Document:

exv10w3

 

Exhibit 10.3

THE WASHINGTON POST COMPANY

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

(Originally Effective as of January 1, 1989)

Amended and Restated December, 2007 Effective as of January 1, 2005

 

 

THE WASHINGTON POST COMPANY

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

     Section 1. Purpose. The Washington Post Company Supplemental Executive Retirement
Plan (the “Plan”) is an unfunded plan established for the purpose of providing deferred
compensation for a select group of management or highly compensated employees, as referred to in
Sections 201(a)(2), 301(a)(3) and 401(a)(1) of ERISA, in order to induce employees of outstanding
ability to join or continue in the employ of the Company or an Affiliate of the Company and to
increase their efforts for its welfare by providing them with supplemental benefits notwithstanding
the limitations imposed by the Internal Revenue Code on retirement and other benefits from tax
qualified plans.

     This Plan is strictly a voluntary undertaking on the part of the Company and shall not be
deemed to constitute a contract of employment or part of a contract between the Company and any
employee or any employee of an Affiliate, nor shall it be deemed to give any employee the right to
be retained in the employ of the Company or an Affiliate, as the case be made, or to interfere with
the right of the Company or an Affiliate, as the case may be, to discharge any employee at any
time, nor shall this Plan interfere with the right of the Company or an Affiliate, as the case may
be, to establish the terms and conditions of employment of any employee.

     Benefits under this Plan shall be payable solely from the general assets of the Company and
participants herein shall not be entitled to look to any source for payment of such benefits other
than the general assets of the Company.

     The Plan is hereby amended and restated for the purpose of complying with § 409A of the
Internal Revenue Code (“§ 409A”). It is the intent of the Company that all benefits under the Plan
shall either be exempt from § 409A or compliant with § 409A, and any ambiguity under the Plan shall
be interpreted, to the extent possible, consistently with that objective. To the extent necessary
to comply with § 409A, the provisions of this restated document shall be effective January 1, 2005.
With respect to a Participant who terminated

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employment before January 1, 2005, any benefits payable hereunder shall be based on the terms
of the Plan in effect on such termination of employment, and not on the terms of this amendment and
restatement.

     Section 2. Definitions. As used in this Plan, the following words shall have the
following meanings:

     (a) “Actual Salary” means the regular basic compensation paid or payable to an employee during
a calendar year by the Company or an Affiliate (including tax-deferred contributions, otherwise
payable to an employee, elected by the employee under any Savings Plan and including earnings not
payable by application of a salary reduction election made pursuant to Section 125 of the Internal
Revenue Code), but excluding any other items of compensation such as (i) bonuses and commissions,
(ii) overtime, (iii) transportation benefit plan deferrals, (iv) compensation under the terms of
the long-term component of the Incentive Compensation Plan of the Company paid during such Plan
Year, (v) Workers’ Compensation, (vi) amounts paid by the Company for insurance, retirement or
other benefits, (vii) contributions or payments made by the Company or an Affiliate (other than
tax-deferred contributions elected by the employee) under any Retirement Plan, any Savings Plan,
this Plan or other benefits, or (viii) dismissal or other payments made to an employee as a result
of termination of employment. The Actual Salary of an employee will include any payment made under
any short-term disability income plan of the Company or an Affiliate.

     (b) “Affiliate” means any corporation (other than the Company) 50% or more of the outstanding
stock of which is directly or indirectly owned by the Company and any unincorporated trade or
business which is under common control with the Company as determined in accordance with Section
414(c) of the Internal Revenue Code and the regulations issued thereunder.

     (c) “Applicable Percentage” shall have the meaning set forth in Section 4.

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     (d) “Committee” means the Compensation Committee of the Board of Directors of the Company.

     (e) “Company” means The Washington Post Company, a Delaware corporation, and any successors in
interest thereto. Where required by context the term Company will include Affiliates.

     (f) “Compensation” means the Actual Salary of an employee plus, starting in 1988, bonuses
awarded under the annual component of the Incentive Compensation Plan of the Company during a
calendar year by the Company or an Affiliate. Bonuses (other than “Special Annual Incentive
Awards”) awarded under the annual component of the Incentive Compensation Plan of the Company will
be considered as part of Compensation for the year in which they are paid to the Employee, or would
otherwise be paid but for the Employee’s election to defer receipt of payment under the Company’s
Deferred Compensation Plan.

     (g) “ERISA” means the Employee Retirement Income Security Act of 1974, as amended.

     (h) “Executive Participant” means an employee of the Company or an Affiliate recommended by
the Company’s senior management and designated a participant in this Plan by the Committee, who is
within the category of a select group of management or highly compensated employees as referred to
in Sections 201(a)(2), 301(a)(3) and 401(a)(1) of ERISA for any Plan Year and who either holds or
held the office of a Vice President of the Company or an Affiliate or any office senior thereto or
a position of equivalent responsibility or importance, during the current Plan Year or the prior
Plan Year, and was covered under the Company’s long-term component of the Incentive Compensation
Plan or any successor programs. An Executive Participant shall be designated as being eligible to
participate in Section 3 benefits or Section 4 benefits or both as determined in the sole
discretion of the Committee.

     (i) “415 Limitations” means Retirement Plan and Savings Plan provisions adopted pursuant to
Section 415 of the Internal Revenue Code to limit (i) annual

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Retirement Plan benefits pursuant to Section 415(b) thereof, and (ii) annual additions to a
Savings Plan pursuant to Section 415(c) thereof.

     (j) “401(a)(17) Limitations” means Retirement Plan and Savings Plan provisions adopted
pursuant to Section 401(a)(17) of the Internal Revenue Code to limit earnings considered for
purposes of computing Retirement Plan benefits and Savings Plan contributions.

     (k) “Investment Election” means an election made by the Executive Participant selecting the
investment credit factor(s) that will be applicable to the Executive Participant’s Supplemental
Savings Account. The Committee shall determine the manner in which Investment Elections may be made
and the frequency with which such elections may be prospectively changed.

     (l) “Kaplan Key Employee Participant” means an Executive Participant or a Key Employee
Participant with respect to such employee’s years of Service with Kaplan, Inc. or an affiliate of
Kaplan, Inc.

