Document:

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                                                                    EXHIBIT 10.1

                             THE McCLATCHY COMPANY
                             ---------------------
                  AMENDED AND RESTATED 1994 STOCK OPTION PLAN
                  -------------------------------------------
                          (effective February 1, 2001)

SECTION 1.  ESTABLISHMENT AND PURPOSE.
            -------------------------

     The Plan was established in 1994 to offer selected employees of the Company
or of a Subsidiary an opportunity to acquire a proprietary interest in the
success of the Company, or to increase such interest, by purchasing Shares of
the Company's Class A Common Stock. The Plan provides for the grant of Options
to purchase Shares, which may include Nonstatutory Options as well as ISOs
intended to qualify under section 422 of the Code. Effective as of February 1,
2001, the Plan is amended and restated as set forth herein.

SECTION 2.  DEFINITIONS.
            -----------
     (a)  "Board" shall mean the Board of Directors of the Company, as
           -----
constituted from time to time.

     (b)  "Code" shall mean the Internal Revenue Code of 1986, as amended.
           ----

     (c)  "Committee" shall mean a committee appointed by the Board, as
           ---------
described in Section 3(a); provided, however, grants of Options to Employees who
are nonemployee Directors shall be made by the full Board which shall act as the
Committee for that purpose.

     (d)  "Company" shall mean The McClatchy Company, a Delaware corporation.
           -------

     (e)  "Employee" shall mean (i) any individual who is an employee (within
           --------
the meaning of section 3401(c) of the Code and the regulations thereunder) of
the Company or a Subsidiary and (ii) directors of the Company, including
nonemployee directors.

     (f)  "Exercise Price" shall mean the amount for which one Share may be
           --------------
purchased upon exercise of an Option, as specified by the Committee in the
applicable Stock Option Agreement.

     (g)  "Fair Market Value" shall mean the market price of a Share, determined
           -----------------
by the Committee as follows:

          (i)    If the Share was traded on a stock exchange on the date in
question, then the Fair Market Value shall be equal to the closing price
reported by the applicable composite-transactions report for such date;

          (ii)   If the Share was traded over-the-counter on the date in
question and was traded on the Nasdaq system or the Nasdaq National Market, then
the Fair Market Value shall be
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equal to the last-transaction price quoted for such date by the Nasdaq system or
the Nasdaq National Market;

          (iii)  If the Share was traded over-the-counter on the date in
question but was not traded on the Nasdaq system or the Nasdaq National Market,
then the Fair Market Value shall be equal to the mean between the last reported
representative bid and asked prices quoted for such date by the principal
automated inter-dealer quotation system on which Stock is quoted or, if the
Stock is not quoted on any such system, by the "Pink Sheets" published by the
National Quotation Bureau, Inc.; and

          (iv)   If none of the foregoing provisions is applicable, then the
Fair Market Value shall be determined by the Committee in good faith on such
basis as it deems appropriate.

     (h)  "ISO" shall mean an employee incentive stock option described in
           ---
section 422(b) of the Code.

     (i)  "Nonstatutory Option" shall mean a stock option not described in
           -------------------
sections 422 or 423 of the Code.

     (j)  "Option" shall mean an ISO or Nonstatutory Option granted under the
           ------
Plan and entitling the holder to purchase Shares.

     (k)  "Optionee" shall mean an individual who holds an Option.
           --------

     (l)  "Plan" shall mean this The McClatchy Company Amended and Restated 1994
           ----
Stock Option Plan, as it may be amended.

     (m)  "Service" shall mean service as an Employee.
           -------

     (n)  "Share" shall mean one share of Stock, as adjusted in accordance with
           -----
Section 8 (if applicable).

     (o)  "Stock" shall mean the Class A Common Stock of the Company.
           -----

     (p)  "Stock Option Agreement" shall mean the agreement between the Company
           ----------------------
and an Optionee which contains the terms, conditions and restrictions pertaining
to his or her Option.

     (q)  "Subsidiary" shall mean any corporation, if the Company and/or one or
           ----------
more other Subsidiaries own not less than 50 percent of the total combined
voting power of all classes of outstanding stock of such corporation. A
corporation that attains the status of a Subsidiary on a date after the adoption
of the Plan shall be considered a Subsidiary commencing as of such date.

     (r)  "Total and Permanent Disability" shall mean that the Optionee is
           ------------------------------
unable to engage in any substantial gainful activity by reason of any medically
determinable physical or mental impairment which has lasted, or can be expected
to last, for a continuous period of not less than twelve months or which can be
expected to result in death.

                                      -2-
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SECTION 3.  ADMINISTRATION.
            --------------

     (a)  Committee Membership.  The Plan shall be administered by the Committee
          --------------------
which shall consist of not less than two directors appointed by the Board each
of whom shall satisfy the requirements of Rule 16b-3, as amended of the
Securities Exchange Act of 1934, as amended and (b) such requirements as the
Internal Revenue service may establish for outside directors acting under plans
intended to qualify for exemption under section 162(m)(4)(C) of the Code.

