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1. Agreement

Under an agreement between the Globe Newspaper Company and The Boston Globe Employees Association, a retirement plan (the "Retirement Plan" became effective January 1, 1954 and has been amended, most currently effective July 1, 1987. A 窶徘lain English窶? booklet on the BNG Retirement Plan is available in the Personnel office.

The Employer recognizes that the authority under the BNG Retirement Plan for the Globe Newspaper Company president to terminate the Plan is substantially restricted by the Employee Retirement Income Security Act of 1974, as amended (窶廢RISA窶?). In particular, the Employer recognizes that under ERISA a single employer defined benefit plan such as the Plan may only be terminated (1) at the initiative of the Pension Benefit Guaranty Corporation (PBGC), (2) if the Plan has sufficient assets to pay all benefit commitments or (3) if the PBGC determines that the contributing employer must be allowed to terminate the Plan on account of or in order to avoid severe financial distress (such as bankruptcy).

The Employer agrees that during the term of this agreement, it will not amend, modify or terminate the retirement plan or merge or consolidate the retirement plan or merge or consolidate the retirement plan with any other retirement plan, without prior negotiation with the Union, and in any event will not implement any amendment, modification, termination, merger or consolidation (1) without such authorization from PBGC as may be required, and (2) that would result in a violation of the Employer窶冱 obligations under ERISA.

Any employee who has vested benefits in the Plan will have those benefits secured regardless of any event that may occur during the term of this contract.

The Employer recognizes its obligation under ERISA to ensure that the Plan has sufficient assets to pay all vested benefits. The Employer recognizes that this statutory obligation survives the expiration of this contract and that relief from this obligation is provided by
ERISA only in certain narrow circumstances and only after review by PBGC or a court of competent jurisdiction.

At the request of the Union Administrative Trustees, the Employer will review with all the Administrative Trustees the performance of the Plan窶冱 various investment managers. Quarterly, the Employer will provide all the Administrative Trustees with performance evaluation data concerning the Plan窶冱 various investment managers. Although the provisions of the Agreement of Master Trust and Retirement Plan provide that decisions on selection (and changes) of investment managers shall be made solely by the Employer (or the Employer窶冱 designees), the Employer when notified of any changes in or additions of investment managers of the Plan, will timely so notify the Union and the Union Administrative Trustees. The parties acknowledge that for investment management purposes only, the Plan窶冱 assets may be co-mingled with the pension plan assets of the New York Times Company. This does not constitute a merger or consolidation of the Plan with any other plan as referenced above.

2. Joint Administrative Trustees

In the event that matters to be decided by the Administrative Trustees under the terms of the Plan result in a tie vote, then the matter will referred to an impartial arbitrator mutually agreeable to the parties. The company and that Administrative Trustees agree to abide by the arbitrator窶冱 decision.

The Pension Trustees agree to rotate chairmanship of Administrative Trustees biennially between Union and Management.

3. Benefit Changes

1. The maximum pension benefit is based on 55 percent of straight time salary averaged over 104 consecutive weeks of highest compensation with a cap of $55,000 on that average. The maximum salary for purposes of determining the death benefit under the pension plan is $55,000 averaged over 104 consecutive weeks of highest compensation.

2. Effective with the ratification and signing of this agreement the maximum pension benefit based on 55 percent of straight-time salary averaged over 104 consecutive weeks of highest compensation with a cap of $65,000 on that average. The maximum salary for purposes determining the death benefit under the pension plan is $65,000 averaged over consecutive weeks of highest compensation.

3. Effective with the ratification and signing of this agreement, commissions will be included purpose of pension calculations for the following categories of employees only to a maximum combined salary and commission of $54,000: Outbound Telephone Advertising Salespersons, Inside Telephone Advertising Salespersons, Special Projects Group and Special Incentive Salespersons.

4. 401 (K) Plan

The Employer offers and administers a 401 (K) Plan for all members of the Union.

5. Contributions

The Globe (the 窶彡ompany窶?) will contribute to the BNG Retirement Plan (the 窶弃lan窶?) for each plan year an amount determined under the following formula. For purposes of the formula, the formula terms shall be defined as follows:

A = the maximum tax deductible contribution for a given plan year under applicable provisions of the Internal Revenue Code of 1986, as amended;

B = the contribution determined by the funding policy then in effect for the plan;

C = the minimum contribution required to avoid a funding deficiency as provided in applicable provisions of the Internal Revenue Code of 1986, as amended; and

D = the 1991-1994 collective bargaining agreement (Globe/BNG) reference in Article IX, Section 5 to total shift contributions for $7.62 for each contributable full-time shift worked (up to five shifts per week for a total of $38.10 per week) in a plan year minus the total dollar value of the 1% 401(a) contribution for the entire
bargaining unit for the same year (and minus the 401a administrative cost as referenced in the attached side letter).

The company shall, from time to time, designate an actuarial consultant (窶彗ctuary窶?), and the actuary窶冱 calculations of the above terms A, B, and C shall be conclusive. The funding policy of the plan shall continue to be established by the Company or by persons expressly designated by the Company to do this, acting with the advice of the actuary. This funding policy may be changed from time to time by the company. The parties agree that the Plan is and shall remain a defined benefit plan and is subject to minimum funding requirements for such plans in any plan year.

The contribution formula shall be as follows:

1. If one or more of A, B, and C is less than D, then the plan shall be funded at no less than B; and

2. If either B or C is greater than D, then for purposes of the collective bargaining agreement only no less than D shall be contributed to the Plan.

3. If both part I and II of this formula apply, then for purposes of the collective bargaining agreement only the provisions of part II of the formula control application.

Example #1

A= $8.9 million
B= $2.5 million
C= $0
D= $1.0 million (approximately)

Since one of A, B, or C is less than D, part I of the formula applies. Therefore, the contractually required funding is B or $2.5 million. In this example, however, both part I and II apply, therefore part II of the formula controls. Therefore, the required contribution is D or $1.0 million. This is an example, which reflects the 1995 actuarial evaluation of the Plan.

Example #2

A= $8.9 million
B= $2.5 million
C= $1.5 million
D= $1.0 million (approximately)

Since neither B nor C is less than D, part II of the formula applies. In this case, the minimum contractually required funding is D., which is $1.0 million. This is an example showing what would happen if the minimum funding requirement changed.

Example #3

A=$2 million
B=$.5 million
C=$0
D=$1.0 million (approximately)

Since both B and C are less than D, Part I of the formula applies and therefore the plan shall be funded at no less than B or $.5 million. This is an example of the operation of the formula after the plan has become almost fully funded.

January 13, 2001