Document:

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                                                                    EXHIBIT 10.4

                               EMPLOYEE SEVERANCE
                              AGREEMENT AND RELEASE

      This Severance Agreement and Release ("Agreement") is made and entered
into January 5, 2004 (the "Effective Date"), by and between DUKE ENERGY FIELD
SERVICES, LP ("Field Services"), a limited partnership with its principal
executive offices in Denver, Colorado, and William H. Easter, III (the
"Employee").

                              W I T N E S S E T H:

      WHEREAS, Field Services has determined that it is in the best interests of
Field Services, its affiliates and its partners to assure that Field Services
will have the continued undivided time, attention, loyalty and dedication of the
Employee, notwithstanding the possibility or anticipation of a termination of
employment;

      WHEREAS, Field Services believes it is imperative to diminish the
inevitable distraction of the Employee by virtue of the personal uncertainties
and risks created by any pending or threatened termination of employment and to
encourage the Employee's full undivided time, attention, loyalty, and dedication
to Field Services currently and in the event of any pending or threatened
termination of employment; and

      WHEREAS, it is Field Services' intention that the Employee be assured of
compensation and benefit arrangements if his employment terminates which are
competitive with those similarly situated Duke Energy Corporation peer business
unit heads, such group specifically excluding the Named Executive Officers
appearing on the Summary Compensation Table in the Duke Energy Corporation proxy
statement and the Employee is willing to enter into an agreement to that end,
upon the terms and conditions hereinafter set forth.

      NOW, THEREFORE, in consideration of the premises and of the mutual
covenants contained herein, the receipt and sufficiency of which are hereby
acknowledged, the parties hereby agree as follows:

      1. TERM OF AGREEMENT. The term of this Agreement (the "Agreement Term")
shall commence on January 5, 2004 (the "Commencement Date") and shall terminate
on January 5, 2006, in the event a termination of the Employee's employment by
Duke Energy Field Services Corporation, Duke Energy Field Services LLC, Duke
Energy Field Services, LP or any of their respective subsidiaries (a "Field
Services' Affiliate") or Field Services shall not have occurred by such date. In
the event Employee's employment is terminated (so that the Employee is no longer
employed by Field Services or any Field Services' Affiliate) prior to the
expiration of the Agreement Term, this Agreement will continue in force and
effect until the satisfaction of all of the parties' obligations hereunder.
Except as otherwise provided in this Agreement, Employee shall be an
employee-at-will whose employment can be terminated at any time for any reason
by Field Services, or any Field Services' Affiliate or the Employee.

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      2. SEVERANCE BENEFITS.

      (a) General. In the event the Employee's employment by Field Services or a
Field Services' Affiliate is terminated during the Agreement Term (so that the
Employee is no longer employed by Field Services or any Field Services'
Affiliate), the Employee shall be entitled to the compensation and termination
benefits set forth in this Section 2; provided, however, that the obligations of
Field Services under Section 2(c) hereof shall be subject to the forfeiture and
repayment provisions of Section 3(e) hereof and to the requirements regarding a
release of claims under Section 16 hereof. Any lump-sum payments required under
this Section 2 will be made by Field Services within thirty (30) days after the
effective date of the Employee's termination of employment. In the event of
Employee's death, any lump-sum payments required under this Section 2 will be
made by Field Services as soon as administratively feasible after the effective
date of the Employee's termination of employment to his estate. This Agreement
does not grant the Employee any right or entitlement to be retained by Field
Services or any Field Services' Affiliate and shall not affect or prejudice the
right of Field Services or any Field Services' Affiliate to terminate the
employment of the Employee at any time for any reason, subject to the payment
and benefit provisions of this Section 2. In the event of the termination of
Employee's employment with Field Services and all Field Services' Affiliates,
the Employee agrees to immediately resign all of his positions as an officer or
director of Field Services and any Field Services' Affiliates.

      (b) Termination on Account of Death, Disability, Cause, Voluntary Quit or
Offer of Employment by Field Services Parent or Affiliated Company. In the event
that the Employee's employment hereunder is terminated:

            (i) due to the death of the Employee,

            (ii) by Field Services or any Field Services' Affiliate due to any
      mental or physical impairment which prevents the Employee from performing
      the essential functions of his position with Field Services or any Field
      Services' Affiliate, or which has resulted in the Employee's becoming
      eligible for benefits under any long-term disability income program
      maintained by Field Services or any Field Services' Affiliate,

            (iii) by Field Services or any Field Services' Affiliate for
      "Cause," which is defined as the occurrence of any one of the following
      (provided the Employee receives written notice from Field Services
      identifying the acts or omissions constituting Cause and is given a 30-day
      opportunity to cure, if such acts or omissions are capable of cure): (A) a
      final conviction of a felony; (B) an egregious act of dishonesty
      (including, without limitation, theft or embezzlement), or a malicious
      action by the Employee toward the customers or employees of Field Services
      or any Field Services' Affiliate; (C) a violation of the provisions of
      Section 3 or Section 4 hereof; or (D) material failure to carry out, or
      malfeasance or gross insubordination in carrying out, reasonably assigned
      duties or instructions consistent with his position (provided that
      material failure to carry out reasonably assigned duties shall be deemed
      to constitute Cause only after a finding by the Duke Energy Field
      Services, LLC Board of Directors of material

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<PAGE>

      failure on the part of the Employee),

            (iv) voluntarily by the Employee, or

            (v) in conjunction with Employee being offered employment with Duke
      Energy Corporation or ConocoPhillips, or one of their respective
      subsidiaries,

then the Employee shall be entitled only to salary amounts payable in the normal
course for service through the date of his termination of employment and any
rights or payments that have become vested or that are otherwise due in
accordance with the terms of any employee benefit, incentive or compensation
plan or arrangement maintained by Field Services or any Field Services'
Affiliate that the Employee participated in at the time of his termination of
employment (together, the "Accrued Rights").

