Mayer must be "terminated without cause" or she must terminate her agreement "for good reason" within one year of the change in control, the filing said, to receive the so-called golden parachute. But that shouldn't come as much of a surprise. The US telecom agreed to pay almost $4.5 billion for the company's core business-and that was after a discount triggered by two massive data breaches, which Yahoo failed to disclose before the initial deal.
Altaba's new CEO will be Thomas J. McInerney, the former CFO of IAC.
Yahoo is selling its Internet business to Verizon Communications Grp.
The sale of the Yahoo operating business to Verizon is expected to close in the second quarter.
News of the data breaches resulted in Verizon and Yahoo agreeing to a $350 million price cut in their acquisition.
She also has stock options and restricted stock units valued at almost $76.8 million, the proxy notes. And she chose to give up that same bonus and her annual equity grant, which is worth at least $12 million, for this year.
It's a sad end for Yahoo and Mayer, who has always been one of a few female CEOs of large tech companies.
In January the company said that Mayer would not stay on the board of Altaba.
Like many other failed CEOs before her, Mayer will still walk away with a handsome payout.