited. For the avoidance of doubt, forfeited Cable Restricted Shares held by a Graham Employee or Former Graham Employee shall be delivered to Cable without
any reimbursement by Cable to Graham for such forfeited Cable Restricted Shares. 
 SECTION 12.07. Reports. For so long as any Equity
Award in respect of Graham Common Stock is outstanding and held by a Cable Employee or Former Cable Employee, or any Equity Award in respect of Cable Common Stock is outstanding and held by a Graham Employee or Former Graham Employee,
(a) Graham shall provide Cable with the reports listed on Schedule 12.07(a) hereto at the times specified therein and (b) Cable shall provide Graham with the reports listed on Schedule 12.07(b) hereto at the times specified
therein. 
 ARTICLE XIII 

Benefit Plan Reimbursements; Indemnification 

SECTION 13.01. Benefit Plan Indemnification. With respect to each Graham Benefit Plan or Cable Benefit Plan, Cable shall indemnify,
defend and hold harmless the members of the Graham Group and the Graham Benefit Plans from and against any and all Liabilities relating to, arising out of or resulting from participation in any such plan by any Cable Employee or Former Cable
Employee, regardless of whether 

  
 21 

 
such participation relates to a period that was prior to, at or after the Distribution; provided, however, that the foregoing obligations shall not apply in the event of any
Liabilities arising out of gross negligence or wilful or intentional misconduct by any member of the Graham Group or any Employee of any member of the Graham Group. With respect to each Graham Benefit Plan or Cable Benefit Plan, Graham shall
indemnify, defend and hold harmless the members of the Cable Group and the Cable Benefit Plans from and against any and all Liabilities arising out of gross negligence or wilful or intentional misconduct by any member of the Graham Group or any
Employee of any member of the Graham Group; provided, however, that in no event shall any member of the Graham Group be responsible for the cost of any compensation or benefits that the relevant member of the Cable Group would have
incurred in the absence of any gross negligence or wilful or intentional misconduct by the relevant member of the Graham Group or the relevant Employee of any member of the Graham Group. 

SECTION 13.02. Cable Reimbursement of Graham for Post-Separation Welfare Plan Continuation Coverage. (a) As promptly as
practicable following December 31, 2015, Graham will provide Cable with a summary that sets forth the following: (i) the aggregate amounts paid by a member of the Graham Group during the 2015 calendar year (whether prior to, at or after
the Distribution) for welfare benefit claims in respect of the Cable Employees and Former Cable Employees (excluding COBRA Employees) and their dependents and beneficiaries under the Graham Continuation Plans, to the extent not fully covered by
insurance (if applicable); (ii) the aggregate amounts paid by a member of the Graham Group during the Continuation Period for welfare benefit claims in respect of Continuation Period COBRA Employees and their dependents and beneficiaries under
the Graham Continuation Plans; (iii) the aggregate amounts reimbursed during the 2015 calendar year to the Cable Employees or Former Cable Employees pursuant to the flexible spending reimbursement accounts under the Graham Continuation Plans;
(iv) the aggregate premiums paid during the 2015 calendar year by the Graham Group to third-party insurance providers in respect of coverage of the Cable Employees or Former Cable Employees (and their dependents and beneficiaries); and
(v) the aggregate administrative costs and any legal fees incurred by the Graham Group in respect of participation by the Cable Employees, the Former Cable Employees and their dependents and beneficiaries in the Graham Continuation Plans during
the 2015 calendar year (including such costs and fees in respect of the Continuation Period COBRA Employees incurred at or after the Distribution) (which, for example purposes only and not by means of limitation, shall include ASO fees, consulting
fees, ancillary costs such as mailing and printing, and other similar fees and costs) (such costs, the “Administrative Costs”). Within 10 business days following Cable’s receipt of such summary, Cable shall make a cash payment
to Graham in an amount equal to the sum of the amounts determined pursuant to the foregoing clauses (i) through (v), less the Previously Funded Amounts. For these purposes, the “Previously Funded Amounts” shall mean, without
duplication of any amounts, the sum of (A) the aggregate Premium Amounts remitted to Graham by Cable in accordance with Section 11.02 and the aggregate corresponding payroll deductions and salary reductions made through the Graham
Cafeteria Plan during the period from January 1, 2015 through the Distribution in respect of the premiums for each Cable Employee’s or Former Cable Employee’s participation in the Graham Continuation Plans prior to the start of the