      (c) Termination by Field Services other than for Cause. In the event that
the Employee's employment is terminated by Field Services or the applicable
Field Services' Affiliate other than as described in clauses (b)(i), (ii),
(iii), (iv) or (v) above, the Employee will be paid and entitled to the
following:

            (i) the payments and benefits representing the Employee's Accrued
      Rights;

            (ii) a lump-sum payment equal to (A) the Employee's annual bonus
      payment under any Bonus Plan (as defined below) earned for any completed
      bonus year prior to termination of employment, if not previously paid,
      plus (B) a pro-rata amount of the Employee's target bonus under any Bonus
      Plan for the bonus year in which the termination occurs, determined as if
      all program goals had been met at target (the "Target Bonus"), pro-rated
      based on the number of days of service during the bonus year occurring
      prior to termination of employment;

            (iii) a lump-sum payment equal to two (2) times the sum of the
      Employee's then-current Base Salary and Target Bonus;

            (iv) a lump-sum payment in an amount equal to the aggregate cost of
      coverage that would apply for the Severance Period (as defined below)
      under the medical and dental (but not medical spending account or employee
      assistance plan ) and basic life insurance plans that the Employee
      participated in at the time of his termination, or their equivalent, under
      the same terms to the Employee as though the Employee had not terminated
      employment, which cost shall be deemed equal to the premium costs being
      utilized for the provision of such medical and dental coverage to former
      employees under COBRA at the time of the Employee's termination of
      employment and Field Services' assumed costs for such basic life insurance
      coverage for internal accounting purposes at the time of the Employee's
      termination of employment;

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            (v) a lump-sum payment equal to the present value (determined based
      on a six (6) percent interest rate assumption and, in the case of any
      pension plan accrual, the applicable mortality table for calculating
      optional forms of benefits under such plan) of any employer contribution
      (other than a contribution under section 401(k) of the Internal Revenue
      Code of 1986, as amended), benefit accrual or employer-financed account
      allocation that would have been made or accrued during the Severance
      Period under any qualified or non-qualified pension or savings plan
      maintained by Field Services or any Field Services' Affiliate in which the
      Employee participated at the time of his termination, determined using the
      Employee's Base Salary and Target Bonus (if relevant) at the time of
      termination and assuming the maximum elective deferral by the Employee
      permitted by such plans, if applicable;

            (vi) notwithstanding the terms of any award agreement or plan
      document to the contrary, continued vesting for the duration of the
      Severance Period of any long term incentive awards, including awards of
      stock options held by the Employee at the time of his termination of
      employment that are not vested or exercisable on such date, in accordance
      with their terms, as if the Employee's employment had not terminated, with
      any options or similar rights to remain exercisable (to the extent
      exercisable at the end of the Severance Period) for a period of 90 days
      following the close of the Severance Period, but not beyond the maximum
      original term of such options or rights. Any award that is designated by
      Duke Energy Corporation as a "Chairman's Award" and the stock award
      provided to Employee pursuant to the February 1, 2004 Restricted Stock
      Award Agreement between Employee and Duke Energy Corporation are
      specifically excluded from this section and nothing in this section shall
      impact the terms of such awards; and

            (vii) in the event that the Employee would have satisfied the
      eligibility requirements of any retiree medical plan or program maintained
      by Field Services or any Field Services' Affiliate generally for its
      retirees (a "Retiree Plan") within two years after the date of his or her
      termination of employment, the provision of such retiree medical benefits
      to the Employee from and after the date he would have satisfied such
      requirements (assuming continued employment) on a basis substantially
      equivalent to the retiree medical benefits provided generally under the
      Retiree Plan, subject to such terms and conditions and requirements for
      participation as apply under the Retiree Plan from time to time and as
      such Retiree Plan may be amended or terminated by Field Services or any
      Field Services' Affiliate, as the case may be, at any time.

      (d) Termination by Field Services other than for Cause after the
expiration of the Agreement Term. In the event that Employee is terminated by
Field Services, or the applicable Field Services Affiliate other than for Cause
after the expiration of the Agreement Term, then the Employee shall be eligible
to receive severance benefits comparable to those provided to similarly situated
Duke Energy Corporation peer business unit heads during the period of time from
January 5, 2004 through the date of Employee's termination of employment with
Field Services, or the applicable Field Services Affiliate, such group
specifically excluding

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the Named Executive Officers appearing on the Summary Compensation Table in the
Duke Energy Corporation proxy statement. The Employee agrees that any dispute of
any kind arising under or relating to this clause shall be resolved according to
the process set forth in Section 14 below.

      (e) Definitions. For purposes of this Agreement, the terms below shall
have the following definitions:

            (1) "Bonus Plan" shall mean any bonus plan, program or arrangement
      in which the Employee participates where bonus payments are based upon
      achievement of performance targets by Field Services, a Field Services'
      Affiliate, any respective business unit thereof, Duke Energy Corporation,
      or the Employee.

            (2) "Base Salary" shall mean the annualized amount of the Employee's
      regular salary during any payroll period, prior to any reductions for
      elective deferrals or salary reductions but excluding any overtime,
      incentive or other special compensation.

            (3) "Severance Period" shall be the 24-month period following the
      Employee's termination of employment.

      3.    RESTRICTIVE COVENANTS.

      (a) Noncompetition and Nonsolicitation. The Employee agrees that he shall
not, during the "Restricted Period" (as defined below), without Field Services'
prior written consent, for any reason, directly or indirectly, either as
principal, agent, manager, employee, partner, shareholder, director, officer,
consultant or otherwise (A) become engaged or involved in any business (other
than as a less-than 3% equity owner of any corporation traded on any national,
international or regional stock exchange or in the over-the-counter market) that
competes with Field Services or any Field Services' Affiliate in the business of
(i) gathering, compression, treating, processing, transportation, trading,
marketing or storage of natural gas or an component thereof, (ii) fractionation,
transportation, trading, marketing or storage of natural gas liquids, (iii)
gathering, transportation, trading, marketing or storage of crude oil, (iv)
distribution of specialty chemicals, (v) transportation and storage of refined
products, liquefied petroleum gases and petrochemicals, and (vi) any other
business engaged in by Field Services or Field Services' Affiliate after the
date of this Agreement and prior to the date of termination; or (B) induce or
attempt to induce any customer, client, supplier, employee, agent or independent
contractor of Field Services or any Field Services' Affiliate to reduce,
terminate, restrict or otherwise alter its business relationship with Field
Services or any Field Services' Affiliate. The provisions of this Section 3(a)
shall be limited in scope and effective only within the following geographical
areas: (i) any country in the world where Field Services or any Field Services'
Affiliate has $25 million in capital deployed as of the date of termination;
(ii) the Continent of North America; (iii) the United States of America; (iv)
Canada; (v) the states of Arkansas, California, Colorado, Connecticut, Illinois,
Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts,
Minnesota, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New
York, North Carolina, Ohio, Oklahoma, Pennsylvania, Rhode Island, Texas, Utah,
Vermont, Virginia, West Virginia, Wyoming; and (vi) British Columbia and

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Alberta. The parties intend the above geographical areas to be completely
severable and independent, and any invalidity or unenforceability of this
Agreement with respect to any one area shall not render this Agreement
unenforceable as applied to any one or more of the other areas.

