Time Warner Cable said in a Securities and Exchange Commission filing late Thursday that it has amended chairman and CEO Glenn Britt's employment agreement, boosting the long-time cable executive's annual compensation to between $17 million and $20.125 million, starting next year.
According to the document, Britt's annual base salary will rise to $1.25 million from $1 million. In addition, Britt is entitled to an annual target bonus of up to 500% of his base salary (with a maximum of 150% of the target) that is valued at between $6.25 million and $9.375 million.
Britt also is entitled to long-term incentive compensation of $7.5 million beginning in 2010 and stock awards of up to $2 million. All together, the package is worth between $17 million and $20.125 million.
According to Time Warner Cable's latest proxy statement, Britt received $14.6 million in total compensation in 2008. Britt's new deal expires on Dec. 31, 2012.