Document:

Exhibit 10.1

 

THE NEW YORK TIMES
COMPANY

 

DEFERRED EXECUTIVE COMPENSATION PLAN

 

Effective July 1, 1994

 

 

	
   

  	
   

  	
  Amended January 1, 1999

  
	
   

  	
   

  	
  Amended December 8, 1999

  
	
   

  	
   

  	
  Amended Effective January 1, 2001

  
	
   

  	
   

  	
  Amended Effective July 1, 2002

  
	
   

  	
   

  	
  Amended
  Effective January 1, 2005

  

 

 

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 ERISA, and shall be interpreted
and administered to the extent possible in a manner consistent with that
intent.  Effective for Elective Deferrals
made for Plan Year 2005 and thereafter, the Plan is intended to comply with the
requirements of Section 409A of the Code, and shall be interpreted and
administered to the extent possible in a manner consistent with that intent.

 

1.3                               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 years following 1999.  Effective December 8, 1999, The New York
Times Designated Employees Deferred Earnings Plan was merged into the Plan, as
amended.

 

Effective January 1, 2001, the Plan was amended
to provide that only 85% of a Participant’s bonus may be deferred thereunder.

 

Effective January 1, 2001, the Plan was amended
to further change the deferral periods and methods of benefit distribution
thereunder.

 

Effective January 1, 2001, the Affiliated
Publications, Inc. Deferment Plan for Key Executives (the “BG Plan”) was
merged into the Plan and each participant account in the BG Plan was
transferred into this Plan.

 

Effective July 1, 2002, the Plan was amended to
further change the methods of benefit distribution thereunder.

 

2

 

Effective January 1, 2005, the Plan was amended
to comply with the requirements of Section 409A of the Code.

 

3

 

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. 
Effective January 1, 2001, an Account shall include the amounts, if
any, transferred from the BG Plan to this Plan.

 

2.2                               Change
Of Control means the occurrence of any of the events described in
paragraphs (a), (b) or (c) below involving the Company:

 

(a)                      Change in ownership of the Company.   A change in the ownership of the Company
shall be deemed to occur on the date that any one person, or more than one
person acting as a group (as described in paragraph (d) below), acquires
ownership of the stock of the Company (“Company Stock”) that, together with
stock already held by such person or group, constitutes more than 50% of the
total fair market value of the outstanding Company Stock or that has the
ability to elect more than 50% of the Company’s board of directors; except,
however, that if any one person or group already holds Company stock that
constitutes more than 50% of the total fair market value of the outstanding
Company Stock or that has the ability to elect more than 50% of the Company’s
board of directors, the acquisition of additional Company Stock by such person
or group shall not be deemed to cause a change in ownership of the Company (or
a change in effective control of the Company, within the meaning of paragraph (b) below).  For purposes of this paragraph (a), an
increase in the percentage of Company Stock owned by any one person or group
resulting from a transaction in which the Company acquires its Company Stock in
exchange for property shall be deemed to be an acquisition of additional
Company Stock.

 

(b)                     Change in effective control of the Company.   A change in the effective control of the
Company shall be deemed to occur on the date that a majority of the members of
the Company’s board of directors is replaced during any 12-month period by
directors whose appointment or election is not endorsed by a majority of the
member’s of the Company’s board of directors prior to the date of the
appointment or election.

 

(c)                      Change in ownership of a substantial portion of the
assets of the Company.  A
change in ownership of a substantial portion of the assets of the Company and
its subsidiaries (“Company Assets”) shall be deemed to occur on the date that
any one person, or more than one person acting as a group (as described in
paragraph (d) below), acquires (or has acquired during the 12-month period
ending on the date of the most recent acquisition by such person or group)
Company Assets that have a total gross fair market value equal to or exceeding
40% of the total gross fair market 

 

4

 

value
of all of the Company Assets immediately preceding such acquisition or
acquisitions, where the total fair market value of the Company Assets and the
assets being disposed of are determined without regard to any liabilities
associated with such assets; except, however, that, for purposes of the Plan, a
change in ownership of a substantial portion of the Company Assets shall not be
deemed to have occurred in connection with the transfer of the Company Assets
to any following entities:

 

(i)                         An
entity that was a shareholder of the Company immediately prior to the transfer
provided that such transfer is in exchange for, or with respect to, the entity’s
Company Stock;

 

(ii)                      An
entity whose total value or voting power immediately after the transfer is at
least 50% owned, directly or indirectly, by the Company;

 

(iii)                   A
person or group that, immediately after the transfer, directly or indirectly
owns at least 50% of the total value or voting power of the outstanding Company
Stock; or

 

(iv)                  An
entity whose total value or voting power immediately after the transfer is at
least 50% owned, directly or indirectly, by a person described in paragraph (c)(iii) above.

 

(d)                     Persons acting as a group.    For purposes of this Section 2.2,
persons will not be considered to be acting as a group solely because they
purchase or own Company Stock or Company Assets at the same time, or as the
result of the same public offering. 
Persons will be considered acting as a group, however, if they are
owners of a corporation that enters into a merger, consolidation, purchase or
acquisition of Company Stock or Company Assets, or a similar business
transaction with the Company.

 

(e)                      Attribution of stock ownership.  In determining Company Stock ownership for
purposes of this Section 2.2, the attribution rules of Code section 318(a) shall
apply.  Company Stock underlying a vested
stock option shall be deemed to be owned by the individual who holds the vested
option; except, however, that a vested option exercisable for Company Stock
that is not substantially vested shall not be deemed to be owned by the
individual who holds such vested option. 
Company Stock underlying an unvested option shall not be deemed to be
owned by the individual who holds the unvested option.

