Document:

Agreement dated July 28, 2004 between the Company and Peter Skinner

  
 Exhibit 10.1 
  
 [Letterhead of Peter Kann] 
  
 July 28, 2004 
  
 Mr. Peter G. Skinner 
 Executive Vice President 
 Dow Jones & Company, Inc. 
 200 Liberty Street 
 New York, NY 10261 
  
 Dear Peter: 
  
 This will confirm that you and the Company have agreed that you will remain employed by the Company as Executive Vice President, General Counsel and
Secretary through December 31, 2004, at which point you will resign as an employee of the Company and retire. This letter sets out the terms of your employment through that date, your legal and consultancy services thereafter, and your retiree and
other benefits (hereinafter referred to as the “Agreement”). 
  
 This will also confirm that you are resigning and retiring at year-end entirely voluntarily, and that the Company would have preferred that you stay on in your current position. However, inasmuch as you have decided to retire, the Company
has requested, and you have agreed, to stand ready to render reasonable legal and/or consulting services to the Company in 2005 and 2006, and to enter into certain other agreements, all as hereinafter provided. 
  
 Section 1: Continued employment; Death and disability. During
your period of continued employment through December 31, 2004 you will continue as a full time employee of the Company and you will continue to perform your current duties and responsibilities to the best of your ability as you have in the past. In
addition, you will assist the Company in identifying and recruiting a successor chief legal officer and corporate secretary, and you will help in an orderly transition of your legal and corporate secretary responsibilities to that successor if he or
she is hired before you retire. (If your successor is not hired before you retire, you will turn your legal and corporate secretary responsibilities over to such interim successor or successors as I may direct.) 
  
 During your period of continued employment you will also continue your
responsibilities with respect to the Human Resources, General Services, Security and Corporate Communications functions, and transfer such responsibilities to such successor or successors, and at such time or times, as I may direct. 
  

 During your period of continued employment you will continue to be paid bi-weekly at your current salary
rate, and you will continue to participate in all of the employee and executive benefit and compensation plans that you currently participate in as a fulltime employee and senior executive of the Company. Without limiting the generality of the
foregoing, (a) you will receive 401k and Money Purchase Plan contributions pursuant to the Dow Jones Retirement Program, and your account under the related Supplementary Benefit Plan (also known as the “SERP”) will be credited with the
amounts called for under the Retirement Program, in respect of the period of your continued employment, and (b) you (and your eligible dependents and beneficiaries where appropriate) will also continue to participate in and enjoy the benefits of the
Company’s medical and dental plans; life and disability insurance plans; executive death benefit; matching gift program; and other generally applicable employee and executive benefit plans. 
  
 You will also receive an Annual Incentive Plan (bonus) payment in respect of
2004, and you will receive a final award under the Dow Jones Long Term Incentive Plan for the 2001-04 performance period, as determined in each case in early 2005 by the Compensation Committee and the Board of Directors in accordance with their
usual practices and the terms of the relevant plans and agreements. Such determinations will be made in good faith and will not be adversely affected by the fact that you are retiring from the Company. The foregoing bonus payment and Long Term
Incentive Plan final award will be delivered to you in early 2005 when such payments and awards are delivered to the Company’s executives generally. 
  
 If your period of employment does not continue through December 31, 2004, then the following provisions of this Section 1 will apply notwithstanding
anything herein to the contrary. If you voluntarily resign, or if your employment is terminated by the Company other than as a result of your death or Disability (as defined below), the Company’s normal rules for termination of employment
(including, if applicable, the Company’s Separation Plan for Senior Management) shall apply and shall supersede this Agreement. In any such event, this Agreement shall no longer be in effect. 
  
 For purposes of this Agreement, the term “Disability” means that
you have become “Disabled” as such term is defined for purposes of the Company’s short-term or long-term disability plan, as appropriate. If you become Disabled prior to January 1, 2005, you will be eligible for short-term and
long-term disability benefits, as appropriate, and for all other benefits to which you are entitled according to the terms of the Company’s plans and policies, including, without limitation, the Company’s executive compensation plans and
policies, if applicable (“Company Plans and Policies”), and such benefits and payments will be in lieu of any additional benefits and payments due hereunder; provided, however, that if your Disability continues past December 31, 2004, then
beginning on January 1, 2005, you will be entitled to the payments called for by Section 2 hereof less any short-term or long term disability benefits you may receive under the Company Plans and Policies or other payments you may receive from the
Company or a Company sponsored plan or policy in the nature of compensation so as to avoid duplication of benefits. If you become Disabled on or after January 1, 2005, but before all payments called for by Section 2 hereof have been paid to you, you
will continue to receive such payments less any short-term or long term disability benefits you may receive under the Company Plans and Policies or other payments you may receive from the Company or a 

  

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Company sponsored plan or policy in the nature of compensation so as to avoid duplication of benefits. 
  
 If you die prior to January 1, 2005, your beneficiary (or beneficiaries) will
receive the death and/or life insurance and all other benefits otherwise provided under the Company’s Plans and Policies in lieu of any payments under Section 2 hereof or other payments or benefits hereunder, and this Agreement and the
obligations created hereunder will automatically terminate on the date of your death. If you die on or after January 1, 2005, your beneficiary (or beneficiaries) (as determined for purposes of the Company’s life insurance plan) will receive the
remaining payments called for by Section 2 hereof plus the death and/or life insurance and all other benefits they may be entitled to receive under the Company’s Plans and Policies. 
  
 For the avoidance of doubt, if you die or become Disabled before, on or after January 1, 2005, your outstanding vested stock
options will remain outstanding and exercisable by you or your beneficiaries in accordance with the applicable stock option agreements; the contingent stock right payouts described in Section 3 will be paid to you or your beneficiaries in accordance
with this Agreement and the Dow Jones Long Term Incentive Plan; and you and your estate, heirs, executors, beneficiaries and eligible dependents will continue to be entitled to the rights, benefits and accounts under the retiree medical and other
benefit plans, programs and agreements described in Section 4 hereof in accordance with their respective terms. 
  
