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Post-merger payouts

The top five executives at Exult (EXLT) stand to walk away with a nice little bonus once the $691 million acquisition by Hewitt & Associates (HEW) is completed. According to an SEC filing earlier today, Hewitt has signed agreements with Exult’s top five executives that will pay them as much as 2.5 times their annual salary as a post-merger bonus. As part of the deal, the executives also get to keep their Exult options and restricted stock which they can cash in for Hewitt shares and will also be entitled to an additional $19 million of Hewitt restricted stock.