 

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.

 

2.4                               Company
means The New York Times Company.

 

2.5                               Compensation
means the annual bonus, amounts paid under The Advertising and Circulation
Sales Incentive Plan, the Long-Term Performance Awards under The New 

 

5

 

York
Times Company 1991 Executive Cash Bonus Plan and 1991 Executive Stock Incentive
Plan, any Discretionary Bonuses and the base salary (including bonuses in lieu
of salary increases) of a Participant.  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).

 

2.6                               Discretionary
Bonus means a bonus that brings a Participant’s Compensation over the
deductible amount stated in Section 162 (m) of the Code.

 

2.7                               Effective
Date means July 1, 1994.

 

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

 

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

 

2.10                        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 minimum 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.

 

2.11                        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.

 

2.12                        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 that amends, supplements or replaces such section or
subsection.

 

6

 

2.13                        ERISA
Management Committee means a committee appointed by the Compensation
Committee of the Board of Directors of the Company.

 

2.14                        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.

 

2.15                        Participant
means any Eligible Employee who participates in the Plan in accordance with Article III.  Effective January 1, 2001, a Participant
also means a former participant of the Affiliated Publications, Inc.
Deferment Plan for Key Executives whose account under the that plan has been
transferred into this Plan.

 

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

 

2.17                        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.

 

2.18                        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.

 

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

 

2.20                        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.

 

2.21                        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 Company in the event of bankruptcy or Insolvency.

 

2.22                        Trustee
means the trustee or trustees under the Trust.

 

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

 

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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.

 

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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 or his designee 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 Years 1999 and 2000, 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.

 

Except as provided in
Appendix A, effective January 1, 2001, with respect to Elective Deferrals
made for the Plan Years 2001 through 2004, deferrals will mature in a four-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 four
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 three 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 third year of a deferral cycle for a period of two Plan
Years and on such terms as the ERISA Management Committee may permit.  All deferrals made during a four-year cycle 

 

9

 

will mature at the end of
the second Plan Year that is after the end of the last deferral in that cycle.

 

Except as provided in
Appendix A, effective January 1, 2005, with respect to Elective Deferrals
for Plan Year 2005 and thereafter, an Eligible Employee may elect to defer, on
such terms as the ERISA Management Committee may permit, the receipt of a
percentage of Compensation earned during the next succeeding Plan Year for a
minimum deferral period of a two Plan Years and a maximum deferral period of 15
Plan Years after the Plan Year in which the Compensation was earned, by
completing an Election Form during the annual enrollment period for such
Plan Year, as determined by the Plan Administrator.  Except as provided in the next sentence, the
annual enrollment period for a Plan Year must end no later than December 31
of the prior Plan Year.  Notwithstanding
the foregoing, (i) the annual enrollment period for Plan Year 2005 may end
no later than March 15, 2005, (ii) the annual enrollment period for
an individual who first becomes an Eligible Employee during a Plan Year may end
no later than 30 days after the date the individual became an Eligible
Employee, and (iii) the annual enrollment period for deferrals of
Long-Term Performance Awards under The New York Times Company 1991 Executive
Cash Bonus Plan and 1991 Executive Stock Incentive Plan may end no later than
six months prior to the end of the applicable performance cycle; provided,
however, that in the case of (i) and (ii) above, any Elective
Deferral made after the start of a Plan Year may pertain only to Compensation
that has not already been paid or become payable as of the date the deferral
election is made, as determined in accordance with the requirements of Section 409A
of the Code, and in the case of (iii) above, as of the date the deferral
election is made the Long Term Performance Award being deferred is not
substantially certain to be paid and the amount of the Award is not readily
ascertainable.

 

It is expressly
understood that accounts transferred from the BG Plan into this Plan shall be
treated as if deferred during 2001 and the deferral period for such accounts
shall expire at the same time all other deferrals made during 2001 expire.

 

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
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 

 

10

 

represented by the
performance of Fund A.  A Participant may
change his or her selection of Valuation Options on any date.

 

11

 

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.

 

Effective January 1,
2001, a Participant’s Account shall include the amount transferred from the BG
Plan to this Plan.

 

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.

 

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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.

 

13

 

ARTICLE VII

 

Payments

 

7.1                               Election
As To Form Of Payment

 

Except as otherwise provided herein, 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, for Elective Deferrals for Plan Years prior to the 2005 Plan
Year, 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, (i) for Elective Deferrals made for Plan Years 1999 through 2004,
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.

 

Effective January 1,
2001, (i) for Elective Deferrals made for Plan Years 2001 through 2004,
and (ii) for Elective Deferrals made prior to January 1, 2001 which
are subject to a Participant’s election after January 1, 2001 to renew the
deferral, a Participant may elect to receive a lump sum payment of a portion of
his/her Account and renew the deferral of the of rest such 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.

 

Effective July 1,
2002, (i) for Elective Deferrals made for Plan Years 2002 through 2004,
and (ii) for Elective Deferrals made for Plan Years prior to 2002 which
are subject to a Participant’s election after July 1, 2002 to renew the
deferral, a Participant’s election as to 

 

14

 

the form of payment as
set forth in this Section 7.1 shall apply to each of the Participant’s
Elective Deferrals made for a specific Plan Year.  Additionally, a Participant may elect to
receive a lump sum payment of a portion of his/her Elective Deferral for a
specific Plan Year and renew the deferral of the of rest such Elective
Deferral.  Finally, A Participant may
elect to receive a partial lump sum of his/her Elective Deferral for a specific
Plan Year with the balance of such Elective Deferral paid in annual
installments over 5, 10 or 15 years. 
Except as provide in the next paragraph, all elections under this Section 7.1
must be made at least 13 months prior to the end of the applicable deferral
period.

