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 Progressstated in a regulatory filing Thursday.