Wachovia Corp. said that 10 of its top executives are eligible for a total of $98.1 million in severance pay after the company is sold to Wells Fargo & Co.
The $764.4 billion-asset Charlotte company said in a filing with the Securities and Exchange Commission Monday that the executives would get severance payments if the deal closes, as expected, by Dec. 31. Wachovia did not list the qualifying executives, though it said that president and chief executive Robert K. Steel's employment contract excludes such payments.
Mr. Steel and chairman Lanty Smith are among 11 Wachovia executives eligible for a total of $2.5 million in stock-based awards. In Mr. Steel's case the stock options are likely to have no value. Wells closed at $26.95 a share Tuesday.