 

Effective January 1,
2005, for Elective Deferrals made for Plan Year 2005 and thereafter, a
Participant’s election as to form of payment shall be made on a Plan Year to
Plan Year basis and must be made during the annual enrollment period for each
such Plan Year, as determined by the Plan Administrator in accordance with Section 5.1.
During the applicable annual enrollment period, a Participant may to receive
his/her Elective Deferrals for such Plan Year in either (i) one lump sum
payment payable between January 2 and March 15 immediately following
the end of the deferral period for such Plan Year or (ii) in annual
installments over a period of five, ten or fifteen years commencing between January 2
and March 15 immediately following the end of the deferral period for such
Plan Year.  If no election as to form of
payment is made during the applicable annual enrollment period for a Plan Year,
Elective Deferrals for such Plan Year shall be paid in the form of a lump sum
payment between January 2 and March 15 immediately following the end
of the deferral period for such Plan Year. 
For Elective Deferrals made for Plan Year 2005 and thereafter, a
Participant may subsequently elect to change the form of payment from
installments to a lump sum or from a lump sum to installments, or increase or
decrease the number of installments, subject to the requirements of Section 7.2.

 

The above
notwithstanding, Participants whose accounts in the BG Plan were in pay status
and were transferred from the BG Plan into this Plan shall continue to receive
the same payments and under the same terms as they had under the BG Plan.

 

7.2                               Extension
Of Deferral Periods

 

A Participant may make an
election in writing to extend the deferral period for Elective Deferrals made
prior to Plan Year 2005 for three to ten additional Plan Years so long as such
Participant makes such election at least 13 months prior to the expiration of
the deferral period.

 

Effective January 1,
1999, for Elective Deferrals made prior to Plan Year 2001, 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 

 

15

 

such three-year
cycle.  A Participant may elect to renew
deferral periods for additional three-year cycles an unlimited number of times.

 

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 has a Total and Permanent Disability, in which case additional elections to
defer are permitted).

 

Effective January 1,
2001, for Elective Deferrals made prior to Plan Year 2005, elections to extend
a deferral period must be made for a four year-cycle.  A new four-year cycle will commence at the
end of every fourth 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 four-year cycle, the Participant’s election is limited to an
election to extend the deferral period until the end of such four-year
cycle.  A Participant may elect to renew
deferral periods for additional four-year cycles an unlimited number of times.

 

Effective January 1,
2005, for Elective Deferrals made for Plan Year 2005 and thereafter, elections
to extend a deferral period and/or change the form of payment shall be made on
a Plan Year to Plan Year basis.  An
election to extend a deferral period and/or change the form of payment with
respect to Elective Deferrals for a Plan Year must (i) be made by the
Participant in writing at least 13 months prior to the end of the applicable
deferral period for such Plan Year, (ii) shall not take effect until 12
months after the election is made, and (iii) must extend the applicable
deferral period for a minimum of five additional years and a maximum of fifteen
additional years.  Elections to change
the form of payment cannot be made without also extending the deferral period,
as provided in the preceding sentence.

 

7.3                               Change
Of Control

 

As soon as administratively
feasible 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, with respect to Elective Deferrals for Plan Years prior to
Plan Year 2005 only, the Plan Administrator, in its sole discretion, may: (a) pay
out a Participant’s Account balance attributable to such pre-2005 Elective
Deferrals in one lump sum at any time prior to the expiration of each deferral
period and (b) accelerate the 

 

16

 

beginning of payments of
any pre-2005 Elective Deferrals to any time prior to the expiration of the
applicable deferral period.

 

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, with respect to the portion
of the Account attributable to Elective Deferrals for Plan Years prior to Plan
Year 2005 only, 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

 

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.

 

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 

 

17

 

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 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.

 

18

 

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.

 

19

 

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, no new Elective Deferrals or elections to extend
deferral periods may be made under the Plan and the Employer shall continue to
maintain the Trust to pay benefits hereunder as they become due as if the Plan
had not terminated.

 

Notwithstanding the
foregoing, if at the time the Plan is terminated either (i) the Employer
maintains no other account balance deferred compensations plans or arrangements
that would be required to be aggregated with the Plan pursuant to Section 409A
of the Code or (ii) any such plans or arrangements that are maintained by
the Employer are terminated at the same time as the Plan, then the Employer
may, in its discretion, continue to maintain the Trust to pay benefits
hereunder as they become due for a period of at least 12 months after the Plan
is terminated and thereafter direct the Trustee to pay the Participants (or
their beneficiaries) the balance of their Accounts no later than 24 months
after the date the Plan is terminated. 
In the event the Employer elects the alternative described in this
paragraph, then for a period of five years after the date the Plan is
terminated, the Employer shall be prohibited from adopting or establishing a
new account balance deferred compensation plan or arrangement that would have
been required to be aggregated with the Plan pursuant to Code Section 409A
had the Plan not been terminated.

 

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.

 

20

 

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 

 

21

 

(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.