     (b)  Committee Procedures. The Board shall designate one of the members of
          --------------------
the Committee as chairman. The Committee may hold meetings at such times and
places as it shall determine. The acts of a majority of the Committee members
present at meetings at which a quorum exists, or acts reduced to or approved in
writing by all Committee members, shall be valid acts of the Committee.

     (c)  Committee Responsibilities. Subject to the provisions of the Plan, the
          --------------------------
Committee shall have full authority and discretion to take the following
actions:

          (i)    To interpret the Plan and to apply its provisions;

          (ii)   To adopt, amend or rescind rules, procedures and forms relating
to the Plan;

          (iii)  To authorize any person to execute, on behalf of the Company,
any instrument required to carry out the purposes of the Plan;

          (iv)   To determine when Options are to be granted under the Plan;

          (v)    To select the Optionees;

          (vi)   To determine the number of Shares to be made subject to each
Option;

          (vii)  To prescribe the terms and conditions of each Option, including
(without limitation) the Exercise Price, to determine whether such Option is to
be classified as an ISO or as a Nonstatutory Option, to specify the provisions
of the Stock Option Agreement relating to such Option, and to determine whether
an Option should be settled under Section 7(c) and the form of settlement;

          (viii) To amend any outstanding Stock Option Agreement, subject to
applicable legal restrictions and to the consent of the Optionee who entered
into such agreement; and

          (ix)   To take any other actions deemed necessary or advisable for the
administration of the Plan.

     All decisions, interpretations and other actions of the Committee shall be
final and binding on all Optionees and all persons deriving their rights from an
Optionee. No member of the Committee shall be liable for any action that he or
she has taken or has failed to take in good faith with respect to the Plan or
any Option.

                                      -3-
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SECTION 4.  ELIGIBILITY.
            -----------

     (a)  General Rule.  Only Employees shall be eligible for designation as
          ------------
Optionees by the Committee.

     (b)  Ten-Percent Shareholders. An Employee who owns more than 10 percent of
          ------------------------
the total combined voting power of all classes of outstanding stock of the
Company or any of its Subsidiaries shall not be eligible for the grant of an ISO
unless (i) the Exercise Price under such ISO is at least 110 percent of the Fair
Market Value of a Share on the date of grant and (ii) such ISO by its terms is
not exercisable after the expiration of five years from the date of grant.

     (c)  Attribution Rules. For purposes of Subsection (b) above, in
          -----------------
determining stock ownership, an Employee shall be deemed to own the stock owned,
directly or indirectly, by or for his brothers, sisters, spouse, ancestors and
lineal descendants. Stock owned, directly or indirectly, by or for a
corporation, partnership, estate or trust shall be deemed to be owned
proportionately by or for its shareholders, partners or beneficiaries. Stock
with respect to which such Employee holds an option shall not be counted.

     (d)  Outstanding Stock. For purposes of Subsection (b) above, "outstanding
          -----------------
stock" shall include all stock actually issued and outstanding at the time of
the grant of the ISO to the Optionee. "Outstanding stock" shall not include
treasury shares or shares authorized for issuance under outstanding options held
by the Optionee or by any other person.

SECTION 5.  STOCK SUBJECT TO PLAN.
            ---------------------

     (a)  Basic Limitation. Shares offered under the Plan shall be authorized
          ----------------
but unissued Shares or treasury Shares. The aggregate number of Shares which may
be issued under the Plan shall not exceed 3,312,500 Shares, subject to
adjustment pursuant to Section 8. The number of Shares which are subject to
Options at any time under the Plan shall not exceed the number of Shares which
then remain available for issuance under the Plan. The Company, during the term
of the Plan, shall at all times reserve and keep available sufficient Shares to
satisfy the requirements of the Plan.

     (b)  Additional Shares. In the event that any outstanding Option for any
          -----------------

reason expires or is canceled or otherwise terminated (except as provided in
Section 7(c)), the Shares allocable to the unexercised portion of such Option
shall again be available for the purposes of the Plan.

SECTION 6.  TERMS AND CONDITIONS OF OPTIONS.
            -------------------------------

     (a)  Stock Option Agreement. Each grant of an Option under the Plan shall
          ----------------------
be evidenced by a Stock Option Agreement between the Optionee and the Company.
Such Option shall be subject to all applicable terms and conditions of the Plan
and may be subject to any other terms and conditions which are not inconsistent
with the Plan and which the Committee deems appropriate for inclusion in a Stock
Option Agreement. The provisions of the various Stock Option Agreements entered
into under the Plan need not be identical.

                                      -4-
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     (b)  Number of Shares. Each Stock Option Agreement shall specify the number
          ----------------
of Shares that are subject to the Option and shall provide for the adjustment of
such number in accordance with Section 8. Options granted to any Optionee in a
single calendar year shall in no event cover more than 187,500 Shares, subject
to adjustment in accordance with Section 8. The Stock Option Agreement shall
also specify whether the Option is an ISO or a Nonstatutory Option.

