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DTV » Topics » Retirement and Release Agreement with Mr. Hartenstein

This excerpt taken from the DTV DEF 14A filed Apr 29, 2005.

Retirement and Release Agreement with Mr. Hartenstein

 

On December 31, 2004, Mr. Hartenstein retired from the Board of Directors of the Company and as Vice Chairman. In connection with his retirement, the Company and Mr. Hartenstein agreed that Mr. Hartenstein’s employment agreement dated as of January 1, 2004 would terminate at December 31, 2004, rather than continuing through its entire three-year term. Also, the Company and Mr. Hartenstein entered into a Retirement and Release Agreement, which provided, among other things, for payment to Mr. Hartenstein of $12 million on December 31, 2004, in settlement of his rights to an annual bonus for 2004, severance, reimbursement of outplacement and payments in respect of Long Term Achievement Plan awards and restricted stock units awarded under the Company’s stock incentive plans.

 

Mr. Hartenstein agreed to a customary release of claims and affirmed his continuing non-compete and confidentiality obligations under his agreements with the Company.

 

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