 

22

 

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 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; except, however, that the deferral period for Discretionary Bonuses
deferred in the 2005 Plan Year and thereafter shall end on the date that the
Participant terminates employment with the Company, with payments commencing between January 2 and March 15 of
the calendar year immediately following such termination date or, if later, on
the first business day of the month immediately following the six-month
anniversary of such termination date.  A
Participant shall be permitted to extend the deferral period for Discretionary
Bonuses in the manner provided in Section 7.2 of the Plan.

 

23

 

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

 

24

 

For
2001 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: Vanguard International Growth Investment Fund

 

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

 

25

 

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. 
For the Plan Year 2000, and until removed, the Plan Administrator shall
be Robert Nusspickel.

 

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.

 

Effective January 1,
2001, The Vanguard Group shall be the only Recordkeeper of Plan.

 

26EXHIBIT 10.1

 

 

AGREEMENT

 

The Yahoo! Store service (“Yahoo! Store” or the “Service”), owned and
operated by Yahoo! Inc. (Yahoo!), is provided to you (“you” or “Merchant”)
under the terms and conditions of this Yahoo! Store Merchant Service Agreement
and any amendments thereto and any operating rules or policies
(collectively, the “YMSA” or “Agreement”). Yahoo! reserves the right, in its
sole discretion, to change, modify, add or remove all or part of the YMSA at
any time. Merchant will receive notice of such changes and/or modifications
pursuant to Section 14 regarding notices.

 

1.1 By accepting the terms and conditions of the YMSA, Merchant (a) represents
and warrants that he or she is 18 years old or older; (b) agrees to
provide true, accurate, current and complete information about Merchant as
prompted by the Account Registration Form; and (c) agrees to maintain and
update this information to keep it true, accurate, current and complete. If any
information provided by Merchant is untrue, inaccurate, not current or
incomplete, Yahoo! has the right to terminate Merchant’s account and refuse any
and all current or future use of the Service.

 

1.2 BY COMPLETING THE ACCOUNT REGISTRATION PROCESS AND CLICKING THE “I
ACCEPT” BUTTON, YOU AGREE TO BE BOUND BY THE YMSA. Nothing in this agreement
obligates Yahoo! or the Service to list, link to, accept or otherwise host any
online store anywhere on the Yahoo! site. If these terms and conditions or any
future changes are unacceptable to you, you may cancel your account pursuant to
Section 6.2 regarding non-renewal of service.

 

2.0 DESCRIPTION OF YAHOO! STORE SERVICE. Yahoo! hosts interactive
online stores (“Store”) on the World Wide Web and may provide Merchants with,
among other things, (i) access to its Yahoo! Store Software (“Software”)
to facilitate the creation and maintenance of Stores for the sale of goods and
services; and (ii) the listing of such Stores in the Yahoo! Store Listings
located at stores.yahoo.com (“Online Store Services”).

 

3.0 MERCHANT’S OBLIGATIONS

 

3.1 Merchant acknowledges and agrees that it shall be responsible for
all goods and services offered at Merchant’s Store, all materials used or
displayed at the Store, and all acts or omissions that occur at the Store or in
connection with Merchant’s account or password. Certain Stores may be subject
to additional requirements.

 

3.1.1 Merchant agrees to display in the Store Merchant’s contact
information, including but not limited to Merchant’s company name, address,
telephone number, fax number and e-mail address. Merchant also agrees to update
such information to keep it true, accurate, current and complete.

 

1

 

3.1.2 Merchant agrees that any and all press releases and other public
announcements related to this Agreement and subsequent transactions between
Yahoo and Merchant, including the method and timing of such announcements, must
be approved in advance by Yahoo in writing. Yahoo reserves the right to
withhold approval of any public announcement in its sole discretion. Without
limitation, any breach of Merchant’s obligation regarding public announcements
shall be a material breach of the YMSA.

 

3.1.3 Merchant represents and warrants that it has full power and
authority under all relevant laws and regulations:

 

* to offer and sell the goods and services offered at the Store,
including but not limited to holding all necessary licenses from all necessary
jurisdictions to engage in the advertising and sale of the goods or services
offered at the Store;

 

* to copy and display the materials used or displayed at the Store;
and,

 

* to provide for credit card payment and delivery of goods or services
as specified at the Store.

 

3.1.4 Merchant represents and warrants that it will not engage in any
activities:

 

* that constitute or encourage a violation of any applicable law or
regulation, including but not limited to the sale of illegal goods or the
violation of export control or obscenity laws;

 

* that defame, impersonate or invade the privacy of any third party or
entity;

 

* that infringe the rights of any third party, including but not
limited to the intellectual property, business, contractual, or fiduciary
rights of others; and,

 

* that are in any way connected with the transmission of “junk mail” “spam”
or the unsolicited mass distribution of e-mail, or with any unethical marketing
practices.

 

3.2 Yahoo! reserves the right to refuse to host or continue to host any
Store which it believes, in its sole discretion: (1) offers for sale goods
or services, or uses or displays materials, that are illegal, obscene, vulgar,
offensive, dangerous, or are otherwise inappropriate; (2) has
substantially changed its Store from the time it was accepted; (3) has
received a significant number of complaints for failing to be reasonably
accessible to customers or timely fulfill customer orders; (4) has become
the subject of a government complaint or investigation; or (5) has
violated or threatens to violate the letter or spirit of the YMSA.