      (b) Restricted Period. For purposes hereof, the "Restricted Period" shall
be the period of the Employee's employment during the Agreement Term and, in the
event of a termination of the Employee's employment that is covered by Section
2(c) hereof, the twelve-month period following the such termination of
employment.

      (c) Severability. If any provision or part of this Section 3 is held to be
unenforceable because of the duration of such provision or the area covered
thereby, the parties hereto agree to modify such provision, or that the court
making such determination shall have the power to modify such provision, to
reduce the duration or area of such provision or both, or to delete specific
words or phrases therefrom ("blue-penciling"), and in its reduced or
blue-penciled form, such provision shall then be enforceable and shall be
enforced. The parties intend the above restrictions on competition to be
completely severable and independent, and any invalidity or unenforceability of
any one or more of such restrictions shall not render invalid or unenforceable
any one or more of the other restrictions.

      (d) Enforcement. The Employee acknowledges that Field Services may have no
adequate means to protect its rights under this Section 3 other than by securing
an injunction (a court order prohibiting the Employee from violating this
Agreement). The Employee agrees that Field Services may enforce this Agreement
by obtaining a preliminary and permanent injunction and any other appropriate
equitable relief in any court of competent jurisdiction. The Employee
acknowledges that the recovery of damages will not be an adequate means to
redress a breach of this Agreement, but nothing in this Section 3 shall prohibit
Field Services from pursuing any remedies in addition to injunctive relief,
including recovery of damages and/or any forfeiture or repayment obligations
provided for herein.

      (e) Forfeitures and Repayments. The Employee agrees that, in the event he
violates the provisions of Section 3(a) hereof during the Restricted Period, he
will forfeit and not be entitled to any cash severance payments or any non-cash
benefits or rights (including, without limitation, stock option rights), other
than Accrued Rights, to which he would otherwise be entitled to under Section
2(c) hereof (together, the "Termination Benefits"). The Employee further agrees
that, in the event he violates the provisions of Section 3(a) hereof following
the payment or commencement of any Termination Benefits, (i) he will forfeit and
not be entitled to any further Termination Benefits, and (ii) he will be
obligated to repay to Field Services an amount in respect of the cash payments
previously made to him under Section 2(c) hereof (the "Repayment Amount"). The
Repayment Amount shall be determined by aggregating the cash severance payments
made to the Employee under Sections 2(c)(ii), 2(c)(iii),2(c)(iv) and 2(c)(v)
hereof, and multiplying the resulting amount by a fraction, the numerator of
which is the number of full and partial calendar months remaining in the
Severance Period at the time of the violation (rounded to the nearest quarter of
a month), and the denominator of which is twenty-four (24). The Repayment Amount
shall be paid to Field Services in cash in a single sum within ten (10) business
days after the first date of the violation, whether or not Field Services has
knowledge of the violation or has made a demand for payment. Any such payment
made following such date

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shall bear interest at a rate equal to six (6) percent. Furthermore, in the
event the Employee violates the provisions of Section 3(a) hereof, and
notwithstanding the terms of any award agreement or plan document to the
contrary (which shall be considered to be amended to the extent necessary to
reflect the terms hereof), the Employee shall immediately forfeit the right to
exercise any stock option or similar rights that are outstanding at the time of
the violation, and the Repayment Amount, calculated as provided above, shall be
increased by the amount of any gains (measured by the difference between the
aggregate fair market value on the date of exercise of shares underlying the
stock option or similar right and the aggregate exercise price of such stock
option or similar right) realized by the Employee upon the exercise of stock
options or similar rights within the one-year period prior to the first date of
the violation.

      (f) Permissive Release. The Employee may request that Field Services
release him from the restrictive covenants of Section 3(a) hereof upon the
occurrence of the forfeiture and repayment of termination benefits and rights
provided for in Section 3(e) hereof. Field Services may, in its sole discretion,
grant such a release in whole or in part, or may reject such request and
continue to enforce its rights under this Section 3.

      (g) Consideration; Survival. The Employee acknowledges and agrees that the
compensation and benefits provided in this Agreement constitute adequate and
sufficient consideration for the covenants made by the Employee in this Section
3 and in the remainder of this Agreement. The Employee's obligations under this
Section 3 shall survive any termination of his employment as specified herein.

      4. CONFIDENTIALITY. The Employee acknowledges that during the Employee's
employment with Field Services or any Field Services' Affiliate, the Employee
will acquire, be exposed to and have access to, material, data and information
of Field Services and the Field Services' Affiliates and/or their customers or
clients that is confidential, proprietary, and/or a trade secret. At all times,
both during and after the Agreement Term, the Employee shall keep and retain in
confidence and shall not disclose, except as required and authorized in the
course of the Employee's employment with Field Services or any Field Services'
Affiliate, to any person, firm or corporation, or use for his own purposes, any
of this proprietary, confidential or trade secret information. For purposes of
this paragraph, such information shall include, but shall not be limited to:
sales methods, information concerning principals or customers, prospects or
suppliers, advertising methods, financial affairs or methods of procurement,
marketing and business plans, acquisitions or merger targets, strategies,
projections, business opportunities, client, prospect or supplier lists, sales
and cost information and financial results and performance. The Employee
acknowledges that the obligations pertaining to the confidentiality and
non-disclosure of information shall remain in effect for a period of two (2)
years after termination of employment, or until Field Services or a Field
Services' Affiliate has released any such information into the public domain, in
which case the Employee's obligation hereunder shall cease with respect only to
such information so released into the public domain. The Employee's obligations
under this Section 4 shall survive any termination of his employment. If the
Employee receives a subpoena or other legal process requiring that he produce,
provide or testify about information that is confidential property and/or a
trade secret, the Employee shall notify Field Services within two business days
of his notice or receipt of such subpoena or legal process and cooperate fully
with Field Services in resisting disclosure of confidential information. Field
Services at its expense has the right either in the name of the Employee or in

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its own name to oppose or move to quash any subpoena or other legal process
directed to the Employee regarding confidential information. If Field Services
does not successfully oppose or move successfully to quash any subpoena or other
legal process directed to the Employee after being notified of it by him, he
shall be free to respond to the subpoena as he determines to be appropriate.

      5. POST-EMPLOYMENT OBLIGATIONS.

      (a) Field Services Property. All records, files, lists, including,
computer generated lists, drawings, documents, equipment and similar items
relating to the business of Field Services and the Field Services' Affiliates
which the Employee shall prepare or receive from Field Services or the Field
Services' Affiliates shall remain the sole and exclusive property of Field
Services and the Field Services' Affiliates. Upon termination of the Employee's
employment for any reason, the Employee shall promptly return all property of
Field Services or any Field Services' Affiliate in his possession. The Employee
further represents that he will not copy or cause to be copied, print out or
cause to be printed out any software, documents or other materials originating
with or belonging to Field Services or any Field Services' Affiliate. The
Employee additionally represents that, upon termination of his employment with
Field Services or a Field Services' Affiliate, he will not retain in his
possession any such software, documents or other materials.

