Marissa Mayer will leave Yahoo with a $23 million golden parachute if and when the company is officially acquired by Verizon.
Per a Monday morning SEC filing, $19.97 million of that payoff is in equity, with a hair over $3 million coming in cash. She also gets a benefits package worth about $25,000. For this whole thing to trigger, Mayer must be terminated without cause.
Mayer, who has made more than $200 million in her four years at Yahoo, is expected to be replaced as CEO by Thomas McInerney. If and when the deal goes through, Yahoo’s remaining businesses will be renamed Altaba.
Verizon agreed to acquire Yahoo’s core business for $4.8 billion last July — eight years after the internet 1.0 icon rejected a $45 billion takeover offer from Microsoft.
Yahoo subsequently disclosed a security breach in 2013 that affected more than 1 billion of its users — as well as a separate one revealed in September that compromised more than 500 million accounts.
Those disclosures prompted reports in December that Verizon General Counsel Craig Silliman was looking for a price cut or killing the deal altogether. He ended up getting Yahoo on sale: $250 million off the original purchase price, to be exact.