parachute

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golden handshake

A large severance package given to an executive who leaves a company due to termination, corporate restructuring, or retirement. The company's vice president received a $500,000 golden handshake after being pressured to leave his position.
See also: golden, handshake

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

golden handshake

Generous severance pay to an employee, often as an incentive for early retirement. For example, With a dwindling school population, the town decided to offer golden handshakes to some of the teachers . This slangy business term dates from the mid-1900s. A close relative is golden parachute, a generous severance agreement for an executive in the event of sudden dismissal owing to a merger or similar circumstance. This expression first appeared about 1980.
See also: golden, handshake

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
References in periodicals archive ?
Lance Corporal Ali Woodford, 26, of 1st Battalion The Rifles, collided with his colleague and plunged to the ground after his reserve parachute failed to fully open.
The latest success in the project came when NASA tested out the parachute landing system for Orion in the southwestern Arizona desert.
At the same time, as the plane entered its second parachute run, a military plane was preparing to land at Hatzerim Air Force Base and requested to land before closing the air space in anticipation of the first plane's second parachute run.
Have the children draw two pictures to show the shape and fall of the normal and banded parachutes.
Have one partner stand on a chair and hold the center of the plastic parachute so that the washer is at the top of the meter sticks.
He then opened his parachute, but instead of it taking between four to five seconds as expected, it did so immediately.
During our development series, weve tested all kinds of failure scenarios and extreme descent conditions to refine the design and ensure Orions parachutes will work in a variety of circumstances.
The global parachute market is expected to grow from an estimated USD 910.
Orion's parachutes, critical to the safe return of the spacecraft to Earth, performed flawlessly during the spacecraft's uncrewed flight test in December 2014, helping slow the capsule from its high-speed re-entry through Earth's atmosphere from approximately 20,000 mph to about 20 mph when the spacecraft splashed down in the Pacific Ocean.
The parachute deployed but failed to inflate, Kimberly Newton, a spokeswoman for NASA, said in an email.
Navy Seal from New Hampshire died in January while parachute training in DeLand.
This daredevil by profession tests new models or designs of parachutes for manufacturers to ensure they're safe for public use.
What we did three years ago in extending the period to four years was potentially giving 12 Championship clubs parachutes.