Document:

ePhone Telecom, Inc.
                         2000 Long - Term Incentive Plan

1. Definitions.  In this Plan, except where the context otherwise indicates, the
following definitions shall apply:

1.1.  "Affiliate"  means  a mean a  corporation,  partnership,  business  trust,
limited  liability  company or other form of  business  organization  at least a
majority  of the total  combined  voting  power of all classes of stock or other
equity  interests of which is owned by the Company,  either  directly or through
one or more other Affiliates.

1.2. "Agreement" means a written agreement evidencing an Award.

1.3.  "Award"  means a grant of an  Option or  Performance  Award or an award of
Restricted Stock or Incentive Shares.

1.4. "Board" means the Board of Directors of the Company.

1.5. "Code" means the Internal Revenue Code of 1986, as amended.

1.6. "Committee" means such committee(s), subcommittee(s) or person(s) appointed
by the Board to  administer  this  Plan or to make  and/or  administer  specific
Awards hereunder.  If no such appointment is in effect at any time,  "Committee"
shall mean the Board.

1.7.  "Common Stock" means the common stock,  par value $0.001 per share, of the
Company.

1.8. "Company" means ePhone Telecom, Inc., and any successor thereto.

1.9. "Date of Exercise"  means the date on which the Company  receives notice of
the exercise of an Option in accordance with the terms of Section 8.1.

1.10.  "Date  of  Grant"  means  the  date on which  an  Option,  a Right,  or a
Performance  Award,  Restricted  Stock or  Incentive  Shares  are  granted to an
Eligible Person under this Plan.

1.11. "Eligible Person" means any person who is (a) an Employee, (b) hired to be
an Employee,  (c) a  Non-Employee  Director or (d) a consultant  or  independent
contractor to the Company or an Affiliate and who is determined by the Committee
to render key services to the Company or an Affiliate.

1.12.  "Employee" means any person determined by the Committee to be an employee
of the Company or an Affiliate.

1.13. "Exchange Act" means the Securities Exchange Act of 1934, as amended.

1.14.  "Fair Market  Value" means the fair market value of a Share as determined
by such methods or procedures as shall be  established  from time to time by the
Committee.  Unless otherwise  determined by the Committee in good faith, the per
share Fair Market  Value of a Share as of a  particular  date shall mean (i) the
closing  sales  price  per  share of  Common  Stock on the  national  securities
exchange on which the Shares are principally traded, for the last preceding date
on which there was a sale of such Common Stock on such exchange,  or (ii) if the
Shares are then traded in an over-the-counter market, the average of the closing
bid and asked prices for the Shares in such over-the-counter market for the last
preceding date on which there was a sale of such Shares in such market, or (iii)
if the  shares of  Common  Stock are not then  listed on a  national  securities
exchange or traded in an  over-the-counter  market, such value as the Committee,
in its sole discretion, shall determine.

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1.15.  "Incentive  Shares" means an award providing for the contingent  grant of
Shares pursuant to the provisions of Section 10 hereof.

1.16.  "Incentive Stock Option" means an Option granted under this Plan that the
Company designates as an incentive stock option under Section 422 of the Code.

1.17.   "Non-Employee  Director"  means  any  member  of  the  Company's  or  an
Affiliate's Board of Directors who is not an Employee.

1.18.  "Nonstatutory  Stock Option" means an Option granted under this Plan that
is not an Incentive Stock Option.

1.19.  "Option"  means an option to purchase  Shares  granted under this Plan in
accordance with the terms of Section 6 hereof.

1.20. "Option Period" means the period during which an Option may be exercised.

1.21.  "Option  Price"  means the  price  per  Share at which an  Option  may be
exercised.

1.22.  "Participant"  means an  Eligible  Person  who has been  granted an Award
hereunder.

1.23.  "Performance  Award" means a performance  award granted under the Plan in
accordance with the terms of Section 11 hereof.

1.24.  "Performance  Goals" means performance goals established by the Committee
which may be based on earnings or earnings growth, sales, return on assets, cash
flow, total shareholder  return,  equity or investment,  regulatory  compliance,
satisfactory  internal or external  audits,  improvement  of financial  ratings,
achievement  of  balance  sheet or  income  statement  objectives,  or any other
objective goals established by the Committee, and may be absolute in their terms
or measured against or in relationship to other companies comparably,  similarly
or otherwise  situated.  Such  performance  standards  may be  particular  to an
Eligible Person or the department,  branch, Affiliate or other division in which
he or  she  works,  or may  be  based  on the  performance  of the  Company,  or
Affiliate,  or the Company and its Affiliates,  and may cover such period as may
be specified by the Committee.

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1.25.  "Plan" means the ePhone Telecom,  Inc. 2000 Long-Term  Incentive Plan, as
amended from time to time.

1.26. "Related Option" means an Option in connection with which, or by amendment
to which, a specified Right is granted.

1.27.  "Related Right" means a Right granted in connection with, or by amendment
to, a specified Option.

1.28.  "Restricted  Stock" means Shares  awarded  under the Plan pursuant to the
provisions of Section 9 hereof.

1.29.  "Right"  means a stock  appreciation  right  granted  under  the  Plan in
accordance with the terms of Section 7 hereof.

1.30. "Right Period" means the period during which a Right may be exercised.

1.31. "Share" means a share of Common Stock.

1.32. "Ten-Percent Stockholder" means an Eligible Person who (applying the rules
of Section 424(d) of the Code) owns stock  possessing more than 10% of the total
combined voting power of all classes of stock of the Company or an Affiliate.

2.  Purpose.  This Plan is intended to assist the Company and its  Affiliates in
attracting and retaining Eligible Persons of outstanding  ability and to promote
the  identification  of their  interests with those of the  stockholders  of the
Company and its Affiliates.

3.  Administration.  The  Committee  shall  administer  this Plan and shall have
plenary  authority,  in its  discretion,  to grant  Options,  Restricted  Stock,
Incentive  Shares and  Performance  Awards to Eligible  Persons,  subject to the
provisions  of this  Plan.  The  Committee  shall  have  plenary  authority  and
discretion,  subject to the  provisions  of this Plan, to determine the Eligible
Persons to whom Awards  shall be  granted,  the terms  (which  terms need not be
identical)  of all Awards,  including  without  limitation  the Option  Price of
Options,  the time or times at which  Awards  are  made,  the  number  of Shares
covered by Awards,  whether an Option  shall be an  Incentive  Stock Option or a
Nonstatutory   Stock  Option,   any  exceptions  to   non-transferability,   any
Performance Goals applicable to Awards, any provisions relating to vesting,  and
the term of Awards. In making these determinations,  the Committee may take into
account  the nature of the  services  rendered  or to be  rendered  by the Award
recipients,  their  present and  potential  contributions  to the success of the
Company  and its  Affiliates,  and such other  factors as the  Committee  in its
discretion  shall deem  relevant.  Subject to the  provisions  of the Plan,  the
Committee shall have plenary authority to interpret the Plan,  prescribe,  amend
and  rescind  rules  and  regulations   relating  to  it,  and  make  all  other
determinations  deemed  necessary or advisable  for the  administration  of this
Plan.  The  determinations  of the Committee on the matters  referred to in this
Section 3 shall be binding and final.

