Oct. 1 (Bloomberg) -- Axel Miller, who will leave Dexia SA after Belgium and France granted a 6.4 billion-euro ($9 billion) lifeline to the world's largest lender to local governments, may get a payoff as much as 3.7 million euros.

Miller is among eight Dexia managers who ``are entitled, in the event that Dexia terminates their contract, to an indemnity equal to the fixed and variable compensation and other advantages corresponding to a period of 24 months,'' according to the Paris- and Brussels-based bank's 2007 annual report.

Miller last year had a fixed salary of 825,000 euros and a gross variable compensation of 1.04 million euros, according to the report, available on the company's Web site.

A Brussels-based spokeswoman for Dexia, contacted by phone, confirmed the annual report data. ``That's what is in the contract'' between Miller and Dexia,'' she said. ``But it's the board that will decide, and for now this isn't the priority either for Miller or for Dexia.''

Miller and Chairman Pierre Richard, both ousted as part of the rescue by Belgium and France, will leave once replacements are found, Dexia said.

Caisse des Depots et Consignations, France's largest institutional investor with about 11.9 percent of Dexia, will ask the Dexia board to examine all options to ``oppose any `golden parachute' payment'' that could be given to Dexia's ousted Miller, it said in an e-mailed statement.

``At a time when Dexia has difficulties, this type of practice is shocking for all French people,'' government spokesman Luc Chatel said in a press conference after the weekly cabinet meeting.

To contact the reporters on this story: Fabio Benedetti-Valentini in Paris at fbenedettiva@bloomberg.net.

Last Updated: October 1, 2008 15:59 EDT