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Dow Jones & Company, Inc. Separation Plan For Senior Management

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Exhibit 10.7

DOW JONES & COMPANY, INC. SEPARATION PLAN FOR SENIOR MANAGEMENT

1. Purpose of the Plan and Eligibility:

(a) This Separation Plan for Senior Management provides benefits to eligible executives in the event that their employment with the Company (as defined below) is to be terminated under a variety of circumstances. The purpose of the Plan is to assure eligible executives that they will be dealt with fairly in such circumstances in order to encourage such executives to remain in the employ of the Company and to devote their full attention and energies to its best interests. For purposes of the Plan, the " Company" means Dow Jones & Company, Inc. (" Dow Jones" ) and any of the direct or indirect subsidiaries of Dow Jones in which Dow Jones holds, directly or indirectly, a greater than 50% interest.

(b) Effective as of June 4, 2007 (the " Amendment Date" ), all employees of the Company in salary grades 1 through 12 (an " eligible executive" ) shall be entitled to participate in the Plan as in effect on and after the Amendment Date; provided , however , that any person who is in salary grades 8 through 12 shall only be entitled to participate in the Plan with respect to terminations of employment arising from events occurring upon or following a Change in Control and prior to the second anniversary of a Change in Control (as hereinafter defined); and provided , further , that, notwithstanding the last sentence of this paragraph (b), any person who was an employee of the Company in salary grades 8 or 9 on September 14, 2004, and who has remained in the continuous employ of the Company from such date through the Amendment Date (a " grandfathered employee" ) shall be entitled to the benefits provided hereunder to persons in salary grade 7 and shall be treated for all purposes of the Plan (including without limitation under Section 4 hereof) as an employee in salary grade 7. The terms of the Plan as in effect on and after the Amendment Date shall apply only to those persons who are active employees of the Company at any time on or after the Amendment Date and not to any other persons, it being understood that a person for whom a notice of intent is delivered prior to the Amendment Date, or who is otherwise in pay status under any other separation pay plan of the Company prior to the Amendment Date, shall not be considered, solely by reason of such circumstances, to be actively employed for purposes of the Plan on or after the Amendment Date. Notwithstanding anything in this paragraph 1(b) to the contrary, the terms of the Plan shall be subject to amendment, and the Plan shall be subject to termination, in accordance with Section 14 hereof. The eligibility of an eligible executive to benefits under the Plan, and the amount and type of benefits to be paid, shall be based on such eligible executive' s salary grade immediately prior to the delivery of a notice of intent, as provided in Section 2 below, except that in the case of Constructive Termination pursuant to Section 4(iv), eligibility, amount and type of benefits shall be based on such eligible executive' s salary grade immediately prior to the reduction giving rise to Constructive Termination.

2. Notice of Intent to Terminate: If the Company intends to terminate the employment of any eligible executive for any reason other than for cause (as hereinafter defined), or if an eligible executive intends to terminate his or her employment with the Company because of constructive termination (as hereinafter defined), then the Company or such eligible executive, as the case


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may be, shall deliver to the other a written notice to that effect (a " notice of intent" ). 3. Definition of " Cause" : An eligible executive shall be deemed to be terminated for " cause" if he or she is to be terminated because he or she (i) has been convicted of, or has pleaded guilty to, a felony, (ii) is abusing alcohol or narcotics, (iii) has committed an act of fraud, material dishonesty or gross misconduct in connection with the Company' s business (including, without limitation, an act that constitutes a material violation of the Company' s Code of Conduct), or (iv) has willfully and repeatedly refused to perform his or her duties after reasonable demand for such performance has been made by the Company.