4.  Eligibility.  Options,  Restricted  Stock,  Incentive Shares and Performance
Awards  may be  granted  only  to  Eligible  Persons;  provided,  however,  that
Incentive  Stock  Options  may not be granted to  Eligible  Persons  who are not
Employees.

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5.       Stock Subject to Plan.

5.1.  Subject to adjustment as provided in Section 10, (a) the maximum number of
Shares  that may be issued  under  this Plan is  6,000,000  Shares,  and (b) the
maximum  number of Shares  with  respect  to which an  Employee  may be  granted
Options under this Plan during a calendar year is 1,250,000 Shares.

5.2.  If an Option or Right  expires or  terminates  for any reason  (other than
termination by virtue of the exercise of a Related  Option or Related Right,  as
the case may be) without  having been fully  exercised,  if Shares of Restricted
Stock  are  forfeited  or if  Shares  covered  by an  Incentive  Share  Award or
Performance  Award are not issued,  or if Shares issued pursuant to an Award are
forfeited  pursuant to the terms of the Award,  the unissued or forfeited Shares
that had been  subject  to the Award  shall  become  available  for the grant of
additional  Awards.  In no event  shall  Shares  which,  under  this  Plan,  are
authorized to be used in payment of any Incentive  Shares or Performance  Awards
be deemed to be unavailable for purposes of the Plan until such Shares have been
issued in payment of such Awards in accordance  with the  provisions of Sections
10 and 11 hereof.

5.3.  Upon  exercise of a Right  (regardless  of whether the Right is settled in
cash or  Shares),  the  number  of  Shares  with  respect  to which the Right is
exercised  shall be charged against the number of Shares issuable under the Plan
and shall not become available for the grant of other Awards.

6. Options.

6.1.  Options  granted  under  this  Plan to  Eligible  Persons  shall be either
Incentive  Stock Options or  Nonstatutory  Stock  Options,  as designated by the
Committee; provided, however, that Incentive Stock Options may not be granted to
Eligible  Persons who are not  Employees.  Each Option  granted  under this Plan
shall be clearly identified as to the extent to which it is a Nonstatutory Stock
Option  and/or an Incentive  Stock Option and shall be evidenced by an Agreement
that specifies the terms and  conditions of the grant.  Options shall be subject
to the terms and conditions set forth in this Section 6 and such other terms and
conditions not inconsistent with this Plan as the Committee may specify.

6.2.  The price per share of Common  Stock at which an  Incentive  Stock  Option
granted  under  this Plan may be  exercised  shall not be less than one  hundred
percent  (100%)  of the Fair  Market  Value of the  Common  Stock on the Date of
Grant.  Notwithstanding the foregoing,  in the case of an Incentive Stock Option
granted to an Employee who, at the time of grant, is a Ten Percent  Shareholder,
the exercise  price per share shall not be less than one hundred and ten percent
(110%) of the Fair  Market  Value of the  Common  Stock on the date on which the
Option is granted.

6.3. The Option Period shall be determined by the Committee and specifically set
forth  in  the  Agreement;  provided,  however,  that  an  Option  shall  not be
exercisable after ten years (five years in the case of an Incentive Stock Option
granted to a Ten-Percent Stockholder) from its Date of Grant.

6.4. The Committee, in its discretion, may provide in an Agreement for the right
of a  Participant  to surrender to the Company an Option (or a portion  thereof)
that has become  exercisable  and to receive  upon such  surrender,  without any
payment to the Company (other than required tax withholding amounts) that number
of Shares (equal to the highest whole number of Shares) having an aggregate fair
market value as of the date of surrender  equal to that number of Shares subject
to the Option (or portion  thereof)  being  surrendered  multiplied by an amount
equal to the excess of (i) the Fair Market Value on the date of  surrender  over
(ii) the Option Price,  plus an amount of cash equal to the fair market value of
any  fractional  Share to which the  Participant  would be entitled  but for the
parenthetical above relating to whole number of Shares. Any such surrender shall
be treated as the exercise of the Option (or portion thereof).

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7.       Rights.

7.1. Rights granted under the Plan shall be evidenced by an Agreement specifying
the terms and conditions of the grant.

7.2. A Right may be granted under the Plan:  (a) in connection  with, and at the
same time as,  the grant of an Option  under the Plan;  (b) by  amendment  of an
outstanding  Option granted under the Plan; or (c)  independently  of any Option
granted under the Plan. A Right  described in clause (a) or (b) of the preceding
sentence is a Related Right. A Related Right may, in the Committee's discretion,
apply to all or any portion of the Shares subject to the Related Option.

7.3. A Right may be exercised in whole or in part as provided in the  applicable
Agreement, and, subject to the terms of the Agreement, entitles a Participant to
receive,   without   payment  to  the  Company  (but  subject  to  required  tax
withholding),  either cash or that number of Shares  (equal to the highest whole
number  of  Shares),  or a  combination  thereof,  in an amount or having a fair
market value  determined  as of the Date of Exercise not to exceed the number of
Shares  subject to the portion of the Right  exercised  multiplied  by an amount
equal to the excess of (a) the Fair Market  Value on the Date of Exercise of the
Right (or such amount in excess of such Fair Market Value as may be specified by
the Committee) over (b) either (i) the Fair Market Value on the Date of Grant of
the Right if it is not a Related Right,  or (ii) the Option Price as provided in
the Related Option if the Right is a Related Right.

7.4. The Right Period shall be determined by the Committee and  specifically set
forth in the  Agreement;  provided,  however,  that:  (a) a Right will expire no
later than the  earlier of (i) ten years from the Date of Grant,  or (ii) in the
case of a Related Right,  the expiration of the Related Option;  and (b) a Right
that is a Related Right to an Incentive  Stock Option may be exercised only when
and to the extent the Related Option is exercisable.

7.5.  The  exercise,  in whole or in part,  of a  Related  Right  shall  cause a
reduction  in the number of Shares  subject to the Related  Option  equal to the
number of Shares  with  respect to which the  Related  Right is  exercised.  The
exercise,  in whole or in part,  of a Related  Option shall cause a reduction in
the number of Shares  subject to the Related Right equal to the number of Shares
with respect to which the Related Option is exercised.

