Nokia CEO Elop turned out to have a $20M bonus in the case of a sale of the company. He really drove the company to the ground and made it a headless chicken for Microsoft during his tenure.
Ctrl+f "Elop", knew he's already mentioned. There exists some weirdest demography and social network among whom the CEOs are recruited from. They receive tens of millions as effortlessly as low level employees don't receive basic pay rises neither bonuses. They just exist and show up.
And of course boards justify the fully promised natures of such bonuses as being the only way to get a failing CEO to give up his/her big title and pay in the interests of doing what's right for shareholders.