Viacom Inc. said Wednesday that former president and chief executive Thomas E. Freston will receive about $58.9 million in termination payments as part of his separation agreement with the media company.

The agreement, entered Monday, confirms Mr. Freston’s resignation for “good reason,”according to a filing with the Securities and Exchange Commission.

The termination payments consist of Mr. Freston’s salary, deferred compensation and target bonus from his September 22 resignation date through June 30, 2009.

Mr. Freston will receive at least half of the termination payments after the six-month anniversary of the resignation date, with the balance to be paid in accordance with Viacom’s regular payroll practices through the 2009 date.

Viacom will also pay the former executive his salary and other benefits accrued through September 22,including about $7.4 million in deferred compensation and about $5.7 million for the balance of his 401(k) account.

The company said that Mr. Freston elected, under his 2004 employment agreement, to become an adviser to Viacom for three years, a service for which he’ll receive a $1 million-a-year fee.

Viacom said in Wednesday’s SEC filing that it expects to recognize a $10 million compensation expense related to 90,141 restricted stock units previously granted Mr. Freston that vested on his termination date.

The New York-based media and entertainment giant announced Mr. Freston’s resignation in September.

Viacom shares recently traded at $38.74 each, down 1 cent.