      (b) Cooperation. The Employee agrees to cooperate with and provide
assistance to Field Services and the Field Services' Affiliates and their legal
counsel in connection with any litigation (including arbitration or
administrative hearings) or investigation affecting Field Services or any Field
Services' Affiliate, in which, in the reasonable judgment of the counsel of
Field Services or any Field Services' Affiliate, the Employee's assistance or
cooperation is needed. The Employee shall, when requested by Field Services or
any Field Services' Affiliate, provide testimony or other assistance and shall
travel at the request of Field Services or any Field Services' Affiliate in
order to fulfill this obligation; provided, however, that, in connection with
such litigation or investigation, Field Services or the Field Services'
Affiliate, as the case may be, shall attempt to accommodate the Employee's
schedule, shall provide him with reasonable notice in advance of the times in
which his cooperation or assistance is needed, and shall reimburse the Employee
for any reasonable expenses incurred in connection with such matters, as well as
for any actual lost wages suffered as a result from absences from employment.

      6. TAX WITHHOLDING. Field Services may withhold from any amounts payable
under this Agreement such federal, state, local or foreign taxes or other
withholdings as shall be required to be withheld pursuant to any applicable law
or regulation.

      7. NOTICE. Any notices to be given hereunder by either party to the other
may be effectuated either by personal delivery in writing or by mail, registered
or certified, postage prepaid, with return receipt requested. Mailed notices
shall be addressed to the parties at the following addresses:

If to Field Services or any other
Field Services' Affiliate:          Fred J. Fowler,

                                     8
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                                    President and Chief Operating Officer
                                    Duke Energy Corporation
                                    526 South Church Street - EC3XC
                                    Charlotte, North Carolina 28202-1802

                                Cc: Brent L Backes
                                    Duke Energy Field Service - General Counsel
                                    370 17th Street, Suite 900
                                    Denver, Colorado 80202

      8. WAIVER OF BREACH. The waiver by any party to a breach of any provision
in this Agreement cannot operate or be construed as a waiver of any subsequent
breach by a party. Any waiver or consent from Field Services with respect to any
term or provision of this Agreement or any other aspect of the Employee's
conduct or employment shall be effective only in the specific instance and for
the specific purpose for which given and shall not be deemed, regardless of
frequency given, to be a further or continuing waiver or consent. The failure or
delay of Field Services at any time or times to require performance of, or to
exercise any of its powers, rights or remedies with respect to, any term or
provision of this Agreement or any other aspect of the Employee's conduct or
employment shall in no manner (except as otherwise expressly provided herein)
affect Field Services' right at a later time to enforce any such term or
provision.

      9. SEVERABILITY. The validity or unenforceability of any particular
provision in this Agreement shall not affect the other provisions hereof, and
this Agreement shall be construed in all respects as if the invalid or
unenforceable provision were omitted.

      10. ENTIRE AGREEMENT. Except as otherwise provided herein, this Agreement
covers the entire understanding of the parties with respect to the subject
matter hereof, superseding all prior understandings and agreements. No
modifications or amendments of the terms and conditions herein shall be
effective unless in writing and signed by the parties or their respective duly
authorized agents.

      11. APPLICABILITY OF CHANGE IN CONTROL AGREEMENT. Notwithstanding anything
to the contrary in this Agreement, if a termination of employment by the
Employee shall be covered by a "Change in Control Agreement" (or similar change
in control severance agreement) between the Employee and Field Services, the
provisions of such Change in Control Agreement shall be controlling and this
Agreement shall cease to be of any further effect.

      12. GOVERNING LAW. This Agreement shall be interpreted, construed and
governed according to the laws of the State of Colorado, without reference to
conflicts of law principles thereof.

      13. SUCCESSORS AND ASSIGNS. Neither this Agreement, nor any of the
parties' respective rights, powers, duties or obligations hereunder, may be
assigned by either party without the prior written consent of the other party.
This Agreement shall be binding upon and inure to the benefit of the Employee
and his heirs and legal representatives of Field Services and

                                       9
<PAGE>

its successors. Successors of Field Services shall include, without limitation,
any company or companies acquiring, directly or indirectly, all or substantially
all of the assets of Field Services, whether by merger, consolidation, purchase,
lease or otherwise, and such successor shall thereafter be deemed "Field
Services" for the purpose hereof.

      14. FORUM SELECTION. The Employee agrees that any claim against Field
Services or any Field Services' Affiliate arising out of or relating in any way
to this Agreement or to the Employee's employment or termination of employment
with Field Services or any Field Services' Affiliate (including without
limitation any claim for compensation or claim arising under the federal civil
rights statutes) shall be brought exclusively in the District Court for the City
and County of Denver, Colorado, or the United States District Court for the
District of Colorado, and in no other forum. The Employee hereby consents to the
personal and subject matter of jurisdiction of these courts for the purpose of
adjudicating any claims subject to this forum selection clause. The Employee
also agrees that any dispute of any kind arising out of or relating to this
Agreement or to the Employee's employment or termination of employment
(including without limitation any claim for compensation or claim arising under
the federal civil rights statutes) shall at the sole election or demand of Field
Services or the applicable Field Services' Affiliate be submitted to final,
conclusive and binding arbitration before and according to the rules then
prevailing of the American Arbitration Association in Denver, Colorado ("AAA"),
which election or demand may be made by Field Services or the applicable Field
Services' Affiliate at any time. The dispute shall be heard and determined by
one mutually acceptable arbitrator selected by the parties from a panel of seven
arbitrators provided to the parties by AAA. The parties shall select the
arbitrator by alternatively striking one name off the panel list until only one
name remains and that person shall be the arbitrator. The results of any such
arbitration proceeding shall be final and binding both upon Field Services or
the applicable Field Services' Affiliate and upon the Employee, and shall be
subject to judicial confirmation as provided by the Federal Arbitration Act or
the Colorado Uniform Arbitration Act, C.R.S. Section 13-22-201, et. seq., which
are incorporated herein by reference.

      15. CONFIRMATION OF D&O COVERAGE AND THE RIGHT TO INDEMNIFICATION. In
addition to any indemnification to which Employee may be entitled to from Duke
Energy Corporation, Field Services agrees to indemnify Employee against
liabilities and contingencies to the extent permitted by law. To the extent such
directors and officers insurance coverage is being provided to other present or
former officers or directors of Field Services, Employee shall be entitled to
directors and officers insurance coverage, through the sixth anniversary of the
date on which he leaves Field Services' employ, on terms and conditions
(including scope, amount of coverage, dollar limitations, etc.) no less
favorable to Employee than the coverage (if any) provided to any other present
or former officers or directors of Field Services.