     (m) “Key Employee Participant” means an employee of the Company or an Affiliate recommended by
the Company’s senior management and designated a participant in this Plan by the Committee, who is
within the category of a select group of management or highly compensated employees as referred to
in Sections 201(a)(2), 301(a)(3) and 401(a)(1) of ERISA for any Plan Year and who holds or held a
key position during the current Plan Year or the prior Plan Year. A Key Employee Participant shall
be designated as being eligible to participate in Section 3 benefits as determined in the sole
discretion of the Committee.

     (n) “Normal Retirement Date” means the first day of the calendar month following the month in
which a person’s 65th birthday occurs.

     (o) “Participant” means an Executive Participant or a Key Employee Participant, as applicable.

     (p) “Plan Year” means the calendar year.

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     (q) “Retirement Plans” means The Retirement Plan for Washington Post Companies, The Washington
Post Washington-Baltimore Newspaper Guild Retirement Income Plan and such other tax qualified,
defined benefit retirement plans as may be sponsored by the Company or its Affiliates and
designated for inclusion hereunder by the Committee.

     (r) “Savings Plan” means The Washington Post Tax Deferral and Savings Plan, Post-Newsweek
Stations, Inc. Tax Deferred Savings Plan, The Employees’ Savings Plan of Newsweek, Inc., The
Savings and Retirement Plan of Affiliated Post Companies and such other tax qualified savings and
profit-sharing plans as may be sponsored by the Company or its Affiliates and designated for
inclusion hereunder by the Committee.

     (s) “Service” means the period of employment by the Company or an Affiliate (excluding both
service prior to the time an Affiliate became such and service after the time an Affiliate is no
longer such, except to the extent required by Section 414(a) of the Code and the regulations
promulgated thereunder).

     (t) “Supplemental Retirement Benefit” shall have the meaning set forth in Section 3.

     (u) “Supplemental Retirement Benefit Cash Balance Account” means the Supplemental Retirement
Benefit applicable to a Participant who is covered by the Cash Balance provisions of the Retirement
Plan.

     (v) “Supplemental Basic Contributions,” “Supplemental Savings Account” and “Supplemental
Savings Award” shall have the meanings set forth in Section 4.

     (w) “Surviving Spouse” means the surviving husband or wife of an employee of the Company or an
Affiliate, who has been married to the employee throughout the one-year period ending on the date
of the death of such employee.

     (x) “Termination” (relating to termination of service or termination of employment) shall mean
a separation from service in accordance with § 409A and the regulations thereunder. A separation
from service will be deemed to occur at any time that an employee and the Company reasonably
anticipate that the bona fide level of services the

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employee will perform (whether as an employee or an independent contractor) will be
permanently reduced to a level that is less than 50 percent of the average level of bona fide
services the employee performed during the immediately preceding 36 months (or the entire period
the employee has provided services if the employee has been providing services to the employer less
than 36 months).

     (y) “Vesting Year” means each calendar year in which a Participant has at least 1,000 hours of
Service with the Company or an Affiliate. Except as provided for in the applicable schedule of the
applicable Retirement Plan, service with a predecessor company prior to becoming an Affiliate will
not be counted in calculating Vesting Years. In addition, a pro-rata portion of a year shall be
counted as a partial Vesting Year in the first and last year of service to the extent such portion
of the year is counted in the applicable schedule of the applicable Retirement Plan.

     Section 3. Supplemental Retirement Benefits.

     (a) (i) Each designated person (other than a Kaplan Key Employee Participant with respect to
years of Service with Kaplan or a Kaplan affiliate), who is an Executive Participant as of December
3, 1993, or becomes an Executive Participant or a Key Employee Participant after December 3, 1993,
for purposes of being eligible to receive benefits under this Section and has ten or more Vesting
Years upon termination of Service and to whom benefits become payable under any of the Retirement
Plans, shall be paid a supplemental annual retirement benefit (the “Supplemental Retirement
Benefits”) under this Plan equal in amount to the difference between (i) the aggregate annual
benefits paid to such person under the Retirement Plans and (ii) the aggregate annual benefits that
would be payable to such person under the Retirement Plans if the 415 and 401(a)(17) Limitations
were not contained therein (the “Unrestricted Benefit”). If such a Participant’s Surviving Spouse
is entitled to and is receiving a spouse’s benefit under any of the Retirement Plans, the Surviving
Spouse shall be paid a benefit hereunder equal to the difference between (i) the aggregate spouse’s
benefits payable to such Surviving Spouse under the Retirement Plans and (ii) the aggregate
spouse’s benefit that would be payable to

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such Surviving Spouse under the Retirement Plans if the 415 and 401(a)(17) Limitations were not
contained therein(the “Unrestricted Spouse’s Benefit”).

          (ii) Each designated person, who is a Kaplan Key Employee Participant for purposes of being
eligible to receive benefits under this Section and has ten or more Vesting Years upon termination
of Service and to whom benefits become payable under any of the Retirement Plans, shall be paid a
Supplemental Retirement Benefit under this Plan for his or her years of Service with Kaplan equal
in amount to the difference between (i) the Unrestricted Benefit calculated as if he or she were
covered by the TWPC Retirement Benefit Schedule of The Retirement Plan for Washington Post
Companies during his or her years of Service with Kaplan and (ii) the “Kaplan Qualified Benefit”
which shall be the aggregate annual benefit (payable in the form of a life annuity) related to his
or her years of Service with Kaplan payable to such person under the Kaplan Cash Balance Retirement
Benefits Schedule of The Retirement Plan for Washington Post Companies. If such a Kaplan Key
Employee Participant’s Surviving Spouse is entitled to and is receiving a spouse’s benefit
thereunder, the Surviving Spouse shall be paid a benefit hereunder equal to the difference between
(i) the Unrestricted Spouse’s Benefit payable as if the Kaplan Key Employee Participant had been
covered under the TWPC Retirement Benefits Schedule to The Retirement Plan for Washington Post
Companies and (ii) the Kaplan Qualified Benefit, which in this case shall be the aggregate spouse’s
benefit payable in the form of a life annuity to such Surviving Spouse under the Kaplan Cash
Balance Retirement Benefits Schedule of The Retirement Plan for Washington Post Companies.

          (iii) For purposes of calculating the Supplemental Retirement Benefit or the Surviving
Spouse’s benefit hereunder for (i) an Executive Participant or the Surviving Spouse of an Executive
Participant, or (ii) a Kaplan Key Employee Participant or the Surviving Spouse of a Kaplan Key
Employee Participant with respect solely to years of Service at Kaplan, Inc. or any affiliate of
Kaplan, Inc., as the case may be, Compensation rather than Actual Salary will be used.

