DTV » Topics » The DIRECTV Group Inc. 2005 Equity Program
This excerpt taken from the DTV 8-K filed Feb 15, 2005.
The DIRECTV Group Inc. 2005 Equity Program
Award Terms and Conditions (continued)
Term or Concept
Your award becomes taxable at the time of vesting, which is when youll receive your shares of DTV stock if the performance goals are met.
The withholding taxes are due upon vesting, whether or not you sell your shares. The company will withhold shares of stock to satisfy the required tax withholdings, so you will receive shares
Please consult with your personal tax or financial advisor for more information regarding the tax consequences of your award.
Continuance of Employment
Except as otherwise provided in the Impact of Termination section below, your continued employment or service through the Vesting Date is required as a condition to the vesting of
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 vesting or avoid or mitigate a termination of rights and benefits upon or
following a termination of employment or services as provided below or under the Plan.
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 unvested awards.
Termination Without Cause (e.g.,
Due to L.T. Disability or Death
You are eligible for a pro-rated award based on the number of full calendar years of service completed during the Performance Period and on plan performance assessed at the end of Performance
Any vested shares 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 or the Committee shall not be considered a termination of employment by the Company
only if reemployment upon the expiration of such leave is required by contract or law, or such leave is for a period of not more than 90 days.