Also found in: Financial.
An employment agreement that guarantees a severance payment to employees who are dismissed after a company has had a change in ownership.
[On the model of golden parachute.]
American Heritage® Dictionary of the English Language, Fifth Edition. Copyright © 2016 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.
an employment agreement guaranteeing a worker compensation, esp. in the form of bonuses and benefits, in the event of dismissal as a result of a merger or takeover.
Random House Kernerman Webster's College Dictionary, © 2010 K Dictionaries Ltd. Copyright 2005, 1997, 1991 by Random House, Inc. All rights reserved.