8. Exercise of Options and Rights.

8.1. An Option or Right may,  subject to the terms of the  applicable  Agreement
under which it was granted,  be exercised in whole or in part by the delivery to
the Company of written notice of the exercise, in such form as the Committee may
prescribe,  accompanied, in the case of an Option, by (a) a full payment for the
Shares  with  respect  to which  the  Option  is  exercised  or (b)  irrevocable
instructions  to a broker to deliver  promptly to the Company  cash equal to the
exercise price of the Option.  To the extent  provided in the applicable  Option
Agreement,  payment  may be made in  whole  or in  part by  delivery  (including
constructive  delivery)  of Shares  (provided  that  such  Shares,  if  acquired
pursuant  to  execrise of an option  granted  hereunder  or under any other plan
maintained by the Company or any Affiliate have been held by the Participant for
at least six (6) months) valued at Fair Market Value on the Date of Exercise, or
by delivery of a promissory note as provided in Section 7.2 hereof.

8.2. To the extent provided in an Agreement and permitted by applicable law, the
Committee  may accept as partial  payment of the Option Price a promissory  note
executed by the Participant evidencing his or her obligation to make future cash
payment  thereof.  Promissory  notes made  pursuant to this Section 7.2 shall be
payable upon such terms as may be determined by the Committee,  shall be secured
by a pledge  of the  Shares  received  upon  exercise  of the  Option,  or other
securities the Committee may deem to be acceptable for such purposes,  and shall
bear interest at a rate fixed by the Committee.

8.3.  Awards granted under this Plan shall not be  transferable  except by will,
the laws of  descent  and  distribution,  except to the  extent  provided  in an
Agreement.

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9. Restricted Stock Awards.

9.1.  Restricted  Stock awards under this Plan shall  consist of Shares that are
restricted  as to  transfer,  subject to  forfeiture,  and subject to such other
terms and  conditions  as may be  determined  by the  Committee.  Such terms and
conditions may provide,  in the  discretion of the  Committee,  for the lapse of
such transfer  restrictions  or forfeiture  provisions to be contingent upon the
achievement of one or more specified Performance Goals.

9.2.  Restricted  Stock awards under this Plan shall be evidenced by  Agreements
specifying the terms and conditions of the Award.  Each Agreement  evidencing an
Award of Restricted Stock shall contain the following:

(a)  prohibitions  against the sale,  assignment,  transfer,  exchange,  pledge,
hypothecation,  or other  encumbrance  of (i) the Shares  awarded as  Restricted
Stock,  (ii) the right to vote  such  Shares,  and  (iii)  the right to  receive
dividends thereon, in each case during, the restriction period applicable to the
Shares; provided,  however, that the Participant shall have all the other rights
of a stockholder including without limitation the right to receive dividends and
the right to vote the Shares;

(b) a requirement that each certificate  representing Shares of Restricted Stock
shall be  deposited  with the  Company,  or its  designee,  and  shall  bear the
following legend:

         "This  certificate  and the  shares  of stock  represented  hereby  are
         subject to the terms and conditions  (including the risks of forfeiture
         and  restrictions  against  transfer)  contained in the ePhone Telecom,
         Inc.  2000  Long-Term  Incentive  Plan,  and an Agreement  entered into
         between the registered owner and ePhone Telecom, Inc. Release from such
         terms  and  conditions  shall  be made  only  in  accordance  with  the
         provisions of this Plan and the  Agreement,  a copy of each of which is
         on file in the office of the Secretary of ePhone Telecom, Inc."

(c) the terms and conditions upon which any restrictions applicable to Shares of
Restricted Stock shall lapse and new  certificates  free of the foregoing legend
shall be issued to the Participant or the  Participant's  legal  representative;
and

(d) such other  terms,  conditions  and  restrictions  as the  Committee  in its
discretion may specify,  including  without  limitation terms that condition the
lapse of forfeiture provisions and transfer restrictions upon the achievement of
one or more specified Performance Goals.

10.  Incentive Share Awards.  Incentive  Shares granted under this Plan shall be
evidenced by an Agreement  specifying  the terms and  conditions  of such Award.
Incentive Share Awards shall provide for the issuance of Shares to a Participant
at such times and  subject to such terms and  conditions  as  determined  by the
Committee,  including  without  limitation  terms that condition the issuance of
Shares upon the achievement of one or more specified Performance Goals.

11.  Performance  Awards.  Performance  Awards  granted under this Plan shall be
evidenced by an Agreement  specifying  the terms and  conditions  of such Award.
Performance  Awards shall become payable on account of attainment of one or more
specified  Performance Goals.  Performance Awards may be paid by the delivery of
Common Stock or cash, or any  combination of Common Stock and cash, as specified
in the  Agreement.  If a Performance  Award is paid in cash,  the Award shall be
deemed,  for  purposes  of Section  5.1  hereof,  to cover a number of shares of
Common Stock equal to the quotient obtained by dividing the dollar amount of the
Award  payment by the Fair  Market  Value of a Share as of the date of  payment,
rounded to the next highest whole number.

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12. Capital  Adjustments.  In the event of any change in the outstanding  Common
Stock  by   reason   of  any   stock   dividend,   split-up,   recapitalization,
reclassification,  combination  or  exchange of shares,  merger,  consolidation,
liquidation  or the like, the Committee  may, in its  discretion,  provide for a
substitution  for or adjustment in (a) the number and class of Shares subject to
outstanding Options, Rights, Restricted Stock Awards, Incentive Shares Awards or
Performance  Awards,  (b) the Option  Price of  Options  and the base price upon
which payments under Rights that are not Related Rights are determined,  (c) the
aggregate  number and class of Shares for which  Awards  thereafter  may be made
under this Plan,  and (d) the maximum  number of Shares with respect to which an
Employee may be granted  Options  during the period  specified in Section 5.1(b)
hereof.

13. Termination or Amendment.  The Board may amend, alter or terminate this Plan
in any respect at any time;  provided,  however,  that, after this Plan has been
approved  by the  stockholders  of the  Company,  no  amendment,  alteration  or
termination of this Plan shall be made by the Board without  approval of (a) the
Company's  stockholders to the extent  stockholder  approval of the amendment is
required by applicable law or regulations or the  requirements  of the principal
exchange or interdealer  quotation system on which the Common Stock is listed or
quoted, if any, and (b) each affected Participant if such amendment,  alteration
or termination would adversely affect such  Participant's  rights or obligations
under  any  Award  made  prior  to the  date of such  amendment,  alteration  or
termination.

14. Modification, Extension, Renewal, Substitution.

14.1. The Committee may modify,  extend or renew outstanding Options and Rights,
or accept the  surrender of  outstanding  Options and Rights  granted under this
Plan or options and stock  appreciation  rights  granted under any other plan of
the  Company or an  Affiliate  (to the extent not  theretofore  exercised),  and
authorize  the  granting  of new  Options  and Rights  pursuant  to this Plan in
substitution  therefor.  Subject to the terms and  conditions of this Plan,  any
substituted  Options  or Rights  may  specify a lower  exercise  price  than the
surrendered  options  and  stock  appreciation  rights,  a longer  term than the
surrendered options and stock appreciation  rights, or have any other provisions
that are  authorized by this Plan.  Subject to the terms and  conditions of this
Plan,   the  Committee  may  modify  the  terms  of  any   outstanding   Awards.
Notwithstanding  the  foregoing,  however,  no  modification  of an Award shall,
without the consent of the Participant, alter or impair any of the Participant's
rights or obligations under such Award.

