[Form 4] GRAHAM HOLDINGS COMPANY Insider Trading Activity

Rhea-AI Filing Summary

Graham Holdings Co. (GHC) insider Jacob Maas, listed as Executive Vice President, reported transactions dated 08/19/2025. He exercised 2,000 fully vested employee stock options at an exercise price shown as $804.8 (net-settlement) and as a result holds 7,287 Class B shares after the transaction. The filing also reports a disposition of 1,752 Class B shares on the same date at a price shown as $1,071.8, leaving 5,535 shares directly beneficially owned. The filer notes the exercised options were fully vested and that after this exercise there are no vested and exercisable options remaining.

Insights

Financial Analyst

TL;DR: Insider exercised 2,000 vested options and sold 1,752 shares; net direct holdings changed but this appears routine.

Jacob Maas exercised 2,000 vested employee stock options on 08/19/2025 and the filing reports a corresponding acquisition of Class B common stock and a contemporaneous disposition of 1,752 Class B shares. The entry shows the option exercise was executed on a net settlement basis and the exercise exhausted the reporting person's vested options. For investors, this is a standard exercise-and-partial-disposition sequence that changes the insider's direct share count to 5,535 beneficially owned shares. The transactions are clearly disclosed and comply with Section 16 reporting.

Corporate Governance Expert

TL;DR: Disclosure is complete and timely, showing exercise, net settlement, and that no vested options remain.

The Form 4 identifies the reporting person as an Executive Vice President and provides precise transactional detail: exercise of 2,000 options, net-settlement execution, and a contemporaneous disposition of 1,752 Class B shares. The filer affirms the option was fully vested and that post-exercise there are no vested and exercisable options remaining. The signature and dates are present, supporting procedural completeness. From a governance standpoint, the filing meets Section 16 transparency requirements and documents the insider’s change in ownership status.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Maas, Jacob

(Last) (First) (Middle)

C/O GRAHAM HOLDINGS COMPANY

1812 NORTH MOORE STREET, SUITE 2100

(Street)

ARLINGTON VA 22209

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Graham Holdings Co [ GHC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Executive VP

3. Date of Earliest Transaction (Month/Day/Year)
08/19/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class B Common Stock	08/19/2025		M		2,000	A	$804.8	7,287	D
Class B Common Stock	08/19/2025		F		1,752(1)	D	$1,071.8	5,535	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Employee Stock Option (right to buy)	$804.8	08/19/2025		M			2,000	(2)	10/26/2025	Class B Common Stock	2,000	$0	0(2)	D

Explanation of Responses:

1. The options exercise was executed in anticipation of the October 26, 2025 expiration date on a net settlement basis.

2. The stock option is fully vested. After this exercise of 2,000 options, the reporting person has no vested and exercisable options remaining.

Remarks:

	Nicole M. Maddrey	08/21/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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