     (c)  Exercise Price. Each Stock Option Agreement shall specify the Exercise
          --------------
Price. The Exercise Price of an Option shall not be less than 100 percent of the
Fair Market Value of a Share on the date of grant, except as otherwise provided
in Section 4(b). Subject to the preceding sentence, the Exercise Price under any
Option shall be determined by the Committee at its sole discretion. The Exercise
Price shall be payable in accordance with Section 7.

     (d)  Exercisability and Term. Each Stock Option Agreement shall specify the
          -----------------------
date when all or any installment of the Option is to become exercisable. The
Stock Option Agreement shall also specify the term of the Option. The term shall
not exceed 10 years from the date of grant, except as otherwise provided in
Section 4(b). Subject to the preceding sentence, the Committee at its sole
discretion shall determine when all or any part of an Option is to become
exercisable and when such Option is to expire.

     (e)  Nontransferability. During an Optionee's lifetime, and unless his or
          ------------------
her Stock Option Agreement otherwise provides, his or her Option(s) shall be
exercisable only by him or her and shall not be transferable. In the event of an
Optionee's death, his or her nontransferable Option(s) shall not be transferable
other than by beneficiary designation, will or by the laws of descent and
distribution.

     (f)  Termination of Service (Except by Death). If an Optionee's Service
          ----------------------------------------
terminates for any reason other than death, then his or her Option(s) shall
expire on the earliest of the following occasions:

          (i)    The expiration date determined pursuant to Subsection (d)
above;

          (ii)   The date three years after the termination of the Optionee's
Service, if the termination occurs on or after the earliest date when he or she
is eligible for early or normal retirement under the Restated Retirement Plan
for Employees of McClatchy Newspapers;

          (iii)  The date three years after the termination of the Optionee's
Service, if the termination occurs because of his or her Total and Permanent
Disability; or

          (iv)   The date 90 days after the termination of the Optionee's
Service, if the termination is not described in Paragraphs (ii) or (iii) above.

     Notwithstanding the above, the Committee may agree to alternative
expiration periods in any applicable Stock Option Agreement, so long as such
alternative periods do not exceed 10 years from the date of grant as set forth
in Subsection (d) above. The Optionee may exercise all or part of his or her
Option(s) at any time before the expiration of such Option(s) under the
preceding sentence, but only to the extent that such Option(s) had become
exercisable before his or her service terminated or became exercisable as a
result of the termination. The balance of such Option(s) shall lapse when

                                      -5-
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the Optionee's Service terminates. In the event that the Optionee dies after the
termination of his or her Service but before the expiration of his or her
Option(s), all or part of such Option(s) may be exercised (prior to expiration)
by the executors or administrators of the Optionee's estate or by any person who
has acquired such Option(s) directly from him or her by bequest or inheritance,
but only to the extent that such Option(s) had become exercisable before his or
her Service terminated or became exercisable as a result of the termination.

     (g)  Leaves of Absence. For purposes of Subsection (f) above, Service shall
          -----------------
be deemed to continue while the Optionee is on military leave, sick leave or
other bona fide leave of absence (as determined by the Committee). The foregoing
notwithstanding, in the case of an ISO granted under the Plan, Service shall not
be deemed to continue beyond the first 90 days of such leave, unless the
Optionee's reemployment rights are guaranteed by statute or by contract.

     (h)  Death of Optionee. If an Optionee dies while he or she is in service,
          -----------------
then his or her Option(s) shall expire on the earlier of the following dates:

          (i)   The expiration date determined pursuant to Subsection (d) above;
or

          (ii)  The date three years after his or her death.

     All or part of the Optionee's Option(s) may be exercised at any time before
the expiration of such Option(s) under the preceding sentence by the executors
or administrators of his or her estate or any person who has acquired such
Option(s) directly from him or her by bequest or inheritance.

     (i)  No Rights as a Stockholder.  An Optionee, or a transferee of an
          --------------------------
Optionee, shall have no rights as a shareholder with respect to any Shares
covered by his or her Option until the date of the issuance of a stock
certificate for such Shares. No adjustment shall be made except as provided in
Section 8.

     (j)  Modification, Extension and Renewal of Options. Within the limitations
          ----------------------------------------------
of the Plan, the Committee may modify, extend or renew outstanding Options or
may accept the cancellation of outstanding Options (to the extent not previously
exercised) for the granting of new Options in substitution therefor. The
foregoing notwithstanding, no modification of an Option shall, without the
consent of the Optionee, impair his or her rights or increase his or her
obligations under such Option.

     (k)  Restrictions on Transfer of Shares. Any Shares issued upon exercise of
          ----------------------------------
an Option shall be subject to such special rights of repurchase, rights of first
refusal and other transfer restrictions as the Committee may determine. Such
restrictions shall be set forth in the applicable Stock Option Agreement and
shall apply in addition to any general restrictions that may apply to all
holders of Shares.

