'golden parachute' definitions:
Definition of 'golden parachute'
From: WordNet
noun
Giving top executives lucrative benefits that must be paid by the acquirer if they are discharged after a takeover
Definition of 'golden parachute'
From: GCIDE
- 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