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Yahoo execs win golden parachutes before Verizon sale

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William Cutright
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Several Yahoo executives, including CEO Marissa Mayer, have been rewarded with golden parachutes worth a combined $89 million ahead of the struggling web giant s sale to Verizon.Tops among the group of five executives whose golden parachutes were listed in an official regulatory filing: Mayer, who will exit Yahoo with a golden parachute valued at slightly more than $44 million.The severance package would be awarded to Mayer if she leaves after Verizon completes its $4.8 billion purchase of Yahoo, a fallen digital giant that once was the kingpin of the internet but was subsequently shoved aside by new titans such as Google.Mayer s golden parachute consists primarily of $41 million in stock grants and $3 million in cash.

The cash consists primarily of a $2 million bonus and a $1 million base salary, according to a Yahoo filing with the Securities and Exchange Commission.Lisa Utzschneider, Yahoo s chief revenue officer, was granted a golden parachute of $20.5 million.

The Utzschneider severance package included $19.2 million in stock and $1.2 million in cash.Ronald Bell, Yahoo s general counsel, was handed a severance package totaling $12.4 million.

Bell s parachute included $11.1 million in equity and $1.2 million in cash.Chief Financial Officer Ken Goldman received a $12.2 million golden parachute.

Goldman s severance package consisted of $11 million in stock and $1.2 million in cash.Co-founder and Chief Yahoo Larry Filo received a comparatively small severance package, compared to the others, totaling $65,000, the SEC filing showed.Filo, however, upon the sale s conclusion, will be able to supplement his relatively tiny golden parachute with the payday he can expect when Verizon gobbles up all of Yahoo s shares, likely to occur in early 2017.The SEC files show that Filo, as of the filing date on Sept. 9, owned roughly 70.7 million shares.

At the current Yahoo stock price of roughly $43.50, that many shares — which as of Aug. 25 amounted to 7.4 percent of Yahoo s shares — would have a value of nearly $3.08 billion.Mayer owns about 3.6 million shares of Yahoo.

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