| golden parachute | |
| —n | |
| informal a clause in the employment contract of a senior executive providing for special benefits if the executive's employment is terminated as a result of a takeover | |
| a screen or mat covered with a dark material for shielding a camera lens from excess light or glare. |
| a calculus or concretion found in the stomach or intestines of certain animals, esp. ruminants, formerly reputed to be an effective remedy for poison. |
A generous package of benefits offered to an employee as an inducement for early retirement or departure from a company: “Following the merger, many executives decided to leave after the offer of a golden parachute.”
Note: The term golden handshake means essentially the same thing: “The principal accepted the golden handshake in lieu of being demoted to assistant principal.”
Note: Both expressions are from the last quarter of the twentieth century, when such packages were offered frequently.
A provision in the contracts of many top executives that guarantees substantial benefits if they lose their positions.
golden parachute definition
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