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     (b) (i) Except as provided below, the Supplemental Retirement Benefits provided by this Plan
shall be paid to the Participant (or to any beneficiary designated by him or her in accordance with
the Retirement Plans, or to his or her Surviving Spouse if eligible for and receiving a spouse’s
benefit under the Retirement Plans) concurrently with the payment of the benefits payable under the
applicable Retirement Plan in which he or she was participating at the date of termination and/or
in which he or she had a vested right on such date and shall be payable in the same form as such
Retirement Plan benefits are being paid thereunder.

          (ii) Notwithstanding the above, with respect to a Participant covered by the Cash Balance
Pension provisions of The Retirement Plan for Washington Post Companies, the Kaplan Qualified
Benefit or the Retirement Plan benefit, as applicable (and the Unrestricted Benefit if the
Participant is not a Kaplan Key Employee), shall be a single life annuity that is actuarially
equivalent to the lump sum benefit payable in the Retirement Plan, with such actuarial equivalent
determined using the interest rate specified in § 417(e) of the Internal Revenue Code (as
determined in the Retirement Plan) plus 2%. In the event the Supplemental Retirement Benefit
commences prior to Normal Retirement Date or is payable in a form other than an annuity for the
life of the former employee only, the Supplemental Retirement Benefit shall be actuarially adjusted
in the same manner as are benefits payable under the Retirement Plan in which he or she was
participating at the time of termination and/or in which he or she had a vested right on such date.
The Committee may, however, in its sole discretion direct that the Supplemental Retirement Benefit
payable with respect to a former employee be paid as an actuarially equivalent single sum payment;
provided, that no such payment may be made prior to termination of Service or prior
to the date that benefits may become payable under any of the Retirement Plans, or after January 1,
2005 and provided, further, that in determining actuarial equivalency of a
single sum payment in cash, there shall be used the same actuarial assumptions as are applicable
for the calculation of a single sum payment under the applicable Retirement Plan. Further
notwithstanding the above and except in the case of a Kaplan Key Employee

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Participant, if a portion of the Participant’s benefit is determined in accordance with the
Cash Balance Pension provisions of The Retirement Plan for Washington Post Companies, the benefits
under the Supplemental Retirement Plan (to the extent determined under such Cash Balance
provisions) will also be payable in a lump sum amount which shall be equal to his or her
Supplemental Benefit Cash Balance Account as of the date of the lump sum payment. A Kaplan Key
Employee Participant cannot receive the amount of his or her Supplemental Benefit in a lump sum
regardless of his or her election to receive a lump sum payment in accordance with the Kaplan Cash
Balance Retirement Benefits Schedule of The Retirement Plan for Washington Post Companies.

          (iii) For purposes of the Supplemental Retirement Benefits provided by this Plan to be paid to
a Kaplan Key Employee Participant (or to his or her Surviving Spouse if eligible for and receiving
a spouse’s benefit under the Retirement Plans) with respect to his or her years of Service with
Kaplan, Inc. or an affiliate of Kaplan, Inc., the Unrestricted Benefit or the Unrestricted Spouse’s
Benefit shall be calculated as an annuity. If a Kaplan Key Employee Participant elects to receive
a lump sum benefit from his or her Cash Balance Account under The Retirement Plan for Washington
Post Companies, then the Supplemental Retirement Benefit for such Participant will be paid in the
form of a single life annuity beginning at the same time the payment is commenced under The
Retirement Plan for Washington Post Companies, but in no case prior to age 55.

          (iv) Notwithstanding the above, effective January 1, 2008 the Supplemental Retirement Benefit
shall be determined as if the benefit payable under the Retirement Plans is payable as a life
annuity and actually commences on the “presumptive retirement date” which shall be the latest of
the following dates: (i) the first day of the month on or after the date the Participant terminates
employment; (ii) the first day of the month on or after the date the Participant attains age 55; or
(iii) January 1, 2008. The Supplemental Retirement Benefit shall be determined as if it commenced
on the presumptive retirement date, but the first payment shall be made no earlier than the first
day of the seventh month following termination of employment (the “actual

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commencement date”), and on the actual commencement date, a number of monthly payments shall
be made equal to the number of months from the presumptive retirement date to the actual
commencement date, inclusive, with one monthly payment made on the first day of each month
thereafter. The Supplemental Retirement Benefit shall be considered a series of separate payments
for purposes of § 409A. The Supplemental Retirement Benefit shall be payable in the form of a life
annuity, provided however that the Participant may elect, at any time prior to the presumptive
retirement date, to have the Supplemental Retirement Benefit paid in the form of any other
actuarially equivalent annuity that is permitted under the terms of the Retirement Plans, but only
if such election is permitted by § 409A and the regulations thereunder.

     Section 4. Supplemental Savings Plan Benefits.

     (a) In the event that the Actual Salary of an Executive Participant designated as eligible to
receive benefits under this Section 4 for 1989 or any subsequent Plan Year exceeds the 401(a)(17)
Limitations for such Plan Year, such Executive Participant shall be eligible to make additional
salary reduction contributions under this Plan and receive a Supplemental Savings Award under this
Plan for such Plan Year; provided, that such Executive Participant is then
participating in his or her employer’s Savings Plan and, as of the last day of the prior Plan Year
(and without regard to any subsequent election to the contrary), has elected to make, for the Plan
Year, (i) the maximum allowable basic, matchable tax-deferred contributions to such Savings Plan
and (ii) the maximum allowable after-tax contributions which can result in a matching employer
contribution, as permitted under such Savings Plan, after taking into account the application of
the non-discrimination rules of Sections 401(k) and (m) of the Internal Revenue Code for such Plan
Year. In order to compute the amount of such Supplemental Savings Award, a determination will be
made of the dollar amount of contributions the Executive Participant is able to make to his or her
employer’s Savings Plan which result in matching employer contributions for such Executive
Participant under the terms of such Savings Plan. This dollar amount will then be expressed as a
percentage (the “Applicable Percentage”) of the

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amount of compensation which can be recognized for purposes of the Savings Plan under Section
401(a)(17) of the Internal Revenue Code for the then-current Plan Year. Prior to the beginning of
each Plan Year, the Executive Participant will be provided with the opportunity to elect to
irrevocably defer under this Plan the Applicable Percentage (or any whole lower percentage) of the
Executive Participant’s Actual Salary earned in excess of the 401(a)(17) Limitations for such Plan
Year. Such a salary reduction is referred to as a “Supplemental Basic Contribution.” In the event
that an Executive Participant elects to make a Supplemental Basic Contribution under this Plan such
individual will receive a Supplemental Savings Award under this Plan in the form of (i) a matching
contribution equal to the product of the Executive Participant’s Supplemental Basic Contribution
times the matching employer contribution percentage under the terms of the applicable Savings Plan
and (ii) to the extent such Participant’s employer makes an unmatched contribution to the
applicable Savings Plan on behalf of such Participant, a contribution equal to the difference
between the amount of such unmatched contribution actually made under such Savings Plan on behalf
of such Participant and the amount of such unmatched contribution such Participant would have
received under such Savings Plan if the 401(a)(17) Limitations had not been in effect (the
“Supplemental Savings Award”). The Supplemental Savings Award for any Plan Year shall be made as
of the first day of the following year.

