Document:

exhibit_10-2.htm

    
      

      

    

    EXHIBIT
      10.2

    

    THE
      DIRECTV GROUP, INC.

    

    PERFORMANCE
      STOCK UNIT AWARD AGREEMENT

    

    

    

    THIS
      PERFORMANCE STOCK UNIT
      AWARD AGREEMENT (this “Agreement”), dated as of August
      13, 2007 (“Effective Date”), is entered into between The
      DIRECTV Group, Inc., a Delaware corporation (“DIRECTV”), and
      Chase Carey (“Executive”).

    

    WHEREAS,
      at its
      meeting on August 8, 2007, the Compensation Committee of DIRECTV’s Board of
      Directors (the “Committee”) approved the grant to Executive of
      restricted stock units (the “Stock Units”), upon the terms and
      conditions set forth herein and subject to the terms and conditions of the
      Amended and Restated 2004 Stock Plan of DIRECTV (as it may be amended from
      time
      to time, the “Plan”); and

    

    WHEREAS,
      at its
      meeting on August 8, 2007, the Board of Directors of DIRECTV
      (“Board”) ratified  the grant to Executive, effective
      as of the Effective Date, of the Stock Units, upon the terms and conditions
      set
      forth herein and subject to the terms and conditions of the Plan;
      and

    

    WHEREAS,
      the Committee
      and the Board each has also approved the terms and conditions of an employment
      agreement with Executive effective as of August 9, 2007 (such agreement, as
      it
      may be amended from time to time, is referred to herein as the
“Employment Agreement”); and

    

    WHEREAS,
      both the Committee and the Board authorized the Chairman of the Committee to
      execute this Agreement on behalf of DIRECTV, in accordance with the resolutions
      adopted by each of the Committee and the Board at their respective meetings
      on
      August 8, 2007.

    

    NOW
      THEREFORE, in
      consideration of services rendered and to the rendered by Executive, and the
      mutual promises made herein and the mutual benefits to be derived therefrom,
      DIRECTV and Executive agree as follows:

    

    1.           Defined
      Terms.  Any capitalized term used herein and not
      otherwise defined herein shall have the meaning assigned to such term in the
      Plan.  Whenever the following words or phrases are used herein with
      the first letter capitalized, they shall have the respective meaning specified
      below:

    

    “Award”
means
      the
      grant to Executive of Stock Units pursuant to this Agreement and the
      Plan.

    

    “AnnualPerformance
      Factor” means the factor determined annually with respect to the
      Performance Measures pursuant to Exhibit A hereto and used to compute the Final
      Performance Factor.

    

    “Company”
means
      DIRECTV and its Subsidiaries.

    

    “Early
      Vesting Date”
means Executive’s Termination Date if Executive is terminated without Cause (as
      defined in the Employment Agreement), or if Executive’s employment is terminated
      due to his resignation for an Effective Termination (as defined in the
      Employment Agreement), or due to his death or Disability (as defined in the
      Employment Agreement) in each case prior to the Vesting Date.

    

    “Final
      Performance
      Factor” means the final performance factor determined as of the Vesting
      Date pursuant to Exhibit A hereto and used to establish the number of Stock
      Units (if any) which shall vest under this Agreement.

    

    “Performance
      Measure”
means one of the three performance measures established by the Committee
      in
      accordance with Section 10 of the Plan for the Performance Period and set forth
      in Exhibit A hereto.

    

    “Performance
      Period”
means the period beginning on January 1, 2008 and ending on December
      31,
      2010.

    

    “Termination
      Date”
means the date on which Executive’s employment with the Company terminates, if
      prior to the Vesting Date.

    

    “Vesting
      Date” means
      December 31, 2010.

    

    2.           Grant.  Subject
      to the terms of this Agreement and the Plan, DIRECTV hereby grants to Executive
      a Stock Unit Award with respect to an aggregate of Four Hundred Twenty-Eight
      Thousand Nine Hundred (428,900) Stock Units (subject to adjustment as provided
      in Section 14 of the Plan).  As used herein, the term “Stock Unit”
shall mean a non-voting unit of measurement which is deemed for bookkeeping
      purposes to be equivalent to one outstanding share of DIRECTV’s Common Stock
      (subject to adjustment as provided in Section 14 of the Plan) solely for
      purposes of the Plan and this Agreement.  The Stock Units shall be
      used solely as a device for the determination of the payment to be made to
      Executive if such Stock Units vest pursuant to Section 3 or Section
      7.  The Stock Units shall not be treated as property or as a trust
      fund of any kind.  This Award is intended to be a Performance-Based
      Award, as defined in Section 10 of the Plan.

    

    3.           Performance
      Based Vesting.  Subject to Section 7, as of the Vesting
      Date, the Award shall vest and become nonforfeitable with respect to that number
      of Stock Units determined by multiplying the Final Performance Factor times
      the
      total number of Stock Units comprising the Award (subject to adjustment under
      Section 14 of the Plan).