 Section 2: Legal and/or consulting services. During the period from January 1, 2005 through December 31, 2006 you will render such legal
and/or consulting services to the Company as may be reasonably requested by the Company’s Board of Directors, any Board Committee, the Chief Executive Officer, or its or his delegate from time to time. Such services may include, but are not
limited to, any matters as to which you have historical experience or subject matter expertise, and specifically will include corporate governance matters; significant pending litigation; labor relations; and the Company’s television operations
and interests. In connection with services related to significant pending litigation, you will be entitled to be represented by separate counsel of your own choosing reasonably acceptable to the Company where counsel representing the Company
determines in good faith that they cannot adequately represent your interests under applicable canons of ethics. In such case, the reasonable fees and costs of such separate counsel will be borne by the Company. 
  
 In order to facilitate your rendering such services, during 2005 and 2006 you
will continue to have access to the Company’s internal communications network from your home computer via the SecureID system (or its successor) and the Company will continue to provide you with a home telephone dedicated to Company business.
You will be reimbursed for all reasonable travel, lodging and other out-of-pocket expenses (if any) that you may incur in rendering legal and/or consulting services hereunder. Except as provided below, the Company will indemnify you against, and
hold you harmless from, all liabilities, actions, causes of action, costs and expenses relating to or arising out of your legal and/or consulting services hereunder to the same extent as the Company provides indemnification to its officers and
directors pursuant to its bylaws, provided that (i) you acted in good faith and in a manner you reasonably believed to be in the best interests of the Company, (ii) your actions or failure to act did not constitute gross negligence or willful
misconduct, and (iii) with respect to any criminal action or proceeding, you 

  

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had no reasonable cause to believe that your conduct was unlawful. To obtain such indemnity you must promptly notify the Company in writing of any claim
asserted or legal proceeding commenced against you by reason of your legal and/or consulting services hereunder, and allow the Company to control the defense. If you do not permit the Company to control the defense, the Company will not be obligated
to pay for or to reimburse you for your attorneys’ fees and other legal costs. If the Company controls the defense, the Company will not be liable for any separate legal fees or costs you may incur unless approved in writing by the Company.
Notwithstanding anything herein to the contrary, the settlement of any claim, liability, action, cause of action or legal proceeding that will trigger the Company’s indemnification obligation hereunder must be approved in advance in writing by
the Company. To the extent the Company controls the defense but is not indemnifying you against any resulting liability, the Company will not settle that portion of the action relating to your liability without your prior written consent. You will
also be entitled to coverage under the Company’s Travel Accident insurance policy in respect of travel related to consulting services provided hereunder. 
  

In consideration of your rendering legal and/or consulting services hereunder, the Company will pay you $675,000 during 2005 and $475,000 in 2006. Such
amounts will be paid to you in equal monthly installments in of $56,250.00 each in 2005 and $39,583.33 each in 2006, commencing on January 31, 2005 and continuing thereafter on the last business day of each subsequent month to and including December
31, 2006. The Company will not withhold income or employment taxes with respect to such payments and you will be responsible for all income and self-employment taxes with respect to such payments. Other than in the case of your death or Disability,
as provided above, or in the case of a serious health condition that would have entitled you to be absent for medical leave had you continued as a full time employee, all payments hereunder are expressly conditioned on you being and continuing to be
ready, willing and able to render legal and/or consulting services at such times during 2005 and 2006 as may be requested in good faith in the reasonable determination of the Company’s Chief Executive Officer. Other than as provided above, if
you are not ready, willing and able to render such legal and/or consulting services, all payments hereunder will immediately cease and no further payments will be made hereunder to you or your beneficiaries. 
  
 Section 3: Outstanding stock options and contingent stock
rights. Your outstanding stock options that have vested (or will vest) on or before December 31, 2004 will remain outstanding and exercisable until the expiration of their respective 10 year lives (or until their earlier exercise). In addition,
subject to Compensation Committee approval, if the Company accelerates the vesting of outstanding but unvested executive stock options generally effective as of a date between the date hereof to and including December 31, 2004, the vesting of your
outstanding but unvested stock options will be accelerated in the same manner and on the same terms. Otherwise, any remaining unvested stock options will expire as of December 31, 2004. 
  
 Your outstanding contingent stock rights (“csr”) grants under the Dow Jones Long Term Incentive Plan will remain
outstanding, and final awards will be made to you as follows: 
  
 (a) For the outstanding csr grant covering the 2001-04 performance period: Subject to your remaining employed through the end of 2004, you will receive a full (i.e., non-prorated) 

  

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award for this performance period inasmuch as you will have worked for the Company as a full time employee during the entire performance period. The amount
of your final award will be determined by the Compensation Committee and Board of Directors in good faith, and delivered to you, in early 2005 at the same time as final awards are paid to other Plan participants. In the event your employment does
not continue through December 31, 2004, your awards for the 2001 – 04, 2002 – 05, 2003 – 06, and 2004 – 06 performance periods, if any, will be paid according to the terms of the appropriate Long Term Incentive Plan and the terms
of the Company’s Separation Plan for Senior Management, if applicable. 
  
 (b) For the outstanding csr grants covering the 2002-05, 2003-06 and 2004-06 performance periods: Except in the case (i) your employment does not continue through December 31, 2004 as provided in the
immediately preceding paragraph, or (ii) you fail to sign the Release attached hereto as Exhibit A (or you subsequently revoke or breach the terms of the Release), you will receive a pro-rated final award with respect to your outstanding csr grants
covering each of the foregoing performance periods equal to (i) the number of shares covered by your initial grant for the performance period in question as set forth below, multiplied by (ii) a fraction the numerator of which is the aggregate
number of shares granted as final awards to the Plan participants (excluding you) who are receiving final awards for such performance period, and the denominator of which is the aggregate number of shares covered by the initial grants made to all
such Plan participants (excluding you) at the beginning of such performance period, multiplied further by (iii) a fraction the numerator of which is the number of months from the commencement of the performance period in question through and
including December 2004, and the denominator of which is the total number of months in such performance period. Such final awards will be paid to you in accordance with the Long Term Incentive Plan after the completion of the respective performance
periods at the same time as final awards for such performance periods are paid to other participants in the Plan. 
  

