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exv10w2xby

 

EXHIBIT 10.2(b)

FIRST AMENDMENT

TO THE

BELO SAVINGS PLAN

(As Amended and Restated Effective August 1, 2004)

     Belo Corp., a Delaware corporation, pursuant to authorization by the Compensation Committee of
the Board of Directors, adopts the following amendments to the Belo Savings Plan (the “Plan”).

     1. Section 6.8 of the Plan (“Direct Rollovers”) is amended by adding a new subsection
thereto to read as follows:

     (e) Automatic Rollovers. In the event of a mandatory
distribution greater than $1,000 in accordance with the provisions of Section
6.1(d), if the Participant does not elect to have such distribution paid directly
to an Eligible Retirement Plan specified by the Participant in a direct rollover
or to receive the distribution directly, then the Plan will pay the distribution
in a direct rollover to an individual retirement plan designated by the
Committee.

     2. The foregoing amendment will be effective with respect to distributions made on or
after March 28, 2005.

     Executed at Dallas, Texas, this 1st day of March, 2005.

	 	 	 	 	 
	 	BELO CORP. 

 	 
	 	By:  	/s/ Marian Spitzberg
 	 
	 	 	Marian Spitzberg 	 
	 	 	Senior Vice President, Human Resourcesexv10w2xcy

 

	 	 	 	 	 

Exhibit 10.2(c)

SECOND AMENDMENT

TO THE

BELO SAVINGS PLAN

(As Amended and Restated Effective August 1, 2004)

     Belo Corp., a Delaware corporation, pursuant to authorization by the Compensation Committee of
the Board of Directors, adopts the following amendments to the Belo Savings Plan (the “Plan”).

     1. The first sentence of Section 2.1(a)(i) of the Plan (“Eligibility to Participate –
Deferral Contributions – General Rule”) is amended in its entirety effective January 1, 2006, to
read as follows:

Each Employee who is not a Participant as of December 31, 2005, will become a
Participant and may authorize Deferral Contributions to the Plan as of the first payroll
period beginning on or after the later of January 1, 2006, and the date on which the
Employee first completes an Hour of Service, or as soon as administratively practicable
thereafter, if he is then employed by a Participating Employer.

     2. Section 2.1(b)(i) of the Plan is amended in its entirety effective January 1, 2006, to
read as follows:

     (i) General Rule. Each Employee who is not a Participant as of December
31, 2005, will become a Participant with respect to Participating Employer matching
contributions and profit sharing contributions as of the first payroll period beginning on
or after the date he has completed a Year of Service, or as soon as administratively
practicable thereafter, if he is then employed by a Participating Employer.

     3. The third sentence of Section 3.6(b) of the Plan (“Participant Investment Directions”)
is amended in its entirety effective January 1, 2006, to read as follows:

The Committee from time to time will establish rules and procedures regarding
Participant and Beneficiary investment directions, including without limitation rules and
procedures with respect to the manner in which such directions may be furnished, the
frequency with which such directions may be changed during the Plan Year, the minimum
portion of a Participant’s or Beneficiary’s Account that may be invested in any one
investment fund, the frequency with which transactions in any investment fund may be
executed (daily, weekly or at some other interval), and the manner in which Participants and
Beneficiaries may provide for periodic automatic rebalancing of their Accounts among
available investment funds.

 

 

     4. The second sentence of Section 3.7 of the Plan (“Rollover and Transfer Contributions”)
is amended in its entirety effective as of January 1, 2005, to read as follows:

Any amounts contributed to the Plan pursuant to this Section will be allocated to the
Participant’s Rollover Account; provided, however, that in the case of a direct transfer of
assets from the trustee of another Qualified Plan sponsored by a Controlled Group Member,
the Committee will maintain such records as may be necessary to determine the portions of
the transferred amount which represent employer profit sharing, matching and salary deferral
contributions made by the former employer and earnings and losses attributable thereto and
will allocate such amounts to the Participant’s Profit Sharing Account, Matching
Contribution Account and Deferral Contribution Account, respectively.

     5. Article 6 of the Plan (“Distributions to Participants”) is amended effective as of
August 29, 2005, by the addition of a new Section 6.10 thereto to read as follows:

          6.10 Emergency Relief.

          (a) KETRA. Notwithstanding any provision of the Plan to the contrary, to the
extent permitted by the Katrina Emergency Tax Relief Act of 2005 (“KETRA”):

               (i) The Committee is authorized to make qualified Hurricane Katrina distributions
within the meaning of KETRA;

               (ii) With respect to any Participant who is eligible to receive a qualified Hurricane
Katrina distribution, (A) Section 6.5 of the Plan is modified to provide that the
Participant may borrow from the vested portion of the Participant’s Profit Sharing and
Matching Contribution Accounts and (B) Section 6.5(c) of the Plan is modified to replace
“one-half of the aggregate nonforfeitable interest” with “100% of the aggregate
nonforfeitable interest” and to replace “$50,000” with “$100,000”; and

               (iii) With respect to any Participant who has an outstanding Plan loan on or after
August 28, 2005, and who is eligible to receive a qualified Hurricane Katrina distribution,
Section 6.5 of the Plan is modified to provide that the loan will be repaid in accordance
with the qualified plan loan repayment provisions of KETRA, which are hereby incorporated by
reference.