     (b) The amount of an Executive Participant’s supplemental savings plan benefits under this
Plan shall be the aggregate amount of the Supplemental Savings Awards and the Supplemental Basic
Contributions together with investment credits accrued thereon (the “Supplemental Savings
Account”). Investment credits shall be credited on the amount of an Executive Participant’s
Supplemental Savings Account at the end of such Plan Year or on such other basis as may be approved
by the Committee in accordance with the Executive Participant’s Investment Election.

     In the event an Executive Participant fails to complete a valid Investment Election, his or
her Supplemental Savings Account will be credited with the investment credit

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amounts equivalent to the rates of return generated by the money market option under the
Company’s 401(k) plan.

     (c) The Compensation Committee shall establish the investment credit factors that will be
available in any Plan Year.

     (d) Supplemental Savings Awards and the investment credits thereon shall be fully vested and,
except as provided in Section 7 hereof, nonforfeitable.

     (e) No withdrawal of funds in an Executive Participant’s Supplemental Savings Account for
hardship or any other reason may be made while an Executive Participant remains employed by the
Company or an Affiliate. The Supplemental Savings Account shall be paid in cash on the first day
of the seventh month following termination of Service.

     (f) An Executive Participant shall designate a beneficiary to receive the unpaid portion of
his or her Supplemental Savings Account in the event of his or her death. The designation shall be
made in a writing filed with the Committee on a form approved by it and signed by the Executive
Participant. If no effective designation of beneficiary shall be on file with the Committee when
supplemental savings benefits would otherwise be distributable to a beneficiary, then such benefits
shall be distributed to the Surviving Spouse of the Executive Participant or, if there is no
Surviving Spouse, to his or her estate.

     (g) Special provisions for participants who are suspended in the Savings Plans. This
subsection shall apply only to an Executive Participant designated as eligible to receive benefits
under this Section 4 who is suspended in the applicable Savings Plan for a portion of a Plan Year
because the Executive Participant has less than one year of service at the start of such Plan Year.
Such an Executive Participant shall be eligible to make salary reduction contributions under this
Plan and receive a Supplemental Savings Award under this Plan for such Plan Year based on the
Executive Participant’s entire Actual Salary regardless of whether it exceeds the 401(a)(17)
Limitations.

     Section 5. Funding. Benefits under this Plan shall not be funded in order that the
Plan may be exempt from the provisions of Parts 2, 3 and 4 of Title I of ERISA. The

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Committee shall maintain records of Supplemental Savings Accounts and records for the
calculation of supplemental retirement benefits.

     Section 6. Administration. This Plan shall be administered by the Committee. All
decisions and interpretations of the Committee shall be conclusive and binding on the Company, and
the Participants. The Plan may be amended or terminated by the Compensation Committee of the Board
of Directors of the Company at any time and any Participant may have his or her designation as such
terminated by the Committee at any time; provided, however, that no such amendment or termination
or change in designation shall deprive any Participant of supplemental retirement or savings
benefits accrued to the date of such amendment or termination.

     Claims Procedure. If a Participant or Beneficiary (“Claimant”) has a complaint about
the Plan’s operation or about Plan benefits, the Claimant has the right to have the complaint
reviewed by the Committee. All complaints and claims for benefits must be submitted in writing. All
such complaints must be submitted within the “applicable limitations period.” The “applicable
limitations period” is two years, beginning on the earlier of (i) the date on which the payment was
made, or (ii) for all other claims, the date on which the action complained or grieved of occurred.

     If a Claimant has applied for a benefit under the Plan and that claim as been denied, in whole
or in part, the Claimant has the right to a review of the denial.

     Within 60 days after a claim is received, the Claimant will be notified in writing by the
Committee of its decision. If special circumstances require an extension of up to 60 additional
days of time for processing, the Committee will provide written notice of the extension prior to
the expiration of the initial 60-day period. If the claim is denied or partially denied, the
written notice will outline:

	 	•	 	The specific reasons for the denial,

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	 	•	 	The provisions of the Plan on which the denial is based,
	 
	 	•	 	The procedures for having the request reviewed, and
	 
	 	•	 	Additional information needed to process the request and an explanation of why
this information is necessary.

     The Claimant may ask for a review of the denied request within 60 days after receipt of the
notice of denial. If an appeal is not filed within this 60-day period, an appeal cannot be filed at
a later date, nor shall any other remedy be available.

     To appeal a denial a Claimant must request a review by the Committee, or an appeals committee
appointed by the Committee. Any such request must be in writing and include:

	 	•	 	The reasons that support the claim,
	 
	 	•	 	The reasons the claim should not have been denied,
	 
	 	•	 	All written evidence that supports the claim, and
	 
	 	•	 	Any other appropriate issues or comments.

     The appeal must include all documentary evidence necessary to support the claim and must state
the reasons that the Claimant is eligible for the benefit claimed. The appeals committee will make
its decision based on the record and the arguments that presented, including any evidence presented
in the initial claim.

     A Claimant is entitled to receive, upon request and free of charge, reasonable access to and
copies of all documents, records and other information relevant to a claim. If this information is
requested in order to perfect an appeal, or to file a claim, and there is a delay in providing it,
the applicable time limits will be extended by the period of the delay. A Claimant may also request
in writing that copies of the Plan document be made available for examination.

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     The Committee normally will reach a decision no later than 60 days after it receives a request
for review. If needed, the Committee will send a written notice of an extension of this period of
up to 60 additional days. The Committee’s decision will be in writing and will include specific
reasons for the decision and references to the Plan provisions that apply.

