Exhibit 10.1

SEPARATION AGREEMENT AND GENERAL RELEASE

Separation Agreement and General Release (“Agreement and Release”) by and between P. Steven Ainsley (“Employee”) and The New York Times Company (“The Times”), including its subsidiary, Globe Newspaper Company (collectively, the “Company”):

WHEREAS, Employee’s last day of employment will be December 31, 2009 (the “Separation Date”); and

WHEREAS, Employee has at least twenty-one (21) days to consider the terms of this Agreement and Release; and

WHEREAS, Employee’s receipt of benefits under this Agreement and Release is conditioned upon Employee’s timely execution of this Agreement and Release no earlier than the Separation Date;

NOW, THEREFORE, in exchange for and in consideration of the mutual promises set forth in this Agreement and Release, it is agreed as follows:

(b) If Employee signs and submits this Agreement and Release, does not revoke it during the Revocation Period, and satisfies all other prerequisite conditions in this Agreement and Release, then this Agreement and Release will become effective and enforceable the day after the end of the Revocation Period (the “Effective Date”). In the event Employee does not sign or submit this Agreement and Release or if Employee revokes this Agreement and Release during the Revocation Period, this Agreement and Release (including, but not limited to, the obligation of the Company to make the payments or provide the benefits set forth in paragraph 2(b) below, but not including the payments set forth in paragraph 2(c) below) shall automatically be deemed null and void.

(b) If Employee has timely executed and submitted this Agreement and Release and otherwise complies with all the prerequisite terms and conditions of the Agreement and Release, and does not revoke this Agreement and Release, then Employee shall be entitled to receive the following benefits:

(i) A Special Payment in the gross amount of five-hundred and five thousand dollars and no cents ($505,000.00). This Special Payment will be subject to all applicable withholding deductions. The Special Payment will be made in installments, based upon the payroll frequency that applied to Employee prior to the Separation Date.

(ii) The Company will pay for Employee’s continued Group Health Plan coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”) and the terms of the applicable Group Health Plan, for the sooner of one (1) year or when Employee becomes employed by another employer and becomes eligible to receive coverage under such employer’s group health plans.

(iii) For a period of one (1) year following Employee’s Separation Date, Employee will continue to receive financial planning counseling from Prosper Advisors, whose current address is 950 Third Avenue, 20^th Floor, New York, NY 10022, as paid by the Company for executives who are in Employee’s job band and at Employee’s salary level.

(iv) The Company will reimburse Employee for non-deductible interest expense, if any, on Employee’s residences that Employee incurred in the 2009 tax year, grossed up for tax purposes in accordance with the formula employed for such reimbursements to Employee in prior years. Such reimbursement shall be contingent on Employee’s financial advisor calculating the amount of non-deductible interest, if any, on the same basis employed in prior years and providing the Company with sufficient supporting documentation for that calculation. Such reimbursement will be paid to Employee within sixty (60) days following the Company’s receipt of the calculation and supporting documentation, so long as the calculation and supporting documentation are deemed appropriate by the Company.

(v) Employee is a Participant in The New York Times Company Supplemental Executive Retirement Plan (“SERP”) who has reached age 55. Under Section 2.1(b) of SERP, the SERP Committee has consented to Employee’s early retirement, and Employee is therefore eligible to receive SERP benefits, pursuant to its terms, upon Employee’s early retirement.

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(c) In addition, whether or not Employee signs this Agreement and Release, Employee shall be entitled to receive the following benefits:

(i) By virtue of Employee’s retirement Employee will be eligible to receive payments under the Company’s Long-Term Incentive Plan in February following the end of each cycle at the rate earned under the Company’s Long-Term Incentive Plan or the relevant cycle as approved by the compensation committee of The New York Times Company’s Board of Directors, as follows:

(ii) All of Employee’s restricted stock awards/units and cash-settled restricted stock units awarded under The New York Times Company 1991 Executive Stock Incentive Plan, as amended, will vest upon Employee’s retirement.

(iii) All of Employee’s granted options awarded under The New York Times Company 1991 Executive Stock Incentive Plan, as amended, will vest upon retirement, except that in accordance with their terms, the options that would become exercisable more than one (1) year from grant will vest thirty (30) days after Employee’s retirement.

(iv) All compensation remaining in any account established for Employee’s benefit under The New York Times Company Deferred Executive Compensation Plan, as amended, payments from which account are to be made in accordance with the terms of The New York Times Company Deferred Executive Compensation Plan, as amended.