          (b) IRS Relief. Furthermore, the Committee is authorized to make Plan loans
and hardship distributions to Participants in accordance with the provisions of Internal
Revenue Service Announcement 2005-70.

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     6. The first sentence of Section 6.1(d) of the Plan (“Participant’s Consent to Certain Payments”)
is amended in its entirety effective December 1, 2005, to read as follows:

If the amount of a Participant’s vested Account balances exceeds $1,000, the Committee
will not distribute the Participant’s vested Account balances to him prior to the date
distributions are required to begin under Article 11 following his attainment of age 701/2,
unless he elects to receive a distribution at any earlier date following termination of
employment.

     7. The second sentence of Section 6.1(d) of the Plan is amended in its entirety effective
as of March 28, 2005, to read as follows:

For purposes of the preceding sentence, effective with respect to distributions made on
or after March 28, 2005, the value of a Participant’s vested Account balances will include
that portion that is attributable to his Rollover Account.

     8. Section 6.5(e) of the Plan is amended in its entirety effective as of January 1, 2005,
to read as follows:

     (e) Source of Loans. All loans will be made from available sources in
such order as the Committee may determine from time to time.

     9. Section 6.8 of the Plan (“Direct Rollovers”) is amended effective December 1, 2005, by
deleting Section 6.8(e) thereof (“Automatic Rollovers”).

     10. Section 11.4 of the Plan is amended in its entirety effective as of August 1, 2005, to
read as follows:

     11.4 Restrictions on Delay of Distributions. The following provisions
will apply to limit a Participant’s ability to delay the distribution of benefits. Unless
the Participant’s interest is distributed in the form of a single sum on or before the
required beginning date, as of the first distribution calendar year distributions will be
made in accordance with this Section 11.4.

          (a) General Rule. Distribution of a Participant’s entire vested and
nonforfeitable interest will be made or commence not later than April 1 following the
calendar year (i) in which he attains age 701/2, or (ii) in which his employment with the
Controlled Group terminates, if later, except that a distribution to a Participant who is a
5-percent owner (as such term is defined in Code section 416(i)(1)(B)(i)) with respect to
the Plan Year in which he attains age 701/2 will be made pursuant to clause (i).

          (b) Amount of Required Minimum Distributions. During the Participant’s
lifetime, the minimum amount that will be distributed for each distribution calendar year is
the lesser of:

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               (i) the quotient obtained by dividing the Participant’s Account balance by the
distribution period in the Uniform Lifetime Table set forth in Section 1.401(a)(9)-9 of the
Treasury Regulations, using the Participant’s age as of the Participant’s birthday in the
distribution calendar year; or

               (ii) if the Participant’s sole designated beneficiary for the distribution calendar
year is the Participant’s spouse, the quotient obtained by dividing the Participant’s
account balance by the number in the Joint and Last Survivor Table set forth in Section
1.401(a)(9)-9 of the Treasury Regulations, using the Participant’s and spouse’s attained
ages as of the Participant’s and spouse’s birthdays in the distribution calendar year.

          (c) Timing of Distributions. Required minimum distributions will be determined
under this Section 11.4 beginning with the first distribution calendar year and up to and
including the distribution calendar year that includes the Participant’s date of death. The
required minimum distribution for the Participant’s first distribution calendar year will be
made on or before the Participant’s required beginning date. The required minimum
distribution for other distribution calendar years, including the required minimum
distribution for the distribution calendar year in which the Participant’s required
beginning date occurs, will be made on or before December 31 of that distribution calendar
year.

          (d) Definitions. The following words and phrases, when used in this Article
11, will have the meanings set forth below.

               (i) “Designated beneficiary” means the individual who is designated as the
Beneficiary under Article 7 and is the designated beneficiary under Code section 401(a)(9)
and Section 1.401(a)(9)-1, Q&A-4, of the Treasury Regulations.

               (ii) “Distribution calendar year” means a calendar year for which a minimum
distribution is required. For distributions beginning before the Participant’s death, the
first distribution calendar year is the calendar year immediately preceding the calendar
year which contains the Participant’s required beginning date. For distributions beginning
after the Participant’s death, the first distribution calendar year is the calendar year in
which distributions are required to begin under Section 11.6.

               (iii) “Life expectancy” means life expectancy as computed by use of the Single
Life Table in Section 1.401(a)(9)-9 of the Treasury Regulations.

               (iv) “Participant’s account balance” means the Account balance as of the last
valuation date in the calendar year immediately preceding the distribution calendar year
(valuation calendar year) increased by the amount of any contributions made and allocated or
forfeitures allocated to the Account balance as of dates in the valuation calendar year
after the valuation date and decreased by distributions made in the valuation calendar year
after the valuation date. The account balance for the valuation calendar year includes any
amounts rolled over or transferred to the Plan either

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in the valuation calendar year or in
the distribution calendar year if distributed or transferred in the valuation calendar year.

               (v) “Required beginning date” means the date specified in Section 11.4(a).

