Ms. Demeter will retire from Graham Holdings Company as Vice President – Chief Human Resources Officer effective December 31, 2020. Following her retirement, Ms. Demeter will provide consulting services to the Company pursuant to a consulting agreement, effective January 1, 2021. Under the terms of the Consulting Agreement, Ms. Demeter has agreed to provide consulting services to the Company as an independent contractor for a period of six months, which will require no more than 80 hours per month. She will be entitled to receive compensation of $19,792 per month in addition to reimbursement for business expenses. Ms. Demeter will not be entitled to participate in any employee benefit plan or arrangement during the term of the Consulting Agreement, other than with respect to any benefits previously accrued during her employment with the Company. The Consulting Agreement may be terminated at any time by either party.