Five of the top executives at Progress Energy will not be unfurling their golden parachutes in the wake of their company's merger with Duke Energy.
The five execs who will continue in plum jobs at the post-merger Duke Energy were in line to reap nearly $50 million in payouts from Progress under a so-called Change In Control provision.
But since the Progress quintet will have jobs at Duke Energy, all five agreed to forego the money included in their Progress contracts in the event of a takeover that cost them their jobs.
"Executive officers will not receive additional compensation or benefits under their employment agreements or the Progress Energy CIC Plan solely on account of the completion of the merger," Charlotte-based Duke and Raleigh-based Progress stated in a regulatory filing Thursday.
Progress CEO Bill Johnson, who will become CEO of the combined Duke Energy, would have qualified for more than $21 million, nearly half the payout allotted to the top five executives. Johnson waived his right to collect the money, the filing says.
Progress General Counsel John McArthur waived his right to $9.3 million in cash and other benefits.
Others who waived their rights are Chief Financial Officer Mark Mulhern ($5.1 million), Executive Vice President of Energy Supply Jeffrey Lyash ($7 million) and Progress Energy Carolinas CEO Lloyd Yates ($9.3 million).
That accounts for five of the company's top 10 executives on the company's executive management team. The other five executives in the top tier are not mentioned in Thursday's filing. If the merger is completed and they lost their jobs and receive payouts, that information would presumably be disclosed in a later filing.