Document:

Exhibit
10.1

	
  

  	
   

  
	
   

  
	
   

  
	
  2007 Equity Program

  
	
  Terms, Conditions and FAQs

  

 

This is a
summary of the material terms and conditions of the 2007 Equity Program. The
DIRECTV Group, Inc. Stock Plan (the “Plan”) and Prospectus govern the awards,
receipt of which is hereby acknowledged, and is incorporated herein by this
reference.

	
  TERM OR
  CONCEPT

  	
   

  	
  EXPLANATION

  
	
  Company

  	
   

  	
  DIRECTV Group and its Subsidiaries

  
	
  Eligibility

  	
   

  	
  Full-time employees at the level of Senior Managers
  and above; new employees must be hired and actively working before the grant
  date to receive an RSU grant. Promotions that would result in an increase in
  target RSUs must be effective by January 1, 2007 for employees to be eligible
  for the increased target grant.

  
	
  Awards

  	
   

  	
  DIRECTV Restricted Stock Units (RSUs or Units);
  distributed in DIRECTV (DTV) shares

  
	
  Performance Period

  	
   

  	
  3-year Performance Period (January 1, 2007 –
  December 31, 2009)

  
	
  Adjustment Factor

  	
   

  	
  This factor is the percentage (0% to 120%) used at
  the end of the 3-year performance period to determine your shares earned
  based on the Company’s performance to the Performance Measures listed below.

  
	
  Performance Measures
  (Weighting)

  	
   

  	
  ·  Growth in Annual Cash Flow Before Interest
  and Taxes (40% weighting)

  ·  Annual OPBDA Growth (40% weighting)

  ·  Annual Revenue Growth (20% weighting)

  ·  Each of these measures is determined as the
  percentage growth from the prior year-end DIRECTV Group results.

  
	
  Performance Determined Annually

  	
   

  	
  ·  At the end of each year, the Company
  assesses achievement against the targets.

  ·  Achieving above the target increases the
  performance payout percentage for each measure, up to the maximum for that measure. Achieving less than target
  reduces the performance payout percentage for that measure, down to the threshold for that measure.

  ·  Each year the performance levels are
  determined for each measure. These are weighted and added together to get the
  Annual Performance Factor for that year.

  ·  At the end of the three years, the overall
  performance is the sum of the Annual Performance Factors divided by three;
  this is the Adjustment Factor. If the Adjustment Factor exceeds 120%, the
  award is capped at 120%.

  

 

	
  TERM OR
  CONCEPT

  	
   

  	
  EXPLANATION

  
	
  Distribute Shares at the End of
  Three Years

  	
   

  	
  ·  As soon as practicable after the end of the
  Performance Period, the Company determines the Adjustment Factor. The Company
  will multiply the total number of RSUs granted to an employee by the
  Adjustment Factor to determine the number of shares to distribute.

  ·  Once the Adjustment Factor is determined,
  the shares will be distributed to you (minus applicable tax withholding) and
  then are yours to sell or hold as your wish.

  ·  Upon distribution, the shares will be
  directly deposited into an account in your name with the Company’s stock plan
  administrator (Morgan Stanley). Account and tax information will be
  distributed shortly thereafter.

  
	
  Taxes

  	
   

  	
  ·  Your award is taxable at the time of
  distribution, which is when you receive your shares of DTV stock if the
  performance goals are met.

  ·  The applicable withholding taxes are due
  upon distribution, whether or not you sell your shares. The Company will
  withhold shares of stock to satisfy the applicable tax withholdings, so you
  will receive shares net of tax withholdings.

  ·  Please consult with your personal tax or
  financial advisor for more information regarding the tax consequences of your
  award.

  
	
  Continued Employment

  	
   

  	
  Continued employment or service through the end of
  the Performance Period is required as a condition to receiving your award and
  the rights and benefits under the plan. Partial employment or service, even
  if substantial, during the Performance Period will not entitle any
  proportionate award, or avoid or mitigate a termination of rights and
  benefits upon or following a termination of employment or services except as
  otherwise provided in the “Impact of Termination” section below.

  
	
  Impact of Termination

  	
   

  	
  If you should leave the company for any reason
  within the first calendar year of the Performance Period, your award is
  forfeited.