  
 22 

 
Continuation Period, (B) the aggregate FSA Amounts remitted to Graham by Cable in accordance with Section 11.02 and the aggregate corresponding payroll deductions and salary
reductions made through the Graham Cafeteria Plan during the period from January 1, 2015 through the Distribution in respect of the contributions, if any, elected to be made by the Cable Employees or Former Cable Employees to the flexible
spending reimbursement accounts that constitute a component of the Graham Continuation Plans prior to the start of the Continuation Period, (C) the aggregate COBRA Premium Amounts, (D) the monthly budgeted amounts paid by the Cable Group
during the 2015 calendar year (whether paid prior to the Distribution or at or after the Distribution in accordance with Section 6.01) to the Graham Group in respect of the Graham Continuation Plans and (E) any rebates or
reimbursements received during the 2015 calendar year by a member of the Graham Group from any third party (whether from a vendor, a Governmental Authority or any other third party) that relate to amounts paid by a member of the Cable Group pursuant
to this Agreement or the TSA in connection with participation by Cable Employees and Former Cable Employees in any Graham Benefit Plan (such refunds and rebates, the “Graham Benefit Plan Rebates”). 

(b) Promptly following the end of each calendar quarter during the period commencing on January 1, 2016 and ending on March 31,
2018, respectively (each period, a “Run-Out Period”), Graham will provide Cable with a reconciliation schedule (each, a “Run-Out Schedule”) that sets forth (i) the aggregate amounts paid by a member of the
Graham Group during the respective Run-Out Period for welfare benefit claims in respect of the Cable Employees, Former Cable Employees and Continuation Period COBRA Employees (but not including Pre-Distribution COBRA Employees) and their dependents
and beneficiaries under the Graham Continuation Plans, to the extent not fully covered by insurance (if applicable) and (ii) the aggregate Administrative Costs incurred during the respective Run-Out Period, to the extent not fully reimbursed in
accordance with Section 13.02(a). Within 10 business days following Purchaser’s receipt of each Run-Out Schedule with respect to each respective Run-Out Period, Cable shall make a cash payment to Graham in an amount equal to the
aggregate amount set forth on the applicable Run-Out Schedule. 
 (c) As promptly as practicable following the end of each month during the
Continuation Period, Graham shall provide Cable with a monthly summary of the aggregate amounts paid by a member of the Graham Group in respect of each category described in Sections 13.02(a)(i) through (v) above. The first such summary
shall cover amounts paid during the period commencing January 1, 2015 and ending on the last day of the month in which the Distribution occurs, and each subsequent summary shall cover amounts paid during the immediately preceding month. In the
event that such costs are greater in any material respect than such costs were in the ordinary course of business consistent with past practice, at Cable’s reasonable request, Graham shall provide additional information regarding such costs as
promptly as practicable; provided, however, that the Graham Group shall only be required to disclose information to the Cable Group pursuant to this sentence to the extent specifically permitted under the applicable provisions of HIPAA
and any other similar applicable law. 

  
 23 

 (d) The payments contemplated by this Section 13.02 shall not reduce, and are in
addition to, any amounts payable under the TSA. 
 ARTICLE XIV 

Cooperation; Production of Witnesses 

SECTION 14.01. Cooperation. Following the date of this Agreement, the Parties shall, and shall cause their respective Subsidiaries to,
use commercially reasonable efforts to cooperate with respect to any Employee compensation or benefits matters that either Party reasonably determines require the cooperation of the other Party in order to accomplish the objectives of this
Agreement. Without limiting the generality of the preceding sentence, (a) Graham and Cable shall cooperate in connection with any audits of any Benefit Plan with respect to which such Party may have Information, (b) Graham and Cable shall
cooperate in connection with any audits of their respective payroll services (whether by a Governmental Authority in the U.S. or otherwise) in connection with the services provided by one Party to the other Party and (c) Graham and Cable shall
cooperate in administering the Graham Pension Plan and the Graham Defined Benefit SERP. The obligations of the Graham Group and the Cable Group to cooperate pursuant to this Section 14.01 shall remain in effect until the later of
(i) the date all audits of all Benefit Plans with respect to which a Party may have Information have been completed or (ii) the date the applicable statute of limitations with respect to such audits has expired. 

