Silver Parachute
A form of severance that is paid to employees of a company should the company be taken over by another.
Investopedia Commentary
Like golden parachutes--which are received by the top executives in the corporation--silver parachutes include severance pay, stock options and bonuses but are offered to a larger number of employees.
See also: Golden Parachute, Shark Repellent, Takeover
silver parachute