			
	 Performance Period

	  	 Number of Shares
 Covered by Your
Initial Grant

	 2002-05
	  	17,700
	 2003-06
	  	16,500
	 2004-06
	  	13,600

  
 Dividend equivalents
will continue to be paid to you on your outstanding csr grants in accordance with the Long Term Incentive Plan. 
  
 Section 4: Retiree medical and other benefits. Effective immediately after your retirement on December 31, 2004, and continuing thereafter,
you, your spouse and your two dependent children (to the extent they remain eligible dependents) will continue to be covered under the Dow Jones Health Care Plan, and you will be deemed to have achieved 80 “points” under such Plan and
entitled to the benefit that having achieved such “points” may convey to you and/or your eligible dependents from time to time. The premium for coverage for you, your spouse and your two dependent children under the new PPO Plan in 2005 is
currently estimated to be approximately $35 per month. The Company reserves the right to amend or terminate the Health Care Plan at any time. 
  

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 For the avoidance of doubt, this will confirm that, in addition to the provisions of the third paragraph
of Section 1 of this Agreement relating to your continued coverage under the Company’s employee and executive benefit and compensation plans through December 31, 2004, nothing in this Agreement shall affect your rights, benefits or accounts
under the following plans, programs and agreements, all of which will remain outstanding, and enforceable and payable by and to you (and by and to your estate, heirs, executors and beneficiaries), in accordance with their respective terms:

  
 Dow Jones Retirement Program and the 401k and
Money Purchase Accounts thereunder; 
  
 Dow Jones
Deferred Compensation Program and the Deferred Compensation Account thereunder; 
  
 Dow Jones Supplementary Benefit Plan (also known as the “SERP”) and the SERP Account thereunder; and 
  
 Executive Death Benefit Agreement (and any previously
elected conversion to deferred compensation there- under upon retirement, and for this purpose, you will be treated as as having retired as of close of business on December 31, 2004). 
  
 During your retirement you will also be entitled to such other nominal benefits and courtesies as the Company may provide to
its retirees generally from time to time, such as a lifetime subscription to The Wall Street Journal and similar perquisites. 
  
 Except as otherwise provided above, inasmuch as you are retiring voluntarily you hereby waive rights to any other compensation or benefits, including,
without limitation, under the Company’s Severance Pay Plan and Separation Plan for Senior Management, or any other severance or separation plan or arrangement. 
  
 Section 5: Confidentiality and non-competition agreements; mutual releases. You agree that you will not
disclose to any person or entity outside the Company any confidential information, knowledge or trade secrets regarding the Company, its businesses, products or services, or its officers, directors or employees, where such information is not
generally known in the publishing or information services industries and which is reasonably considered by the Company to be confidential. If you are requested by subpoena or otherwise to disclose any such information, you will notify the Company of
such subpoena or other request for information within 48 hours after your receipt thereof and before providing any information in response thereto. The Company shall, at its sole expense, provide you with counsel reasonably acceptable to you to
represent you in connection with any such subpoena or other request for information, and if your counsel is advised by Company counsel not to respond to such request or to seek to quash such subpoena, you will cooperate in doing so, provided,
however, that you shall not be under any obligation to take any such action if your counsel advises you that, in doing so, you would possibly be subject to sanctions, fines, incarceration or other penalties. The Company will 

  

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indemnify you against any legal expense and other costs or liabilities that may result from your efforts to comply with the foregoing. 
  
 You agree that, during the period beginning January 1, 2005 and ending
December 31, 2006, you will not directly or indirectly compete with the Company or any of its businesses, nor will you work for a competitor of the Company. You also agree during such period not to directly or indirectly induce or attempt to induce
any Company employee to leave the employ of the Company or accept employment with another employer. 
  
 You agree that the restrictions imposed upon you by the provisions of this Section 5 are fair and reasonable considering the nature of the Company’s
business, and are reasonably required for the protection of the Company. You further agree that the provisions of this Section 5 relating to areas of restriction and time periods of restriction are acceptable. Nevertheless, to the extent that these
restrictions exceed the maximum areas of restriction, limitations or periods of time which a court of competent jurisdiction would enforce, the areas of restriction, limitations or time periods shall be modified by such court to be the maximum areas
of restriction, limitations or time periods which such court would enforce. If any other part of this Section 5 is held to be invalid or unenforceable, the remaining parts shall nevertheless continue to be valid and enforceable as though the
unenforceable portions were absent. 
  
 You acknowledge that a
breach of any of the provisions of this Section 5 may result in continuing and irreparable damages to the Company for which there may 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 a temporary restraining order, preliminary injunction and permanent injunction restraining you from committing or continuing to commit any breach of the provisions of this Section 5. Notwithstanding anything to the
contrary herein, as of the date you breach any of the provisions of this Section 5, (i) the Company’s obligations under Section 1 hereof, (ii) the Company’s obligations to make any further payments of legal and/or consulting fees pursuant
to Section 2 of this Agreement, and (iii) the Company’s obligations to make further payments in respect of csr grants shall cease, but all other obligations of the Company under this Agreement shall continue in full force and effect.

  
 Furthermore, you understand that your breach of this Section 5
will cause monetary damages to the Company. Thus, notwithstanding anything to the contrary herein, in the event of a breach of any of the provisions of this Section 5 on or before December 31, 2006, you will be required to pay to the Company, as
liquidated damages, the amounts theretofore paid to you as legal and/or consulting fees pursuant to Section 2 of this Agreement, plus all costs and expenses including all attorney’s fees and expenses that the Company incurs in enforcing this
Section 5. You agree that the foregoing amount of liquidated damages is reasonable and necessary, and does not constitute a penalty. The foregoing shall not preclude the Company from bringing an action in any court to recover actual monetary damages
it incurs in excess of the liquidated damages to which it is otherwise entitled, nor shall it preclude you from asserting in any proceeding, or from bringing an action to establish, that this Section 5 has not been violated. 
  