14.2.  Anything  contained  herein  to the  contrary  notwithstanding,  Options,
Rights,  Restricted Stock,  Incentive Shares and Performance  Awards may, at the
discretion  of the  Committee,  be granted under this Plan in  substitution  for
options and other awards covering capital stock of another  corporation which is
merged into,  consolidated with, or all or a substantial portion of the property
or stock of which is  acquired  by, the  Company or one of its  Affiliates.  The
terms and conditions of the substitute Awards so granted may vary from the terms
and  conditions  set forth in this Plan to such extent as the Committee may deem
appropriate  in order to conform,  in whole or part,  to the  provisions  of the
awards in  substitution  for which they are  granted.  Such  substitute  Options
granted hereunder shall not be counted toward the Share limit imposed by Section
5.1(b),  except to the extent it is determined  by the  Committee  that counting
such  Options is  required  in order for  Options  hereunder  to be  eligible to
qualify as "performance-based compensation" within the meaning of Section 162(m)
of the Code.

15.  Effectiveness  of this Plan. This Plan and any amendments  hereto requiring
stockholder  approval  pursuant to Section 13 are subject to approval by vote of
the  stockholders  of the  Company  at the next  annual or  special  meeting  of
stockholders  following  adoption  by the  Board.  Subject  to such  stockholder
approval, this Plan and any amendments hereto are effective on the date on which
they are adopted by the Board.

<PAGE>

16.  Withholding.  The Company's  obligation to deliver Shares or pay any amount
pursuant to the terms of any Award hereunder shall be subject to satisfaction of
applicable federal, state and local tax withholding requirements.  To the extent
provided in the applicable  Agreement and in accordance with rules prescribed by
the Committee,  a Participant may satisfy any such withholding tax obligation by
any of the following  means or by a combination  of such means:  (a) tendering a
cash payment,  (b) authorizing the Company to withhold Shares otherwise issuable
to  the  Participant,  or  (c)  delivering  to  the  Company  already-owned  and
unencumbered Shares.

17.  Terms of this Plan.  Unless  sooner  terminated  by the Board  pursuant  to
Section  13,  this Plan  shall  terminate  on May 5,  2010 and no Awards  may be
granted or  awarded  after such  date.  The  termination  of this Plan shall not
affect the validity of any Award outstanding on the date of termination.

18.  Indemnification  of  Committee.   In  addition  to  such  other  rights  of
indemnification  as they may have as Directors  or as members of the  Committee,
the members of the Committee  shall be  indemnified  by the Company  against all
reasonable expenses, including attorneys' fees, actually and reasonably incurred
in  connection  with  the  defense  of any  action,  suit or  proceeding,  or in
connection with any appeal therein,  to which they or any of them may be a party
by reason of any action taken or failure to act under or in connection with this
Plan or any Award granted hereunder,  and against all amounts reasonably paid by
them in settlement  thereof or paid by them in satisfaction of a judgment in any
such action,  suit or  proceeding,  if such members acted in good faith and in a
manner which they  believed to be in, and not opposed to, the best  interests of
the Company.

19. General Provisions.

19.1. The  establishment  of this Plan shall not confer upon any Eligible Person
any  legal  or  equitable  right  against  the  Company,  any  Affiliate  or the
Committee, except as expressly provided in this Plan.

19.2.  This  Plan  does  not  constitute  inducement  or  consideration  for the
employment or service of any Eligible  Person,  nor is it a contract between the
Company or any Affiliate  and any Eligible  Person.  Participation  in this Plan
shall not give any  Eligible  Person any right to be  retained in the service of
the Company or any Affiliate.

19.3.  Neither the adoption of this Plan nor its submission to the stockholders,
shall be taken to impose any  limitations  on the  powers of the  Company or its
Affiliates to issue, grant, or assume options,  warrants,  rights, or restricted
stock,  or other awards  otherwise than under this Plan, or to adopt other stock
option,  restricted  stock,  or other  plans or to  impose  any  requirement  of
stockholder approval upon the same.

19.4.  The  interests of any Eligible  Person under this Plan are not subject to
the claims of  creditors  and may not, in any way,  be  assigned,  alienated  or
encumbered except to the extent provided in an Agreement.

19.5. This Plan shall be governed, construed and administered in accordance with
the laws of the Commonwealth of Virginia.

19.6. The Committee may require each person  acquiring Shares pursuant to Awards
hereunder to represent to and agree with the Company in writing that such person
is acquiring the Shares without a view to distribution thereof. The certificates
for such Shares may include any legend which the Committee deems  appropriate to
reflect  any  restrictions  on  transfer.  All  certificates  for Shares  issued
pursuant to this Plan shall be subject to such stock  transfer  orders and other
restrictions  as the Committee may deem advisable  under the rules,  regulations
and other  requirements  of the  Securities and Exchange  Commission,  any stock
exchange  upon which the Common  Stock is then listed or  interdealer  quotation
system upon which the Common Stock is then quoted, and any applicable federal or
state  securities  laws. The Committee may place a legend or legends on any such
certificates to make appropriate reference to such restrictions.

<PAGE>

19.7. The Company shall not be required to issue any certificate or certificates
for Shares  with  respect to Awards  under this Plan,  or record any person as a
holder of record of such Shares, without obtaining, to the complete satisfaction
of the Committee,  the approval of all regulatory bodies deemed necessary by the
Committee,  and  without  complying  to  the  Board's  or  Committee's  complete
satisfaction,  with all rules and regulations, under federal, state or local law
deemed applicable by the Committee.THE NEW YORK TIMES COMPANY
                      DEFERRED EXECUTIVE COMPENSATION PLAN

                             Effective July 1, 1994

                                                        Amended January 1, 1999
                                                        Amended December 8, 1999
                                                        Amended March 2, 2000

<PAGE>

                                    ARTICLE I

                                  Introduction

1.1   Purpose Of Plan

      The Employer has adopted the Plan set forth herein to provide a means by
      which certain employees may elect to defer receipt of designated
      percentages or amounts of their Compensation.

1.2   Status Of Plan

      The Plan is intended to be "a plan which is unfunded and is maintained by
      an employer primarily for the purpose of providing deferred compensation
      for a select group of management or highly compensated employees" within
      the meaning of Sections 201(2) and 301(a)(3) of the Employee Retirement
      Income Security Act of 1974 ("ERISA"), and shall be interpreted and
      administered to the extent possible in a manner consistent with that
      intent.

1.2   History Of Plan

      The Plan was first effective on July 1, 1994.

      Thereafter, the Plan was amended effective January 1, 1999, to change the
      deferral periods under the Plan and the method of distribution thereunder.

