Document:

exv10w27

 

Exhibit 10.27

SEVERANCE AGREEMENT

     This Severance Agreement (“Agreement”), effective as of this 30th day of July, 2004, is
entered 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 against
competition and solicitation; and

     WHEREAS, Executive desires to have some income protection in the even Executive’s employment
is terminated by Company without Cause as defined in Section 3 below, and Company wishes to provide
said protection in accordance with the terms of this Agreement;

     NOW THEREFORE, in exchange for the promises contained herein, the receipt and adequacy of
which are hereby acknowledged, the parties agree to the following terms:

     1. Limitations of Agreement: Nothing in this Agreement shall constitute a contract
for employment or for Company to employ Executive for any specified term. Either Company or
Executive may terminate their relationship at any time, for any reason permissible under applicable
law, with or without Cause or notice.

     2. Severance Benefits: In the event Company terminates Executive’s employment
without Cause as defined in Section 3 below, Executive shall be entitled to severance benefits as
follows (“collectively “Severance Benefits”): : one (1) year of continuation of Executive’s base
salary at the rate then in effect, payable in installments according to Company’s payroll cycle and
a prorated bonus for the calendar year in which said termination occurs pursuant to the terms of
the 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 commission
of an act of fraud or theft against the Company; conviction for any felony; conviction for any
misdemeanor involving moral turpitude which might, in the Company’s opinion, cause embarrassment to
the Company; significant violation of any material Company policy; willful or repeated
non-performance of material duties which is not cured within thirty (30) days after written notice
thereof 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, if
such violation is curable, is not cured within thirty (30) days after notice thereof to the
Executive.

     4. Conditions on Receipt of Severance Benefits: Executive’s receipt of any Severance
Benefits under this Agreement shall be conditional on Executive: (a) signing and complying with a
Separation Agreement and General Release in a form acceptable to Company (the “Separation
Agreement”), pursuant to which, among other things, Executive provides Company with a full and
unconditional general release of all known or unknown claims against Company and its affiliates,
and its and their officers, directors, employees, agents, representatives, attorneys, benefits
plans and each of their predecessors, successors and assigns; and (b) Executive’s compliance with
the Protection Agreement. In the event Executive breaches the Separation Agreement or the
Protections Agreement, Executive shall forfeit any then unpaid Severance Benefits due under this
Agreement, and Executive shall be required to repay Company all Severance Benefits Executive
received from Company pursuant to this Agreement, within thirty (30) days of the date Company
provides Executive with written notice of such breach. Nothing herein shall limit Company’s right
to obtain other relief for Executive’s breach of the Separation Agreement or the Protection
Agreement.

     5. Successors and Assigns: This Agreement shall be binding upon and shall inure to
the benefits of each of the parties and their respective successors and assigns. Company shall
assign its rights and

 

 

obligations hereunder to any person or entity that purchases all or substantially all of the
assets of Company. Executive may not assign any of Executive’s rights or obligations under this
Agreement without the prior written consent of Company.

     6. Governing Law: This Agreement shall be governed by the laws of the District of
Columbia, without reference to the principles of the conflicts of law therein.

     7. Arbitration: All disputes over this Agreement shall be resolved exclusively by
final and binding arbitration before a single arbitrator pursuant to the Employment Rules of the
American 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 the
arbitrator. 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 from
this Agreement and shall not effect the validity, legality or enforceability of the remaining
terms, and the Court shall modify the severed term to make it valid, legal and enforceable to the
maximum extent permitted by law.

     9. Entire Agreement: This Agreement represents the entire agreement of the parties
concerning its subject matter, and supersedes all other agreements, discussions or understandings
between the parties concerning said subject matter. This Agreement may only be modified by a
written instrument signed by both parties.

     10. Counterparts: This Agreement may be executed in one or more counterparts, each
of which shall be considered an original, and together which shall constitute on and the same
instrument.

     IN WITNESS WHEREOF, the parties have duly executed this Agreement as of the dates set forth
below.

	 	 	 	 	 	 
	EXECUTIVE	 	COMPANY	 
	 
	 	 	 	 	 
	/s/ Glenn R. Tobin

	 	By:
	 	/s/ James C. Edgemond	 
	 

	 	 	 	 	 
	 
	 	 	 	 	 
	Date: 7/30/04	 	Title: Controller and Corporate Secretary	 
	 
	 	 	 	 	 
	 	 	Date: 7/30/04exv10w28

 

Exhibit 10.28

EMPLOYER PROTECTION AGREEMENT

     This Employer Protection Agreement (“Agreement”) is made by and between The Corporate
Executive Board Company (including any and all affiliates) (the “Company”) and the employee named
below (the “Employee”).

     The Company is engaged in the business of providing research and advisory services to
individual members in various industries, including without limitation such services as
short-answer or custom research on demand, multiple client or syndicated studies, benchmarking data
and databases and conferences, seminars, training and education.