      16. LEGAL FEES. To provide the Employee with reasonable assurance that the
purposes of this Agreement will not be frustrated by the cost of enforcement,
Field Services shall pay and be solely responsible for reasonable attorneys'
fees and expenses incurred by the Employee as a result of a claim that Field
Services has breached or otherwise failed to perform its obligations under this
Agreement or any provision hereof, regardless of which party, if any, prevails
in the contest; provided, however, that Field Services shall not be responsible
for such fees and expenses to the extent incurred in connection with a claim
made by the Employee that the trier of fact in any such contest finds to be
frivolous.

                                       10
<PAGE>

      17. RELEASE OF CLAIMS. In consideration of the obligations of Field
Services under this Agreement, the Employee agrees to execute and honor the
release of claims in the form attached as Exhibit A hereto upon a termination of
employment that is covered by Section 2(c) hereof. The obligations of Field
Services under Section 2(c) hereof shall be contingent upon the execution,
nonrevocation and continued compliance by the Employee with this release of
claims.

      IN WITNESS WHEREOF, the parties hereto have executed this Agreement on
July 19, 2004.

                                       DUKE ENERGY FIELD SERVICES, LP

                                       By: /s/ Fred J. Fowler
                                          -----------------------------------
                                       Fred J. Fowler,
                                       President and Chief Operating Officer
                                       Duke Energy Corporation

                                       EMPLOYEE

                                        /s/ W. H. Easter III
                                       --------------------------------------

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Exhibit 10.3    
    

October 19,
2004 

HAND DELIVERED
  PERSONAL AND CONFIDENTIAL  

Mr. John
J. Schickling

12 Laurel Hollow

Boxford, MA 01921 

Dear
John: 

        This
letter summarizes the terms of your termination from employment with Phase Forward Incorporated ("Phase Forward" or the "Company") (hereinafter the "Agreement"). 

        1.    Status:    The Company accepts your resignation as an officer of the Company and any of its subsidiaries,
including your position as Senior Vice President and Chief Financial Officer of the Company. You and the Company have agreed that the resignation will take place pursuant to the terms of this
provision. Effective November 10, 2004, you will be relieved of all duties as Senior Vice President and Chief Financial Officer and you will formally submit your resignation as an officer of
the Company. Until that time you shall continue to be responsible for all of your current duties as Senior Vice President and Chief Financial Officer, including for purposes of the Company's Quarterly
Report on Form 10-Q for the period ended September 30, 2004, and all evaluations and certifications related thereto. Between November 10, 2004 and December 31,
2004, you will remain employed by the Company for the purpose of assisting in the transition of the Chief Financial Officer's responsibilities to your successor (the "Transition Period"). Your
employment with the Company will be
terminated effective December 31, 2004 (the "Termination Date"). The Company reserves the right to immediately terminate your employment if you do not perform in a satisfactory and cooperative
manner during the Transition Period. 

        (a)    Salary and Benefits.    As of the Termination Date, your salary and benefits will cease, and any entitlement
you have or might have under any and all Company-provided benefit plans, programs and practices will terminate, except as required by federal or state law, or as otherwise described herein. You will
receive payment for all days of your accrued, but unused, vacation and your salary earned through the Termination Date, as well as reimbursement in accordance with Company policy for legitimate and
reasonable business expenses for which you provide satisfactory documentation. 

        (b)    Other Agreements.    For avoidance of doubt, the Termination Date shall be the date of the cessation of your
employment with the Company for all purposes under each of the following agreements between you and the Company: the Nondisclosure, Nonsolicitation, and Noncompetition Agreement, dated
January 10, 2001 (the "Nondisclosure, Nonsolicitation, and Noncompetition Agreement"); the Incentive Stock Option Grant Agreement for the January 11, 2001 grant of 68,333 incentive stock
(the "Option Agreement"); the Stock Option Grant Certificate for the September 11, 2001 grant of 51,200 options; the Stock Restriction Agreement, dated November 2, 2001; the Stock
Restriction Agreement, dated November 27, 2001 (together with the November 2, 2001 Stock Restriction Agreement, the "Stock Restriction Agreements"); and the Stock Option Grant
Certificate for the March 2, 2004 grant of 35,000 options, including the addendum thereto of the same date (together with the Option Agreement and the Stock Option Grant Certificates referred
to above, the "Option Agreements"). 

        2.    Consideration:    In consideration for: (i) your execution of this Agreement; and (ii) your
compliance with Sections 5 through 9 below, the Company will provide you with the following consideration, which you are not otherwise entitled to receive and which the Company will provide you 

solely
in consideration for your execution and performance of this Agreement after the expiration of the seven (7) day revocation period set forth in Section 11 below: 

        (a)    Transition Period Salary and Benefits.    Notwithstanding the reduction in your responsibilities, you will be
eligible to continue to receive your current base salary and to participate in all employee benefit programs during the Transition Period, including health insurance, vacation accrual and stock option
plans, pursuant to the terms of any such plans. However, as of November 10, 2004, you will no longer be eligible to participate in, or receive, any bonuses or monetary compensation other than
your base salary. 

        (b)    Severance Pay.    Subject to subparagraph (h) below, the Company will pay you severance pay equal to
four (4) months of your current base salary (for a total of Sixty-Three Thousand Three Hundred and Thirty-three Dollars ($63,333), less applicable taxes) in twice-monthly installments over a
four month
period in accordance with the Company's normal payroll practices. The first installment of severance pay will be paid to you on the first regularly scheduled payday following the Termination Date. 

        (c)    Bonus.    You became ineligible to receive an annual bonus upon submission of your resignation. Subject to
subparagraph (h) below, the Company will nonetheless make an annual bonus payment to you of Fifty-Two Thousand Two Hundred and Fifty Dollars ($52,250), less applicable taxes, to be
paid in eight equal installments in conjunction with the severance payments. 

        (d)    Acceleration of Stock Options.    Subject to subparagraph (h) below, effective upon the Termination
Date, all options previously granted to you which are then unvested will be accelerated and will become immediately vested and exercisable. In accordance with the terms of the Amended and Restated
Phase Forward 1997 Stock Option Plan, you will have ninety (90) days from the Termination Date to exercise any unexercised options. 

