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golden parachute

   Also found in: Legal, Financial, Encyclopedia, Wikipedia 0.01 sec.
golden parachute
n. Slang
An employment agreement that guarantees a key executive lucrative severance benefits if control of the company changes hands followed by management shifts.
golden parachute
n
(Economics, Accounting & Finance / Banking & Finance) 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
ThesaurusLegend:  Synonyms Related Words Antonyms
Noun1.golden parachute - giving top executives lucrative benefits that must be paid by the acquirer if they are discharged after a takeovergolden parachute - giving top executives lucrative benefits that must be paid by the acquirer if they are discharged after a takeover
porcupine provision, shark repellent - a measure undertaken by a corporation to discourage unwanted takeover attempts
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Dismissed Western Corporate Federal Credit Union President/CEO Bob Siravo did receive a large retirement payout in 2008, but it was from a deferred compensation plan and not a golden parachute severance payout, former WesCorp Board Member Diana Dykstra said.
Siravo's payout was retirement compensation, Dykstra says by Anderson, Heather / Credit Union Times
Stuttgart-based Porsche said in a statement that an agreement on the resignations had been reached with the supervisory board and that Wiedeking -- said to be the best-paid boss in Germany -- would get a golden parachute worth 50 million euros (71 million dollars), of which half was to go to a "social foundation.
Porsche boss, finance chief resign by AFP / AFP Global Edition
I RECEIVED THIS E-MAIL LAST week from, an old friend: Why does Scott Ford s $89 million golden parachute bother me so?
Texas two-step by Moritz, Gwen / Arkansas Business
 
 
 
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