     (l)  Change of Control. With respect to any unexpired Option that is
          -----------------
granted on or after February 1, 2001, and notwithstanding any contrary provision
of the Plan or of any Stock Option Agreement, upon a "Change of Control," an
Optionee shall be entitled to immediate 100% vesting of such Option.

                                      -6-
<PAGE>

          "Change of Control" means (i) the sale, lease, conveyance or other
disposition of all or substantially all of the Company's assets to any "person"
(as such term is used in Section 13(d) of the Securities Exchange Act of 1934,
as amended), entity or group of persons acting in concert; (ii) any "person" or
group of persons (other than any member of the McClatchy family or any entity or
group controlled by one or more members of the McClatchy family) becoming the
"beneficial owner" (as defined in Rule 13d-3 under said Act), directly or
indirectly, of securities of the Company representing 50% or more of the total
voting power represented by the Company's then outstanding voting securities;
(iii) a merger or consolidation of the Company with any other corporation, other
than a merger or consolidation that would result in the voting securities of the
Company outstanding immediately prior thereto continuing to represent (either by
remaining outstanding or by being converted into voting securities of the
surviving entity or its controlling entity) at least 50% of the total voting
power represented by the voting securities of the Company or such surviving
entity (or its controlling entity) outstanding immediately after such merger or
consolidation; (iv) a contest for the election or removal of members of the
Board that results in the removal from the Board of at least 50% of the
incumbent members of the Board, or (v) the occurrence of a "Rule 13e-3
transaction" as such term is defined in Rule 13e-3 promulgated under the
Securities Exchange Act of 1934, as amended, or any similar successor rule.

SECTION 7.  PAYMENT FOR SHARES.
            -------------------

     (a)  General Rule. The entire Exercise Price of Shares issued under the
          ------------
Plan shall be payable in cash at the time when such Shares are purchased, except
as follows:

     (b)  Surrender of Stock. To the extent that the Stock Option Agreement so
          ------------------
provides, payment may be made with Shares which have already been owned by the
Optionee for more than 12 months and which are surrendered to the Company in
good form for transfer. Such Shares shall be valued at their Fair Market Value
on the date when the new Shares are purchased under the Plan.

     (c)  Settlement in Cash and/or Shares. To the extent that the Stock Option
          --------------------------------
Agreement so provides, the Committee shall have the authority, in its sole
discretion, to settle all or any part of an exercisable Option or installment of
any Option by offering payment in Shares or in cash, or in any combination of
Shares and cash, in exchange for the surrender of that Option, installment or
partial installment of the Option by the Optionee. The amount offered by the
Committee shall not exceed the difference between the Exercise Price of the
Option and the Fair Market Value of the Shares on the date of the offer. In no
event shall Options be settled under this Subsection (c) if the Fair Market
Value of the Shares subject to the cancelled Options does not exceed the
Exercise Price of such Options. Options shall not be settled for cash under this
Subsection (c) unless they have been outstanding for not less than six months.
Shares as to which Options have been settled shall not be available for further
Option grants under the Plan.

     (d)  Cashless Exercises. Payment may be made all or in part by delivery (on
          ------------------
a form prescribed by the Committee) of an irrevocable direction to a securities
broker to sell Shares and to deliver all or part of the sale proceeds to the
Company in payment of the aggregate Exercise Price.

                                      -7-
<PAGE>

SECTION 8.  ADJUSTMENT OF SHARES.
            --------------------

     (a)  General.  In the event of a subdivision of the outstanding Stock, a
          -------
declaration of a dividend payable in Shares, a declaration of a dividend payable
in cash in an amount that has a material effect on the price of Shares, a
combination or consolidation of the outstanding Stock (by reclassification or
otherwise) into a lesser number of Shares, a spinoff or a similar occurrence,
the Committee shall make appropriate adjustments in one or more of (i) the
number of Options available for future grants under Section 5, (ii) the number
of Shares covered by each outstanding Option or(iii) the Exercise Price under
each outstanding Option.

     (b)  Reorganizations. In the event that the Company is a party to a merger
          ---------------
a other reorganization, outstanding Options shall be subject to the agreement of
merger or reorganization. Such agreement may provide, without limitation, for
the assumption of outstanding Options by the surviving corporation or its
parent, for their continuation by the Company (if the Company is a surviving
corporation) or for settlement in cash.

     (c)  Reservation of Rights. Except as provided in this Section 8, an
          ---------------------
Optionee shall have no rights by reason of any subdivision or consolidation of
shares of stock of any class, the payment of any stock dividend or any other
increase or decrease in the number of shares of stock of any class. Any issue by
the Company of shares of stock of any class, or securities convertible into
shares of stock of any class, shall not affect, and no adjustment by reason
thereof shall be made with respect to, the number or Exercise Price of Shares
subject to an Option. The grant of an Option pursuant to the Plan shall not
affect in any way the right or power of the Company to make adjustments,
reclassifications, reorganizations or changes of its capital or business
structure, to merge or consolidate or to dissolve, liquidate, sell or transfer
all or any part of its business or assets.

