Incoming Time Warner Cable CEO could exit with $50 million-plus after deal

(Reuters) - Time Warner Cable Inc, being circled by potential buyers, could pay out more than $50 million to incoming Chief Executive Robert Marcus as part of his contract, if the company is bought while he is CEO and he gets replaced. For Marcus to receive the money upon his departure, Time Warner Cable would have to see a change in control from "an applicable merger, acquisition, sale or other agreement," once he is CEO, according to an employment agreement outlined in a regulatory filing. Based on Time Warner Cable's closing price of $136.56 on Tuesday, Marcus would be able to cash out of roughly $37 million in stock, according to a proxy filing. A change-in-control agreement is common in employment contracts for CEOs, according to Daniel Laddin, a partner at Compensation Advisory Partners, which consults on executive compensation.

via Business News - Yahoo Finance http://finance.yahoo.com/news/incoming-time-warner-cable-ceo-191236444.html