SECTION 14.02. Production of Witnesses; Records. Without limiting the foregoing, Section 7.07 of the Separation Agreement is
hereby incorporated into this Agreement mutatis mutandi. 
 ARTICLE XV 

Termination 
 SECTION
15.01. Termination. This Agreement may be terminated by Graham, in its sole discretion, at any time prior to the Distribution; provided, however, that this Agreement shall automatically terminate upon the termination of the
Separation Agreement in accordance with its terms. 
 SECTION 15.02. Effect of Termination. In the event of any termination of this
Agreement prior to the Distribution, none of the Parties (or any of its directors or officers) shall have any Liability or further obligation to any other Party under this Agreement. 

  
 24 

 ARTICLE XVI 

Indemnification 
 SECTION
16.01. Incorporation of Indemnification Provisions of Separation Agreement. In addition to the specific indemnification provisions in this Agreement, Sections 6.02 through 6.09 of the Separation Agreement are hereby incorporated into
this Agreement mutatis mutandi. 
 ARTICLE XVII 

Further Assurances and Additional Covenants 

SECTION 17.01. Further Assurances. (a) In addition to the actions specifically provided for elsewhere in this Agreement, each of
the Parties shall use reasonable best efforts, prior to, on and after the Distribution, to take, or cause to be taken, all actions, and to do, or cause to be done, all things, reasonably necessary, proper or advisable under applicable laws,
regulations and agreements to consummate and make effective the transactions contemplated by this Agreement. 
 (b) Without limiting the
foregoing, prior to, on and after the Distribution, each Party shall cooperate with the other Party, without any further consideration, but at the expense of the requesting Party, (i) to execute and deliver, or use reasonable best efforts to
execute and deliver, or cause to be executed and delivered, all instruments, including any instruments of conveyance, assignment and transfer as such Party may reasonably be requested to execute and deliver by the other Party, (ii) to make, or
cause to be made, all filings with, and to obtain, or cause to be obtained, all Consents of any Governmental Authority or any other Person under any permit, license, agreement, indenture or other instrument, (iii) to obtain, or cause to be
obtained, any Governmental Approvals or other Consents required to effect the Spin-Off and (iv) to take, or cause to be taken, all such other actions as such Party may reasonably be requested to take by the other Party from time to time,
consistent with the terms of this Agreement, the Separation Agreement and the Ancillary Agreements, in order to effectuate the provisions and purposes of this Agreement and any transactions contemplated hereby. 

(c) On or prior to the Distribution, Graham and Cable, in their respective capacities as direct and indirect shareholders of their respective
Subsidiaries, shall each ratify any actions that are reasonably necessary or desirable to be taken by any member of the Cable Group or any Subsidiary of Graham, as the case may be, to effectuate the transactions contemplated by this Agreement. 

(d) Prior to the Distribution, if either Party identifies any commercial or other service that is needed to ensure a smooth and orderly
transition of its business in connection with the consummation of the transactions contemplated hereby, the Parties will cooperate in determining whether there is a mutually acceptable arm’s-length basis on which the other Party will provide
such service. 