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 Except as provided above, no actual or alleged breach of this Section 5 by you will adversely affect (i)
any other amounts or benefits theretofore paid or extended to you or your beneficiaries or eligible dependents as compensation or otherwise under this Agreement or any of the Company Plans and Policies or (ii) any other amounts or benefits
thereafter due to be paid or extended to you or your beneficiaries or eligible dependents, under this Agreement or such Company Plans and Policies, or your accounts thereunder or interests therein. Nothing in the preceding sentence, however, shall
affect your obligation to pay any actual monetary damages that the Company establishes that it has incurred in excess of the liquidated damages to which it is otherwise entitled. 
  
 As a condition to the payments and benefits hereunder, as of the date of your termination of employment, you hereby agree to
execute and deliver to the Company a release (the “Release”) substantially in the form attached hereto as Attachment A and the Company will simultaneously execute and deliver to you a release substantially in the form attached hereto as
Attachment B. The failure by the Company to execute and deliver the release called for hereby will not affect your rights under this Agreement or relieve the Company of its obligations hereunder, including its obligation to deliver the release.

  
 Section 6: Expenses. The Company will pay up to
$16,000 of expenses for legal and/or financial advisory services rendered to you in connection with this Agreement. 
  
 Section 7: Governing Law. This Agreement and all rights hereunder, and any controversies or disputes arising with respect thereto, shall be
governed by and construed and interpreted in accordance with the laws of the State of New York, applicable to agreements made and to be performed entirely within such State, without regard to conflict of laws provisions thereof that would apply the
law of any other jurisdiction. 
  
 Please indicate your agreement
to the foregoing by signing the enclosed copy of this Agreement in the space provided below. 
  

	
	 Best regards,

	
	 /s/ Peter R. Kann

  

	
	 Accepted and agreed

	
	 /s/ Peter G. Skinner

	 Peter G. Skinner

  

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 ATTACHMENT A

  
 RELEASE OF THE COMPANY 
  
 This Release of Claims (this “Release”) is made as of the 31st day
of December, 2004 (the “Release Date”), by and between DOW JONES & COMPANY, INC., a Delaware corporation (the “Company”), and Peter G. Skinner (the “Executive”); 
  
 W I T N E S S E
T H: 
  
 THAT WHEREAS, by letter dated July 28,
2004, the Company’s Chief Executive Officer and Chairman of its Board of Directors, Peter Kann, set forth the terms of the Executive’s employment with the Company through December 31, 2004, his legal and/or consultancy services for the
Company thereafter, and his retiree and other benefits (the “Agreement”); 
  
 WHEREAS, the Executive has agreed to and accepted the terms and conditions of the Agreement; 
  
 WHEREAS, as a condition to and in exchange for the payments and benefits under the Agreement, the Executive has agreed to execute a release that is
substantially in the form hereof as of the date of his termination of employment with the Company; and 
  
 WHEREAS, the Executive will resign and retire as of the Release Date; 
  
 NOW, THEREFORE, in consideration of the mutual covenants, conditions and obligations set forth herein and in the Agreement,
payments and benefits under the Agreement, and other good and valuable consideration, the receipt and sufficiency of which are acknowledged, the parties hereby agree as follows: 
  

	 	1.	Release and Waiver of Claims Against the Company 

  
 (a) Except as set forth in Subsection (b) below, and subject to the Company’s execution of a release in the form called for by the Agreement, the
Executive, on behalf of himself, his agents, heirs, successors, assigns, executors and administrators, in consideration for the payments and other consideration provided for under the Agreement, hereby forever releases and discharges the Company and
its successors, their affiliated entities, and their past and present directors, employees, agents, attorneys, accountants, representatives, plan fiduciaries, successors and assigns from any and all known and unknown causes of action, actions,
judgments, liens, indebtedness, damages, losses, claims, liabilities, and demands of whatsoever kind and character in any manner whatsoever arising on or prior to the date of this Release, including but not limited to any claim under, relating to or
arising out of (i) Executive’s employment, (ii) Executive’s performance of services to any Company affiliate, subsidiary, or investee, whether as an employee, officer, or director, (iii) the termination of Executive’s employment, or
(iv) the Age Discrimination in Employment Act. 
  

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 The Executive shall not file or cause to be filed any action, suit, claim, charge or proceeding with any
federal, state or local court or agency relating to any claim within the scope of this Section 1. In the event there is presently pending any action, suit, claim, charge or proceeding within the scope of this Section 1, or if such a proceeding is
commenced in the future, the Executive shall promptly withdraw it, with prejudice, to the extent he has the power to do so. The Executive represents and warrants that he has not assigned any claim released herein, or authorized any other person to
assert any claim on his behalf. 
  
 In the event any action, suit,
claim, charge or proceeding within the scope of this Section 1 is brought by any government agency, putative class representative or other third party to vindicate any alleged rights of the Executive, (i) the Executive shall, except to the extent
required or compelled by law, legal process or subpoena, refrain from participating, testifying or producing documents therein, and (ii) all damages, inclusive of attorneys’ fees, if any, required to be paid to the Executive by the Company as a
consequence of such action, suit, claim, charge or proceeding shall be repaid to the Company by the Executive within ten (10) days of his receipt thereof. 
  
 (b) Notwithstanding anything in Subsection (a) above to the contrary, this Release shall not include or affect rights, liabilities or benefits created by
or set forth in the Agreement. Without limiting the generality of the foregoing sentence, this Release shall not include or affect rights, liabilities or benefits due the Executive or his agents, successors, beneficiaries, eligible dependents,
assigns, executors or administrators under (i) the Company’s various employee and executive benefit and compensation plans, programs and agreements set forth in the Agreement and in such plans, programs and agreements, or (ii) the
indemnification provisions of the Company’s bylaws or the provisions of the Company’s Directors and Officers liability insurance for matters relating to or arising out of the Executive’s services to the Company, its subsidiaries,
affiliates and investees as an employee and executive of the Company, or as an officer or director of various of the Company’s subsidiaries, affiliates and investees, during the period of the Executive’s employment by the Company from June
1985 through December 2004. 
  

	 	2.	No Admission of Wrongdoing 

  
 The payment by the Company of the amounts and other benefits set forth in the Agreement, to which the Executive would not otherwise be entitled, are being
paid to the Executive in return for this Release and the Executive’s agreements and covenants contained in the Agreement and in this Release. Nothing contained in the Agreement or this Release shall be construed as an admission of liability or
wrongdoing by either the Executive or the Company. 
  

