Yahoo CEO Marissa Mayer may have taken umbrage at suggestions that Yahoo’s holiday party was a lavish, $7 million affair, but what isn’t in dispute are the huge stock awards going to senior executives at the faltering Internet company.

Mayer, speaking on the company’s webcast last week, described as “blatant falsehoods” reports about spending on things such as food, phones and parties. But those minor expenses ought to be the least of shareholders’ concerns.

One angry shareholder told On the Money that top Yahoo executives are getting paid on the value of the company’s Alibaba holding and not on the performance of core Yahoo

“The thing I find maddening is those stock and options awards. In 2014, she [Mayer] made $42 million, of which $39 million was in the form of stock grants.”

In 2015, according to the latest earnings, stock expenses were in excess of $400 million.

It looks as though Yahoo will get sold, but even then, Mayer will be rewarded with a handsome severance package of around $50 million. Until that happens, Yahoo will be exploring $1 billion of asset sales. The Sunnyvale, Calif., headquarters might be first to go on the block.

A source familiar with the situation defended Mayer, saying the company has to attract Silicon Valley talent by dangling shares.

Yahoo declined comment.