    

    4.           Continuance
      of Employment.  Except as otherwise provided in Section 7
      or pursuant to the Plan or the Employment Agreement, Executive’s continued
      employment or service through the Vesting Date is required as a condition to
      the
      vesting of the Award and the rights and benefits under this
      Agreement.  Partial employment or service, even if substantial, during
      the Performance Period will not entitle Executive to any proportionate vesting
      or avoid or mitigate a termination of rights and benefits upon or following
      a
      termination of employment or services, except as otherwise provided in Section
      7
      below or under the Plan or the Employment Agreement.

    

    5.           Limitations
      on Rights Associated with Stock Units.  Executive shall
      have no rights as a stockholder of DIRECTV, no dividend rights (except as
      expressly provided in Section 8(c) with respect to Dividend Equivalents) and
      no
      voting rights, with respect to the Stock Units and any shares of Common Stock
      underlying or issuable in respect of such Stock Units, until such shares of
      Common Stock are actually issued to and held of record by
      Executive.  No adjustments will be made for dividends or other rights
      of a holder for which the record date is prior to the date of issuance of the
      shares of Common Stock, except as otherwise provided in Section
      8(c).

    

    6.           Restrictions
      on Transfer.  Neither the Stock Units nor any interest
      therein or amount or shares payable in respect thereof may be sold, assigned,
      transferred, pledged or otherwise disposed of, alienated or encumbered, either
      voluntarily or involuntarily.  The transfer restrictions in the
      preceding sentence shall not apply to (a) transfers to DIRECTV, (b) transfers
      by
      will or the laws of descent and distribution, or (c) transfers permitted under
      Section 15(i) of the Plan.

    

    7.           Effect
      of Termination of Employment on Vesting.  If DIRECTV
      terminates Executive’s employment for Cause (as defined in the Employment
      Agreement) or if Executive’s employment terminates other than due to his death,
      Disability (as defined in the Employment Agreement) or termination without
      Cause
      (as defined in the Employment Agreement) or resignation by Executive for an
      Effective Termination (as defined in the Employment Agreement), the Award of
      Stock Units hereunder and all other rights and benefits of Executive under
      this
      Agreement shall terminate on Executive’s Termination Date, unless otherwise
      approved by the Committee.  If DIRECTV terminates Executive’s
      employment without Cause or if Executive’s employment terminates due to his
      death or Disability, or due to his resignation for an Effective Termination,
      prior to the Vesting Date, the Award shall immediately vest on the Early Vesting
      Date as to the total number of Stock Units comprising the Award (subject to
      Section 14 of the Plan) without regard to the level of performance with respect
      to the Performance Measures.

    

    
      	
              8.  

            	
              Timing
                and Manner of Distribution with Respect to Stock
                Units.

            

    

    

    
      	
              (a)  

            	
              Determination
                of Number of Vested Stock
                Units.

            

    

    

    On
      or
      prior to the last day of February in each of 2009 and 2010, the Committee shall
      determine the Annual Performance Factor for the immediately preceding fiscal
      year, in accordance with Exhibit A and the Plan.  As soon as
      practicable after the Vesting Date, the Committee shall determine the Annual
      Performance Factor for the 2010 fiscal year and shall determine the Final
      Performance Factor, in accordance with Exhibit A and the Plan.  The
      Final Performance Factor, as so determined by the Committee, shall be multiplied
      by the total number of Stock Units comprising this Award to determine the number
      of Stock Units that have become vested as of the Vesting Date.  In the
      case of an Early Vesting Date, the number of vested Stock Units shall be as
      provided in Section 7.

    

    
      	
              (b)  

            	
              Timing
                and Manner of
                Distribution.

            

    

    

    As
      soon
      as administratively practicable following the determination by the Committee
      under Section 8(a) (or, if applicable, Section 7), DIRECTV shall deliver to
      Executive the number of shares of Common Stock equal to the number of vested
      Stock Units subject to this Award (subject to Section 14 of the Plan and subject
      to Sections 8(e) and 12 below).

    

    
      	
              (c)  

            	
              Dividend
                Equivalents.

            

    

    

    As
      of the
      Vesting Date (or, if applicable, the Early Vesting Date) Executive shall be
      entitled to payment for Dividend Equivalents (if any) with respect to vested
      Stock Units.  For purposes of this Agreement, “Dividend
      Equivalents” means the aggregate amount of dividends paid by DIRECTV on
      the number of shares of Common Stock equivalent to the number of Stock Units
      that become vested during the period from the Effective Date until the date
      the
      shares of DIRECTV Common Stock associated with the vested Stock Units are issued
      or the cash amount paid (without interest or other adjustments to reflect the
      time value of money but subject to adjustment pursuant to Section 14 of the
      Plan).  Dividend Equivalents (if any) will be paid at the same time as
      the shares of DIRECTV Common Stock associated the vested Stock Units to which
      they relate are issued or the cash amount provided for in Section 8(e) is
      paid.  Dividend Equivalents shall be paid in cash except as otherwise
      provided in Section 8(f).

    

    
      	
              (d)  

            	
              Termination
                of Stock Units.