     Legal action may not be brought against the Committee or the Company without first pursuing
this claims procedure. Any legal action to recover a benefit under this Plan must be filed within
one year of the Committee’s decision on appeal. Failure to file suit within this time period will
extinguish any right to benefits under the Plan.

     Section 7. Loss of Benefits. Notwithstanding any other section of this Plan, if a
Participant is discharged by the Company or an Affiliate because of conduct that the Participant
knew or should have known was detrimental to legitimate interests of the Company or its Affiliates,
dishonesty, fraud, misappropriation of funds or confidential, secret or proprietary information
belonging to the Company or an Affiliate or commission of a crime, such Participant’s rights to any
benefits under this Plan shall be forfeited; except that such Participant shall be entitled to
receive the aggregate amount of his or her Supplemental Basic Contributions, without any investment
credits, in such event.

     Section 8. Nonassignability. No Participant, or beneficiary shall have the right to
assign, pledge or otherwise dispose of any benefits payable to him or her hereunder nor shall any
benefit hereunder be subject to garnishment, attachment, transfer by operation of law, or any legal
process, other than a qualified domestic relations order (as defined in § 414(p) of the Internal
Revenue Code.

     Section 9. Limitation of Liability. The Company’s sole obligation under this Plan is
to pay the benefits provided for herein and neither the Participant nor any other person shall have
any legal or equitable right against the Company, an Affiliate, the Boards of

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Directors thereof, the Committee or any officer or employee of the Company or an Affiliate
other than the right against the Company to receive such payments from the Company as provided
herein.

     Section 10. Special Grandfathering Rules for Certain Participants. With respect to
individually designated grandfathered Participants, the portion of such Participant’s benefit under
Section 3 or Section 4 hereof that was accrued and not subject to a substantial risk of forfeiture
as of December 31, 2004, plus any investment earnings thereon, shall be payable under the terms of
the Plan in effect before January 1, 2005. Individually designated grandfathered Participants shall
include John Hockenberry and Diana Daniels.

     Section 11. Use of Masculine and Feminine; Singular and Plural. Wherever used in
this Plan, the masculine gender will include the feminine gender and the singular will include the
plural, unless the context indicates otherwise.

     IN WITNESS WHEREOF, the Company has caused this amendment and restatement of the Plan to be
adopted by action of the Compensation Committee of the Board of Directors on this                      day of
December, 2007.

	 	 	 	 	 	 	 
	 	 	THE WASHINGTON POST COMPANY	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

16exv10w4

 

Exhibit 10.4

THE WASHINGTON POST COMPANY

DEFERRED COMPENSATION PLAN

Amended and Restated December, 2007

Effective January 1, 2005

 

 

Table of Contents

	 	 	 	 	 
	Section 1. Purpose
	 	 	2	 
	 
	 	 	 	 
	Section 2. Definitions
	 	 	3	 
	 
	 	 	 	 
	Section 3. Deferral Elections
	 	 	6	 
	 
	 	 	 	 
	Section 4. Treatment of Deferred Amounts
	 	 	8	 
	 
	 	 	 	 
	Section 5. Payment of Deferred Accounts
	 	 	9	 
	 
	 	 	 	 
	Section 6. Grandfathered Deferred Compensation
	 	 	11	 
	 
	 	 	 	 
	Section 7. Administration and Amendment
	 	 	11	 
	 
	 	 	 	 
	Section 8. Disputed Claims Procedure
	 	 	12	 

 

 

THE WASHINGTON POST COMPANY

DEFERRED COMPENSATION PLAN

Section 1. Purpose.

     The Washington Post Company Deferred Compensation Plan (the “Plan”) is an unfunded plan
established for the purpose of offering a select group of management and other highly compensated
key employees and non-employee directors the opportunity to defer the receipt of compensation
payments or fees that would otherwise become payable to them currently for the periods provided in
the Plan.

     This Plan is strictly a voluntary undertaking on the part of the Company and shall not be
deemed to constitute a contract of employment or part of a contract between the Company and any
employee or any employee of an Affiliate or any director, nor shall it be deemed to give any
employee the right to be retained in the employ of the Company or an Affiliate, as the case may be,
or to interfere with the right of the Company or an Affiliate, as the case may be, to discharge any
employee at any time, or to establish the terms and conditions of employment of any employee nor
shall it be deemed to give any director the right to be retained as a director of the Company.

     Benefits from this Plan shall be payable solely from the general assets of the Company and
participants herein shall not be entitled to look to any source for payment of such benefits other
than the general assets of the Company.

     To the extent Section 409A of the Internal Revenue Code of 1986 applies to the Plan, the terms
of the Plan are intended to comply with Section 409A and shall be interpreted and administered in
accordance with Section 409A and any governmental regulations and other guidance issued thereunder.
To the extent any provision of this Plan that is intended to comply with Section 409A must be
effective as of January 1, 2005, such provision shall be effective as of such date.

2

 

     With respect to a Participant who terminated employment before January 1, 2005, any benefits
payable hereunder shall be based on the terms of the Plan in effect on such termination of
employment, and not on the terms of this amendment and restatement.

Section 2. Definitions.

     As used in this Plan, the following words shall have the following meanings:

     (a) “Affiliate” means any corporation (other than the Company) 50% or more of the outstanding
stock of which is directly or indirectly owned by the Company and any unincorporated trade or
business which is under common control with the Company as determined in accordance with Section
414(c) of the Code. The term Affiliate shall include any other entity required to be aggregated
with the Company under Section 409A.

     (b) “Annual Incentive Compensation” means any bonus awarded to a Participant and payable in
cash under the Company’s Incentive Compensation Plan or any other annual bonus program maintained
by the Company or an Affiliate.

     (c) “Beneficiary” means the person, persons or entity designated in writing by the Participant
to receive his or her Participant Account in the event of his or her death. If no effective
designation of beneficiary is on file with the Committee, then such amounts that would otherwise be
payable to a Beneficiary will be paid to the surviving spouse of the Participant, or, if there is
no surviving spouse, then to the Participant’s estate.

     (d) “Code” means the Internal Revenue Code of 1986, as amended. References herein to Section
409A and other sections of the Code shall apply to any successor provisions.

     (e) “Committee” means the Compensation Committee of the Board of Directors or such other
Committee appointed by the Board to administer the Plan.

     (f) “Company” means The Washington Post Company, a Delaware Corporation, and any successors in
interest thereto. Where required by context, the term “Company” shall include Affiliates.