	 	3.	Voluntary Execution of Agreement 

  
 BY HIS SIGNATURE BELOW, THE EXECUTIVE ACKNOWLEDGES THAT: 
  
 (a) HE HAS RECEIVED A COPY OF THIS RELEASE AND WAS OFFERED A PERIOD OF TWENTY-ONE (21) DAYS TO REVIEW AND CONSIDER IT; 
  

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 (b) IF HE SIGNS THIS RELEASE PRIOR TO THE EXPIRATION OF TWENTY-ONE (21) DAYS, HE KNOWINGLY AND
VOLUNTARILY WAIVES AND GIVES UP THIS RIGHT OF REVIEW; 
  
 (c) HE
HAS THE RIGHT TO REVOKE THIS RELEASE FOR A PERIOD OF SEVEN DAYS AFTER HE SIGNS IT BY MAILING OR DELIVERING A WRITTEN NOTICE OF REVOCATION TO THE COMPANY’S VICE PRESIDENT/HUMAN RESOURCES, NO LATER THAN THE CLOSE OF BUSINESS ON THE SEVENTH DAY
AFTER THE DAY ON WHICH HE SIGNED THIS RELEASE; 
  
 (d) THIS
RELEASE SHALL NOT BECOME EFFECTIVE OR ENFORCEABLE UNTIL THE SEVEN-DAY REVOCATION PERIOD HAS EXPIRED WITHOUT THE RELEASE HAVING BEEN REVOKED; 
  
 (e) THIS RELEASE WILL BE FINAL AND BINDING AFTER THE EXPIRATION OF THE REVOCATION PERIOD REFERRED TO IN (c). THE EXECUTIVE AGREES NOT TO CHALLENGE ITS
ENFORCEABILITY; 
  
 (f) HE IS AWARE OF HIS RIGHT TO CONSULT AN
ATTORNEY, HAS BEEN ADVISED IN WRITING TO CONSULT WITH AN ATTORNEY, AND HAS HAD THE OPPORTUNITY TO CONSULT WITH AN ATTORNEY, IF DESIRED, PRIOR TO SIGNING THIS RELEASE; 
  
 (g) NO PROMISE OR INDUCEMENT FOR THIS RELEASE HAS BEEN MADE EXCEPT AS SET FORTH IN THE AGREEMENT AND THIS RELEASE;

  
 (h) HE IS LEGALLY COMPETENT TO EXECUTE THIS RELEASE AND
ACCEPTS FULL RESPONSIBILITY FOR IT; AND 
  
 (i) HE HAS CAREFULLY
READ THIS RELEASE, ACKNOWLEDGES THAT HE HAS NOT RELIED ON ANY REPRESENTATION OR STATEMENT, WRITTEN OR ORAL, NOT SET FORTH IN THIS DOCUMENT OR THE AGREEMENT, AND WARRANTS AND REPRESENTS THAT HE IS SIGNING THIS RELEASE KNOWINGLY AND VOLUNTARILY.

  

	 	4.	Miscellaneous 

  
 (a) The failure to insist upon strict compliance with any provision hereof, or the failure to assert any right hereunder, shall not be deemed to be a
waiver of such provision or right or of any other provision or right under the Agreement or this Release. In the event that any term, provision or release of claims or rights contained in this Release is found or determined to be illegal or
otherwise invalid and unenforceable, whether in whole or in part, such invalidity shall not affect the enforceability of the remaining terms, provisions and releases of claims or rights. 
  

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 (b) This Release shall be incorporated into and made a part of the Agreement as of the Release Date. This
Release together with the Agreement and the Company’s release of the Executive, sets forth the entire agreement and understanding between the parties as to the subject matter hereof and supersedes all prior and contemporaneous oral and written
discussions, agreements and understandings of any kind or nature. This Release shall inure to the benefit of and be binding upon the parties hereto and their respective permitted successors and assigns. 
  
 (c) The headings preceding the text of the sections hereof are inserted
solely for convenience of reference, and shall not constitute a part of this Agreement, nor shall they affect its meaning, construction or effect. 
  
 (d) This Release may be executed in two or more counterparts, all of which shall have the same force and effect as if all parties thereto had executed a
single copy. 
  
 IN WITNESS WHEREOF, the Company and the Executive
have acknowledged and executed this Release effective as of the seventh day following the Release Date set forth above, unless revoked prior to such seventh day by the Executive in the manner set forth in Section 3 above. 
  

									
	 EXECUTIVE
	 	 	 	 DOW JONES & COMPANY, INC.

				
	 	 	 	 	By:	 	 
	Peter G. Skinner	 	 	 	  
 Name:
	 	 
	 	 	 	 	  
 Title:
	 	 

  

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 ATTACHMENT B

  
 RELEASE OF THE EXECUTIVE 
  
 This Release of Claims (this “Release”) is made as of the 31st day
of December, 2004 (the “Release Date”), by and between DOW JONES & COMPANY, INC., a Delaware corporation (the “Company”), and Peter G. Skinner (the “Executive”); 
  
 W I T N E S S E
T H: 
  
 THAT WHEREAS, by letter dated July 28,
2004, the Company’s Chief Executive Officer and Chairman of its Board of Directors, Peter Kann, set forth the terms of the Executive’s employment with the Company through December 31, 2004, his legal and/or consultancy services for the
Company thereafter, and his retiree and other benefits (the “Agreement”); 
  
 WHEREAS, the Executive has agreed to and accepted the terms and conditions of the Agreement, and agreed to execute a release in favor of the Company; 
  
 WHEREAS, upon the Executive’s resignation and retirement as of December 31, 2004, pursuant to the terms of the
Agreement, the Company has agreed to execute a release that is substantially in the form hereof; and 
  
 WHEREAS, the Executive will resign and retire as of the Release Date; 
  
 NOW, THEREFORE, in consideration of the mutual covenants, conditions and obligations set forth herein and in the Agreement,
payments and benefits under the Agreement, and other good and valuable consideration, the receipt and sufficiency of which are acknowledged, the parties hereby agree as follows: 
  