            

    

    

    To
      the
      extent that any Stock Units fail to vest as of the Vesting Date, or if the
      Award
      has terminated pursuant to Section 7, such unvested Stock Units shall
      immediately terminate without payment.  Executive shall have no
      further rights with respect to such terminated Stock Units.

    

    
      	
              (e)  

            	
              Payment
                of Cash in Lieu of Common
                Stock.

            

    

    

    Notwithstanding
      anything in Section 8(b) to the contrary, the Committee, in its sole discretion,
      may elect to cause the Company to pay cash in an amount equal to the Fair Market
      Value of the vested Stock Units, determined as of the date on which the shares
      of Common Stock would otherwise have been issued pursuant to Section 8(b) and
      payable within ten business days after such date.

    

    
      	
              (f)  

            	
              Payment
                of Common Stock in Lieu of Cash for Dividend
                Equivalents

            

    

    

    Notwithstanding
      anything in Section 8(c) to the contrary, the Committee, in its sole discretion,
      may elect to cause the Company to pay Dividend Equivalents (if any) in shares
      of
      Common Stock in lieu of cash, if and to the extent that DIRECTV issues shares
      of
      Common Stock to Executive in respect of the vested Stock Units pursuant to
      Section 8(b).  The number of shares of Common Stock payable as
      Dividend Equivalents will be determined by (i) determining the aggregate cash
      amount of Dividend Equivalents payable, and (ii) dividing such amount by the
      Fair Market Value of a share of Common Stock at the same date on which the
      Fair
      Market Value of shares of Common Stock associated with the vested Stock Units
      are established.

    

    9.           Adjustments
      Upon Specified Events.  As provided in Section 14 of the
      Plan, upon the occurrence of certain events relating to or affecting the Common
      Stock as contemplated by Section 14 of the Plan, the Committee shall, in such
      manner, to such extent (if any) and at such times as it deems appropriate and
      equitable in the circumstances, make adjustments in the number of Stock Units
      and the number and type of shares of Common Stock (or other securities or
      property) that may be issued in respect of the Award or provide for a cash
      payment or the assumption, substitution or exchange of the Award or the shares
      of Common Stock or other securities subject to the Award, based upon the
      distribution or consideration payable to holders of Common Stock
      generally.  All rights of Executive hereunder are subject to such
      adjustments and other provisions of the Plan.

    

    10.           Possible
      Early Termination of Award.  As permitted by Section 14
      of the Plan, and without limiting the authority of the Committee under any
      of
      the provisions of Section 14 of the Plan, the Committee retains the right to
      terminate all or any portion of the Award upon a dissolution of DIRECTV or
      a
      reorganization event or transaction in which DIRECTV does not survive (or does
      not survive as a public company in respect of its outstanding Common
      Stock).  This Section 10 is not intended to prevent future vesting
      (including provision for future vesting) if the Award (or a substituted Award)
      remains outstanding following a transaction described in Section 14 of the
      Plan.

    

    11.           Leaves
      of Absence.  Absence from work caused by authorized sick
      leave or other leave approved in writing by DIRECTV or the Committee shall
      not
      be considered a termination of employment by DIRECTV for purposes of Section
      7,
      unless otherwise determined by the Committee.

    

    
      	
              12.  

            	
              Limitations
                on Acceleration; Reduction in Benefits;
                Deferral.

            

    

    

    
      	
              (a)  

            	
              Limitation
                on Acceleration.

            

    

    

    Notwithstanding
      anything contained herein or in the Plan or any other agreement to the contrary,
      in no event shall the vesting of the Award be accelerated pursuant to this
      Agreement or Section 14 of the Plan to the extent that DIRECTV would be denied
      a
      federal income tax deduction for such vesting because of Section 280G of the
      Code and, in such circumstances, the Award will continue to vest in accordance
      with and subject to the other provisions hereof.

    

    

    

    

    
      	
              (b)  

            	
              Reduction
                in Benefits.

            

    

    

    If
      Executive would be entitled to benefits, payments or coverage hereunder and
      under any other plan, program or agreement which would constitute “parachute
      payments”, then, notwithstanding any other provision hereof or of any other
      existing agreement to the contrary, Executive may by written notice to the
      Secretary of DIRECTV designate the order in which such “parachute payments”
shall be reduced or modified so that DIRECTV is not denied federal income tax
      deductions for any “parachute payments” because of Section 280G of the
      Code.

    

    
      	
              (c)  

            	
              Determination
                of Limitations.

            

    

    

    The
      term
“parachute payments” shall have the meaning set forth in and be determined in
      accordance with Section 280G of the Code and regulations issued
      thereunder.  All determinations required by this Section 12, including
      without limitation the determination of whether any benefit, payment or coverage
      would constitute a parachute payment, the calculation of the value of any
      parachute payment and the determination of the extent to which any parachute
      payment would be nondeductible for federal income tax purposes because of
      Section 280G of the Code, shall be made by an independent accounting firm (other
      than DIRECTV’s outside auditing firm) having nationally recognized expertise in
      such matters selected by the Committee and reasonably acceptable to
      Executive.  Any such determination by such accounting firm shall be
      binding on DIRECTV and Executive.

