1
EXHIBIT 10.7
Conformed Copy
[Letterhead of The Washington Post Company]
March 8, 2000
Mr. Alan G. Spoon
7300 Loch Edin Road
Potomac, MD 20854
Dear Alan:
Even as you step down as President of The Washington Post Company to take
up new challenges as a partner in Polaris Ventures, we are fortunate that you
have agreed on a consulting basis to provide your management skills, leadership
and advice on business matters affecting the Company.
Based on our discussions, it is our understanding that immediately
following April 30, 2000, or such earlier date as you notify me as being the
effective date of your resignation, and for a period of twelve months
thereafter, you have agreed to devote approximately 40 hours to consulting and
advising on business matters affecting the Company, as may be requested by me.
In return, you will be paid a fee of $75,000, payable in quarterly installments
of $17,500 each at the beginning of each quarter. In addition, you will be
reimbursed for all reasonable travel and out-of-pocket expenses incurred in
providing such consulting services.
Either of us may terminate this arrangement at any time upon giving
written notice. The Company's obligations under this letter will immediately
terminate in the event of your death or disability or upon the giving of notice
as set forth in the preceding sentence, except for its obligation to pay any
amounts earned in accordance with the second paragraph, but unpaid on the date
of such termination.
Sincerely yours,
THE WASHINGTON POST
COMPANY
by /s/ Donald E. Graham
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Chairman of the Board
Accepted and agreed:
/s/ Alan G. Spoon
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Alan G. Spoon