  
 25 

 ARTICLE XVIII 

Miscellaneous 
 SECTION
18.01. Administration. Cable hereby acknowledges that Graham has provided administration services for certain Cable Benefit Plans, including the Graham Continuation Plans during the Continuation Period, and Cable agrees to assume
responsibility for the administration and administration costs of such plans and each other Cable Benefit Plan, except as otherwise set forth in the TSA. The Parties shall cooperate in good faith to complete such transfer of responsibility on
commercially reasonable terms and conditions effective no later than the Distribution. 
 SECTION 18.02. Data Privacy. The Parties
agree that any applicable data privacy laws and any other obligations of the Cable Group and the Graham Group to maintain the confidentiality of any Employee Information in accordance with applicable law shall govern the disclosure of Employee
Information among the Parties under this Agreement. Graham and Cable shall ensure that they each have in place appropriate technical and organizational security measures to protect the personal data of the Cable Employees and Former Cable Employees.
Cable shall be responsible for ensuring that it has in place appropriate technical and organizational security measures to protect the personal data of Cable Service Providers and Former Cable Service Providers. Additionally, each Party shall sign a
business associate agreement, in accordance with the HIPAA, and such additional documentation as may be required to comply with applicable data privacy laws. 

SECTION 18.03. Section 409A. Graham and Cable shall cooperate in good faith so that the transactions contemplated by this
Agreement and the Separation Agreement will not result in adverse tax consequences under Section 409A of the Code to any Cable Employee or Former Cable Employee (or any of their respective beneficiaries), in respect of their respective benefits
under any Benefit Plan. 
 SECTION 18.04. Confidentiality. Section 7.08 of the Separation Agreement is hereby incorporated into
this Agreement mutatis mutandi. 
 SECTION 18.05. Counterparts; Entire Agreement; Corporate Power. Section 12.01 of the
Separation Agreement is hereby incorporated into this Agreement mutatis mutandi. 
 SECTION 18.06. Governing Law;
Jurisdiction. Section 12.02 of the Separation Agreement is hereby incorporated into this Agreement mutatis mutandi. 

SECTION 18.07. Assignability. Section 12.03 of the Separation Agreement is hereby incorporated into this Agreement mutatis
mutandi. 
 SECTION 18.08. No Third-Party Beneficiaries. Except for the indemnification rights under this Agreement of any Graham
Indemnitee or Cable Indemnitee in their respective capacities as such, this Agreement is solely for the benefit of the Parties and no current or former director, officer, Employee or Service Provider of

  
 26 

 
any member of the Graham Group or any member of the Cable Group or any other individual associated therewith (including any beneficiary or dependent thereof), or any trustee of any Benefit Plan
of a Party or their respective Subsidiaries shall be regarded for any purpose as a third-party beneficiary of this Agreement and no provision of this Agreement shall create such rights in any such persons in respect of any benefits that may be
provided, directly or indirectly, under any Graham Benefit Plan or any Cable Benefit Plan. Furthermore, no provision of this Agreement shall constitute a limitation on the rights to amend, modify or terminate any Graham Benefit Plan or any Cable
Benefit Plan and nothing herein shall be construed as an amendment to any such Benefit Plan. No provision of this Agreement shall require any member of the Graham Group or any member of the Cable Group to continue the employment of any Employee or
the services of any Service Provider of any member of either Group for any specific period of time following the Distribution. 
 SECTION
18.09. Notices. All notices or other communications under this Agreement shall be in writing and shall be deemed to be duly given when (a) delivered in person, (b) on the date received, if sent by a nationally recognized delivery or
courier service or (c) upon the earlier of confirmed receipt or the fifth business day following the date of mailing if sent by registered or certified mail, return receipt requested, postage prepaid, addressed as follows: 

If to Graham, to: 
 Graham
Holdings Company 
 1300 North 17th Street 

Arlington, VA 22209 
 Attn:
General Counsel 
 E-mail: *** 

Facsimile: (703) 345-6299 
 with
a copy to: 
 Cravath, Swaine & Moore LLP 

Worldwide Plaza 
 825 Eighth
Avenue 
 New York, NY 10019 

Attn: Eric Schiele 
 E-mail: ***

 Facsimile: (212) 474-3700 

  
 27 

 If to Cable, to: 

Cable One, Inc. 
 210 E. Earll
Drive 
 Phoenix, AZ 85012 

Attn: General Counsel 
 E-mail:
*** 
 Facsimile: (602) 364-6013 

with a copy to: 
 Perkins Coie
LLP 
 1201 Third Avenue, Suite 4900 

Seattle, WA 98101 
 Attn:
    Stewart M. Landefeld 
              Eric A. DeJong

 E-mail: *** 

             *** 

Facsimile: (206) 359-4793 

Any Party may, by notice to the other Parties, change the address to which such notices are to be given. 

