This excerpt taken from the DTV DEF 14A filed Apr 28, 2006.
Agreements with Former Executive Officers
On March 7, 2005, Mitchell Stern ceased to serve as President and Chief Executive Officer of DIRECTV Holdings LLC ("DIRECTV Holdings"), a wholly-owned subsidiary of the Company. Effective April 1, 2005, his employment under the employment agreement dated as of January 1, 2004, among the Company, DIRECTV Holdings and Mr. Stern terminated. Pursuant to his employment agreement and the related Performance Stock Unit Award Agreement between the Company and Mr. Stern dated as of March 16, 2004, Mr. Stern received the following in connection with the termination of his employment:
age 55, as if he had continued as an employee of the Company through that date, and (c) the pension and welfare benefits must, in the aggregate, be of no less value to Mr. Stern than those provided by News America Incorporated at January 1, 2004. Mr. Stern also received a single premium $2 million term life insurance policy with a term through the scheduled end of his employment agreement at a cost to the Company of $113,280. The policy was cancelled near the expiration of the first year of coverage, and a partial premium refund of approximately $64,000 was received by Mr. Stern.
Mr. Stern continues to be subject to certain confidentiality, non-hire and proprietary information provisions in his employment agreement and related agreements.