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a golden parachute

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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


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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.
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.
And should Mayor Antonio Villaraigosa ultimately gain control of the district and fire him, Brewer is guaranteed a golden parachute.
 
 
 
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