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golden parachute
noun
an employment contract or agreement guaranteeing a key executive of a company substantial severance pay and other financial benefits in the event of job loss caused by the company's being sold or merged.
golden parachute
noun
informala 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
golden parachute
1A provision in the contracts of many top executives that guarantees substantial benefits if they lose their positions.
golden parachute
2A 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.”
Word History and Origins
Origin of golden parachute1
Example Sentences
In the event of an involuntary termination, Mr. Agrawal was entitled to a so-called golden parachute payment of $60 million, according to a Twitter securities filing.
Snyder isn’t deserving of a golden parachute any more than was Mozilo, who at last look was living out his golden years in a Santa Barbara, Calif., mansion while still denying any responsibility.
“I have never, ever heard” of a governor providing such a golden parachute to an appointee who resigned, he said.
Facing problems he caused from all directions, Snyder has the chance to escape on a golden parachute.
Musk is trying to get out of paying senior executives’ golden parachute deals.
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