In a filing with the U.S. Securities and Exchange Commission on Monday, Wachovia said the executives could receive the severance under a provision in their employment agreements.

"Assuming that the merger (with Wells Fargo & Co.) is completed on Dec. 31 and all Wachovia executive officers who have employment agreements experience a qualifying termination of employment immediately thereafter, the 10 executive officers as a group would be entitled to receive an aggregate amount of up to approximately $98.1 million, as severance payments," the filing said.

Whether or not they are terminated, the group of executives also would receive about $2.5 million for their Wachovia stock options once the merger takes place, the filing said.

Merger vote Dec. 23

The Wachovia board of directors recommended that shareholders vote to approve the merger. The shareholder vote is Dec. 23.

Wells Fargo shareholders do not have to approve the merger.

Under the merger agreement, Wachovia shareholders would receive about 0.2 shares of Wells Fargo stock for each share of Wachovia stock.

Wells Fargo closed Monday at $26.02. At that price, the value of one share of Wachovia after the merger would be $5.18.

A year ago, Wachovia shares were trading at $39.10 and Wells Fargo shares were trading at $30.84.

While Wachovia shareholders will vote on the merger, they have little chance of affecting the outcome. Wachovia management issued preferred shares to Wells Fargo at the time of the merger agreement that give it 40 percent of the vote.

Also on Monday, a hearing in a class action lawsuit by Wachovia shareholders took place in a North Carolina court. One of the arguments asserted by the shareholders is that, by giving Wells Fargo such a large voting stake, the merger agreement disenfranchised Wachovia shareholders.

The lawsuit also claims the merger undervalued Wachovia shares because the agreement did not take into account the value to Wells Fargo and Wachovia of the congressionally approved bailout package.

36 jobs locally

The three Wachovia branches in Morgan County employ 36 people.

Wells Fargo Chief Executive Officer John Stumpf said last month he would try to retain Wachovia employees.

"As we move forward, my job will be to help all of you stay with the company," Stumpf said. "Obviously no commitments, no promises, but that's my goal."