    

    (d)           Section
      409A of the Code.

    

    Notwithstanding
      anything herein to the contrary, (i) if, at the time of Executive’s termination
      of employment with DIRECTV, Executive is a “specified employee” as defined in
      Section 409A of the Code, and the deferral of the commencement of any payments
      or other consideration otherwise payable hereunder as a result of such
      termination of employment is necessary in order to prevent the imposition of
      any
      accelerated or additional tax under Section 409A of the Code, then DIRECTV
      will
      defer the commencement of the payment of any such payments or other
      consideration hereunder (without any reduction in such payments or other
      consideration ultimately paid or provided to Executive) until the date that
      is
      six months following Executive’s termination of employment with DIRECTV (or the
      earliest date as is permitted under Section 409A of the Code) and (ii) if any
      other payments of money or other consideration due to Executive hereunder would
      cause the application of an accelerated or additional tax under Section 409A
      of
      the Code, such payments or other consideration shall be deferred if deferral
      will make such payment or other consideration compliant under Section 409A
      of
      the Code, or otherwise such payment or other benefits shall be restructured,
      to
      the extent possible in a manner, determined by the Committee or the Board,
      that
      does not cause such an accelerated or additional tax or result in an additional
      cost to DIRECTV.  DIRECTV shall consult with its legal counsel and tax
      accountants in good faith regarding the implementation of the provisions of
      this
      Section 12(d), which shall be done only in a manner that is reasonably
      acceptable to Executive; provided, however, that neither DIRECTV, any
      subsidiary or other affiliate of DIRECTV, nor any of their employees or
      representatives shall have any liability to Executive with respect
      thereto.

    

    13.           Executive
      Not a Shareholder.  Neither Executive nor any Beneficiary
      or Personal Representative of Executive shall have any of the rights or
      privileges of a stockholder of DIRECTV as to any shares of Common Stock subject
      to the Award until the issuance and delivery to him or such other person of
      a
      certificate (or book entry in lieu thereof) evidencing the shares registered
      in
      his or such other person’s name.  No adjustment will be made for
      dividends or other rights as a stockholder as to which the record date is prior
      to such date of delivery, except as otherwise provided in Section 8(c) or as
      otherwise approved by the Committee.

    

    14.           No
      Guarantee of Continued Service.  Nothing contained in
      this Agreement or the Plan constitutes an employment or service commitment
      by
      DIRECTV or confers upon Executive any right to remain employed by DIRECTV,
      interferes in any way with the right of DIRECTV at any time to terminate such
      employment or affects the right of DIRECTV to increase or decrease Executive’s
      other compensation or benefits.  Nothing in this Section 14, however,
      is intended to adversely affect any independent contractual right of Executive
      under the Employment Agreement (or any other agreement between DIRECTV and
      Executive) without his consent thereto.

    

    15.           Notices.  Any
      notice to be given under the terms of this Agreement shall be in writing and
      addressed: to DIRECTV at 2230 East Imperial Highway, El Segundo, California
      90245, to the attention of the Corporate Secretary; and to Executive at the
      address given beneath Executive’s signature hereto, or at such other address as
      either party may hereafter designate in writing to the other.

    

    16.           Effect
      of Agreement.  This Agreement shall be binding upon and
      inure to the benefit of any successor or successors of DIRECTV, except to the
      extent the Committee determines otherwise.

    

    17.           Entire
      Agreement; Governing Law.  The Plan is incorporated
      herein and made a part hereof by this reference.  Subject to Section
      19 below, the Plan and this Agreement constitute the entire agreement of the
      parties with respect to the subject matter hereof and supersede in their
      entirety all prior undertakings and agreements of DIRECTV and Executive with
      respect to the subject matter hereof.  The construction,
      interpretation, performance and enforcement of this Agreement and the Award
      shall be governed by the internal substantive laws, but not the choice of law
      rules, of the State of Delaware.

    

    18.           Plan.  The
      Award and all rights of Executive with respect thereto are subject to, and
      Executive agrees to be bound by, all of the terms and conditions of the
      provisions of the Plan, to the extent such provisions are applicable to Awards
      granted to Eligible Persons.  Executive acknowledges receipt of a copy
      of the Plan, and agrees to be bound by the terms thereof.  Unless
      otherwise expressly provided in other Sections of this Agreement, provisions
      of
      the Plan that confer discretionary authority on the Committee do not (and shall
      not be deemed to) create any rights in Executive unless such rights are
      expressly set forth herein or are otherwise in the sole discretion of the
      Committee specifically so conferred by appropriate action of the Committee
      under
      the Plan after the date hereof.

    

    19.           Employment
      Agreement.  If any provision of this Agreement is
      inconsistent with any provision of the Employment Agreement, the provisions
      of
      the Employment Agreement shall control.

