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Exhibit 10.7
CAMBRIDGE ENERGY RESEARCH ASSOCIATES, INC.
00 XXXXXXXXXX XXXX
XXXXXXXXX, XXXXXXXXXXXXX 00000
September 21, 1994
Xx. Xxxxxx X. Xxxxxxx, Xx.
c/o Cambridge Energy Research Associates, Inc.
00 Xxxxxxxxxx Xxxx
Xxxxxxxxx, XX 00000
Re: Severance Agreement
Dear Xxx:
This letter constitutes a severance agreement between you and Cambridge
Energy Research Associates, Inc. ("CERA"). The terms of our agreement are as
follows:
1. Severance. For the three-year period beginning as of the date
hereof, if your employment with CERA is terminated in connection
with the merger or sale of all or controlling portion of CERA or
without cause subsequent to the merger or sale of all or a
controlling portion of CERA, you will be entitled to a severance
payment in the amount of your then current annual base salary, in
lieu of any other payments or damages. Your severance amount will
be paid at the rate of your then current salary, over a one-year
period beginning on the date of termination of your employment,
until the amount is paid in full. Notwithstanding the above, your
severance payments will be conditioned upon the execution of a
mutual release satisfactory to you and CERA.
2. Non-Disclosure. In the event that you leave CERA for any reason, you
agree to maintain in confidence and abstain from using for your or
anyone else's benefit any proprietary information of CERA.
3. Nondisparagement. You agree that you will not make any statements
now or in the future to any current or former CERA employees or to
any other person, which is disparaging of the business, reputation,
competence, fairness or character of CERA or any officer, director,
shareholder or employee of CERA. A disparaging statement is any
comment, oral or written, which would, if publicized, cause
humiliation or embarrassment or cause the recipient to question the
business condition, integrity, competence or good character of any
of these persons or entities.
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Xx. Xxxxxx X. Xxxxxxx, Xx.
September 21, 1994
Page 2
Kindly indicate your agreement to the foregoing by signing on the line
provided below and returning a copy to me at your earliest convenience.
Very truly yours,
/s/ Xxxxxx X. Xxxxxx
Xxxxxx X. Xxxxxx, President
Agreed and Accepted by:
/s/ Xxxxxx X. Xxxxxxx, Xx.
-----------------------------
Xxxxxx X. Xxxxxxx, Xx.
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CAMBRIDGE ENERGY RESEARCH ASSOCIATES, L.P.
00 XXXXXXXXXX XXXX
XXXXXXXXX, XXXXXXXXXXXXX 00000
April 14, 1997
Xx. Xxxxxx X. Xxxxxxx, Xx.
c/o Cambridge Energy Research Associates, Inc.
00 Xxxxxxxxxx Xxxx
Xxxxxxxxx, XX 00000
Re: Amendment to Severance Agreement
Dear Xxx:
This letter shall serve as an amendment to the Severance Agreement between
you and Cambridge Energy Research Associates, Inc. dated as of September 21,
1994.
This letter shall also serve to confirm that all rights and obligations of
Cambridge Energy Research Associates, Inc. under the Severance Agreement have
been assigned to, and assumed by, Cambridge Energy Research Associates, L.P.
The first sentence of the first paragraph of the Severance Agreement shall
be deleted in its entirety and replaced with the following sentence:
"This letter constitutes a severance agreement between you and Cambridge
Energy Research Associates Limited Partnership, A Delaware limited
partnership ("CERA").
The first sentence of numbered paragraph 1 of the Severance Agreement
shall be deleted in its entirety and replaced with the following sentence:
"For the period beginning as of the date of this letter and ending on
December 31, 1998, if your employment with Cambridge Energy Research
Associates, L.P. is terminated in connection with the merger or sale of
all or a controlling portion of CERA or without cause subsequent to the
merger or sale of all or a controlling portion of CERA, you will be
entitled to a severance payment in the amount of your then current annual
base salary, in lieu of any other payments or damages."
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Xx. Xxxxxx X. Xxxxxxx
April 14, 1997
Page 2
Kindly indicate your agreement to the foregoing by signing on the line
provided below and returning a copy to me at your earliest convenience.
Very truly yours,
CAMBRIDGE ENERGY RESEARCH ASSOCIATES
LIMITED PARTNERSHIP
By: Cambridge Energy Research Associates, Inc.
its General Partner
By: /s/ Xxxxxx X. Xxxxxx
------------------------------------
Xxxxxx X. Xxxxxx, President
AGREED AND ACCEPTED
By: /s/ Xxxxxx X. Xxxxxxx, Xx.
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Xxxxxx X. Xxxxxxx, Xx.