 

4.0 PROPRIETARY RIGHTS

 

4.1 Software License. Yahoo! hereby grants Merchant a
non-exclusive, non-transferable license to use the Software in object code form
only on a server controlled by Yahoo! for the sole purpose of creating and
maintaining Stores on such server. Merchant is not being granted any right to
copy the Software or to use it on computers other than a server controlled by
Yahoo!. Merchant may not use Web pages or parts of Web pages generated
by means of the Software, other than content that originates from and is
proprietary to Merchant, on any server other than the servers controlled by
Yahoo! without Yahoo!’s express written agreement. Merchant also acknowledges
and agrees that the Software is intended for access and use by means of web

 

2

 

browsing software, and that Yahoo! does not commit to support any
particular browsing platform. Yahoo! reserves the right at any time to revise
and modify the Software, release subsequent versions thereof and to alter
features, specifications, capabilities, functions, and other characteristics of
the Software, without notice to Merchant. If any revision or modification to
the Software materially changes Merchant’s ability to conduct business,
Merchant’s sole remedy is to terminate the YMSA pursuant to Section 6.2
regarding non-renewal of service.

 

4.2 Yahoo! Intellectual Property. Merchant acknowledges and
agrees that content available from Yahoo! or the Service, including but not
limited to text, software, music, sound, logos, trademarks, service marks, photographs,
graphics, or video, is protected by copyright, trademark, patent, or other
proprietary rights and laws, and may not be used in any manner other than as
specified in Section 4.1 above.

 

4.3 Merchant’s Property. Merchant agrees that by using the
Service, Merchant grants Yahoo!, and its successors and assigns, a
non-exclusive, worldwide, royalty-free, perpetual, non-revocable license under
Merchant’s copyrights and other intellectual property rights, if any, in all
material and content displayed in Merchant’s Store to use, distribute, display,
reproduce, and create derivative works from such material in any and all media
and display in any manner and on any Yahoo! property the results of search
queries and comparisons conducted on Yahoo!, including, without limitation,
searches conducted on Yahoo! Shopping and the Service. Merchant also grants
Yahoo! the right to maintain such content on Yahoo!’s servers during the term
of the YMSA and to authorize the downloading and printing of such material, or
any portion thereof, by endusers for their personal use.

 

4.4 Unauthorized Access. Merchant shall not attempt to gain
unauthorized access to any servers controlled by Yahoo!.

 

5.0 FEES

 

5.1 Hosting Fee. Merchant shall pay to Yahoo! a monthly hosting
fee in the amount of $49.95, with the first payment due on the Start Date (as
defined in Section 6.1) and subsequent payments due on a monthly basis
from the Start Date (e.g., if the Start Date were September 10, then
payments of the hosting fee would be due on the 10th day of every month
thereafter). Yahoo! may, but has no obligation to, make available, one or more
special discount offerings on the hosting fee. Any such special offerings will
revert to the non-discounted and then-current price at the end of the term and
will continue unless separately cancelled.

 

If Merchant was offered and signed up for a free 30-day trial on
hosting fees, no hosting fees will be charged during the first 30 days. Once
Merchant’s Store is open for business, Merchant is responsible for all
transaction, insertion, revenue share, and other fees incurred during and after
the 30-day trial. If Merchant cancels before the Store is open for business and
during the 30-day trial, Merchant will not be charged any fees.

 

If Merchant was offered and signed up for a special offer to buy one
month of hosting, get one month of hosting free, following the expiration of
the 30-day trial, if applicable, Merchant’s credit card will be charged for one
month of hosting, and not charged for the second month of

 

3

 

hosting. Thereafter, Merchant’s hosting plan will auto-renew every
month at the then-current rate.

 

If Merchant was offered and signed up for a special offer to buy 6
months of hosting, get one month of hosting free, following the expiration of
the 30-day trial, if applicable, Merchant’s credit card will be charged for 6
months of hosting, and not charged for one month of hosting after such 6 month
period. Thereafter, Merchant’s hosting plan will auto-renew every month at the
then-current rate.

 

If Merchant was offered and signed up for a special offer to buy 12
months of hosting, get 2 months of hosting free, following the expiration of
the 30-day trial, if applicable, Merchant’s credit card will be charged for 12
months of hosting, and not charged for 2 consecutive months of hosting after
such 12 month period. Thereafter, Merchant’s hosting plan will auto-renew every
month at the then-current rate.

 

Multiple offers cannot be used simultaneously. Merchant is responsible
for all other applicable fees incurred during any special offer period.
Merchant must provide all required information (including billing information)
before the specified deadline to be eligible for any special offer. Existing
subscribers are not eligible for special offers, unless specifically stated
otherwise in writing. All discounts are non-transferable, and terminate upon
the termination or cancellation of the Service. Yahoo! will not alert Merchant
when the discount terminates or expires.

 

5.2 Insertion Fee. Merchant shall pay to Yahoo! a monthly
insertion fee in the amount of $0.10 for every product available from Merchant’s
Store, based on the daily average number of products available from Merchant’s
Store during the applicable calendar month and prorated by the number of days
in the applicable calendar month that Merchant restricts its Store from
accepting orders, with payments due on the 6th day of the month after the
applicable calendar month (e.g., if the daily average number of products for
the month of September were 100, and Merchant were to close its Store for
4 days over the Labor Day holiday, then Merchant would pay a listing fee in the
amount of $8.66 on October 6).

 

5.3 Transaction Fee. Merchant shall pay to Yahoo! a monthly
transaction fee equal to 0.5% of Total Revenue, with payments due on the 6th
day of the month after the calendar month to which the transaction fee applies.
“Total Revenue” means the total dollar amount, excluding shipping and handling
charges and any applicable taxes, of all transactions conducted through
Merchant’s Store.