  
	
  ·      Resignation or
  Termination for Cause

  	
   

  	
  If you resign from the Company or are terminated for
  cause at any time, you forfeit all awards.

  
	
  ·      Termination Without
  Cause (e.g., Layoff

  ·      Retirement

  ·      Long-Term Disability or
  Death

  	
   

  	
  ·  You are eligible for a pro-rated award based
  on the number of calendar years of service (January through December)
  completed during the Performance Period and on plan performance assessed at
  the end of the Performance Period.

  ·  Any shares earned will be distributed as
  soon as practicable in the year following the end of the Performance Period.

  
	
  Impact of Leave of Absence

  	
   

  	
  ·  Absence from work caused by military
  service, authorized sick leave, or other leave approved by the Company will
  not be considered a termination of employment by the Company if reemployment
  upon the expiration of the leave is required by contract or law, or if the
  leave is for a period of not more than 90 days.

  ·  The Company reserves the right to adjust
  grants for employees on leave in excess of 90 days.Exhibit
10.2

	
  

  	
   

  	
  As of January 1, 2007

  

 

Mr. Bruce Churchill

Dear Bruce:

This letter agreement (“Agreement”) provides the terms
of your employment with The DIRECTV Group, Inc. (the “Company”) and replaces
the letter agreement between us dated as of January 1, 2004 (the “Prior
Agreement”).

1.                                       (a)
The Company hereby employs you for a period of three years commencing as of the
date hereof and ending on December 31, 2009 (the “Term”).

(b) If you continue in the employ of the Company after the end of the
Term and an extension of your employment has not been negotiated, your
employment shall be on an at-will basis at the weekly salary rate paid during
your last regular pay period hereunder and shall otherwise be in accordance
with this Agreement and the provisions of such policies of the Company as are
then in effect for comparable executives of the Company.

2.                                       (a) For your services hereunder the Company
will, on regular pay dates as then in effect under applicable Company policy,
pay you a base salary at the rate of $1,100,000 per annum, subject to annual
increase generally commensurate with other senior executives of the Company,
with the actual salary increase for any year to be subject to the approval of
the Compensation Committee of the Board of Directors of the Company (“Committee”)
if required under applicable Company policies.

(b) Subject to approval by the Committee if required under applicable Company
policies, for each calendar year during the Term, (i) an annual target cash
bonus (“Target Bonus”), set as a percentage of your then current salary, will
be established and provided to you in writing prior to the end of the first quarter
of such year, and (ii) you shall receive at the time annual bonuses are paid
for the prior year pursuant to applicable Company policy, payment of your
annual cash bonus based on your Target Bonus for such prior year and your
achievement of certain targets established by the Chief Executive Officer of
the Company.  The Target Bonus shall be
appropriate to your position in the Company and generally commensurate with the
target bonus of other senior executives of the Company, taking into account
your role in the Company as compared to such other senior executives.

(c) Subject to approval by the Committee if required under applicable
Company policies, you shall also receive equity compensation, (e.g., options or
restricted stock units) appropriate to your position in the Company and
generally commensurate with grants to other senior executives of the Company,
taking into account your role in the Company as compared to 

2230 East Imperial Hwy EI
Segundo, CA 90246 Phone 310.535.5000

A Unit of The DIRECTV Group, Inc.

such other senior executives.  In
any event, under current circumstances, your annual grant of equity
compensation is expected to have a fair market value at least equal to your
base salary.

(d) You shall receive vacation and other perquisites and all other
benefits generally commensurate with comparable executives of the Company.

3.                                       (a) You shall serve as President - New Enterprises
and President of DIRECTV Latin America, reporting directly to the President and
Chief Executive Officer of the Company. 
You shall be based in New York, New York, subject to such travel as the
rendering of the services hereunder may require.

(b) If you are elected a member of the Board of Directors or to any
other office of the Company or any of its affiliates, you agree to serve in such
capacity or capacities without additional compensation, unless additional
compensation or benefits are paid to comparable executives.

(c) You hereby accept such employment and agree to devote your full
time and attention as necessary to fulfill all of the duties of your employment
hereunder.  During the term of your
employment, and for a period of twelve months thereafter, you will not, in any
manner directly or indirectly, engage in any MVPD Business and will not directly
or indirectly own, manage, operate, join, control or participate in the
ownership, management, operation or control of, or be employed by, or connected
in any manner with any corporation, firm or business that is so engaged.  The foregoing does not prohibit you from
owning less than five percent (5%) of the outstanding common stock of any
company whose shares are publicly traded.

