Yahoo chief executive Marissa Mayer could be in line for a $23m (£18.9m) payout if she loses her job as part of the takeover of the company by Verizon.
The sale of Yahoo’s core internet assets to Verizon, delayed after Yahoo suffered two data security breaches, is expected to go through later this year.
Thomas McInerney will lead what remains of the business after the sale.
This could trigger Ms Mayer’s severance payment, which consists of $3m in cash and the rest in stock.
Ms Mayer is entitled to the “golden parachute” payment if she is fired without cause by Yahoo.
When the takeover deal was announced last year, she said: “For me personally, I’m planning to stay.
“It’s important for me to see Yahoo into its next chapter.”
Mr McInerney will lead the financial holding company that remains, which has the provisional name of Altaba.
The price of the sale of the internet assets was reduced by $350m (£288m) to $4.48bn (£3.7bn) last month as a result of the cyber-attacks suffered by Yahoo.
The company still faces lawsuits relating to the breach.