The chief executive of Molson will get C$3m (US$2.3m) under the terms of the brewer's merger with Coors, according to a regulatory filing.

A proxy statement filed late last week with the Securities and Exchange Commission showed that Daniel J. O'Neill, who will be vice chairman of the combined company, will get the C$3m for giving up three years' salary and other benefits, which he would have been due under a merger transaction as part of his 1999 employment agreement.

O'Neill will also receive a payout of deferred share units granted to him in March. The merger-related filing did not say how many units O'Neill received earlier this year.

According to the proxy, Coors' change-of-control agreements with its top two executives entitle them to leave the combined Molson-Coors company with three years' worth of salary and bonus under some circumstances for two years following a change of control of the company.

The events that could trigger the payments include termination without cause, resignation for good reason or resignation during a 30-day period beginning one year after the change of control, according to the filing.