golden parachute


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Related to golden parachute: greenmail, poison pill, Silver Parachute

golden parachute

A large severance package given to an executive who is forced to leave a company due to a corporate merger or takeover. Daniel refused to take the position unless the company added a golden parachute clause to his contract.
See also: golden, parachute
Farlex Dictionary of Idioms. © 2015 Farlex, Inc, all rights reserved.

golden parachute

n. a special kind of severance pay for persons who may be forced to leave a job. (see also golden handcuffs.) If all the golden parachutes were used at the same time, it would bankrupt the company.
See also: golden, parachute
McGraw-Hill's Dictionary of American Slang and Colloquial Expressions Copyright © 2006 by The McGraw-Hill Companies, Inc. All rights reserved.

golden parachute

An employment agreement that gives generous benefits to its high-ranking executives if they are dismissed owing to a company merger or takeover. This term, dating from about 1980, may have been based on the older golden handshake, which offers an employee generous benefits or a bonus in exchange for early retirement. It dates from the mid-1900s, when a dwindling school population prompted many localities to offer such an incentive to teachers. In contrast, golden handcuffs are a financial incentive to keep an employee from leaving a company. Stock options that can be exercised only far in the future are a popular form of golden handcuffs. This term dates from about 1970.
See also: golden, parachute
The Dictionary of Clichés by Christine Ammer Copyright © 2013 by Christine Ammer
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Mr Smith's 'golden parachute' matches a pay-off similar to the one granted to former British Airways chief executive Mr Bob Ayling.
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By August 1987, just before he announced his resignation, it was, according to The Arkansas Times, "$22.1 million in the hole" But Bethune was given a golden parachute worth $368,000.
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New York, May 26(ANI): A US Congresswoman has reacted angrily to reports that former International Monetary Fund chief Dominique Strauss-Kahn, who is accused of a sex attack on a New York City hotel maid and is currently free on a million dollar cash bail, is set to receive a 250,000 dollar 'golden parachute' severance payment and pension.
US Congresswoman criticizes 250,000 dollar 'golden parachute' for Strauss-Kahn
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