golden parachute

2 definitions found

golden parachute - Collaborative International Dictionary of English v.0.48 :

  parachute \par"a*chute\, v. i.
     TO descend to th ground from an airplane or other high place
     using a parachute; as, when the plane stalled, he parachuted
     safely to the ground.
     [PJC]
  
     golden parachute a generous set of financial benefits,
        including severance pay, provided by contract to a
        high-level corporate employee in the event s/he is
        dismissed or his/her job is lost in a corporate takeover
        or merger; also, the contract providing for such benefits.
        
  
     drogue parachute a small parachute that is first released
        and opened in order to more reliably deploy a larger
        parachute. Also called drogue.
        [PJC] parachuter

golden parachute - WordNet (r) 2.1 (2005) :

  golden parachute
      n 1: giving top executives lucrative benefits that must be paid
           by the acquirer if they are discharged after a takeover