(a) The payments to be made and benefits to be provided in accordance with the terms of paragraph 2(b) of this Agreement and Release exceed any sums or benefits to which Employee would otherwise be entitled under any applicable policy, plan and/or procedure of the Company, any previous agreement or understanding between the Employee and the Company or any agreement between the Company;

(b) Following the Separation Date, except as provided for in this Agreement and Release and without impacting any accrued vested benefits under any applicable tax-qualified retirement or other benefit plans of the Company, Employee will no longer participate or accrue service credit of any kind in any Times- or Company-administered employee benefits plan;

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(c) Except as specified herein, the Company’s obligations under this Agreement and Release are in full discharge of any and all of The Times’ and the Company’s liabilities and obligations to Employee of any type whatsoever, whether written or oral, including, without limitation, any claim for guaranteed employment, severance pay, bonus compensation or other remuneration of any type;

(d) Employee has no known workplace injuries or occupational diseases.

(e) Employee agrees that Employee: (i) has carefully read this Agreement and Release in its entirety; (ii) has had an opportunity to consider fully the terms of this Agreement and Release for a period of at least twenty-one (21) days; (iii) has been advised by the Company to consult with an attorney of Employee’s choosing in connection with this Agreement and Release; (iv) has discussed this Agreement and Release with Employee’s independent legal counsel, or has had a reasonable opportunity to do so, and has had answered to Employee’s satisfaction any questions Employee has asked with regard to the meaning and significance of any of the provisions of this Agreement and Release; (v) fully understands the significance of all of the terms and conditions of this Agreement and Release; and (vi) is signing this Agreement and Release voluntarily and of Employee’s own free will and assents to all the terms and conditions contained herein.

(b) Without limiting the generality of the foregoing, this Agreement and Release is intended to and shall release Releasees from all claims, whether known or unknown, which Releasors ever had, now have, or may have against Releasees arising out of Employee’s employment with the Company and termination from employment up to and including the date on which Employee signs this Agreement and Release including, without limitation: (i) claims under the Age Discrimination in Employment Act; the Older Workers Benefit Protection Act; Title VII of the Civil Rights Act of 1964, the Equal Pay Act, the Worker Adjustment and Retraining Notification Act, the Employee Retirement Income Security Act of 1974 (excluding claims for accrued vested benefits under any company-sponsored tax qualified pension plan in accordance with the terms of

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such plan and applicable law), the Americans with Disabilities Act, the Family and Medical Leave Act, Massachusetts General Laws Chapters 149, 151, 151B, and 214, the New York State Human Rights Law, and the New York City Administrative Code, all as amended; (ii) any other claims of discrimination or retaliation in employment (whether based on federal, state or local law or regulation, statutory or decisional), as well as any claims in contract or tort including, but not limited to, claims for breach of implied or express contracts; and (iii) any claims arising out of the terms and conditions of Employee’s employment with the Company and any and all claims arising out of execution of this Agreement and Release.

(c) Employee acknowledges and agrees that by virtue of the foregoing, Employee has waived any relief available to Employee (including without limitation, monetary damages, equitable relief and reinstatement) under any of the claims and/or causes of action waived in this Agreement and Release. Therefore, Employee agrees that Employee will not accept any award or settlement from any source or proceeding (including but not limited to any proceeding brought by any other person or by any government agency) with respect to any claim or right waived in this Agreement and Release.

(d) Notwithstanding the provisions of this paragraph 4, nothing herein shall waive or release any rights, obligations, or duties arising out of this Agreement; any rights, obligations, or duties arising out of any workers’ compensation statute; or any rights to receive unemployment compensation benefits.

(b) The Company Releasors acknowledge and agree that by virtue of the foregoing, they have waived any relief available to them (including without limitation, monetary damages, equitable relief and reinstatement) under any of the claims and/or causes of action waived in this Agreement and Release.

(c) The Company agrees to indemnify and defend the Employee in any action in which he is named to the extent provided for in the Company’s Directors and Officers insurance policy.

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request to Kenneth A. Richieri (or his successor), Senior Vice President, General Counsel and Secretary for The New York Times Company, 620 Eighth Avenue, 17^th Floor, New York, NY 10018 and will make no disclosure until Releasees have had a reasonable opportunity to contest the right of the requesting person.

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THIS SEPARATION AGREEMENT AND GENERAL RELEASE HAS IMPORTANT LEGAL CONSEQUENCES TO EMPLOYEE. EMPLOYEE SHOULD CONSULT AN ATTORNEY OF EMPLOYEE’S CHOICE PRIOR TO SIGNING THIS DOCUMENT.

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