      Effective December 8, 1999, the Plan was amended to change the eligibility
      for participation in the Plan and the definition of Compensation
      thereunder for year following 1999. Effective December 8, 1999, The New
      York Times Designated Employees Deferred Earnings Plan was merged into the
      Plan, as amended.

      Effective March 2, 2000, the Plan was amended to limit the deferral of
      annual bonus to 85% thereof for deferrals of Compensation for years
      following 2000.

                                      -1-
<PAGE>

                                   ARTICLE II

                                   Definitions

Wherever used herein, the following terms have the meanings set forth below,
unless a different meaning is clearly required by the context:

2.1   Account means, for each Participant, the account established for his or
      her benefit under Section 5.1. Such Account shall include both salary and
      bonus deferrals.

2.2   Change Of Control means:

      (a)   any individual, partnership, corporation (including a business
            trust), joint stock company, trust, unincorporated association,
            joint venture or other entity, or a government or any political
            subdivision or agency thereof (a "Person") (or two or more Persons
            acting in concert), other than any descendent (or any spouse
            thereof) of Iphigene Ochs Sulzberger (a "Family Member") or a
            beneficiary or trustee (as the same may change from time to time) of
            a trust over 50% of the individual beneficiaries of which are Family
            Members, acquiring the power to elect a majority of the directors of
            The New York Times Company (the "Company") in a transaction or
            series of transactions not approved in advance by a vote of at least
            three quarters of the Continuing Directors (as defined below); or

      (b)   individuals who, as of the date hereof, constitute the Board of
            Directors of the Company (as of the date hereof the "Continuing
            Directors") ceasing for any reason to constitute at least a majority
            of the Board of Directors, provided that any person becoming a
            director subsequent to the date hereof whose election, or a
            nomination for election by the Company's shareholders, was approved
            in advance by a vote of at least three quarters of the Continuing
            Directors (other than a nomination of an individual whose initial
            assumption of office is in connection with an actual or threatened
            solicitation with respect to the election or removal of the
            directors of the Company, as such terms are used in Rule 14a-11 of
            the Regulation 14A promulgated under the Exchange Act) shall be, for
            purposes of this Agreement, considered as though such person were a
            Continuing Director; or

      (c)   approval by the stockholders of the Company of a reorganization,
            merger, consolidation, liquidation or dissolution of the Company or
            of the sale (in one transaction or a series of related transactions)
            of all or substantially all of the assets of the Company other than
            a reorganization, merger, consolidation, liquidation, dissolution or
            sale approved in advance by three quarters of the Continuing
            Directors.

2.3   Code means the Internal Revenue Code of 1986, as amended from time to
      time. Reference to any section or subsection of the Code includes
      reference to any comparable or succeeding provisions of any legislation
      which amends, supplements or replaces such section or subsection.

                                      -2-
<PAGE>

2.4   Compensation means the annual bonus, amounts paid under The Advertising
      and Circulation Sales Incentive Plan, the Long-Term Performance Awards
      under The New York Times Company 1991 Executive Cash Bonus Plan and the
      base salary of a Participant, as well as any discretionary cash bonus
      awarded to the Participant for a particular year. The ERISA Management
      Committee, in its sole discretion, shall designate from time to time the
      maximum percentage of each component of Compensation that can be deferred
      under the Plan. Such designation shall be listed in Appendix A. For
      purposes of the Plan, Compensation shall be determined before giving
      effect to Elective Deferrals and other salary reduction amounts which are
      not included in the Participant's gross income under Code Sections 125,
      401(k), 402(h) or 403(b).

2.5   Effective Date means July 1, 1994.

2.6   Election Form means the participation election form as approved and
      prescribed by the Plan Administrator.

2.7   Elective Deferral means the portion of Compensation which is deferred by a
      Participant under Article IV.

2.8   Eligible Employee means, for the Plan Year 2000 and Plan Years thereafter,
      each employee of the Employer whose annual base salary on October 1 of the
      year prior to the year for which such employee defers any Compensation
      under the Plan is at least $110,000, who is not covered under a collective
      bargaining agreement, who is not eligible to participate in any other
      non-qualified deferred compensation plan sponsored by the Employer and/or
      its subsidiaries and affiliates while deferring Compensation under this
      Plan, and who consents to the purchase of Corporate Owned Life Insurance
      by the Employer. The $110,000 limit on annual base salary shall be
      adjusted by the ERISA Management Committee from time to time at its sole
      discretion and without the need for an amendment to the Plan. An employee
      who participated in this Plan or The New York Times Designated Employees
      Deferred Earnings Plan prior to 2000, and who no longer meets the
      definition of an Eligible Employee shall continue to be an Eligible
      Employee hereunder.

2.9   Employer means The New York Times Company, any successor to all or a major
      portion of the Employer's assets or business which assumes the obligations
      of the Employer, and each other entity that is affiliated with the
      Employer whose employees, with the consent of the Company, are eligible,
      as provided under Section 2.8, to participate in the Plan.

2.10  ERISA means the Employee Retirement Income Security Act of 1974, as
      amended from time to time. Reference to any section or subsection of ERISA
      includes reference to any comparable or succeeding provisions of any
      legislation which amends, supplements or replaces such section or
      subsection.

                                      -3-
<PAGE>

2.11  ERISA Board Committee means a committee of the Board of Directors of The
      New York Times Company.

2.12  ERISA Management Committee means a committee appointed by the ERISA Board
      Committee.

2.13  Insolvency means either (i) the Company is unable to pay its debts as they
      become due, or (ii) the Company is subject to a pending proceeding as a
      debtor under the United States Bankruptcy Code.

2.14  Participant means any Eligible Employee who participates in the Plan in
      accordance with Article III.

2.15  Plan means The New York Times Company Deferred Executive Compensation Plan
      and all amendments thereto.

2.16  Plan Administrator means the person, persons or entity designated by the
      Employer under Article VIII to oversee the administration of the Plan. If
      no such person or entity is so serving at any time, the Employer shall be
      the Plan Administrator.

2.17  Plan Year means the 12-month period beginning on January 1 and ending on
      December 31 of each year, except for the first plan year which begins on
      July 1, 1994, and ends on December 31, 1994.

2.18  Recordkeeper means the person(s) or entity appointed or hired by the ERISA
      Management Committee under Section 8.1.

2.19  Total And Permanent Disability means the inability of a Participant to
      engage in any substantial gainful activity by reason of any medically
      determinable physical or mental impairment which can be expected to result
      in death or which has lasted or can be expected to last for a continuous
      period of not less than 12 months, and the permanence and degree of which
      shall be supported by medical evidence satisfactory to the Plan
      Administrator.

2.20  Trust means the trust established by the Employer that identifies the Plan
      as a plan with respect to which assets are to be held by the Trustee. Plan
      assets in the trust are subject to the general creditors of The New York
      Times Company in the event of bankruptcy or Insolvency.