3

 

     (g) “Deferred Compensation” means any amounts deferred under this Plan in accordance with
Section 3, together with any investment credits thereto under Section 4.

     (h) “Designated Deferral Period” means one of the following periods as selected by the
Participant with respect to his or her Deferred Compensation for the particular Plan Year or Short
Year: (1) until a specified date in the future; or (2) until a date which is the end of the
calendar month (or a designated subsequent period) following the month of the Participant’s
Separation from Service from the Company or an Affiliate or Separation from Service as an Eligible
Director, provided, however, that if a Participant (other than a director who has never
been an employee of the Company) selects a date determined on the basis of the date of such
Participant’s Separation from Service, then, notwithstanding such Participant’s election, the
Designated Deferral Period for such Plan Year or Short Year shall end on the later of (i) the date
selected by such Participant, or (ii) the end of the six-month period following the date of the
Participant’s Separation from Service. Notwithstanding any other provision of this subparagraph or
of this Plan and except as is otherwise required in the preceding sentence, a Participant may not
defer the date on which payment of his or her Deferred Compensation is made or commences beyond the
later of (i) the first of the calendar month following his or her 65th birthday, or (ii)
the first day of the seventh calendar month following the month in which the Participant separates
from service as an employee of the Company or an Affiliate or as a Director of the Company.

     (i) “Effective Date” means November 15, 1996, in the case of employees of the Company or an
Affiliate, and October 1, 1997, in the case of Eligible Directors.

     (j) “Eligible Director” means any member of the Board of Directors of the Company who is not
an employee of the Company or an Affiliate and who is entitled to receive fees for service as a
director.

     (k) “ERISA” means the Employee Retirement Income Security Act of 1974, as amended.

4

 

     (l) “Incentive Compensation” means Annual Incentive Compensation and Long-Term Incentive
Compensation.

     (m) “Investment Election” means an election filed by a Participant selecting the investment
credit factor(s) that will be applicable to the Participant Accounts of the Participant. The
Committee shall determine the manner in which Investment Elections may be made and the frequency
with which such elections may be prospectively changed.

     (n) “Long-Term Incentive Compensation” means any bonus awarded to a Participant and payable in
cash under the Performance Unit provisions of the Company’s Incentive Compensation Plan or another
special long-term incentive compensation plan maintained by the Company or an Affiliate that
provides the opportunity for a cash bonus payment at the end of a specified period (minimum two
years) based on the attainment of specific performance goals.

     (o) “Participant” means (i) an employee of the Company or an Affiliate recommended by the
Company’s senior management and designated a participant in this Plan by the Committee, who is
within the category of a select group of management or highly compensated employees as referred to
in Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA for any Plan Year and who is a participant in
the Company’s Incentive Compensation Plan or any other incentive program maintained by the Company
or an Affiliate or (ii) an Eligible Director who elects to participate in the Plan.

     (p) “Participant Account” includes separate accounts representing the value of a Participant’s
Deferred Compensation with respect to each Plan Year or Short Year, and with respect to any amounts
that are payable at different times or in different forms. A Participant may have more than one
Participant Account, reflecting separate year deferral elections. A separate Participant Account
or Accounts will be maintained for all grandfathered deferred compensation.

     (q) “Payout Period” means either (i) a lump sum or (ii) a series of annual installments, which
may not be less than 2 nor more than 10, over which a Participant Account shall be paid. Each
installment shall be the balance in the Participant’s Account

5

 

as of the date of the distribution
divided by the number of remaining installments (including the then current installment). The
first installment shall be paid on the first day of the month following the end of the Deferral
Period, and, except as provided below, each subsequent installment shall be paid on each
anniversary of the payment date of the first installment. Effective for installments commencing on
or after January 1, 2008 (that is, for installments in which the first installment is payable on or
after January 1, 2008), the second and all subsequent installments shall be payable on each January
1 following the prior installment. If Participant’s installment payments commenced before January
1, 2008, the Participant shall have two opportunities to elect to change the installment payment
date to January 1 of the year in which the installment would otherwise have been paid. The first
opportunity shall be on or before December 31, 2007 and shall be applicable to installments (other
than the first installment of a series) payable in 2008 and later years. The second opportunity
shall be on or before December 31, 2008 and shall be applicable to installments (other than the
first installment of a series) payable in 2009 and later years.

     (r) “Plan Year” means a calendar year.

     (s) “Separation from Service” means a separation from service as defined in § 409A and the
final regulations thereunder. In determining whether a Separation of Service has occurred, service
as a Director is considered separately from service as an employee. It is not considered a
Separation from Service when a Participant is transferred from the Company to an Affiliate or from
an Affiliate to the Company or another Affiliate. A Separation from Service as an employee will be
deemed to occur at any time that an employee and the Company reasonably anticipate that the bona
fide level of services the employee will perform (whether as an employee or an independent
contractor) will be permanently reduced to a level that is less than 50 percent of the average
level of bona fide services the employee performed during the immediately preceding 36 months (or
the entire period the employee has provided services if the employee has been providing services to
the employer less than 36 months).

     (t) “Short Year” means (i) the remainder of the Plan Year following the Effective Date of this
Plan and (ii) the remainder of the Plan Year following the date an

6

 

employee or director first
becomes a Participant in this Plan if other than the beginning of a Plan Year.

     (u) “Specified Amount” means the portion of the Participant’s Incentive Compensation for a
particular Plan Year or Short Year which the Participant elects in writing to defer hereunder,
provided that such amount shall not be less than $10,000 or the portion of the Participant’s
directors’ fees for a particular Plan Year or Short Year which the Participant elects in writing to
defer hereunder, as the case may be.

Section 3. Deferral Elections

     (a) Subject to the limitations described below, each Participant may elect to have the payment
of a Specified Amount of his or her Incentive Compensation or annual directors’ fees, as the case
may be, deferred pursuant to this Plan for the Designated Deferral Period.