SECTION 9.  LEGAL REQUIREMENTS.
            ------------------

     Shares shall not be issued under the Plan unless the issuance and delivery
of such Shares complies with (or is exempt from) all applicable requirements of
law, including (without limitation) the Securities Act of 1933, as amended, the
rules and regulations promulgated thereunder, state securities laws and
regulations, and the regulations of any stock exchange on which the Company's
securities may then be listed.

SECTION 10.  NO EMPLOYMENT RIGHTS.
             --------------------

     No provision of the Plan, nor any Option granted under the Plan, shall be
construed as giving any person the right to become or to be treated as an
Employee or to remain an Employee. The Company and its Subsidiaries reserve the
right to terminate any person's Service at any time and for any reason.

SECTION 11.  DURATION AND AMENDMENTS.
             -----------------------

     (a)  Term of the Plan. The Plan, as set forth herein, shall become
          ----------------
effective on February 1, 1998, subject to approval of the Company's
shareholders. In the event that the Company's Shareholders fail to approve the
Plan before February 1, 1999, any Option grants from the increased number of
available Shares made prior to such date shall be null and void, and no such
additional

                                      -8-
<PAGE>

Option grants shall be made after such date. The Plan shall terminate
automatically on January 25, 2004, and may be terminated on any earlier date
pursuant to Subsection (b) below.

     (b)  Right to Amend or Terminate the Plan. The Board may amend, suspend or
          ------------------------------------
terminate the Plan at any time and for any reason. Shareholder approval shall
not be required for any amendment of the Plan, except as may be required by
applicable law or regulation.

     (c)  Effect of Amendment or Termination. No Shares shall be issued or sold
          ----------------------------------
under the Plan after the termination thereof, except upon exercise of an Option
granted prior to such termination. The termination of the Plan, or any amendment
thereof, shall not affect any Option previously granted under the Plan.

SECTION 12.  WITHHOLDING TAXES.
             -----------------

     To the extent required by applicable federal, state, local or foreign law,
the recipient of any payment or distribution under the Plan shall make
arrangements satisfactory to the Company for the satisfaction of any withholding
tax obligations that arise by reason of such payment or distribution. The
Company shall not be required to make such payment or distribution until such
obligations are satisfied.

SECTION 13.  EXECUTION.
             ---------

     To record the adoption of the Plan by the Board on January 21, 1998, as
amended and restated effective February 1, 1998 and February 1, 2001, the
Company has caused its authorized officer to execute the same.

                                    THE McCLATCHY COMPANY

                                    By: /s/ Karole Morgan-Prager
                                        --------------------------------------
                                        Karole Morgan-Prager
                                        Vice President and Corporate Secretary

                                      -9-<PAGE>

                                                                    EXHIBIT 10.2

                             THE McCLATCHY COMPANY

                             1994 STOCK OPTION PLAN

                  FORM OF NONSTATUTORY STOCK OPTION AGREEMENT

     THIS AGREEMENT, entered into as of ______________________, by and between
THE MCCLATCHY COMPANY, a Delaware corporation (the "Company") and
_________________ _____________________ (the "Optionee"),

                              W I T N E S S E T H:

     WHEREAS, the Board of Directors of the Company has established the THE
MCCLATCHY COMPANY Amended and Restated 1994 Stock Option Plan in order to
provide selected employees of the Company and its Subsidiaries with an
opportunity to acquire Shares of the Company's Class A Common Stock; and

     WHEREAS, the Committee has determined that it would be in the best
interests of the Company and its shareholders to grant the nonstatutory option
described in this Agreement to the Optionee as an inducement to enter into or
remain in the service of the Company and as an incentive for extraordinary
efforts during such service:

     NOW, THEREFORE, it is agreed as follows:

SECTION 1. GRANT OF OPTION.
           ---------------

           (a)      Option. On the terms and conditions stated below, the
                    ------
Company hereby grants to the Optionee the option to purchase ________ Shares for
the sum of $______ per Share, which is agreed to be 100% of the fair market
value thereof on the Date of Grant.

          (b)       Stock Option Plan. The option is granted pursuant to the
                    -----------------
Plan, a copy of which the Optionee acknowledges having received and read. The
provisions of the Plan are incorporated into this Agreement by reference.

          (c)       Tax Treatment. This option is not intended to qualify as an
                    -------------
Incentive Stock Option.