     11. Section 11.6 of the Plan is amended in its entirety effective as of August 1, 2005,
to read as follows:

     11.6 Restrictions in the Event of Death. Upon the death of a Participant,
the following distribution provisions will apply to limit the Beneficiary’s ability to delay
distributions.

          (a) Death After Distributions Begin.

               (i) Participant Survived by Designated Beneficiary. If the Participant dies on
or after the date distributions begin and there is a designated beneficiary, the minimum
amount that will be distributed for each distribution calendar year after the year of the
Participant’s death is the quotient obtained by dividing the Participant’s account balance
by the longer of the remaining life expectancy of the Participant or the remaining life
expectancy of the Participant’s designated beneficiary, determined as follows:

               (A) The Participant’s remaining life expectancy is calculated using the age of
the Participant in the year of death, reduced by one for each subsequent year.

               (B) If the Participant’s surviving spouse is the Participant’s sole designated
beneficiary, the remaining life expectancy of the surviving spouse is calculated for
each distribution calendar year after the year of the Participant’s death using the
surviving spouse’s age as of the spouse’s birthday in that year. For distribution
calendar years after the year of the surviving spouse’s death, the remaining life
expectancy of the surviving spouse is calculated using the age of the surviving
spouse as of the spouse’s birthday in the calendar year of the spouse’s death,
reduced by one for each subsequent calendar year.

               (C) If the Participant’s surviving spouse is not the Participant’s sole
designated beneficiary, the designated beneficiary’s
remaining life expectancy is calculated using the age of the beneficiary in the
year following the year of the Participant’s death, reduced by one for each
subsequent year.

     (ii) No Designated Beneficiary. If the Participant dies on or after
the date distributions begin and there is no designated beneficiary as of September
30 of the year after the year of the Participant’s death, the minimum amount that
will be distributed for each distribution calendar year after the year of the
Participant’s death is the quotient obtained by dividing the Participant’s

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account
balance by the Participant’s remaining life expectancy calculated using the age of
the Participant in the year of death, reduced by one for each subsequent year.

          (b) Death Before Date Distributions Begin.

               (i) Commencement Date. If the Participant dies before distributions begin, the
Participant’s entire interest will be distributed, or begin to be distributed, no later than
as follows:

               (A) If the Participant’s surviving spouse is the Participant’s sole designated
beneficiary, then distributions to the surviving spouse will begin by December 31 of
the calendar year immediately following the calendar year in which the Participant
died, or by December 31 of the calendar year in which the Participant would have
attained age 701/2, if later.

               (B) If the Participant’s surviving spouse is not the Participant’s sole
designated beneficiary, then distributions to the designated beneficiary will begin
by December 31 of the calendar year immediately following the calendar year in which
the Participant died.

               (C) If there is no designated beneficiary as of September 30 of the year
following the year of the Participant’s death, the Participant’s entire interest
will be distributed by December 31 of the calendar year containing the fifth
anniversary of the Participant’s death.

               (D) If the Participant’s surviving spouse is the Participant’s sole designated
beneficiary and the surviving spouse dies after the Participant but before
distributions to the surviving spouse begin, this section 11.6(b)(i) (other than
Section 11.6(b)(i)(A)), will apply as if the surviving spouse were the Participant.

               (ii) Participant Survived by Designated Beneficiary. If the Participant dies
before the date distributions begin and there is a designated beneficiary, the minimum
amount that will be distributed for each distribution calendar year after the year of the
Participant’s death is the quotient obtained
by dividing the Participant’s account balance by the remaining life expectancy of the
Participant’s designated beneficiary, determined as provided in Section 11.6(a)(i).

               (iii) No Designated Beneficiary. If the Participant dies before the date
distributions begin and there is no designated beneficiary as of September 30 of the year
following the year of the Participant’s death, distribution of the Participant’s entire
interest will be completed by December 31 of the calendar year containing the fifth
anniversary of the Participant’s death.

               (iv) Death of Surviving Spouse. If the Participant dies before the date
distributions begin, the Participant’s surviving spouse is the Participant’s sole designated
beneficiary, and the surviving spouse dies before distributions are required to

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begin to the
surviving spouse under Section 11.6(b)(i)(A), this Section 11.6(b) will apply as if the
surviving spouse were the Participant.

               (v) Elections. Participants or beneficiaries may elect on an individual basis
whether the five-year rule or the life expectancy rule described above applies to
distributions after the death of a Participant who has a designated beneficiary. The
election must be made no later than the earlier of September 30 of the calendar year in
which distribution would be required to begin under Section 11.6(b)(i), or by September 30
of the calendar year which contains the fifth anniversary of the Participant’s (or, if
applicable, surviving spouse’s) death. If neither the Participant nor the beneficiary makes
an election under this subsection (v), distributions will be made in accordance with the
foregoing provisions of Section 11.6(b).

Executed at Dallas, Texas, this 1st day of December, 2005.

	 	 	 	 	 
	 	BELO CORP. 

 	 
	 	By:  	/s/ Marian Spitzberg
 	 
	 	 	Marian Spitzberg 	 
	 	 	Senior Vice President, Human Resources 	 
	 

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