     (b) A deferral election must be an irrevocable written election made on a form prescribed by
the Committee within a period specified by the Committee which, (I) for an employee Participant (1)
in the case of Annual Incentive Compensation shall end no later than the last day of the Plan Year
preceding the Plan Year for which such Incentive Compensation would be payable, and (2) in the case
of Long-Term Incentive Compensation shall end no later than the last day of the Plan Year preceding
the first Plan Year in the period for which such Incentive Compensation would be payable, and (II)
for an Eligible Director, shall end no later than the last day of the Plan Year preceding the Plan
Year in which the annual directors’ fees are earned. Notwithstanding the foregoing, in the event
any Incentive Compensation that constitutes performance-based compensation under Section 409A of
the Code is payable with respect to any period of at least 12 months, the specified period
established by the Committee for such Incentive Compensation shall end no later than six months
before the end of the period for which such Incentive Compensation would be payable, provided that
the Participant performs services continuously from the later of the beginning of the performance
period or the date the

7

 

performance criteria are established through the date a deferral election is
made, and provided further that an election to defer performance-based compensation may not be made
after such compensation has become readily ascertainable. In the event of a Short Year, the
specified period established by the Committee shall end no later than 30 days following the date
the employee or Eligible Director first becomes eligible to participate in the Plan, and, except as
otherwise permitted under Section 409A of the Code, such deferral election shall apply only to
Incentive Compensation or annual directors’ fees earned after the date of the Participant’s
deferral election.

     (c) Each deferral election shall set forth the Specified Amount of the Participant’s Incentive
Compensation or annual directors’ fees, as the case may be, for the period covered by the election
that the Participant desires to have deferred, the Designated Deferral Period, and the Payout
Period. After the latest date that a deferral election may be made, a Participant may not change
the election, except as follows:

          (I) Except as provided in Section 3(c)(II) below, a Participant may file a change in the
Designated Deferral Period and/or the Payout Period with respect to his or her deferral election
for any Plan Year or Short Year, provided that (1) such change will be given effect only if made at
least 12 months before the end of the previously elected Designated Deferral Period (or at least 12
months before actual Separation from Service if the previously elected Designated Deferred Period
was based on Separation from Service), and (2) any change in the Designated Deferral Period must
extend the Designated Deferral Period for a minimum of 60 months. With respect to elections under
this Section 3(c)(I) relating to installment payments, for purposes of applying Section 409A of the
Code, a series of installment payments shall be treated as a single payment.

          (II) On or before December 31, 2007, a Participant who had previously elected, to defer
Incentive Compensation under the Plan may elect a new Designated Deferral Period and/or a new
Payout Period with respect to such deferred Incentive Compensation, provided that the election (1)
may not apply to an amount that would otherwise be payable in 2007 and (2) may not cause an amount
to be paid in 2007 that would not otherwise be payable in 2007.

8

 

     (d) The Committee may, from time to time, set limitations on the amount of a Participant’s
Incentive Compensation or directors’ fees, as the case may be, which may be subject to deferral
under this Plan, including but not limited to establishing annual limitations relating to
particular employment positions or levels of Participants and/or compensation levels. Any
applicable limitations will be set forth on the deferral election form relating to the Plan Year
for which such limitations are applicable.

     (e) A Participant will be 100% vested in his or her Participant Account at all times.

Section 4. Treatment of Deferred Amounts.

     (a) The Company shall maintain on its books a separate Participant Account for each
Participant who has deferred compensation under this Plan with respect to any Plan Year or Short
Year. The amount of such Deferred Compensation shall be credited to such Participant Account on
the date or dates during the Plan Year on which the Deferred Compensation would have been payable
to the Participant but for the deferral under this Plan.

     (b) Each Participant Account shall be deemed to earn investment credits reflecting gains or
losses with respect to each Plan Year or Short Year in accordance with the Participant’s individual
Investment Election. The Committee shall determine the investment credit factors that will be
offered in any Plan Year. Beginning with the applicable Effective Date, the investment credit
factors will be the equivalent rates of return generated by the investment options offered under
the 401(k) plan maintained by the Company covering eligible corporate office employees and shall
continue to be such factors unless otherwise determined by the Committee.

     (c) Each Participant must file an Investment Election at the time he or she first files a
deferral election. The Investment Election will determine the investment credit factors that will
be applicable to the Deferred Compensation in the Participant Accounts of such Participant. A
Participant may file a new Investment Election at any time. In the event a Participant fails to
complete a valid Investment Election, his or her Deferred

9

 

Compensation will be credited with the
investment credit amounts equivalent to the rates of return generated by the money market option
under the Company’s 401(k) plan referred to above.

     (d) The Company will add to (or subtract from) each Participant Account the appropriate
amounts, in accordance with the Participant’s Investment Election, calculated no less frequently
than the last day of each calendar quarter.

     (e) No assets shall be segregated or earmarked in respect of any Participant Account and no
Participant shall have any right to assign, transfer, or pledge his or her interest, or any portion
thereof, in his or her Participant Accounts. The Plan and the crediting of accounts hereunder
shall not constitute a trust and shall merely be for the purpose of recording an unsecured
contractual obligation. All amounts payable pursuant to the terms of this Plan shall be paid from
the general assets of the Company.

     (f) Until the entire balance in all of the Participant Accounts of a Participant has been paid
in full, the Company will furnish or cause to be furnished to each Participant a report, at least
annually, setting forth the credits and debits to each Participant Account and the status of all
Participant Accounts of such Participant.

Section 5. Payment of Deferred Accounts.

     (a) The amount to be paid to a Participant following the expiration of the Designated Deferral
Period with respect to any Participant Account shall be computed on the basis of the balance of the
Participant Account (i.e., the original Deferred Compensation amount plus and minus cumulative
investment credits under Section 4 and minus any payments previously made) as of the payment date.

     (b) All payments of amounts under this Plan shall be made in cash.

     (c) Notwithstanding the Designated Deferral Period or the Payout Period selected by the
Participant, if a Participant dies or becomes permanently disabled before the end of the Designated
Deferral Period selected by the Participant, the entire Participant Account shall be payable in a
lump sum to such Participant (or, in the case of death, to his

10

 

or her Beneficiary) as soon as
practical but not more than 90 days following the Participant’s death or permanent disability. A
Participant is permanently disabled if the Participant is receiving income replacement benefits for
a period of not less than three months under an accident and health plan of the Company by reason
of any medically determinable physical or mental impairment that can be expected to result in death
or can be expected to last for a continuous period of not less than 12 months. .

     (d) Notwithstanding any other provision of this Plan to the contrary, a Participant’s Deferred
Compensation shall become payable upon the Participant’s incurring an unforeseeable emergency
within the meaning of Section 409A of the Code. In such event, the amount of Deferred Compensation
payable with respect to the unforeseeable emergency shall not exceed the amount necessary to
satisfy the emergency plus the amount necessary to satisfy taxes reasonably anticipated as a result
of the emergency payment; the amount necessary to satisfy the emergency shall be determined taking
into account the extent to which the financial hardship caused by the emergency is or may be
relieved through reimbursement or compensation by insurance or otherwise or by liquidation of the
Participant’s assets (to the extent the liquidation of such assets would not itself cause severe
financial hardship).