SECTION 18.10. Severability. If any provision of this Agreement or the application thereof to any Person or circumstance is determined
by a court of competent jurisdiction to be invalid, void or unenforceable, the remaining provisions hereof, or the application of such provision to Persons or circumstances or in jurisdictions other than those as to which it has been held invalid or
unenforceable, shall remain in full force and effect and shall in no way be affected, impaired or invalidated thereby, so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially
adverse to either Party. Upon any such determination, any such provision, to the extent determined to be invalid, void or unenforceable, shall be deemed replaced by a provision that such court determines is valid and enforceable and that comes
closest to expressing the intention of the invalid, void or unenforceable provision. 
 SECTION 18.11. Headings. The article, section
and paragraph headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. 

SECTION 18.12. Survival of Covenants. Except as expressly set forth in this Agreement, the covenants in this Agreement and the
Liabilities for the breach of any obligations in this Agreement shall survive the Distribution and shall remain in full force and effect. 

SECTION 18.13. Waivers of Default. No failure or delay of any Party (or the applicable member of its Group) in exercising any right or
remedy under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any such 

  
 28 

 
right or power, or any abandonment or discontinuance of steps to enforce such right or power, or any course of conduct, preclude any other or further exercise thereof or the exercise of any other
right or power. Waiver by any Party hereto of any default by the other Party hereto of any provision of this Agreement shall not be deemed a waiver by the waiving Party of any subsequent or other default. 

SECTION 18.14. Specific Performance. In the event of any actual or threatened default in, or breach of, any of the terms, conditions
and provisions of this Agreement, the affected Party shall have the right to specific performance and injunctive or other equitable relief of its rights under this Agreement, in addition to any and all other rights and remedies at law or in equity,
and all such rights and remedies shall be cumulative. The other Party shall not oppose the granting of such relief on the basis that money damages are an adequate remedy. The Parties to this Agreement agree that the remedies at law for any breach or
threatened breach hereof, including monetary damages, are inadequate compensation for any loss and that any defense in any action for specific performance that a remedy at law would be adequate is waived. Any requirements for the securing or posting
of any bond with such remedy are waived. 
 SECTION 18.15. Amendments. No provisions of this Agreement shall be deemed waived,
amended, supplemented or modified by any Party hereto, unless such waiver, amendment, supplement or modification is in writing and signed by the authorized representative of each Party. 

SECTION 18.16. Interpretation. Words in the singular shall be held to include the plural and vice versa and words of one gender shall
be held to include the other gender as the context requires. The terms “hereof,” “herein”, “herewith” and words of similar import, unless otherwise stated, shall be construed to refer to this Agreement as a whole
(including all of the schedules hereto) and not to any particular provision of this Agreement. Article, Section or Schedule references are to the articles, sections and schedules of or to this Agreement unless otherwise specified. Any capitalized
terms used in any Schedule to this Agreement but not otherwise defined therein shall have the meaning as defined in this Agreement. Any reference herein to this Agreement, unless otherwise stated, shall be construed to refer to this Agreement as
amended, supplemented or otherwise modified from time to time, as permitted by Section 18.15. The word “including” and words of similar import when used in this Agreement shall mean “including, without limitation,”
unless the context otherwise requires or unless otherwise specified. The word “or” shall not be exclusive. 
 [SIGNATURE PAGE TO
FOLLOW] 

  
 29 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their duly
authorized representatives. 
  

			
	GRAHAM HOLDINGS COMPANY
		
	by		  

	Name:		
	Title:		

  

			
	CABLE ONE, INC.
		
	by		  

	Name:		
	Title:

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