	 	1.	Release and Waiver of Claims Against the Executive 

  
 Except as provided below, and subject to the Executive’s execution of a release in the form called for by the Agreement, and in consideration of the
Executive’s covenants and legal and/or consulting services to be provided as set forth in the Agreement, the Company on its own behalf, and on behalf of its various subsidiaries, affiliates, successors and assigns, hereby forever releases and
discharges the Executive, together with his executors, administrators, heirs, beneficiaries, successors and assigns, from any and all known and unknown causes of action, actions, judgments, liens, indebtedness, damages, losses, claims, liabilities
and demands of whatsoever kind and character in any manner whatsoever arising on or prior to the date of this Release, including but not limited to any claim under, relating to or arising out of (i) the Company’s employment of the Executive,
(ii) his service to the Company or to its various subsidiaries, affiliates and investees as an employee, officer or director, or (iii) his termination of employment This Release and waiver shall not apply to any act of fraud or criminal conduct, nor
to the Executive’s noncompliance with or breach of the terms of the Agreement. 
  

 13 

	 	2.	No Admission of Wrongdoing 

  
 Nothing contained in the Agreement or this Release shall be construed as an admission of liability or wrongdoing by either the Executive or the Company.

  

	 	3.	Miscellaneous 

  
 (a) The failure to insist upon strict compliance with any provision hereof, or the failure to assert any right hereunder, shall not be deemed to be a
waiver of such provision or right or of any other provision or right under the Agreement or this Release. In the event that any term, provision or release of claims or rights contained in this Release is found or determined to be illegal or
otherwise invalid and unenforceable, whether in whole or in part, such invalidity shall not affect the enforceability of the remaining terms, provisions and releases of claims or rights. 
  
 (b) This Release shall be incorporated into and made a part of the Agreement as of the Release Date. This Release together
with the Agreement and the Executive’s release of the Company (the “Executive’s Release”), sets forth the entire agreement and understanding between the parties as to the subject matter hereof and supersedes all prior and
contemporaneous oral and written discussions, agreements and understandings of any kind or nature. This Release shall inure to the benefit of and be binding upon the parties hereto and their respective permitted successors and assigns. 

 
 (c) The headings preceding the text of the sections hereof are inserted
solely for convenience of reference, and shall not constitute a part of this Agreement, nor shall they affect its meaning, construction or effect. 
  
 (d) This Release may be executed in two or more counterparts, all of which shall have the same force and effect as if all parties thereto had executed a
single copy. 
  
 IN WITNESS WHEREOF, the Company and the Executive
have acknowledged and executed this Release effective as of the seventh day following the Release Date set forth above, unless the Executive revokes the Executive’s Release prior to such seventh day, in which case this Release shall be null and
void. 
  

									
	 EXECUTIVE
	 	 	 	 DOW JONES & COMPANY, INC.

				
	 	 	 	 	By:	 	 
	Peter G. Skinner	 	 	 	  
 Name:
	 	 
	 	 	 	 	  
 Title:
	 	 

  

 14Amendment No.1 to Amended and Restated Limited Liability Company Agreement

 EXHIBIT 10.1 
 EXECUTION COPY 
  
 AMENDMENT NO. 1 dated as of March 17, 2004 (this “Amendment”), to the Amended and Restated Limited Liability Company Agreement dated as of December 31, 1998 (the “MAP LLC Agreement”) of Marathon Ashland
Petroleum LLC (the “Company”), by and between Marathon Oil Company, an Ohio corporation (“Marathon”), and Ashland Inc., a Kentucky corporation (“Ashland”). 
  
 WHEREAS Ashland and Marathon are the only Members of the Company and are
parties to the MAP LLC Agreement, which sets forth the rights and responsibilities of each of them with respect to the governance, financing and operation of the Company (terms used in this Amendment and not defined herein shall have the meanings
given such terms in the MAP LLC Agreement); 
  
 WHEREAS the Board
of Managers, by a unanimous written action in lieu of meeting, has adopted resolutions effective as of December 5, 2003 (the “Resolutions”), which, among other things, authorized the Company to expend funds for the expansion of the
Company’s Detroit refinery (the “Detroit Refinery”) as previously reviewed by the Board of Managers; 
  
 WHEREAS the expansion and clean fuels modification of the Detroit Refinery, upon completion, is intended to increase the Detroit Refinery’s crude oil
throughput refining capacity to 100,000 barrels per calendar day, enable it to produce low sulfur gasoline and ultra-low sulfur diesel fuel, increase the crude oil pipeline capacity into the Detroit Refinery and expand the truck loading rack to
accommodate increased refinery output (the “Project”); 
  
 WHEREAS the Members intend to minimize any adverse impact that the Project will have on the Distributable Cash payable to the Members pursuant to the MAP LLC Agreement; 
  
 WHEREAS the Resolutions authorized and directed the Company to borrow funds under a loan agreement (together with any
amendments thereto approved in accordance with the super majority voting procedures of 

 Section 8.07(b) of the MAP LLC Agreement, the “Loan Agreement”) for an amount sufficient to fully fund
the Project, estimated to be $325 million exclusive of Capitalized Interest and Additional Capitalized Interest (as such terms are defined in the Loan Agreement), between Marathon and the Company (the “Loan”), for the sole purpose
of financing the Project, said Loan Agreement having been executed the same date as this Amendment; 
  
 WHEREAS the Members intend that the Loan will be repaid solely from cash flow associated with the Detroit Refinery; 
  
 WHEREAS, to minimize any adverse affect that the Project might have on the
value of Ashland’s Membership Interest in the event that Marathon exercises the Marathon Call Right (as defined in the Put/Call, Registration Rights and Standstill Agreement, dated as of January 1, 1998, as amended by Amendment No. 1 thereto
dated as of December 31, 1998, among Marathon, Marathon Oil Corporation (as successor to USX Corporation) (“MOC”), Ashland and the Company (the “Put/Call Agreement”)), the Members are entering into Amendment No. 2
dated as of the date hereof to the Put/Call Agreement; and 
  
 WHEREAS Marathon and Ashland wish to make certain amendments to the MAP LLC Agreement to facilitate the transactions contemplated by the Resolutions and the Detroit Expansion Term Sheet. 
  