2.21  Trustee means the trustee or trustees under the Trust.

2.22  Valuation Option means the performance of the investment funds listed in
      Appendix B of the Plan.

                                      -4-
<PAGE>

                                   ARTICLE III

                                  Participation

3.1   Commencement Of Participation

      Any Eligible Employee who elects to defer part of his or her Compensation
      in accordance with Article IV shall become a Participant in the Plan as of
      the date such deferrals commence in accordance with such Article.

3.2   Continued Participation

      A Participant in the Plan shall continue to be a Participant so long as
      any amount remains credited to his or her Account. However, future
      deferrals under the Plan may be made only if such Participant continues to
      be an Eligible Employee under the Plan.

                                      -5-
<PAGE>

                                   ARTICLE IV

                               Elective Deferrals

4.1   Elective Deferrals

      Except as provided in Appendix A, an individual who is an Eligible
      Employee on the Effective Date may, by completing an Election Form and
      filing it with the Plan Administrator by the end of the first month
      following the Effective Date, elect to defer the receipt of a portion of
      one or more payments of Compensation for a period of at least three Plan
      Years and on such terms as the ERISA Management Committee may permit.
      Thereafter, any Eligible Employee may elect to defer the receipt of a
      percentage or dollar amount of one or more payments of Compensation for a
      period of a least three Plan Years and on such terms as the ERISA
      Management Committee may permit, commencing with Compensation paid in the
      next succeeding Plan Year, by completing an Election Form during the
      annual enrollment period for the Plan as determined by the Plan
      Administrator.

      Except as Provided in Appendix A, effective January 1, 1999, with respect
      to Elective Deferrals made for the Plan Year 1999 and thereafter,
      deferrals will mature at the end of a three-year cycle. An individual who
      is an Eligible Employee may elect to defer the receipt of a portion of one
      or more payments of Compensation during the first year of the deferral
      cycle for a period of three Plan Years and on such terms as the ERISA
      Management Committee may permit; an individual who is an Eligible Employee
      may elect to defer the receipt of a portion of one or more payments of
      Compensation during the second year of the deferral cycle for a period of
      two Plan Years and on such terms as the ERISA Management Committee may
      permit; and an individual who is an Eligible Employee may elect to defer
      the receipt of a portion of one or more payments of Compensation during
      the last year of a deferral cycle for a period of one Plan Year and on
      such terms as the ERISA Management Committee may permit. All deferrals
      made during a three-year cycle will mature at the end of the third Plan
      Year in that cycle. A new three-year cycle will commence after the
      expiration of each three-year cycle.

      No Participant may defer more than the portion of his or her Compensation
      designated by the ERISA Management Committee in Appendix A. A
      Participant's Compensation shall be reduced in accordance with the
      Participant's election hereunder and amounts deferred hereunder shall be
      paid by the Employer to the Trust as soon as administratively feasible and
      credited to the Participant's Account as of the date the amounts are
      received by the Trustee.

4.2   Investment Election

      An individual who is an Eligible Employee and elects to defer Compensation
      under this Plan shall elect to have his or her Account valued based on the
      Valuation Option represented by the performance of one or more of the
      investment funds listed in Appendix B of the Plan. Such Appendix B may be
      amended at any time by an action of the ERISA

                                      -6-
<PAGE>

      Management Committee. If a Participant does not elect a Valuation Option
      for his or her Account, the Account shall be valued based on the Valuation
      Option represented by the performance of Fund A. A participant may change
      his or her selection of Valuation Options on any date.

                                      -7-
<PAGE>

                                    ARTICLE V

                                    Accounts

5.1   Accounts

      The Plan Administrator and/or the Recordkeeper shall establish an Account
      for each Participant reflecting his or her Elective Deferrals made for the
      Participant's benefit together with any adjustments for income, gain or
      loss and any payments from the Account. The Plan Administrator and/or the
      Recordkeeper shall establish sub-accounts for each Participant that has
      more than one election in effect under Section 7.1 and such other
      sub-accounts as are necessary for the proper administration of the Plan.
      As of the last business day of each calendar quarter, the Plan
      Administrator shall provide, or cause to be provided, the Participant with
      a statement of his or her Account reflecting the income, gains and losses
      (realized and unrealized), amounts of deferrals, fund transfers and
      distributions of such Account since the prior statement.

5.2   Investments

      The assets of the Trust shall be invested in such investments as the
      Trustee shall determine. The Trustee may (but is not required to) consider
      the Employer's or a Participant's investment preferences when investing
      the assets attributable to a Participant's Account.

                                      -8-
<PAGE>

                                   ARTICLE VI

                                     Vesting

6.1   Vesting

      A Participant shall be immediately vested in, i.e., shall have a
      nonforfeitable right to, all Elective Deferrals, and all income and gain
      attributable thereto, credited to his or her Account.

                                      -9-
<PAGE>

                                   ARTICLE VII

                                    Payments

7.1   Election As To Form Of Payment

      Payments to Participants shall be made in annual installments over a
      period of 10 years commencing between January 2 and March 15 immediately
      following the end of each deferral period. The amount of each installment
      payment will equal the balance of a Participant's Account immediately
      prior to the installment payment divided by the number of installment
      payments remaining to be made.

      The above notwithstanding, a Participant may elect in writing to receive
      the value of his or her Account in one lump sum, in annual installments
      over a period of five years, or in annual installments over a period of
      fifteen years, so long as such election is made at least 13 months prior
      to the end of the deferral period. Additionally, effective January 1,
      1999, a Participant may elect in writing to receive the value of his or
      her account in a partial lump sum where the Participant may choose the
      percent of an expiring deferral to be paid in a lump sum with the balance
      in annual installments over the remainder of the 5, 10 or 15
      year-installment period; provided, however, that such election is made at
      least 13 months prior to the end of the deferral period.

      Effective January 1, 1999, for (i) Elective Deferrals made for Plan Year
      1999 and thereafter, and (ii) for Elective Deferrals made prior to January
      1, 1999 which are subject to a Participant's election after January 1,
      1999 to renew the deferral, a Participant's election as to the form of
      payment as set forth in this Section 7.1 shall apply to the Participant's
      entire Account. If the Participant begins to receive distributions of his
      or her Account pursuant to this Section 7.l, a subsequent election to
      defer additional Compensation shall be subject to a new election under
      this Section 7.1 and shall not affect the payment stream established by
      the prior distribution election.

7.2   Extension Of Deferral Periods

      A Participant may make an election in writing to extend any deferral
      period for three to ten additional Plan Years so long as such Participant
      makes an election therefor at least 13 months prior to the expiration of
      the deferral period.

      Effective January 1, 1999, elections to extend a deferral period must be
      made for a three-year cycle. A new three-year cycle will commence at the
      end of every third Plan Year. An election to extend a deferral period must
      be made by the Participant in writing at least 13 months prior to the end
      of a deferral period. If a deferral period will expire during the course
      of a three-year cycle, the Participant's election is limited to an
      election to extend the deferral period until the end of such three-year
      cycle. A Participant may elect to renew deferral periods for additional
      three year cycles an unlimited number of times.