 

5.4 Revenue Share Fee. Merchant shall pay to Yahoo! a monthly
revenue share fee equal to 3.5% of Network Revenue, with payments due on the
6th day of the month after the calendar month to which the revenue share fee
applies. “Network Revenue” means that portion of Total Revenue generated from
transactions conducted through Merchant’s Store that originate from Yahoo!’s
network of properties (e.g., a hypertext link within Yahoo!’s main directory
that permits users to navigate directly to Merchant’s Store). Yahoo! shall
identify these transactions by, among other things, placing a 30-day cookie
within the user’s Internet browser at the time that the user navigates to
Merchant’s Store directly from a page within the yahoo.com domain. For
clarity,

 

4

 

Yahoo! is not obligated under the YMSA to place links within Yahoo!’s
network of properties that drive traffic to Merchant’s Store.

 

5.5 Reconciliation and Auditing for Transaction Fees and Revenue
Share Fees. With respect to the fees set forth in Sections 5.3 and 5.4,
Merchant shall be entitled to identify, and exclude from Total Revenue and
Network Revenue, those transactions conducted through Merchant’s Store that are
cancelled or for which no products are shipped to the purchaser (“Excluded
Transactions”), except that Merchant must identify a transaction as an Excluded
Transaction within 90 days from the date on which the transaction was originally
conducted. Yahoo! shall be entitled to audit, at a mutually agreed upon time
during normal business hours, those Merchant records relating to Excluded
Transactions and otherwise to investigate Excluded Transactions, which might
include contacting the purchaser to confirm that the transaction at issue is an
Excluded Transaction.

 

5.6 Mechanics. All fees are cumulative and payable in U.S.
dollars. Yahoo shall calculate all fees and, in its discretion and on the
applicable due date set forth herein, either (a) charge payments to the
credit card number given to Yahoo! at the time of registration or to any other
credit card number that Merchant so designates, or (b) invoice payments to
be paid by Merchant within ten (10) days after the invoice date. Late payments
shall bear interest at the rate of one percent (1%) per month (or the highest
rate permitted by law, if less). In the event of any failure by Merchant to
make payment, Merchant shall be responsible for all reasonable expenses
(including attorneys’ fees) incurred by Yahoo! in collecting such amounts.
Yahoo! may, upon 30 days prior notice to Merchant, alter its fees under the
YMSA. Merchant will be charged for any extra fee features Merchant subscribes
to or uses during that period’s billing cycle. All such fees and charges are
payable in accordance with payment terms in effect at the time the fee or
charge becomes payable.

5.7 No Refunds or Credits. Upon cancellation or termination of the
Service, Merchant will not receive a refund for any charges or fees associated
with the Service.

 

6.0 TERMS

 

6.1 Term. The term of the YMSA shall be 30 days commencing on
the date that Merchant opens an account for Merchant’s Store (the “Start Date”).
If Merchant is participating in the 30-day trial, and opens an account for
Merchant’s store prior to the expiration of the 30-day trial, the Start Date
will commence on the day after the 30-day trial expires. The term shall
automatically renew for successive monthly periods at renewal rates applicable
at the time, unless notice of non-renewal is provided in accordance with Section 6.2,
below; provided, however, that to qualify for each renewal Merchant must at the
time of renewal be in substantial compliance with the material terms and
conditions of the YMSA. Yahoo! shall have the right, but not the obligation, to
review any Store for compliance with the YMSA as part of the renewal process,
or at any time.

 

6.2 Non-Renewal. Either party, in its sole and absolute
discretion, may give notice of nonrenewal with or without cause and without
stating any reason therefor. Any notice of nonrenewal must be given at least
five (5) days prior to the end of the current monthly period in order for
the YMSA

 

5

 

to expire on the last day of that monthly period; otherwise, the YMSA
will expire on the last day of the following monthly period (e.g., if the Start
Date were September 10, and Merchant were to provide Yahoo! with notice of
nonrenewal on October 7, then the YMSA would expire on November 10).
All notices under this Section 6.2 must be given in the manner described
in Section 14 regarding notice.

 

7.0 TERMINATION

 

7.1 Termination. Either party may terminate the YMSA on thirty
(30) days notice if the other party has materially breached or is otherwise not
in compliance with any provision of the YMSA, and such breach or noncompliance
is not cured within such thirty (30) day period. Yahoo! reserves the right to
immediately suspend any customer access to the Store until such breach or noncompliance
is cured.

 

7.2 Termination for Illegal or Other Activity. Notwithstanding
the foregoing, Yahoo! may, but has no duty to, immediately terminate Merchant
and remove it from Yahoo! servers if Yahoo! in its sole discretion concludes
that Merchant is engaged in illegal activities or the sale of illegal or
harmful goods or services, or is engaged in activities or sales that may damage
the rights of Yahoo! or others. Any termination under this Section 7.2
shall take effect immediately and Merchant expressly agrees that it shall not
have any opportunity to cure.

 

7.3 Waiver. Merchant expressly waives any statutory or other
legal protection in conflict with the provisions of this Section 7.

 

7.4 Deletion of Information. Upon termination, Yahoo! reserves
the right to delete from its servers any and all information contained in
Merchant’s account, including but not limited to order processing information,
mailing lists, and any Web pages generated by the Software.

