That amount eclipses slightly the $179 million that AOL's Tim Armstrong garnered when Verizon bought his company in 2015.
Unlike Armstrong, who has continued to lead AOL after that transaction, Mayer will have no executive role in the company after the Verizon-Yahoo deal is finalized.
Getting paid more for leaving than Armstrong got for staying is just the latest example of how well Mayer has done since she took over Yahoo -- even though her multiple turnaround attempts failed to jumpstart sales growth. Revenue from 2011 to 2016 only increased 4 percent.
Even two high-profile data breaches that occurred under Mayer's watch weren't enough to scuttle the deal.
Still, Mayer's tenure in the corner office coincided with substantial returns for shareholders. The company's share price almost tripled from when she took over in July 2012.