4. Definition of " Constructive Termination" : An eligible executive may deliver a notice of intent to terminate because of " constructive termination" if, without his or her prior consent, (i) such executive' s position or duties are substantially reduced, (ii) such executive' s base salary, target bonus opportunity or incentive compensation opportunity is materially reduced, (iii) other employee benefits afforded to such executive are materially reduced, (iv) such executive' s salary grade is reduced below grade 12 in the case of executives in salary grades 8 through 12, below grade 7 in the case of executives in salary grades 5 through 7 and below grade 4 in the case of executives in salary grades 1 through 4, or (v) this Plan is terminated or amended in any material respect. Notwithstanding the foregoing, no reduction in base salary, target bonus opportunity or incentive compensation opportunity, or other employee benefits, shall be deemed to constitute constructive termination if such reduction is made in conjunction with similar reductions generally applicable to all eligible executives. In addition, a reduction in salary grade level shall not be deemed to constitute constructive termination pursuant to clause (iv) above if, concurrently with such reduction, the Company agrees that such reduction will be disregarded for purposes of this Plan (it being understood that no such reduction may be made for a grandfathered employee). A notice of intent to terminate because of constructive termination must be given by the executive in question within six (6) months after the occurrence of the event giving rise to the right to give such notice of intent.

5. Exclusive Separation Plan for Eligible Executives; Change in Control: Eligible executives whose service with the Company is to be terminated as described in Section 2 and who execute and deliver the non-competition agreement, waivers and releases described in Section 6 shall be entitled to the greater of (but not to both of) (x) the benefits provided under the Plan or (y) the benefits provided under any other similar severance or separation plan or arrangement of the Company, determined based on the present value of the benefits provided under each of the Plan and such other similar severance or separation plan or arrangement as of the last day of the month in which notice of termination is delivered. Notwithstanding anything in this paragraph to the contrary, the provisions herein are intended to supplement, and not supersede or substitute for, the provisions (i) in any plan or award agreement relating to equity-based compensation awards (including, without limitation, stock options, contingent stock rights and restricted stock) and (ii) of the Company' s Change in Control Excise Tax Policy, such that eligible executives shall be entitled to the benefits provided under this Plan and in such other plans, agreements or policy, and in the case of duplication to the more favorable of such duplicative provisions.

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This Plan is not intended to apply in the case of terminations of employment by eligible executives because of death, disability or voluntary retirement or resignation, except as provided in the case of death or disability of an executive during the period he or she is receiving payments pursuant to Section 8, and except as provided in the case of " constructive termination." For purposes of the Plan, a " Change in Control" shall mean:

(a) Any acquisition or series of acquisitions during any twelve (12) month period after which any " Person" (as the term person is used for purposes of Section 13(d) or 14(d) of the Securities Exchange Act of 1934, as amended (the " Exchange Act" )) (other than any Bancroft Person (as defined below)) is the " Beneficial Owner" (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of thirty percent (30%) or more of the combined voting power of the outstanding voting securities of Dow Jones; provided, however, that:

(i) the acquisition of Beneficial Ownership by a Person by reason of such Person' s having entered into a voting, tender or option agreement with Bancroft Persons approved by the Board of Directors of Dow Jones for purposes of Section 203 of the Delaware General Corporation Law in connection with Dow Jones' s entering into a definitive agreement for a Merger (as defined below) shall not by reason of this clause (a) constitute a Change in Control, provided, further that whether the consummation of any such Merger, the applicable tender offer or the exercise of such option would constitute a Change in Control shall be determined without regard for the exception in this sub-clause(i), and

(ii) a Change in Control that would otherwise occur pursuant to this clause (a) shall be deemed to not have occurred pursuant to this clause (a) so long as Bancroft Persons have Beneficial Ownership, directly or indirectly, of fifty percent (50%) or more of the combined voting power of the outstanding voting securities of Dow Jones; or (b) The consummation of a merger, consolidation or reorganization with, into or of Dow Jones (each, " Merger" ), unless immediately following the Merger, Bancroft Persons have Beneficial Ownership, directly or indirectly, of fifty percent (50%) or more of the combined voting power of the outstanding voting securities of (x) the corporation or other entity resulting from such Merger (the " Surviving Entity" ), if fifty percent (50%) or more of the combined voting power of the then outstanding voting securities of the Surviving Corporation is not Beneficially Owned, directly or indirectly by another corporation (a " Parent Entity" ), or (y) if there is one or more Parent Entities, the ultimate Parent Entity
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