    

    20.           Tax
      Withholding.  Upon the distribution of shares of the
      Common Stock in respect of the Stock Units or Dividend Equivalents, or payment
      of cash in respect of the Stock Units or Dividend Equivalents, if any, pursuant
      to Section 8(c) or otherwise in accordance with the Plan, DIRECTV shall have
      the
      right at its option to (a) require Executive to pay or provide for payment
      in
      cash of the amount of any taxes that DIRECTV may be required to withhold with
      respect to such distribution, or (b) deduct from any amount payable to Executive
      the amount of any taxes which DIRECTV may be required to withhold with respect
      to such payment or distribution.  In any case where a tax is required
      to be withheld in connection with the delivery of shares of Common Stock or
      other payment under this Agreement, the Committee may, in its sole discretion,
      direct DIRECTV to reduce the number of shares of Common Stock to be delivered
      by
      (or otherwise reacquire) the appropriate number of shares of Common Stock,
      valued at their then Fair Market Value, to satisfy such withholding
      obligation.

    

    21.           Limitation
      on Executive’s Rights.  Participation in the Plan confers
      no rights or interests other than as herein provided.  This Agreement
      creates only a contractual obligation on the part of DIRECTV as to amounts
      payable and shall not be construed as creating a trust.  Neither the
      Plan nor any underlying program, in and of itself, has any
      assets.  Executive shall have only the rights of a general unsecured
      creditor of DIRECTV with respect to amounts credited and benefits payable in
      cash, if any, with respect to the Stock Units and the Dividend Equivalents
      (if
      any), and rights no greater than the right to receive the Common Stock (or
      equivalent value) as a general unsecured creditor with respect to Stock Units
      and the Dividend Equivalents (if any), as and when payable
      hereunder.

    

    22.           Amendment.  This
      Agreement may be amended in accordance with the terms of the
      Plan.  Any such amendment must be in writing and signed by
      DIRECTV.  The terms and conditions of this Agreement may not be
      restricted or limited by any amendment of this Agreement or the Plan without
      Executive’s consent.

    

    23.           Counterparts.  This
      Agreement may be executed in any number of counterparts, each of which shall
      be
      deemed an original but all of which together shall constitute one and the same
      instrument.

    

    24.           Section
      Headings.  The Section headings of this Agreement are for
      convenience of reference only and shall not be deemed to alter or affect any
      provision hereof.

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, DIRECTV has caused this Agreement to be executed on
      its behalf by the Chairman of its Compensation Committee and Executive has
      hereunto set his hand as of the date and year first above written.

    

    THE
      DIRECTV GROUP, INC.

    

    

    By:  /s/
      Charles R. Lee

    Charles
      R. Lee

    Chairman
      of the Compensation Committee

    

    

    

    EXECUTIVE:

    

    

    /s/
      Chase
      Carey                                                            

    Chase
      Carey

    61
      Summersweet Lane

    New
      Canaan, CT  06840exhibit_10-3.htm

    EXHIBIT
      10.3

    

    THE
      DIRECTV GROUP, INC.

    

    NON-QUALIFIED
      STOCK OPTION AGREEMENT

    

    

    

    THIS
      NON-QUALIFIED STOCK OPTION
      AGREEMENT (“Agreement”), dated as of August 13, 2007
      (“Effective Date”), is entered into between The DIRECTV Group,
      Inc. a Delaware corporation (“DIRECTV”), and Chase Carey
      (“Executive”).

    

    WHEREAS,
      at its
      meeting on August 8, 2007, the Compensation Committee of DIRECTV’s Board of
      Directors (the “Committee”) approved the grant to Executive of
      nonqualified stock options to purchase shares of DIRECTV’s common stock, $.01
      par value per share (the “Common Stock”), upon the terms and
      conditions set forth herein and subject to the terms and conditions of the
      Amended and Restated 2004 Stock Plan of DIRECTV (as it may be amended from
      time
      to time, the “Plan”); and

    

    WHEREAS,
      at its
      meeting on August 8, 2007, the Board of Directors of DIRECTV
      (“Board”) ratified the grant to Executive of the non-qualified
      stock options referred to above, upon the terms and conditions set forth herein
      and subject to the terms and conditions of the Plan; and

    

    WHEREAS,
      the Committee
      and the Board each has also approved the terms and conditions of an employment
      agreement with Executive effective as of August 9, 2007 (such agreement, as
      it
      may be amended from time to time, is referred to herein as the
“Employment Agreement”); and

    

    WHEREAS,
      both the
      Committee and the Board authorized the Chairman of the Committee to execute
      this
      Agreement on behalf of DIRECTV, in accordance with the resolutions adopted
      by
      each of the Committee and the Board at their respective meetings on August
      8,
      2007.

    

    NOW,
      THEREFORE, in
      consideration of the services rendered and to be rendered by Executive and
      the
      mutual promises made herein and the mutual benefits to be derived there from,
      DIRECTV and Executive agree as follows:

    

    1.  Defined
      Terms.  Any capitalized term used herein and not
      otherwise defined shall have the meaning assigned to such term in the
      Plan.

