If the Nasdaq OMX and IntercontinentalExchange succeed in breaking up the proposed marriage between the NYSE Euronext and Deutsche Bourse, the jilted executives will get paid handsomely.

The change in control provisions outlined in an NYSE Euronext SEC filing show that CEO Duncan Niederauer will receive $34 million in change-of-control payments, comprising $12 million in severance pay, $11.2 million in immediate vesting of restricted stock awards, $6.2 million in excise tax protection and a $4.8 million bonus, reports Fortune. It also notes that the next five highest ranking executives will make $61 million if a change in control results in the loss of their job.

It's hard to know what motivates people, but is this enough to reduce the intensity of the NYSE exec's desire to merge with Deutsche Bourse? For now, we have to assume good faith, that they really think that the Deutsche Bourse deal is best for NYSE shareholders and that they will be willing to continue to work toward that goal. Even if it requires a higher bid.

For the Nasdaq OMX and the ICE, the large payments will have to tacked on to the break-up fee of $337 million that was baked into the NYSE Euronext-Deutsche Bourse deal. Alternative suitors may try to contest these fees in court. In any case, shareholders seem to be having second thoughts about the original deal. They have really bid up the stock in anticipation of a bidding war.

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