 NOW, THEREFORE, in consideration of the mutual agreements herein contained
and other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties hereto agree as follows: 
  
 Section 1. Defined Terms. When used herein the following terms have the following meanings: 
  
 “Adjusted Detroit Refinery Cash Flow” means the Detroit
Refinery Cash Flow for an applicable Quarterly Measurement Period either (i) reduced by the amount of the MOC Tax Reimbursement applicable to such Quarterly Measurement Period or (ii) increased by the amount of the MOC Tax Benefit Rebate paid to the
Company for the applicable Quarterly Measurement Period. 
  
 “Detroit Refinery Cash Flow” means all operational, pre-income tax cash flows associated with the 
  

 2 

 Detroit Refinery with profits based upon refinery gate product values as determined on the Company’s “Refinery
Profit/Cash Flow Report” substantially in the form of Exhibit A hereto as prepared in good faith by the Company for the Detroit Refinery. Profits, losses and cash flow associated with wholesale or retail operations in the markets served by the
Detroit Refinery are excluded from this calculation. Detroit Refinery Cash Flow also excludes any other financings related to the Detroit Refinery but includes normal asset sales, capital expenditures, changes in working capital and similar items.

  
 “MOC Tax Benefit Rebate” means for an
applicable Quarterly Measurement Period, the amount of the Federal and state income tax benefits (at an assumed rate of 39%) recognized by MOC or Marathon (or their respective successors and assigns) which are associated with the taxable losses from
the Detroit Refinery for such Quarterly Measurement Period. This adjustment is the result of the allocation to Marathon (or its successor or assignee) of all taxable income or loss (including tax depreciation and interest on the Loan), from the date
that the applicable Project assets are placed into service for Federal income tax purposes, associated with the Detroit Refinery until the Loan is paid in full. 
  

“MOC Tax Reimbursement” means for an applicable Quarterly Measurement Period, the amount necessary to satisfy Marathon and MOC’s
Federal and state income tax liability (at an assumed rate of 39%) attributable to the taxable income from the Detroit Refinery for such Quarterly Measurement Period. This adjustment is the result of the allocation to Marathon of all taxable income
or loss (including tax depreciation and interest on the Loan), from the date that the applicable Project assets are placed into service for Federal income tax purposes, associated with the Detroit Refinery until the Loan is paid in full. 

 
 “Qualified Expenditure Report” means a schedule
summarizing all of the Company’s expenses, working capital and capital expenditures associated with and reasonably allocated to the Project which were incurred by the Company during a calendar month, which report will include costs incurred by
the Company’s Refining, Pipeline and Terminal subsidiaries, affiliates or divisions reasonably allocated to the Project, as well as the Company’s internal costs allocated to the Project during the month, including but not limited to
payroll, supplies and shared service 
  

 3 

 expenses. The Qualified Expenditure Report will also include, solely for informational purposes, the life-to-date project
expenditures. A sample Qualified Expenditure Report is attached as Exhibit B. If, at any time following the Start Date, the Adjusted Detroit Refinery Cash Flow does not fully satisfy the accrued interest for a Quarterly Measurement Period, then the
form of subsequent Qualified Expenditure Reports shall be modified to include a running total of Capitalized Interest and Additional Capitalized Interest (as such terms are defined in the Loan Agreement) and the interest accrued thereon. 

 
 “Qualified Expenditures” means costs (including but not
limited to the Company’s internal costs such as payroll, supplies and shared service expenses), expenses, working capital and capital expenditures made by the Company, its Affiliates (as defined in the Loan Agreement) or divisions in
furtherance of and reasonably allocated to the Project, as more fully identified with general cost estimates in Exhibit C hereto. 
  
 “Quarterly Measurement Period” means individually, each period of three months ending February 28 (29th in a leap year), May 31, August 31 and November 30 commencing from the Start Date and ending on the Repayment Date. 
  
 “Repayment Date” means the date on which the principal of
and interest on the Loan have been paid in full. 
  
 “Start Date” means the first day of the calendar month in which the last of the Project assets are placed into service for Federal income tax purposes. 
  
 Section 2. Funding of the Project. (a) The Project shall be funded solely with the proceeds of the Loan (excluding
the first $13.2 million previously paid by the Company for the Project), and the proceeds of the Loan shall be used solely to fund the Project, including changes in working capital related to the Project and interest on the Loan. Marathon and the
Company shall not amend, modify or supplement the Loan Agreement without prior approval of the Board of Managers in accordance with the Super Majority Decision voting procedures contained in Section 8.07(b) of the MAP LLC Agreement. The Company
shall not reduce the Commitment (as defined in the Loan Agreement) or waive any rights under the Loan Agreement without prior approval of 
  

 4 

 the Board of Managers in accordance with the Super Majority Decision voting procedures contained in Section 8.07(b) of
the MAP LLC Agreement. In the event that the Commitment is not sufficient to fully fund the Project, Marathon and the Company shall amend the Loan Agreement to increase the Commitment to an amount sufficient to complete the Project. 
  
 (b) On or prior to the 25th day of each month, the Company shall deliver to
each Member (at the same time) a Qualified Expenditure Report schedule summarizing all of the Qualified Expenditures which were incurred by the Company during the prior calendar month. In accordance with the terms of the Loan Agreement, Marathon
shall advance cash to the Company in an amount equal to the Qualified Expenditures listed on the relevant Qualified Expenditure Report on the third Business Day following Marathon’s receipt of such Qualified Expenditure Report. Each such cash
advance to the Company from Marathon shall constitute a borrowing under the Loan Agreement by the Company. 
  
 (c) During the two years following the Company’s delivery of each Qualified Expenditure Report, each Member and its duly authorized representatives
shall have examination rights in accordance with Section 7.01 of the MAP LLC Agreement for the purpose of auditing the content of the Qualified Expenditure Reports. 
  