    

    2.  Grant
      of Options.  DIRECTV hereby grants to Executive the right
      and option to purchase, on the terms and conditions set forth herein, to the
      extent exercisable, all or any part of an aggregate of One Million Two
      Hundred-Nine Thousand Four Hundred (1,209,400) shares of Common Stock at a
      price
      (“Grant Price”) of $22.43 per share of Common Stock, subject to
      the provisions of this Agreement and the Plan (the
“Option”).

    

    3.  Exercisability
      of Option.  The Option shall vest and become exercisable
      as to one-third (rounded to the nearest whole share) of the aggregate number
      of
      shares of Common Stock subject to the Option (subject to adjustment as provided
      in Section 8 or in accordance with Section 14 of the Plan), on each of December
      31, 2008, 2009 and 2010, subject to the applicable provisions of the Plan and
      this Agreement.  The Option may be exercised only to the extent it
      shall have vested and is exercisable, and, during Executive’s lifetime, only by
      Executive.  In no event may the Executive exercise the Option, in
      whole or in part, after the tenth anniversary of the Effective Date (the
“Expiration Date”).

    

    (a)  Cumulative
      Exercisability.  To the extent Executive does not, at the
      time of a particular exercise, purchase all the shares of Common Stock that
      Executive may then purchase, Executive has the right cumulatively thereafter
      to
      purchase any of such shares of Common Stock not so purchased until the
      Expiration Date or, if applicable, the earlier termination of the
      Option.

    

    (b)  No
      Fractional Shares; Minimum Exercise.  Fractional share
      interests shall be disregarded, but may be cumulated.  No fewer than
      100 shares of Common Stock may be purchased at any one time, unless the number
      purchased is the total number at the time exercisable under the
      Option.

    

    4.  Exercise
      of Option.  To the extent vested and exercisable, the
      Option may be exercised by the delivery to DIRECTV of a written exercise notice
      stating the number of shares of Common Stock to be purchased pursuant to the
      Option accompanied by payment of the Grant Price multiplied by the aggregate
      number of shares of Common Stock to be purchased (such payment to be made in
      accordance with Section 5) and the payment or provision for any applicable
      employment or other taxes or withholding for taxes thereon.  Subject
      to Section 7 below, such Option shall be deemed to be exercised upon receipt
      and
      approval by DIRECTV of such written exercise notice accompanied by the aggregate
      Grant Price and any other payments so required, as permitted pursuant to Section
      5.

    

    5.  Method
      of Payment of Option.  Payment of the aggregate Grant
      Price shall be by any of the following, or a combination thereof, at the
      election of Executive:

    

    (a)  in
      cash
      or by electronic funds transfer, or by check payable to the order of DIRECTV,
      in
      the full amount of the purchase price of the shares of Common Stock so purchased
      and the amount (if any) required to satisfy any applicable withholding
      taxes;

    

    (b)  by
      delivery of shares of Common Stock that have been held by Executive for at
      least
      six months, in accordance with Section 7(e) of the Plan, subject to compliance
      with applicable law;

    

    (c)  payment
      may be made in accordance with the cashless exercise program, if any, of DIRECTV
      in effect at the time of exercise; or

    

    (d)  in
      a
      combination of payments under clauses (a), (b) and (c).

    

    Other
      payment methods may be permitted only if expressly authorized by the Committee
      consistent with the terms of the Plan.

    

    6.  Continuance
      of Employment Required.  The vesting schedule requires
      continued service through each applicable vesting date as a condition to the
      vesting of the applicable Option and rights and benefits under this Agreement
      except as otherwise provided in Section 7.  Partial service, even if
      substantial, during any vesting period will not entitle Executive to any
      proportionate vesting or avoid or mitigate a termination of rights and benefits
      upon or following a termination of employment or service except as provided
      in
      Section 7 or 9 below or under the Plan.

    

    7.  Effect
      of Termination of Employment on Exercise Period.  If
      Executive’s employment by DIRECTV terminates, the following provisions shall
      apply with respect to vesting and exercise of the Option after the date of
      such
      termination (the “Termination Date”), except that in no event
      may any portion of the Option be exercised after the Expiration
      Date:

    

    (a)  If
      DIRECTV terminates Executive’s employment without Cause (as defined in the
      Employment Agreement), or if Executive’s employment terminates as a result of
      Executive’s death or Disability (as defined in the Employment Agreement) or due
      to Executive’s resignation for an Effective Termination (as defined in the
      Employment Agreement) or due to Executive’s resignation or retirement at any
      time after December 31, 2010, all unvested Options shall vest as of the
      Termination Date and Executive (or Executive’s Personal Representative or
      Beneficiary, as the case may be) may exercise the Option, in whole or in part,
      at any time on or prior to the Expiration Date.

    

    (b)  If
      DIRECTV terminates Executive’s employment for Cause, or if Executive resigns
      prior to December 31, 2010, other than for an Effective Termination, any
      unexercised portion of the Option shall terminate as of the Termination
      Date.