SECTION 2. NO TRANSFER OR ASSIGNMENT OF OPTION.
           -----------------------------------

     Except as otherwise provided in this Agreement, this option and the rights
and privileges conferred hereby shall not be transferred, assigned, pledged or
hypothecated in any way (whether by operation of law or otherwise) and shall not
be subject to sale under execution, attachment or similar process.  Upon any
attempt to transfer, assign, pledge, hypothecate or otherwise dispose of this
<PAGE>

option, or of any right or privilege conferred hereby, contrary to the
provisions hereof, or upon any attempted sale under any execution, attachment or
similar process upon the rights and privileges conferred hereby, this option and
the rights and privileges conferred hereby shall immediately become null and
void.

SECTION 3. RIGHT TO EXERCISE.
           -----------------

           (a)  Vesting. This option shall become exercisable in installments,
                -------
                as follows:

                Date:                                      Percentage of
                ----                                    Shares Exercisable:
                                                        -------------------
           March 1, ______                                      25%
           March 1, ______                                      50%
           March 1, ______                                      75%
           March 1, ______                                     100%

The number of Shares determined by applying the applicable percentage shall be
rounded to the nearest integer.  The foregoing notwithstanding, this option
shall become exercisable in full in the event that the Optionee ceases to be an
Employee because of death, Total and Permanent Disability or retirement under
the Restated Retirement Plan for Employees of The McClatchy Company (the
"McClatchy Retirement Plan") at any time when Optionee is 62 years of age or
older.  In the event that the Optionee ceases to be an Employee because of
retirement under the McClatchy Retirement Plan at any time when Optionee is 55
to 62 years of age, two additional installments (as set forth in the table
above) shall become exercisable.

          (b) Partial Exercise. No Partial Exercise of this option may be made
              ----------------
for less than 100 Shares (without regard to adjustments).

          (c) Acceleration upon Change of Control. Notwithstanding any contrary
              -----------------------------------
provision of the Plan or this Agreement, upon a Change of Control, Optionee
shall be entitled to immediate 100% vesting of any unexpired Option granted to
him or her under this Agreement.

          (d) Definition of Change of Control. For purposes of Section 3(c),
              -------------------------------
"Change of Control" shall mean the occurrence of any of the following: (i) the
sale, lease, conveyance or other disposition of all or substantially all of the
Company's assets to any "person" (as such term is used in Section 13(d) of the
Securities Exchange Act of 1934, as amended), entity or group of persons acting
in concert; (ii) any "person" or group of persons (other than any member of the
McClatchy family or any entity or group controlled by one or more members of the
McClatchy family) becoming the "beneficial owner" (as defined in Rule 13d-3
under said Act), directly or indirectly, of securities of the Company
representing 50% or more of the total voting power represented by the Company's
then outstanding voting securities; (iii) a merger or consolidation of the
Company with any other corporation, other than a merger or consolidation that
would result in the voting securities of the Company outstanding immediately
prior thereto continuing to represent (either by remaining outstanding or by
being converted into voting securities of the surviving entity or its
controlling

                                                                             -2-
<PAGE>

entity) at least 50% of the total voting power represented by the voting
securities of the Company or such surviving entity (or its controlling entity)
outstanding immediately after such merger or consolidation; (iv) a contest for
the election or removal of members of the Board that results in the removal from
the Board of at least 50% of the incumbent members of the Board, or (v) the
occurrence of a "Rule 13e-3 transaction" as such term is defined in Rule 13e-3
promulgated under the Securities Exchange Act of 1934, as amended, or any
similar successor rule.

SECTION 4.  EXERCISE PROCEDURES.

            (a) Notice of Exercise. The Optionee or the Optionee's
                ------------------
representative may exercise this option by giving written notice to the
Secretary of the Company pursuant to Section 11(d). The notice shall specify the
election to exercise the option, the number of Shares for which it is being
exercised, the form of payment and whether Share withholding to pay taxes will
be used. The notice shall be signed by the person or persons exercising this
option. In the event that this option is being exercised by the representative
of the Optionee, the notice shall be accompanied by proof satisfactory to the
Company of the representative's right to exercise this option. The Optionee or
the Optionee's representative shall deliver to the Secretary of the Company, at
the time of giving the notice, payment in a form which conforms to the
applicable provision of Section 5 for the full amount of the Purchase Price.

            (b) Issuance of Shares. After receiving a proper notice of exercise,
                ------------------
the Company shall cause to be issued a certificate or certificates for the
Shares as to which this option has been exercised, registered in the name of the
person exercising this option (or in the names of such person and his or her
spouse as community property or as joint tenants with right of survivorship).
The Company shall cause such certificate or certificates to be delivered to or
upon the order of the person exercising this option.

SECTION 5.  PAYMENT FOR STOCK.
            -----------------

            (a) Payment in Cash. All or part of the Purchase Price may be paid
                ---------------
in U.S. dollars.

            (b) Surrender of Stock. All or part of the Purchase Price may be
                ------------------
paid by the surrender of Shares in good form for transfer. Such shares must have
been owned for more than 12 months by the Optionee or the Optionee's
representative and must have a fair market value (as determined by the
Committee) on the Date of Exercise of this option which, together with any
amount paid in a form other than Shares, is equal to the Purchase Price.