     (e) Notwithstanding anything in the Plan to the contrary, to the extent consistent with
Section 409A of the Code, the Committee shall cause Deferred Compensation to be paid in accordance
with a qualified domestic relations order as defined in Section 414(p) of the Code.

     (f) The Committee shall have the authority to require deferral of a Participant’s Deferred
Compensation beyond the expiration of the Designated Deferral Period to the extent necessary to
avoid a limitation on the deductibility by the Company of the deferred amount under Section 162(m)
as permitted under Section 409A.

Section 6. Grandfathered Deferred Compensation

     With respect to individually designated grandfathered Participants, the portion of such a
Participant’s benefit under the Plan that was accrued as of December 31, 2004, plus

11

 

any investment
credits thereon, shall be payable under the terms of the Plan in effect before January 1, 2005.
Individually designated grandfathered Participants shall include Diana Daniels.

Section 7. Administration and Amendment

     (a) This Plan shall be administered by the Committee. All decisions and interpretations of
the Committee shall be conclusive and binding on the Company, its Affiliates and the Participants.
The Committee may at any time terminate an employee’s designation as a Participant, in which event
the employee shall not be permitted to defer additional Incentive Compensation under the Plan. No
such change in designation shall otherwise affect such a Participant’s rights under the Plan.

     (b) The Board of Directors of the Company may at any time amend the Plan, including an
amendment to suspend or terminate the right of Participants to defer Incentive Compensation and/or
directors’ fees under the Plan. No such amendment shall adversely affect a Participant’s rights
with respect to Deferred Compensation credited to a Participant Account before such amendment,
including the right to be credited with investment credits for the period of time after such
amendment as long as there continues to be a positive balance in the Participant Account. To the
extent permitted under Section 409A of the Code, the Board of Directors may in its discretion
terminate the Plan and distribute all Participant Accounts established under the Plan within twelve
months of a change in control of the Company, as defined for purposes of Section 409A of the Code.

     (c) Notwithstanding any other section of this Plan, if a Participant is discharged by the
Company or an Affiliate or his or her services as a director are terminated because of conduct that
the Participant knew or should have known was detrimental to legitimate interests of the Company or
its Affiliates, dishonesty, fraud, misappropriation of funds or confidential, secret or proprietary
information belonging to the Company or an Affiliate or commission of a crime, such Participant’s
investment credits shall be reduced to the lesser of the Participant’s actual investment credits up
to the date of discharge or the investment credits that would have been credited under the money
market fund in the Company’s 401(k) plan (or the most similar fund if there is no money market fund
in the Company’s

12

 

401(k) plan), and from the date of discharge to the date of payment hereunder,
investment credits shall be at such money market rate.

     (d) The Company’s sole obligation under this Plan is to pay the benefits provided for herein
and neither the Participant nor any other person shall have any legal or equitable right against
the Company, any Affiliate, the Boards of Directors thereof, the Committee or any officer or
employee of the Company or any Affiliate other than the right against the Company to receive such
payments from the Company provided herein.

     (e) The Company shall bear all expenses incurred by it in administering this Plan.

Section 8. Disputed Claims Procedure

     If a Participant or Beneficiary (collectively, “Claimant”) has a complaint about the Plan’s
operation or about Plan benefits, the Claimant has the right to have the complaint reviewed by the
Committee. All complaints and claims for benefits must be submitted in writing. All such
complaints must be submitted within the “applicable limitations period.” The “applicable
limitations period” is two years, beginning on the earlier of (i) the date on which the payment was
made, or (ii) for all other claims, the date on which the action complained or grieved of occurred.

     If a Claimant has applied for a benefit under the Plan and that claim as been denied, in whole
or in part, the Claimant has the right to a review of the denial.

     Within 60 days after a claim is received, the Claimant will be notified in writing by the
Committee of its decision. If special circumstances require an extension of up to 60 additional
days of time for processing, the Committee will provide written notice of the extension prior to
the expiration of the initial 60-day period. If the claim is denied or partially denied, the
written notice will outline:

	 	§	 	The specific reasons for the denial,
	 
	 	§	 	The provisions of the Plan on which the denial is based,
	 
	 	§	 	The procedures for having the request reviewed, and

13

 

	 	§	 	Additional information needed to process the request and an explanation of why
this information is necessary.

     The Claimant may ask for a review of the denied request within 60 days after receipt of the
notice of denial. If an appeal is not filed within this 60-day period, an appeal cannot be filed
at a later date.

     To appeal a denial a Claimant must request a review by the Committee, or an appeals committee
appointed by the Committee. Any such request must be in writing and include:

	 	§	 	The reasons that support the claim,
	 
	 	§	 	The reasons the claim should not have been denied,
	 
	 	§	 	All written evidence that supports the claim, and
	 
	 	§	 	Any other appropriate issues or comments.

     The appeal must include all documentary evidence necessary to support the claim and must state
the reasons that the Claimant is eligible for the benefit claimed. The appeals committee will make
its decision based on the record and the arguments that presented, including any evidence presented
in the initial claim.

     A Claimant is entitled to receive, upon request and free of charge, reasonable access to and
copies of all documents, records and other information relevant to a claim. If this information is
requested in order to perfect an appeal, or to file a claim, and there is a delay in providing it,
the applicable time limits will be extended by the period of the delay. A Claimant may also
request in writing that copies of the Plan document be made available for examination.

     The Committee normally will reach a decision no later than 60 days after it receives a request
for review. If needed, the Committee will send a written notice of an extension of this period of
up to 60 additional days. The Committee’s decision will be in writing and will include specific
reasons for the decision and references to the Plan provisions that apply.

     Legal action may not be brought against the Committee or the Company without first pursuing
the claims procedures. Any legal action to recover a benefit under this Plan must be filed within
one year of the Committee’s decision on appeal. Failure to file suit within this time period will
extinguish any right to benefits under the Plan.

14

 

     IN WITNESS WHEREOF, the Company has caused this amendment and restatement of the Plan to be
adopted by action of the Compensation Committee of the Board of Directors on this                      day of
December, 2007.

	 	 	 	 	 	 	 
	 	 	THE WASHINGTON POST COMPANY	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 

	 	 

15

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