a golden parachute

a golden parachute

if an important manager in a company has a golden parachute, the company agrees to give them a very large sum of money if they lose their job He insisted on a substantial golden parachute as part of the package before taking up the post.
See also: golden, parachute
References in periodicals archive ?
The survey indicated a decline in use of a golden parachute clause by 10 percent, which was second to non-solicitation clause, down 17.
Why should your bank's CEO get a golden parachute while the rest of the bank nose dives?
And should Mayor Antonio Villaraigosa ultimately gain control of the district and fire him, Brewer is guaranteed a golden parachute.
For an executive, a golden parachute is a very good severance package.
WHEN energy boss Sir Richard Giordano left energy outfit BG group, he didn't just get a golden parachute but an office to match.
Under IRC section 280G, a golden parachute payment is one made to a disqualified individual (executive) contingent on a change in ownership of the business and greater than three times the individual's base compensation.
A parachute payment is considered to be conditioned on a change in ownership or control if the payment would not have been made to the disqualified individual if no change in ownership or control had occurred; the existence of additional justifications for the payment will not save the agreement from being designated a golden parachute.
A written agreement does not have to exist for a payment to be classified as a golden parachute.
Judith Droz Keyes, Partner, Morrison & Foerster LLP - "Strategizing a Golden Parachute Agreement"
John Aguirre, Partner, Wilson Sonsini Goodrich & Rosati - "Determining the Components of a Golden Parachute Agreement"
WHEN energy boss Sir Richard Giordano left BG Group, he didn't just get a golden parachute but an office to match.
The IRS did specify four types of payments that would not be considered part of a golden parachute and would not be subject to penalty, regardless of their size.
Eleven years ago, the Board of Supervisors approved an employee benefits package that included various perks for elected officials, including a golden parachute for when they left office.
Shebar of MVA Rehabilitation Center as a golden parachute, that is another $.
Softening the fall: If you're an executive and you have to bail out, there'll probably be a golden parachute for you.