UPDATE, 2:57 PM: CEO Michael White has a sweet new deal according to the details included in DirecTV’s SEC filing. Although he technically serves at the pleasure of the board, not for a fixed term, the conditions protect him — and give him incentives to stay — to the end of 2015. This month he’ll receive a non-qualified stock option award valued at $12M based on DirecTV’s closing price this Wednesday, the day after it reports Q3 earnings. He can exercise them at the end of 2015. In addition, White will receive $1.7M in annual base salary, a performance-based bonus targeted at twice his salary, and annual equity awards. The document also ensures that he’ll be taken care of if there’s a change in control.
PREVIOUS, 11:54 AM: The announcement about Michael White’s agreement to stay is a little unusual: Although he’ll stay past the January 1 expiration of his three-year contract, there’s no word about a new contract, how long he’ll be around, and how much he’ll be paid. DirecTV says details will come later in an SEC filing. White says that he’s “grateful for the opportunity to continue to lead DirecTV…at this exciting and challenging time.” He adds that he remains “fully committed to continue increasing value for our shareholders by providing the best video experience for all of our customers.” The board’s lead independent director, Neil Austrian, says that White has “kept us on a course to continue serving the long-term interests of shareholders.” DirecTV stock has appreciated 52.4% since White took charge. He had a compensation package in 2011 of $5.9M, down from $32.9M the previous year which included special stock and option awards. The company will report its Q3 earnings on Tuesday.