        (e)    Non-Exercise of the Company's Right to Repurchase Stock.    Subject to subparagraph
(h) below, if you sign and return this Agreement to the Company, and do not exercise your right to revoke the Agreement under Section 11 below, the Company will waive its right to
exercise the option to purchase shares under Section 3 of the Stock Restriction Agreements (the "Repurchase Right"). For avoidance of doubt, if you do not sign and return this Agreement to the
Company within the 21-day review period, or if you revoke this Agreement in accordance with Section 11 below, the Company reserves its right to exercise the Repurchase Right. 

        (f)    COBRA.    Subject to subparagraph (h) below, if you elect to continue health coverage under Phase
Forward's health plan in accordance with the continuation requirements of COBRA, Phase Forward will pay for the cost of said coverage until April 30, 2005. Alternatively, if you do not elect
COBRA coverage as provided above, Phase Forward will pay you $88 per month for four (4) months after December 31, 2004 toward medical insurance coverage of your choosing. Thereafter, you
are entitled to elect health coverage under Phase Forward's health plan in accordance with the continuation requirements of COBRA, at your own expense, subject to compliance with applicable notice
requirements and provided all eligibility requirements are met. 

        (g)    Taxes.    The payments and benefits provided to you under this Section are subject to applicable federal, state
and/or local withholding, payroll and other taxes. 

        (h)    Non-Entitlement.    The Company's obligation to provide the benefits under subparagraphs (b), (c),
(d), (e) and (f) are subject to, and conditioned upon, your execution on (but not before) December 31, 2004 of a full release of claims satisfactory to the Company in the form
attached hereto as Attachment A releasing it and its employees and agents from any claims arising from or related to your employment or severance from
employment with the Company, including any claims arising from this Agreement. This release is separate from and in addition to the release of claims set forth in Sections 3 and 4 below. 

        3.    Release:    

        (a)   In
exchange for the consideration described in Section 2, and other good and valuable consideration, the receipt of which is hereby acknowledged, you and your
representatives, agents, estate, heirs, successors and assigns, absolutely and unconditionally hereby release, remise, discharge, indemnify and hold harmless the Company Releasees (defined as Phase
Forward, its predecessors, successors, parents, subsidiaries, divisions, affiliates, assigns, and its and their current and former shareholders, directors, officers, employees, attorneys and/or
agents, both individually and in their official capacities), from any and all actions or causes of action, suits, claims, complaints, liabilities, agreements, promises, contracts, torts, debts,
damages, controversies, judgments, rights and demands, whether existing or contingent, known or unknown, including, without limitation, all claims that arise out of your employment with and/or
termination from the Company. This release is intended by you to be all encompassing and to act as a full and total release of any claims you have, may have or have had against the Company Releasees,
including, but not limited to, any federal or state law or regulation dealing with either employment, employment discrimination and/or employment benefits such as those laws or regulations concerning
discrimination on the basis of race, color, creed, religion, age, sex, sex harassment, sexual orientation, national origin, ancestry, handicap or disability, veteran status or any military service or
application for military service; any contract, whether oral or written, express or implied; any tort; or any common law claim. Notwithstanding the foregoing, the October 27, 2003
Indemnification Agreement (the "Indemnification Agreement") between the Company and you shall remain in full force and effect. 

        (b)    Accord and Satisfaction:    The amounts set forth above in Sections 1 and 2 shall be complete and unconditional
payment, settlement, accord and/or satisfaction with respect to all obligations and liabilities of the Company Releasees, including, without limitation, all claims for wages, salary, vacation pay,
draws, incentive pay, bonuses, stock and stock options, commissions, severance pay, all other forms of compensation or benefits, attorney's fees, or other costs or sums. 

        4.    Waiver of Rights and Claims Under the Age Discrimination and Employment Act of 1967:    Since you are
40 years of age or older, you have been informed and agree that you: 

        (a)   have
or may have specific rights and/or claims under the Age Discrimination in Employment Act of 1967 (the "ADEA"); 

        (b)   are,
in consideration for the payments and benefits described in Section 2, which you are not otherwise entitled to receive, specifically and voluntarily waiving
such rights and/or claims you might have against the Company Releasees under the ADEA to the extent such rights and/or claims arose prior to or on the date this Agreement was executed; 

        (c)   understand
that rights or claims under the ADEA which may arise after the date this Agreement is executed are not waived by you; 

        (d)   were
advised when presented by the Company with the original draft of this Agreement that you had at least twenty-one (21) days within which to
consider this Agreement, and you acknowledge that you have not been subject to any undue or improper influence interfering with the exercise of your free will in executing this Agreement; 

        (e)   have
been advised in writing to consider the terms of this Agreement carefully and consult with or seek advice from an attorney of your choice or any other person of
your choosing prior to executing this Agreement; and 

        (f)    the
21-day review period will not be extended by any revisions which might be made to this Agreement. 

        5.    Company Files, Documents and Other Property:    No later than the Termination Date, you will return to Phase
Forward all Company property and materials. You agree that in the event that you discover any Company property and materials in your possession after the Termination Date, you will immediately return
such materials to the Company. 

        6.    Future Conduct:    

        (a)    Confidentiality:    Except as required pursuant to legal process and unless publicly disclosed by the Company
pursuant to regulatory requirements, you will not discuss or otherwise reveal any of the terms of this Agreement with anyone except your immediate family and accountants or attorneys when such
disclosure is necessary for the accountants and attorneys to render professional services. Prior to any such disclosure that you may make, you shall secure from your attorney or accountant their
agreement to maintain the confidentiality of such matters. 

        (b)    Non-Disparagement:    You agree not to make disparaging, critical or otherwise detrimental comments
to any person or entity concerning the Company, its officers, directors or employees; the products, services or programs provided or to be provided by the Company; the business affairs or the
financial condition of the Company; or the circumstances surrounding your employment and/or separation of employment from the Company. Phase Forward agrees to take reasonable actions necessary to
ensure that its executive officers do not knowingly make comments that they have reason to believe would have a significant adverse impact on your reputation or goodwill. 

        (c)    Ability to Seek Remedies:    Nothing in this Agreement shall bar or prohibit you from contacting, seeking
assistance from or participating in any proceeding before any federal or state administrative agency to the extent permitted by applicable federal, state and/or local law. However, notwithstanding
this provision, you will be prohibited to the fullest extent authorized by law from obtaining monetary damages in any agency proceeding relating to the Company Releasees in which you do so
participate. 

        (d)   The
Company will not oppose any application you may file for unemployment insurance benefits. 

        7.    Confidential Information/Noncompetition/Non-Solicitation:    You acknowledge your confidentiality,
noncompetition and nonsolicitation obligations set forth in the Nondisclosure, Nonsolicitation, and Noncompetition Agreement, which obligations survive the termination of your employment. A copy of
your Nondisclosure, Nonsolicitation, and Noncompetition Agreement is being provided to you herewith. 