 

7.5 Survival. The provisions of Section 4 (Proprietary
Rights), Section 8.1 (Merchant Information), Section 10 (Indemnity),
and Section 11 (Disclaimer of Warranties and Liabilities) of this
Agreement shall survive any termination of the Agreement.

 

8.0 MERCHANT PRIVACY

 

8.1 Merchant Information. Yahoo! maintains information about
Merchant and the Store on Yahoo! servers, including but not limited to Merchant’s
account registration information, Merchant’s customer order information, sales
information, and clickstream data (“Merchant Information”). Merchant grants to
Yahoo! a non-exclusive, worldwide, royalty-free, perpetual license to use
Merchant Information in aggregate form (i.e., in a form that is not
individually attributable to the Merchant) for research, marketing and other
promotional purposes.

 

8.1.1 Merchant agrees that Yahoo! may disclose Merchant Information in
the good faith belief that such action is reasonably necessary: (a) to
comply with the law; (b) to comply with legal process; (c) to enforce
the YMSA; (d) to respond to claims that the Merchant or Store is engaged
in activities that violate the rights of third parties; or (e) to protect
the rights or interests of Yahoo!, Yahoo! Store or others; provided, however,
that nothing in this section shall impose a duty on Yahoo! to make any
such disclosures.

 

6

 

8.1.2 Merchant agrees that Yahoo! may delete customer credit card
information from Yahoo! servers 14 days after Merchant retrieves such
information, and may delete all other Merchant Information from Yahoo! servers
at the end of each calendar year.

 

8.2 Password. Merchant shall receive a password from Yahoo! to
provide access to and use of the Software and Online Store Services. Merchant
is entirely responsible for any and all activities which occur under Merchant’s
account and password. Merchant agrees to keep its password confidential, to
allow no other person or company to use its account, and to notify Yahoo!
promptly if Merchant has any reason to believe that the security of its account
has been compromised.

 

8.3 Technical Access. Merchant acknowledges and agrees that
technical processing of Merchant Information is and may be required: (a) for
the Service to function; (b) to conform to the technical requirements of
connecting networks; (c) to conform to the technical requirements of the
Service; or (d) to conform to other, similar technical requirements.
Merchant also acknowledges and agrees that Yahoo! may access Merchant’s account
and its contents as necessary to identify or resolve technical problems or
respond to complaints about the Service.

 

8.4 Merchant Privacy Policy. Merchant agrees (a) to post a
privacy policy in its Merchant Store that, at a minimum, discloses any and all
uses of personal information collected from users by Merchant; (b) to
include in Merchant’s privacy policy a paragraph provided or approved by Yahoo!
that describes Yahoo!’s collection and use of Merchant’s customer information, (c) to
provide a hypertext link to Merchant’s privacy policy on the home page of
the Merchant Store and on all pages where Merchant collects personal
information from users, including but not limited to all check out pages; and (d) to
use personal information only as expressly permitted by Merchant’s privacy
policy.

 

9.0 MAINTENANCE AND SUPPORT

 

9.1 Merchant can obtain assistance with any technical difficulty that
may arise in connection with Merchant’s utilization of the Software or Online
Store Services by requesting assistance by email to
store-support@yahoo-inc.com. Yahoo! reserves the right to establish limitations
on the extent of such support, and the hours at which it is available.

 

9.2 Merchant is responsible for obtaining and maintaining all
telephone, computer hardware and other equipment needed for its access to and
use of the Software and Online Store Services and Merchant shall be responsible
for all charges related thereto.

 

10.0 INDEMNITY

 

Merchant agrees to indemnify and hold harmless Yahoo!, and its parents,
subsidiaries, affiliates, officers, directors, shareholders, employees and
agents, from any claim or demand, including reasonable attorneys fees, made by
any third party due to or arising out of Merchant’s conduct, Merchant’s use of
the Service, the goods or services offered at Merchant’s Store, any alleged
violation of the YMSA, or any alleged violation of any rights of another,
including but not limited to Merchant’s use of any content, trademarks, service
marks, trade names, copyrighted or patented material, or other intellectual
property used in connection with Merchant’s Store. 

 

7

 

Yahoo! reserves the right, at its own expense, to assume the exclusive
defense and control of any matter otherwise subject to indemnification by
Merchant, but doing so shall not excuse Merchant’s indemnity obligations.

 

11.0 DISCLAIMER OF WARRANTIES AND LIABILITIES

 