     The Company has offered employment or continued employment to Employee. During the course of
employment, Employee will develop, at the Company’s expense, important relationships with members
and prospective members of the Company. Employee will also become aware of certain confidential
methods, practices, information and procedures with which the Company conducts its business and of
certain confidential information regarding the Company’s members and/or prospective members.
Employee may also prepare studies and other written materials using the Company’s resources.

     NOW THEREFORE, in consideration of the recitals above, initial and/or continued employment and
other good and valuable consideration, the receipt and sufficiency of which are acknowledged, the
parties agree as follows:

     1. Non-Solicitation of Members and Prospective Members:

     (a) During Employee’s employment, and for a period of one (1) year following the Company’s
termination of Employee’s employment for Cause or Employee’s voluntary resignation of employment,
Employee agrees that Employee shall not, directly or indirectly, on behalf of himself or any other
person or entity other than the Company, offer to provide or provide Company Services to any
Covered Person or induce or attempt to induce or otherwise counsel, advise, ask or encourage any
Covered Person to discontinue membership, elect not to renew membership, or elect not to commence
membership with the Company.

     (b) For purposes of this Agreement, the following terms shall have the following meanings:

     “Cause” shall mean the commission of an act of fraud, theft or dishonesty against the Company
or any of its members or prospective members and/or in the course of Employee’s duties for the
Company; conviction of or a plea of nolo contendere to any felony; conviction of or a plea of nolo
contendere to any misdemeanor involving moral turpitude which might, as determined by the Company
in its sole discretion, cause embarrassment to the Company; tardiness or absenteeism;
insubordination; violation of Company policy; or violation of any applicable laws, rules or
regulations in connection with or during performance of work for the Company.

     “Company Services” shall mean the provision of decision support, business advice and
management support by (aa) providing short-answer or custom research on demand, including without
limitation literature or database searches, telephone interviews, or other research of the same or
substantially similar type as that provided by the Company; (bb) preparing published multiple
client or syndicated studies, without limitation studies of the same or substantially similar type
provided by the Company; (cc) selling benchmarking data and databases of the same or substantially
similar type provided by the Company; (dd) providing to a membership organization conferences,
seminars, training or education of the same or substantially similar type provided by the Company;
(ee) providing decision or implementation support and related analytical tools of the same or
substantially similar type provided by the Company; or (ff) providing any other services or
products that the Company was providing during Employee’s employment, or that Employee learned
during Employee’s employment that the Company planned to provide in the future.

     “Covered Person” shall mean any person or entity (i) that was a member of the Company or was
solicited to be a member of the Company at any time during the lesser of the two-year period prior
to the termination of Employee’s employment with the Company, or the period of Employee’s
employment with the Company; and (ii) with which Employee had contact on behalf of the Company or
about which Employee learned confidential information in the course of Employee’s employment with
the Company.

     “Non-Solicitation Period” shall mean the period of Employee’s employment and one (1) year
period following the

 

 

Company’s termination of Employee’s employment for Cause or Employee’s voluntary resignation
of employment.

     (c) Employee agrees that the restrictions imposed upon Employee by the provisions of this
section are fair and reasonable, are reasonably required for the protection of the Company, and
will not unreasonably restrict Employee’s ability to work during the Non-Solicitation Period.

     2. Non-Solicitation of Employees: During Employee’s employment, and for a period of
one (1) year following resignation or termination of such employment for any reason, Employee
agrees that Employee shall not, except in the course of Employee’s duties for the Company, directly
or indirectly, induce or attempt to induce or otherwise counsel, advise, ask or encourage any
person who is then a current employee of the Company and whom Employee worked with, supervised, or
learned confidential information about while employed by the Company to leave the employ of the
Company to accept employment with another employer that competes with the Company in the provision
of Company Services.

     3. Confidential Information: During Employee’s employment, Employee will have access
to confidential information about the Company’s business that is not generally available to the
public, including, without limitation, research, designs, methods, pricing, financial information,
personnel information, marketing strategies, member profiles and the like. Employee hereby
acknowledges the Company’s exclusive ownership of such confidential information. Employee may also
have access to confidential information provided to the Company in confidence by its members,
vendors or other third parties. At all times during and after Employee’s employment, Employee
agrees to maintain the confidentiality of confidential information belonging to the Company, and/or
provided to the Company by its members, vendors or other third parties in confidence, and to use or
disclose such information only as authorized by the Company or required by law.

     4. Return of Company Property: Upon demand of the Company or resignation or
termination of employment for any reason, whichever is sooner, Employee will deliver to the Company
all of its and/or its members’ or vendors’ property, as well as any other property provided to the
Company by third parties in confidence, including without limitation all studies, reports, disks,
membership data, membership lists, manuals, designs, recordings and any other medium by which,
through which or on which Company, member or vendor property or other property provided to the
Company by third parties in confidence has been recorded or stored.

