After the merger agreements come the golden parachutes. The latest example: Schering-Plough’s pending takeover by Merck. Schering-Plough Chairman and Chief Executive Fred Hassan and nine other company executives would receive a total of $55.7 million in payments if they leave the company after its Merck takeover, according to a Schering securities filing. The 10 executives also would receive $52.2 million in pension benefits, according to the filing late Wednesday. They could also receive tens of millions of dollars from stock options, stock units and performance shares. And their medical benefits would be worth $2.1 million. Hassan alone would receive an exit payout of $17.7 million, pension benefits of $13.2 million and medical benefits valued at $130,750, the filing said. Hassan has been expected to depart sometime following the completion of the $41.1 billion takeover, but he has told the Health Blog that he isn’t ready to retire and will likely look

around for something else to do. Hassan’s departure agreement has been previously disclosed by the company, and the filing said it hasn’t been amended since he joined the company in 2003, except to make required tax changes. Schering spokesmen also said none of the other agreements, except one, had been amended because of the Merck deal. Merck says the deal, announced in March , is on track to be completed in the fourth quarter. Deal Bonus: Merck said in a securities filing late Wednesday that Schering initially rebuffed Merck’s approach about an acquisition of the drug makers, and Hassan reached out to another company company about a possible deal. Merck’s filing didn’t identify the other company but for those keeping score at home, it was Johnson and Johnson, the WSJ says .

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Schering Execs Could Leave With $108 Million After Merck Merger