    

    (c)  If,
      at
      any time after the Termination Date and during the applicable period specified
      in Section 4.1.1 (Non-Compete) and 4.1.3 (Non-Solicitation) of the Employment
      Agreement, Executive shall have breached any of the covenants set forth in
      such
      Sections of the Employment Agreement, any unexercised portion of the Option
      shall terminate as of the date of any such breach.

    

    8.  Adjustments
      Upon Specified Events.  As provided in Section 14 of the
      Plan, upon the occurrence of certain events relating to or affecting the Common
      Stock as contemplated by Section 14 of the Plan, the Committee shall, in such
      manner, to such extent (if any) and at such times as it deems appropriate and
      equitable in the circumstances, make adjustments in the number, amount and
      type
      of shares of Common Stock (or other securities or property) subject to the
      Option, the Grant Price and the securities deliverable upon exercise of the
      Option (or any combination thereof) or provide for a cash payment or the
      assumption, substitution or exchange of the Option or the shares or other
      securities subject to the Option, based upon the distribution or consideration
      payable to holders of Common Stock generally.  Without limiting the
      generality of the foregoing, in the event DIRECTV declares or distributes
      dividends to its shareholders prior to exercise of the Option in full, DIRECTV,
      through action of the Committee, shall appropriately adjust the Option or
      otherwise appropriately address the effects of any such
      dividends.  All rights of Executive hereunder are subject to such
      adjustments and other provisions of the Plan.

    

    9.  Possible
      Early Termination of Award.  As permitted by Section 14
      of the Plan, and without limiting the authority of the Committee under any
      of
      the provisions of Section 14 of the Plan, the Committee retains the right to
      terminate any portion or all of the Option, to the extent such Option has not
      vested, upon a dissolution of DIRECTV or a reorganization event or transaction
      in which DIRECTV does not survive (or does not survive as a public company
      in
      respect of its outstanding Common Stock).  This Section 9 is not
      intended to prevent future vesting (including provision for future vesting)
      if
      the Option (or a substituted Award) remains outstanding following a transaction
      described in Section 14 of the Plan.

    

    10.  Leaves
      of Absence.  Absence from work caused by authorized sick
      leave or other leave approved in writing by DIRECTV or the Committee shall
      not
      be considered a termination of employment by DIRECTV for purposes of Section
      7,
      unless otherwise determined by the Committee.

    

    11.  Limitations
      on Acceleration; Reduction in Benefits; Deferral.

    

    (a)  Limitation
      on Acceleration.  Notwithstanding anything contained
      herein or in the Plan or any other agreement to the contrary, in no event shall
      the vesting of the Option be accelerated pursuant to this Agreement or Section
      14 of the Plan to the extent that DIRECTV would be denied a federal income
      tax
      deduction for such vesting because of Section 280G of the Code and, in such
      circumstances, the Option will continue to vest in accordance with and subject
      to the other provisions hereof.

    

    (b)  Reduction
      in Benefits.  If Executive would be entitled to benefits,
      payments or coverage hereunder and under any other plan, program or agreement
      which would constitute “parachute payments”, then notwithstanding any other
      provision hereof or of any other existing agreement to the contrary, Executive
      may by written notice to the Secretary of DIRECTV designate the order in which
      such “parachute payments” shall be reduced or modified so that DIRECTV is not
      denied federal income tax deductions for any “parachute payments” because of
      Section 280G of the Code.

    

    (c)  Determination
      of Limitations.  The term “parachute payments” shall have
      the meaning set forth in and be determined in accordance with Section 280G
      of
      the Code and regulations issued thereunder.  All determinations
      required by this Section 11, including without limitation the determination
      of
      whether any benefit, payment or coverage would constitute a parachute payment,
      the calculation of the value of any parachute payment and the determination
      of
      the extent to which any parachute payment would be nondeductible for federal
      income tax purposes because of Section 280G of the Code, shall be made by an
      independent accounting firm (other than DIRECTV’s outside auditing firm) having
      nationally recognized expertise in such matters selected by the Committee and
      reasonably acceptable to Executive.  Any such determination by such
      accounting firm shall be binding on DIRECTV and Executive.

    

    (d)  Section
      409A of the Code.  Notwithstanding anything herein to the
      contrary, (i) if, at the time of Executive’s termination of employment with
      DIRECTV, Executive is a “specified employee” as defined in Section 409A of the
      Code, and the deferral of the commencement of any payments or benefits otherwise
      payable hereunder as a result of such termination of employment is necessary
      in
      order to prevent the imposition of any accelerated or additional tax under
      Section 409A of the Code, then DIRECTV will defer the commencement of the
      payment of any such payments or other consideration hereunder (without any
      reduction in such payments or other consideration ultimately paid or provided
      to
      Executive) until the date that is six months following Executive’s termination
      of employment with DIRECTV (or the earliest date as is permitted under Section
      409A of the Code) and (ii) if any other payments of money or other consideration
      due to Executive hereunder would cause the application of an accelerated or
      additional tax under Section 409A of the Code, such payments or other
      consideration shall be deferred if deferral will make such payment or other
      consideration compliant under Section 409A of the Code, or otherwise such
      payment or other consideration shall be restructured, to the extent possible,
      in
      a manner, determined by the Committee or the Board, that does not cause such
      an
      accelerated or additional tax or result in additional cost to
      DIRECTV.  DIRECTV shall consult with its legal counsel and tax
      accountants in good faith regarding the implementation of the provisions of
      this
      Section 11(d), which shall be done only in a manner that is reasonably
      acceptable to Executive; provided, however, that neither DIRECTV, any
      subsidiary or other affiliate of DIRECTV, nor any of their employees or
      representatives shall have any liability to the Executive with respect
      thereto.