            (c) Settlement in Cash and/or Shares. The Committee shall have the
                --------------------------------
authority, in its sole discretion, to settle all or any part of an exercisable
installment of this option by offering payment in Shares or in cash, or in any
combination of Shares and cash, in exchange for the surrender of that
installment or partial installment of this option by the Optionee. Offers to so
settle shall be made only in accordance with the terms of the Plan.

                                                                             -3-
<PAGE>

          (d)  Cashless Exercise. Payment may be made all or in part by delivery
               -----------------
of an irrevocable direction to a securities broker to sell Shares and to deliver
all or part of the sale proceeds to the Company in payment of the aggregate
Purchase Price.

SECTION 6. TERM AND EXPIRATION.
           -------------------
          (a)  Basic Term. This option shall in any event expire on the date 10
               ----------
years after the Date of Grant.

          (b)  Termination of Service (Except by Death). Subject to Subsection
               ----------------------------------------
(a) above, if the Optionee's service as an Employee ("Service") terminates for
any reason, other than death, then his or her Option(s) shall expire on the
earliest of the following occasions:

                 (i)   The expiration date determined pursuant to Subsection (a)
above;

                 (ii)  The date one year after the termination of the Optionee's
Service, if the termination occurs on or after the earliest date when he or she
is eligible for early or normal retirement under the McClatchy Retirement Plan;

                 (iii) The date one year after the termination of the
Optionee's Service, if the termination occurs because of his or her Total and
Permanent Disability; or

                 (iv)  The date 90 days after the termination of the Optionee's
Service, if the termination is not described in Paragraphs (ii) or (iii) above.

In the event that the Optionee dies after the termination of his or her Service
but before the expiration of his or her Option(s), all or part of such Option(s)
may be exercised (prior to expiration) by the executors or administrators of the
Optionee's estate or by any person who has acquired such Option(s) directly from
him or her by bequest or inheritance, but only to the extent that such Option(s)
had become exercisable before his or her Service terminated or became
exercisable as a result of the termination.

          (c)  Death of Optionee. If an Optionee dies while he or she is in
               -----------------
Service, then his or her Option(s) shall expire on the earlier of the following
dates:

                 (i)  The expiration date determined pursuant to Subsection (a)
above; or

                 (ii) The date 12 months after his or her death.

All or part of the Optionee's Options may be exercised at any time before the
expiration of such Option(s) under the preceding sentence by the executors or
administrators of his or her estate or by any person who has acquired such
Option(s) directly from him or her by bequest or inheritance.

SECTION 7. LEGALITY OF INITIAL ISSUANCE.
           ----------------------------
           No Shares shall be issued upon the exercise of this option unless and
until the Company has determined that:

                                                                             -4-
<PAGE>

           (a)  It and the Optionee have taken any actions required to register
the Shares under the Securities Act or to perfect an exemption from the
registration requirements thereof;

           (b)  Any applicable listing requirement of any stock exchange on
which Stock is listed has been satisfied; and

           (c)  Any other applicable provision of state or federal law has been
satisfied.

SECTION 8. NO REGISTRATION RIGHTS.
           -----------------------

           The Company may, but shall not be obligated to, register or qualify
the sale of Shares under the Securities Act or any other applicable law.  The
Company shall not be obligated to take any affirmative action in order to cause
the sale of Shares under this Agreement to comply with any law.

SECTION 9. RESTRICTIONS ON TRANSFER OF SHARES.
           ----------------------------------

           Regardless of whether the offering and sale of Shares under the Plan
have been registered under the Securities Act or have been registered or
qualified under the securities laws of any state, the Company may impose
restrictions upon the sale, pledge or other transfer of such Shares (including
the placement of appropriate legends on stock certificates) if, in the judgment
of the Company and its counsel, such restrictions are necessary or desirable in
order to achieve compliance with the provisions of the Securities Act, the
securities laws of any state or any other law.

SECTION 10. ADJUSTMENT OF SHARES.
            --------------------

           (a)  General. In the event of a subdivision of the outstanding
                -------
Stock, a declaration of a dividend payable in Shares, a declaration of a
dividend payable in cash in an amount that has a material effect on the price of
Shares, a combination or consolidation of the outstanding Stock (by
reclassification or otherwise) into a lesser number of Shares, or a similar
occurrence, the Committee shall make appropriate adjustments in one or both of
(i) the number of Shares covered by this option or (ii) the Exercise Price under
this option.

           (b)  Reorganization. In the event that the Company is a party to a
                --------------
merger or other reorganization, this option shall be subject to the agreement of
merger or reorganization. Such agreement may provide, without limitation, for
the assumption of this option by the surviving corporation or its parent, for
its continuation by the Company (if the Company is a surviving corporation) or
for settlement in cash.

