I don't know how
common it is for a licensee to share the profits with the copyright owner, but it could be a possible term agreed to by both.
The purchase of an
exclusive license in King's work would be prohibitively expensive for the average person, so if these rights were purchased, I imagine the licensee would probably want to keep all of the profits for himself.
What you would be looking at for your purposes, however, would be a
non-exclusive license, granting you the rights to use some of the copyrighted material in a limited way for your book, but without purchasing the copyright to the work itself. For this type of license, it would again be possible to arrange for a portion of any profits made on your book to be given the copyright owner.
However, in your initial request for permission to use the copyrighted material, you should not offer compensation of any kind. The costs involved in obtaining a license (if any) will be determined by the amount of material you wish to use, the nature of your use (ie. educational or commercial), the value of the copyrighted work . . . the copyright owner will determine the fee. The licensing fee can be negotiable (and one of the negotiating factors could be the mention of a percentage of the profits).
You would probably be wise to have any licensing agreement reviewed by an attorney prior to signing, so that you are sure that what you need to have covered in the license is covered adequately.
You may also want to have an agreement which spells out what uses, if any, can be made of the copyright owner's name and/or image in the promotion of your book. Your use of the quotes on Maine taken from King's books, for instance, may be limited to the use of the Maine quotes only, and only within the pages of the book. Therefore, while you may be granted a license to use the copyrighted material inside a book, you may be restricted from using quotes on the cover of your book or in ads, or prohibited from using "Stephen King's Maine" or something similar as your title, or you may be restricted from using King's name or image on the cover of your book or in any promotional ads for your book.
The use of his name and image would be a publicity/property rights issue and separate from the copyright issue, and to use these would require an additional agreement. The license we are talking about in these posts would cover only the copyrighted material you would be using.
If you feel the use of the writer's name and/or image is an important part of your proposed book, you should work all of this out in advance with the author.
Again, all contracts and licenses are tailored to the licensee/party's needs and limited only by what the copyright owner/other party will and will not agree to. Going over your specific needs with an IP attorney should be number one on your list of things to do.
More information on obtaining permission to use copyrighted material can be found at the Copyright Clearance Center -
www.copyright.gov - and you can look online for sample "permission" letters, so you can see what should be included, and what should not be included, in the letter. Some good permission letter samples are available on Yale's website and at
www.utsystem.edu/ogc/intellectualproperty.permmm.htm.