     5. Ownership of Intellectual Property: The Company will own (a) any inventions, trade
secrets, ideas, original works of authorship or confidential information that Employee conceives,
develops, discovers or makes in whole or in part during Employee’s employment by the Company that
relate to the Company’s business or the Company’s actual or demonstrably anticipated research or
development; and (b) any inventions, ideas, original works of authorship, trade secrets or other
confidential information that Employee conceives, develops, discovers or makes in whole or in part
during or after Employee’s employment that are made through the use of any of the Company’s time,
equipment, facilities, supplies, trade secrets or other confidential information, or which result
from any work Employee performs for the Company. To the maximum extent permitted under applicable
law, all of the foregoing shall be deemed to be “works made for hire” under the United States
Copyright Act, and the Company shall be deemed to be the author and owner thereof. To the extent
any of the foregoing is not deemed to be a work made for hire, Employee hereby irrevocably assigns
all copyrights, patent rights, and other proprietary rights therein to the Company, and no further
action by Employee is required to grant ownership to the Company. Employee will assist in
preparing and executing documents, and will take any other steps requested by the Company, to vest,
confirm or demonstrate its ownership rights, and Employee will not at any time contest the validity
of such rights.

     6. No Breach of Other Agreements or Obligations: Employee will not knowingly use for
the benefit of or disclose to the Company any confidential information of any of Employee’s former
employers or of any other third party who has not authorized such use or disclosure and will not
otherwise knowingly infringe any proprietary right of any third party. Employee represents and
warrants that no contract or agreement between Employee and any third party will interfere in any
manner with Employee’s performance of Employee’s duties for the Company or with Employee’s
compliance with this Agreement.

     7. Provision Invalidated: If any provision of this Agreement shall be determined, by
a court having jurisdiction, to be unenforceable, the remainder of this Agreement shall not be
affected but shall continue in full force and effect as though such unenforceable provision were
not originally a part of this Agreement, and the unenforceable provision shall be modified so as to
be enforceable to the maximum extent permitted by law. In the event that a court refuses to modify
any unenforceable provision, the parties agree to renegotiate the unenforceable provision in good
faith to accomplish its objective to the extent permitted by law.

 

 

     8. Injunctive Relief: Employee acknowledges that a breach of any of the provisions of
this Agreement will result in continuing and irreparable damages to the Company for which there
would be no adequate remedy at law and that the Company, in addition to all other relief available
to it, shall be entitled to the issuance of injunctive relief restraining Employee from committing
or continuing to commit any breach of this Agreement.

     9. Attorney’s Fees: In any action for breach of this Agreement, the prevailing party
shall be entitled to recover its reasonable attorney’s fees and costs.

     10. Governing Law and Choice of Forum: During the period that the Company’s executive
offices are located in the District of Columbia, this Agreement shall be construed in accordance
with and governed by the laws of the District of Columbia, irrespective of the principles of
conflicts of law therein, and Employee and the Company agree to submit to the personal jurisdiction
of the District of Columbia courts and the federal courts located in the District of Columbia for
the resolution of any disputes arising under or relating in any way to this Agreement. At and
after such time as the Company’s principal executive offices are relocated to Rosslyn, Virginia,
this Agreement shall be construed in accordance with and governed by the laws of the Commonwealth
of Virginia, irrespective of the principles of conflicts of laws therein, and Employee and the
Company agree to submit to the personal jurisdiction of the state and federal courts in the
Commonwealth of Virginia for the resolution of any disputes arising under or relating in any way to
this Agreement.

     11. Not a Contract of Employment: This Agreement does not constitute a contract of
employment for a definite period of time. Employee is an at-will employee of the Company. This
means that either Employee or the Company may terminate the employment relationship with or without
cause at any time with or without notice for any lawful reason or for no reason.

     12. No Waiver of Breach and No Effect on Employee’s Other Obligations: The waiver by
any party of a breach of any provision herein shall not operate or be construed as a waiver of any
subsequent breach by any party. In addition, this Agreement does not relieve Employee of any
obligation imposed by law including, for example and without limitation, any statutory or common
law obligation to protect the Company’s trade secrets and to refrain from tortiously interfering
with the Company’s contractual relations.

     13. Entire Agreement: This Agreement sets forth the entire agreement and
understanding between the parties with respect to the subject matter hereof and supersedes all
prior oral or written discussions, agreements or understandings with respect to the subject matter
hereof.

     14. Survival of Agreement: The provisions of this Agreement shall survive the
termination of the employment relationship between the Company and Employee. This Agreement shall
be binding upon and shall inure to the benefit of the parties and their respective

successors and assigns. Notwithstanding the foregoing, Employee shall not assign Employee’s
obligations under this Agreement without the express written consent of the Company or its
successors and/or assigns.

     IN WITNESS WHEREOF, the parties have executed this Agreement as of this
                     day of
                                        
, 200_.

	 	 	 	 	 
	EMPLOYEE

	 	THE CORPORATE EXECUTIVE BOARD COMPANY	 	 
	 
	 	 	 	 
	 

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