Two top Wachovia
executives are likely to get their severance packages now that they're
leaving. Ben Jenkins, president of the general bank, could get $17.6
million, according to a securities filing in March. Steve Cummings,
head of corporate and investment banking, could get $20.3 million.

The
severance packages would be triggered only under certain circumstances:
First, the acquisition, or “change in control,” has to be completed.
Second, Jenkins and Cummings must be “terminated without cause” or
resign with “good reason,” such as a demotion. The executives must also
sign confidentiality and non-compete agreements if they leave Wachovia.

In 2006, the bank's shareholders approved a proposal, which
the board later adopted as policy, that essentially capped future
executives' severance agreements at three times their annual salary and
bonus.

Others are in line for less. When Bob Steel was hired
as Wachovia chief executive in July, he asked that his employment
agreement not include any severance provisions. His 1.5million options
to buy company stock are currently worthless because the stock price is
well below the option price of $9.08 per share. His 2 million shares of
performance-based stock will not vest unless the Wells Fargo shares
reach at least $100.45 per share – more than triple Thursday's closing
price – in the next six years. If Wachovia had remained independent,
those shares would have vested fully at $30, but the target was
“equitably adjusted” to account for the merged company.

Chief
financial officer David Zwiener has similar targets on his 800,000
performance-based shares. He received an upfront bonus of $4 million
when he was hired by Wachovia in September, to cover “one-time
transition expenses” and the bonus he likely would have received from
his former employer, the Carlyle Group private-equity firm.

David
Carroll, the lone Wachovia executive set to join Wells Fargo's new top
executive team, could have received $19.1 million in severance and a
bonus if he had decided to leave the bank.