**Exhibit 10.27****SEVERANCE AGREEMENT**     This Severance Agreement (“Agreement”), effective as of this 30th day of July, 2004, isentered into by and between Corporate Executive Board (“Company”) and Glenn Tobin (“Executive”).     WHEREAS, Executive will be employed by Company in a key senior executive position; and     WHEREAS, on this same date, Employer is entering into an Employer Protection Agreement (the“Protection Agreement”) with Company which contains, among other things, covenants againstcompetition and solicitation; and     WHEREAS, Executive desires to have some income protection in the even Executive’s employmentis terminated by Company without Cause as defined in Section 3 below, and Company wishes to providesaid protection in accordance with the terms of this Agreement;     NOW THEREFORE, in exchange for the promises contained herein, the receipt and adequacy ofwhich are hereby acknowledged, the parties agree to the following terms:     1. Limitations of Agreement: Nothing in this Agreement shall constitute a contractfor employment or for Company to employ Executive for any specified term. Either Company orExecutive may terminate their relationship at any time, for any reason permissible under applicablelaw, with or without Cause or notice.     2. Severance Benefits: In the event Company terminates Executive’s employmentwithout Cause as defined in Section 3 below, Executive shall be entitled to severance benefits asfollows (“collectively “Severance Benefits”): : one (1) year of continuation of Executive’s basesalary at the rate then in effect, payable in installments according to Company’s payroll cycle anda prorated bonus for the calendar year in which said termination occurs pursuant to the terms ofthe bonus plan, based on the number of days Executive was employed by Company during said year.     3. Cause: For the purpose of this Agreement, the term “Cause” means the commissionof an act of fraud or theft against the Company; conviction for any felony; conviction for anymisdemeanor involving moral turpitude which might, in the Company’s opinion, cause embarrassment tothe Company; significant violation of any material Company policy; willful or repeatednon-performance of material duties which is not cured within thirty (30) days after written noticethereof to the Executive; or violation of any material District of Columbia, state or federal laws,rules or regulations in connection with or during performance of the Executive’s work which, ifsuch violation is curable, is not cured within thirty (30) days after notice thereof to theExecutive.     4. Conditions on Receipt of Severance Benefits: Executive’s receipt of any SeveranceBenefits under this Agreement shall be conditional on Executive: (a) signing and complying with aSeparation Agreement and General Release in a form acceptable to Company (the “SeparationAgreement”), pursuant to which, among other things, Executive provides Company with a full andunconditional general release of all known or unknown claims against Company and its affiliates,and its and their officers, directors, employees, agents, representatives, attorneys, benefitsplans and each of their predecessors, successors and assigns; and (b) Executive’s compliance withthe Protection Agreement. In the event Executive breaches the Separation Agreement or theProtections Agreement, Executive shall forfeit any then unpaid Severance Benefits due under thisAgreement, and Executive shall be required to repay Company all Severance Benefits Executivereceived from Company pursuant to this Agreement, within thirty (30) days of the date Companyprovides Executive with written notice of such breach. Nothing herein shall limit Company’s rightto obtain other relief for Executive’s breach of the Separation Agreement or the ProtectionAgreement.     5. Successors and Assigns: This Agreement shall be binding upon and shall inure tothe benefits of each of the parties and their respective successors and assigns. Company shallassign its rights and
 

 
obligations hereunder to any person or entity that purchases all or substantially all of theassets of Company. Executive may not assign any of Executive’s rights or obligations under thisAgreement without the prior written consent of Company.     6. Governing Law: This Agreement shall be governed by the laws of the District ofColumbia, without reference to the principles of the conflicts of law therein.     7. Arbitration: All disputes over this Agreement shall be resolved exclusively byfinal and binding arbitration before a single arbitrator pursuant to the Employment Rules of theAmerican Arbitration Association then in effect. The arbitration shall be held in Washington, D.C.The parties shall be entitled to engage in such pre-hearing discovery as is permitted by thearbitrator. The prevailing party will be awarded its reasonable attorneys’ fees and costs.     8. Severability: In the event any term of this Agreement is held to be invalid,illegal or unenforceable by a court of competent jurisdiction, it shall be considered severed fromthis Agreement and shall not effect the validity, legality or enforceability of the remainingterms, and the Court shall modify the severed term to make it valid, legal and enforceable to themaximum extent permitted by law.     9. Entire Agreement: This Agreement represents the entire agreement of the partiesconcerning its subject matter, and supersedes all other agreements, discussions or understandingsbetween the parties concerning said subject matter. This Agreement may only be modified by awritten instrument signed by both parties.     10. Counterparts: This Agreement may be executed in one or more counterparts, eachof which shall be considered an original, and together which shall constitute on and the sameinstrument.     IN WITNESS WHEREOF, the parties have duly executed this Agreement as of the dates set forthbelow.      EXECUTIVE COMPANY       /s/ Glenn R. Tobin By: /s/ James C. Edgemond             Date: 7/30/04 Title: Controller and Corporate Secretary         Date: 7/30/04