        8.    Breach of Agreements:    You acknowledge and agree that if the Board of Directors determines, in good faith and
in its reasonable discretion, that you have breached this Agreement or any of your post-employment obligations under the Nondisclosure, Nonsolicitation, and Noncompetition Agreement, the
Company may immediately cease payment of all severance and/or benefits and will no longer be subject to the obligations described in Section 2 of this Agreement. This Agreement in all other
respects, including, but not limited to, the Release provisions set forth in Sections 3 and 4, shall remain in full force and effect. This cessation of severance and/or benefits or termination of
obligations shall be in addition to, and not as an alternative to, any other remedies in law or in equity available to the Company, including the right to seek specific performance or an injunction. 

        9.    Further Assurances:    You further agree to cooperate fully, at the request of the Company, to promptly sign,
execute, make and do all such deeds, acts and things as the Company may reasonably request, which may be necessary or appropriate to effectuate the termination of your employment and affiliation with
the Company, its subsidiaries and affiliates. You also agree to make yourself available and to
cooperate fully with the Company and its counsel at any time after the termination of your employment with respect to any actual or threatened litigation involving Phase Forward. 

        10.    Representations and Governing Law:    

        (a)   This
Agreement sets forth the complete and sole agreement between the parties and supersedes any and all other agreements or understandings, whether oral or written,
with respect to your employment and termination thereof, including, without limitation, (i) the letter dated January 2, 2001 from the Company and addressed to you, which letter shall
have no force or effect, and (ii) the Executive Agreement signed by you April 10, 2004, which agreement shall have no force or effect. Notwithstanding the foregoing, the Nondisclosure,
Nonsolicitation, and Noncompetition Agreement; the 

Stock
Restriction Agreements; the Option Agreements; and the Indemnification Agreement shall remain in full force and effect according to their terms. This Agreement may not be changed, amended,
modified, altered or rescinded except upon the express written consent of both the Company and you. 

        (b)   If
any provision of this Agreement, or part thereof, is held invalid, void or voidable as against public policy or otherwise, the invalidity shall not affect other
provisions, or parts thereof, which may be given effect without the invalid provision or part. To this extent, the provisions, and parts thereof, of this Agreement are declared to be severable. Any
waiver of any provision of this Agreement shall not constitute a waiver of any other provision of this Agreement unless expressly so indicated otherwise. 

        (c)   This
Agreement shall be made and entered into in the Commonwealth of Massachusetts. This Agreement and any claims arising out of this Agreement (or any other claims
arising out of the relationship between the parties) shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts and shall in all respects be interpreted,
enforced and governed under the internal and domestic laws of such state, without giving effect to the principles of conflicts of laws of such state. 

        (d)   You
may not assign any of your rights or delegate any of your duties under this Agreement. The rights and obligations of the Company shall inure to the benefit of the
Company's successors and assigns. 

        11.    Effective Date:    After signing this Agreement, you may revoke it for a period of seven (7) days
following said execution by providing written notice of your revocation to D. Ari Buchler, Esq., General Counsel, by hand delivery, facsimile (781-902-4391) or mail to be
received by the Company within the seven day period. The Agreement shall not become effective or enforceable until this revocation period has expired (the "Effective Date"). 

Remainder of page intentionally left blank  

        If
this Agreement correctly states the understanding that has been reached, please indicate your acceptance by signing both copies of this letter and returning one of them to the General
Counsel of the Company. 

	 	PHASE FORWARD INCORPORATED
	

 	
/s/  ROBERT K. WEILER      

YOU REPRESENT THAT YOU HAVE READ THE FOREGOING AGREEMENT, THAT YOU FULLY UNDERSTAND THE TERMS AND CONDITIONS OF SUCH AGREEMENT AND THAT YOU ARE VOLUNTARILY EXECUTING THE SAME.
IN ENTERING INTO THIS AGREEMENT, YOU DO NOT RELY ON ANY REPRESENTATION, PROMISE OR INDUCEMENT MADE BY THE COMPANY OR ITS ATTORNEYS WITH THE EXCEPTION OF THE CONSIDERATION DESCRIBED IN THIS
DOCUMENT.

        Executed
as a sealed instrument this 21st day of October, 2004. 

	/s/  JOHN J. SCHICKLING      
 John J. Schickling

	 	 

IF YOU DO NOT WISH TO USE THE 21-DAY PERIOD,
 PLEASE CAREFULLY REVIEW AND SIGN THIS DOCUMENT  

        I, John J. Schickling, acknowledge that I was informed and understand that I have at least twenty-one (21) days within which to consider the
attached separation letter agreement and release, have been advised of my right to consult with an attorney regarding such agreement and have considered carefully every provision of the agreement, and
that after having engaged in those actions, I prefer to and have requested that I enter into the agreement prior to the expiration of the 21-day period. 

	Dated:	 	October 21, 2004
	 	/s/  JOHN J. SCHICKLING      
 John J. Schickling
	

Dated:	
 	

 	
 	

 
	 	 	
	 	

	 	 	 	 	Witness

Attachment A  

RELEASE  

        WHEREAS, Phase Forward Incorporated (the "Company") and John J. Schickling entered into a separation agreement and
release on October 19, 2004 (the "Separation Agreement"); 

        WHEREAS, the Company's obligation to pay Schickling the severance payments and benefits set forth in the Separation Agreement is
conditioned upon Schickling's execution of this Release; 

        WHEREAS, Schickling wishes to comply with his obligations under the Separation Agreement and to receive payment of the severance payments
and benefits; and 

        NOW, THEREFORE, in consideration of the mutual promises and obligations contained herein, the Company and Schickling agree as follows: 

        1.    Termination Date:    Pursuant to Section 1 of the Separation Agreement, Schickling's employment with the
Company will terminate effective December 31, 2004 (the "Termination Date"). On the Termination Date, the Company shall pay Schickling his (i) base salary payments to the extent earned
but unpaid as of the Termination Date, (ii) accrued but unused vacation up to and through the Termination Date, and (iii) previously unreimbursed businesses expenses reasonably incurred
by Schickling up to and through the Termination Date, subject to his compliance with the Company's expense reimbursement policy. The Termination Date shall be the date of the "qualifying event" under
the Consolidated Omnibus Budget Reconciliation Act of 1985 ("COBRA"), and the Company will present Schickling with COBRA information under separate cover. 