                                      -10-
<PAGE>

      Effective January 1, 1999, terminated Participants will not be permitted
      to renew their deferral elections. Payments to terminated Participants
      will begin at the expiration of their current deferral period in
      accordance with the method selected under Section 7.1 (unless the
      Participant retired under a Company pension plan, or had attained age 55
      and completed at least ten years of service as of his or her date of
      termination, or is Totally and Permanently Disabled, in which case
      additional elections to defer are permitted).

7.3   Change Of Control

      As soon as possible following a Change Of Control of the Employer, each
      Participant shall be paid his or her entire Account balance in a single
      lump sum.

7.4   Termination Of Employment

      Upon termination of a Participant's employment for any reason other than
      death, the Participant's Account shall be paid to the Participant in the
      form of payment in effect at the time the termination of employment occurs
      and after the expiration of the deferral period. The above
      notwithstanding, the Plan Administrator, in its sole discretion, may: (a)
      pay out a Participant's Account balance in one lump sum at any time prior
      to the expiration of each deferral period; (b) accelerate the beginning of
      payments of deferrals to any time prior to the expiration of a deferral
      period; and (c) revoke the deferral elections of a Participant for the
      year of the termination of his/her employment.

7.5   Death

      If a Participant dies prior to the complete distribution of his or her
      Account, the balance of the Account shall be paid as soon as practicable
      to the Participant's designated beneficiary or beneficiaries, in the form
      elected by the Participant at the time of his or her death, provided,
      however, that the ERISA Management Committee and/or the Plan Administrator
      may, in their sole discretion, pay out the balance of such Participant's
      Account in one lump sum.

      Any designation of beneficiary shall be made by the Participant on a
      Beneficiary Designation Form filed with the Plan Administrator and may be
      changed by the Participant at any time by filing another Beneficiary
      Designation Form containing the revised instructions. If no beneficiary is
      designated or no designated beneficiary survives the Participant, payment
      shall be made to the Participant's surviving spouse or, if none, to
      his/her issue per stirpes, in a single payment. If no spouse or issue
      survives the Participant, payment shall be made in a single lump sum to
      the Participant's estate. The most recent Beneficiary Designation Form
      executed by the Participant prior to his/her death shall apply to all
      Election Deferrals credited to the Participant's Account at the date of
      his/her death.

7.6   Taxes

                                      -11-
<PAGE>

      All federal, state or local taxes that the Plan Administrator determines
      are required to be withheld from any payments made pursuant to this
      Article VII shall be withheld.

                                      -12-
<PAGE>

                                  ARTICLE VIII

                               Plan Administration

8.1   Plan Administration And Interpretation.

      The ERISA Management Committee (the "Committee") shall oversee the
      administration of the Plan, shall serve as the agent of the Company with
      respect to the trust, and shall appoint a Plan Administrator and/or
      Recordkeeper for the day-to-day operations of the Plan. Such Plan
      Administrator and/or Recordkeeper shall be listed in Appendix C to this
      Plan. The Committee shall have complete control and authority to determine
      the rights and benefits under all claims, demands and actions arising out
      of the provisions of the Plan of any Participant, beneficiary, deceased
      Participant, or other person having or claiming to have any interest under
      the Plan. The Committee shall have complete discretion to interpret the
      Plan and to decide all matters under the Plan. Such interpretation and
      decision shall be final, conclusive and binding on all Participants and
      any person claiming under or through any Participant. Any individual(s)
      serving on the Committee who is a Participant will not vote or act on any
      matter relating solely to himself or herself.

8.2   Committee Powers, Duties, Procedures, Etc.

      The Committee shall have such powers and duties, may adopt such rules and
      regulations, may act in accordance with such procedures, may appoint such
      agents, may delegate such powers and duties, may receive such
      reimbursements and compensation, and shall follow such claims and appeal
      procedures with respect to the Plan as it may establish.

8.3   Plan Administrator's Duties

      The Plan Administrator shall be responsible for the day-to-day operations
      of the Plan. His or her duties shall include, but not be limited to, the
      following:

      (a)   Keeping track of employees eligible to participate in the Plan and
            the date each employee becomes eligible to participate.

      (b)   Maintaining, or causing to be maintained by the Recordkeeper,
            Participants' Accounts, including all sub-accounts required for
            different contribution types and payment elections made by
            Participants under the Plan and any other relevant information.

      (c)   Transmitting, or causing to be transmitted by the Recordkeeper,
            various communications to Participants and obtaining information
            from Participants such as changes in investment selections.

      (d)   Filing reports required by various governmental agencies. When
            making a determination or calculation, the Plan Administrator and
            the Recordkeeper shall be

                                      -13-
<PAGE>

            entitled to rely on information furnished by a Participant, a
            beneficiary, the Employer or the Trustee. The Plan Administrator
            shall have the responsibility for complying with any reporting and
            disclosure requirements of ERISA.

8.4   Information

      To enable the Plan Administrator and/or Recordkeeper to perform their
      functions, the Employer shall supply full and timely information to the
      Plan Administrator and/or Recordkeeper on all matters relating to the
      compensation of Participants, their employment, retirement, death,
      termination of employment, and such other pertinent facts as the Plan
      Administrator and/or Recordkeeper may require.

8.5   Indemnification Of Committee And Plan Administrator

      The Employer agrees to indemnify and to defend to the fullest extent
      permitted by law any officer(s) or employee(s) who serve on the Committee
      or as Plan Administrator (including any such individual who formerly
      served on the Committee or as Plan Administrator) against all liabilities,
      damages, costs and expenses (including attorneys' fees and amounts paid in
      settlement of any claims approved by the Employer) occasioned by any act
      or omission to act in connection with the Plan, if such act or omission is
      in good faith.

                                      -14-
<PAGE>

                                   ARTICLE IX

                            Amendment And Termination

9.1   Amendments

      The Employer shall have the right to amend the Plan from time to time,
      subject to Section 9.3, by an action of the ERISA Management Committee.

9.2   Termination Of Plan

      This Plan is strictly a voluntary undertaking on the part of the Employer
      and shall not be deemed to constitute a contract between the Employer and
      any Eligible Employee (or any other employee) or a consideration for, or
      an inducement or condition of employment for, the performance of the
      services by any Eligible Employee (or other employee). The Employer
      reserves the right to terminate the Plan at any time, subject to Section
      9.3, by an action of the ERISA Management Committee. Upon termination, the
      Employer may (a) elect to continue to maintain the Trust to pay benefits
      hereunder as they become due as if the Plan had not terminated or (b)
      direct the Trustee to pay promptly to Participants (or their
      beneficiaries) the vested balance of their Accounts.

9.3   Existing Rights

      No amendment or termination of the Plan shall adversely affect the rights
      of any Participant with respect to amounts that have been credited to his
      or her Account prior to the date of such amendment or termination.

