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What (who) is golden parachute - definition
AGREEMENT PROVIDING SIGNIFICANT COMPENSATION IF SOMEONE IS FIRED, SUCH AS DUE TO A MERGER
Golden Parachute; Golden parachutes; Golden Life Jacket
golden parachute
¦ noun informal a payment guaranteed to a company executive should they be dismissed as a result of a merger or takeover.
Golden parachute
A golden parachute is an agreement between a company and an employee (usually an upper executive) specifying that the employee will receive certain significant benefits if employment is terminated. These may include severance pay, cash bonuses, stock options, or other benefits.
golden parachute
A golden parachute is an agreement to pay a large amount of money to a senior executive of a company if they are forced to leave. (BUSINESS)
Golden parachutes entitle them to a full year's salary if they get booted out of the company.
N-COUNT
Wikipedia
Golden parachute
A golden parachute is an agreement between a company and an employee (usually an upper executive) specifying that the employee will receive certain significant benefits if employment is terminated. These may include severance pay, cash bonuses, stock options, or other benefits. Most definitions specify the employment termination is as a result of a merger or takeover, also known as "change-in-control benefits", but more recently the term has been used to describe perceived excessive CEO (and other executive) severance packages unrelated to change in ownership (also known as a golden handshake).
Examples of use of golden parachute
1. Purcell‘s golden parachute has a platinum lining.
2. "I believe it is a golden parachute for Miller, whose health has deteriorated recently," he said.
3. He left the company last winter and received a golden parachute of more than $28 million.
4. Attack the golden–parachute pensions, the ill–gotten commissions and the maddening lending fees.
5. Kleinfeld has made his consent contingent on a golden parachute, providing fat compensation if he‘s fired.