        2.    Severance Payments and Benefits:    Pursuant to the Separation Agreement, the Company will pay the severance
payments and related benefits following the Termination Date subject to Schickling's execution of this Release and subject to the other terms and conditions set forth in the Separation Agreement. 

        3.    Release:    In exchange for the severance payments and benefits described in Section 2 of the Separation
Agreement, which are expressly conditioned upon Schickling's execution of this Release, and other good and valuable consideration, the sufficiency of which is hereby acknowledged, Schickling and his
representatives, agents, estate, heirs, successors and assigns, absolutely and unconditionally hereby release, remise, discharge, indemnify and hold harmless the Company Releasees (defined to include
the Company and/or any of its parents, subsidiaries or affiliates, predecessors, successors or assigns, and its and their respective current and/or former partners, directors,
shareholders/stockholders, officers, employees, attorneys and/or agents, all both individually and in their official capacities), from any and all actions or causes of action, suits, claims,
complaints, contracts, liabilities, agreements, promises, contracts, torts, debts, damages, controversies, judgments, rights and demands, whether existing or contingent, known or unknown, suspected or
unsuspected, including, without limitation, all claims which arise out of Schickling's employment with, change in employment status with, and/or separation of employment from, the Company. This
release is intended by Schickling to be all encompassing and to act as a full and total release of any claims, whether specifically enumerated herein or not, that Schickling may have or have had
against the Company Releasees arising from conduct occurring up to and through the date of execution of this Release, including, but not limited to, any claims arising from any federal, state or local
law, regulation or constitution dealing with either employment, employment benefits or employment discrimination such as those laws or regulations concerning discrimination on the basis of race,
color, creed, religion, age, sex, sex harassment, sexual orientation, national origin, ancestry, genetic carrier status, handicap or disability, veteran status, any military service or application for
military service, or any other category protected under federal or state law; any contract, whether oral or written, express or implied; any tort; any claim for equity or other benefits; or any other
statutory and/or common law claim. 

        4.    Accord and Satisfaction:    Schickling's receipt of (i) the payments described in Section 1 of
this Release and (ii) the severance payments and benefits described in Section 2 of this Release shall be complete and unconditional payment, settlement, accord and/or satisfaction with
respect to all 

obligations
and liabilities of the Company Releasees to Schickling, including, without limitation, all claims for back wages, salary, vacation pay, draws, incentive pay, bonuses, stock and stock
options, commissions, severance pay, reimbursement of expenses, relocation costs, any and all other forms of compensation or benefits, attorney's fees, or other costs or sums. 

        5.    Waiver of Rights and Claims Under the Age Discrimination and Employment Act of 1967:    Since Schickling is
40 years of age or older, he has been informed and agrees that he: 

        (a)   has
or may have specific rights and/or claims under the Age Discrimination in Employment Act of 1967 (the "ADEA"); 

        (b)   is,
in consideration for the payments and benefits described in Section 2, which Schickling is not otherwise entitled to receive, specifically and voluntarily
waiving such rights and/or claims he might have against the Company Releasees under the ADEA to the extent such rights and/or claims arose prior to or on the date this Agreement was executed; 

        (c)   understand
that rights or claims under the ADEA which may arise after the date this Agreement is executed are not waived by him; 

        (d)   were
advised when presented by the Company with the original draft of this Agreement that he had at least twenty-one (21) days within which to
consider this Agreement, and he acknowledges that he has not been subject to any undue or improper influence interfering with the exercise of his free will in executing this Agreement; 

        (e)   has
been advised in writing to consider the terms of this Agreement carefully and consult with or seek advice from an attorney of his choice or any other person of his
choosing prior to executing this Agreement; and 

        (f)    the
21-day review period will not be extended by any revisions which might be made to this Agreement. 

        6.    Representations and Governing Law:    

        (a)   This
Release and the Separation Agreement set forth the complete and sole agreement between the parties and supersedes any and all other agreements or understandings,
whether oral or written, except the Nondisclosure, Nonsolicitation and Noncompetition Agreement dated January 10, 2001 (referenced in Section 7 of the Separation Agreement), any stock
option or stock restriction agreement(s) that Schickling has with the Company and the October 27, 2003 Indemnification Agreement between Schickling and the Company, each of which shall remain
in full force and effect in accordance with their respective terms. 

        (b)   If
any provision of this Agreement, or part thereof, is held invalid, void or voidable as against public policy or otherwise, the invalidity shall not affect other
provisions, or parts thereof, which may be given effect without the invalid provision or part. To this extent, the provisions and parts thereof of this Agreement are declared to be severable. Any
waiver of any provision of this Agreement shall not constitute a waiver of any other provision of this Agreement unless expressly so indicated otherwise. The language of all parts of this Agreement
shall in all cases be construed according to its fair meaning and not strictly for or against either of the parties. 

        (c)   This
Agreement and any claims arising out of this Agreement (or any other claims arising out of the relationship between the parties) shall be governed by and construed
in accordance with the laws of the Commonwealth of Massachusetts and shall in all respects be interpreted, enforced and governed under the internal and domestic laws of Massachusetts, without giving
effect to the principles of conflicts of laws of such state. Any claims or legal actions by one party against the other shall be commenced and maintained in state or federal court located in
Massachusetts, and Schickling hereby submits to the jurisdiction and venue of any such court. 

        (d)   Schickling
may not assign any of his rights or delegate any of his duties under this Agreement. The rights and obligations of the Company shall inure to the benefit of
the Company's successors and assigns. 

Remainder of page intentionally left blank  

        7.    Effective Date:    After signing this Agreement, Schickling may revoke it for a period of seven (7) days
following said execution by providing written notice of his revocation to D. Ari Buchler, Esq., General Counsel, by hand delivery, facsimile (781-902-4391) or mail to be
received by the Company within the seven day period. The Agreement shall not become effective or enforceable until this revocation period has expired (the "Effective
Date").

        IN WITNESS WHEREOF, the Company and Schickling hereby execute this Release. 

THE
PARTIES REPRESENT THAT THEY HAVE READ THE FOREGOING AGREEMENT, THAT THEY FULLY UNDERSTAND THE TERMS AND CONDITIONS OF SUCH AGREEMENT AND THAT THEY AM KNOWINGLY AND VOLUNTARILY EXECUTING THE SAME.
IN ENTERING INTO THIS AGREEMENT, THE PARTIES DO NOT RELY ON ANY REPRESENTATION, PROMISE OR INDUCEMENT MADE BY THE OTHER WITH THE EXCEPTION OF THE CONSIDERATION DESCRIBED IN THIS DOCUMENT. 

	
 John J. Schickling	 	
 Phase Forward Incorporated
	 	 	 
	
 Date	 	
 Date

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Exhibit 10.3

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