THE SERVICE AND SOFTWARE ARE PROVIDED ON AN “AS IS” AND “AS AVAILABLE”
BASIS WITHOUT WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING BUT
NOT LIMITED TO WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE
OR NON-INFRINGEMENT. NEITHER THIS AGREEMENT OR ANY DOCUMENTATION FURNISHED
UNDER IT IS INTENDED TO EXPRESS OR IMPLY ANY WARRANTY THAT THE ONLINE STORE
SERVICES WILL BE UNINTERRUPTED, TIMELY OR ERROR-FREE OR THAT THE SOFTWARE WILL
PROVIDE UNINTERRUPTED, TIMELY OR ERROR FREE SERVICE. THE SECURITY MECHANISM
INCORPORATED IN THE SOFTWARE HAS INHERENT LIMITATIONS AND MERCHANT MUST
DETERMINE THAT THE SOFTWARE ADEQUATELY MEETS ITS REQUIREMENTS. MERCHANT
ACKNOWLEDGES AND AGREES THAT ANY MATERIAL AND/OR DATA DOWNLOADED OR OTHERWISE
OBTAINED THROUGH THE USE OF THE SERVICE IS DONE AT ITS OWN DISCRETION AND RISK
AND THAT MERCHANT WILL BE SOLELY RESPONSIBLE FOR ANY DAMAGES TO ITS COMPUTER
SYSTEM OR LOSS OF DATA THAT RESULTS FROM THE DOWNLOAD OF SUCH MATERIAL AND/OR
DATA. YAHOO!, AND ITS PARENTS, SUBSIDIARIES, AFFILIATES, OFFICERS, DIRECTORS,
SHAREHOLDERS, EMPLOYEES AND AGENTS, SHALL NOT BE LIABLE, UNDER ANY
CIRCUMSTANCES OR LEGAL THEORIES WHATSOEVER, FOR ANY LOSS OF BUSINESS, PROFITS
OR GOODWILL, LOSS OF USE OR DATA, INTERRUPTION OF BUSINESS, OR FOR ANY
INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES OF ANY CHARACTER, EVEN
IF YAHOO! IS AWARE OF THE RISK OF SUCH DAMAGES, THAT RESULT IN ANY WAY FROM
MERCHANT’S USE OR INABILITY TO USE THE ONLINE STORE SERVICES OR THE SOFTWARE,
OR THAT RESULT FROM ERRORS, DEFECTS, OMISSIONS, DELAYS IN OPERATION OR
TRANSMISSION, OR ANY OTHER FAILURE OF PERFORMANCE OF THE ONLINE STORE SERVICES
OR THE SOFTWARE. YAHOO!’S LIABILITY TO MERCHANT SHALL NOT, FOR ANY REASON,
EXCEED THE AGGREGATE PAYMENTS ACTUALLY MADE BY MERCHANT TO YAHOO! OVER THE
COURSE OF THE EXISTING TERM. SOME JURISDICTIONS DO NOT ALLOW THE EXCLUSION OF
CERTAIN WARRANTIES OR LIABILITIES, SO SOME OF THE ABOVE EXCLUSIONS MAY NOT
APPLY TO YOU.

 

12.0 NO RESALE OR ASSIGNMENT OF SERVICE

 

Merchant agrees not to resell or assign or otherwise transfer its
rights or obligations under the YMSA without the express written authorization
of Yahoo!.

 

8

 

13.0 FORCE MAJEURE

 

Neither party shall be liable to the other for any delay or failure in
performance under the YMSA resulting directly or indirectly from acts of nature
or causes beyond its reasonable control.

 

14.0 NOTICES

 

Any notices or communications under the YMSA shall be by electronic
mail or in writing and shall be deemed delivered upon receipt to the party to
whom such communication is directed, at the addresses specified below. If to
Yahoo!, such notices shall be addressed to store-sales@yahoo-inc.com or 701
First Avenue, Sunnyvale, CA 94089, USA. If to Merchant, such notices shall be
addressed to the electronic or mailing address specified when Merchant opens an
account with Yahoo! Store, or such other address as either party may give the other
by notice as provided above.

 

15.0 ENTIRE AGREEMENT

 

The YMSA constitutes the entire agreement between the parties with
respect to the subject matter hereof and supersedes all previous proposals,
both oral and written, negotiations, representations, writings and all other
communications between the parties.

 

16.0 GENERAL

 

The YMSA and the relationship between Merchant and Yahoo! shall be
governed by the laws of the state of California without regard to its conflict
of law provisions. Merchant and Yahoo! agree to submit to the personal and
exclusive jurisdiction of the Superior Court of the State of California for the
County of Santa Clara or the United States District Court for the Northern
District of California. Yahoo!’s failure to exercise or enforce any right or
provision of the YMSA shall not constitute a waiver of such right or provision.
If any provision of the YMSA is found by a court of competent jurisdiction to
be invalid, the parties nevertheless agree that the court should endeavor to
give effect to the parties intentions as reflected in the provision, and agree
that the other provisions of the YMSA remain in full force and effect. Merchant
agrees that regardless of any statute or law to the contrary, any claim or
cause of action arising out of or related to use of the Service or the YMSA
must be filed within one (1) year after such claim or cause of action
arose, or be forever barred. The section titles in the YMSA are for
convenience only and have no legal or contractual effect.

 

17.0 ADDITIONAL CONSIDERATIONS FOR YAHOO! SHOPPING.

 

17.1 Eligibility for Yahoo! Shopping. In order to become
eligible for discretionary placement with Yahoo! Shopping, Merchant agrees to
the following: (a) Merchant will comply with the Yahoo! Shopping Merchant
Guidelines, currently located at
http://shopping.yahoo.com/store/shoppingguidelines.html; and (b) Merchant
grants to Yahoo! a non-exclusive, worldwide, royalty-free license to modify
certain pages within the Merchant’s Store solely for purpose of
implementing features and functionality of Yahoo! Shopping that, in Yahoo!’s
reasonable discretion, either facilitate transactions or promote Yahoo!
Shopping or Yahoo! generally (e.g., integration of Yahoo! Wallet into the
check-out process within Merchant’s Store).

 

9

 

17.2 Discretionary Placement within Yahoo! Shopping. Subject to Section 17.1
above, Yahoo! will consider Merchant for discretionary placement within Yahoo!
Shopping, which might include a Merchant listing in the following areas: (a) http://shopping.yahoo.com;
or (b) contextually relevant search results pages. Yahoo! will be entitled
to revoke any discretionary placement at any time in its sole discretion.

 

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