Muilenburg could be in line for a $6.8 million severance payment and a more than $30 million benefit plan based on his employment contract, company filings with the Securities and Exchange Commission show.
How much, if any, of this package Muilenburg walks away with will likely hinge on the former CEO's negotiations with the Chicago aerospace giant and on exactly how it classifies his departure.
In the case of a layoff, Muilenburg would be entitled to the pay package outlined above, which includes more than $20 million in vested stock and an $11 million pension package, CNN Business reported.
The former Boeing chief is also in line for $7,500 for "outplacement services" and $8,300 for help preparing his taxes.
But Boeing said on Dec. 23 that Muilenburg had "resigned, effective immediately," which would fall under a different category than a layoff. Some observers, including TheStreet's Jim Cramer, argue the wording of the release suggests the former Boeing chief was fired.
Muilenburg's performance came under intense scrutiny starting last March after the second 737 MAX crash in less than a year.
A total of 346 people died in the two crashes, in Indonesia and Ethiopia.
The former Boeing chief has been widely criticized for mishandling the crisis and insisting that the 737 MAX, which was grounded after the second crash in March, would be back in the air by the end of 2019.
"The board is focused on the transition of roles at the current time and anticipates providing related compensation information in the future," a Boeing spokesperson stated in an email.