I don't know about Convoy specifically but generally speaking it's not even certain a CEO is getting a paycheck at all, even when the company is still solvent. Some take all their compensation as stock, especially while it's early days and risk is high.

If it's not certain they are getting paid even while things are still working, how can you say he is getting paid after running out of money? Unless you mean "paid with worthless stock" in which case I would say "you can't fund severance and health care with worthless stock."