                                      -15-
<PAGE>

                                    ARTICLE X

                                  Miscellaneous

10.1  No Funding

      The Plan constitutes a mere promise by the Employer to make payments in
      accordance with the terms of the Plan and Participants and beneficiaries
      shall have the status of general unsecured creditors of the Employer.
      Nothing in the Plan will be construed to give any employee or any other
      person rights to any specific assets of the Employer or of any other
      person. In all events, it is the intent of the Employer that the Plan be
      treated as unfunded for tax purposes and for purposes of Title I of ERISA.

10.2  Non-Assignability

      None of the benefits, payments, proceeds or claims of any Participant or
      beneficiary shall be subject to any claim of any creditor of any
      Participant or beneficiary and, in particular, the same shall not be
      subject to attachment or garnishment or other legal process by any
      creditor of such Participant or beneficiary, nor shall any Participant or
      beneficiary have any right to alienate, anticipate, commute, pledge,
      encumber or assign any of the benefits or payments or proceeds which he or
      she may expect to receive, contingently or otherwise, under the Plan.

10.3  Limitation Of Participants' Rights

      Nothing contained in the Plan shall confer upon any person a right to be
      employed or to continue in the employ of the Employer, or interfere in any
      way with the right of the Employer to terminate the employment of a
      Participant in the Plan at any time, with or without cause.

10.4  Participants Bound

      Any action with respect to the Plan taken by the Plan Administrator or the
      Employer or the Trustee or any action authorized by or taken at the
      direction of the Plan Administrator, the Employer or the Trustee shall be
      conclusive upon all Participants and beneficiaries entitled to benefits
      under the Plan.

10.5  Receipt And Release

      Any payment to any Participant or beneficiary in accordance with the
      provisions of the Plan shall, to the extent thereof, be in full
      satisfaction of all claims against the Employer, the Plan Administrator
      and the Trustee under the Plan, and the Plan Administrator may require
      such Participant or beneficiary, as a condition precedent to such payment,
      to execute a receipt and release to such effect. If any Participant or
      beneficiary is determined by the Plan Administrator to be incompetent by
      reason of physical or mental disability

                                      -16-
<PAGE>

      (including minority) to give a valid receipt and release, the Plan
      Administrator may cause the payment or payments becoming due to such
      person to be made to another person for his or her benefit without
      responsibility on the part of the Plan Administrator, the Employer or the
      Trustee to follow the application of such funds.

10.6  Governing Law

      The Plan shall be construed, administered, and governed in all respects
      under and by the laws of the State of New York. If any provision shall be
      held by a court of competent jurisdiction to be invalid or unenforceable,
      the remaining provisions hereof shall continue to be fully effective.

10.7  Headings And Subheadings

      Heading and subheadings in this Plan are inserted for convenience only and
      are not to be considered in the construction of the provisions hereof.

                                      -17-
<PAGE>

                                   APPENDIX A

                           Limit on Elective Deferrals

For the 1994 and 1995 Plan Years, a Participant may defer up to 100% of his/her
annual bonus and no portion of his/her salary.

For the 1996 Plan Year and until changed by the Committee, a Participant may
defer up to 100% of his/her annual bonus and up to 33% of his/her base salary.

For the 2000 Plan Year and until changed by the Committee, a Participant may
defer up to 100% of his/her annual bonus, up to 100% of amounts paid under The
Advertising and Circulation Sales Incentive Plan, up to 100% of his/her
Long-Term Performance Awards under The New York Times Company 1991 Executive
Cash Bonus Plan and up to 33% of his/her base salary. In addition, a Participant
who is a "covered employee" within the meaning of Code Section 162(m) (a
"Covered Employee") may defer his/her entire discretionary bonus, if any,
payable in a Plan Year. Deferral of such discretionary bonus shall continue
without further action by the Participant until such time as the ERISA
Management Committee determines that the Participant is no longer a Covered
Employee. The Participant shall be permitted to extend the deferral period
beyond the time he/she ceases to be a Covered Employee for a three-year cycle
(and for subsequent three-year cycles) in the manner provided in Section 7.2 of
the Plan.

For the 2001 Plan Year and until changed by the Committee, a Participant may
defer up to 85% of his/her annual bonus, up to 85% of amounts paid under The
Advertising and Circulation Sales Incentive Plan, up to 85% of his/her Long-Term
Performance Awards under The New York Times Company 1991 Executive Cash Bonus
Plan and up to 33% of his/her base salary. In addition, a Participant
who is a Covered Employee may defer his/her entire discretionary bonus, if any,
payable in a Plan Year. Deferral of such discretionary bonus shall continue
without further action by the Participant until such time as the ERISA
Management Committee determines that the Participant is no longer a Covered
Employee. The Participant shall be permitted to extend the deferral period
beyond the time he/she ceases to be a Covered Employee for a three-year cycle
(and for subsequent three-year cycles) in the manner provided in Section 7.2 of
the Plan.

                                      -18-
<PAGE>

                                   APPENDIX B

                                Valuation Options

For 1994 and until changed by the ERISA Management Committee, each Participant
may elect to value his or her account based on the performance of one or more of
the following funds:

1.    Fund A: AIM Limited Maturity Treasury

2.    Fund B: AIM Aggressive Growth

3.    Fund C: AIM Value

4.    Fund D: Merrill Lynch Federal Securities

5.    Fund E: Merrill Lynch Capital

6.    Fund F: Templeton Foreign

7.    Fund G: Merrill Lynch Global Allocation

For 1999 and until changed by the ERISA Management Committee, each Participant
may elect to value his or her account based on the performance of one or more of
the following funds:

1.    Fund A: Vanguard Short Term Federal Fund

2.    Fund B: Vanguard Total Bond Market Index Fund

3.    Fund C: Vanguard Asset Allocation Fund

4.    Fund D: Vanguard Growth and Income Fund

5.    Fund E: Frank Russell Equity I Fund

6.    Fund F: Frank Russell Equity II Fund

7.    Fund G: AIM Aggressive Growth Fund

8.    Fund H: Putnam International Growth Fund

9.    Fund I: Putnam Asset Allocation Fund - Balanced Portfolio

                                      -19-
<PAGE>

                                   APPENDIX C

                      Plan Administrator And Record Keeper

1.1   Plan Administrator

For the Plan Year 1995, and until removed, the Plan Administrator shall be Phil
Ryan. For the Plan Year 1997, and until removed, the Plan Administrator shall be
Diane Zubalsky.

1.2   Recordkeeper

For the Plan Year 1994, and until removed, the Recordkeeper shall be Actuarial
Information Management Systems. From June 1, 1996, and thereafter until removed,
the Recordkeeper shall be Merrill Lynch.

Effective December 28, 1998, and until removed by the ERISA Management
Committee, the Recordkeeper shall be The Vanguard Group.

Effective July 17, 1999, and until removed by the ERISA Management Committee, in
addition to The Vanguard Group, TBG Financial shall be a Recordkeeper for the
Plan.

                                      -20-

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