Ex-Twitter executives will be paid $122 Million through the Global Parachute system.

Twitter's top executives, including Parag Agrawal will be entitled to "golden parachute" payouts worth more than $122 million.

A golden parachute is a contract which entitles top executives of a company to substantial benefits in case they lose their jobs following a merger, takeover or acquisition.

In August, it was estimated that ex-CEO Parag Agrawal alone could  receive a $42 million payout.

But now Agrawal is likely to receive the largest payout, worth  $57.4 million.

While Segal & Gedde are entitled to $44.5 million & $20 million respectively, according to  company filings.

The three executives also hold a cumulative 1.2 million shares, which are likely to be bought by Elon as  is standard in any takeover.

Those payments would be worth $8.4 million to Agrawal, $22 Million to Segal & $34.8 million to Gadde.

After closing the $44 billion acquisition deal, Elon Musk has started to reform the policies of the Twitter

In one of the first few changes, he fired some of the top executives  of the company.