           (c)  Reservation of Rights. Except as provided in this Section 10,
                ---------------------
the Optionee shall have no rights by reason of any subdivision or consolidation
of shares of stock of any class, the payment of any stock dividend or any other
increase or decrease in the number of shares of stock of any class. Any issue by
the Company of shares of stock of any class, or securities convertible into
shares of stock of any class, shall not affect, and no adjustment by reason
thereof shall be made with respect to, the number or Exercise Price of Shares
subject to this option. The grant of this option

                                                                             -5-
<PAGE>

shall not affect in any way the right or power of the Company to make
adjustments, reclassifications, reorganizations or changes of its capital or
business structure, to merge or consolidate or to dissolve, liquidate, sell or
transfer all or any part of its business or assets.

SECTION 11. MISCELLANEOUS PROVISIONS.
            ------------------------

          (a)  Withholding Taxes. In the event that the Company determines that
               -----------------
it is required to withhold foreign, federal, state or local tax as a result of
the exercise of this option, the Optionee, as a condition to the exercise of
this option, shall make arrangements satisfactory to the Company to enable it to
satisfy all withholding requirements. The Optionee shall also make arrangements
satisfactory to the Company to enable it to satisfy any withholding requirements
that may arise in connection with the disposition of Shares purchased by
exercising this option. Satisfactory arrangements shall include delivery of
previously owned shares and share withholding.

          (b)  Rights as a Shareholder.  Neither the Optionee nor the Optionee's
               -----------------------
representative shall have any rights as a shareholder with respect to any Shares
subject to this option until such Shares have been issued in the name of the
Optionee or the Optionee's representative.

          (c)  No Employment Rights. Nothing in this Agreement shall be
               --------------------
construed as giving the Optionee the right to be retained as an Employee. The
Company reserves the right to terminate the Optionee's service at any time and
for any reason.

          (d)  Notice. Any notice required by the terms of this Agreement shall
               ------
be given in writing and shall be deemed effective upon personal delivery or upon
deposit with the United States Postal Service, by registered or certified mail
with postage and fees prepaid and addressed to the party entitled to such notice
at the address shown below such party's signature on this Agreement, or at such
other address as such party may designate by 10 days' advance written notice to
the other party to this Agreement.

          (e)  Entire Agreement. This Agreement and the Plan constitute the
               ----------------
entire contract between the parties hereto with regard to the subject matter
hereof.

          (f)  Choice of Law. This Agreement shall be governed by, and construed
               -------------
in accordance with, the laws of the State of California, as such laws are
applied to contracts entered into and performed in such State.

SECTION 12. DEFINITIONS.

          (a)  "Agreement" shall mean this Nonstatutory Stock Option Agreement.

          (b)  "Board" shall mean the Board of Directors of the Company, as
constituted from time to time.

          (c)  "Code" shall mean the Internal Revenue Code of 1986, as amended.

          (d)  "Committee" shall mean the committee described in section 3 of
the Plan.

                                                                             -6-
<PAGE>

          (e)  "Date of Grant" shall mean the date on which the Committee
resolved to grant this option, which is the date as of which this Agreement is
entered into.

          (f)  "Employee" shall mean any individual who is an employee (within
the meaning of section 3401(c) of the Code and the regulations thereunder) of
the Company or of a Subsidiary.

          (g)  "Exercise Price" shall mean the amount for which one Share may be
purchased upon exercise of this option, as specified in Section 1(a).

          (h)  "Incentive Stock Option" shall mean an employee incentive stock
option described in section 422(b) of the Code.

          (i)  "Plan" shall mean the The McClatchy Company 1994 Stock Option
Plan, as in effect on the Date of Grant.

          (j)  "Purchase Price" shall mean the Exercise Price multiplied by the
number of Shares with respect to which this option is being exercised.

          (k)  "Securities Act" shall mean the Securities Act of 1933, as
amended.

          (l)  "Share" shall mean one share of Stock, as adjusted in accordance
with Section 10 (if applicable).

          (m)  "Stock" shall mean the Class A Common Stock of the Company.

          (n)  "Subsidiary" shall mean any corporation, if the Company and/or
one or more other Subsidiaries own not less than 50% of the total combined
voting power of all classes of outstanding stock of such corporation.

          (o)  "Total and Permanent Disability" shall mean that the Optionee is
unable to engage in any substantial gainful activity by reason of any medically
determinable physical or mental impairment which has lasted, or can be expected
to last, for a continuous period of not less than twelve months or which can be
expected to result in death.

     IN WITNESS WHEREOF, the Company has caused this Agreement to be executed on
its behalf by its officer duly authorized to act on behalf of the Committee, and
the Optionee has personally executed this Agreement.

                                    THE McCLATCHY COMPANY

                                    By ____________________________
                                       Secretary

                                    Company's Address:

                                      2100 Q Street

                                                                             -7-
<PAGE>

                                      Sacramento, CA 95816

                                    OPTIONEE

                                    By _____________________________
                                       (Name)

                                    Optionee's Address:

                                       -------------------
                                       -------------------

                                                                             -8-

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