“MVPD Business” shall mean any multi-channel video programming
distribution business in the United States, or any country in the Caribbean or
Latin America, which has in excess of one million subscribers.

4.                                     (a) Notwithstanding anything to the contrary
contained in paragraph 1 (a) above, this Agreement may be terminated by the
Company for cause if:

(i)                                  you are convicted of, or plead guilty or nolo
contendere to a felony;

(ii)                               you engage in conduct that constitutes
continued willful neglect or willful misconduct in carrying out your duties
under this Agreement, resulting, in either case, in economic harm to or damage
to the reputation of the Company or any of its affiliates; or

(iii)                            you breach any material affirmative or
negative covenant or undertaking hereunder, which breach is not substantially
cured within fifteen days after written notice to you specifying such breach.

If you are terminated for
cause, you shall be entitled only to payment of your base salary and accrued
vacation pay (if any) through the date of termination of your employment for
cause.

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(b) If your employment is terminated due to death, your estate or
beneficiaries, as the case may be, shall be entitled to:

(i)                                  payment of base salary through the date of
termination;

(ii)                               payment of the pro-rated portion of the
annual bonus that you received for the fiscal year immediately preceding the
date of termination; and

(iii)                            other or additional benefits in accordance
with applicable plans and programs of the Company.

(c) If your employment is terminated due to disability (as defined
below), you shall be entitled to the following (but in no event less than the
benefits due to you under the then current disability program of the Company):

(i)                                  payment of base salary through the date of
termination;

(ii)                               payment of the pro-rated portion of the
annual bonus that you received for the fiscal year immediately preceding the
date of termination;

(iii)                            until the earlier of the end of such
disability and the end of the Term, continued participation in medical, dental,
hospitalization and life insurance coverage and in all other employee plans and
programs in which you were participating on the date of termination; and

(iv)                           other or additional benefits in accordance
with applicable plans and programs of the Company.

For purposes of this
Agreement, “disability” shall mean your inability to substantially perform your
duties and responsibilities under this Agreement for a period of 120
consecutive days.

(d) If the Company terminates your employment for any reason other than
those defined in paragraphs 4 (a), (b) or (c) above, or if you terminate your
employment by reason of the Company’s breach of paragraph 3 (a) above, then you
shall be entitled to:

(i)                                  payment of your then current base salary through
the date of termination;

(ii)                               payment of your pro-rated Target Bonus for
the calendar year in which your employment is terminated;

(iii)                            payment of an amount equal to one and a half
(1-1/2) times your then current base salary and Target Bonus, if your
employment is terminated under this paragraph 4(d) at any time prior to the
expiration of the Term;

(iv)                           vesting of equity awards as if you had
remained employed through the end of the calendar year in which your employment
is terminated or, if your employment is terminated in December of a year, for
one additional 

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calendar year, subject to
the other terms and conditions of the applicable equity awards; and

(v)                                 continued participation in Company-sponsored
medical plans in which you were participating on the date of termination,
through either (a) the longer of the end of the Term or 12 months from the date
of termination of your employment, or (b) until you receive coverage through
another employer, whichever first occurs.

Any change of your principal
place of employment (base location) from New York, New York or any adverse
change in the scope of your job responsibilities or reporting relationship, in
any case without your consent, shall be deemed a constructive termination of
your employment by the Company for purposes of, and upon such termination of
employment (by you or by the Company) you shall be entitled to, the payments
and benefits provided for above.  All
payments under this paragraph 4(d) shall be conditioned upon your execution of
a release agreement in the Company’s customary form or otherwise acceptable to
the Company.

(e) Notwithstanding anything in this Agreement to the contrary, in the
event that the Company adopts a severance plan applicable to comparable
executives which provides for payments or benefits which are more favorable to executives
than the provisions of this Agreement, then you shall automatically be entitled
to such more favorable payments or benefits, subject to the terms and
conditions of such plan, unless you otherwise agree in writing after adoption
of any such plan.

