NEW YORK (TheStreet) -- Jeff Bewkes may have made most Time Warner (TWX) employees happy by fighting off Rupert Murdoch's aggressive effort to buy the company.
However, he and his top executives left money on the table -- a lot of it.
An inspection of executive share holdings and contract stipulations in an April proxy filing shows that many of Bewkes' colleagues stood to gain handsomely had Murdoch and 21st Century Fox (FOXA) been successful at executing a merger.
Chairman and CEO Bewkes would have received the largest windfall. As of late February, the CEO of six years held 225,517 Time Warner shares owned outright which, if exchanged at Fox's 40% cash and 60% stock offer, would have totaled $16.3 million in cash and $26.5 million in non-voting Fox stock.
The cash-and-stock offer Fox originally proposed consisted of a combination of 1.531 a share of Fox's common non-voting stock and $32.42 per share in cash, valuing the proposed deal at about $80 billion, or $85 a share for Time Warner, which owns to HBO, CNN and the Warner Bros. film studio.
Additionally, according to the company's most recent proxy filed in April, Bewkes would have been eligible to receive "parachute payments" under a 'Change in Control' clause that totaled $78.8 million in equity awards through stock options and so-called restricted stock units. For those keeping score, that's $95.1 million in cash and $26.5 million in Fox stock, so far.