Time Warner's Bewkes to get up to $10.25 million in '08

NEW YORK (Reuters) - Jeffrey Bewkes, who is taking over as chief executive of Time Warner Inc, stands to earn as much as $10.25 million in 2008, the media conglomerate said in a filing with U.S. securities regulators on Friday.

Bewkes is set to earn a minimum annual salary of $1.75 million starting in 2008, when he will succeed Richard Parsons as CEO, according to the filing with the U.S. Securities and Exchange Commission.

That amount could increase to $2 million if Bewkes becomes chairman as well. He also has an annual discretionary cash bonus with a target amount of $8.5 million beginning in 2008, Time Warner said.

Parsons will get a minimum annual salary of $1.5 million because he is remaining chairman of the board, with his new contract to expire on December 31, 2008.

He is eligible to receive a discretionary cash bonus with a target amount of $2.9 million, and a long-term incentive compensation plan of stock options and restricted stock units with a target value of $3.2 million, according to the filing.

Bewkes will receive a grant of 950,000 options for shares of Time Warner common stock, as well as 250,000 target performance stock units, the company said.

If Bewkes does not succeed Parsons as chairman by the beginning of 2009, he may elect to quit. He would receive two years' annual salary and cash bonus calculated as the average of the two highest bonuses paid while he was chief executive.

Time Warner's incoming chief financial officer, John Martin, will get a minimum annual salary of $1 million, a cash bonus with a target amount of $2 million and long-term incentive compensation with a target value of $3 million.

(Reporting by Robert MacMillan)