    

    12.  Executive
      Not a Stockholder.  Neither Executive nor any other
      person entitled to exercise the Option shall have any of the rights or
      privileges of a stockholder of DIRECTV as to any shares of Common Stock subject
      to the Option until the issuance and delivery to him or such other person of
      a
      certificate (or book entry in lieu thereof) evidencing the shares of Common
      Stock registered in his or such other person’s name.  No adjustment
      will be made for dividends or other rights as a stockholder as to which the
      record date is prior to such date of delivery, except as otherwise provided
      in
      Section 8.

    

    13.  No
      Guarantee of Continued Service.  Nothing contained in
      this Agreement or the Plan constitutes an employment or service commitment
      by
      DIRECTV, confers upon Executive any right to remain employed by DIRECTV,
      interferes in any way with the right of DIRECTV at any time to terminate such
      employment or affects the right of DIRECTV to increase or decrease Executive’s
      other compensation or benefits.  Nothing in this Section 13, however,
      is intended to adversely affect any independent contractual right of Executive
      under the Employment Agreement (or any other agreement between DIRECTV and
      Executive) without his consent thereto.

    

    14.  Non-Transferability
      of Option.  The Option and any other rights of Executive
      under this Agreement or the Plan are nontransferable except as provided in
      Section 15(i) of the Plan.

    

    15.  Notices.  Any
      notice to be given under the terms of this Agreement shall be in writing and
      addressed: to DIRECTV at its office located at 2230 East Imperial Highway,
      El
      Segundo, California 90245, to the attention of the Corporate Secretary; and
      to
      Executive at the address given beneath Executive’s signature hereto, or at such
      other address as either party may hereafter designate in writing to the
      other.

    

    16.  Effect
      of Agreement.  This Agreement shall be binding upon and
      inure to the benefit of any successor or successors of DIRECTV, except to the
      extent the Committee determines otherwise.

    

    17.  Entire
      Agreement; Governing Law.  The Plan is incorporated
      herein and made a part hereof by this reference.  Subject to Section
      19 below, the Plan and this Agreement constitute the entire agreement of the
      parties with respect to the subject matter hereof and supersede in their
      entirety all prior undertakings and agreements of DIRECTV and Executive with
      respect to the subject matter hereof.  The construction,
      interpretation, performance and enforcement of this Agreement and the Option
      shall be governed by the internal substantive laws, but not the choice of law
      rules, of the State of Delaware.

    

    18.  Plan.  The
      Option and all rights of Executive with respect thereto are subject to, and
      Executive agrees to be bound by, all of the terms and conditions of the
      provisions of the Plan, to the extent such provisions are applicable to Awards
      granted to Eligible Persons.  Executive acknowledges receipt of a copy
      of the Plan and agrees to be bound by the terms thereof.  Unless
      otherwise expressly provided in other Sections of this Agreement, provisions
      of
      the Plan that confer discretionary authority on the Committee do not (and shall
      not be deemed to) create any rights in Executive unless such rights are
      expressly set forth herein or are otherwise in the sole discretion of the
      Committee specifically so conferred by appropriate action of the Committee
      under
      the Plan after the date hereof.

    

    19.  Employment
      Agreement.  If any provision of this Agreement is
      inconsistent with any provision of the Employment Agreement, the provisions
      of
      the Employment Agreement shall control.

    

    20.  Amendment.  This
      Agreement may be amended in accordance with the terms of the
      Plan.  Any such amendment must be in writing and signed by
      DIRECTV.  The terms and conditions of this Agreement may not be
      restricted or limited by any amendment of this Agreement or the Plan without
      Executive’s consent.

    

    21.  Counterparts.  This
      Agreement may be executed in any number of counterparts, each of which shall
      be
      deemed an original but all of which together shall constitute on and the same
      instrument.

    

    22.  Section
      Headings.  The Section headings of this Agreement are for
      convenience of reference only and shall not be deemed to alter or affect any
      provision hereof.

     

    IN
      WITNESS WHEREOF, DIRECTV has caused this Agreement to be executed on
      its behalf by the Chairman of its Compensation Committee and Executive has
      hereunto set his hand as of the date and year first written above.

    

    THE
      DIRECTV GROUP, INC.

    

    

    By:
      /s/ Charles R. Lee

    Charles
      R. Lee

    Chairman
      of the Compensation Committee

    

    

    

    EXECUTIVE:

    

    

    /s/
      Chase
      Carey                                                                      

    Chase
      Carey

    61
      Summersweet Lane

    New
      Canaan, CT  06840

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