5.
                                    (a) You have previously received a copy of
the Company’s Code of Ethics and Business Conduct.  You agree to abide by the provisions of this Code
(as amended and posted on the Company’s website from time to time) at all times
during your employment by the Company.

(b) You will not during the term of your employment and for a period of
one year thereafter, directly or indirectly, induce or attempt to induce any
managerial, sales or supervising employee of the Company or its affiliates to
render services to any other person, firm or corporation.

(c) You acknowledge that the relationship between the parties hereto is
exclusively that of employer and employee and that the Company’s obligations to
you are exclusively contractual in nature. 
The Company shall be the sole owner of all the fruits and proceeds of
your services hereunder, including, but not limited to, all ideas, concepts,
formats, suggestions, developments, arrangements, designs, packages, programs,
promotions and other intellectual properties which you may create in connection
with and during your term of your employment hereunder, free and clear of any
claims by you (or anyone claiming under you) of any kind or character
whatsoever (other than your right to compensation hereunder).  You shall, at the request of the Company,
execute such assignments, certificates or other instruments as the Company may
from time to time deem necessary or desirable to evidence, establish, maintain,
perfect, protect, enforce or defend its right, title and interest in or to any
such properties.

 4
 

(d) All memoranda, notes, records and other documents made or compiled
by you, or made available to you during the term of this Agreement concerning
the business of the Company or it affiliates shall be the Company’s property
and shall be delivered to the Company on the termination of this Agreement or
at any other time on request.  You shall
keep in confidence and shall not use for yourself or others, or divulge to
others, any information concerning the business not publicly available and
which is obtained by you as a result of your employment, including but not
limited to, trade secrets or processes and information deemed by the Company to
be proprietary in nature, unless disclosure is permitted by the Company or
required by law.

(e) The Company shall have the right to use your name, biography and
likeness in connection with its business, including in advertising its products
and services, and may grant this right to others, but not for use as a direct
endorsement.

(f) The covenants set forth in sub paragraphs (b), (c) and (d) above
shall survive the termination of this Agreement.

6.                                       The services to be furnished by you hereunder
and the rights and privileges granted to the Company by you are of a special,
unique, unusual, extraordinary, and intellectual character which gives them a
peculiar value, the loss of which cannot be reasonably or adequately compensated
in damages in any action or law, and a breach by you of any of the provisions
contained herein will cause the Company irreparable injury and damage.  You expressly agree that the Company shall be
entitled to seek injunctive and other equitable relief, to prevent a breach of
this Agreement by you.  Resort to
equitable relief however, shall not be construed as a waiver of any preceding
or succeeding breach of the same or any other term or provision.  The various rights and remedies of the
Company hereunder shall be construed to be cumulative and no one of them shall
be exclusive to any other or of any other or of any right or remedy allowed by
law.

7.                                       In consideration of the making of the
Agreement, as well as of the other consideration stated herein, you expressly
agree that (a) the Company’s Employee Statements and Agreements and Mutual
Agreement to Arbitrate Claims (copies of which you have received and which are
incorporated herein by reference) shall apply to this Agreement; and (b) if you
continue in the employ of the Company after the end of the Term, your
employment shall be at-will and shall otherwise be in accordance with the
provisions of this Agreement and such then existing Company policies as may
then be in effect applicable to comparable executives of the Company.

8.                                       This Agreement shall be governed by the laws
of the State of New York applicable to contracts performed entirely therein.

9.                                     This Agreement shall inure to the benefit of
the successors and general assigns of the Company and to the benefit of any
other corporation or entity which is a parent, subsidiary or affiliate of the
Company to which this Agreement is assigned, and any other corporation or
entity into which the Company may be merged or with which it may be
consolidated.  Except as herein provided,
this Agreement shall be nonassignable.

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  Sincerely,

  
	
   

  	
   

  
	
   

  	
  The DIRECTV
  Group, Inc.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Chase Carey

  	
   

  
	
   

  	
   

  	
  Chase Carey

  
	
   

  	
   

  	
  President and
  CEO

  
	
   

  
	
  THE FOREGOING IS
  AGREED TO:

  
	
   

  
	
  /s/ Bruce Churchill

  	
   

  
	
  Bruce Churchill

  
	
   

  
	
        February
  8, 2007

  	
   

  
	
  Date

  
					

 

 6

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