Wachovia Corp (WB.N: Quote, Profile, Research, Stock Buzz), which lost $33 billion in the last two quarters, said 10 top executives may be entitled to $98.1 million in severance pay after the bank is acquired by Wells Fargo & Co (WFC.N: Quote, Profile, Research, Stock Buzz).

In a U.S. Securities and Exchange Commission filing, Wachovia said the executives would receive severance under their employment agreements if the merger closes by December 31, as expected. Wachovia said shareholders will vote on the merger on Dec 23.

The 10 executives do not include Robert Steel, who in July replaced the ousted Ken Thompson as Wachovia's chief executive, and does not have an employment agreement.