 Section 3. Repayment. Notwithstanding anything to the contrary in the MAP LLC Agreement or the Loan Agreement, the
Company shall not be required to make any payment under the Loan Agreement other than from Adjusted Detroit Refinery Cash Flow. The Company shall not make any payments of principal or of interest on the Loan prior to the Start Date. After the Start
Date and until the Repayment Date, in accordance with the terms of the Loan Agreement, on the 25th day of the last month of each Fiscal Quarter, or if any such day is not a Business Day, on the next succeeding Business Day (each such date being a
“Payment Date”), the Company shall make a payment to Marathon in an amount equal to the Adjusted Detroit Refinery Cash Flow for the preceding Quarterly Measurement Period not to exceed the Total Outstanding Amount (as defined in the
Loan Agreement). 
  
 Section 4. (a) Allocations and Other Tax
Matters. Notwithstanding anything to the contrary in Article VI of the MAP LLC Agreement, or any other provision of the MAP 
  

 5 

 LLC Agreement, the tax deduction for all expenses related to the Project incurred and expensed by the Company whether
prior to or after the date of this Agreement, and which have or will be funded by Marathon, shall be allocated to Marathon. In addition, all taxable income or loss of the Detroit Refinery for the period beginning on the Start Date and ending on the
Repayment Date shall be allocated to Marathon. During such period, the Detroit Refinery Cash Flow shall first be allocated to pay the MOC Tax Reimbursement to Marathon. During such period, on the Business Day immediately preceding each Payment Date,
Marathon shall contribute to the Company cash in an amount equal to the MOC Tax Benefit Rebate to the extent Marathon has not previously contributed to the Company cash attributable to such MOC Tax Benefit Rebate. Any cash contributed by Marathon to
the Company pursuant to the preceding sentence shall be distributed by the Company to Marathon in repayment of the Loan in accordance with the Loan Agreement and Section 3 hereof. All tax depreciation associated with the capital expenditures
attributable to the Project shall be allocated to Marathon, including depreciation remaining on the Project subsequent to the Repayment Date. After the Repayment Date, all income, cash flow and taxable income or loss (other than depreciation
associated with the capital expenditures attributable to the Project) of the Detroit Refinery shall be allocated between the Members in proportion to their respective Percentage Interests. For purposes of this Amendment, income and loss shall be
calculated in the same way and using the same methods as the line item Taxable Income/(Loss) on the Refinery Profit/Cash Flow Report, whether or not such calculations and methods are in accordance with GAAP. 
  
 Section 5. Additional Agreements. (a) For the avoidance of doubt,
nothing contained in this Amendment shall result in any adjustment to the Members’ respective Percentage Interests in the Company. The Members agree that the capitalized expenditures and expenditures expensed by the Company for the Project
shall not affect the amount of Distributable Cash distributed to the Members for any Fiscal Quarter. 
  
 (b) Notwithstanding Section 5.01(c) of the MAP LLC Agreement, each Distributions Calculation Statement distributed during each Fiscal Quarter beginning
with the first Fiscal Quarter in which the Company incurred any 
  

 6 

 expenditures for the Project until and including the Fiscal Quarter in which the Repayment Date occurs (the
“Detroit Loan Period”) shall set forth the calculations (in reasonable detail), giving effect to this Amendment, used by the Company for purposes of distributions pursuant to Section 5.01. 
  
 (c) During the Detroit Loan Period, the Company shall prepare and send to
each Member (at the same time) promptly, but in no event later than noon on the 25th day of the last calendar month of each Fiscal Quarter, the Refinery Profit/Cash Flow Report. 
  
 Section 6. Parties in Interest. This Amendment shall inure to the benefit of, and be binding upon, the parties hereto
and their respective successors, legal representatives and permitted assigns. 
  
 Section 7. Counterparts. This Amendment may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
  
 Section 8. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT GIVING EFFECT TO THE PRINCIPLES OF CONFLICTS OF LAW THEREOF. ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO ANY CLAIM OR PROCEEDING RELATED TO OR ARISING OUT OF THIS AMENDMENT, OR
ANY TRANSACTION OR CONDUCT IN CONNECTION HEREWITH, IS WAIVED. 
  
 Section 9. No Third-Party Beneficiaries. This Amendment is not intended to confer upon any person other than the parties hereto any rights or remedies. 
  
 Section 10. Interpretation. The headings contained in this Amendment are for reference purposes only and shall not
affect in any way the meaning or interpretation of this Amendment. Whenever the words “include”, “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without
limitation”. 
  
 Section 11. Severability. If any term
or other provision of this Amendment is invalid, illegal or incapable of being enforced by any rule or Law, or public policy, all other conditions and provisions of this Amendment shall nevertheless remain in full force and 
  

 7 

 effect so long as the economic or legal substance of the transactions and amendments contemplated hereby is not affected
in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Amendment so as to effect the
original intent of the parties as closely as possible to the end that the transactions and amendments contemplated hereby are fulfilled to the extent possible. 
  

 8 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the day and
year first written above. 
  

			
	MARATHON OIL COMPANY,
		
	By	 	 /s/ C. P. Cazalot, Jr.

	Name:	 	C. P. Cazalot, Jr.
	Title:	 	President
	
	ASHLAND INC.,
		
	By	 	 /s/ J. Marvin Quinn

	Name:	 	J. Marvin Quinn
	Title:	 	 Senior Vice President;
 Chief Financial
Officer

  

 9 

 Amendment No. 1 to MAP LLC Agreement 
 Exhibit A 
 Detroit Expansion Project 
 Refinery Profit/Cash Flow Report 
 (Using year 2002 as Example)* 

	*	Exhibit has been omitted pursuant to a request for confidential treatment pursuant to Rule24b-2 of the Securities and Exchange Act of 1934. 

 Amendment No. 1 to MAP LLC Agreement 
 Exhibit B 
 Detroit Expansion Project 
 Qualified Expenditure Report* 

	*	Exhibit has been omitted pursuant to a request for confidential treatment pursuant to Rule24b-2 of the Securities and Exchange Act of 1934. 

 Amendment No. 1 to MAP LLC Agreement 
 Exhibit C 
 Detroit Expansion Project 
 Description and Estimate of Amount Financed 
 (000s)* 

	*	Exhibit has been omitted pursuant to a request for confidential treatment pursuant to Rule24b-2 of the Securities and Exchange Act of 1934.

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